# EDGAR Filing Document

**Accession Number:** 0001112996
**File Stem:** 0001193125-26-210115
**Filing Date:** 2026-5
**Character Count:** 2649237
**Document Hash:** 1af5c0692ca4dcb241e7c2f7084cc857
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-210115.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-210115

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 99

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
- **CENTRAL INDEX KEY:** 0001112996

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09913
- **FILM NUMBER:** 26950583

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM COUNSELOR SERIES TRUST
- **DATE OF NAME CHANGE:** 20040322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM COUNSELOR SERIES FUNDS
- **DATE OF NAME CHANGE:** 20031126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM COUNSELOR SERIES FUNDS INC
- **DATE OF NAME CHANGE:** 20031001

## Series and Classes Contracts Data

### Invesco Income Advantage U.S. Fund (Series ID: S000008063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021879 | Class A      | SCAUX           |
| C000021881 | Class C      | SCCUX           |
| C000021882 | Class R      | SCRUX           |
| C000021883 | CLASS R5     | SCIUX           |
| C000057286 | INVESTOR     | SCNUX           |
| C000071346 | Class Y      | SCAYX           |
| C000188888 | Class R6     |  |

### Invesco Floating Rate ESG Fund (Series ID: S000011801)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032264 | Class A      | AFRAX           |
| C000032266 | Class C      | AFRCX           |
| C000032267 | Class R      | AFRRX           |
| C000032268 | CLASS R5     | AFRIX           |
| C000071348 | Class Y      | AFRYX           |
| C000120775 | Class R6     | AFRFX           |

### Invesco Global Real Estate Income Fund (Series ID: S000014560)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000039690 | CLASS A      | ASRAX           |
| C000039692 | CLASS C      | ASRCX           |
| C000039693 | CLASS R5     | ASRIX           |
| C000071349 | Class Y      | ASRYX           |
| C000120776 | Class R6     | ASRFX           |

### INVESCO CORE PLUS BOND FUND (Series ID: S000025657)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076854 | CLASS A      | ACPSX           |
| C000076856 | CLASS C      | CPCFX           |
| C000076857 | CLASS R      | CPBRX           |
| C000076858 | CLASS Y      | CPBYX           |
| C000076859 | CLASS R5     | CPIIX           |
| C000120777 | Class R6     | CPBFX           |

### INVESCO EQUITY AND INCOME FUND (Series ID: S000027808)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084366 | CLASS A      | ACEIX           |
| C000084368 | CLASS C      | ACERX           |
| C000084369 | CLASS Y      | ACETX           |
| C000084370 | CLASS R5     | ACEKX           |
| C000084371 | CLASS R      | ACESX           |
| C000120778 | Class R6     | IEIFX           |

### INVESCO GROWTH AND INCOME FUND (Series ID: S000027810)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084376 | CLASS A      | ACGIX           |
| C000084378 | CLASS C      | ACGKX           |
| C000084379 | CLASS Y      | ACGMX           |
| C000084380 | CLASS R5     | ACGQX           |
| C000084381 | CLASS R      | ACGLX           |
| C000120779 | Class R6     | GIFFX           |

### INVESCO EQUALLY-WEIGHTED S&P 500 FUND (Series ID: S000027817)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084404 | CLASS C      | VADCX           |
| C000084405 | CLASS Y      | VADDX           |
| C000084406 | CLASS A      | VADAX           |
| C000084407 | CLASS R      | VADRX           |
| C000120780 | Class R6     | VADFX           |

### INVESCO S&P 500 INDEX FUND (Series ID: S000027821)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084420 | CLASS A      | SPIAX           |
| C000084422 | CLASS C      | SPICX           |
| C000084423 | CLASS Y      | SPIDX           |
| C000188891 | Class R6     |  |
| C000265797 | Class R      | SPIRX           |

### INVESCO AMERICAN FRANCHISE FUND (Series ID: S000027822)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084424 | CLASS A      | VAFAX           |
| C000084426 | CLASS C      | VAFCX           |
| C000084427 | CLASS Y      | VAFIX           |
| C000095844 | Class R      | VAFRX           |
| C000095845 | CLASS R5     | VAFNX           |
| C000120781 | Class R6     | VAFFX           |

### Invesco Short Duration High Yield Municipal Fund (Series ID: S000051015)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160735 | Class A      |  |
| C000160736 | Class C      |  |
| C000160737 | Class Y      |  |
| C000160738 | Class R5     |  |
| C000188892 | Class R6     |  |

### Invesco Short Term Municipal Fund (Series ID: S000064614)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209154 | Class Y      |  |
| C000209155 | Class R6     |  |
| C000209156 | Class A      |  |

### Invesco Senior Floating Rate Fund (Series ID: S000064615)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209157 | Class R6     |  |
| C000209158 | Class R5     |  |
| C000209159 | Class Y      |  |
| C000209160 | Class R      |  |
| C000209161 | Class A      |  |
| C000209162 | Class C      |  |

### Invesco Discovery Large Cap Fund (Series ID: S000064617)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209169 | Class A      |  |
| C000209170 | Class R      |  |
| C000209171 | Class Y      |  |
| C000209172 | Class R5     |  |
| C000209173 | Class R6     |  |
| C000209174 | Class C      |  |

### Invesco Discovery Fund (Series ID: S000064618)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209175 | Class R5     |  |
| C000209176 | Class A      |  |
| C000209177 | Class Y      |  |
| C000209178 | Class R      |  |
| C000209179 | Class R6     |  |
| C000209180 | Class C      |  |

### Invesco Nasdaq 100 Index Fund (Series ID: S000069698)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222272 | Class R6     |  |

### Invesco SMA Municipal Bond Fund (Series ID: S000079749)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000241066 | Invesco SMA Municipal Bond Fund |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-09913

#### AIM Counselor Series Trust (Invesco Counselor Series Trust)
(Exact name of registrant as specified in charter)

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### August 31

#### Date of reporting period:

#### February 28, 2026
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_2685.jpg)

### Invesco American Franchise Fund

### Class A: VAFAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco American Franchise Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 American Franchise Fund<br> (Class A) | $46 | 0.93% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16515700960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991089.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_2684.jpg)

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

VK-AMFR-SAR-A **Invesco American Franchise Fund**

![TSR_logo](images_2685.jpg)

### Invesco American Franchise Fund

### Class C: VAFCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco American Franchise Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 American Franchise Fund<br> (Class C) | $82 | 1.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16515700960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991159.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_2684.jpg)

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

VK-AMFR-SAR-C **Invesco American Franchise Fund**

![TSR_logo](images_2685.jpg)

### Invesco American Franchise Fund

### Class R: VAFRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco American Franchise Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 American Franchise Fund<br> (Class R) | $58 | 1.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16515700960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991241.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_2684.jpg)

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

VK-AMFR-SAR-R **Invesco American Franchise Fund**

![TSR_logo](images_2685.jpg)

### Invesco American Franchise Fund

### Class Y: VAFIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco American Franchise Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 American Franchise Fund<br> (Class Y) | $33 | 0.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16515700960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991192.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_2684.jpg)

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

VK-AMFR-SAR-Y **Invesco American Franchise Fund**

![TSR_logo](images_2685.jpg)

### Invesco American Franchise Fund

### Class R5: VAFNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco American Franchise Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 American Franchise Fund<br> (Class R5) | $33 | 0.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16515700960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991267.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_2684.jpg)

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

VK-AMFR-SAR-R5 **Invesco American Franchise Fund**

![TSR_logo](images_2685.jpg)

### Invesco American Franchise Fund

### Class R6: VAFFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco American Franchise Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 American Franchise Fund<br> (Class R6) | $30 | 0.61% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16515700960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991303.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_2684.jpg)

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

VK-AMFR-SAR-R6 **Invesco American Franchise Fund**

![TSR_logo](images_2685.jpg)

### Invesco Core Plus Bond Fund

### Class A: ACPSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Core Plus Bond Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Core Plus Bond Fund<br> (Class A) | $380.75%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5281095316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;268% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 02/15/2036 | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991339.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_2684.jpg)

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

CPB-SAR-A **Invesco Core Plus Bond Fund**

![TSR_logo](images_2685.jpg)

### Invesco Core Plus Bond Fund

### Class C: CPCFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Core Plus Bond Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Core Plus Bond Fund<br> (Class C) | $761.50%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5281095316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;268% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 02/15/2036 | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991375.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_2684.jpg)

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

CPB-SAR-C **Invesco Core Plus Bond Fund**

![TSR_logo](images_2685.jpg)

### Invesco Core Plus Bond Fund

### Class R: CPBRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Core Plus Bond Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Core Plus Bond Fund<br> (Class R) | $511.00%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5281095316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;268% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 02/15/2036 | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991411.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_2684.jpg)

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

CPB-SAR-R **Invesco Core Plus Bond Fund**

![TSR_logo](images_2685.jpg)

### Invesco Core Plus Bond Fund

### Class Y: CPBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Core Plus Bond Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Core Plus Bond Fund<br>(Class Y) | $250.50%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5281095316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;268% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 02/15/2036 | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.33% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991447.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_2684.jpg)

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

CPB-SAR-Y **Invesco Core Plus Bond Fund**

![TSR_logo](images_2685.jpg)

### Invesco Core Plus Bond Fund

### Class R5: CPIIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Core Plus Bond Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Core Plus Bond Fund<br>(Class R5) | $250.49%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5281095316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;268% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 02/15/2036 | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.33% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991467.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_2684.jpg)

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

CPB-SAR-R5 **Invesco Core Plus Bond Fund**

![TSR_logo](images_2685.jpg)

### Invesco Core Plus Bond Fund

### Class R6: CPBFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Core Plus Bond Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Core Plus Bond Fund<br> (Class R6) | $220.43%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5281095316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;268% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 02/15/2036 | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 03/01/2056 | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.50%, 03/01/2056 | &nbsp;&nbsp;&nbsp;1.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991519.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_2684.jpg)

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

CPB-SAR-R6 **Invesco Core Plus Bond Fund**

![TSR_logo](images_2685.jpg)

### Invesco Discovery Fund

### Class A: OPOCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Fund<br> (Class A) | $54 | 0.99% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6639237119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993355.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_2684.jpg)

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

O-DIS-SAR-A **Invesco Discovery Fund**

![TSR_logo](images_2685.jpg)

### Invesco Discovery Fund

### Class C: ODICX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Fund<br>(Class C) | $96 | 1.75% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6639237119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993391.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_2684.jpg)

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

O-DIS-SAR-C **Invesco Discovery Fund**

![TSR_logo](images_2685.jpg)

### Invesco Discovery Fund

### Class R: ODINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Fund<br>(Class R) | $69 | 1.25% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6639237119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993427.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_2684.jpg)

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

O-DIS-SAR-R **Invesco Discovery Fund**

![TSR_logo](images_2685.jpg)

### Invesco Discovery Fund

### Class Y: ODIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Fund<br> (Class Y) | $41 | 0.75% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6639237119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993463.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_2684.jpg)

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

O-DIS-SAR-Y **Invesco Discovery Fund**

![TSR_logo](images_2685.jpg)

### Invesco Discovery Fund

### Class R5: DIGGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Fund<br> (Class R5) | $38 | 0.70% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6639237119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993499.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_2684.jpg)

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

O-DIS-SAR-R5 **Invesco Discovery Fund**

![TSR_logo](images_2685.jpg)

### Invesco Discovery Fund

### Class R6: ODIIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Fund<br> (Class R6) | $34 | 0.62% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6639237119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993535.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_2684.jpg)

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

O-DIS-SAR-R6 **Invesco Discovery Fund**

![TSR_logo](images_2685.jpg)

### Invesco Discovery Large Cap Fund

### Class A: OPTFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Large Cap Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Large Cap Fund <br> (Class A) | $45 | 0.91% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5795369063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993139.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_2684.jpg)

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

O-CAPA-SAR-A **Invesco Discovery Large Cap Fund**![TSR_logo](images_2685.jpg)

### Invesco Discovery Large Cap Fund

### Class C: OTFCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Large Cap Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Large Cap Fund <br> (Class C) | $84 | 1.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5795369063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993175.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_2684.jpg)

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

O-CAPA-SAR-C **Invesco Discovery Large Cap Fund**![TSR_logo](images_2685.jpg)

### Invesco Discovery Large Cap Fund

### Class R: OTCNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Large Cap Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Large Cap Fund <br> (Class R) | $59 | 1.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5795369063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993211.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_2684.jpg)

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

O-CAPA-SAR-R **Invesco Discovery Large Cap Fund**![TSR_logo](images_2685.jpg)

### Invesco Discovery Large Cap Fund

### Class Y: OTCYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Large Cap Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Large Cap Fund <br> (Class Y) | $34 | 0.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5795369063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993247.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_2684.jpg)

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

O-CAPA-SAR-Y **Invesco Discovery Large Cap Fund**![TSR_logo](images_2685.jpg)

### Invesco Discovery Large Cap Fund

### Class R5: CPTUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Large Cap Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Large Cap Fund <br> (Class R5) | $31 | 0.62% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5795369063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993283.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_2684.jpg)

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

O-CAPA-SAR-R5 **Invesco Discovery Large Cap Fund**![TSR_logo](images_2685.jpg)

### Invesco Discovery Large Cap Fund

### Class R6: OPTIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Discovery Large Cap Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Discovery Large Cap Fund <br> (Class R6) | $31 | 0.62% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5795369063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;7.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993319.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_2684.jpg)

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

O-CAPA-SAR-R6 **Invesco Discovery Large Cap Fund**![TSR_logo](images_2685.jpg)

### Invesco Equally-Weighted S&P 500 Fund

### Class A: VADAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equally-Weighted S&P 500 Fund<br> (Class A) | $28 | 0.53% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7092301003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991555.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_2684.jpg)

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

MS-EWSP-SAR-A **Invesco Equally-Weighted S&P 500 Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equally-Weighted S&P 500 Fund

### Class C: VADCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equally-Weighted S&P 500 Fund<br> (Class C) | $64 | 1.23% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7092301003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991591.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_2684.jpg)

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

MS-EWSP-SAR-C **Invesco Equally-Weighted S&P 500 Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equally-Weighted S&P 500 Fund

### Class R: VADRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equally-Weighted S&P 500 Fund<br> (Class R) | $40 | 0.78% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7092301003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991627.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_2684.jpg)

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

MS-EWSP-SAR-R **Invesco Equally-Weighted S&P 500 Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equally-Weighted S&P 500 Fund

### Class Y: VADDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equally-Weighted S&P 500 Fund<br> (Class Y) | $15 | 0.28% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7092301003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991663.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_2684.jpg)

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

MS-EWSP-SAR-Y **Invesco Equally-Weighted S&P 500 Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equally-Weighted S&P 500 Fund

### Class R6: VADFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equally-Weighted S&P 500 Fund<br> (Class R6) | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7092301003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991699.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_2684.jpg)

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

MS-EWSP-SAR-R6 **Invesco Equally-Weighted S&P 500 Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equity and Income Fund

### Class A: ACEIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equity and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equity and Income Fund<br> (Class A) | $39 | 0.76% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13150050450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991735.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_2684.jpg)

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

VK-EQI-SAR-A **Invesco Equity and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equity and Income Fund

### Class C: ACERX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equity and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equity and Income Fund<br> (Class C) | $75 | 1.45% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13150050450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991771.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_2684.jpg)

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

VK-EQI-SAR-C **Invesco Equity and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equity and Income Fund

### Class R: ACESX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equity and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equity and Income Fund<br> (Class R) | $52 | 1.01% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13150050450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991807.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_2684.jpg)

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

VK-EQI-SAR-R **Invesco Equity and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equity and Income Fund

### Class Y: ACETX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equity and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equity and Income Fund<br> (Class Y) | $26 | 0.51% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13150050450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991843.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_2684.jpg)

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

VK-EQI-SAR-Y **Invesco Equity and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equity and Income Fund

### Class R5: ACEKX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equity and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equity and Income Fund<br> (Class R5) | $25 | 0.48% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13150050450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991879.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_2684.jpg)

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

VK-EQI-SAR-R5 **Invesco Equity and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Equity and Income Fund

### Class R6: IEIFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equity and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equity and Income Fund<br> (Class R6) | $21 | 0.41% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13150050450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 01/31/2031 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 01/31/2028 | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991915.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_2684.jpg)

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

VK-EQI-SAR-R6 **Invesco Equity and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Floating Rate ESG Fund

### Class A: AFRAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Floating Rate ESG Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Floating Rate ESG Fund<br>(Class A) | $54 | 1.09% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1979931087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 9.55%, 01/02/2029 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo LLC (dba Mitel), Term Loan A-2, 11.68%, 06/20/2030 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term Loan B, 6.92%, 03/29/2032 | &nbsp;&nbsp;&nbsp;0.73% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.8% |
| BB+ | 2.6% |
| BB | 4.6% |
| BB- | 8.2% |
| B+ | 14.6% |
| B | 27.8% |
| B- | 15.6% |
| CCC+ | 4.9% |
| CCC | 3.8% |
| CCC- | 0.2% |
| D | 0.2% |
| NR | 10.7% |
| Equity | 6.0% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

FLR-SAR-A **Invesco Floating Rate ESG Fund**

![TSR_logo](images_2685.jpg)

### Invesco Floating Rate ESG Fund

### Class C: AFRCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Floating Rate ESG Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Floating Rate ESG Fund<br>(Class C) | $79 | 1.59% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1979931087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 9.55%, 01/02/2029 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo LLC (dba Mitel), Term Loan A-2, 11.68%, 06/20/2030 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term Loan B, 6.92%, 03/29/2032 | &nbsp;&nbsp;&nbsp;0.73% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.8% |
| BB+ | 2.6% |
| BB | 4.6% |
| BB- | 8.2% |
| B+ | 14.6% |
| B | 27.8% |
| B- | 15.6% |
| CCC+ | 4.9% |
| CCC | 3.8% |
| CCC- | 0.2% |
| D | 0.2% |
| NR | 10.7% |
| Equity | 6.0% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

FLR-SAR-C **Invesco Floating Rate ESG Fund**

![TSR_logo](images_2685.jpg)

### Invesco Floating Rate ESG Fund

### Class R: AFRRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Floating Rate ESG Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Floating Rate ESG Fund<br>(Class R) | $66 | 1.34% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1979931087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 9.55%, 01/02/2029 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo LLC (dba Mitel), Term Loan A-2, 11.68%, 06/20/2030 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term Loan B, 6.92%, 03/29/2032 | &nbsp;&nbsp;&nbsp;0.73% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.8% |
| BB+ | 2.6% |
| BB | 4.6% |
| BB- | 8.2% |
| B+ | 14.6% |
| B | 27.8% |
| B- | 15.6% |
| CCC+ | 4.9% |
| CCC | 3.8% |
| CCC- | 0.2% |
| D | 0.2% |
| NR | 10.7% |
| Equity | 6.0% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

FLR-SAR-R **Invesco Floating Rate ESG Fund**

![TSR_logo](images_2685.jpg)

### Invesco Floating Rate ESG Fund

### Class Y: AFRYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Floating Rate ESG Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Floating Rate ESG Fund<br>(Class Y) | $42 | 0.84% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1979931087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 9.55%, 01/02/2029 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo LLC (dba Mitel), Term Loan A-2, 11.68%, 06/20/2030 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term Loan B, 6.92%, 03/29/2032 | &nbsp;&nbsp;&nbsp;0.73% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.8% |
| BB+ | 2.6% |
| BB | 4.6% |
| BB- | 8.2% |
| B+ | 14.6% |
| B | 27.8% |
| B- | 15.6% |
| CCC+ | 4.9% |
| CCC | 3.8% |
| CCC- | 0.2% |
| D | 0.2% |
| NR | 10.7% |
| Equity | 6.0% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

FLR-SAR-Y **Invesco Floating Rate ESG Fund**

![TSR_logo](images_2685.jpg)

### Invesco Floating Rate ESG Fund

### Class R5: AFRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Floating Rate ESG Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Floating Rate ESG Fund<br>(Class R5) | $41 | 0.82% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1979931087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 9.55%, 01/02/2029 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo LLC (dba Mitel), Term Loan A-2, 11.68%, 06/20/2030 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term Loan B, 6.92%, 03/29/2032 | &nbsp;&nbsp;&nbsp;0.73% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.8% |
| BB+ | 2.6% |
| BB | 4.6% |
| BB- | 8.2% |
| B+ | 14.6% |
| B | 27.8% |
| B- | 15.6% |
| CCC+ | 4.9% |
| CCC | 3.8% |
| CCC- | 0.2% |
| D | 0.2% |
| NR | 10.7% |
| Equity | 6.0% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

FLR-SAR-R5 **Invesco Floating Rate ESG Fund**

![TSR_logo](images_2685.jpg)

### Invesco Floating Rate ESG Fund

### Class R6: AFRFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Floating Rate ESG Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Floating Rate ESG Fund<br>(Class R6) | $37 | 0.75% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1979931087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 9.55%, 01/02/2029 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo LLC (dba Mitel), Term Loan A-2, 11.68%, 06/20/2030 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Term Loan B, 6.92%, 03/29/2032 | &nbsp;&nbsp;&nbsp;0.73% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.8% |
| BB+ | 2.6% |
| BB | 4.6% |
| BB- | 8.2% |
| B+ | 14.6% |
| B | 27.8% |
| B- | 15.6% |
| CCC+ | 4.9% |
| CCC | 3.8% |
| CCC- | 0.2% |
| D | 0.2% |
| NR | 10.7% |
| Equity | 6.0% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

FLR-SAR-R6 **Invesco Floating Rate ESG Fund**

![TSR_logo](images_2685.jpg)

### Invesco Global Real Estate Income Fund

### Class A: ASRAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Global Real Estate Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Income Fund<br> (Class A) | $67 | 1.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$350210395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;2.17% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991951.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_2684.jpg)

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

GREI-SAR-A **Invesco Global Real Estate Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Global Real Estate Income Fund

### Class C: ASRCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Global Real Estate Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Income Fund<br> (Class C) | $106 | 2.04% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$350210395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;2.17% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9991987.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_2684.jpg)

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

GREI-SAR-C **Invesco Global Real Estate Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Global Real Estate Income Fund

### Class Y: ASRYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Global Real Estate Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Income Fund<br> (Class Y) | $54 | 1.04% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$350210395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;2.17% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992023.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_2684.jpg)

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

GREI-SAR-Y **Invesco Global Real Estate Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Global Real Estate Income Fund

### Class R5: ASRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Global Real Estate Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Income Fund<br> (Class R5) | $48 | 0.92% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$350210395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;2.17% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992059.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_2684.jpg)

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

GREI-SAR-R5 **Invesco Global Real Estate Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Global Real Estate Income Fund

### Class R6: ASRFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Global Real Estate Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Income Fund<br> (Class R6) | $44 | 0.85% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$350210395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;2.17% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992095.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_2684.jpg)

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

GREI-SAR-R6 **Invesco Global Real Estate Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Growth and Income Fund

### Class A: ACGIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Growth and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Growth and Income Fund<br> (Class A) | $40 | 0.77% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4370929716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.05% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992131.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_2684.jpg)

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

VK-GRI-SAR-A **Invesco Growth and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Growth and Income Fund

### Class C: ACGKX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Growth and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Growth and Income Fund<br>(Class C) | $78 | 1.49% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4370929716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.05% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992167.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_2684.jpg)

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

VK-GRI-SAR-C **Invesco Growth and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Growth and Income Fund

### Class R: ACGLX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Growth and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Growth and Income Fund<br> (Class R) | $53 | 1.02% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4370929716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.05% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992203.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_2684.jpg)

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

VK-GRI-SAR-R **Invesco Growth and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Growth and Income Fund

### Class Y: ACGMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Growth and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Growth and Income Fund<br> (Class Y) | $27 | 0.52% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4370929716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.05% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992239.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_2684.jpg)

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

VK-GRI-SAR-Y **Invesco Growth and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Growth and Income Fund

### Class R5: ACGQX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Growth and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Growth and Income Fund<br> (Class R5) | $26 | 0.49% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4370929716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.05% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992275.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_2684.jpg)

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

VK-GRI-SAR-R5 **Invesco Growth and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Growth and Income Fund

### Class R6: GIFFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Growth and Income Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Growth and Income Fund<br> (Class R6) | $22 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4370929716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.05% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992311.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_2684.jpg)

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

VK-GRI-SAR-R6 **Invesco Growth and Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Income Advantage U.S. Fund

### Class A: SCAUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Income Advantage U.S. Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Advantage U.S. Fund<br> (Class A) | $551.07%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207628520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992347.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_2684.jpg)

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

LVEY-SAR-A **Invesco Income Advantage U.S. Fund**

![TSR_logo](images_2685.jpg)

### Invesco Income Advantage U.S. Fund

### Class C: SCCUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Income Advantage U.S. Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Advantage U.S. Fund<br> (Class C) | $931.82%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207628520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992383.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_2684.jpg)

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

LVEY-SAR-C **Invesco Income Advantage U.S. Fund**

![TSR_logo](images_2685.jpg)

### Invesco Income Advantage U.S. Fund

### Class R: SCRUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Income Advantage U.S. Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Advantage U.S. Fund<br> (Class R) | $681.32%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207628520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992419.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_2684.jpg)

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

LVEY-SAR-R **Invesco Income Advantage U.S. Fund**

![TSR_logo](images_2685.jpg)

### Invesco Income Advantage U.S. Fund

### Class Y: SCAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Income Advantage U.S. Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Advantage U.S. Fund<br> (Class Y) | $420.82%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207628520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992455.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_2684.jpg)

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

LVEY-SAR-Y **Invesco Income Advantage U.S. Fund**

![TSR_logo](images_2685.jpg)

### Invesco Income Advantage U.S. Fund

### Investor Class: SCNUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Income Advantage U.S. Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Advantage U.S. Fund<br> (Investor Class) | $551.07%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207628520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992491.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_2684.jpg)

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

LVEY-SAR-INV **Invesco Income Advantage U.S. Fund**

![TSR_logo](images_2685.jpg)

### Invesco Income Advantage U.S. Fund

### Class R5: SCIUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Income Advantage U.S. Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Advantage U.S. Fund<br> (Class R5) | $400.77%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207628520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992527.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_2684.jpg)

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

LVEY-SAR-R5 **Invesco Income Advantage U.S. Fund**

![TSR_logo](images_2685.jpg)

### Invesco Income Advantage U.S. Fund

### Class R6: SLESX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Income Advantage U.S. Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Advantage U.S. Fund<br> (Class R6) | $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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$207628520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992563.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_2684.jpg)

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

LVEY-SAR-R6 **Invesco Income Advantage U.S. Fund**

![TSR_logo](images_2685.jpg)

### Invesco NASDAQ 100 Index Fund

### Class R6: IVNQX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco NASDAQ 100 Index Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 NASDAQ 100 Index Fund<br> (Class R6) | $150.29%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$214067998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993895.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_2684.jpg)

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

NDQ-SAR-R6 **Invesco NASDAQ 100 Index Fund**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 Index Fund

### Class A: SPIAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 S&P 500 Index Fund<br> (Class A) | $26 | 0.51% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4285346622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992599.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_2684.jpg)

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

MS-SPI-SAR-A **Invesco S&P 500 Index Fund**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 Index Fund

### Class C: SPICX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 S&P 500 Index Fund<br> (Class C) | $62 | 1.22% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4285346622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992635.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_2684.jpg)

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

MS-SPI-SAR-C **Invesco S&P 500 Index Fund**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 Index Fund

### Class R: SPIRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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<sup>1</sup>** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco S&P 500 Index Fund<br> (Class R) | $38 | 0.76% |

---

 **<sup>1</sup>** **For the period September 30, 2025 (commencement of operations) to February 28, 2026. Expenses for a full reporting period would be higher.*

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4285346622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10005260.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_2684.jpg)

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

MS-SPI-SAR-R **Invesco S&P 500 Index Fund**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 Index Fund

### Class Y: SPIDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 S&P 500 Index Fund<br> (Class Y) | $13 | 0.26% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4285346622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992671.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_2684.jpg)

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

MS-SPI-SAR-Y **Invesco S&P 500 Index Fund**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 Index Fund

### Class R6: SPISX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 S&P 500 Index Fund<br> (Class R6) | $9 | 0.17% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4285346622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992707.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_2684.jpg)

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

MS-SPI-SAR-R6 **Invesco S&P 500 Index Fund**

![TSR_logo](images_2685.jpg)

### Invesco Senior Floating Rate Fund

### Class A: OOSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Senior Floating Rate Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Senior Floating Rate Fund<br>(Class A) | $54 | 1.09% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2600350880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 5.92%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR-Numericable (YPSO, Altice France), Term Loan B-12, 8.74%, 10/30/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Libbey Glass LLC, Term Loan B, 10.32%, 11/22/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.3% |
| BB+ | 1.9% |
| BB | 4.7% |
| BB- | 8.5% |
| B+ | 12.7% |
| B | 30.0% |
| B- | 15.6% |
| CCC+ | 5.0% |
| CCC | 3.7% |
| CCC- | 0.5% |
| D | 0.1% |
| Non-Rated | 9.1% |
| Equity | 7.9% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non- Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

O-SFLR-SAR-A **Invesco Senior Floating Rate Fund**

![TSR_logo](images_2685.jpg)

### Invesco Senior Floating Rate Fund

### Class C: OOSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Senior Floating Rate Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Senior Floating Rate Fund<br>(Class C) | $91 | 1.84% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2600350880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 5.92%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR-Numericable (YPSO, Altice France), Term Loan B-12, 8.74%, 10/30/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Libbey Glass LLC, Term Loan B, 10.32%, 11/22/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.3% |
| BB+ | 1.9% |
| BB | 4.7% |
| BB- | 8.5% |
| B+ | 12.7% |
| B | 30.0% |
| B- | 15.6% |
| CCC+ | 5.0% |
| CCC | 3.7% |
| CCC- | 0.5% |
| D | 0.1% |
| Non-Rated | 9.1% |
| Equity | 7.9% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non- Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

O-SFLR-SAR-C **Invesco Senior Floating Rate Fund**

![TSR_logo](images_2685.jpg)

### Invesco Senior Floating Rate Fund

### Class R: OOSNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Senior Floating Rate Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Senior Floating Rate Fund<br>(Class R) | $67 | 1.34% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2600350880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 5.92%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR-Numericable (YPSO, Altice France), Term Loan B-12, 8.74%, 10/30/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Libbey Glass LLC, Term Loan B, 10.32%, 11/22/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.3% |
| BB+ | 1.9% |
| BB | 4.7% |
| BB- | 8.5% |
| B+ | 12.7% |
| B | 30.0% |
| B- | 15.6% |
| CCC+ | 5.0% |
| CCC | 3.7% |
| CCC- | 0.5% |
| D | 0.1% |
| Non-Rated | 9.1% |
| Equity | 7.9% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non- Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

O-SFLR-SAR-R **Invesco Senior Floating Rate Fund**

![TSR_logo](images_2685.jpg)

### Invesco Senior Floating Rate Fund

### Class Y: OOSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Senior Floating Rate Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Senior Floating Rate Fund<br>(Class Y) | $42 | 0.84% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2600350880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 5.92%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR-Numericable (YPSO, Altice France), Term Loan B-12, 8.74%, 10/30/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Libbey Glass LLC, Term Loan B, 10.32%, 11/22/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.3% |
| BB+ | 1.9% |
| BB | 4.7% |
| BB- | 8.5% |
| B+ | 12.7% |
| B | 30.0% |
| B- | 15.6% |
| CCC+ | 5.0% |
| CCC | 3.7% |
| CCC- | 0.5% |
| D | 0.1% |
| Non-Rated | 9.1% |
| Equity | 7.9% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non- Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

O-SFLR-SAR-Y **Invesco Senior Floating Rate Fund**

![TSR_logo](images_2685.jpg)

### Invesco Senior Floating Rate Fund

### Class R5: SFRRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Senior Floating Rate Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Senior Floating Rate Fund<br>(Class R5) | $37 | 0.74% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2600350880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 5.92%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR-Numericable (YPSO, Altice France), Term Loan B-12, 8.74%, 10/30/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Libbey Glass LLC, Term Loan B, 10.32%, 11/22/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.3% |
| BB+ | 1.9% |
| BB | 4.7% |
| BB- | 8.5% |
| B+ | 12.7% |
| B | 30.0% |
| B- | 15.6% |
| CCC+ | 5.0% |
| CCC | 3.7% |
| CCC- | 0.5% |
| D | 0.1% |
| Non-Rated | 9.1% |
| Equity | 7.9% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non- Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

O-SFLR-SAR-R5 **Invesco Senior Floating Rate Fund**

![TSR_logo](images_2685.jpg)

### Invesco Senior Floating Rate Fund

### Class R6: OOSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Senior Floating Rate Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Senior Floating Rate Fund<br>(Class R6) | $37 | 0.74% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2600350880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 7.93%, 09/04/2030 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 11.43%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.17%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 5.92%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Coast Super Holdings LLC, Term Loan B, 7.42%, 09/25/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 6.67%, 03/24/2031 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR-Numericable (YPSO, Altice France), Term Loan B-12, 8.74%, 10/30/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Libbey Glass LLC, Term Loan B, 10.32%, 11/22/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.3% |
| BB+ | 1.9% |
| BB | 4.7% |
| BB- | 8.5% |
| B+ | 12.7% |
| B | 30.0% |
| B- | 15.6% |
| CCC+ | 5.0% |
| CCC | 3.7% |
| CCC- | 0.5% |
| D | 0.1% |
| Non-Rated | 9.1% |
| Equity | 7.9% |
| \*\* Source: S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non- Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on S&P Global Ratings' rating methodology, please visit spglobal.com and select "Understanding Credit Ratings" under About Ratings on the homepage. |  |

---

### 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_2684.jpg)

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

O-SFLR-SAR-R6 **Invesco Senior Floating Rate Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class A: ISHAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Duration High Yield Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Duration High Yield Municipal Fund<br> (Class A) | $43 | 0.84% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1487873500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB, 6.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB, 4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series 2025, RB, 5.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue, Series 2026, RB, 5.00%, 07/01/2045 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), Series 2025, RB, 5.25%, 12/01/2049 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB, 4.38%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.67% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992743.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_2684.jpg)

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

SDHYM-SAR-A **Invesco Short Duration High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class C: ISHCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Duration High Yield Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Duration High Yield Municipal Fund<br> (Class C) | $81 | 1.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1487873500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB, 6.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB, 4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series 2025, RB, 5.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue, Series 2026, RB, 5.00%, 07/01/2045 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), Series 2025, RB, 5.25%, 12/01/2049 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB, 4.38%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.67% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992779.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_2684.jpg)

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

SDHYM-SAR-C **Invesco Short Duration High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class Y: ISHYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Duration High Yield Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Duration High Yield Municipal Fund<br> (Class Y) | $30 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1487873500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB, 6.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB, 4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series 2025, RB, 5.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue, Series 2026, RB, 5.00%, 07/01/2045 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), Series 2025, RB, 5.25%, 12/01/2049 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB, 4.38%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.67% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992815.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_2684.jpg)

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

SDHYM-SAR-Y **Invesco Short Duration High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class R5: ISHFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Duration High Yield Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Duration High Yield Municipal Fund<br> (Class R5) | $27 | 0.53% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1487873500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB, 6.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB, 4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series 2025, RB, 5.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue, Series 2026, RB, 5.00%, 07/01/2045 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), Series 2025, RB, 5.25%, 12/01/2049 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB, 4.38%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.67% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992851.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_2684.jpg)

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

SDHYM-SAR-R5 **Invesco Short Duration High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class R6: ISHSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Duration High Yield Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Duration High Yield Municipal Fund<br> (Class R6) | $27 | 0.53% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1487873500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB, 6.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2022 A-1, RB, 4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series 2025, RB, 5.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Revenue, Series 2026, RB, 5.00%, 07/01/2045 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), Series 2025, RB, 5.25%, 12/01/2049 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB, 4.38%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.67% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9992887.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_2684.jpg)

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

SDHYM-SAR-R6 **Invesco Short Duration High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Term Municipal Fund

### Class A: ORSTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Term Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Municipal Fund<br> (Class A) | $39 | 0.77% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1618982840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2021-3, VRD GO Bonds, 1.05%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Montgomery (County of), MD, Series 2017 E, VRD GO Bonds, 0.80%, 11/01/2037 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB, 5.00%, 07/01/2040 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2012, VRD GO Bonds, 1.05%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bonds), Series 2022 B-2, RB, 3.40%, 12/22/2026 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol Warren Regional School District, Series 2025-1, GO Notes, 5.00%, 06/04/2026 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2023, VRD RB, 1.27%, 05/01/2031 | &nbsp;&nbsp;&nbsp;0.71% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993787.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_2684.jpg)

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

O-STM-SAR-A **Invesco Short Term Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Term Municipal Fund

### Class Y: ORSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Term Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Municipal Fund<br> (Class Y) | $26 | 0.52% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1618982840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2021-3, VRD GO Bonds, 1.05%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Montgomery (County of), MD, Series 2017 E, VRD GO Bonds, 0.80%, 11/01/2037 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB, 5.00%, 07/01/2040 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2012, VRD GO Bonds, 1.05%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bonds), Series 2022 B-2, RB, 3.40%, 12/22/2026 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol Warren Regional School District, Series 2025-1, GO Notes, 5.00%, 06/04/2026 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2023, VRD RB, 1.27%, 05/01/2031 | &nbsp;&nbsp;&nbsp;0.71% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993823.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_2684.jpg)

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

O-STM-SAR-Y **Invesco Short Term Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Short Term Municipal Fund

### Class R6: STMUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Term Municipal Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Municipal Fund<br> (Class R6) | $23 | 0.45% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1618982840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2021-3, VRD GO Bonds, 1.05%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Montgomery (County of), MD, Series 2017 E, VRD GO Bonds, 0.80%, 11/01/2037 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB, 5.00%, 07/01/2040 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2012, VRD GO Bonds, 1.05%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bonds), Series 2022 B-2, RB, 3.40%, 12/22/2026 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol Warren Regional School District, Series 2025-1, GO Notes, 5.00%, 06/04/2026 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2023, VRD RB, 1.27%, 05/01/2031 | &nbsp;&nbsp;&nbsp;0.71% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993859.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_2684.jpg)

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

O-STM-SAR-R6 **Invesco Short Term Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco SMA Municipal Bond Fund

### SMBMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco SMA Municipal Bond Fund (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Municipal 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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$107912200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Polk (County of), FL Industrial Development Authority (Carpenter's Home Estates), Series 2019, Ref. IDR, 5.00%, 01/01/2039 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB, 5.00%, 05/01/2032 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Hampshire (State of) Health and Education Facilities Authority, Series 2015, Ref. RB, 5.00%, 07/01/2036 | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kentucky (Commonwealth of) Public Energy Authority, Series 2024 A, RB, 5.00%, 07/01/2030 | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of) Development Finance Agency (Brown University Health Obligated Group), Series 2025 A, RB, 5.25%, 08/15/2044 | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Point Phase 1 Public Infrastructure District No. 1, Series 2025 A-1, RB, 5.88%, 03/01/2045 | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Hampshire (State of) Business Finance Authority (Vista (The)), Series 2019 A, RB, 5.25%, 07/01/2039 | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy), Series 2025, RB, 6.25%, 06/15/2045 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016, Ref. RB, 5.00%, 06/01/2036 | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Idaho (State of) Health Facilities Authority (Trinity Health Credit Group), Series 2015 D, Ref. RB, 5.50%, 12/01/2027 | &nbsp;&nbsp;&nbsp;1.40% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9993931.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_2684.jpg)

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

SMAMB-SAR-NA **Invesco SMA Municipal Bond Fund**

------

(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.

------

![](img29347ade1.jpg)

------

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

**February 28, 2026**

**Invesco American Franchise Fund**

Nasdaq:

A: VAFAX ■ C: VAFCX ■ R: VAFRX ■ Y: VAFIX ■ R5: VAFNX ■ R6: VAFFX

------

---

| | |
|:---|:---|
| [2](#xx_4addf14f-a300-4760-853c-6a8708da8e6f_SOI-Continued-86_1) | Schedule of Investments |
| [4](#xx_4addf14f-a300-4760-853c-6a8708da8e6f_FS-Continued-86_1) | Financial Statements |
| [7](#xx_4addf14f-a300-4760-853c-6a8708da8e6f_FS-Continued-86_4) | Financial Highlights |
| [8](#xx_4addf14f-a300-4760-853c-6a8708da8e6f_NTF-Continued-86_1) | Notes to Financial Statements |
| [14](#xx_4addf14f-a300-4760-853c-6a8708da8e6f_OIRSR-Continued-86_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.86%** | **Common Stocks & Other Equity Interests–99.86%** | **Common Stocks & Other Equity Interests–99.86%** |
| **Aerospace & Defense–3.33%** | **Aerospace & Defense–3.33%** | **Aerospace & Defense–3.33%** |
| BAE Systems PLC (United Kingdom) | 6561629 | &nbsp;&nbsp; $187370864 |
| Howmet Aerospace, Inc. | 1383064 | &nbsp;&nbsp; 363095792 |
|  |  | &nbsp;&nbsp; 550466656 |
| **Application Software–1.47%** | **Application Software–1.47%** | **Application Software–1.47%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 404640 | &nbsp;&nbsp; 175925333 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 484979 | &nbsp;&nbsp; 66534269 |
|  |  | &nbsp;&nbsp; 242459602 |
| **Automobile Manufacturers–2.87%** | **Automobile Manufacturers–2.87%** | **Automobile Manufacturers–2.87%** |
| Tesla, Inc.<sup>(b)</sup>  | 1176787 | &nbsp;&nbsp; 473668535 |
| **Automotive Retail–0.76%** | **Automotive Retail–0.76%** | **Automotive Retail–0.76%** |
| Carvana Co.<sup>(b)</sup>  | 374960 | &nbsp;&nbsp; 125296634 |
| **Biotechnology–2.88%** | **Biotechnology–2.88%** | **Biotechnology–2.88%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 504640 | &nbsp;&nbsp; 168004749 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 288185 | &nbsp;&nbsp; 221014840 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 175175 | &nbsp;&nbsp; 87032195 |
|  |  | &nbsp;&nbsp; 476051784 |
| **Broadline Retail–5.44%** | **Broadline Retail–5.44%** | **Broadline Retail–5.44%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 4280104 | &nbsp;&nbsp; 898821840 |
| **Building Products–2.41%** | **Building Products–2.41%** | **Building Products–2.41%** |
| Johnson Controls International PLC | 2759891 | &nbsp;&nbsp; 398252271 |
| **Commercial & Residential Mortgage Finance–0.42%** | **Commercial & Residential Mortgage Finance–0.42%** | **Commercial & Residential Mortgage Finance–0.42%** |
| Rocket Cos., Inc., Class A | 3792820 | &nbsp;&nbsp; 68991396 |
| **Communications Equipment–1.03%** | **Communications Equipment–1.03%** | **Communications Equipment–1.03%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 1277247 | &nbsp;&nbsp; 170512475 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.51%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.51%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.51%** |
| Caterpillar, Inc. | 335323 | &nbsp;&nbsp; 249087984 |
| **Construction Materials–0.33%** | **Construction Materials–0.33%** | **Construction Materials–0.33%** |
| Martin Marietta Materials, Inc. | 81589 | &nbsp;&nbsp; 55200670 |
| **Consumer Finance–0.42%** | **Consumer Finance–0.42%** | **Consumer Finance–0.42%** |
| American Express Co. | 226027 | &nbsp;&nbsp; 69819740 |
| **Electrical Components & Equipment–2.02%** | **Electrical Components & Equipment–2.02%** | **Electrical Components & Equipment–2.02%** |
| Vertiv Holdings Co., Class A | 1310977 | &nbsp;&nbsp; 334154928 |
| **Electronic Components–2.35%** | **Electronic Components–2.35%** | **Electronic Components–2.35%** |
| Amphenol Corp., Class A | 1766887 | &nbsp;&nbsp; 258071515 |
| Coherent Corp.<sup>(b)</sup>  | 500833 | &nbsp;&nbsp; 129680689 |
|  |  | &nbsp;&nbsp; 387752204 |
| **Financial Exchanges & Data–0.19%** | **Financial Exchanges & Data–0.19%** | **Financial Exchanges & Data–0.19%** |
| Coinbase Global, Inc., Class A<sup>(b)</sup>  | 174723 | &nbsp;&nbsp; 30725040 |
| **Food Distributors–0.52%** | **Food Distributors–0.52%** | **Food Distributors–0.52%** |
| US Foods Holding Corp.<sup>(b)</sup>  | 882808 | &nbsp;&nbsp; 85288081 |
| **Health Care Distributors–0.85%** | **Health Care Distributors–0.85%** | **Health Care Distributors–0.85%** |
| McKesson Corp. | 142620 | &nbsp;&nbsp; 140818709 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Equipment–0.96%** | **Health Care Equipment–0.96%** | **Health Care Equipment–0.96%** |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 314222 | &nbsp;&nbsp; $158213919 |
| **Heavy Electrical Equipment–1.44%** | **Heavy Electrical Equipment–1.44%** | **Heavy Electrical Equipment–1.44%** |
| GE Vernova, Inc. | 273087 | &nbsp;&nbsp; 238568803 |
| **Hotels, Resorts & Cruise Lines–0.82%** | **Hotels, Resorts & Cruise Lines–0.82%** | **Hotels, Resorts & Cruise Lines–0.82%** |
| Booking Holdings, Inc. | 31747 | &nbsp;&nbsp; 134586644 |
| **Industrial Machinery & Supplies & Components–1.82%** | **Industrial Machinery & Supplies & Components–1.82%** | **Industrial Machinery & Supplies & Components–1.82%** |
| Parker-Hannifin Corp. | 297080 | &nbsp;&nbsp; 299807194 |
| **Integrated Oil & Gas–1.03%** | **Integrated Oil & Gas–1.03%** | **Integrated Oil & Gas–1.03%** |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup>  | 3019398 | &nbsp;&nbsp; 170656375 |
| **Interactive Media & Services–12.75%** | **Interactive Media & Services–12.75%** | **Interactive Media & Services–12.75%** |
| Alphabet, Inc., Class A | 3961956 | &nbsp;&nbsp; 1235179403 |
| Meta Platforms, Inc., Class A | 1209064 | &nbsp;&nbsp; 783691103 |
| Reddit, Inc., Class A<sup>(b)(c)</sup>  | 600020 | &nbsp;&nbsp; 87488916 |
|  |  | &nbsp;&nbsp; 2106359422 |
| **Internet Services & Infrastructure–2.65%** | **Internet Services & Infrastructure–2.65%** | **Internet Services & Infrastructure–2.65%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 1037538 | &nbsp;&nbsp; 178653668 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup>  | 1143781 | &nbsp;&nbsp; 90999216 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 1001860 | &nbsp;&nbsp; 168723243 |
|  |  | &nbsp;&nbsp; 438376127 |
| **Investment Banking & Brokerage–3.97%** | **Investment Banking & Brokerage–3.97%** | **Investment Banking & Brokerage–3.97%** |
| Goldman Sachs Group, Inc. (The) | 348384 | &nbsp;&nbsp; 299460435 |
| Interactive Brokers Group, Inc., Class A | 3122483 | &nbsp;&nbsp; 222289565 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 1767652 | &nbsp;&nbsp; 134076404 |
|  |  | &nbsp;&nbsp; 655826404 |
| **Movies & Entertainment–1.03%** | **Movies & Entertainment–1.03%** | **Movies & Entertainment–1.03%** |
| Netflix, Inc.<sup>(b)</sup>  | 1761378 | &nbsp;&nbsp; 169515019 |
| **Oil & Gas Storage & Transportation–1.15%** | **Oil & Gas Storage & Transportation–1.15%** | **Oil & Gas Storage & Transportation–1.15%** |
| Williams Cos., Inc. (The) | 2536229 | &nbsp;&nbsp; 189507031 |
| **Pharmaceuticals–2.11%** | **Pharmaceuticals–2.11%** | **Pharmaceuticals–2.11%** |
| Eli Lilly and Co. | 331182 | &nbsp;&nbsp; 348400152 |
| **Real Estate Services–0.28%** | **Real Estate Services–0.28%** | **Real Estate Services–0.28%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 311242 | &nbsp;&nbsp; 45957994 |
| **Semiconductor Materials & Equipment–4.41%** | **Semiconductor Materials & Equipment–4.41%** | **Semiconductor Materials & Equipment–4.41%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 154824 | &nbsp;&nbsp; 224581502 |
| Lam Research Corp. | 2156633 | &nbsp;&nbsp; 504414892 |
|  |  | &nbsp;&nbsp; 728996394 |
| **Semiconductors–22.72%** | **Semiconductors–22.72%** | **Semiconductors–22.72%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 387788 | &nbsp;&nbsp; 77639035 |
| Broadcom, Inc. | 2244390 | &nbsp;&nbsp; 717194824 |
| Monolithic Power Systems, Inc. | 230271 | &nbsp;&nbsp; 263139883 |
| NVIDIA Corp. | 11796714 | &nbsp;&nbsp; 2090259754 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., ADR (Taiwan) | 1610903 | &nbsp;&nbsp; 603412046 |
|  |  | &nbsp;&nbsp; 3751645542 |

---

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

**2**

**Invesco American Franchise Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–5.76%** | **Systems Software–5.76%** | **Systems Software–5.76%** | **Systems Software–5.76%** |
| Microsoft Corp. | Microsoft Corp. | 2422571 | &nbsp;&nbsp; $951440535 |
| **Technology Hardware, Storage & Peripherals–5.25%** | **Technology Hardware, Storage & Peripherals–5.25%** | **Technology Hardware, Storage & Peripherals–5.25%** | **Technology Hardware, Storage & Peripherals–5.25%** |
| Apple, Inc. | Apple, Inc. | 3282134 | &nbsp;&nbsp; 867074160 |
| **Tobacco–1.89%** | **Tobacco–1.89%** | **Tobacco–1.89%** | **Tobacco–1.89%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 1667434 | &nbsp;&nbsp; 311526694 |
| **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** |
| Visa, Inc., Class A | Visa, Inc., Class A | 526241 | &nbsp;&nbsp; 168470794 |
| Total Common Stocks & Other Equity Interests <br> (Cost $8,102,508,520) | Total Common Stocks & Other Equity Interests <br> (Cost $8,102,508,520) | Total Common Stocks & Other Equity Interests <br> (Cost $8,102,508,520) | &nbsp;&nbsp; 16492297752 |
| **Money Market Funds–0.22%** | **Money Market Funds–0.22%** | **Money Market Funds–0.22%** | **Money Market Funds–0.22%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | 13086726 | &nbsp;&nbsp; 13086726 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | 24297992 | &nbsp;&nbsp; 24297992 |
| Total Money Market Funds (Cost $37,384,718) | Total Money Market Funds (Cost $37,384,718) | Total Money Market Funds (Cost $37,384,718) | &nbsp;&nbsp; 37384718 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-100.08% <br> (Cost $8,139,893,238)<br>|  |  | &nbsp;&nbsp; 16529682470 |

---

---

| | | |
|:---|:---|:---|
| **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–0.78%** | **Money Market Funds–0.78%** | **Money Market Funds–0.78%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup>  | 36228949 | &nbsp;&nbsp; $36228949 |
| Invesco Private Prime Fund, <br> 3.81%<sup>(d)(e)(f)</sup>  | 92587178 | &nbsp;&nbsp; 92614954 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost$128,843,903) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost$128,843,903) | &nbsp;&nbsp; 128843903 |
| TOTAL INVESTMENTS IN SECURITIES–100.86% <br> (Cost $8,268,737,141) | TOTAL INVESTMENTS IN SECURITIES–100.86% <br> (Cost $8,268,737,141) | &nbsp;&nbsp; 16658526373 |
| OTHER ASSETS LESS LIABILITIES—(0.86)% | OTHER ASSETS LESS LIABILITIES—(0.86)% | &nbsp;&nbsp; (142825413)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $16515700960 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $16154748 | &nbsp;&nbsp; $419990514 | &nbsp;&nbsp; $(423058536) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13086726 | &nbsp;&nbsp; $375673 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 29992556 | &nbsp;&nbsp; 779982383 | &nbsp;&nbsp; (785676947) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24297992 | &nbsp;&nbsp; 688620 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9805882 | &nbsp;&nbsp; 646963509 | &nbsp;&nbsp; (620540442) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 36228949 | &nbsp;&nbsp; 672,788\* |
| Invesco Private Prime Fund | 25385918 | &nbsp;&nbsp; 1440436421 | &nbsp;&nbsp; (1373203619) | &nbsp;&nbsp; (1126) | &nbsp;&nbsp; (2640) | &nbsp;&nbsp; 92614954 | &nbsp;&nbsp; 1,821,691\* |
| Total | $81339104 | &nbsp;&nbsp; $3287372827 | &nbsp;&nbsp; $(3202479544) | &nbsp;&nbsp; $(1126) | &nbsp;&nbsp; $(2640) | &nbsp;&nbsp; $166228621 | &nbsp;&nbsp; $3558772 |

---

\* 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 February 28, 2026.

<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 American Franchise Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $8,102,508,520)\*<br>| &nbsp;&nbsp; $16492297752 |
| Investments in affiliated money market funds, at value <br> (Cost $166,228,621)<br>| &nbsp;&nbsp; 166228621 |
| Foreign currencies, at value and cost | &nbsp;&nbsp; 140 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 242758960 |
| Fund shares sold | &nbsp;&nbsp; 2820644 |
| Dividends | &nbsp;&nbsp; 5758533 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 2359067 |
| Other assets | &nbsp;&nbsp; 433380 |
| Total assets | &nbsp;&nbsp; 16912657097 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 250727983 |
| Dividends | &nbsp;&nbsp; 691 |
| Fund shares reacquired | &nbsp;&nbsp; 8075415 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 128843903 |
| Accrued fees to affiliates | &nbsp;&nbsp; 6434640 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 9683 |
| Accrued other operating expenses | &nbsp;&nbsp; 430828 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 2432994 |
| Total liabilities | &nbsp;&nbsp; 396956137 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $16515700960 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $7676742997 |
| Distributable earnings | &nbsp;&nbsp; 8838957963 |
|  | &nbsp;&nbsp; $16515700960 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $15443788266 |
| Class C | &nbsp;&nbsp; $108250846 |
| Class R | &nbsp;&nbsp; $122316123 |
| Class Y | &nbsp;&nbsp; $632420552 |
| Class R5 | &nbsp;&nbsp; $54683902 |
| Class R6 | &nbsp;&nbsp; $154241271 |
| **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; 563246395 |
| Class C | &nbsp;&nbsp; 5205422 |
| Class R | &nbsp;&nbsp; 4789485 |
| Class Y | &nbsp;&nbsp; 21455148 |
| Class R5 | &nbsp;&nbsp; 1841616 |
| Class R6 | &nbsp;&nbsp; 5095720 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $27.42 |
| Maximum offering price per share <br>(Net asset value of $27.42 ÷ 94.50%)<br>| &nbsp;&nbsp; $29.02 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.80 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.54 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $29.48 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $29.69 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $30.27 |

---

\* At February 28, 2026, securities with an aggregate value of $116,990,197 were on loan to brokers. 

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

**4**

**Invesco American Franchise Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $899,504) | &nbsp;&nbsp; $34417421 |
| Dividends from affiliated money market funds (includes net securities lending income of $215,923) | &nbsp;&nbsp; 1280216 |
| Total investment income | &nbsp;&nbsp; 35697637 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 49084450 |
| Administrative services fees | &nbsp;&nbsp; 1301936 |
| Custodian fees | &nbsp;&nbsp; 38454 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 20637537 |
| Class C | &nbsp;&nbsp; 595448 |
| Class R | &nbsp;&nbsp; 321638 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 8608111 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 29656 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 22699 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 69970 |
| Registration and filing fees | &nbsp;&nbsp; 87981 |
| Reports to shareholders | &nbsp;&nbsp; 355050 |
| Professional services fees | &nbsp;&nbsp; 102881 |
| Other | &nbsp;&nbsp; 76446 |
| Total expenses | &nbsp;&nbsp; 81332257 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (202581)<br>|
| Net expenses | &nbsp;&nbsp; 81129676 |
| Net investment income (loss) | &nbsp;&nbsp; (45432039)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1256094020 |
| Affiliated investment securities | &nbsp;&nbsp; (2640)<br>|
| Foreign currencies | &nbsp;&nbsp; 68586 |
|  | &nbsp;&nbsp; 1256159966 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1605544455)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1126)<br>|
| Foreign currencies | &nbsp;&nbsp; 10246 |
|  | &nbsp;&nbsp; (1605535335)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (349375369)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(394807408)<br>|

---

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

**5**

**Invesco American Franchise Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(45432039)<br>| &nbsp;&nbsp; $(67281391)<br>|
| Net realized gain | &nbsp;&nbsp; 1256159966 | &nbsp;&nbsp; 1736201544 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1605535335)<br>| &nbsp;&nbsp; 1376500891 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (394807408)<br>| &nbsp;&nbsp; 3045421044 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (2040413323)<br>| &nbsp;&nbsp; (576153028)<br>|
| Class C | &nbsp;&nbsp; (18666005)<br>| &nbsp;&nbsp; (5541134)<br>|
| Class R | &nbsp;&nbsp; (16707006)<br>| &nbsp;&nbsp; (4244915)<br>|
| Class Y | &nbsp;&nbsp; (80668732)<br>| &nbsp;&nbsp; (21391066)<br>|
| Class R5 | &nbsp;&nbsp; (6892709)<br>| &nbsp;&nbsp; (2260847)<br>|
| Class R6 | &nbsp;&nbsp; (18483645)<br>| &nbsp;&nbsp; (3908076)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (2181831420)<br>| &nbsp;&nbsp; (613499066)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 1266320265 | &nbsp;&nbsp; (507602597)<br>|
| Class C | &nbsp;&nbsp; 8821005 | &nbsp;&nbsp; (10717895)<br>|
| Class R | &nbsp;&nbsp; 12733315 | &nbsp;&nbsp; 10682456 |
| Class Y | &nbsp;&nbsp; 61699305 | &nbsp;&nbsp; 6359251 |
| Class R5 | &nbsp;&nbsp; 4072556 | &nbsp;&nbsp; (10444523)<br>|
| Class R6 | &nbsp;&nbsp; 17983048 | &nbsp;&nbsp; 28946621 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 1371629494 | &nbsp;&nbsp; (482776687)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1205009334)<br>| &nbsp;&nbsp; 1949145291 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 17720710294 | &nbsp;&nbsp; 15771565003 |
| End of period | &nbsp;&nbsp; $16515700960 | &nbsp;&nbsp; $17720710294 |

---

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

**6**

**Invesco American Franchise Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<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** |
| Six months ended 02/28/26 | $32.12 | $(0.08 )<sup>(d)</sup><br>| $(0.58)<br>| $(0.66)<br>| $(4.04)<br>| $27.42 | (2.44)%<br>| $15443788 | 0.93 %<sup>(e)</sup><br>| 0.93 %<sup>(e)</sup><br>| (0.53 )%<sup>(d)(e)</sup><br>| 34<br> %<br>|
| Year ended 08/31/25 | 27.70 | (0.12)<br>| 5.64 | 5.52 | (1.10)<br>| 32.12 | 20.08 | 16586919 | 0.93 | 0.93 | (0.41)<br>| 54 |
| Year ended 08/31/24 | 21.06 | (0.10)<br>| 6.74 | 6.64 |  | 27.70 | 31.53 | 14820036 | 0.96 | 0.96 | (0.40)<br>| 51 |
| Year ended 08/31/23 | 18.84 | (0.03)<br>| 3.58 | 3.55 | (1.33)<br>| 21.06 | 20.96 | 12047012 | 0.99 | 0.99 | (0.18)<br>| 73 |
| Year ended 08/31/22 | 32.86 | (0.07)<br>| (7.28)<br>| (7.35)<br>| (6.67)<br>| 18.84 | (26.95)<br>| 10777375 | 0.95 | 0.95 | (0.29)<br>| 97 |
| Year ended 08/31/21 | 28.90 | (0.14)<br>| 6.62 | 6.48 | (2.52)<br>| 32.86 | 24.04 | 16037060 | 0.97 | 0.97 | (0.47)<br>| 57 |
| **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 02/28/26 | 25.42 | (0.15 )<sup>(d)</sup><br>| (0.43)<br>| (0.58)<br>| (4.04)<br>| 20.80 | (2.79)<br>| 108251 | 1.68 <br><sup>(e)</sup><br>| 1.68 <br><sup>(e)</sup><br>| (1.28 )<sup>(d)(e)</sup><br>| 34 |
| Year ended 08/31/25 | 22.28 | (0.27)<br>| 4.51 | 4.24 | (1.10)<br>| 25.42 | 19.19 | 120980 | 1.68 | 1.68 | (1.16)<br>| 54 |
| Year ended 08/31/24 | 17.07 | (0.22)<br>| 5.43 | 5.21 |  | 22.28 | 30.52 | 116626 | 1.71 | 1.71 | (1.15)<br>| 51 |
| Year ended 08/31/23 | 15.65 | (0.14)<br>| 2.89 | 2.75 | (1.33)<br>| 17.07 | 20.07 | 105284 | 1.74 | 1.74 | (0.93)<br>| 73 |
| Year ended 08/31/22 | 28.67 | (0.21)<br>| (6.14)<br>| (6.35)<br>| (6.67)<br>| 15.65 | (27.50)<br>| 98920 | 1.70 | 1.70 | (1.04)<br>| 97 |
| Year ended 08/31/21 | 25.70 | (0.32)<br>| 5.81 | 5.49 | (2.52)<br>| 28.67 | 23.11 | 164671 | 1.72 | 1.72 | (1.22)<br>| 57 |
| **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 02/28/26 | 30.23 | (0.11 )<sup>(d)</sup><br>| (0.54)<br>| (0.65)<br>| (4.04)<br>| 25.54 | (2.56)<br>| 122316 | 1.18 <br><sup>(e)</sup><br>| 1.18 <br><sup>(e)</sup><br>| (0.78 )<sup>(d)(e)</sup><br>| 34 |
| Year ended 08/31/25 | 26.18 | (0.18)<br>| 5.33 | 5.15 | (1.10)<br>| 30.23 | 19.83 | 129017 | 1.18 | 1.18 | (0.66)<br>| 54 |
| Year ended 08/31/24 | 19.96 | (0.15)<br>| 6.37 | 6.22 |  | 26.18 | 31.16 | 100589 | 1.21 | 1.21 | (0.65)<br>| 51 |
| Year ended 08/31/23 | 17.97 | (0.07)<br>| 3.39 | 3.32 | (1.33)<br>| 19.96 | 20.68 | 68815 | 1.24 | 1.24 | (0.43)<br>| 73 |
| Year ended 08/31/22 | 31.73 | (0.12)<br>| (6.97)<br>| (7.09)<br>| (6.67)<br>| 17.97 | (27.12)<br>| 51531 | 1.20 | 1.20 | (0.54)<br>| 97 |
| Year ended 08/31/21 | 28.06 | (0.21)<br>| 6.40 | 6.19 | (2.52)<br>| 31.73 | 23.70 | 66494 | 1.22 | 1.22 | (0.72)<br>| 57 |
| **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 02/28/26 | 34.19 | (0.04 )<sup>(d)</sup><br>| (0.63)<br>| (0.67)<br>| (4.04)<br>| 29.48 | (2.31)<br>| 632421 | 0.68 <br><sup>(e)</sup><br>| 0.68 <br><sup>(e)</sup><br>| (0.28 )<sup>(d)(e)</sup><br>| 34 |
| Year ended 08/31/25 | 29.35 | (0.05)<br>| 5.99 | 5.94 | (1.10)<br>| 34.19 | 20.39 | 666747 | 0.68 | 0.68 | (0.16)<br>| 54 |
| Year ended 08/31/24 | 22.26 | (0.04)<br>| 7.13 | 7.09 |  | 29.35 | 31.85 | 565271 | 0.71 | 0.71 | (0.15)<br>| 51 |
| Year ended 08/31/23 | 19.79 | 0.02 | 3.78 | 3.80 | (1.33)<br>| 22.26 | 21.24 | 421845 | 0.74 | 0.74 | 0.07 | 73 |
| Year ended 08/31/22 | 34.08 | (0.01)<br>| (7.61)<br>| (7.62)<br>| (6.67)<br>| 19.79 | (26.75)<br>| 410990 | 0.70 | 0.70 | (0.04)<br>| 97 |
| Year ended 08/31/21 | 29.81 | (0.07)<br>| 6.86 | 6.79 | (2.52)<br>| 34.08 | 24.36 | 624045 | 0.72 | 0.72 | (0.22)<br>| 57 |
| **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 02/28/26 | 34.41 | (0.05 )<sup>(d)</sup><br>| (0.63)<br>| (0.68)<br>| (4.04)<br>| 29.69 | (2.33)<br>| 54684 | 0.68 <br><sup>(e)</sup><br>| 0.68 <br><sup>(e)</sup><br>| (0.28 )<sup>(d)(e)</sup><br>| 34 |
| Year ended 08/31/25 | 29.53 | (0.05)<br>| 6.03 | 5.98 | (1.10)<br>| 34.41 | 20.40 | 58779 | 0.68 | 0.68 | (0.16)<br>| 54 |
| Year ended 08/31/24 | 22.39 | (0.03)<br>| 7.17 | 7.14 |  | 29.53 | 31.89 | 61422 | 0.70 | 0.70 | (0.14)<br>| 51 |
| Year ended 08/31/23 | 19.89 | 0.02 | 3.81 | 3.83 | (1.33)<br>| 22.39 | 21.28 | 41963 | 0.71 | 0.71 | 0.10 | 73 |
| Year ended 08/31/22 | 34.22 | (0.01)<br>| (7.65)<br>| (7.66)<br>| (6.67)<br>| 19.89 | (26.76)<br>| 35453 | 0.69 | 0.69 | (0.03)<br>| 97 |
| Year ended 08/31/21 | 29.92 | (0.06)<br>| 6.88 | 6.82 | (2.52)<br>| 34.22 | 24.37 | 51787 | 0.70 | 0.70 | (0.20)<br>| 57 |
| **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 02/28/26 | 34.99 | (0.03 )<sup>(d)</sup><br>| (0.65)<br>| (0.68)<br>| (4.04)<br>| 30.27 | (2.28)<br>| 154241 | 0.61 <br><sup>(e)</sup><br>| 0.61 <br><sup>(e)</sup><br>| (0.21 )<sup>(d)(e)</sup><br>| 34 |
| Year ended 08/31/25 | 29.99 | (0.03)<br>| 6.13 | 6.10 | (1.10)<br>| 34.99 | 20.49 | 158268 | 0.61 | 0.61 | (0.09)<br>| 54 |
| Year ended 08/31/24 | 22.73 | (0.02)<br>| 7.28 | 7.26 |  | 29.99 | 31.94 | 107621 | 0.63 | 0.63 | (0.07)<br>| 51 |
| Year ended 08/31/23 | 20.16 | 0.03 | 3.87 | 3.90 | (1.33)<br>| 22.73 | 21.35 | 79212 | 0.64 | 0.64 | 0.17 | 73 |
| Year ended 08/31/22 | 34.55 | 0.01 | (7.73)<br>| (7.72)<br>| (6.67)<br>| 20.16 | (26.67)<br>| 65853 | 0.62 | 0.62 | 0.04 | 97 |
| Year ended 08/31/21 | 30.17 | (0.04)<br>| 6.94 | 6.90 | (2.52)<br>| 34.55 | 24.44 | 96722 | 0.63 | 0.63 | (0.13)<br>| 57 |

---

<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> Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the six months ended February 28, 2025. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.06) and (0.39)%, $(0.14) and (1.14)%, $(0.09) and (0.64)%, $(0.02) and (0.14)%, $(0.02) and (0.14)%, $(0.01) and (0.07)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. 

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

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

**7**

**Invesco American Franchise Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco American Franchise Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek long-term capital appreciation.

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

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, as of the approximate official closing time of that exchange. 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.

Private 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 American Franchise Fund**

------

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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.

**9**

**Invesco American Franchise Fund**

------

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 February 28, 2026, the Fund paid the Adviser $6,153 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.** **Other Risks** - The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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

The Trust has entered into a master investment advisory agreement with 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; 0.695% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Next $550 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |
| Next $3.45 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.595% |
| Next $2.25 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.570% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.510% |
| Over $20 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.56%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 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

**10**

**Invesco American Franchise Fund**

------

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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $27,456.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $753,557 in front-end sales commissions from the sale of Class A shares and $14,644 and $1,850 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $30,463 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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; $16304926888 | &nbsp;&nbsp;&nbsp;&nbsp; $187370864 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16492297752 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 37384718 | &nbsp;&nbsp;&nbsp;&nbsp; 128843903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166228621 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $16342311606 | &nbsp;&nbsp;&nbsp;&nbsp; $316214767 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16658526373 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $175,125.

**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. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and* 

**11**

**Invesco American Franchise Fund**

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*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 August 31, 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 February 28, 2026 was $6,005,514,662 and $6,845,379,788, respectively. As of February 28, 2026, 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; $8634443363 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (262919345)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $8371524018 |

---

Cost of investments for tax purposes is $8,287,002,355.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8122656 | &nbsp;&nbsp;&nbsp; $253320954 | &nbsp;&nbsp;&nbsp; 18437072 | &nbsp;&nbsp;&nbsp; $534363367 |
| Class C | &nbsp;&nbsp;&nbsp; 330472 | &nbsp;&nbsp;&nbsp; 8012257 | &nbsp;&nbsp;&nbsp; 878928 | &nbsp;&nbsp;&nbsp; 20126708 |
| Class R | &nbsp;&nbsp;&nbsp; 516807 | &nbsp;&nbsp;&nbsp; 15234628 | &nbsp;&nbsp;&nbsp; 1229756 | &nbsp;&nbsp;&nbsp; 32791122 |
| Class Y | &nbsp;&nbsp;&nbsp; 2244670 | &nbsp;&nbsp;&nbsp; 75821856 | &nbsp;&nbsp;&nbsp; 4065948 | &nbsp;&nbsp;&nbsp; 124269884 |
| Class R5 | &nbsp;&nbsp;&nbsp; 137901 | &nbsp;&nbsp;&nbsp; 4819701 | &nbsp;&nbsp;&nbsp; 156099 | &nbsp;&nbsp;&nbsp; 4901305 |
| Class R6 | &nbsp;&nbsp;&nbsp; 516439 | &nbsp;&nbsp;&nbsp; 17338975 | &nbsp;&nbsp;&nbsp; 1588248 | &nbsp;&nbsp;&nbsp; 49422881 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 66853429 | &nbsp;&nbsp;&nbsp; 1889277761 | &nbsp;&nbsp;&nbsp; 17427572 | &nbsp;&nbsp;&nbsp; 537117780 |
| Class C | &nbsp;&nbsp;&nbsp; 847282 | &nbsp;&nbsp;&nbsp; 18191152 | &nbsp;&nbsp;&nbsp; 219859 | &nbsp;&nbsp;&nbsp; 5393142 |
| Class R | &nbsp;&nbsp;&nbsp; 633706 | &nbsp;&nbsp;&nbsp; 16685479 | &nbsp;&nbsp;&nbsp; 145717 | &nbsp;&nbsp;&nbsp; 4234518 |
| Class Y | &nbsp;&nbsp;&nbsp; 1827839 | &nbsp;&nbsp;&nbsp; 55493187 | &nbsp;&nbsp;&nbsp; 478078 | &nbsp;&nbsp;&nbsp; 15657070 |
| Class R5 | &nbsp;&nbsp;&nbsp; 223241 | &nbsp;&nbsp;&nbsp; 6828942 | &nbsp;&nbsp;&nbsp; 68075 | &nbsp;&nbsp;&nbsp; 2243761 |
| Class R6 | &nbsp;&nbsp;&nbsp; 543261 | &nbsp;&nbsp;&nbsp; 16933456 | &nbsp;&nbsp;&nbsp; 103297 | &nbsp;&nbsp;&nbsp; 3460443 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 255913 | &nbsp;&nbsp;&nbsp; 7794296 | &nbsp;&nbsp;&nbsp; 532075 | &nbsp;&nbsp;&nbsp; 15621545 |
| Class C | &nbsp;&nbsp;&nbsp; (331877)<br>| &nbsp;&nbsp;&nbsp; (7794296)<br>| &nbsp;&nbsp;&nbsp; (668271)<br>| &nbsp;&nbsp;&nbsp; (15621545)<br>|

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**12**

**Invesco American Franchise Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (28423847)<br>| &nbsp;&nbsp;&nbsp; $(884072746)<br>| &nbsp;&nbsp;&nbsp; (55068328)<br>| &nbsp;&nbsp;&nbsp; $(1594705289)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (399549)<br>| &nbsp;&nbsp;&nbsp; (9588108)<br>| &nbsp;&nbsp;&nbsp; (905964)<br>| &nbsp;&nbsp;&nbsp; (20616200)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (629537)<br>| &nbsp;&nbsp;&nbsp; (19186792)<br>| &nbsp;&nbsp;&nbsp; (948835)<br>| &nbsp;&nbsp;&nbsp; (26343184)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (2120600)<br>| &nbsp;&nbsp;&nbsp; (69615738)<br>| &nbsp;&nbsp;&nbsp; (4303013)<br>| &nbsp;&nbsp;&nbsp; (133567703)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (227811)<br>| &nbsp;&nbsp;&nbsp; (7576087)<br>| &nbsp;&nbsp;&nbsp; (595929)<br>| &nbsp;&nbsp;&nbsp; (17589589)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (487665)<br>| &nbsp;&nbsp;&nbsp; (16289383)<br>| &nbsp;&nbsp;&nbsp; (756507)<br>| &nbsp;&nbsp;&nbsp; (23936703)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 50432730 | &nbsp;&nbsp;&nbsp; $1371629494 | &nbsp;&nbsp;&nbsp; (17916123)<br>| &nbsp;&nbsp;&nbsp; $(482776687)<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 33% 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 American Franchise 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>**

Not applicable.

**14**

**Invesco American Franchise Fund**

------

![](img29347ade1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

VK-AMFR-NCSRS

------

![](img4f5b0c6d1.jpg)

------

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

**February 28, 2026**

**Invesco Core Plus Bond Fund**

Nasdaq:

A: ACPSX ■ C: CPCFX ■ R: CPBRX ■ Y: CPBYX ■ R5: CPIIX ■ R6: CPBFX

------

---

| | |
|:---|:---|
| [2](#xx_bb3dd275-9696-446d-8527-0e7cd3cef536_SOI-Continued-88_1) | Schedule of Investments |
| [40](#xx_bb3dd275-9696-446d-8527-0e7cd3cef536_FS-Continued-88_1) | Financial Statements |
| [43](#xx_bb3dd275-9696-446d-8527-0e7cd3cef536_FS-Continued-88_4) | Financial Highlights |
| [44](#xx_bb3dd275-9696-446d-8527-0e7cd3cef536_NTF-Continued-88_1) | Notes to Financial Statements |
| [53](#xx_bb3dd275-9696-446d-8527-0e7cd3cef536_OIRSR-Continued-88_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–40.50%** | **U.S. Dollar Denominated Bonds & Notes–40.50%** | **U.S. Dollar Denominated Bonds & Notes–40.50%** | **U.S. Dollar Denominated Bonds & Notes–40.50%** |
| **Advertising–0.62%** | **Advertising–0.62%** | **Advertising–0.62%** | **Advertising–0.62%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.13%, 02/15/2031<sup>(b)</sup> <br>|  | $125000 | &nbsp;&nbsp; $132191 |
| 7.50%, 03/15/2033<sup>(b)</sup> <br>|  | 125000 | &nbsp;&nbsp; 135010 |
| Lamar Media Corp., 5.38%, <br> 11/01/2033<sup>(b)(c)</sup> <br>|  | 3853000 | &nbsp;&nbsp; 3865183 |
| Omnicom Group, Inc., | Omnicom Group, Inc., |  |  |
| 4.20%, 03/02/2029 |  | 2371000 | &nbsp;&nbsp; 2376610 |
| 5.00%, 06/02/2033 |  | 11894000 | &nbsp;&nbsp; 11901409 |
| 5.30%, 06/02/2036 |  | 14497000 | &nbsp;&nbsp; 14395841 |
|  |  |  | &nbsp;&nbsp; 32806244 |
| **Aerospace & Defense–0.55%** | **Aerospace & Defense–0.55%** | **Aerospace & Defense–0.55%** | **Aerospace & Defense–0.55%** |
| BAE Systems PLC (United <br> Kingdom), 5.13%, <br> 03/26/2029<sup>(b)</sup> <br>|  | 805000 | &nbsp;&nbsp; 834088 |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.26%, 05/01/2027 |  | 38000 | &nbsp;&nbsp; 38937 |
| 6.30%, 05/01/2029 |  | 58000 | &nbsp;&nbsp; 61820 |
| 6.53%, 05/01/2034 |  | 172000 | &nbsp;&nbsp; 192903 |
| 5.81%, 05/01/2050 |  | 13000 | &nbsp;&nbsp; 13061 |
| General Dynamics Corp., <br> 4.95%, 08/15/2035<br>|  | 136000 | &nbsp;&nbsp; 140715 |
| Hexcel Corp., 5.88%, <br> 02/26/2035<br>|  | 50000 | &nbsp;&nbsp; 53337 |
| Howmet Aerospace, Inc., | Howmet Aerospace, Inc., |  |  |
| 3.75%, 03/03/2028 |  | 4099000 | &nbsp;&nbsp; 4095027 |
| 3.90%, 04/15/2029 |  | 1272000 | &nbsp;&nbsp; 1273467 |
| 4.85%, 10/15/2031 |  | 79000 | &nbsp;&nbsp; 82030 |
| 4.55%, 11/15/2032 |  | 4111000 | &nbsp;&nbsp; 4191207 |
| 4.75%, 04/15/2036 |  | 2715000 | &nbsp;&nbsp; 2724545 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 01/15/2030 |  | 82000 | &nbsp;&nbsp; 85115 |
| 5.75%, 01/15/2035 |  | 105000 | &nbsp;&nbsp; 112362 |
| L3Harris Technologies, Inc., <br> 5.40%, 07/31/2033<br>|  | 4000 | &nbsp;&nbsp; 4215 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.15%, 08/15/2028 |  | 468000 | &nbsp;&nbsp; 472882 |
| 4.50%, 02/15/2029 |  | 85000 | &nbsp;&nbsp; 86717 |
| 4.40%, 08/15/2030 |  | 861000 | &nbsp;&nbsp; 877129 |
| 4.80%, 08/15/2034 |  | 79000 | &nbsp;&nbsp; 80895 |
| 5.90%, 11/15/2063 |  | 1000 | &nbsp;&nbsp; 1056 |
| RTX Corp., | RTX Corp., |  |  |
| 5.75%, 01/15/2029 |  | 52000 | &nbsp;&nbsp; 54677 |
| 6.00%, 03/15/2031 |  | 55000 | &nbsp;&nbsp; 59706 |
| 5.15%, 02/27/2033 |  | 48000 | &nbsp;&nbsp; 50247 |
| 6.40%, 03/15/2054 |  | 2000 | &nbsp;&nbsp; 2236 |
| Textron, Inc., 4.95%, <br> 03/15/2036<br>|  | 930000 | &nbsp;&nbsp; 935170 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 820000 | &nbsp;&nbsp; 835625 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 7645000 | &nbsp;&nbsp; 7862355 |
| 6.38%, 05/31/2033<sup>(b)</sup> <br>|  | 3811000 | &nbsp;&nbsp; 3892776 |
|  |  |  | &nbsp;&nbsp; 29114300 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | $41000 | &nbsp;&nbsp; $41523 |
| 5.80%, 03/21/2034 |  | 53000 | &nbsp;&nbsp; 56030 |
| CNH Industrial Capital LLC, <br> 4.75%, 03/21/2028<br>|  | 191000 | &nbsp;&nbsp; 193625 |
| Deere Funding Canada Corp., <br> 4.15%, 10/09/2030<br>|  | 4986000 | &nbsp;&nbsp; 5018358 |
| Imperial Brands Finance PLC (United <br> Kingdom), | Imperial Brands Finance PLC (United <br> Kingdom), |  |  |
| 4.50%, 06/30/2028<sup>(b)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1213211 |
| 6.38%, 07/01/2055<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 263214 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.38%, 10/15/2030 |  | 1087000 | &nbsp;&nbsp; 1106528 |
| 5.10%, 04/11/2034 |  | 94000 | &nbsp;&nbsp; 98261 |
| MHP Lux S.A. (Ukraine), <br> 10.50%, 07/28/2029<sup>(b)</sup> <br>|  | 316000 | &nbsp;&nbsp; 328019 |
|  |  |  | &nbsp;&nbsp; 8318769 |
| **Agricultural Products & Services–0.12%** | **Agricultural Products & Services–0.12%** | **Agricultural Products & Services–0.12%** | **Agricultural Products & Services–0.12%** |
| Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |  |  |
| 4.55%, 08/04/2030 |  | 2379000 | &nbsp;&nbsp; 2417630 |
| 5.15%, 08/04/2035 |  | 593000 | &nbsp;&nbsp; 608699 |
| Cargill, Inc., | Cargill, Inc., |  |  |
| 4.13%, 10/23/2030<sup>(b)</sup> <br>|  | 2234000 | &nbsp;&nbsp; 2242791 |
| 5.38%, 10/23/2055<sup>(b)</sup> <br>|  | 1294002 | &nbsp;&nbsp; 1261386 |
|  |  |  | &nbsp;&nbsp; 6530506 |
| **Air Freight & Logistics–0.02%** | **Air Freight & Logistics–0.02%** | **Air Freight & Logistics–0.02%** | **Air Freight & Logistics–0.02%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| 6.25%, 05/06/2029 |  | 134000 | &nbsp;&nbsp; 141499 |
| 6.50%, 05/06/2034 |  | 67000 | &nbsp;&nbsp; 72958 |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| 4.65%, 10/15/2030<sup>(c)</sup> <br>|  | 447000 | &nbsp;&nbsp; 462015 |
| 5.15%, 05/22/2034 |  | 67000 | &nbsp;&nbsp; 70571 |
| 5.25%, 05/14/2035 |  | 178000 | &nbsp;&nbsp; 187139 |
| 5.50%, 05/22/2054 |  | 14000 | &nbsp;&nbsp; 13870 |
|  |  |  | &nbsp;&nbsp; 948052 |
| **Aluminum–0.01%** | **Aluminum–0.01%** | **Aluminum–0.01%** | **Aluminum–0.01%** |
| JSC Uzbekneftegaz (Uzbekistan), <br> 8.75%, 05/07/2030<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 328236 |
| **Apparel Retail–0.00%** | **Apparel Retail–0.00%** | **Apparel Retail–0.00%** | **Apparel Retail–0.00%** |
| Saks Global Enterprises LLC, <br> 11.00%, 12/31/2049<sup>(b)(d)</sup> <br>|  | 151980 | &nbsp;&nbsp; 1045 |
| **Apparel, Accessories & Luxury Goods–0.04%** | **Apparel, Accessories & Luxury Goods–0.04%** | **Apparel, Accessories & Luxury Goods–0.04%** | **Apparel, Accessories & Luxury Goods–0.04%** |
| Gildan Activewear, Inc. (Canada), | Gildan Activewear, Inc. (Canada), |  |  |
| 4.70%, 10/07/2030<sup>(b)</sup> <br>|  | 1427000 | &nbsp;&nbsp; 1436539 |
| 5.40%, 10/07/2035<sup>(b)</sup> <br>|  | 437000 | &nbsp;&nbsp; 442394 |
|  |  |  | &nbsp;&nbsp; 1878933 |
| **Application Software–0.14%** | **Application Software–0.14%** | **Application Software–0.14%** | **Application Software–0.14%** |
| Autodesk, Inc., 5.30%, <br> 06/15/2035<br>|  | 16000 | &nbsp;&nbsp; 16401 |
| Black Pearl Compute LLC, <br> 6.13%, 02/15/2031<sup>(b)</sup> <br>|  | 4741000 | &nbsp;&nbsp; 4858111 |

---

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

**2**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Cadence Design Systems, Inc., <br> 4.70%, 09/10/2034<br>|  | $6000 | &nbsp;&nbsp; $6054 |
| Cloud Software Group, Inc., <br> 6.50%, 03/31/2029<sup>(b)</sup> <br>|  | 262000 | &nbsp;&nbsp; 257165 |
| Intuit, Inc., 5.20%, <br> 09/15/2033<br>|  | 15000 | &nbsp;&nbsp; 15561 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.25%, 09/15/2028 |  | 477000 | &nbsp;&nbsp; 479237 |
| 4.50%, 10/15/2029 |  | 90000 | &nbsp;&nbsp; 91151 |
| 4.45%, 09/15/2030 |  | 544000 | &nbsp;&nbsp; 547367 |
| 4.75%, 02/15/2032 |  | 75000 | &nbsp;&nbsp; 75688 |
| 4.90%, 10/15/2034 |  | 139000 | &nbsp;&nbsp; 138210 |
| 5.10%, 09/15/2035<sup>(c)</sup> <br>|  | 555000 | &nbsp;&nbsp; 554240 |
| SS&C Technologies, Inc., <br> 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 616000 | &nbsp;&nbsp; 615545 |
| Synopsys, Inc., 5.70%, <br> 04/01/2055<br>|  | 3000 | &nbsp;&nbsp; 3000 |
|  |  |  | &nbsp;&nbsp; 7657730 |
| **Asset Management & Custody Banks–0.17%** | **Asset Management & Custody Banks–0.17%** | **Asset Management & Custody Banks–0.17%** | **Asset Management & Custody Banks–0.17%** |
| Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 204000 | &nbsp;&nbsp; 209091 |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | 75000 | &nbsp;&nbsp; 78519 |
| 5.15%, 05/15/2033 |  | 47000 | &nbsp;&nbsp; 48829 |
| 5.20%, 04/15/2035 |  | 404000 | &nbsp;&nbsp; 411320 |
| Ares Capital Corp., | Ares Capital Corp., |  |  |
| 5.88%, 03/01/2029 |  | 13000 | &nbsp;&nbsp; 13244 |
| 5.50%, 09/01/2030 |  | 83000 | &nbsp;&nbsp; 82220 |
| 5.80%, 03/08/2032 |  | 17000 | &nbsp;&nbsp; 16932 |
| Ares Strategic Income Fund, | Ares Strategic Income Fund, |  |  |
| 5.70%, 03/15/2028 |  | 33000 | &nbsp;&nbsp; 33275 |
| 5.45%, 09/09/2028<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 40010 |
| 6.20%, 03/21/2032 |  | 26000 | &nbsp;&nbsp; 26130 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.39% (SOFR + 0.68%), <br> 06/09/2028<sup>(e)</sup> <br>|  | 1501000 | &nbsp;&nbsp; 1505864 |
| 4.89%, 07/21/2028<sup>(f)</sup> <br>|  | 175000 | &nbsp;&nbsp; 177665 |
| 4.98%, 03/14/2030<sup>(f)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20590 |
| 5.06%, 07/22/2032<sup>(f)</sup> <br>|  | 101000 | &nbsp;&nbsp; 105119 |
| 5.19%, 03/14/2035<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3122 |
| Series J, 4.97%, <br> 04/26/2034<sup>(f)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11305 |
| Blackstone Secured Lending Fund, | Blackstone Secured Lending Fund, |  |  |
| 2.13%, 02/15/2027<sup>(c)</sup> <br>|  | 1742000 | &nbsp;&nbsp; 1697800 |
| 5.88%, 11/15/2027 |  | 10000 | &nbsp;&nbsp; 10173 |
| Brookfield Asset Management Ltd. <br> (Canada), | Brookfield Asset Management Ltd. <br> (Canada), |  |  |
| 5.80%, 04/24/2035 |  | 527000 | &nbsp;&nbsp; 547277 |
| 6.08%, 09/15/2055 |  | 70000 | &nbsp;&nbsp; 71224 |
| Carlyle Group, Inc. (The), <br> 5.05%, 09/19/2035<sup>(c)</sup> <br>|  | 721000 | &nbsp;&nbsp; 712592 |
| Citadel L.P., | Citadel L.P., |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 65886 |
| 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 93000 | &nbsp;&nbsp; 98467 |
| Northern Trust Corp., | Northern Trust Corp., |  |  |
| 4.15%, 11/19/2030<sup>(c)</sup> <br>|  | 1373000 | &nbsp;&nbsp; 1385734 |
| 6.13%, 11/02/2032 |  | 4000 | &nbsp;&nbsp; 4384 |
| 5.12%, 11/19/2040<sup>(f)</sup> <br>|  | 1009000 | &nbsp;&nbsp; 1012057 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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., |  |  |
| 4.65% (SOFR + 0.95%), <br> 04/24/2028<sup>(e)</sup> <br>|  | $28000 | &nbsp;&nbsp; $28153 |
| 5.68%, 11/21/2029<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21974 |
| 4.73%, 02/28/2030 |  | 53000 | &nbsp;&nbsp; 54496 |
| 4.83%, 04/24/2030 |  | 45000 | &nbsp;&nbsp; 46364 |
| 6.12%, 11/21/2034<sup>(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 13045 |
| 5.15%, 02/28/2036<sup>(f)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38172 |
| 4.78%, 10/23/2036<sup>(f)</sup> <br>|  | 557000 | &nbsp;&nbsp; 556835 |
|  |  |  | &nbsp;&nbsp; 9147868 |
| **Automobile Manufacturers–0.49%** | **Automobile Manufacturers–0.49%** | **Automobile Manufacturers–0.49%** | **Automobile Manufacturers–0.49%** |
| Allison Transmission, Inc., <br> 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 775000 | &nbsp;&nbsp; 776189 |
| American Honda Finance Corp., <br> 4.90%, 01/10/2034<br>|  | 8000 | &nbsp;&nbsp; 8130 |
| Daimler Truck Finance North <br> America LLC (Germany), | Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| 5.00%, 01/15/2027<sup>(b)(c)</sup> <br>|  | 511000 | &nbsp;&nbsp; 516190 |
| 4.65%, 10/12/2030<sup>(b)(c)</sup> <br>|  | 950000 | &nbsp;&nbsp; 965822 |
| 5.00%, 10/12/2032<sup>(b)(c)</sup> <br>|  | 3719000 | &nbsp;&nbsp; 3815036 |
| 5.38%, 01/18/2034<sup>(b)</sup> <br>|  | 353000 | &nbsp;&nbsp; 366196 |
| 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 445000 | &nbsp;&nbsp; 467632 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 6.95%, 06/10/2026 |  | 970000 | &nbsp;&nbsp; 975057 |
| 7.35%, 11/04/2027 |  | 198000 | &nbsp;&nbsp; 206646 |
| 5.92%, 03/20/2028 |  | 916000 | &nbsp;&nbsp; 940966 |
| 6.80%, 05/12/2028 |  | 959000 | &nbsp;&nbsp; 1003361 |
| 6.80%, 11/07/2028 |  | 832000 | &nbsp;&nbsp; 877163 |
| 7.20%, 06/10/2030 |  | 886000 | &nbsp;&nbsp; 956957 |
| 7.12%, 11/07/2033 |  | 141000 | &nbsp;&nbsp; 154138 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| 4.44%, 07/08/2028 |  | 1398000 | &nbsp;&nbsp; 1414423 |
| 4.69%, 07/08/2030 |  | 245000 | &nbsp;&nbsp; 249808 |
| 5.34%, 07/08/2035 |  | 640000 | &nbsp;&nbsp; 662890 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 4.88%, 06/23/2027<sup>(b)</sup> <br>|  | 884000 | &nbsp;&nbsp; 894928 |
| 5.00%, 01/07/2028<sup>(b)(c)</sup> <br>|  | 751000 | &nbsp;&nbsp; 764233 |
| 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 61000 | &nbsp;&nbsp; 62812 |
| 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 44524 |
| 5.30%, 01/08/2030<sup>(b)(c)</sup> <br>|  | 636000 | &nbsp;&nbsp; 661929 |
| 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6341 |
| Hyundai Capital Services, Inc. <br> (South Korea), 5.25%, <br> 01/22/2028<sup>(b)</sup> <br>|  | 4005000 | &nbsp;&nbsp; 4094814 |
| Mercedes-Benz Finance North <br> America LLC (Germany), | Mercedes-Benz Finance North <br> America LLC (Germany), |  |  |
| 5.10%, 08/03/2028<sup>(b)</sup> <br>|  | 799000 | &nbsp;&nbsp; 820244 |
| 4.85%, 01/11/2029<sup>(b)</sup> <br>|  | 595000 | &nbsp;&nbsp; 609650 |
| PACCAR Financial Corp., 4.00%, <br> 09/26/2029<sup>(c)</sup> <br>|  | 237000 | &nbsp;&nbsp; 238830 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/09/2029 |  | 101000 | &nbsp;&nbsp; 103307 |
| 5.10%, 03/21/2031 |  | 35000 | &nbsp;&nbsp; 36633 |
| Volkswagen Group of America <br> Finance LLC (Germany), | Volkswagen Group of America <br> Finance LLC (Germany), |  |  |
| 4.90%, 08/14/2026<sup>(b)</sup> <br>|  | 685000 | &nbsp;&nbsp; 687323 |
| 5.25%, 03/22/2029<sup>(b)</sup> <br>|  | 933000 | &nbsp;&nbsp; 958358 |
| 4.95%, 08/15/2029<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 662444 |
| 5.60%, 03/22/2034<sup>(b)(c)</sup> <br>|  | 687000 | &nbsp;&nbsp; 715036 |
|  |  |  | &nbsp;&nbsp; 25718010 |

---

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

**3**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–0.19%** | **Automotive Parts & Equipment–0.19%** | **Automotive Parts & Equipment–0.19%** | **Automotive Parts & Equipment–0.19%** |
| American Axle & Manufacturing, Inc., | American Axle & Manufacturing, Inc., |  |  |
| 6.38%, 10/15/2032<sup>(b)</sup> <br>|  | $447000 | &nbsp;&nbsp; $455217 |
| 7.75%, 10/15/2033<sup>(b)(c)</sup> <br>|  | 848000 | &nbsp;&nbsp; 862421 |
| BMW US Capital LLC (Germany), <br> 4.50%, 08/11/2030<sup>(b)</sup> <br>|  | 446000 | &nbsp;&nbsp; 452046 |
| Clarios Global L.P./Clarios US Finance <br> Co., | Clarios Global L.P./Clarios US Finance <br> Co., |  |  |
| 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | 494000 | &nbsp;&nbsp; 517692 |
| 6.75%, 09/15/2032<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28042 |
| Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)</sup> <br>|  | 247000 | &nbsp;&nbsp; 263226 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 69000 | &nbsp;&nbsp; 71076 |
| 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52408 |
| Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 196000 | &nbsp;&nbsp; 208974 |
| Magna International, Inc. <br> (Canada), 5.88%, <br> 06/01/2035<br>|  | 65000 | &nbsp;&nbsp; 69756 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 277000 | &nbsp;&nbsp; 275783 |
| Phinia, Inc., | Phinia, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 522000 | &nbsp;&nbsp; 540160 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16625 |
| ZF North America Capital, Inc. <br> (Germany), | ZF North America Capital, Inc. <br> (Germany), |  |  |
| 6.88%, 04/14/2028<sup>(b)</sup> <br>|  | 291000 | &nbsp;&nbsp; 300972 |
| 7.13%, 04/14/2030<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 281604 |
| 6.75%, 04/23/2030<sup>(b)</sup> <br>|  | 133000 | &nbsp;&nbsp; 134441 |
| 7.50%, 03/24/2031<sup>(b)(c)</sup> <br>|  | 4937000 | &nbsp;&nbsp; 5091029 |
| 6.88%, 04/23/2032<sup>(b)(c)</sup> <br>|  | 578000 | &nbsp;&nbsp; 580200 |
|  |  |  | &nbsp;&nbsp; 10201672 |
| **Automotive Retail–0.19%** | **Automotive Retail–0.19%** | **Automotive Retail–0.19%** | **Automotive Retail–0.19%** |
| Advance Auto Parts, Inc., | Advance Auto Parts, Inc., |  |  |
| 5.95%, 03/09/2028 |  | 22000 | &nbsp;&nbsp; 22631 |
| 7.00%, 08/01/2030<sup>(b)(c)</sup> <br>|  | 1320000 | &nbsp;&nbsp; 1355072 |
| 7.38%, 08/01/2033<sup>(b)(c)</sup> <br>|  | 1741000 | &nbsp;&nbsp; 1785395 |
| AutoZone, Inc., 5.20%, <br> 08/01/2033<br>|  | 30000 | &nbsp;&nbsp; 31168 |
| Group 1 Automotive, Inc., <br> 4.00%, 08/15/2028<sup>(b)(c)</sup> <br>|  | 275000 | &nbsp;&nbsp; 270052 |
| LCM Investments Holdings II LLC, <br> 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 790327 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/2027<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 500554 |
| 5.50%, 10/01/2030<sup>(b)</sup> <br>|  | 4880000 | &nbsp;&nbsp; 4913843 |
| O'Reilly Automotive, Inc., <br> 5.00%, 08/19/2034<br>|  | 133000 | &nbsp;&nbsp; 135488 |
|  |  |  | &nbsp;&nbsp; 9804530 |
| **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2029 |  | 113000 | &nbsp;&nbsp; 116118 |
| 5.05%, 03/15/2034 |  | 114000 | &nbsp;&nbsp; 118392 |
| 5.40%, 03/15/2054 |  | 14000 | &nbsp;&nbsp; 13759 |
| 5.50%, 03/15/2064 |  | 13000 | &nbsp;&nbsp; 12801 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| 5.15%, 03/02/2028 |  | 61000 | &nbsp;&nbsp; 62486 |
| 5.25%, 03/02/2030 |  | 7000 | &nbsp;&nbsp; 7306 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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 |  | $31000 | &nbsp;&nbsp; $32725 |
| 5.55%, 10/15/2053 |  | 4000 | &nbsp;&nbsp; 4021 |
|  |  |  | &nbsp;&nbsp; 367608 |
| **Brewers–0.01%** | **Brewers–0.01%** | **Brewers–0.01%** | **Brewers–0.01%** |
| Central American Bottling <br> Corp./CBC Bottling Holdco <br> S.L./Beliv Holdco S.L. <br> (Guatemala), 5.25%, <br> 04/27/2029<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 396131 |
| Cia Cervecerias Unidas S.A. <br> (Chile), 3.35%, <br> 01/19/2032<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 228385 |
|  |  |  | &nbsp;&nbsp; 624516 |
| **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** |
| Gray Media, Inc., 9.63%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 77983 |
| Paramount Global, | Paramount Global, |  |  |
| 5.85%, 09/01/2043 |  | 23000 | &nbsp;&nbsp; 17050 |
| 4.95%, 05/19/2050 |  | 23000 | &nbsp;&nbsp; 14548 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 146000 | &nbsp;&nbsp; 150067 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 116490 |
|  |  |  | &nbsp;&nbsp; 376138 |
| **Broadline Retail–0.08%** | **Broadline Retail–0.08%** | **Broadline Retail–0.08%** | **Broadline Retail–0.08%** |
| eBay, Inc., 4.25%, <br> 03/06/2029<br>|  | 2814000 | &nbsp;&nbsp; 2833549 |
| El Puerto de Liverpool S.A.B. de <br> C.V. (Mexico), 6.66%, <br> 01/22/2037<sup>(b)</sup> <br>|  | 455000 | &nbsp;&nbsp; 488534 |
| Falabella S.A. (Chile), 3.38%, <br> 01/15/2032<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 905385 |
|  |  |  | &nbsp;&nbsp; 4227468 |
| **Building Products–0.08%** | **Building Products–0.08%** | **Building Products–0.08%** | **Building Products–0.08%** |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 10000 | &nbsp;&nbsp; 10823 |
| CRH America Finance, Inc., | CRH America Finance, Inc., |  |  |
| 4.40%, 02/09/2031 |  | 2505000 | &nbsp;&nbsp; 2524640 |
| 5.00%, 02/09/2036 |  | 1306000 | &nbsp;&nbsp; 1325548 |
| 5.60%, 02/09/2056<sup>(c)</sup> <br>|  | 78000 | &nbsp;&nbsp; 78027 |
| Lennox International, Inc., <br> 5.50%, 09/15/2028<br>|  | 68000 | &nbsp;&nbsp; 70396 |
| New Enterprise Stone & Lime <br> Co., Inc., 5.25%, <br> 07/15/2028<sup>(b)</sup> <br>|  | 266000 | &nbsp;&nbsp; 267021 |
|  |  |  | &nbsp;&nbsp; 4276455 |
| **Cable & Satellite–0.11%** | **Cable & Satellite–0.11%** | **Cable & Satellite–0.11%** | **Cable & Satellite–0.11%** |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp., | CCO Holdings LLC/CCO Holdings <br> Capital Corp., |  |  |
| 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 1093000 | &nbsp;&nbsp; 1091137 |
| 6.38%, 09/01/2029<sup>(b)</sup> <br>|  | 565000 | &nbsp;&nbsp; 572883 |
| 4.75%, 03/01/2030<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 532094 |
| 7.38%, 03/01/2031<sup>(b)</sup> <br>|  | 115000 | &nbsp;&nbsp; 118726 |
| 4.75%, 02/01/2032<sup>(b)</sup> <br>|  | 36000 | &nbsp;&nbsp; 33504 |

---

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

**4**

**Invesco Core Plus 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)** |
| 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 |  | $74000 | &nbsp;&nbsp; $78625 |
| 5.85%, 12/01/2035<sup>(c)</sup> <br>|  | 475000 | &nbsp;&nbsp; 478253 |
| 6.70%, 12/01/2055<sup>(c)</sup> <br>|  | 215000 | &nbsp;&nbsp; 209864 |
| Comcast Corp., | Comcast Corp., |  |  |
| 5.50%, 11/15/2032 |  | 40000 | &nbsp;&nbsp; 42705 |
| 6.05%, 05/15/2055<sup>(c)</sup> <br>|  | 298000 | &nbsp;&nbsp; 305348 |
| Cox Communications, Inc., <br> 5.70%, 06/15/2033<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6102 |
| Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 132000 | &nbsp;&nbsp; 135105 |
| Grupo Televisa, S.A.B. (Mexico), <br> 5.00%, 05/13/2045<sup>(c)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 686370 |
| Versant Media Group, Inc., <br> 7.25%, 01/30/2031<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 276488 |
| Virgin Media Secured Finance <br> PLC (United Kingdom), <br> 4.50%, 08/15/2030<sup>(b)</sup> <br>|  | 1100000 | &nbsp;&nbsp; 1003615 |
|  |  |  | &nbsp;&nbsp; 5570819 |
| **Cargo Ground Transportation–0.28%** | **Cargo Ground Transportation–0.28%** | **Cargo Ground Transportation–0.28%** | **Cargo Ground Transportation–0.28%** |
| Fedex Freight Holding Co., Inc., | Fedex Freight Holding Co., Inc., |  |  |
| 4.30%, 03/15/2029<sup>(b)</sup> <br>|  | 2359000 | &nbsp;&nbsp; 2364774 |
| 4.65%, 03/15/2031<sup>(b)</sup> <br>|  | 2360000 | &nbsp;&nbsp; 2373856 |
| 4.95%, 03/15/2033<sup>(b)</sup> <br>|  | 1507000 | &nbsp;&nbsp; 1507488 |
| 5.25%, 03/15/2036<sup>(b)</sup> <br>|  | 2933000 | &nbsp;&nbsp; 2925057 |
| 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>|  | 7000 | &nbsp;&nbsp; 7017 |
| 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7072 |
| 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14392 |
| 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46329 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46932 |
| 5.25%, 02/01/2030<sup>(b)</sup> <br>|  | 471000 | &nbsp;&nbsp; 487976 |
| 4.55%, 01/15/2031<sup>(b)</sup> <br>|  | 2232000 | &nbsp;&nbsp; 2246759 |
| Ryder System, Inc., | Ryder System, Inc., |  |  |
| 4.90%, 12/01/2029 |  | 149000 | &nbsp;&nbsp; 153159 |
| 4.30%, 12/01/2030 |  | 2445000 | &nbsp;&nbsp; 2456483 |
|  |  |  | &nbsp;&nbsp; 14637294 |
| **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** |
| Melco Resorts Finance Ltd. <br> (Hong Kong), 6.50%, <br> 09/24/2033<sup>(b)(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 299490 |
| Studio City Finance Ltd. (Macau), <br> 5.00%, 01/15/2029<sup>(b)(c)</sup> <br>|  | 550000 | &nbsp;&nbsp; 532260 |
| Wynn Macau Ltd. (Macau), <br> 5.13%, 12/15/2029<sup>(b)(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 397713 |
|  |  |  | &nbsp;&nbsp; 1229463 |
| **Commercial & Residential Mortgage Finance–0.12%** | **Commercial & Residential Mortgage Finance–0.12%** | **Commercial & Residential Mortgage Finance–0.12%** | **Commercial & Residential Mortgage Finance–0.12%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 6.25%, 04/15/2028<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 41595 |
| 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 97652 |
| 4.25%, 04/30/2029<sup>(b)</sup> <br>|  | 1072000 | &nbsp;&nbsp; 1072300 |
| 4.80%, 10/24/2030<sup>(b)</sup> <br>|  | 2064000 | &nbsp;&nbsp; 2086297 |
| Nationstar Mortgage Holdings, <br> Inc., 6.50%, <br> 08/01/2029<sup>(b)(c)</sup> <br>|  | 518000 | &nbsp;&nbsp; 525770 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Nationwide Building Society <br> (United Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(f)</sup> <br>|  | $800000 | &nbsp;&nbsp; $812746 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 75000 | &nbsp;&nbsp; 78778 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 673000 | &nbsp;&nbsp; 690847 |
| Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 2.88%, 10/15/2026<sup>(b)(c)</sup> <br>|  | 445000 | &nbsp;&nbsp; 439886 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 258000 | &nbsp;&nbsp; 255258 |
|  |  |  | &nbsp;&nbsp; 6101129 |
| **Commodity Chemicals–0.00%** | **Commodity Chemicals–0.00%** | **Commodity Chemicals–0.00%** | **Commodity Chemicals–0.00%** |
| Cerdia Finanz GmbH (Germany), <br> 9.38%, 10/03/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205000 |
| **Computer & Electronics Retail–0.10%** | **Computer & Electronics Retail–0.10%** | **Computer & Electronics Retail–0.10%** | **Computer & Electronics Retail–0.10%** |
| Dell International LLC/EMC <br> Corp., 5.50%, <br> 04/01/2035<sup>(c)</sup> <br>|  | 857000 | &nbsp;&nbsp; 891634 |
| Leidos, Inc., | Leidos, Inc., |  |  |
| 4.10%, 03/15/2029 |  | 4360000 | &nbsp;&nbsp; 4371846 |
| 5.75%, 03/15/2033 |  | 23000 | &nbsp;&nbsp; 24431 |
|  |  |  | &nbsp;&nbsp; 5287911 |
| **Construction & Engineering–0.01%** | **Construction & Engineering–0.01%** | **Construction & Engineering–0.01%** | **Construction & Engineering–0.01%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 272995 |
| Bioceanico Sovereign Certificate <br> Ltd. (Paraguay), 0.00%, <br> 06/05/2034<sup>(b)(g)</sup> <br>|  | 103364 | &nbsp;&nbsp; 86131 |
| Great Lakes Dredge & Dock <br> Corp., 5.25%, <br> 06/01/2029<sup>(b)</sup> <br>|  | 279000 | &nbsp;&nbsp; 278458 |
|  |  |  | &nbsp;&nbsp; 637584 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.66%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.66%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.66%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.66%** |
| Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., |  |  |
| 3.75%, 02/23/2029 |  | 19029000 | &nbsp;&nbsp; 19043889 |
| 4.20% (SOFR + 0.49%), <br> 02/23/2029<sup>(e)</sup> <br>|  | 9765000 | &nbsp;&nbsp; 9801286 |
| Caterpillar, Inc., 5.20%, <br> 05/15/2035<br>|  | 155000 | &nbsp;&nbsp; 162437 |
| Cummins, Inc., | Cummins, Inc., |  |  |
| 4.70%, 02/15/2031<sup>(c)</sup> <br>|  | 1485000 | &nbsp;&nbsp; 1528589 |
| 5.30%, 05/09/2035<sup>(c)</sup> <br>|  | 551000 | &nbsp;&nbsp; 578102 |
| Komatsu Finance America, Inc., <br> 4.20%, 09/18/2030<sup>(b)</sup> <br>|  | 2336000 | &nbsp;&nbsp; 2351129 |
| Westinghouse Air Brake Technologies <br> Corp., | Westinghouse Air Brake Technologies <br> Corp., |  |  |
| 4.90%, 05/29/2030 |  | 603000 | &nbsp;&nbsp; 621320 |
| 5.50%, 05/29/2035 |  | 565000 | &nbsp;&nbsp; 594803 |
|  |  |  | &nbsp;&nbsp; 34681555 |
| **Construction Materials–0.02%** | **Construction Materials–0.02%** | **Construction Materials–0.02%** | **Construction Materials–0.02%** |
| JH North America Holdings, Inc., | JH North America Holdings, Inc., |  |  |
| 5.88%, 01/31/2031<sup>(b)</sup> <br>|  | 620000 | &nbsp;&nbsp; 633551 |
| 6.13%, 07/31/2032<sup>(b)</sup> <br>|  | 356000 | &nbsp;&nbsp; 365628 |
|  |  |  | &nbsp;&nbsp; 999179 |

---

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

**5**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Consumer Electronics–0.18%** | **Consumer Electronics–0.18%** | **Consumer Electronics–0.18%** | **Consumer Electronics–0.18%** |
| LG Electronics, Inc. (South Korea), | LG Electronics, Inc. (South Korea), |  |  |
| 5.63%, 04/24/2027<sup>(b)(c)</sup> <br>|  | $1070000 | &nbsp;&nbsp; $1090066 |
| 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | 2167500 | &nbsp;&nbsp; 2262962 |
| Telecommunications Co. <br> Telekom Srbija AD Belgrade <br> (Serbia), 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 281530 |
| Tyco Electronics Group S.A. <br> (Switzerland), | Tyco Electronics Group S.A. <br> (Switzerland), |  |  |
| 4.50%, 02/09/2031 |  | 2380000 | &nbsp;&nbsp; 2422756 |
| 4.88%, 02/09/2036<sup>(c)</sup> <br>|  | 3453000 | &nbsp;&nbsp; 3508968 |
|  |  |  | &nbsp;&nbsp; 9566282 |
| **Consumer Finance–0.67%** | **Consumer Finance–0.67%** | **Consumer Finance–0.67%** | **Consumer Finance–0.67%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(f)</sup> <br>|  | 147000 | &nbsp;&nbsp; 147328 |
| 4.73%, 04/25/2029<sup>(f)</sup> <br>|  | 495000 | &nbsp;&nbsp; 503249 |
| 4.96% (SOFR + 1.26%), <br> 04/25/2029<sup>(e)</sup> <br>|  | 1535000 | &nbsp;&nbsp; 1554012 |
| 4.35%, 07/20/2029<sup>(f)</sup> <br>|  | 2461000 | &nbsp;&nbsp; 2484442 |
| 4.51% (SOFR + 0.81%), <br> 07/20/2029<sup>(e)</sup> <br>|  | 3661000 | &nbsp;&nbsp; 3668560 |
| 5.53%, 04/25/2030<sup>(f)</sup> <br>|  | 134000 | &nbsp;&nbsp; 140052 |
| 5.02%, 04/25/2031<sup>(c)(f)</sup> <br>|  | 1105000 | &nbsp;&nbsp; 1141928 |
| 4.92%, 07/20/2033<sup>(f)</sup> <br>|  | 1675000 | &nbsp;&nbsp; 1716290 |
| 5.44%, 01/30/2036<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 32319 |
| 5.67%, 04/25/2036<sup>(f)</sup> <br>|  | 58000 | &nbsp;&nbsp; 61445 |
| 4.80%, 10/24/2036<sup>(f)</sup> <br>|  | 3189000 | &nbsp;&nbsp; 3159545 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| 7.15%, 10/29/2027<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 27538 |
| 4.49%, 09/11/2031<sup>(f)</sup> <br>|  | 1902000 | &nbsp;&nbsp; 1902745 |
| 4.72%, 01/30/2032<sup>(f)</sup> <br>|  | 4838000 | &nbsp;&nbsp; 4872350 |
| 5.20%, 09/11/2036<sup>(f)</sup> <br>|  | 596000 | &nbsp;&nbsp; 594644 |
| 5.40%, 01/30/2037<sup>(f)</sup> <br>|  | 5006000 | &nbsp;&nbsp; 5053354 |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 502000 | &nbsp;&nbsp; 538866 |
| FirstCash, Inc., | FirstCash, Inc., |  |  |
| 4.63%, 09/01/2028<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 642557 |
| 6.88%, 03/01/2032<sup>(b)</sup> <br>|  | 703000 | &nbsp;&nbsp; 726376 |
| General Motors Financial Co., <br> Inc., 5.40%, 04/06/2026<br>|  | 6000 | &nbsp;&nbsp; 6007 |
| Navient Corp., 9.38%, <br> 07/25/2030<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 506838 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 6.63%, 05/15/2029<sup>(c)</sup> <br>|  | 515000 | &nbsp;&nbsp; 526395 |
| 4.00%, 09/15/2030<sup>(c)</sup> <br>|  | 325000 | &nbsp;&nbsp; 300292 |
| 6.75%, 03/15/2032 |  | 90000 | &nbsp;&nbsp; 90811 |
| 7.13%, 09/15/2032 |  | 165000 | &nbsp;&nbsp; 168945 |
| 6.50%, 03/15/2033 |  | 4799000 | &nbsp;&nbsp; 4759912 |
| Synchrony Financial, 5.02%, <br> 07/29/2029<sup>(f)</sup> <br>|  | 268000 | &nbsp;&nbsp; 271512 |
|  |  |  | &nbsp;&nbsp; 35598312 |
| **Consumer Staples Merchandise Retail–0.02%** | **Consumer Staples Merchandise Retail–0.02%** | **Consumer Staples Merchandise Retail–0.02%** | **Consumer Staples Merchandise Retail–0.02%** |
| Cencosud S.A. (Chile), 5.95%, <br> 05/28/2031<sup>(b)(c)</sup> <br>|  | 800000 | &nbsp;&nbsp; 840462 |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 1000 | &nbsp;&nbsp; 983 |
|  |  |  | &nbsp;&nbsp; 841445 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Copper–0.00%** | **Copper–0.00%** | **Copper–0.00%** | **Copper–0.00%** |
| First Quantum Minerals Ltd. <br> (Zambia), 8.63%, <br> 06/01/2031<sup>(b)</sup> <br>|  | $250000 | &nbsp;&nbsp; $262331 |
| **Data Processing & Outsourced Services–0.56%** | **Data Processing & Outsourced Services–0.56%** | **Data Processing & Outsourced Services–0.56%** | **Data Processing & Outsourced Services–0.56%** |
| QTS Thunder Managing <br> Issuer LLC, 5.67%, <br> 12/10/2030<br>|  | 29395000 | &nbsp;&nbsp; 29350384 |
| **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| 4.80%, 05/01/2030 |  | 126000 | &nbsp;&nbsp; 129234 |
| 4.90%, 05/01/2033 |  | 4000 | &nbsp;&nbsp; 4076 |
| 4.95%, 11/01/2035<sup>(c)</sup> <br>|  | 313000 | &nbsp;&nbsp; 313711 |
|  |  |  | &nbsp;&nbsp; 447021 |
| **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 4.95%, 08/15/2029 |  | 267000 | &nbsp;&nbsp; 270562 |
| 6.88%, 11/01/2033 |  | 58000 | &nbsp;&nbsp; 64191 |
|  |  |  | &nbsp;&nbsp; 334753 |
| **Diversified Banks–6.98%** | **Diversified Banks–6.98%** | **Diversified Banks–6.98%** | **Diversified Banks–6.98%** |
| Africa Finance Corp. <br> (Supranational), 4.38%, <br> 04/17/2026<sup>(b)</sup> <br>|  | 20285000 | &nbsp;&nbsp; 20272428 |
| Akbank Turk A.S. (Turkey), <br> 7.88%, 09/04/2035<sup>(b)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205705 |
| 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)(c)</sup> <br>|  | 628000 | &nbsp;&nbsp; 702924 |
| 6.75%<sup>(b)(f)(h)</sup> <br>|  | 624000 | &nbsp;&nbsp; 629555 |
| Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), | Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), |  |  |
| 4.15%, 03/03/2029 |  | 4800000 | &nbsp;&nbsp; 4801920 |
| 4.58% (SOFR + 0.88%), <br> 03/03/2029<sup>(e)</sup> <br>|  | 8000000 | &nbsp;&nbsp; 8006679 |
| 9.38%<sup>(c)(f)(h)</sup> <br>|  | 1406000 | &nbsp;&nbsp; 1569453 |
| Banco de Bogota S.A. <br> (Colombia), 4.38%, <br> 08/03/2027<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 400290 |
| Banco del Estado de Chile <br> (Chile), 7.95%<sup>(b)(f)(h)</sup> <br>|  | 421000 | &nbsp;&nbsp; 451240 |
| Banco do Brasil S.A. (Brazil), <br> 6.00%, 03/18/2031<sup>(b)(c)</sup> <br>|  | 800000 | &nbsp;&nbsp; 823343 |
| Banco GNB Sudameris S.A. <br> (Colombia), 7.50%, <br> 04/16/2031<sup>(b)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199709 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 5.55%, 03/14/2028<sup>(f)</sup> <br>|  | 800000 | &nbsp;&nbsp; 812032 |
| 5.07%, 11/06/2030 |  | 4600000 | &nbsp;&nbsp; 4637793 |
| 5.13%, 11/06/2035<sup>(c)</sup> <br>|  | 1600000 | &nbsp;&nbsp; 1610958 |
| 8.00%<sup>(f)(h)</sup> <br>|  | 466667 | &nbsp;&nbsp; 516562 |
| 9.63%<sup>(f)(h)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2229364 |
| 9.63%<sup>(c)(f)(h)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1447512 |
| Bank Gospodarstwa Krajowego <br> (Poland), | Bank Gospodarstwa Krajowego <br> (Poland), |  |  |
| 5.38%, 05/22/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210020 |
| 5.75%, 07/09/2034<sup>(b)</sup> <br>|  | 445000 | &nbsp;&nbsp; 477601 |

---

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

**6**

**Invesco Core Plus 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)** |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 4.75% (SOFR + 1.05%), <br> 02/04/2028<sup>(e)</sup> <br>|  | $28000 | &nbsp;&nbsp; $28155 |
| 4.95%, 07/22/2028<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5064 |
| 4.53% (SOFR + 0.83%), <br> 01/24/2029<sup>(e)</sup> <br>|  | 278000 | &nbsp;&nbsp; 279172 |
| 5.20%, 04/25/2029<sup>(f)</sup> <br>|  | 64000 | &nbsp;&nbsp; 65578 |
| 4.62%, 05/09/2029<sup>(f)</sup> <br>|  | 613000 | &nbsp;&nbsp; 621765 |
| 4.71% (SOFR + 1.01%), <br> 01/24/2031<sup>(e)</sup> <br>|  | 251000 | &nbsp;&nbsp; 252475 |
| 5.16%, 01/24/2031<sup>(f)</sup> <br>|  | 118000 | &nbsp;&nbsp; 122499 |
| 4.46%, 02/06/2032<sup>(c)(f)</sup> <br>|  | 9335000 | &nbsp;&nbsp; 9406934 |
| 5.43%, 08/15/2035<sup>(f)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28696 |
| 5.51%, 01/24/2036<sup>(f)</sup> <br>|  | 52000 | &nbsp;&nbsp; 54598 |
| 6.63%<sup>(c)(f)(h)</sup> <br>|  | 947000 | &nbsp;&nbsp; 992029 |
| Series N, 4.58% (SOFR + <br> 0.87%), 02/06/2032<sup>(e)</sup> <br>|  | 11905000 | &nbsp;&nbsp; 11888384 |
| Series RR, 4.38%<sup>(c)(f)(h)</sup> <br>|  | 2124000 | &nbsp;&nbsp; 2111405 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| 7.70%, 05/26/2084<sup>(f)</sup> <br>|  | 836000 | &nbsp;&nbsp; 885947 |
| 7.30%, 11/26/2084<sup>(c)(f)</sup> <br>|  | 565000 | &nbsp;&nbsp; 601835 |
| Bank of New York Mellon (The), | Bank of New York Mellon (The), |  |  |
| 4.40% (SOFR + 0.71%), <br> 04/20/2027<sup>(e)</sup> <br>|  | 1389000 | &nbsp;&nbsp; 1390041 |
| 4.59%, 04/20/2027<sup>(f)</sup> <br>|  | 995000 | &nbsp;&nbsp; 995727 |
| 4.73%, 04/20/2029<sup>(f)</sup> <br>|  | 927000 | &nbsp;&nbsp; 942957 |
| Bank of New Zealand (New <br> Zealand), 5.70%, <br> 01/28/2035<sup>(b)(f)</sup> <br>|  | 805000 | &nbsp;&nbsp; 839842 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(f)</sup> <br>|  | 4748000 | &nbsp;&nbsp; 5021266 |
| 8.00%, 01/27/2084<sup>(c)(f)</sup> <br>|  | 859000 | &nbsp;&nbsp; 919627 |
| 6.88%, 10/27/2085<sup>(f)</sup> <br>|  | 1889000 | &nbsp;&nbsp; 1951261 |
| Banque Federative du Credit <br> Mutuel S.A. (France), 4.59%, <br> 10/16/2028<sup>(b)</sup> <br>|  | 2409000 | &nbsp;&nbsp; 2439014 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| 4.22%, 05/24/2030<sup>(f)</sup> <br>|  | 4532000 | &nbsp;&nbsp; 4535026 |
| 4.64% (SOFR + 0.93%), <br> 05/24/2030<sup>(e)</sup> <br>|  | 2640000 | &nbsp;&nbsp; 2644086 |
| 5.37%, 02/25/2031<sup>(f)</sup> <br>|  | 666000 | &nbsp;&nbsp; 691450 |
| 4.52%, 02/24/2032<sup>(f)</sup> <br>|  | 3609000 | &nbsp;&nbsp; 3619385 |
| 6.69%, 09/13/2034<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 222687 |
| 5.21%, 02/24/2037<sup>(f)</sup> <br>|  | 5629000 | &nbsp;&nbsp; 5630191 |
| 5.86%, 08/11/2046<sup>(f)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55794 |
| BBVA Bancomer S.A. (Mexico), <br> 8.45%, 06/29/2038<sup>(b)(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 336955 |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 4.79%, 05/09/2029<sup>(b)(f)</sup> <br>|  | 1026000 | &nbsp;&nbsp; 1039126 |
| 5.14% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(e)</sup> <br>|  | 1655000 | &nbsp;&nbsp; 1672937 |
| 5.09%, 05/09/2031<sup>(b)(c)(f)</sup> <br>|  | 1509000 | &nbsp;&nbsp; 1551768 |
| 7.45%<sup>(b)(f)(h)</sup> <br>|  | 200000 | &nbsp;&nbsp; 211460 |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| 6.29%, 01/14/2036<sup>(b)(f)</sup> <br>|  | 330000 | &nbsp;&nbsp; 355582 |
| 6.92%, 01/14/2046<sup>(b)(f)</sup> <br>|  | 207000 | &nbsp;&nbsp; 223332 |
| 6.35%, 01/13/2047<sup>(b)(f)</sup> <br>|  | 835000 | &nbsp;&nbsp; 837511 |
| CaixaBank S.A. (Spain), 4.89%, <br> 07/03/2031<sup>(b)(f)</sup> <br>|  | 1139000 | &nbsp;&nbsp; 1162808 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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., |  |  |
| 4.85% (SOFR + 1.14%), <br> 05/07/2028<sup>(e)</sup> <br>|  | $1276000 | &nbsp;&nbsp; $1283547 |
| 5.17%, 02/13/2030<sup>(f)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52557 |
| 4.54%, 09/19/2030<sup>(f)</sup> <br>|  | 304000 | &nbsp;&nbsp; 307637 |
| 5.17% (SOFR + 1.46%), <br> 05/07/2031<sup>(e)</sup> <br>|  | 1469000 | &nbsp;&nbsp; 1499822 |
| 4.50%, 09/11/2031<sup>(f)</sup> <br>|  | 2708000 | &nbsp;&nbsp; 2729226 |
| 6.17%, 05/25/2034<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 27764 |
| 5.83%, 02/13/2035<sup>(f)</sup> <br>|  | 32000 | &nbsp;&nbsp; 33306 |
| 5.17%, 09/11/2036<sup>(f)</sup> <br>|  | 133000 | &nbsp;&nbsp; 135372 |
| 5.41%, 09/19/2039<sup>(f)</sup> <br>|  | 237000 | &nbsp;&nbsp; 238793 |
| 5.61%, 03/04/2056<sup>(c)(f)</sup> <br>|  | 81000 | &nbsp;&nbsp; 81441 |
| 6.63%<sup>(c)(f)(h)</sup> <br>|  | 7951000 | &nbsp;&nbsp; 8224722 |
| Series AA, 7.63%<sup>(c)(f)(h)</sup> <br>|  | 4527000 | &nbsp;&nbsp; 4800517 |
| Series BB, 7.20%<sup>(f)(h)</sup> <br>|  | 4365000 | &nbsp;&nbsp; 4530722 |
| Series DD, 7.00%<sup>(c)(f)(h)</sup> <br>|  | 5413000 | &nbsp;&nbsp; 5710136 |
| Series JJ, 6.50%<sup>(c)(f)(h)</sup> <br>|  | 16672000 | &nbsp;&nbsp; 16926115 |
| Series Z, 7.38%<sup>(f)(h)</sup> <br>|  | 4739000 | &nbsp;&nbsp; 4946532 |
| Cooperatieve Rabobank U.A. <br> (Netherlands), 3.96%, <br> 10/17/2028<br>|  | 2328000 | &nbsp;&nbsp; 2344633 |
| Corporacion Financiera de <br> Desarrollo S.A. (Peru), <br> 5.95%, 04/30/2029<sup>(b)</sup> <br>|  | 3865000 | &nbsp;&nbsp; 4044684 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| 5.22%, 05/27/2031<sup>(b)(f)</sup> <br>|  | 1412000 | &nbsp;&nbsp; 1460594 |
| 4.82%, 09/25/2033<sup>(b)(f)</sup> <br>|  | 3606000 | &nbsp;&nbsp; 3634791 |
| Federation des caisses <br> Desjardins du Quebec <br> (Canada), 4.55%, <br> 08/23/2027<sup>(b)</sup> <br>|  | 758000 | &nbsp;&nbsp; 766944 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 1.71%, 11/01/2027<sup>(f)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5913 |
| 6.34%, 07/27/2029<sup>(f)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6310 |
| 4.77%, 07/28/2030<sup>(f)</sup> <br>|  | 39000 | &nbsp;&nbsp; 39660 |
| 5.63%, 01/29/2032<sup>(f)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9496 |
| 4.57%, 04/29/2032<sup>(f)</sup> <br>|  | 4535000 | &nbsp;&nbsp; 4562909 |
| 5.14%, 01/29/2037<sup>(c)(f)</sup> <br>|  | 2561000 | &nbsp;&nbsp; 2569880 |
| Fifth Third Financial Corp., <br> 5.98%, 01/30/2030<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3145 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.89%, 08/14/2027<sup>(f)</sup> <br>|  | 897000 | &nbsp;&nbsp; 904686 |
| 5.60%, 05/17/2028<sup>(f)</sup> <br>|  | 913000 | &nbsp;&nbsp; 929841 |
| 5.21%, 08/11/2028<sup>(f)</sup> <br>|  | 511000 | &nbsp;&nbsp; 519135 |
| 5.29%, 11/19/2030<sup>(f)</sup> <br>|  | 951000 | &nbsp;&nbsp; 986035 |
| 5.13%, 03/03/2031<sup>(f)</sup> <br>|  | 756000 | &nbsp;&nbsp; 780201 |
| 5.24%, 05/13/2031<sup>(f)</sup> <br>|  | 1407000 | &nbsp;&nbsp; 1457877 |
| 5.28% (SOFR + 1.57%), <br> 05/13/2031<sup>(e)</sup> <br>|  | 1816000 | &nbsp;&nbsp; 1859755 |
| 7.40%, 11/13/2034<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 229141 |
| 5.79%, 05/13/2036<sup>(f)</sup> <br>|  | 417000 | &nbsp;&nbsp; 443435 |
| 5.74%, 09/10/2036<sup>(f)</sup> <br>|  | 474000 | &nbsp;&nbsp; 490903 |
| 5.13%, 11/06/2036<sup>(f)</sup> <br>|  | 966000 | &nbsp;&nbsp; 976102 |
| 6.33%, 03/09/2044<sup>(f)</sup> <br>|  | 178000 | &nbsp;&nbsp; 196673 |
| 6.88%<sup>(f)(h)</sup> <br>|  | 722000 | &nbsp;&nbsp; 751878 |
| 7.05%<sup>(f)(h)</sup> <br>|  | 1784000 | &nbsp;&nbsp; 1859135 |
| ING Groep N.V. (Netherlands), <br> 5.34%, 03/19/2030<sup>(c)(f)</sup> <br>|  | 885000 | &nbsp;&nbsp; 917042 |

---

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

**7**

**Invesco Core Plus 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)** |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 5.57%, 04/22/2028<sup>(f)</sup> <br>|  | $109000 | &nbsp;&nbsp; $110970 |
| 4.85%, 07/25/2028<sup>(f)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6071 |
| 4.92%, 01/24/2029<sup>(f)</sup> <br>|  | 105000 | &nbsp;&nbsp; 106945 |
| 5.30%, 07/24/2029<sup>(f)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51470 |
| 6.09%, 10/23/2029<sup>(f)</sup> <br>|  | 56000 | &nbsp;&nbsp; 58841 |
| 5.01%, 01/23/2030<sup>(f)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29797 |
| 5.58%, 04/22/2030<sup>(f)</sup> <br>|  | 88000 | &nbsp;&nbsp; 91921 |
| 5.00%, 07/22/2030<sup>(f)</sup> <br>|  | 175000 | &nbsp;&nbsp; 180301 |
| 4.60%, 10/22/2030<sup>(f)</sup> <br>|  | 304000 | &nbsp;&nbsp; 309673 |
| 5.14%, 01/24/2031<sup>(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 259467 |
| 5.10%, 04/22/2031<sup>(c)(f)</sup> <br>|  | 667000 | &nbsp;&nbsp; 691853 |
| 4.26%, 10/22/2031<sup>(c)(f)</sup> <br>|  | 3326000 | &nbsp;&nbsp; 3336636 |
| 4.35%, 01/22/2032<sup>(f)</sup> <br>|  | 4017000 | &nbsp;&nbsp; 4038507 |
| 5.72%, 09/14/2033<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 32856 |
| 5.34%, 01/23/2035<sup>(f)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8341 |
| 5.50%, 01/24/2036<sup>(f)</sup> <br>|  | 24000 | &nbsp;&nbsp; 25253 |
| 5.57%, 04/22/2036<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 32793 |
| 5.58%, 07/23/2036<sup>(f)</sup> <br>|  | 30000 | &nbsp;&nbsp; 31211 |
| 4.81%, 10/22/2036<sup>(f)</sup> <br>|  | 1694000 | &nbsp;&nbsp; 1691441 |
| 4.90%, 01/22/2037<sup>(f)</sup> <br>|  | 2574000 | &nbsp;&nbsp; 2590427 |
| 5.53%, 11/29/2045<sup>(f)</sup> <br>|  | 55000 | &nbsp;&nbsp; 56239 |
| Series W, 4.91% (3 mo. Term <br> SOFR + 1.26%), <br> 05/15/2047<sup>(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3656 |
| Series NN, 6.88%<sup>(c)(f)(h)</sup> <br>|  | 111000 | &nbsp;&nbsp; 118183 |
| Series OO, 6.50%<sup>(c)(f)(h)</sup> <br>|  | 354000 | &nbsp;&nbsp; 371023 |
| KeyBank N.A., 5.85%, <br> 11/15/2027<br>|  | 818000 | &nbsp;&nbsp; 842503 |
| KeyCorp, | KeyCorp, |  |  |
| 2.55%, 10/01/2029 |  | 9000 | &nbsp;&nbsp; 8563 |
| 5.31%, 01/28/2037<sup>(c)(f)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1130345 |
| Lloyds Banking Group PLC (United <br> Kingdom), | Lloyds Banking Group PLC (United <br> Kingdom), |  |  |
| 4.43%, 11/04/2031<sup>(f)</sup> <br>|  | 1579000 | &nbsp;&nbsp; 1587043 |
| 4.94%, 11/04/2036<sup>(f)</sup> <br>|  | 1931000 | &nbsp;&nbsp; 1920721 |
| 6.63%<sup>(f)(h)</sup> <br>|  | 329000 | &nbsp;&nbsp; 327884 |
| Macquarie Bank Ltd. (Australia), <br> 4.16% (SOFR + 0.48%), <br> 02/03/2028<sup>(b)(c)(e)</sup> <br>|  | 5357000 | &nbsp;&nbsp; 5363319 |
| Magyar Export-Import Bank Zrt <br> (Hungary), 6.13%, <br> 12/04/2027<sup>(b)</sup> <br>|  | 325000 | &nbsp;&nbsp; 335404 |
| Manufacturers & Traders <br> Trust Co., 4.70%, <br> 01/27/2028<br>|  | 799000 | &nbsp;&nbsp; 811033 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), | Mitsubishi UFJ Financial Group, Inc. <br> (Japan), |  |  |
| 5.26%, 04/17/2030<sup>(f)</sup> <br>|  | 784000 | &nbsp;&nbsp; 811982 |
| 5.16%, 04/24/2031<sup>(c)(f)</sup> <br>|  | 1409000 | &nbsp;&nbsp; 1462093 |
| 5.18% (SOFR + 1.48%), <br> 04/24/2031<sup>(e)</sup> <br>|  | 1332000 | &nbsp;&nbsp; 1362487 |
| 4.53%, 09/12/2031<sup>(f)</sup> <br>|  | 1755000 | &nbsp;&nbsp; 1776442 |
| 5.43%, 04/17/2035<sup>(f)</sup> <br>|  | 225000 | &nbsp;&nbsp; 236330 |
| 5.57%, 01/16/2036<sup>(f)</sup> <br>|  | 279000 | &nbsp;&nbsp; 294796 |
| 5.62%, 04/24/2036<sup>(f)</sup> <br>|  | 774000 | &nbsp;&nbsp; 819097 |
| 5.19%, 09/12/2036<sup>(f)</sup> <br>|  | 1190000 | &nbsp;&nbsp; 1219352 |
| 6.35%<sup>(f)(h)</sup> <br>|  | 7930000 | &nbsp;&nbsp; 8212348 |
| 8.20%<sup>(c)(f)(h)</sup> <br>|  | 4274000 | &nbsp;&nbsp; 4696335 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 5.78%, 07/06/2029<sup>(f)</sup> <br>|  | $790000 | &nbsp;&nbsp; $821725 |
| 5.38%, 07/10/2030<sup>(c)(f)</sup> <br>|  | 980000 | &nbsp;&nbsp; 1019476 |
| 4.71%, 07/08/2031<sup>(f)</sup> <br>|  | 1749000 | &nbsp;&nbsp; 1784019 |
| 4.95% (SOFR + 1.25%), <br> 07/08/2031<sup>(c)(e)</sup> <br>|  | 1546000 | &nbsp;&nbsp; 1571211 |
| 5.59%, 07/10/2035<sup>(f)</sup> <br>|  | 610000 | &nbsp;&nbsp; 646932 |
| 5.32%, 07/08/2036<sup>(c)(f)</sup> <br>|  | 953000 | &nbsp;&nbsp; 988092 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 4.95%, 01/14/2028<sup>(c)(f)</sup> <br>|  | 749000 | &nbsp;&nbsp; 755498 |
| 5.02%, 01/12/2029<sup>(f)</sup> <br>|  | 783000 | &nbsp;&nbsp; 798247 |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| 4.47%, 07/06/2028<sup>(f)</sup> <br>|  | 1649000 | &nbsp;&nbsp; 1660069 |
| 4.21%, 02/08/2030<sup>(c)(f)</sup> <br>|  | 6350000 | &nbsp;&nbsp; 6381073 |
| 4.48% (SOFR + 0.77%), <br> 02/08/2030<sup>(c)(e)</sup> <br>|  | 13651000 | &nbsp;&nbsp; 13623985 |
| 4.73%, 07/18/2031<sup>(f)</sup> <br>|  | 1504000 | &nbsp;&nbsp; 1531819 |
| Multibank, Inc. (Panama), <br> 7.75%, 02/03/2028<sup>(b)</sup> <br>|  | 467000 | &nbsp;&nbsp; 486581 |
| National Australia Bank Ltd. <br> (Australia), 5.90%, <br> 01/14/2036<sup>(b)(f)</sup> <br>|  | 362000 | &nbsp;&nbsp; 386469 |
| National Securities Clearing Corp., | National Securities Clearing Corp., |  |  |
| 5.10%, 11/21/2027<sup>(b)</sup> <br>|  | 771000 | &nbsp;&nbsp; 788889 |
| 5.00%, 05/30/2028<sup>(b)(c)</sup> <br>|  | 764000 | &nbsp;&nbsp; 783234 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| 4.25%, 08/28/2030<sup>(b)(c)</sup> <br>|  | 3561000 | &nbsp;&nbsp; 3601555 |
| 6.30%<sup>(b)(c)(f)(h)</sup> <br>|  | 745000 | &nbsp;&nbsp; 764880 |
| 6.75%<sup>(b)(f)(h)</sup> <br>|  | 1066000 | &nbsp;&nbsp; 1101674 |
| Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)</sup> <br>|  | 706000 | &nbsp;&nbsp; 726762 |
| Panama Infrastructure <br> Receivable Purchaser PLC <br> (United Kingdom), 0.00%, <br> 04/05/2032<sup>(b)(g)</sup> <br>|  | 4414000 | &nbsp;&nbsp; 3460775 |
| Pinnacle Bank, | Pinnacle Bank, |  |  |
| 5.63%, 02/15/2028 |  | 774000 | &nbsp;&nbsp; 790827 |
| 5.96%, 01/15/2036<sup>(f)</sup> <br>|  | 1814000 | &nbsp;&nbsp; 1844556 |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 6.62%, 10/20/2027<sup>(f)</sup> <br>|  | 63000 | &nbsp;&nbsp; 64049 |
| 4.08%, 01/26/2029<sup>(f)</sup> <br>|  | 2947000 | &nbsp;&nbsp; 2956725 |
| 4.32% (SOFR + 0.62%), <br> 01/26/2029<sup>(e)</sup> <br>|  | 4868000 | &nbsp;&nbsp; 4868259 |
| 5.58%, 06/12/2029<sup>(f)</sup> <br>|  | 59000 | &nbsp;&nbsp; 61161 |
| 4.90%, 05/13/2031<sup>(f)</sup> <br>|  | 1179000 | &nbsp;&nbsp; 1211299 |
| 6.04%, 10/28/2033<sup>(f)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6517 |
| 5.07%, 01/24/2034<sup>(f)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10337 |
| 5.37%, 07/21/2036<sup>(f)</sup> <br>|  | 396000 | &nbsp;&nbsp; 410716 |
| 5.42%, 01/25/2041<sup>(f)</sup> <br>|  | 1483000 | &nbsp;&nbsp; 1499824 |
| Series V, 6.20%<sup>(f)(h)</sup> <br>|  | 45000 | &nbsp;&nbsp; 45842 |
| Series W, 6.25%<sup>(f)(h)</sup> <br>|  | 59000 | &nbsp;&nbsp; 61233 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 4.41% (SOFR + 0.71%), <br> 01/21/2027<sup>(e)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7026 |
| 4.95%, 02/01/2029 |  | 21000 | &nbsp;&nbsp; 21674 |
| 7.50%, 05/02/2084<sup>(c)(f)</sup> <br>|  | 948000 | &nbsp;&nbsp; 1001560 |
| 6.50%, 11/24/2085<sup>(c)(f)</sup> <br>|  | 379000 | &nbsp;&nbsp; 378857 |
| 6.50%, 05/24/2086<sup>(c)(f)</sup> <br>|  | 4688000 | &nbsp;&nbsp; 4684137 |

---

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

**8**

**Invesco Core Plus 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)** |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(f)</sup> <br>|  | $740000 | &nbsp;&nbsp; $745256 |
| 6.75%, 02/08/2028<sup>(b)(f)</sup> <br>|  | 750000 | &nbsp;&nbsp; 768482 |
| 7.02%, 02/08/2030<sup>(b)(f)</sup> <br>|  | 758000 | &nbsp;&nbsp; 817442 |
| 5.01%, 10/15/2030<sup>(b)(f)</sup> <br>|  | 964000 | &nbsp;&nbsp; 987114 |
| 5.24%, 05/13/2031<sup>(b)(f)</sup> <br>|  | 1325000 | &nbsp;&nbsp; 1373110 |
| 5.39% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(e)</sup> <br>|  | 1323000 | &nbsp;&nbsp; 1360913 |
| 2.68%, 06/29/2032<sup>(b)(f)</sup> <br>|  | 3298000 | &nbsp;&nbsp; 3003758 |
| 7.75%<sup>(b)(f)(h)</sup> <br>|  | 2653000 | &nbsp;&nbsp; 2761587 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), | Sumitomo Mitsui Financial Group, Inc. <br> (Japan), |  |  |
| 5.33%, 03/03/2041<sup>(f)</sup> <br>|  | 11370000 | &nbsp;&nbsp; 11422850 |
| 6.60%<sup>(c)(f)(h)</sup> <br>|  | 4095000 | &nbsp;&nbsp; 4247219 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), | Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), |  |  |
| 5.65%, 03/09/2026<sup>(b)</sup> <br>|  | 539000 | &nbsp;&nbsp; 539173 |
| 5.65%, 09/14/2026<sup>(b)(c)</sup> <br>|  | 770000 | &nbsp;&nbsp; 777015 |
| 5.55%, 09/14/2028<sup>(b)(c)</sup> <br>|  | 893000 | &nbsp;&nbsp; 927591 |
| 5.20%, 03/07/2029<sup>(b)</sup> <br>|  | 857000 | &nbsp;&nbsp; 887539 |
| 4.35%, 09/11/2030<sup>(b)(c)</sup> <br>|  | 1658000 | &nbsp;&nbsp; 1679946 |
| 5.35%, 03/07/2034<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 59944 |
| Sumitomo Mitsui Trust Group, <br> Inc. (Japan), 5.42%, <br> 09/11/2036<sup>(b)(f)</sup> <br>|  | 358000 | &nbsp;&nbsp; 364188 |
| Toronto-Dominion Bank (The) <br> (Canada), | Toronto-Dominion Bank (The) <br> (Canada), |  |  |
| 4.93%, 10/15/2035 |  | 745000 | &nbsp;&nbsp; 751515 |
| 8.13%, 10/31/2082<sup>(f)</sup> <br>|  | 773000 | &nbsp;&nbsp; 809374 |
| Truist Bank, 4.46% (SOFR + <br> 0.77%), 07/24/2028<sup>(e)</sup> <br>|  | 2887000 | &nbsp;&nbsp; 2893506 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.78%, 06/12/2029<sup>(f)</sup> <br>|  | 52000 | &nbsp;&nbsp; 54086 |
| 5.38%, 01/23/2030<sup>(f)</sup> <br>|  | 71000 | &nbsp;&nbsp; 73666 |
| 4.48%, 01/26/2032<sup>(c)(f)</sup> <br>|  | 5181000 | &nbsp;&nbsp; 5239536 |
| UBS AG (Switzerland), | UBS AG (Switzerland), |  |  |
| 4.21% (SOFR + 0.50%), <br> 05/17/2027<sup>(c)(e)</sup> <br>|  | 5171000 | &nbsp;&nbsp; 5175802 |
| 5.65%, 09/11/2028 |  | 728000 | &nbsp;&nbsp; 759711 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 5.71%, 04/22/2028<sup>(f)</sup> <br>|  | 71000 | &nbsp;&nbsp; 72310 |
| 4.81%, 07/25/2028<sup>(f)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7078 |
| 5.07% (SOFR + 1.37%), <br> 04/23/2029<sup>(e)</sup> <br>|  | 715000 | &nbsp;&nbsp; 727336 |
| 5.57%, 07/25/2029<sup>(f)</sup> <br>|  | 41000 | &nbsp;&nbsp; 42421 |
| 6.30%, 10/23/2029<sup>(f)</sup> <br>|  | 44000 | &nbsp;&nbsp; 46409 |
| 4.18%, 01/23/2030<sup>(c)(f)</sup> <br>|  | 2046000 | &nbsp;&nbsp; 2053527 |
| 5.20%, 01/23/2030<sup>(f)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46399 |
| 5.15%, 04/23/2031<sup>(f)</sup> <br>|  | 1063000 | &nbsp;&nbsp; 1100659 |
| 5.39%, 04/24/2034<sup>(f)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9382 |
| 5.56%, 07/25/2034<sup>(f)</sup> <br>|  | 40000 | &nbsp;&nbsp; 42104 |
| 5.50%, 01/23/2035<sup>(f)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20958 |
| 5.61%, 04/23/2036<sup>(f)</sup> <br>|  | 91000 | &nbsp;&nbsp; 95742 |
| 4.96%, 01/23/2037<sup>(f)</sup> <br>|  | 2427000 | &nbsp;&nbsp; 2437173 |
| 5.43%, 01/23/2047<sup>(f)</sup> <br>|  | 630000 | &nbsp;&nbsp; 624091 |
| 6.85%<sup>(f)(h)</sup> <br>|  | 170000 | &nbsp;&nbsp; 179419 |
| 7.63%<sup>(f)(h)</sup> <br>|  | 49000 | &nbsp;&nbsp; 52317 |
| Series BB, 3.90%<sup>(f)(h)</sup> <br>|  | 622000 | &nbsp;&nbsp; 621733 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Westpac Banking Corp. <br> (Australia), 5.62%, <br> 11/20/2035<sup>(f)</sup> <br>|  | $18000 | &nbsp;&nbsp; $18848 |
|  |  |  | &nbsp;&nbsp; 368656209 |
| **Diversified Capital Markets–0.40%** | **Diversified Capital Markets–0.40%** | **Diversified Capital Markets–0.40%** | **Diversified Capital Markets–0.40%** |
| Apollo Debt Solutions BDC, | Apollo Debt Solutions BDC, |  |  |
| 5.88%, 08/30/2030 |  | 36000 | &nbsp;&nbsp; 36273 |
| 6.55%, 03/15/2032 |  | 20000 | &nbsp;&nbsp; 20448 |
| Credit Suisse Group AG (Switzerland), | Credit Suisse Group AG (Switzerland), |  |  |
| 4.50%<sup>(b)(d)(f)(h)(i)</sup> <br>|  | 5650000 | &nbsp;&nbsp; 1608837 |
| 5.25%<sup>(b)(d)(f)(h)(i)</sup> <br>|  | 3522000 | &nbsp;&nbsp; 1002889 |
| Deutsche Bank AG (Germany), <br> 4.47%, 12/10/2031<sup>(c)(f)</sup> <br>|  | 2199000 | &nbsp;&nbsp; 2212079 |
| Sixth Street Lending Partners, <br> 6.13%, 07/15/2030<br>|  | 7000 | &nbsp;&nbsp; 7089 |
| 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; 206531 |
| 5.55%, 04/03/2034<sup>(b)</sup> <br>|  | 234000 | &nbsp;&nbsp; 244771 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.43%, 02/08/2030<sup>(b)(f)</sup> <br>|  | 695000 | &nbsp;&nbsp; 720496 |
| 4.21%, 04/10/2030<sup>(b)(f)</sup> <br>|  | 8821000 | &nbsp;&nbsp; 8837967 |
| 4.40%, 09/23/2031<sup>(b)(f)</sup> <br>|  | 1624000 | &nbsp;&nbsp; 1629043 |
| 5.01%, 03/23/2037<sup>(b)(f)</sup> <br>|  | 583000 | &nbsp;&nbsp; 581346 |
| 5.53%, 05/06/2047<sup>(b)(c)(f)</sup> <br>|  | 821000 | &nbsp;&nbsp; 821959 |
| 6.60%<sup>(b)(f)(h)</sup> <br>|  | 767000 | &nbsp;&nbsp; 772151 |
| 7.00%<sup>(b)(f)(h)</sup> <br>|  | 193000 | &nbsp;&nbsp; 196129 |
| 7.13%<sup>(b)(f)(h)</sup> <br>|  | 519000 | &nbsp;&nbsp; 531969 |
| Series 28, 9.25%<sup>(b)(f)(h)</sup> <br>|  | 789000 | &nbsp;&nbsp; 860650 |
| Series 33, 9.25%<sup>(b)(f)(h)</sup> <br>|  | 528000 | &nbsp;&nbsp; 618926 |
|  |  |  | &nbsp;&nbsp; 20909553 |
| **Diversified Chemicals–0.00%** | **Diversified Chemicals–0.00%** | **Diversified Chemicals–0.00%** | **Diversified Chemicals–0.00%** |
| Sasol Financing USA LLC (South <br> Africa), 8.75%, <br> 05/03/2029<sup>(b)</sup> <br>|  | 160000 | &nbsp;&nbsp; 164129 |
| **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), |  |  |
| 4.38%, 11/15/2030 |  | 2250000 | &nbsp;&nbsp; 2256550 |
| 6.50%, 01/31/2056<sup>(f)</sup> <br>|  | 1066000 | &nbsp;&nbsp; 1105837 |
| Aircastle Ltd./Aircastle Ireland <br> DAC, 5.00%, 09/15/2030<sup>(b)</sup> <br>|  | 925000 | &nbsp;&nbsp; 946079 |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| 4.60%, 04/07/2027<sup>(c)</sup> <br>|  | 395000 | &nbsp;&nbsp; 397996 |
| 4.70%, 04/07/2028 |  | 496000 | &nbsp;&nbsp; 503791 |
| 4.95%, 04/07/2030 |  | 134000 | &nbsp;&nbsp; 137903 |
| Apollo Global Management, Inc., | Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/2033 |  | 42000 | &nbsp;&nbsp; 45963 |
| 5.15%, 08/12/2035 |  | 504000 | &nbsp;&nbsp; 499589 |
| Atlas Warehouse Lending Co. L.P., | Atlas Warehouse Lending Co. L.P., |  |  |
| 4.63%, 11/15/2028<sup>(b)</sup> <br>|  | 2742000 | &nbsp;&nbsp; 2742939 |
| 6.25%, 01/15/2030<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 262080 |
| 5.25%, 01/15/2033<sup>(b)</sup> <br>|  | 2568000 | &nbsp;&nbsp; 2553866 |

---

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

**9**

**Invesco Core Plus 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)** |
| Avolon Holdings Funding Ltd. <br> (Ireland), | Avolon Holdings Funding Ltd. <br> (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | $364000 | &nbsp;&nbsp; $368944 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 88605 |
| 5.75%, 03/01/2029<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26028 |
| 4.20%, 04/15/2029<sup>(b)</sup> <br>|  | 4005000 | &nbsp;&nbsp; 3994984 |
| 5.75%, 11/15/2029<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16730 |
| 5.15%, 01/15/2030<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 57407 |
| 4.70%, 01/30/2031<sup>(b)</sup> <br>|  | 6395000 | &nbsp;&nbsp; 6422041 |
| 4.95%, 10/15/2032<sup>(b)</sup> <br>|  | 4610000 | &nbsp;&nbsp; 4622578 |
| BlackRock Funding, Inc., <br> 4.90%, 01/08/2035<br>|  | 48000 | &nbsp;&nbsp; 49473 |
| Blackstone Reg Finance Co. L.L.C., | Blackstone Reg Finance Co. L.L.C., |  |  |
| 4.30%, 11/03/2030<sup>(c)</sup> <br>|  | 1287000 | &nbsp;&nbsp; 1284830 |
| 4.95%, 02/15/2036<sup>(c)</sup> <br>|  | 499000 | &nbsp;&nbsp; 494691 |
| Citadel Finance LLC, | Citadel Finance LLC, |  |  |
| 4.75%, 02/14/2029<sup>(b)</sup> <br>|  | 4225000 | &nbsp;&nbsp; 4206189 |
| 5.90%, 02/10/2030<sup>(b)</sup> <br>|  | 1463000 | &nbsp;&nbsp; 1501655 |
| 5.15%, 02/14/2031<sup>(b)</sup> <br>|  | 4051000 | &nbsp;&nbsp; 4036065 |
| Citadel Securities Global Holdings LLC, | Citadel Securities Global Holdings LLC, |  |  |
| 5.50%, 06/18/2030<sup>(b)</sup> <br>|  | 1028000 | &nbsp;&nbsp; 1058002 |
| 6.20%, 06/18/2035<sup>(b)</sup> <br>|  | 519000 | &nbsp;&nbsp; 549414 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 41000 | &nbsp;&nbsp; 43758 |
| 5.75%, 01/15/2034 |  | 58000 | &nbsp;&nbsp; 60033 |
| DAE Sukuk (DIFC) Ltd. (United <br> Arab Emirates), 4.50%, <br> 10/16/2030<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 596221 |
| Eagle Funding LuxCo S.a.r.l. <br> (Mexico), 5.50%, <br> 08/17/2030<sup>(b)</sup> <br>|  | 40751000 | &nbsp;&nbsp; 41510599 |
| Gabon Blue Bond Master Trust <br> (Gabon), Series 2, 6.10%, <br> 08/01/2038<sup>(b)</sup> <br>|  | 4013000 | &nbsp;&nbsp; 4170540 |
| GGAM Finance Ltd. (Ireland), <br> 5.88%, 03/15/2030<sup>(b)</sup> <br>|  | 1080000 | &nbsp;&nbsp; 1099786 |
| Global Aircraft Leasing Co. Ltd. <br> (Cayman Islands), 8.75%, <br> 09/01/2027<sup>(b)</sup> <br>|  | 379000 | &nbsp;&nbsp; 391129 |
| Horizon Mutual Holdings, Inc., <br> 6.20%, 11/15/2034<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 62750 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 4.50%, 11/15/2029<sup>(b)(c)</sup> <br>|  | 702000 | &nbsp;&nbsp; 685540 |
| 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 1012000 | &nbsp;&nbsp; 1053503 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 3467000 | &nbsp;&nbsp; 3490354 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 7495000 | &nbsp;&nbsp; 7696984 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 118000 | &nbsp;&nbsp; 119981 |
| 5.20%, 03/15/2030 |  | 457000 | &nbsp;&nbsp; 466908 |
| 5.15%, 06/15/2030 |  | 402000 | &nbsp;&nbsp; 410364 |
| 5.65%, 03/15/2035 |  | 543000 | &nbsp;&nbsp; 552216 |
| Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), | Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), |  |  |
| 6.40%, 03/26/2029<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5274 |
| 5.15%, 03/17/2030<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17380 |
| 6.50%, 03/26/2031<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6478 |
| Pershing Square Holdings Ltd., <br> 5.50%, 10/28/2032<sup>(b)</sup> <br>|  | 7536000 | &nbsp;&nbsp; 7635718 |
| Phoenix Aviation Capital Ltd. <br> (Ireland), 9.25%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 78637 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | $376000 | &nbsp;&nbsp; $390925 |
| Voya Global Funding, 4.60%, <br> 11/24/2030<sup>(b)(c)</sup> <br>|  | 3017000 | &nbsp;&nbsp; 3064108 |
| Wynnton Funding Trust II, <br> 5.99%, 08/15/2055<sup>(b)</sup> <br>|  | 669000 | &nbsp;&nbsp; 679144 |
|  |  |  | &nbsp;&nbsp; 114518559 |
| **Diversified Metals & Mining–0.23%** | **Diversified Metals & Mining–0.23%** | **Diversified Metals & Mining–0.23%** | **Diversified Metals & Mining–0.23%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), | BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| 5.10%, 09/08/2028 |  | 90000 | &nbsp;&nbsp; 92796 |
| 5.25%, 09/08/2030 |  | 72000 | &nbsp;&nbsp; 75611 |
| 5.25%, 09/08/2033 |  | 82000 | &nbsp;&nbsp; 86081 |
| 5.75%, 09/05/2055 |  | 66000 | &nbsp;&nbsp; 68965 |
| Corp. Nacional del Cobre de <br> Chile (Chile), 5.53%, <br> 01/30/2037<sup>(b)</sup> <br>|  | 5454000 | &nbsp;&nbsp; 5591714 |
| Corporacion Nacional del Cobre <br> de Chile (Chile), 5.13%, <br> 02/02/2033<sup>(b)</sup> <br>|  | 3583000 | &nbsp;&nbsp; 3666459 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 4.75% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(e)</sup> <br>|  | 222000 | &nbsp;&nbsp; 223020 |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 328000 | &nbsp;&nbsp; 334255 |
| 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 91000 | &nbsp;&nbsp; 94351 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 418000 | &nbsp;&nbsp; 432662 |
| 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 48672 |
| 5.89%, 04/04/2054<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4104 |
| 6.14%, 04/01/2055<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17971 |
| Rio Tinto Finance (USA) PLC <br> (Australia), | Rio Tinto Finance (USA) PLC <br> (Australia), |  |  |
| 4.38%, 03/12/2027 |  | 286000 | &nbsp;&nbsp; 288299 |
| 4.50%, 03/14/2028 |  | 99000 | &nbsp;&nbsp; 100434 |
| 4.88%, 03/14/2030 |  | 706000 | &nbsp;&nbsp; 729460 |
| 5.00%, 03/14/2032 |  | 312000 | &nbsp;&nbsp; 324376 |
| 5.75%, 03/14/2055 |  | 7000 | &nbsp;&nbsp; 7270 |
| 5.88%, 03/14/2065 |  | 19000 | &nbsp;&nbsp; 19850 |
|  |  |  | &nbsp;&nbsp; 12206350 |
| **Diversified Real Estate Activities–0.01%** | **Diversified Real Estate Activities–0.01%** | **Diversified Real Estate Activities–0.01%** | **Diversified Real Estate Activities–0.01%** |
| Velocity Commercial Capital LLC, <br> 9.38%, 02/15/2031<sup>(b)</sup> <br>|  | 277000 | &nbsp;&nbsp; 281034 |
| **Diversified REITs–0.00%** | **Diversified REITs–0.00%** | **Diversified REITs–0.00%** | **Diversified REITs–0.00%** |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | 21000 | &nbsp;&nbsp; 21830 |
| 6.13%, 04/01/2054 |  | 8000 | &nbsp;&nbsp; 8061 |
|  |  |  | &nbsp;&nbsp; 29891 |
| **Diversified Support Services–0.24%** | **Diversified Support Services–0.24%** | **Diversified Support Services–0.24%** | **Diversified Support Services–0.24%** |
| Amazon Conservation DAC <br> (Ecuador), 6.03%, <br> 01/16/2042<sup>(b)</sup> <br>|  | 10080000 | &nbsp;&nbsp; 10532894 |
| Element Fleet Management Corp. <br> (Canada), | Element Fleet Management Corp. <br> (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 73000 | &nbsp;&nbsp; 77036 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 603000 | &nbsp;&nbsp; 618618 |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 1063000 | &nbsp;&nbsp; 1081488 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 139000 | &nbsp;&nbsp; 144687 |
|  |  |  | &nbsp;&nbsp; 12454723 |

---

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

**10**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Drug Retail–0.13%** | **Drug Retail–0.13%** | **Drug Retail–0.13%** | **Drug Retail–0.13%** |
| CK Hutchison International (23) <br> Ltd. (United Kingdom), <br> 4.88%, 04/21/2033<sup>(b)</sup> <br>|  | $1148000 | &nbsp;&nbsp; $1180671 |
| Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), <br> 5.75%, 12/01/2030<br>|  | 5605000 | &nbsp;&nbsp; 5819751 |
|  |  |  | &nbsp;&nbsp; 7000422 |
| **Electric Utilities–2.74%** | **Electric Utilities–2.74%** | **Electric Utilities–2.74%** | **Electric Utilities–2.74%** |
| AEP Texas, Inc., 5.70%, <br> 05/15/2034<sup>(c)</sup> <br>|  | 292000 | &nbsp;&nbsp; 309566 |
| AEP Transmission Co. LLC, <br> 5.38%, 06/15/2035<br>|  | 62000 | &nbsp;&nbsp; 64820 |
| Alabama Power Co., | Alabama Power Co., |  |  |
| Series C, 4.30%, <br> 03/15/2031<br>|  | 1524000 | &nbsp;&nbsp; 1540854 |
| 5.85%, 11/15/2033 |  | 13000 | &nbsp;&nbsp; 14076 |
| 5.10%, 04/02/2035 |  | 123000 | &nbsp;&nbsp; 127537 |
| Alexander Funding Trust II, <br> 7.47%, 07/31/2028<sup>(b)</sup> <br>|  | 520000 | &nbsp;&nbsp; 554121 |
| Alfa Desarrollo S.p.A. (Chile), <br> 4.55%, 09/27/2051<sup>(b)</sup> <br>|  | 196896 | &nbsp;&nbsp; 160727 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 9000 | &nbsp;&nbsp; 9265 |
| 5.20%, 01/15/2029 |  | 57000 | &nbsp;&nbsp; 58987 |
| Series C, 5.80%, <br> 03/15/2056<sup>(f)</sup> <br>|  | 5433000 | &nbsp;&nbsp; 5460589 |
| Series D, 6.05%, <br> 03/15/2056<sup>(f)</sup> <br>|  | 390000 | &nbsp;&nbsp; 391527 |
| Arizona Public Service Co., <br> 5.90%, 08/15/2055<br>|  | 184000 | &nbsp;&nbsp; 189469 |
| Baltimore Gas and Electric Co., <br> 5.45%, 06/01/2035<br>|  | 160000 | &nbsp;&nbsp; 168000 |
| Capital Power (US Holdings), Inc. <br> (Canada), | Capital Power (US Holdings), Inc. <br> (Canada), |  |  |
| 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | 655000 | &nbsp;&nbsp; 668562 |
| 6.19%, 06/01/2035<sup>(b)(c)</sup> <br>|  | 313000 | &nbsp;&nbsp; 330625 |
| CenterPoint Energy Houston <br> Electric LLC, | CenterPoint Energy Houston <br> Electric LLC, |  |  |
| 4.80%, 03/15/2030<sup>(c)</sup> <br>|  | 281000 | &nbsp;&nbsp; 289962 |
| 5.05%, 03/01/2035 |  | 71000 | &nbsp;&nbsp; 72660 |
| Series AJ, 4.85%, <br> 10/01/2052<br>|  | 2000 | &nbsp;&nbsp; 1830 |
| Chile Electricity Lux MPC II <br> S.a.r.l. (Chile), 5.58%, <br> 10/20/2035<sup>(b)</sup> <br>|  | 283476 | &nbsp;&nbsp; 293225 |
| Comision Ejecutiva <br> Hidroelectrica del Rio Lempa <br> (El Salvador), 8.65%, <br> 01/24/2033<sup>(b)</sup> <br>|  | 333000 | &nbsp;&nbsp; 352690 |
| Comision Federal de Electricidad <br> (Mexico), | Comision Federal de Electricidad <br> (Mexico), |  |  |
| 6.05%, 01/28/2034<sup>(b)(c)</sup> <br>|  | 295000 | &nbsp;&nbsp; 298688 |
| 6.50%, 01/28/2051<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253375 |
| 6.26%, 02/15/2052<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 566356 |
| Commonwealth Edison Co., <br> 5.95%, 06/01/2055<br>|  | 37000 | &nbsp;&nbsp; 38694 |
| Consolidated Edison Co. of New York, <br> Inc., | Consolidated Edison Co. of New York, <br> Inc., |  |  |
| 5.50%, 03/15/2034 |  | 5000 | &nbsp;&nbsp; 5306 |
| 5.90%, 11/15/2053 |  | 4000 | &nbsp;&nbsp; 4146 |
| 5.75%, 11/15/2055 |  | 157000 | &nbsp;&nbsp; 159502 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | $19000 | &nbsp;&nbsp; $20818 |
| 6.50%, 10/01/2053 |  | 5000 | &nbsp;&nbsp; 5521 |
| 5.75%, 03/15/2054 |  | 7000 | &nbsp;&nbsp; 7043 |
| 5.88%, 01/15/2066 |  | 230000 | &nbsp;&nbsp; 229757 |
| Dhafrah Pv2 Energy Co. LLC <br> (United Arab Emirates), <br> 5.79%, 06/30/2053<sup>(b)(c)</sup> <br>|  | 545000 | &nbsp;&nbsp; 562730 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| 4.85%, 03/15/2030 |  | 77000 | &nbsp;&nbsp; 79705 |
| 5.25%, 03/15/2035 |  | 258000 | &nbsp;&nbsp; 269394 |
| 5.35%, 01/15/2053 |  | 4000 | &nbsp;&nbsp; 3896 |
| Duke Energy Corp., 4.85%, <br> 01/05/2029<br>|  | 53000 | &nbsp;&nbsp; 54326 |
| Duke Energy Florida LLC, <br> 4.20%, 12/01/2030<br>|  | 1686000 | &nbsp;&nbsp; 1699383 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |  |  |
| 5.40%, 04/01/2053 |  | 3000 | &nbsp;&nbsp; 2906 |
| 5.90%, 05/15/2055 |  | 20000 | &nbsp;&nbsp; 20674 |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| 5.70%, 05/23/2028<sup>(b)</sup> <br>|  | 1488000 | &nbsp;&nbsp; 1540753 |
| 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 12881000 | &nbsp;&nbsp; 13604195 |
| 9.13%<sup>(b)(c)(f)(h)</sup> <br>|  | 3285000 | &nbsp;&nbsp; 3908638 |
| Entergy Corp., | Entergy Corp., |  |  |
| 7.13%, 12/01/2054<sup>(f)</sup> <br>|  | 92000 | &nbsp;&nbsp; 96324 |
| 5.88%, 06/15/2056<sup>(c)(f)</sup> <br>|  | 3591000 | &nbsp;&nbsp; 3608969 |
| Entergy Louisiana LLC, 5.15%, <br> 09/15/2034<br>|  | 69000 | &nbsp;&nbsp; 71385 |
| Entergy Texas, Inc., 5.25%, <br> 04/15/2035<br>|  | 205000 | &nbsp;&nbsp; 212869 |
| Evergy Metro, Inc., | Evergy Metro, Inc., |  |  |
| 4.95%, 04/15/2033 |  | 35000 | &nbsp;&nbsp; 35940 |
| 5.13%, 08/15/2035 |  | 485000 | &nbsp;&nbsp; 495251 |
| Evergy Missouri West, Inc., <br> 5.25%, 12/15/2035<sup>(b)</sup> <br>|  | 787000 | &nbsp;&nbsp; 797687 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 57000 | &nbsp;&nbsp; 58932 |
| 5.13%, 03/15/2031 |  | 553000 | &nbsp;&nbsp; 576404 |
| 5.45%, 03/15/2034 |  | 37000 | &nbsp;&nbsp; 38873 |
| 5.60%, 03/15/2053 |  | 8000 | &nbsp;&nbsp; 7771 |
| 5.88%, 03/15/2055 |  | 99000 | &nbsp;&nbsp; 99421 |
| FirstEnergy Pennsylvania <br> Electric Co., 5.20%, <br> 04/01/2028<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7163 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| 4.55%, 01/15/2030 |  | 126000 | &nbsp;&nbsp; 127922 |
| 5.00%, 01/15/2035 |  | 72000 | &nbsp;&nbsp; 73139 |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| 4.80%, 05/15/2033 |  | 8000 | &nbsp;&nbsp; 8222 |
| 4.70%, 02/15/2036 |  | 843000 | &nbsp;&nbsp; 845813 |
| 5.80%, 03/15/2065 |  | 12000 | &nbsp;&nbsp; 12340 |
| 5.60%, 02/15/2066 |  | 267000 | &nbsp;&nbsp; 265671 |
| Georgia Power Co., 4.95%, <br> 05/17/2033<br>|  | 17000 | &nbsp;&nbsp; 17563 |
| Hawaiian Electric Co., Inc., <br> 6.00%, 10/01/2033<sup>(b)(c)</sup> <br>|  | 1454000 | &nbsp;&nbsp; 1482698 |
| Indiana Michigan Power Co., <br> 5.60%, 03/15/2056<br>|  | 2428000 | &nbsp;&nbsp; 2421747 |
| Louisville Gas and Electric Co., <br> 5.85%, 08/15/2055<br>|  | 45000 | &nbsp;&nbsp; 46195 |

---

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

**11**

**Invesco Core Plus 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)** |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | $12000 | &nbsp;&nbsp; $12644 |
| 5.85%, 09/15/2054 |  | 2000 | &nbsp;&nbsp; 2085 |
| 5.30%, 02/01/2055 |  | 6000 | &nbsp;&nbsp; 5824 |
| MVM Energetika Zrt (Hungary), <br> 7.50%, 06/09/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 212528 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| Series D, <br>4.14% (SOFR + 0.43%), <br> 08/09/2027<sup>(c)(e)</sup> <br>|  | 10446000 | &nbsp;&nbsp; 10458853 |
| 4.05%, 02/09/2029 |  | 6302000 | &nbsp;&nbsp; 6334351 |
| 4.85%, 02/07/2029 |  | 103000 | &nbsp;&nbsp; 105835 |
| 5.00%, 02/07/2031 |  | 96000 | &nbsp;&nbsp; 99793 |
| 5.80%, 01/15/2033 |  | 10000 | &nbsp;&nbsp; 10818 |
| 5.00%, 08/15/2034<sup>(c)</sup> <br>|  | 426000 | &nbsp;&nbsp; 439836 |
| 5.75%, 04/20/2056 |  | 10862000 | &nbsp;&nbsp; 10862000 |
| 5.95%, 04/20/2056 |  | 12702000 | &nbsp;&nbsp; 12702000 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.85%, 02/04/2028 |  | 81000 | &nbsp;&nbsp; 82522 |
| 4.90%, 03/15/2029 |  | 141000 | &nbsp;&nbsp; 144831 |
| 5.05%, 03/15/2030<sup>(c)</sup> <br>|  | 812000 | &nbsp;&nbsp; 841994 |
| 5.45%, 03/15/2035<sup>(c)</sup> <br>|  | 420000 | &nbsp;&nbsp; 436957 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 4.65%, 10/03/2030<sup>(b)(c)</sup> <br>|  | 1342000 | &nbsp;&nbsp; 1363357 |
| 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 45361 |
| 6.00%, 07/03/2055<sup>(b)</sup> <br>|  | 307000 | &nbsp;&nbsp; 313686 |
| Northern States Power Co., <br> 5.65%, 05/15/2055<br>|  | 46000 | &nbsp;&nbsp; 46783 |
| NRG Energy, Inc., | NRG Energy, Inc., |  |  |
| 4.73%, 10/15/2030<sup>(b)</sup> <br>|  | 2747000 | &nbsp;&nbsp; 2774399 |
| 5.75%, 01/15/2034<sup>(b)</sup> <br>|  | 3131000 | &nbsp;&nbsp; 3177467 |
| 5.41%, 10/15/2035<sup>(b)(c)</sup> <br>|  | 835000 | &nbsp;&nbsp; 844385 |
| 6.00%, 01/15/2036<sup>(b)</sup> <br>|  | 2628000 | &nbsp;&nbsp; 2676045 |
| Oglethorpe Power Corp., <br> 5.90%, 02/01/2055<br>|  | 35000 | &nbsp;&nbsp; 35308 |
| Ohio Power Co., 5.65%, <br> 06/01/2034<br>|  | 59000 | &nbsp;&nbsp; 62416 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 29000 | &nbsp;&nbsp; 28867 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 4.65%, 11/01/2029 |  | 280000 | &nbsp;&nbsp; 286557 |
| 5.65%, 11/15/2033 |  | 31000 | &nbsp;&nbsp; 33270 |
| 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 71000 | &nbsp;&nbsp; 73005 |
| Pacific Gas and Electric Co., | Pacific Gas and Electric Co., |  |  |
| 6.10%, 01/15/2029 |  | 2210000 | &nbsp;&nbsp; 2321509 |
| 5.20%, 05/01/2036<sup>(c)</sup> <br>|  | 2825000 | &nbsp;&nbsp; 2835459 |
| 6.00%, 05/01/2056 |  | 3510000 | &nbsp;&nbsp; 3469283 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 59000 | &nbsp;&nbsp; 60694 |
| 5.30%, 02/15/2031 |  | 69000 | &nbsp;&nbsp; 71703 |
| 5.45%, 02/15/2034<sup>(c)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51381 |
| 5.80%, 01/15/2055 |  | 10000 | &nbsp;&nbsp; 9534 |
| 7.13%, 08/15/2056<sup>(f)</sup> <br>|  | 2871000 | &nbsp;&nbsp; 2822395 |
| PG&E Corp., 7.38%, <br> 03/15/2055<sup>(f)</sup> <br>|  | 9998000 | &nbsp;&nbsp; 10349610 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| 4.90%, 05/15/2028 |  | 152000 | &nbsp;&nbsp; 155015 |
| 5.15%, 05/15/2030 |  | 266000 | &nbsp;&nbsp; 275798 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| PPL Capital Funding, Inc., | PPL Capital Funding, Inc., |  |  |
| Conv., 3.00%, <br> 12/01/2030<sup>(b)</sup> <br>|  | $5227000 | &nbsp;&nbsp; $5476589 |
| 5.25%, 09/01/2034 |  | 33000 | &nbsp;&nbsp; 34111 |
| PPL Electric Utilities Corp., <br> 5.55%, 08/15/2055<br>|  | 48000 | &nbsp;&nbsp; 48388 |
| PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 27873 |
| Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 3000 | &nbsp;&nbsp; 2832 |
| RWE Finance US LLC (Germany), <br> 5.88%, 09/18/2055<sup>(b)</sup> <br>|  | 304000 | &nbsp;&nbsp; 302547 |
| San Diego Gas & Electric Co., <br> 5.35%, 04/01/2053<br>|  | 10000 | &nbsp;&nbsp; 9528 |
| Sierra Pacific Power Co., <br> 5.90%, 03/15/2054<br>|  | 3000 | &nbsp;&nbsp; 3074 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| 5.70%, 10/15/2032 |  | 8000 | &nbsp;&nbsp; 8578 |
| 4.85%, 03/15/2035 |  | 86000 | &nbsp;&nbsp; 85875 |
| Southwestern Electric Power <br> Co., 5.30%, 04/01/2033<br>|  | 15000 | &nbsp;&nbsp; 15560 |
| Trans-Allegheny Interstate Line <br> Co., 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 288000 | &nbsp;&nbsp; 297808 |
| Union Electric Co., | Union Electric Co., |  |  |
| 5.20%, 04/01/2034 |  | 85000 | &nbsp;&nbsp; 88764 |
| 5.25%, 04/15/2035 |  | 280000 | &nbsp;&nbsp; 290456 |
| 5.13%, 03/15/2055 |  | 9000 | &nbsp;&nbsp; 8447 |
| Virginia Electric & Power Co., | Virginia Electric & Power Co., |  |  |
| 5.00%, 04/01/2033 |  | 12000 | &nbsp;&nbsp; 12337 |
| Series C, 4.90%, <br> 09/15/2035<br>|  | 782000 | &nbsp;&nbsp; 784641 |
| Series D, 5.60%, <br> 09/15/2055<sup>(c)</sup> <br>|  | 231000 | &nbsp;&nbsp; 226768 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 187095 |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1000138 |
| 4.38%, 05/01/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 494907 |
| 4.60%, 10/15/2030<sup>(b)</sup> <br>|  | 1740000 | &nbsp;&nbsp; 1751907 |
| 4.70%, 01/31/2031<sup>(b)</sup> <br>|  | 3364000 | &nbsp;&nbsp; 3384828 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 2714000 | &nbsp;&nbsp; 2869322 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 1198000 | &nbsp;&nbsp; 1260883 |
| 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 41503 |
| 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 55157 |
| 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 196000 | &nbsp;&nbsp; 203248 |
| 5.35%, 01/31/2036<sup>(b)</sup> <br>|  | 1487000 | &nbsp;&nbsp; 1498031 |
| Wisconsin Electric Power Co., <br> 4.15%, 10/15/2030<sup>(c)</sup> <br>|  | 1178000 | &nbsp;&nbsp; 1185280 |
| Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 119000 | &nbsp;&nbsp; 120922 |
|  |  |  | &nbsp;&nbsp; 144516752 |
| **Electrical Components & Equipment–0.38%** | **Electrical Components & Equipment–0.38%** | **Electrical Components & Equipment–0.38%** | **Electrical Components & Equipment–0.38%** |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 320000 | &nbsp;&nbsp; 319861 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 264379 |
| LG Energy Solution Ltd. (South <br> Korea), 5.88%, <br> 04/02/2035<sup>(b)</sup> <br>|  | 410000 | &nbsp;&nbsp; 432035 |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 632000 | &nbsp;&nbsp; 640935 |
| 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 507000 | &nbsp;&nbsp; 526730 |

---

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

**12**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| 6.05%, 04/15/2028 |  | $6000 | &nbsp;&nbsp; $6223 |
| 6.30%, 02/15/2030 |  | 14000 | &nbsp;&nbsp; 14952 |
| 6.40%, 04/15/2033 |  | 20000 | &nbsp;&nbsp; 21753 |
| Vertiv Group Corp., 4.13%, <br> 11/15/2028<sup>(b)</sup> <br>|  | 2682000 | &nbsp;&nbsp; 2672938 |
| Vertiv Holdings Co., | Vertiv Holdings Co., |  |  |
| 4.85%, 03/15/2036 |  | 1634000 | &nbsp;&nbsp; 1628346 |
| 5.65%, 03/15/2046 |  | 4113000 | &nbsp;&nbsp; 4087347 |
| 5.80%, 03/15/2056 |  | 2269000 | &nbsp;&nbsp; 2274522 |
| 5.95%, 03/15/2066 |  | 7298000 | &nbsp;&nbsp; 7273861 |
|  |  |  | &nbsp;&nbsp; 20163882 |
| **Electronic Components–0.16%** | **Electronic Components–0.16%** | **Electronic Components–0.16%** | **Electronic Components–0.16%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 3.90%, 11/15/2028 |  | 1686000 | &nbsp;&nbsp; 1693617 |
| 4.13%, 11/15/2030<sup>(c)</sup> <br>|  | 3605000 | &nbsp;&nbsp; 3624599 |
| 4.40%, 02/15/2033 |  | 3114000 | &nbsp;&nbsp; 3122571 |
| 5.00%, 01/15/2035 |  | 114000 | &nbsp;&nbsp; 117023 |
| 5.38%, 11/15/2054 |  | 8000 | &nbsp;&nbsp; 7909 |
|  |  |  | &nbsp;&nbsp; 8565719 |
| **Electronic Equipment & Instruments–0.01%** | **Electronic Equipment & Instruments–0.01%** | **Electronic Equipment & Instruments–0.01%** | **Electronic Equipment & Instruments–0.01%** |
| Keysight Technologies, Inc., <br> 5.35%, 07/30/2030<br>|  | 484000 | &nbsp;&nbsp; 507752 |
| **Electronic Manufacturing Services–0.04%** | **Electronic Manufacturing Services–0.04%** | **Electronic Manufacturing Services–0.04%** | **Electronic Manufacturing Services–0.04%** |
| EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 259061 |
| Jabil, Inc., 4.75%, <br> 02/01/2033<br>|  | 1955000 | &nbsp;&nbsp; 1948435 |
|  |  |  | &nbsp;&nbsp; 2207496 |
| **Environmental & Facilities Services–0.03%** | **Environmental & Facilities Services–0.03%** | **Environmental & Facilities Services–0.03%** | **Environmental & Facilities Services–0.03%** |
| GFL Environmental Holdings <br> (US), Inc., 5.50%, <br> 02/01/2034<sup>(b)</sup> <br>|  | 225000 | &nbsp;&nbsp; 226091 |
| GFL Environmental, Inc., <br> 4.38%, 08/15/2029<sup>(b)</sup> <br>|  | 1100000 | &nbsp;&nbsp; 1081360 |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | 77000 | &nbsp;&nbsp; 79184 |
| 5.00%, 12/15/2033 |  | 38000 | &nbsp;&nbsp; 39624 |
| 5.00%, 04/01/2034 |  | 8000 | &nbsp;&nbsp; 8301 |
| Rollins, Inc., 5.25%, <br> 02/24/2035<br>|  | 139000 | &nbsp;&nbsp; 142945 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 89000 | &nbsp;&nbsp; 89623 |
| 5.35%, 09/18/2028 |  | 80000 | &nbsp;&nbsp; 82636 |
|  |  |  | &nbsp;&nbsp; 1749764 |
| **Fertilizers & Agricultural Chemicals–0.12%** | **Fertilizers & Agricultural Chemicals–0.12%** | **Fertilizers & Agricultural Chemicals–0.12%** | **Fertilizers & Agricultural Chemicals–0.12%** |
| FMC Corp., 3.45%, <br> 10/01/2029<br>|  | 55000 | &nbsp;&nbsp; 48590 |
| Mosaic Co. (The), | Mosaic Co. (The), |  |  |
| 4.35%, 01/15/2029 |  | 2509000 | &nbsp;&nbsp; 2531003 |
| 4.60%, 11/15/2030<sup>(c)</sup> <br>|  | 3796000 | &nbsp;&nbsp; 3845190 |
|  |  |  | &nbsp;&nbsp; 6424783 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Financial Exchanges & Data–0.16%** | **Financial Exchanges & Data–0.16%** | **Financial Exchanges & Data–0.16%** | **Financial Exchanges & Data–0.16%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 3.95%, 12/01/2028 |  | $1453000 | &nbsp;&nbsp; $1454728 |
| 4.20%, 03/15/2031<sup>(c)</sup> <br>|  | 6345000 | &nbsp;&nbsp; 6376360 |
| 4.95%, 06/15/2052 |  | 1000 | &nbsp;&nbsp; 918 |
| 5.20%, 06/15/2062 |  | 3000 | &nbsp;&nbsp; 2784 |
| MSCI, Inc., 5.25%, <br> 09/01/2035<sup>(c)</sup> <br>|  | 449000 | &nbsp;&nbsp; 449733 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | 6000 | &nbsp;&nbsp; 6180 |
| 5.55%, 02/15/2034 |  | 15000 | &nbsp;&nbsp; 15814 |
| 6.10%, 06/28/2063 |  | 2000 | &nbsp;&nbsp; 2079 |
|  |  |  | &nbsp;&nbsp; 8308596 |
| **Food Distributors–0.00%** | **Food Distributors–0.00%** | **Food Distributors–0.00%** | **Food Distributors–0.00%** |
| Sysco Corp., 5.10%, <br> 09/23/2030<br>|  | 184000 | &nbsp;&nbsp; 191062 |
| **Food Retail–0.02%** | **Food Retail–0.02%** | **Food Retail–0.02%** | **Food Retail–0.02%** |
| Alimentation Couche-Tard, Inc. <br> (Canada), 5.08%, <br> 09/29/2035<sup>(b)(c)</sup> <br>|  | 986000 | &nbsp;&nbsp; 1001748 |
| Kroger Co. (The), | Kroger Co. (The), |  |  |
| 5.00%, 09/15/2034 |  | 125000 | &nbsp;&nbsp; 127140 |
| 5.65%, 09/15/2064 |  | 54000 | &nbsp;&nbsp; 52244 |
|  |  |  | &nbsp;&nbsp; 1181132 |
| **Forest Products–0.01%** | **Forest Products–0.01%** | **Forest Products–0.01%** | **Forest Products–0.01%** |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 298000 | &nbsp;&nbsp; 301706 |
| 4.95%, 06/30/2032<sup>(b)(c)</sup> <br>|  | 385000 | &nbsp;&nbsp; 400168 |
|  |  |  | &nbsp;&nbsp; 701874 |
| **Gas Utilities–0.07%** | **Gas Utilities–0.07%** | **Gas Utilities–0.07%** | **Gas Utilities–0.07%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 22000 | &nbsp;&nbsp; 24079 |
| 5.20%, 08/15/2035<sup>(c)</sup> <br>|  | 641000 | &nbsp;&nbsp; 669609 |
| 6.20%, 11/15/2053 |  | 4000 | &nbsp;&nbsp; 4415 |
| Grupo Energia Bogota S.A. ESP <br> (Colombia), 5.75%, <br> 10/22/2035<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 787300 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 30000 | &nbsp;&nbsp; 31575 |
| Snam S.p.A. (Italy), | Snam S.p.A. (Italy), |  |  |
| 5.00%, 05/28/2030<sup>(b)</sup> <br>|  | 1282000 | &nbsp;&nbsp; 1320361 |
| 5.75%, 05/28/2035<sup>(b)</sup> <br>|  | 509000 | &nbsp;&nbsp; 538800 |
| 6.50%, 05/28/2055<sup>(b)</sup> <br>|  | 217000 | &nbsp;&nbsp; 233447 |
| Southern Natural Gas Co. L.L.C., <br> 5.45%, 08/01/2035<sup>(b)</sup> <br>|  | 168000 | &nbsp;&nbsp; 174541 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 36000 | &nbsp;&nbsp; 37014 |
|  |  |  | &nbsp;&nbsp; 3821141 |
| **Gold–0.02%** | **Gold–0.02%** | **Gold–0.02%** | **Gold–0.02%** |
| Navoi Mining & Metallurgical <br> Combinat (Uzbekistan), <br> 6.95%, 10/17/2031<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 647184 |
| New Gold, Inc. (Canada), <br> 6.88%, 04/01/2032<sup>(b)</sup> <br>|  | 520000 | &nbsp;&nbsp; 554553 |
|  |  |  | &nbsp;&nbsp; 1201737 |

---

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

**13**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Distributors–0.30%** | **Health Care Distributors–0.30%** | **Health Care Distributors–0.30%** | **Health Care Distributors–0.30%** |
| Cardinal Health, Inc., | Cardinal Health, Inc., |  |  |
| 4.50%, 09/15/2030<sup>(c)</sup> <br>|  | $643000 | &nbsp;&nbsp; $652468 |
| 5.45%, 02/15/2034 |  | 37000 | &nbsp;&nbsp; 38931 |
| 5.15%, 09/15/2035 |  | 227000 | &nbsp;&nbsp; 232505 |
| Cencora, Inc., | Cencora, Inc., |  |  |
| 3.95%, 02/13/2029 |  | 9604000 | &nbsp;&nbsp; 9609402 |
| 4.25%, 11/15/2030 |  | 2861000 | &nbsp;&nbsp; 2872458 |
| 5.13%, 02/15/2034 |  | 36000 | &nbsp;&nbsp; 37356 |
| McKesson Corp., | McKesson Corp., |  |  |
| 4.25%, 09/15/2029 |  | 113000 | &nbsp;&nbsp; 114287 |
| 4.65%, 05/30/2030 |  | 1238000 | &nbsp;&nbsp; 1267560 |
| 4.95%, 05/30/2032 |  | 935000 | &nbsp;&nbsp; 975417 |
|  |  |  | &nbsp;&nbsp; 15800384 |
| **Health Care Equipment–0.83%** | **Health Care Equipment–0.83%** | **Health Care Equipment–0.83%** | **Health Care Equipment–0.83%** |
| Abbott Laboratories, | Abbott Laboratories, |  |  |
| 3.70%, 03/09/2029 |  | 13731000 | &nbsp;&nbsp; 13732145 |
| 4.65%, 03/15/2036 |  | 9744000 | &nbsp;&nbsp; 9750815 |
| 5.50%, 03/15/2056 |  | 13316000 | &nbsp;&nbsp; 13371518 |
| 5.60%, 03/15/2066 |  | 5274000 | &nbsp;&nbsp; 5280570 |
| GE HealthCare Technologies, <br> Inc., 4.80%, 01/15/2031<sup>(c)</sup> <br>|  | 616000 | &nbsp;&nbsp; 631417 |
| Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |  |  |
| 5.15%, 03/20/2027 |  | 91000 | &nbsp;&nbsp; 92070 |
| 5.40%, 03/20/2034 |  | 75000 | &nbsp;&nbsp; 78219 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.25%, 09/11/2029 |  | 166000 | &nbsp;&nbsp; 168062 |
| 4.85%, 02/10/2030 |  | 252000 | &nbsp;&nbsp; 260010 |
| 5.20%, 02/10/2035 |  | 422000 | &nbsp;&nbsp; 438315 |
|  |  |  | &nbsp;&nbsp; 43803141 |
| **Health Care Facilities–0.09%** | **Health Care Facilities–0.09%** | **Health Care Facilities–0.09%** | **Health Care Facilities–0.09%** |
| Adventist Health System, <br> 5.76%, 12/01/2034<br>|  | 44000 | &nbsp;&nbsp; 46364 |
| Ascension Health, | Ascension Health, |  |  |
| Series 2025, <br>4.29%, 11/15/2030<br>|  | 2903000 | &nbsp;&nbsp; 2935589 |
| 4.92%, 11/15/2035 |  | 803000 | &nbsp;&nbsp; 819230 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 46000 | &nbsp;&nbsp; 28352 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 6.13%, 10/01/2028 |  | 460000 | &nbsp;&nbsp; 461331 |
| 5.50%, 11/15/2032<sup>(b)</sup> <br>|  | 115000 | &nbsp;&nbsp; 116504 |
| 6.00%, 11/15/2033<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23783 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/2029 |  | 172000 | &nbsp;&nbsp; 174029 |
| 5.05%, 10/15/2034 |  | 206000 | &nbsp;&nbsp; 204884 |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | 159000 | &nbsp;&nbsp; 163695 |
| 5.38%, 05/15/2043 |  | 16000 | &nbsp;&nbsp; 16019 |
|  |  |  | &nbsp;&nbsp; 4989780 |
| **Health Care REITs–0.04%** | **Health Care REITs–0.04%** | **Health Care REITs–0.04%** | **Health Care REITs–0.04%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| 5.25%, 05/15/2036 |  | 2000 | &nbsp;&nbsp; 2011 |
| 5.63%, 05/15/2054 |  | 11000 | &nbsp;&nbsp; 10650 |
| Diversified Healthcare Trust, <br> 7.25%, 10/15/2030<sup>(b)</sup> <br>|  | 265000 | &nbsp;&nbsp; 275901 |
| Healthpeak OP LLC, 5.38%, <br> 02/15/2035<br>|  | 91000 | &nbsp;&nbsp; 93915 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** |
| National Health Investors, Inc., <br> 5.35%, 02/01/2033<sup>(c)</sup> <br>|  | $444000 | &nbsp;&nbsp; $449690 |
| Omega Healthcare Investors, <br> Inc., 5.20%, 07/01/2030<br>|  | 856000 | &nbsp;&nbsp; 878166 |
| Ventas Realty L.P., 5.00%, <br> 02/15/2036<br>|  | 622000 | &nbsp;&nbsp; 622117 |
|  |  |  | &nbsp;&nbsp; 2332450 |
| **Health Care Services–0.46%** | **Health Care Services–0.46%** | **Health Care Services–0.46%** | **Health Care Services–0.46%** |
| Cigna Group (The), 4.50%, <br> 09/15/2030<br>|  | 1363000 | &nbsp;&nbsp; 1381853 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 4.35%, 09/01/2030 |  | 1075000 | &nbsp;&nbsp; 1080318 |
| 5.32%, 12/01/2034 |  | 287000 | &nbsp;&nbsp; 296542 |
| 4.83%, 09/01/2035 |  | 970000 | &nbsp;&nbsp; 972178 |
| 4.98%, 09/01/2035 |  | 581000 | &nbsp;&nbsp; 584731 |
| 5.58%, 09/01/2045<sup>(c)</sup> <br>|  | 56000 | &nbsp;&nbsp; 56599 |
| 5.55%, 12/01/2054 |  | 17000 | &nbsp;&nbsp; 16732 |
| 5.66%, 09/01/2055 |  | 47000 | &nbsp;&nbsp; 47220 |
| Community Health Systems, <br> Inc., 6.00%, 01/15/2029<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149549 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 44000 | &nbsp;&nbsp; 45178 |
| 5.25%, 01/30/2031 |  | 4000 | &nbsp;&nbsp; 4170 |
| 5.00%, 09/15/2032 |  | 337000 | &nbsp;&nbsp; 345850 |
| 5.45%, 09/15/2035 |  | 537000 | &nbsp;&nbsp; 554899 |
| 6.75%, 12/10/2054<sup>(f)</sup> <br>|  | 408000 | &nbsp;&nbsp; 424626 |
| 7.00%, 03/10/2055<sup>(c)(f)</sup> <br>|  | 12984000 | &nbsp;&nbsp; 13664479 |
| 6.20%, 09/15/2055<sup>(c)</sup> <br>|  | 378000 | &nbsp;&nbsp; 387754 |
| 6.25%, 09/15/2065 |  | 173000 | &nbsp;&nbsp; 175755 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 4.63%, 06/01/2030<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 146937 |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3119 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 135000 | &nbsp;&nbsp; 140264 |
| HCA, Inc., | HCA, Inc., |  |  |
| 5.00%, 03/01/2028 |  | 146000 | &nbsp;&nbsp; 149075 |
| 4.30%, 11/15/2030<sup>(c)</sup> <br>|  | 585000 | &nbsp;&nbsp; 586288 |
| 5.45%, 09/15/2034 |  | 50000 | &nbsp;&nbsp; 51933 |
| 5.75%, 03/01/2035<sup>(c)</sup> <br>|  | 239000 | &nbsp;&nbsp; 253086 |
| 5.90%, 06/01/2053 |  | 15000 | &nbsp;&nbsp; 14782 |
| 6.20%, 03/01/2055 |  | 30000 | &nbsp;&nbsp; 30837 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 989000 | &nbsp;&nbsp; 998052 |
| 5.85%, 05/08/2029<sup>(c)</sup> <br>|  | 757000 | &nbsp;&nbsp; 775243 |
| 6.00%, 05/08/2034<sup>(c)</sup> <br>|  | 340000 | &nbsp;&nbsp; 349015 |
| Laboratory Corp. of America <br> Holdings, 4.35%, <br> 04/01/2030<br>|  | 329000 | &nbsp;&nbsp; 331794 |
| Piedmont Healthcare, Inc., <br> 2.86%, 01/01/2052<br>|  | 7000 | &nbsp;&nbsp; 4535 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 28000 | &nbsp;&nbsp; 31314 |
|  |  |  | &nbsp;&nbsp; 24054707 |
| **Health Care Supplies–0.14%** | **Health Care Supplies–0.14%** | **Health Care Supplies–0.14%** | **Health Care Supplies–0.14%** |
| 180 Medical, Inc. (United <br> Kingdom), 5.30%, <br> 10/08/2035<sup>(b)</sup> <br>|  | 505000 | &nbsp;&nbsp; 508684 |
| Medline Borrower L.P., 3.88%, <br> 04/01/2029<sup>(b)</sup> <br>|  | 6786000 | &nbsp;&nbsp; 6678485 |

---

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

**14**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Supplies–(continued)** | **Health Care Supplies–(continued)** | **Health Care Supplies–(continued)** | **Health Care Supplies–(continued)** |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | $28000 | &nbsp;&nbsp; $28382 |
| 5.40%, 03/01/2029 |  | 115000 | &nbsp;&nbsp; 119273 |
| 5.60%, 03/23/2034 |  | 115000 | &nbsp;&nbsp; 120285 |
|  |  |  | &nbsp;&nbsp; 7455109 |
| **Heavy Electrical Equipment–0.12%** | **Heavy Electrical Equipment–0.12%** | **Heavy Electrical Equipment–0.12%** | **Heavy Electrical Equipment–0.12%** |
| GE Vernova, Inc., | GE Vernova, Inc., |  |  |
| 4.25%, 02/04/2031 |  | 1938000 | &nbsp;&nbsp; 1952083 |
| 4.88%, 02/04/2036<sup>(c)</sup> <br>|  | 3301000 | &nbsp;&nbsp; 3344049 |
| 5.50%, 02/04/2056 |  | 1025000 | &nbsp;&nbsp; 1017678 |
|  |  |  | &nbsp;&nbsp; 6313810 |
| **Highways & Railtracks–0.03%** | **Highways & Railtracks–0.03%** | **Highways & Railtracks–0.03%** | **Highways & Railtracks–0.03%** |
| Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |  |  |
| 5.55%, 03/15/2056 |  | 122000 | &nbsp;&nbsp; 122542 |
| 5.80%, 03/15/2056 |  | 140000 | &nbsp;&nbsp; 146470 |
| TransJamaican Highway Ltd. <br> (Jamaica), 5.75%, <br> 10/10/2036<sup>(b)</sup> <br>|  | 1110413 | &nbsp;&nbsp; 1088916 |
|  |  |  | &nbsp;&nbsp; 1357928 |
| **Home Improvement Retail–0.06%** | **Home Improvement Retail–0.06%** | **Home Improvement Retail–0.06%** | **Home Improvement Retail–0.06%** |
| Home Depot, Inc. (The), | Home Depot, Inc. (The), |  |  |
| 3.75%, 09/15/2028<sup>(c)</sup> <br>|  | 1632000 | &nbsp;&nbsp; 1639877 |
| 4.90%, 04/15/2029 |  | 76000 | &nbsp;&nbsp; 78411 |
| 3.95%, 09/15/2030 |  | 1081000 | &nbsp;&nbsp; 1086002 |
| 4.65%, 09/15/2035<sup>(c)</sup> <br>|  | 384000 | &nbsp;&nbsp; 384596 |
| Lowe's Cos., Inc., 5.85%, <br> 04/01/2063<br>|  | 7000 | &nbsp;&nbsp; 7010 |
|  |  |  | &nbsp;&nbsp; 3195896 |
| **Homebuilding–0.01%** | **Homebuilding–0.01%** | **Homebuilding–0.01%** | **Homebuilding–0.01%** |
| D.R. Horton, Inc., 5.00%, <br> 10/15/2034<br>|  | 85000 | &nbsp;&nbsp; 87164 |
| Taylor Morrison Communities, <br> Inc., 5.75%, 01/15/2028<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 255210 |
| Toll Brothers Finance Corp., <br> 5.60%, 06/15/2035<sup>(c)</sup> <br>|  | 407000 | &nbsp;&nbsp; 430930 |
|  |  |  | &nbsp;&nbsp; 773304 |
| **Hotel & Resort REITs–0.06%** | **Hotel & Resort REITs–0.06%** | **Hotel & Resort REITs–0.06%** | **Hotel & Resort REITs–0.06%** |
| 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 |  | 799000 | &nbsp;&nbsp; 827392 |
| 4.75%, 03/15/2033 |  | 2350000 | &nbsp;&nbsp; 2354921 |
| 5.75%, 07/15/2034 |  | 25000 | &nbsp;&nbsp; 26516 |
| 4.95%, 01/15/2035 |  | 77000 | &nbsp;&nbsp; 77120 |
|  |  |  | &nbsp;&nbsp; 3285949 |
| **Hotels, Resorts & Cruise Lines–0.16%** | **Hotels, Resorts & Cruise Lines–0.16%** | **Hotels, Resorts & Cruise Lines–0.16%** | **Hotels, Resorts & Cruise Lines–0.16%** |
| Carnival Corp., | Carnival Corp., |  |  |
| 7.00%, 08/15/2029<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 55493 |
| 5.75%, 03/15/2030<sup>(b)</sup> <br>|  | 665000 | &nbsp;&nbsp; 688234 |
| 5.88%, 06/15/2031<sup>(b)(c)</sup> <br>|  | 2087000 | &nbsp;&nbsp; 2182380 |
| 5.75%, 08/01/2032<sup>(b)</sup> <br>|  | 1552000 | &nbsp;&nbsp; 1612604 |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>|  | 252000 | &nbsp;&nbsp; 254743 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines–(continued)** | **Hotels, Resorts & Cruise Lines–(continued)** | **Hotels, Resorts & Cruise Lines–(continued)** | **Hotels, Resorts & Cruise Lines–(continued)** |
| Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |  |  |
| 5.88%, 04/01/2029<sup>(b)</sup> <br>|  | $481000 | &nbsp;&nbsp; $492717 |
| 3.75%, 05/01/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 487097 |
| 6.13%, 04/01/2032<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 93107 |
| 5.75%, 09/15/2033<sup>(b)</sup> <br>|  | 331000 | &nbsp;&nbsp; 339010 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.20%, 07/15/2027 |  | 126000 | &nbsp;&nbsp; 126569 |
| 4.88%, 05/15/2029 |  | 33000 | &nbsp;&nbsp; 33857 |
| 4.80%, 03/15/2030 |  | 152000 | &nbsp;&nbsp; 156145 |
| 5.30%, 05/15/2034 |  | 29000 | &nbsp;&nbsp; 30163 |
| 5.35%, 03/15/2035 |  | 83000 | &nbsp;&nbsp; 86253 |
| Marriott Ownership Resorts, <br> Inc., 6.50%, <br> 10/01/2033<sup>(b)(c)</sup> <br>|  | 1242000 | &nbsp;&nbsp; 1205092 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |  |
| 6.25%, 03/15/2032<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 182542 |
| 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 384000 | &nbsp;&nbsp; 397879 |
|  |  |  | &nbsp;&nbsp; 8423885 |
| **Housewares & Specialties–0.01%** | **Housewares & Specialties–0.01%** | **Housewares & Specialties–0.01%** | **Housewares & Specialties–0.01%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029 |  | 128000 | &nbsp;&nbsp; 130101 |
| 6.38%, 05/15/2030<sup>(c)</sup> <br>|  | 174000 | &nbsp;&nbsp; 174674 |
|  |  |  | &nbsp;&nbsp; 304775 |
| **Independent Power Producers & Energy Traders–0.18%** | **Independent Power Producers & Energy Traders–0.18%** | **Independent Power Producers & Energy Traders–0.18%** | **Independent Power Producers & Energy Traders–0.18%** |
| AES Corp. (The), 5.80%, <br> 03/15/2032<br>|  | 1014000 | &nbsp;&nbsp; 1059640 |
| Emirates SembCorp Water & <br> Power Co. PJSC (United Arab <br> Emirates), 4.45%, <br> 08/01/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195352 |
| EnfraGen Energia Sur <br> S.A./EnfraGen Spain <br> S.A./Prime Energia S.p.A. <br> (Colombia), 5.38%, <br> 12/30/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 188893 |
| EnfraGen Energia Sur <br> S.A.U./EnfraGen Chile <br> S.p.A./EnfraGen Spain S.A.U. <br> (Colombia), 8.50%, <br> 06/30/2032<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 313673 |
| FIEMEX Energia - Banco Actinver <br> S.A. Institucion de Banca <br> Multiple (Mexico), 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 2330664 | &nbsp;&nbsp; 2433609 |
| Vistra Corp., 7.00%<sup>(b)(f)(h)</sup> <br>|  | 2914000 | &nbsp;&nbsp; 2950711 |
| VoltaGrid LLC, 7.38%, <br> 11/01/2030<sup>(b)</sup> <br>|  | 2288000 | &nbsp;&nbsp; 2390185 |
|  |  |  | &nbsp;&nbsp; 9532063 |
| **Industrial Conglomerates–0.08%** | **Industrial Conglomerates–0.08%** | **Industrial Conglomerates–0.08%** | **Industrial Conglomerates–0.08%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.88%, 09/01/2029 |  | 115000 | &nbsp;&nbsp; 118834 |
| 4.95%, 09/01/2031 |  | 144000 | &nbsp;&nbsp; 150537 |
| 5.00%, 02/15/2033 |  | 9000 | &nbsp;&nbsp; 9391 |
| 5.00%, 03/01/2035 |  | 79000 | &nbsp;&nbsp; 81527 |
| 5.35%, 03/01/2064 |  | 15000 | &nbsp;&nbsp; 14571 |

---

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

**15**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Conglomerates–(continued)** | **Industrial Conglomerates–(continued)** | **Industrial Conglomerates–(continued)** | **Industrial Conglomerates–(continued)** |
| Siemens Funding B.V. (Germany), | Siemens Funding B.V. (Germany), |  |  |
| 4.35%, 05/26/2028<sup>(b)(c)</sup> <br>|  | $1355000 | &nbsp;&nbsp; $1373244 |
| 4.60%, 05/28/2030<sup>(b)</sup> <br>|  | 1311000 | &nbsp;&nbsp; 1343831 |
| 4.90%, 05/28/2032<sup>(b)(c)</sup> <br>|  | 913000 | &nbsp;&nbsp; 948657 |
| 5.20%, 05/28/2035<sup>(b)</sup> <br>|  | 329000 | &nbsp;&nbsp; 345100 |
| 5.90%, 05/28/2065<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 21218 |
|  |  |  | &nbsp;&nbsp; 4406910 |
| **Industrial Machinery & Supplies & Components–0.12%** | **Industrial Machinery & Supplies & Components–0.12%** | **Industrial Machinery & Supplies & Components–0.12%** | **Industrial Machinery & Supplies & Components–0.12%** |
| Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 279328 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 513154 |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.20%, 06/15/2027 |  | 93000 | &nbsp;&nbsp; 94385 |
| 5.40%, 08/14/2028 |  | 7000 | &nbsp;&nbsp; 7242 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 18000 | &nbsp;&nbsp; 18622 |
| 5.80%, 09/15/2033 |  | 30000 | &nbsp;&nbsp; 32089 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, <br> 05/15/2033<br>|  | 45000 | &nbsp;&nbsp; 47572 |
| Roller Bearing Co. of America, <br> Inc., 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 4378000 | &nbsp;&nbsp; 4320042 |
| Weir Group, Inc. (United <br> Kingdom), 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 968000 | &nbsp;&nbsp; 1002491 |
|  |  |  | &nbsp;&nbsp; 6314925 |
| **Industrial REITs–0.03%** | **Industrial REITs–0.03%** | **Industrial REITs–0.03%** | **Industrial REITs–0.03%** |
| FIBRA Prologis (Mexico), 5.50%, <br> 11/26/2035<sup>(b)(c)</sup> <br>|  | 440000 | &nbsp;&nbsp; 446490 |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 7000 | &nbsp;&nbsp; 7421 |
| Trust 2401 (Mexico), | Trust 2401 (Mexico), |  |  |
| 7.70%, 01/23/2032<sup>(b)</sup> <br>|  | 681000 | &nbsp;&nbsp; 752290 |
| 6.39%, 01/15/2050<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194391 |
|  |  |  | &nbsp;&nbsp; 1400592 |
| **Insurance Brokers–0.21%** | **Insurance Brokers–0.21%** | **Insurance Brokers–0.21%** | **Insurance Brokers–0.21%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| 4.85%, 12/15/2029 |  | 55000 | &nbsp;&nbsp; 56363 |
| 5.00%, 02/15/2032 |  | 65000 | &nbsp;&nbsp; 66473 |
| 5.15%, 02/15/2035 |  | 68000 | &nbsp;&nbsp; 68965 |
| 6.75%, 02/15/2054 |  | 3000 | &nbsp;&nbsp; 3285 |
| Howden UK Refinance <br> PLC/Howden UK Refinance 2 <br> PLC/Howden US Refinance LLC <br> (United Kingdom), 8.13%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 191658 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 32000 | &nbsp;&nbsp; 33705 |
| 4.95%, 03/15/2036<sup>(c)</sup> <br>|  | 6845000 | &nbsp;&nbsp; 6908514 |
| 5.70%, 09/15/2053 |  | 3000 | &nbsp;&nbsp; 3001 |
| Willis North America, Inc., | Willis North America, Inc., |  |  |
| 4.55%, 03/15/2031 |  | 2548000 | &nbsp;&nbsp; 2551007 |
| 5.15%, 03/15/2036 |  | 1064000 | &nbsp;&nbsp; 1064650 |
|  |  |  | &nbsp;&nbsp; 10947621 |
| **Integrated Oil & Gas–0.81%** | **Integrated Oil & Gas–0.81%** | **Integrated Oil & Gas–0.81%** | **Integrated Oil & Gas–0.81%** |
| Ecopetrol S.A. (Colombia), <br> 7.75%, 02/01/2032<br>|  | 430000 | &nbsp;&nbsp; 439127 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Oil & Gas–(continued)** | **Integrated Oil & Gas–(continued)** | **Integrated Oil & Gas–(continued)** | **Integrated Oil & Gas–(continued)** |
| Eni S.p.A. (Italy), 5.50%, <br> 05/15/2034<sup>(b)</sup> <br>|  | $322000 | &nbsp;&nbsp; $337695 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 6.45%, 09/15/2036 |  | 25000 | &nbsp;&nbsp; 27247 |
| 4.63%, 06/15/2045 |  | 14000 | &nbsp;&nbsp; 11597 |
| 4.40%, 04/15/2046 |  | 112000 | &nbsp;&nbsp; 91723 |
| Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |  |  |
| 8.75%, 06/02/2029 |  | 5908000 | &nbsp;&nbsp; 6360866 |
| 6.63%, 06/15/2035 |  | 135000 | &nbsp;&nbsp; 129296 |
| SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), |  |  |
| 4.13%, 09/17/2030<sup>(b)</sup> <br>|  | 14310000 | &nbsp;&nbsp; 14207201 |
| 4.63%, 09/17/2035<sup>(b)</sup> <br>|  | 4982000 | &nbsp;&nbsp; 4894209 |
| Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |  |  |
| 4.00%, 02/02/2029<sup>(b)(c)</sup> <br>|  | 6633000 | &nbsp;&nbsp; 6637925 |
| 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 6469000 | &nbsp;&nbsp; 6604574 |
| 5.38%, 06/02/2035<sup>(b)(c)</sup> <br>|  | 2448000 | &nbsp;&nbsp; 2543142 |
| 5.00%, 02/02/2036<sup>(b)</sup> <br>|  | 428000 | &nbsp;&nbsp; 428824 |
|  |  |  | &nbsp;&nbsp; 42713426 |
| **Integrated Telecommunication Services–0.98%** | **Integrated Telecommunication Services–0.98%** | **Integrated Telecommunication Services–0.98%** | **Integrated Telecommunication Services–0.98%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 5.40%, 02/15/2034 |  | 31000 | &nbsp;&nbsp; 32503 |
| 6.05%, 08/15/2056 |  | 281000 | &nbsp;&nbsp; 286240 |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| 6.88%, 09/15/2055<sup>(c)(f)</sup> <br>|  | 4255000 | &nbsp;&nbsp; 4445084 |
| 7.00%, 09/15/2055<sup>(f)</sup> <br>|  | 2281000 | &nbsp;&nbsp; 2415440 |
| British Telecommunications PLC <br> (United Kingdom), 4.25%, <br> 11/23/2081<sup>(b)(f)</sup> <br>|  | 7274000 | &nbsp;&nbsp; 7180504 |
| C&W Senior Finance Ltd. <br> (Panama), 9.00%, <br> 01/15/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207196 |
| Cipher Compute LLC, 7.13%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 7402000 | &nbsp;&nbsp; 7724683 |
| Iliad Holding S.A.S. (France), | Iliad Holding S.A.S. (France), |  |  |
| 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 659033 |
| 8.50%, 04/15/2031<sup>(b)(c)</sup> <br>|  | 295000 | &nbsp;&nbsp; 316219 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 399000 | &nbsp;&nbsp; 413549 |
| 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 112500 | &nbsp;&nbsp; 117034 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.88%, 07/16/2030<sup>(b)</sup> <br>|  | 1060000 | &nbsp;&nbsp; 1087688 |
| 5.50%, 07/16/2035<sup>(b)</sup> <br>|  | 334000 | &nbsp;&nbsp; 349087 |
| Sitios Latinoamerica S.A.B. de <br> C.V. (Brazil), 5.38%, <br> 04/04/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201398 |
| SV RNO Property Owner 1 LLC, <br> 5.88%, 03/01/2031<sup>(b)</sup> <br>|  | 3253000 | &nbsp;&nbsp; 3269866 |
| Telecom Argentina S.A. <br> (Argentina), 9.25%, <br> 05/28/2033<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 846167 |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| 6.63%, 10/15/2055<sup>(c)(f)</sup> <br>|  | 1127000 | &nbsp;&nbsp; 1164572 |
| 6.38%, 06/09/2056<sup>(f)</sup> <br>|  | 3260000 | &nbsp;&nbsp; 3320884 |
| 6.63%, 06/09/2056<sup>(c)(f)</sup> <br>|  | 7096000 | &nbsp;&nbsp; 7155994 |
| Turk Telekomunikasyon A.S. (Turkey), | Turk Telekomunikasyon A.S. (Turkey), |  |  |
| 7.38%, 05/20/2029<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 732594 |
| 6.95%, 10/07/2032<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 512423 |
| Uniti Services LLC, 7.50%, <br> 10/15/2033<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 212397 |

---

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

**16**

**Invesco Core Plus 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)** |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 5.25%, 04/02/2035<sup>(c)</sup> <br>|  | $603000 | &nbsp;&nbsp; $621096 |
| 5.00%, 01/15/2036<sup>(c)</sup> <br>|  | 1372000 | &nbsp;&nbsp; 1378614 |
| 5.75%, 11/30/2045 |  | 1123000 | &nbsp;&nbsp; 1135870 |
| 5.88%, 11/30/2055 |  | 366096 | &nbsp;&nbsp; 368804 |
| 6.00%, 11/30/2065 |  | 442000 | &nbsp;&nbsp; 444057 |
| WULF Compute LLC, 7.75%, <br> 10/15/2030<sup>(b)(c)</sup> <br>|  | 4289000 | &nbsp;&nbsp; 4545371 |
| Zegona Finance PLC (United <br> Kingdom), 8.63%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 590000 | &nbsp;&nbsp; 624807 |
|  |  |  | &nbsp;&nbsp; 51769174 |
| **Interactive Media & Services–0.84%** | **Interactive Media & Services–0.84%** | **Interactive Media & Services–0.84%** | **Interactive Media & Services–0.84%** |
| Alphabet, Inc., | Alphabet, Inc., |  |  |
| 4.10%, 02/15/2031<sup>(c)</sup> <br>|  | 8323000 | &nbsp;&nbsp; 8379627 |
| 4.38%, 11/15/2032 |  | 375000 | &nbsp;&nbsp; 380227 |
| 4.40%, 02/15/2033 |  | 9307000 | &nbsp;&nbsp; 9391774 |
| 4.70%, 11/15/2035 |  | 592000 | &nbsp;&nbsp; 599661 |
| 4.80%, 02/15/2036<sup>(c)</sup> <br>|  | 5016000 | &nbsp;&nbsp; 5100355 |
| 5.35%, 11/15/2045 |  | 550000 | &nbsp;&nbsp; 552715 |
| 5.45%, 11/15/2055 |  | 346000 | &nbsp;&nbsp; 344170 |
| 5.65%, 02/15/2056 |  | 5453000 | &nbsp;&nbsp; 5583856 |
| 5.30%, 05/15/2065 |  | 101000 | &nbsp;&nbsp; 95873 |
| Discovery Global Holdings, Inc., | Discovery Global Holdings, Inc., |  |  |
| 4.05%, 03/15/2029 |  | 422000 | &nbsp;&nbsp; 417831 |
| 4.28%, 03/15/2032<sup>(c)</sup> <br>|  | 152000 | &nbsp;&nbsp; 139840 |
| 5.05%, 03/15/2042 |  | 3292000 | &nbsp;&nbsp; 2320860 |
| Flutter Treasury DAC (Ireland), <br> 5.88%, 06/04/2031<sup>(b)(c)</sup> <br>|  | 1719000 | &nbsp;&nbsp; 1715182 |
| Getty Images, Inc., 10.50%, <br> 11/15/2030<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 239216 |
| Globo Comunicacao e <br> Participacoes S.A. (Brazil), <br> 5.50%, 01/14/2032<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 205149 |
| Match Group Holdings II LLC, <br> 6.13%, 09/15/2033<sup>(b)</sup> <br>|  | 2275000 | &nbsp;&nbsp; 2270123 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.55%, 08/15/2031 |  | 70000 | &nbsp;&nbsp; 71715 |
| 4.75%, 08/15/2034 |  | 188000 | &nbsp;&nbsp; 190974 |
| 4.88%, 11/15/2035<sup>(c)</sup> <br>|  | 3211000 | &nbsp;&nbsp; 3244192 |
| 5.40%, 08/15/2054 |  | 72000 | &nbsp;&nbsp; 68032 |
| 5.63%, 11/15/2055 |  | 1172000 | &nbsp;&nbsp; 1148088 |
| 5.75%, 05/15/2063 |  | 15000 | &nbsp;&nbsp; 14603 |
| 5.55%, 08/15/2064 |  | 104000 | &nbsp;&nbsp; 98068 |
| 5.75%, 11/15/2065 |  | 1893000 | &nbsp;&nbsp; 1845557 |
|  |  |  | &nbsp;&nbsp; 44417688 |
| **Internet Services & Infrastructure–0.89%** | **Internet Services & Infrastructure–0.89%** | **Internet Services & Infrastructure–0.89%** | **Internet Services & Infrastructure–0.89%** |
| Beignet Investor LLC, 6.58%, <br> 05/30/2049<sup>(b)</sup> <br>|  | 39218000 | &nbsp;&nbsp; 41675152 |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)(c)</sup> <br>|  | 4045000 | &nbsp;&nbsp; 3966081 |
| 9.00%, 02/01/2031<sup>(b)(c)</sup> <br>|  | 1421000 | &nbsp;&nbsp; 1372851 |
|  |  |  | &nbsp;&nbsp; 47014084 |
| **Investment Banking & Brokerage–1.83%** | **Investment Banking & Brokerage–1.83%** | **Investment Banking & Brokerage–1.83%** | **Investment Banking & Brokerage–1.83%** |
| Brookfield Finance, Inc. <br> (Canada), 5.33%, <br> 01/15/2036<br>|  | 1617000 | &nbsp;&nbsp; 1614749 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| 4.34%, 11/14/2031<sup>(f)</sup> <br>|  | $6453000 | &nbsp;&nbsp; $6496069 |
| 4.91%, 11/14/2036<sup>(f)</sup> <br>|  | 2687000 | &nbsp;&nbsp; 2688865 |
| Series K, 5.00%<sup>(f)(h)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20022 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 4.99% (SOFR + 1.29%), <br> 04/23/2028<sup>(c)(e)</sup> <br>|  | 573000 | &nbsp;&nbsp; 577437 |
| 4.15%, 01/21/2029<sup>(f)</sup> <br>|  | 7357000 | &nbsp;&nbsp; 7361953 |
| 5.73%, 04/25/2030<sup>(f)</sup> <br>|  | 87000 | &nbsp;&nbsp; 90910 |
| 5.05%, 07/23/2030<sup>(f)</sup> <br>|  | 148000 | &nbsp;&nbsp; 151855 |
| 4.69%, 10/23/2030<sup>(f)</sup> <br>|  | 181000 | &nbsp;&nbsp; 183977 |
| 5.21%, 01/28/2031<sup>(f)</sup> <br>|  | 244000 | &nbsp;&nbsp; 252887 |
| 5.22%, 04/23/2031<sup>(f)</sup> <br>|  | 1069000 | &nbsp;&nbsp; 1106843 |
| 4.37%, 10/21/2031<sup>(f)</sup> <br>|  | 4887000 | &nbsp;&nbsp; 4891173 |
| 4.52%, 01/21/2032<sup>(c)(f)</sup> <br>|  | 6873000 | &nbsp;&nbsp; 6916943 |
| 5.85%, 04/25/2035<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 20265 |
| 5.33%, 07/23/2035<sup>(f)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23749 |
| 5.54%, 01/28/2036<sup>(f)</sup> <br>|  | 75000 | &nbsp;&nbsp; 78472 |
| 4.94%, 10/21/2036<sup>(f)</sup> <br>|  | 1318000 | &nbsp;&nbsp; 1313811 |
| 5.39%, 02/02/2041<sup>(c)(f)</sup> <br>|  | 9484000 | &nbsp;&nbsp; 9416076 |
| 5.54%, 01/21/2047<sup>(f)</sup> <br>|  | 483000 | &nbsp;&nbsp; 481023 |
| 5.73%, 01/28/2056<sup>(f)</sup> <br>|  | 52000 | &nbsp;&nbsp; 52682 |
| Series V, 4.13%<sup>(c)(f)(h)</sup> <br>|  | 1246000 | &nbsp;&nbsp; 1239768 |
| Series W, 7.50%<sup>(c)(f)(h)</sup> <br>|  | 6620000 | &nbsp;&nbsp; 7081215 |
| Series X, 7.50%<sup>(c)(f)(h)</sup> <br>|  | 7647000 | &nbsp;&nbsp; 8144629 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.12%, 02/01/2029<sup>(f)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9189 |
| 4.99%, 04/12/2029<sup>(f)</sup> <br>|  | 263000 | &nbsp;&nbsp; 267820 |
| 5.16%, 04/20/2029<sup>(f)</sup> <br>|  | 46000 | &nbsp;&nbsp; 47049 |
| 5.45%, 07/20/2029<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 27845 |
| 6.41%, 11/01/2029<sup>(f)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52947 |
| 4.24%, 01/09/2030<sup>(f)</sup> <br>|  | 9344000 | &nbsp;&nbsp; 9377938 |
| 5.17%, 01/16/2030<sup>(f)</sup> <br>|  | 43000 | &nbsp;&nbsp; 44209 |
| 5.04%, 07/19/2030<sup>(f)</sup> <br>|  | 107000 | &nbsp;&nbsp; 110114 |
| 4.65%, 10/18/2030<sup>(f)</sup> <br>|  | 266000 | &nbsp;&nbsp; 270387 |
| 5.19%, 04/17/2031<sup>(f)</sup> <br>|  | 772000 | &nbsp;&nbsp; 799873 |
| 4.49%, 01/16/2032<sup>(f)</sup> <br>|  | 7420000 | &nbsp;&nbsp; 7464645 |
| 5.25%, 04/21/2034<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26946 |
| 5.42%, 07/21/2034<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19850 |
| 5.47%, 01/18/2035<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16754 |
| 5.83%, 04/19/2035<sup>(f)</sup> <br>|  | 17000 | &nbsp;&nbsp; 18172 |
| 5.32%, 07/19/2035<sup>(f)</sup> <br>|  | 28000 | &nbsp;&nbsp; 29002 |
| 5.59%, 01/18/2036<sup>(f)</sup> <br>|  | 46000 | &nbsp;&nbsp; 48375 |
| 5.66%, 04/17/2036<sup>(f)</sup> <br>|  | 42000 | &nbsp;&nbsp; 44401 |
| 5.07%, 01/30/2037<sup>(c)(f)</sup> <br>|  | 8167000 | &nbsp;&nbsp; 8239801 |
| 5.95%, 01/19/2038<sup>(f)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8436 |
| 5.31%, 01/18/2041<sup>(c)(f)</sup> <br>|  | 1821000 | &nbsp;&nbsp; 1812436 |
| Series I, <br>4.36%, 10/22/2031<sup>(f)</sup> <br>|  | 5080000 | &nbsp;&nbsp; 5093005 |
| 4.89%, 10/22/2036<sup>(f)</sup> <br>|  | 118000 | &nbsp;&nbsp; 117439 |
| Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |  |  |
| 4.90%, 07/01/2030 |  | 1382000 | &nbsp;&nbsp; 1414335 |
| 5.49%, 06/29/2035<sup>(c)</sup> <br>|  | 521000 | &nbsp;&nbsp; 543794 |
| Raymond James Financial, Inc., <br> 4.90%, 09/11/2035<br>|  | 739000 | &nbsp;&nbsp; 738104 |
|  |  |  | &nbsp;&nbsp; 96848239 |

---

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

**17**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **IT Consulting & Other Services–0.43%** | **IT Consulting & Other Services–0.43%** | **IT Consulting & Other Services–0.43%** | **IT Consulting & Other Services–0.43%** |
| International Business Machines <br> Corp., | International Business Machines <br> Corp., |  |  |
| 4.65%, 02/10/2028 |  | $721000 | &nbsp;&nbsp; $732583 |
| 4.80%, 02/10/2030 |  | 1287000 | &nbsp;&nbsp; 1319115 |
| 4.30%, 02/03/2031 |  | 8645000 | &nbsp;&nbsp; 8695818 |
| 5.20%, 02/10/2035<sup>(c)</sup> <br>|  | 575000 | &nbsp;&nbsp; 593780 |
| 4.95%, 02/03/2036<sup>(c)</sup> <br>|  | 9460000 | &nbsp;&nbsp; 9482108 |
| 5.70%, 02/10/2055<sup>(c)</sup> <br>|  | 379000 | &nbsp;&nbsp; 373626 |
| 5.80%, 02/03/2056 |  | 1734000 | &nbsp;&nbsp; 1738053 |
|  |  |  | &nbsp;&nbsp; 22935083 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 64000 | &nbsp;&nbsp; 66583 |
| **Life & Health Insurance–1.19%** | **Life & Health Insurance–1.19%** | **Life & Health Insurance–1.19%** | **Life & Health Insurance–1.19%** |
| 200 Park Funding Trust, <br> 5.74%, 02/15/2055<sup>(b)</sup> <br>|  | 166000 | &nbsp;&nbsp; 164526 |
| American National Global <br> Funding, 5.55%, <br> 01/28/2030<sup>(b)</sup> <br>|  | 147000 | &nbsp;&nbsp; 150790 |
| American National Group, Inc., | American National Group, Inc., |  |  |
| 6.00%, 07/15/2035<sup>(c)</sup> <br>|  | 575000 | &nbsp;&nbsp; 570882 |
| 7.00%, 12/01/2055<sup>(f)</sup> <br>|  | 2656000 | &nbsp;&nbsp; 2635206 |
| Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)(c)</sup> <br>|  | 143000 | &nbsp;&nbsp; 146252 |
| Athene Holding Ltd., 6.25%, <br> 04/01/2054<br>|  | 12000 | &nbsp;&nbsp; 11211 |
| Constellation Global Funding, <br> 4.85%, 10/22/2030<sup>(b)</sup> <br>|  | 3030000 | &nbsp;&nbsp; 3028468 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 57431 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 98000 | &nbsp;&nbsp; 100938 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 140000 | &nbsp;&nbsp; 143890 |
| Dai-ichi Life Insurance Co. Ltd. <br> (The) (Japan), 6.20%<sup>(b)(f)(h)</sup> <br>|  | 762000 | &nbsp;&nbsp; 797159 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(b)</sup> <br>|  | 12138000 | &nbsp;&nbsp; 12067993 |
| FWD Group Holdings Ltd. <br> (Hong Kong), 5.25%, <br> 09/22/2030<sup>(b)</sup> <br>|  | 1533000 | &nbsp;&nbsp; 1557559 |
| GA Global Funding Trust, | GA Global Funding Trust, |  |  |
| 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 470000 | &nbsp;&nbsp; 481992 |
| 4.50%, 09/18/2030<sup>(b)</sup> <br>|  | 4688000 | &nbsp;&nbsp; 4616722 |
| High Street Funding Trust III, <br> 5.81%, 02/15/2055<sup>(b)</sup> <br>|  | 105000 | &nbsp;&nbsp; 102444 |
| Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |  |  |
| 4.63%, 05/28/2028<sup>(b)(c)</sup> <br>|  | 641000 | &nbsp;&nbsp; 644978 |
| 4.63%, 08/18/2030<sup>(b)</sup> <br>|  | 667000 | &nbsp;&nbsp; 669656 |
| MAG Mutual Holding Co., <br> 4.75%, 04/30/2041<sup>(b)(i)</sup> <br>|  | 27101000 | &nbsp;&nbsp; 24932920 |
| MassMutual Global Funding II, <br> 4.55%, 05/07/2030<sup>(b)</sup> <br>|  | 1372000 | &nbsp;&nbsp; 1397055 |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 5.25%, 01/15/2054 |  | 4000 | &nbsp;&nbsp; 3763 |
| Series G, 6.35%, <br> 03/15/2055<sup>(f)</sup> <br>|  | 279000 | &nbsp;&nbsp; 289914 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| 5.95%, 04/16/2054<sup>(b)(f)</sup> <br>|  | 595000 | &nbsp;&nbsp; 621096 |
| 6.50%, 04/30/2055<sup>(b)(c)(f)</sup> <br>|  | 342000 | &nbsp;&nbsp; 367988 |
| Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup> <br>|  | 552000 | &nbsp;&nbsp; 562266 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Protective Life Corp., | Protective Life Corp., |  |  |
| 4.70%, 01/15/2031<sup>(b)</sup> <br>|  | $2520000 | &nbsp;&nbsp; $2545831 |
| 5.35%, 12/15/2035<sup>(b)</sup> <br>|  | 1682000 | &nbsp;&nbsp; 1709428 |
| Prudential Financial, Inc., <br> 5.20%, 03/14/2035<br>|  | 542000 | &nbsp;&nbsp; 555577 |
| Sagicor Financial Co. Ltd. <br> (Canada), 5.30%, <br> 05/13/2028<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 997030 |
| Wynnton Funding Trust, 5.25%, <br> 08/15/2035<sup>(b)</sup> <br>|  | 1005000 | &nbsp;&nbsp; 1017661 |
|  |  |  | &nbsp;&nbsp; 62948626 |
| **Life Sciences Tools & Services–0.15%** | **Life Sciences Tools & Services–0.15%** | **Life Sciences Tools & Services–0.15%** | **Life Sciences Tools & Services–0.15%** |
| Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |  |  |
| 4.22%, 02/12/2031 |  | 2236000 | &nbsp;&nbsp; 2254843 |
| 4.55%, 06/15/2033 |  | 2149000 | &nbsp;&nbsp; 2174068 |
| 4.90%, 02/12/2036<sup>(c)</sup> <br>|  | 3226000 | &nbsp;&nbsp; 3283193 |
|  |  |  | &nbsp;&nbsp; 7712104 |
| **Managed Health Care–0.00%** | **Managed Health Care–0.00%** | **Managed Health Care–0.00%** | **Managed Health Care–0.00%** |
| Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |  |  |
| Series 2021, <br>2.81%, 06/01/2041<br>|  | 11000 | &nbsp;&nbsp; 8386 |
| 3.00%, 06/01/2051 |  | 8000 | &nbsp;&nbsp; 5426 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.25%, 02/15/2028 |  | 16000 | &nbsp;&nbsp; 16427 |
| 5.30%, 02/15/2030 |  | 44000 | &nbsp;&nbsp; 46070 |
| 5.35%, 02/15/2033 |  | 31000 | &nbsp;&nbsp; 32556 |
| 5.63%, 07/15/2054 |  | 5000 | &nbsp;&nbsp; 4936 |
| 5.75%, 07/15/2064 |  | 1000 | &nbsp;&nbsp; 986 |
|  |  |  | &nbsp;&nbsp; 114787 |
| **Marine Transportation–0.16%** | **Marine Transportation–0.16%** | **Marine Transportation–0.16%** | **Marine Transportation–0.16%** |
| A.P. Moller - Maersk A/S, <br> 5.88%, 09/14/2033<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 30165 |
| NCL Corp. Ltd., | NCL Corp. Ltd., |  |  |
| 5.88%, 01/15/2031<sup>(b)</sup> <br>|  | 2155000 | &nbsp;&nbsp; 2178727 |
| 6.75%, 02/01/2032<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 66984 |
| 6.25%, 09/15/2033<sup>(b)(c)</sup> <br>|  | 2057000 | &nbsp;&nbsp; 2077506 |
| Stena International S.A. <br> (Sweden), 7.63%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 754000 | &nbsp;&nbsp; 786133 |
| Viking Cruises Ltd., | Viking Cruises Ltd., |  |  |
| 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 395000 | &nbsp;&nbsp; 395866 |
| 5.88%, 10/15/2033<sup>(b)</sup> <br>|  | 3050000 | &nbsp;&nbsp; 3113272 |
|  |  |  | &nbsp;&nbsp; 8648653 |
| **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | 728000 | &nbsp;&nbsp; 754740 |
| 5.44%, 04/03/2034 |  | 512000 | &nbsp;&nbsp; 534163 |
|  |  |  | &nbsp;&nbsp; 1288903 |
| **Movies & Entertainment–0.01%** | **Movies & Entertainment–0.01%** | **Movies & Entertainment–0.01%** | **Movies & Entertainment–0.01%** |
| Netflix, Inc., 5.40%, <br> 08/15/2054<br>|  | 8000 | &nbsp;&nbsp; 7974 |
| Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 260750 |
|  |  |  | &nbsp;&nbsp; 268724 |

---

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

**18**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | $47000 | &nbsp;&nbsp; $49531 |
| ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 320000 | &nbsp;&nbsp; 330580 |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 26000 | &nbsp;&nbsp; 27129 |
| Mid-America Apartments L.P., <br> 5.30%, 02/15/2032<br>|  | 167000 | &nbsp;&nbsp; 175452 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 44000 | &nbsp;&nbsp; 44960 |
|  |  |  | &nbsp;&nbsp; 627652 |
| **Multi-line Insurance–0.01%** | **Multi-line Insurance–0.01%** | **Multi-line Insurance–0.01%** | **Multi-line Insurance–0.01%** |
| American International Group, <br> Inc., 4.85%, 05/07/2030<br>|  | 226000 | &nbsp;&nbsp; 232024 |
| Metropolitan Life Global Funding <br> I, 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 521000 | &nbsp;&nbsp; 542685 |
|  |  |  | &nbsp;&nbsp; 774709 |
| **Multi-Utilities–0.49%** | **Multi-Utilities–0.49%** | **Multi-Utilities–0.49%** | **Multi-Utilities–0.49%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, <br> 06/15/2026<br>|  | 65000 | &nbsp;&nbsp; 65224 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 28000 | &nbsp;&nbsp; 28913 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 57000 | &nbsp;&nbsp; 61997 |
| CenterPoint Energy, Inc., | CenterPoint Energy, Inc., |  |  |
| Conv., 3.00%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 8443000 | &nbsp;&nbsp; 8944936 |
| 5.95%, 04/01/2056<sup>(c)(f)</sup> <br>|  | 1728000 | &nbsp;&nbsp; 1749553 |
| Dominion Energy, Inc., | Dominion Energy, Inc., |  |  |
| 5.38%, 11/15/2032 |  | 29000 | &nbsp;&nbsp; 30386 |
| 6.00%, 02/15/2056<sup>(f)</sup> <br>|  | 2695000 | &nbsp;&nbsp; 2736322 |
| 6.20%, 02/15/2056<sup>(c)(f)</sup> <br>|  | 876000 | &nbsp;&nbsp; 892168 |
| DTE Electric Co., | DTE Electric Co., |  |  |
| 5.20%, 03/01/2034 |  | 38000 | &nbsp;&nbsp; 39726 |
| 5.85%, 05/15/2055 |  | 16000 | &nbsp;&nbsp; 16636 |
| DTE Energy Co., | DTE Energy Co., |  |  |
| 4.95%, 07/01/2027 |  | 71000 | &nbsp;&nbsp; 71873 |
| 5.85%, 06/01/2034 |  | 24000 | &nbsp;&nbsp; 25823 |
| ENGIE S.A. (France), | ENGIE S.A. (France), |  |  |
| 5.25%, 04/10/2029<sup>(b)</sup> <br>|  | 728000 | &nbsp;&nbsp; 756025 |
| 5.63%, 04/10/2034<sup>(b)(c)</sup> <br>|  | 399000 | &nbsp;&nbsp; 420797 |
| 5.88%, 04/10/2054<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9231 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 14000 | &nbsp;&nbsp; 14358 |
| 5.35%, 04/01/2034 |  | 60000 | &nbsp;&nbsp; 62657 |
| 5.85%, 04/01/2055<sup>(c)</sup> <br>|  | 68000 | &nbsp;&nbsp; 68633 |
| Public Service Enterprise Group, <br> Inc., 5.88%, 10/15/2028<br>|  | 25000 | &nbsp;&nbsp; 26126 |
| Sempra, | Sempra, |  |  |
| 6.88%, 10/01/2054<sup>(f)</sup> <br>|  | 172000 | &nbsp;&nbsp; 177286 |
| 6.38%, 04/01/2056<sup>(f)</sup> <br>|  | 1639000 | &nbsp;&nbsp; 1678659 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.15%, 10/01/2027 |  | 22000 | &nbsp;&nbsp; 22395 |
| 4.75%, 01/15/2028 |  | 7807000 | &nbsp;&nbsp; 7928555 |
|  |  |  | &nbsp;&nbsp; 25828279 |
| **Office REITs–0.25%** | **Office REITs–0.25%** | **Office REITs–0.25%** | **Office REITs–0.25%** |
| Boston Properties L.P., Conv., <br> 2.00%, 10/01/2030<sup>(b)</sup> <br>|  | 5066000 | &nbsp;&nbsp; 4787370 |
| COPT Defense Properties L.P., <br> 4.50%, 10/15/2030<br>|  | 496000 | &nbsp;&nbsp; 498307 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Office REITs–(continued)** | **Office REITs–(continued)** | **Office REITs–(continued)** | **Office REITs–(continued)** |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| 5.38%, 02/15/2032 |  | $91000 | &nbsp;&nbsp; $93979 |
| 4.88%, 03/01/2033 |  | 4359000 | &nbsp;&nbsp; 4318763 |
| 5.88%, 10/01/2034 |  | 97000 | &nbsp;&nbsp; 101657 |
| Piedmont Operating Partnership L.P., | Piedmont Operating Partnership L.P., |  |  |
| 6.88%, 07/15/2029 |  | 142000 | &nbsp;&nbsp; 150993 |
| 5.63%, 01/15/2033 |  | 2991000 | &nbsp;&nbsp; 3007117 |
|  |  |  | &nbsp;&nbsp; 12958186 |
| **Oil & Gas Drilling–0.01%** | **Oil & Gas Drilling–0.01%** | **Oil & Gas Drilling–0.01%** | **Oil & Gas Drilling–0.01%** |
| Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 259000 | &nbsp;&nbsp; 271250 |
| Transocean International Ltd., <br> 7.88%, 10/15/2032<sup>(b)</sup> <br>|  | 274000 | &nbsp;&nbsp; 294337 |
|  |  |  | &nbsp;&nbsp; 565587 |
| **Oil & Gas Equipment & Services–0.11%** | **Oil & Gas Equipment & Services–0.11%** | **Oil & Gas Equipment & Services–0.11%** | **Oil & Gas Equipment & Services–0.11%** |
| Bristow Group, Inc., 6.75%, <br> 02/01/2033<sup>(b)</sup> <br>|  | 5215000 | &nbsp;&nbsp; 5294690 |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 377000 | &nbsp;&nbsp; 408117 |
|  |  |  | &nbsp;&nbsp; 5702807 |
| **Oil & Gas Exploration & Production–0.30%** | **Oil & Gas Exploration & Production–0.30%** | **Oil & Gas Exploration & Production–0.30%** | **Oil & Gas Exploration & Production–0.30%** |
| Aethon United BR L.P./Aethon <br> United Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 189000 | &nbsp;&nbsp; 198915 |
| Antero Resources Corp., <br> 5.40%, 02/01/2036<sup>(c)</sup> <br>|  | 1862000 | &nbsp;&nbsp; 1865063 |
| Azule Energy Finance PLC (Angola), | Azule Energy Finance PLC (Angola), |  |  |
| 8.13%, 01/23/2030<sup>(b)</sup> <br>|  | 330000 | &nbsp;&nbsp; 335029 |
| 8.25%, 01/22/2031<sup>(b)</sup> <br>|  | 371000 | &nbsp;&nbsp; 375374 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)(c)</sup> <br>|  | 389000 | &nbsp;&nbsp; 406726 |
| Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 259190 |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 4000 | &nbsp;&nbsp; 3983 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.20%, 04/18/2027 |  | 81000 | &nbsp;&nbsp; 82057 |
| 5.15%, 01/30/2030 |  | 93000 | &nbsp;&nbsp; 96568 |
| 5.90%, 04/18/2064 |  | 9000 | &nbsp;&nbsp; 8839 |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| 4.40%, 07/15/2028 |  | 286000 | &nbsp;&nbsp; 289848 |
| 5.35%, 01/15/2036 |  | 266000 | &nbsp;&nbsp; 276544 |
| 5.95%, 07/15/2055 |  | 82000 | &nbsp;&nbsp; 85772 |
| Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 73000 | &nbsp;&nbsp; 74121 |
| Hilcorp Energy I L.P./Hilcorp Finance <br> Co., | Hilcorp Energy I L.P./Hilcorp Finance <br> Co., |  |  |
| 6.00%, 04/15/2030<sup>(b)</sup> <br>|  | 558000 | &nbsp;&nbsp; 551321 |
| 6.88%, 05/15/2034<sup>(b)</sup> <br>|  | 73000 | &nbsp;&nbsp; 71515 |
| 7.25%, 02/15/2035<sup>(b)</sup> <br>|  | 263000 | &nbsp;&nbsp; 260653 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 514800 | &nbsp;&nbsp; 527946 |
| Uzbekneftegaz JSC (Uzbekistan), <br> 4.75%, 11/16/2028<sup>(b)</sup> <br>|  | 7487000 | &nbsp;&nbsp; 7326070 |
| Var Energi ASA (Norway), <br> 5.88%, 05/22/2030<sup>(b)</sup> <br>|  | 1258000 | &nbsp;&nbsp; 1322101 |
| Vista Energy Argentina S.A.U. <br> (Argentina), 8.50%, <br> 06/10/2033<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1051250 |

---

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

**19**

**Invesco Core Plus 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)** |
| Woodside Finance Ltd. <br> (Australia), 5.70%, <br> 05/19/2032<br>|  | $140000 | &nbsp;&nbsp; $148406 |
|  |  |  | &nbsp;&nbsp; 15617291 |
| **Oil & Gas Refining & Marketing–0.26%** | **Oil & Gas Refining & Marketing–0.26%** | **Oil & Gas Refining & Marketing–0.26%** | **Oil & Gas Refining & Marketing–0.26%** |
| Empresa Nacional del Petroleo (Chile), | Empresa Nacional del Petroleo (Chile), |  |  |
| 6.15%, 05/10/2033<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 640211 |
| 5.95%, 07/30/2034<sup>(b)</sup> <br>|  | 2578000 | &nbsp;&nbsp; 2713564 |
| ORLEN S.A. (Poland), 6.00%, <br> 01/30/2035<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 852385 |
| Raizen Fuels Finance S.A. (Brazil), | Raizen Fuels Finance S.A. (Brazil), |  |  |
| 6.25%, 07/08/2032<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 189252 |
| 6.70%, 02/25/2037<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 121331 |
| Sunoco L.P., | Sunoco L.P., |  |  |
| 5.63%, 03/15/2031<sup>(b)(c)</sup> <br>|  | 2260000 | &nbsp;&nbsp; 2280491 |
| 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 283378 |
| 5.88%, 03/15/2034<sup>(b)(c)</sup> <br>|  | 3302000 | &nbsp;&nbsp; 3316839 |
| 7.88%<sup>(b)(f)(h)</sup> <br>|  | 3111000 | &nbsp;&nbsp; 3218158 |
|  |  |  | &nbsp;&nbsp; 13615609 |
| **Oil & Gas Storage & Transportation–1.54%** | **Oil & Gas Storage & Transportation–1.54%** | **Oil & Gas Storage & Transportation–1.54%** | **Oil & Gas Storage & Transportation–1.54%** |
| Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., | Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., |  |  |
| 5.38%, 06/15/2029<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 275205 |
| 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 379000 | &nbsp;&nbsp; 394196 |
| 5.75%, 10/15/2033<sup>(b)</sup> <br>|  | 5923000 | &nbsp;&nbsp; 6015523 |
| 5.75%, 07/01/2034<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 108723 |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 36000 | &nbsp;&nbsp; 38627 |
| Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |  |  |
| 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20136 |
| 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 124000 | &nbsp;&nbsp; 127613 |
| Columbia Pipelines Operating Co. <br> LLC, 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 59117 |
| Eastern Energy Gas <br> Holdings LLC, 5.65%, <br> 10/15/2054<br>|  | 10000 | &nbsp;&nbsp; 9885 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 5.70%, 03/08/2033 |  | 31000 | &nbsp;&nbsp; 32957 |
| 7.63%, 01/15/2083<sup>(f)</sup> <br>|  | 41000 | &nbsp;&nbsp; 45061 |
| Series NC5, 8.25%, <br> 01/15/2084<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 20480 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.10%, 12/01/2028 |  | 19000 | &nbsp;&nbsp; 20005 |
| 6.40%, 12/01/2030 |  | 10000 | &nbsp;&nbsp; 10894 |
| 4.55%, 01/15/2031<sup>(c)</sup> <br>|  | 3787000 | &nbsp;&nbsp; 3824107 |
| 5.55%, 05/15/2034 |  | 43000 | &nbsp;&nbsp; 44753 |
| 5.35%, 01/15/2036 |  | 1158000 | &nbsp;&nbsp; 1177774 |
| 5.95%, 05/15/2054 |  | 12000 | &nbsp;&nbsp; 11593 |
| 8.00%, 05/15/2054<sup>(c)(f)</sup> <br>|  | 3155000 | &nbsp;&nbsp; 3386937 |
| 6.05%, 09/01/2054 |  | 34000 | &nbsp;&nbsp; 33269 |
| 7.13%, 10/01/2054<sup>(f)</sup> <br>|  | 11150000 | &nbsp;&nbsp; 11552504 |
| 6.30%, 01/15/2056 |  | 98000 | &nbsp;&nbsp; 99238 |
| 6.50%, 02/15/2056<sup>(f)</sup> <br>|  | 10270000 | &nbsp;&nbsp; 10383648 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.30%, 06/20/2028 |  | 733000 | &nbsp;&nbsp; 741028 |
| 4.60%, 01/15/2031 |  | 3645000 | &nbsp;&nbsp; 3727480 |
| 5.20%, 01/15/2036 |  | 899000 | &nbsp;&nbsp; 927184 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 271488 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Florida Gas Transmission Co. <br> LLC, 5.75%, 07/15/2035<sup>(b)</sup> <br>|  | $394000 | &nbsp;&nbsp; $415740 |
| Genesis Energy L.P./Genesis Energy <br> Finance Corp., | Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| 8.88%, 04/15/2030 |  | 384000 | &nbsp;&nbsp; 403066 |
| 6.75%, 03/15/2034 |  | 48000 | &nbsp;&nbsp; 48580 |
| Global Partners L.P./GLP Finance <br> Corp., 7.13%, <br> 07/01/2033<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 285057 |
| GreenSaif Pipelines Bidco S.a.r.l. <br> (Saudi Arabia), | GreenSaif Pipelines Bidco S.a.r.l. <br> (Saudi Arabia), |  |  |
| 5.85%, 02/23/2036<sup>(b)</sup> <br>|  | 5540000 | &nbsp;&nbsp; 5823737 |
| 6.13%, 02/23/2038<sup>(b)</sup> <br>|  | 2540000 | &nbsp;&nbsp; 2706084 |
| 6.51%, 02/23/2042<sup>(b)</sup> <br>|  | 5385000 | &nbsp;&nbsp; 5909216 |
| 6.10%, 08/23/2042<sup>(b)</sup> <br>|  | 3366000 | &nbsp;&nbsp; 3531984 |
| Gulfstream Natural Gas System <br> L.L.C., 5.60%, <br> 07/23/2035<sup>(b)</sup> <br>|  | 609000 | &nbsp;&nbsp; 634649 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 469000 | &nbsp;&nbsp; 488193 |
| 4.80%, 02/01/2033 |  | 11000 | &nbsp;&nbsp; 11202 |
| 5.20%, 06/01/2033 |  | 33000 | &nbsp;&nbsp; 34446 |
| 5.85%, 06/01/2035<sup>(c)</sup> <br>|  | 109000 | &nbsp;&nbsp; 117224 |
| MPLX L.P., | MPLX L.P., |  |  |
| 4.80%, 02/15/2031<sup>(c)</sup> <br>|  | 2132000 | &nbsp;&nbsp; 2177050 |
| 5.00%, 01/15/2033 |  | 966000 | &nbsp;&nbsp; 981982 |
| 5.40%, 09/15/2035 |  | 1076000 | &nbsp;&nbsp; 1099302 |
| NGL Energy Operating LLC/NGL <br> Energy Finance Corp., <br> 8.38%, 02/15/2032<sup>(b)</sup> <br>|  | 282000 | &nbsp;&nbsp; 295981 |
| Northern Natural Gas Co., <br> 5.63%, 02/01/2054<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 7919 |
| Northriver Midstream Finance <br> L.P. (Canada), 6.75%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 83000 | &nbsp;&nbsp; 85401 |
| ONEOK, Inc., 6.63%, <br> 09/01/2053<br>|  | 16000 | &nbsp;&nbsp; 16974 |
| South Bow Canadian <br> Infrastructure Holdings Ltd. <br> (Canada), 7.63%, <br> 03/01/2055<sup>(f)</sup> <br>|  | 2595000 | &nbsp;&nbsp; 2705679 |
| South Bow USA Infrastructure <br> Holdings LLC (Canada), | South Bow USA Infrastructure <br> Holdings LLC (Canada), |  |  |
| 4.91%, 09/01/2027 |  | 88000 | &nbsp;&nbsp; 88981 |
| 5.03%, 10/01/2029 |  | 269000 | &nbsp;&nbsp; 275113 |
| 5.58%, 10/01/2034 |  | 169000 | &nbsp;&nbsp; 172208 |
| 6.18%, 10/01/2054 |  | 66000 | &nbsp;&nbsp; 64717 |
| Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |  |  |
| Series A, 4.05%, <br> 09/15/2028<br>|  | 315000 | &nbsp;&nbsp; 316145 |
| 5.75%, 09/15/2033 |  | 10000 | &nbsp;&nbsp; 10700 |
| Series B, 5.10%, <br> 09/15/2035<br>|  | 194000 | &nbsp;&nbsp; 197668 |
| Sunoco L.P./Sunoco Finance <br> Corp., 4.50%, 04/30/2030<br>|  | 234000 | &nbsp;&nbsp; 229162 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 311000 | &nbsp;&nbsp; 322569 |
| Targa Resources Corp., 5.50%, <br> 02/15/2035<br>|  | 4000 | &nbsp;&nbsp; 4141 |

---

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

**20**

**Invesco Core Plus 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)** |
| TMS Issuer S.a.r.l. (Saudi <br> Arabia), 5.78%, <br> 08/23/2032<sup>(b)</sup> <br>|  | $220000 | &nbsp;&nbsp; $229502 |
| Transportadora de Gas del Sur <br> S.A. (Argentina), 7.75%, <br> 11/20/2035<sup>(b)</sup> <br>|  | 900000 | &nbsp;&nbsp; 913127 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.50%, 02/01/2029<sup>(b)</sup> <br>|  | 1331000 | &nbsp;&nbsp; 1428327 |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 191000 | &nbsp;&nbsp; 202493 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 6.13%, 12/15/2030<sup>(b)</sup> <br>|  | 115000 | &nbsp;&nbsp; 119519 |
| 7.50%, 05/01/2033<sup>(b)</sup> <br>|  | 584000 | &nbsp;&nbsp; 648128 |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 349000 | &nbsp;&nbsp; 367479 |
| 7.75%, 05/01/2035<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 425540 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 258000 | &nbsp;&nbsp; 274978 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| 4.80%, 03/01/2031 |  | 2436000 | &nbsp;&nbsp; 2457467 |
| 6.15%, 04/01/2033 |  | 28000 | &nbsp;&nbsp; 29972 |
| 5.45%, 11/15/2034 |  | 82000 | &nbsp;&nbsp; 83452 |
| 5.50%, 12/15/2035<sup>(c)</sup> <br>|  | 965000 | &nbsp;&nbsp; 973692 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028 |  | 118000 | &nbsp;&nbsp; 121852 |
| 4.80%, 11/15/2029 |  | 163000 | &nbsp;&nbsp; 167194 |
| 5.65%, 03/15/2033 |  | 45000 | &nbsp;&nbsp; 47631 |
| 5.15%, 03/15/2034 |  | 30000 | &nbsp;&nbsp; 30792 |
| 5.80%, 11/15/2054 |  | 22000 | &nbsp;&nbsp; 21912 |
| 6.00%, 03/15/2055 |  | 49000 | &nbsp;&nbsp; 50306 |
|  |  |  | &nbsp;&nbsp; 81413658 |
| **Other Specialized REITs–0.02%** | **Other Specialized REITs–0.02%** | **Other Specialized REITs–0.02%** | **Other Specialized REITs–0.02%** |
| Iron Mountain, Inc., | Iron Mountain, Inc., |  |  |
| 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 513442 |
| 4.88%, 09/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 495875 |
| 6.25%, 01/15/2033<sup>(b)</sup> <br>|  | 34000 | &nbsp;&nbsp; 34764 |
|  |  |  | &nbsp;&nbsp; 1044081 |
| **Other Specialty Retail–0.01%** | **Other Specialty Retail–0.01%** | **Other Specialty Retail–0.01%** | **Other Specialty Retail–0.01%** |
| Michaels Companies, Inc. (The), | Michaels Companies, Inc. (The), |  |  |
| 8.50%, 03/15/2033<sup>(b)</sup> <br>|  | 239000 | &nbsp;&nbsp; 232689 |
| 11.00%, 03/15/2034<sup>(b)</sup> <br>|  | 48000 | &nbsp;&nbsp; 44907 |
| SGUS LLC, 11.00%, <br> 12/31/2049<sup>(b)(d)</sup> <br>|  | 67020 | &nbsp;&nbsp; 1843 |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 5000 | &nbsp;&nbsp; 5198 |
| VSP Optical Group, Inc., 5.45%, <br> 12/01/2035<sup>(b)</sup> <br>|  | 469000 | &nbsp;&nbsp; 477361 |
|  |  |  | &nbsp;&nbsp; 761998 |
| **Packaged Foods & Meats–0.09%** | **Packaged Foods & Meats–0.09%** | **Packaged Foods & Meats–0.09%** | **Packaged Foods & Meats–0.09%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| 5.30%, 03/20/2026 |  | 40000 | &nbsp;&nbsp; 40021 |
| 5.20%, 03/21/2029 |  | 42000 | &nbsp;&nbsp; 43217 |
| 5.40%, 03/21/2034 |  | 41000 | &nbsp;&nbsp; 41917 |
| 5.25%, 10/13/2054 |  | 21000 | &nbsp;&nbsp; 19087 |
| JBS N.V./JBS USA Foods Group <br> Holdings, Inc./JBS USA Food Co. <br> Holdings, | JBS N.V./JBS USA Foods Group <br> Holdings, Inc./JBS USA Food Co. <br> Holdings, |  |  |
| 6.25%, 03/01/2056 |  | 497000 | &nbsp;&nbsp; 508116 |
| 6.38%, 04/15/2066 |  | 212000 | &nbsp;&nbsp; 216051 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.60%, 03/01/2028<sup>(b)(c)</sup> <br>|  | $672000 | &nbsp;&nbsp; $682017 |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 286000 | &nbsp;&nbsp; 294063 |
| 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 376000 | &nbsp;&nbsp; 389583 |
| 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 476000 | &nbsp;&nbsp; 493053 |
| 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51199 |
| 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 50738 |
| 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31778 |
| McCormick & Co., Inc., | McCormick & Co., Inc., |  |  |
| 4.15%, 02/15/2029 |  | 1939000 | &nbsp;&nbsp; 1952251 |
| 4.70%, 10/15/2034 |  | 124000 | &nbsp;&nbsp; 124022 |
| Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)(c)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53147 |
|  |  |  | &nbsp;&nbsp; 4990260 |
| **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** |
| Cascades, Inc./Cascades USA, <br> Inc. (Canada), 6.75%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 191000 | &nbsp;&nbsp; 196101 |
| Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |  |  |
| 8.75%, 04/15/2030<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 271031 |
| 6.75%, 04/15/2032<sup>(b)</sup> <br>|  | 139000 | &nbsp;&nbsp; 140158 |
| SAN Miguel Industrias Pet <br> S.A./NG PET R&P Latin <br> America S.A. (Peru), 3.75%, <br> 08/02/2028<sup>(b)</sup> <br>|  | 702000 | &nbsp;&nbsp; 680498 |
|  |  |  | &nbsp;&nbsp; 1287788 |
| **Paper Products–0.01%** | **Paper Products–0.01%** | **Paper Products–0.01%** | **Paper Products–0.01%** |
| Inversiones CMPC S.A. (Chile), <br> 6.13%, 02/26/2034<sup>(b)</sup> <br>|  | 225000 | &nbsp;&nbsp; 230149 |
| Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)(c)</sup> <br>|  | 182000 | &nbsp;&nbsp; 178329 |
|  |  |  | &nbsp;&nbsp; 408478 |
| **Passenger Airlines–0.29%** | **Passenger Airlines–0.29%** | **Passenger Airlines–0.29%** | **Passenger Airlines–0.29%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| Series 2021-1, Class A, <br> 2.88%, 07/11/2034<br>|  | 5686 | &nbsp;&nbsp; 5257 |
| Series B, 5.65%, <br> 11/11/2034<br>|  | 1512000 | &nbsp;&nbsp; 1552442 |
| 4.90%, 05/11/2038 |  | 2525000 | &nbsp;&nbsp; 2543345 |
| American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 826000 | &nbsp;&nbsp; 835901 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | 156000 | &nbsp;&nbsp; 158684 |
| 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153005 |
| British Airways Pass-Through <br> Trust (United Kingdom), <br> Series 2021-1, Class A, <br> 2.90%, 03/15/2035<sup>(b)</sup> <br>|  | 64691 | &nbsp;&nbsp; 60252 |
| CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 271000 | &nbsp;&nbsp; 267549 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| 4.95%, 07/10/2028 |  | 700000 | &nbsp;&nbsp; 711798 |
| 5.25%, 07/10/2030<sup>(c)</sup> <br>|  | 486000 | &nbsp;&nbsp; 501353 |
| Delta Air Lines, Inc./SkyMiles IP <br> Ltd., 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 52056 | &nbsp;&nbsp; 52524 |
| United Airlines Holdings, Inc., | United Airlines Holdings, Inc., |  |  |
| 4.88%, 03/01/2029 |  | 6819000 | &nbsp;&nbsp; 6885234 |
| 5.38%, 03/01/2031 |  | 1229000 | &nbsp;&nbsp; 1254575 |

---

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

**21**

**Invesco Core Plus 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 2020-1, Class A, <br> 5.88%, 10/15/2027<br>|  | $13024 | &nbsp;&nbsp; $13346 |
| Series 24-A, 5.88%, <br> 02/15/2037<br>|  | 126866 | &nbsp;&nbsp; 131676 |
| Series AA, 5.45%, <br> 02/15/2037<br>|  | 124047 | &nbsp;&nbsp; 130148 |
|  |  |  | &nbsp;&nbsp; 15257089 |
| **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| 4.30%, 01/15/2030 |  | 343000 | &nbsp;&nbsp; 345098 |
| 4.15%, 01/15/2031<sup>(c)</sup> <br>|  | 1927000 | &nbsp;&nbsp; 1920388 |
| 4.80%, 09/15/2035<sup>(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 248984 |
|  |  |  | &nbsp;&nbsp; 2514470 |
| **Personal Care Products–0.01%** | **Personal Care Products–0.01%** | **Personal Care Products–0.01%** | **Personal Care Products–0.01%** |
| Opal Bidco SAS (France), <br> 6.50%, 03/31/2032<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 267968 |
| **Pharmaceuticals–0.87%** | **Pharmaceuticals–0.87%** | **Pharmaceuticals–0.87%** | **Pharmaceuticals–0.87%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 191476 |
| Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)</sup> <br>|  | 295000 | &nbsp;&nbsp; 310511 |
| AstraZeneca Finance LLC (United <br> Kingdom), | AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| 4.85%, 02/26/2029 |  | 62000 | &nbsp;&nbsp; 63895 |
| 4.90%, 02/26/2031 |  | 61000 | &nbsp;&nbsp; 63471 |
| Bristol-Myers Squibb Co., <br> 5.90%, 11/15/2033<br>|  | 12000 | &nbsp;&nbsp; 13184 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.70%, 02/09/2034 |  | 33000 | &nbsp;&nbsp; 33774 |
| 5.00%, 02/09/2054 |  | 2000 | &nbsp;&nbsp; 1880 |
| 5.55%, 10/15/2055 |  | 40000 | &nbsp;&nbsp; 40696 |
| 5.10%, 02/09/2064 |  | 7000 | &nbsp;&nbsp; 6528 |
| 5.20%, 08/14/2064 |  | 7000 | &nbsp;&nbsp; 6619 |
| 5.65%, 10/15/2065 |  | 68000 | &nbsp;&nbsp; 68893 |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | 1215000 | &nbsp;&nbsp; 1221191 |
| 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 11743000 | &nbsp;&nbsp; 11849386 |
| 4.63%, 10/15/2032<sup>(b)</sup> <br>|  | 1583000 | &nbsp;&nbsp; 1603341 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 4.15%, 03/15/2031 |  | 7298000 | &nbsp;&nbsp; 7349321 |
| 4.45%, 12/04/2032 |  | 1631000 | &nbsp;&nbsp; 1653475 |
| 4.75%, 12/04/2035<sup>(c)</sup> <br>|  | 1129000 | &nbsp;&nbsp; 1139714 |
| 5.15%, 05/17/2063 |  | 1000 | &nbsp;&nbsp; 933 |
| 5.70%, 12/04/2065 |  | 251000 | &nbsp;&nbsp; 252250 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| 4.10%, 11/05/2030 |  | 5004000 | &nbsp;&nbsp; 5038209 |
| 4.20%, 09/18/2034<sup>(c)</sup> <br>|  | 222000 | &nbsp;&nbsp; 220378 |
| 4.70%, 09/18/2054 |  | 18000 | &nbsp;&nbsp; 16318 |
| Pfizer, Inc., | Pfizer, Inc., |  |  |
| 4.20%, 11/15/2030<sup>(c)</sup> <br>|  | 3784000 | &nbsp;&nbsp; 3823696 |
| 4.50%, 11/15/2032<sup>(c)</sup> <br>|  | 4246000 | &nbsp;&nbsp; 4318804 |
| 5.60%, 11/15/2055<sup>(c)</sup> <br>|  | 367000 | &nbsp;&nbsp; 370447 |
| 5.70%, 11/15/2065 |  | 400000 | &nbsp;&nbsp; 397832 |
| Takeda U.S. Financing, Inc., | Takeda U.S. Financing, Inc., |  |  |
| 5.20%, 07/07/2035 |  | 853000 | &nbsp;&nbsp; 877709 |
| 5.90%, 07/07/2055 |  | 260000 | &nbsp;&nbsp; 268511 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Teva Pharmaceuticals Finance <br> Netherlands B.V. (Israel), <br> 6.00%, 12/01/2032<sup>(c)</sup> <br>|  | $2790000 | &nbsp;&nbsp; $2962707 |
| Zoetis, Inc., 4.15%, <br> 08/17/2028<br>|  | 1792000 | &nbsp;&nbsp; 1805941 |
|  |  |  | &nbsp;&nbsp; 45971090 |
| **Property & Casualty Insurance–0.07%** | **Property & Casualty Insurance–0.07%** | **Property & Casualty Insurance–0.07%** | **Property & Casualty Insurance–0.07%** |
| Asurion LLC and Asurion Co-Issuer, <br> Inc., | Asurion LLC and Asurion Co-Issuer, <br> Inc., |  |  |
| 8.00%, 12/31/2032<sup>(b)</sup> <br>|  | 276000 | &nbsp;&nbsp; 290122 |
| 8.38%, 02/01/2034<sup>(b)</sup> <br>|  | 1988000 | &nbsp;&nbsp; 1979624 |
| CNA Financial Corp., 5.20%, <br> 08/15/2035<br>|  | 998000 | &nbsp;&nbsp; 1004640 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, <br> 03/15/2055<br>|  | 51000 | &nbsp;&nbsp; 51121 |
| Hanover Insurance Group, Inc. <br> (The), 5.50%, 09/01/2035<br>|  | 272000 | &nbsp;&nbsp; 278083 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| 5.05%, 07/24/2035 |  | 119000 | &nbsp;&nbsp; 121876 |
| 5.70%, 07/24/2055 |  | 51000 | &nbsp;&nbsp; 52487 |
|  |  |  | &nbsp;&nbsp; 3777953 |
| **Rail Transportation–0.01%** | **Rail Transportation–0.01%** | **Rail Transportation–0.01%** | **Rail Transportation–0.01%** |
| Canadian Pacific Railway Co. <br> (Canada), 5.20%, <br> 03/30/2035<sup>(c)</sup> <br>|  | 207000 | &nbsp;&nbsp; 217182 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 5.05%, 08/01/2030 |  | 14000 | &nbsp;&nbsp; 14570 |
| 5.55%, 03/15/2034 |  | 6000 | &nbsp;&nbsp; 6389 |
| 5.95%, 03/15/2064 |  | 2000 | &nbsp;&nbsp; 2076 |
| TTX Co., 5.05%, <br> 11/15/2034<sup>(b)</sup> <br>|  | 473000 | &nbsp;&nbsp; 491246 |
| Union Pacific Corp., 5.15%, <br> 01/20/2063<br>|  | 6000 | &nbsp;&nbsp; 5595 |
|  |  |  | &nbsp;&nbsp; 737058 |
| **Real Estate Development–0.05%** | **Real Estate Development–0.05%** | **Real Estate Development–0.05%** | **Real Estate Development–0.05%** |
| Essential Properties L.P., <br> 5.40%, 12/01/2035<br>|  | 175000 | &nbsp;&nbsp; 178442 |
| Port of Spain Waterfront <br> Development (Trinidad), <br> 7.88%, 02/19/2040<sup>(b)</sup> <br>|  | 186667 | &nbsp;&nbsp; 190167 |
| Prologis Targeted U.S. Logistics Fund <br> L.P., | Prologis Targeted U.S. Logistics Fund <br> L.P., |  |  |
| 4.25%, 01/15/2031<sup>(b)(c)</sup> <br>|  | 1377000 | &nbsp;&nbsp; 1379413 |
| 4.75%, 01/15/2036<sup>(b)</sup> <br>|  | 878000 | &nbsp;&nbsp; 868800 |
|  |  |  | &nbsp;&nbsp; 2616822 |
| **Regional Banks–0.46%** | **Regional Banks–0.46%** | **Regional Banks–0.46%** | **Regional Banks–0.46%** |
| Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |  |  |
| 5.30%, 01/29/2036<sup>(f)</sup> <br>|  | 879000 | &nbsp;&nbsp; 891329 |
| 5.64%, 05/21/2037<sup>(f)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9259 |
| Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |  |  |
| 4.62%, 01/28/2032<sup>(c)(f)</sup> <br>|  | 10837000 | &nbsp;&nbsp; 10942249 |
| 5.61%, 01/28/2041<sup>(c)(f)</sup> <br>|  | 3096000 | &nbsp;&nbsp; 3112152 |
| Pinnacle Financial Partners, Inc., <br> 6.17%, 11/01/2030<sup>(f)</sup> <br>|  | 113000 | &nbsp;&nbsp; 118524 |
| Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(f)</sup> <br>|  | 113000 | &nbsp;&nbsp; 118410 |
| Truist Financial Corp., 4.60%, <br> 01/27/2032<sup>(c)(f)</sup> <br>|  | 4647000 | &nbsp;&nbsp; 4697186 |

---

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

**22**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** |
| Zions Bancorp. N.A., 6.82%, <br> 11/19/2035<sup>(f)</sup> <br>|  | $555000 | &nbsp;&nbsp; $591291 |
| Zions Bancorporation N.A., | Zions Bancorporation N.A., |  |  |
| 4.70%, 08/18/2028<sup>(f)</sup> <br>|  | 1568000 | &nbsp;&nbsp; 1577071 |
| 4.48%, 02/09/2029<sup>(f)</sup> <br>|  | 2200000 | &nbsp;&nbsp; 2201334 |
|  |  |  | &nbsp;&nbsp; 24258805 |
| **Reinsurance–0.16%** | **Reinsurance–0.16%** | **Reinsurance–0.16%** | **Reinsurance–0.16%** |
| Fortitude Global Funding, <br> 4.63%, 10/06/2028<sup>(b)</sup> <br>|  | 2841000 | &nbsp;&nbsp; 2851593 |
| Fortitude Group Holdings LLC, <br> 6.25%, 04/01/2030<sup>(b)</sup> <br>|  | 171000 | &nbsp;&nbsp; 177708 |
| Global Atlantic (Fin) Co., 6.75%, <br> 03/15/2054<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 31066 |
| Reinsurance Group of America, <br> Inc., 6.38%, 09/15/2056<sup>(f)</sup> <br>|  | 1724000 | &nbsp;&nbsp; 1726341 |
| RGA Global Funding, 5.00%, <br> 08/25/2032<sup>(b)</sup> <br>|  | 3375000 | &nbsp;&nbsp; 3436666 |
|  |  |  | &nbsp;&nbsp; 8223374 |
| **Renewable Electricity–0.04%** | **Renewable Electricity–0.04%** | **Renewable Electricity–0.04%** | **Renewable Electricity–0.04%** |
| Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 55000 | &nbsp;&nbsp; 57561 |
| Southern Power Co., | Southern Power Co., |  |  |
| Series A, 4.25%, <br> 10/01/2030<sup>(c)</sup> <br>|  | 1337000 | &nbsp;&nbsp; 1344293 |
| Series B, 4.90%, <br> 10/01/2035<br>|  | 602000 | &nbsp;&nbsp; 600174 |
|  |  |  | &nbsp;&nbsp; 2002028 |
| **Research & Consulting Services–0.06%** | **Research & Consulting Services–0.06%** | **Research & Consulting Services–0.06%** | **Research & Consulting Services–0.06%** |
| Clarivate Science Holdings <br> Corp., 4.88%, <br> 07/01/2029<sup>(b)</sup> <br>|  | 158000 | &nbsp;&nbsp; 129783 |
| Verisk Analytics, Inc., 4.45%, <br> 03/15/2031<br>|  | 2861000 | &nbsp;&nbsp; 2875809 |
|  |  |  | &nbsp;&nbsp; 3005592 |
| **Restaurants–0.21%** | **Restaurants–0.21%** | **Restaurants–0.21%** | **Restaurants–0.21%** |
| 1011778 BC ULC/New Red <br> Finance, Inc. (Canada), <br> 5.63%, 09/15/2029<sup>(b)</sup> <br>|  | 1146000 | &nbsp;&nbsp; 1167687 |
| Arcos Dorados B.V. (Brazil), | Arcos Dorados B.V. (Brazil), |  |  |
| 6.13%, 05/27/2029<sup>(b)</sup> <br>|  | 322000 | &nbsp;&nbsp; 330586 |
| 6.38%, 01/29/2032<sup>(b)</sup> <br>|  | 3510000 | &nbsp;&nbsp; 3739484 |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | 134000 | &nbsp;&nbsp; 137149 |
| 4.60%, 05/15/2030 |  | 357000 | &nbsp;&nbsp; 365360 |
| 4.40%, 02/12/2031<sup>(c)</sup> <br>|  | 3006000 | &nbsp;&nbsp; 3056116 |
| 4.95%, 08/14/2033 |  | 85000 | &nbsp;&nbsp; 88544 |
| 4.95%, 03/03/2035 |  | 363000 | &nbsp;&nbsp; 372245 |
| 5.00%, 02/13/2036<sup>(c)</sup> <br>|  | 1268000 | &nbsp;&nbsp; 1299698 |
| Yum! Brands, Inc., 4.75%, <br> 01/15/2030<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 500737 |
|  |  |  | &nbsp;&nbsp; 11057606 |
| **Retail REITs–0.13%** | **Retail REITs–0.13%** | **Retail REITs–0.13%** | **Retail REITs–0.13%** |
| Agree L.P., 5.63%, <br> 06/15/2034<br>|  | 40000 | &nbsp;&nbsp; 42233 |
| Brixmor Operating Partnership L.P., | Brixmor Operating Partnership L.P., |  |  |
| 4.85%, 02/15/2033 |  | 574000 | &nbsp;&nbsp; 579285 |
| 5.75%, 02/15/2035 |  | 28000 | &nbsp;&nbsp; 29693 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| 4.85%, 03/01/2035 |  | $44000 | &nbsp;&nbsp; $44518 |
| 5.30%, 02/01/2036<sup>(c)</sup> <br>|  | 592000 | &nbsp;&nbsp; 615656 |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/2031 |  | 89000 | &nbsp;&nbsp; 91201 |
| 5.50%, 03/01/2034 |  | 10000 | &nbsp;&nbsp; 10447 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 15000 | &nbsp;&nbsp; 15821 |
| 5.50%, 06/15/2034 |  | 34000 | &nbsp;&nbsp; 35557 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 5.63%, 10/13/2032 |  | 6000 | &nbsp;&nbsp; 6416 |
| 4.50%, 02/01/2033 |  | 2136000 | &nbsp;&nbsp; 2141106 |
| 5.13%, 04/15/2035 |  | 98000 | &nbsp;&nbsp; 100872 |
| 5.38%, 09/01/2054 |  | 2000 | &nbsp;&nbsp; 1964 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 5.00%, 07/15/2032 |  | 313000 | &nbsp;&nbsp; 322847 |
| 4.50%, 03/15/2033 |  | 2387000 | &nbsp;&nbsp; 2388544 |
| 5.25%, 01/15/2034 |  | 25000 | &nbsp;&nbsp; 25962 |
| 5.10%, 01/15/2035 |  | 37000 | &nbsp;&nbsp; 37930 |
| Simon Property Group L.P., <br> 4.75%, 09/26/2034<br>|  | 292000 | &nbsp;&nbsp; 294130 |
|  |  |  | &nbsp;&nbsp; 6784182 |
| **Security & Alarm Services–0.07%** | **Security & Alarm Services–0.07%** | **Security & Alarm Services–0.07%** | **Security & Alarm Services–0.07%** |
| Brink's Co. (The), | Brink's Co. (The), |  |  |
| 4.63%, 10/15/2027<sup>(b)</sup> <br>|  | 3180000 | &nbsp;&nbsp; 3185261 |
| 6.50%, 06/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 515287 |
|  |  |  | &nbsp;&nbsp; 3700548 |
| **Self-Storage REITs–0.06%** | **Self-Storage REITs–0.06%** | **Self-Storage REITs–0.06%** | **Self-Storage REITs–0.06%** |
| Americold Realty Operating <br> Partnership L.P., | Americold Realty Operating <br> Partnership L.P., |  |  |
| 5.60%, 05/15/2032 |  | 476000 | &nbsp;&nbsp; 488028 |
| 5.41%, 09/12/2034 |  | 123000 | &nbsp;&nbsp; 121971 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 5.70%, 04/01/2028 |  | 6000 | &nbsp;&nbsp; 6198 |
| 4.95%, 01/15/2033 |  | 826000 | &nbsp;&nbsp; 839433 |
| 5.40%, 02/01/2034 |  | 47000 | &nbsp;&nbsp; 48501 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, <br> 10/07/2034<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 38765 |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028 |  | 30000 | &nbsp;&nbsp; 30713 |
| 4.75%, 01/15/2031<sup>(c)</sup> <br>|  | 856000 | &nbsp;&nbsp; 883406 |
| 5.13%, 01/15/2034 |  | 15000 | &nbsp;&nbsp; 15553 |
| 5.00%, 03/15/2034 |  | 105000 | &nbsp;&nbsp; 108042 |
| 5.00%, 01/31/2035 |  | 100000 | &nbsp;&nbsp; 102511 |
| 5.25%, 05/15/2035<sup>(c)</sup> <br>|  | 227000 | &nbsp;&nbsp; 236599 |
| 5.25%, 03/15/2054 |  | 18000 | &nbsp;&nbsp; 17361 |
| Public Storage Operating Co., <br> 5.35%, 08/01/2053<br>|  | 6000 | &nbsp;&nbsp; 5904 |
|  |  |  | &nbsp;&nbsp; 2942985 |
| **Semiconductors–1.42%** | **Semiconductors–1.42%** | **Semiconductors–1.42%** | **Semiconductors–1.42%** |
| AP Grange Holdings LLC, | AP Grange Holdings LLC, |  |  |
| 6.50%, 03/20/2045<sup>(b)</sup> <br>|  | 27441000 | &nbsp;&nbsp; 28984556 |
| 6.50%, 03/20/2045 |  | 2104674 | &nbsp;&nbsp; 2104674 |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 5.20%, 07/15/2035 |  | 436000 | &nbsp;&nbsp; 450775 |
| 4.80%, 02/15/2036 |  | 1114000 | &nbsp;&nbsp; 1117180 |
| 4.90%, 02/15/2038 |  | 880000 | &nbsp;&nbsp; 875530 |

---

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

**23**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.90%, 01/25/2030<sup>(b)(c)</sup> <br>|  | $1798000 | &nbsp;&nbsp; $1898449 |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 1544000 | &nbsp;&nbsp; 1612227 |
| 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 2403000 | &nbsp;&nbsp; 2579497 |
| 5.90%, 01/25/2033<sup>(b)</sup> <br>|  | 1708000 | &nbsp;&nbsp; 1811281 |
| 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 1918000 | &nbsp;&nbsp; 2004434 |
| 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 1326000 | &nbsp;&nbsp; 1429123 |
| 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 522000 | &nbsp;&nbsp; 557916 |
| 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 549000 | &nbsp;&nbsp; 588612 |
| 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 593000 | &nbsp;&nbsp; 645603 |
| 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 308000 | &nbsp;&nbsp; 333549 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.30%, 01/15/2031 |  | 52000 | &nbsp;&nbsp; 54626 |
| 5.65%, 11/01/2032 |  | 353000 | &nbsp;&nbsp; 376367 |
| 6.05%, 11/01/2035 |  | 382000 | &nbsp;&nbsp; 415110 |
| SK hynix, Inc. (South Korea), | SK hynix, Inc. (South Korea), |  |  |
| 4.25%, 09/11/2028<sup>(b)</sup> <br>|  | 9885000 | &nbsp;&nbsp; 9970767 |
| 4.38%, 09/11/2030<sup>(b)(c)</sup> <br>|  | 16839000 | &nbsp;&nbsp; 17092671 |
|  |  |  | &nbsp;&nbsp; 74902947 |
| **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** |
| American Homes 4 Rent L.P., | American Homes 4 Rent L.P., |  |  |
| 5.50%, 07/15/2034 |  | 80000 | &nbsp;&nbsp; 82760 |
| 5.25%, 03/15/2035 |  | 58000 | &nbsp;&nbsp; 58539 |
| Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>|  | 69000 | &nbsp;&nbsp; 68550 |
|  |  |  | &nbsp;&nbsp; 209849 |
| **Soft Drinks & Non-alcoholic Beverages–0.07%** | **Soft Drinks & Non-alcoholic Beverages–0.07%** | **Soft Drinks & Non-alcoholic Beverages–0.07%** | **Soft Drinks & Non-alcoholic Beverages–0.07%** |
| Coca-Cola Co. (The), 5.40%, <br> 05/13/2064<br>|  | 18000 | &nbsp;&nbsp; 17830 |
| Keurig Dr Pepper, Inc., 4.35%, <br> 05/15/2028<br>|  | 255000 | &nbsp;&nbsp; 256587 |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| 4.10%, 01/15/2029<sup>(c)</sup> <br>|  | 2076000 | &nbsp;&nbsp; 2098701 |
| 4.60%, 02/07/2030 |  | 258000 | &nbsp;&nbsp; 265496 |
| 5.00%, 02/07/2035 |  | 228000 | &nbsp;&nbsp; 236207 |
| 5.00%, 07/23/2035<sup>(c)</sup> <br>|  | 731000 | &nbsp;&nbsp; 757922 |
|  |  |  | &nbsp;&nbsp; 3632743 |
| **Sovereign Debt–1.83%** | **Sovereign Debt–1.83%** | **Sovereign Debt–1.83%** | **Sovereign Debt–1.83%** |
| Bahamas Government <br> International Bond <br> (Bahamas), 8.25%, <br> 06/24/2036<sup>(b)</sup> <br>|  | 465000 | &nbsp;&nbsp; 522558 |
| Bahrain Government <br> International Bond (Bahrain), <br> 7.10%, 02/03/2038<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 205850 |
| Barbados Government <br> International Bond <br> (Barbados), 8.00%, <br> 06/26/2035<sup>(b)</sup> <br>|  | 863000 | &nbsp;&nbsp; 925783 |
| Benin Sukuk S.A. (Benin), <br> 6.20%, 01/29/2033<sup>(b)</sup> <br>|  | 3862000 | &nbsp;&nbsp; 3811887 |
| Brazilian Government <br> International Bond (Brazil), <br> 7.25%, 01/12/2056<br>|  | 4467000 | &nbsp;&nbsp; 4550756 |
| Ciudad Autonoma De Buenos <br> Aires (Argentina), 7.80%, <br> 11/26/2033<sup>(b)</sup> <br>|  | 571200 | &nbsp;&nbsp; 586160 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** |
| Colombia Government International <br> Bond (Colombia), | Colombia Government International <br> Bond (Colombia), |  |  |
| 5.38%, 01/21/2029 |  | $15311000 | &nbsp;&nbsp; $15288033 |
| 6.13%, 01/21/2031 |  | 4756000 | &nbsp;&nbsp; 4756713 |
| 6.50%, 01/21/2033 |  | 4217000 | &nbsp;&nbsp; 4193005 |
| 8.00%, 04/20/2033 |  | 200000 | &nbsp;&nbsp; 214830 |
| Dominican Republic International <br> Bond (Dominican Republic), | Dominican Republic International <br> Bond (Dominican Republic), |  |  |
| 5.75%, 03/17/2034<sup>(b)</sup> <br>|  | 5028000 | &nbsp;&nbsp; 5031771 |
| 6.95%, 03/15/2037<sup>(b)</sup> <br>|  | 635000 | &nbsp;&nbsp; 681672 |
| 6.15%, 05/17/2038<sup>(b)(c)</sup> <br>|  | 3775000 | &nbsp;&nbsp; 3787269 |
| Egypt Government International <br> Bond (Egypt), 8.63%, <br> 02/04/2030<sup>(b)</sup> <br>|  | 385000 | &nbsp;&nbsp; 418497 |
| Egyptian Financial Co. for <br> Sovereign Taskeek (The) <br> (Egypt), 6.38%, <br> 04/07/2029<sup>(b)</sup> <br>|  | 2109000 | &nbsp;&nbsp; 2134287 |
| Guatemala Government Bond <br> (Guatemala), | Guatemala Government Bond <br> (Guatemala), |  |  |
| 6.05%, 08/06/2031<sup>(b)</sup> <br>|  | 2805000 | &nbsp;&nbsp; 2945559 |
| 7.05%, 10/04/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 222077 |
| 6.88%, 08/15/2055<sup>(b)</sup> <br>|  | 2068000 | &nbsp;&nbsp; 2270292 |
| Israel Government International Bond <br> (Israel), | Israel Government International Bond <br> (Israel), |  |  |
| 4.50%, 01/17/2033 |  | 200000 | &nbsp;&nbsp; 197276 |
| 5.00%, 01/13/2036 |  | 888000 | &nbsp;&nbsp; 884920 |
| 5.88%, 01/13/2056 |  | 647000 | &nbsp;&nbsp; 644841 |
| Ivory Coast Government International <br> Bond (Ivory Coast), | Ivory Coast Government International <br> Bond (Ivory Coast), |  |  |
| 8.08%, 04/01/2036<sup>(b)</sup> <br>|  | 455000 | &nbsp;&nbsp; 493318 |
| 8.25%, 01/30/2037<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 437843 |
| 6.75%, 02/25/2041<sup>(b)</sup> <br>|  | 360000 | &nbsp;&nbsp; 344043 |
| Kazakhstan Government <br> International Bond <br> (Kazakhstan), 4.41%, <br> 10/28/2030<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 500074 |
| Kuwait International <br> Government Bond (Kuwait), <br> 4.14%, 10/09/2030<sup>(b)(c)</sup> <br>|  | 5253000 | &nbsp;&nbsp; 5278682 |
| Mexico Government International <br> Bond (Mexico), | Mexico Government International <br> Bond (Mexico), |  |  |
| 4.75%, 03/22/2031 |  | 10902000 | &nbsp;&nbsp; 10851306 |
| 5.85%, 07/02/2032 |  | 232000 | &nbsp;&nbsp; 240143 |
| 5.38%, 03/22/2033 |  | 2438000 | &nbsp;&nbsp; 2444217 |
| 6.13%, 02/09/2038 |  | 356000 | &nbsp;&nbsp; 360842 |
| 6.34%, 05/04/2053 |  | 200000 | &nbsp;&nbsp; 194630 |
| Series 10, 5.63%, <br> 09/22/2035<br>|  | 200000 | &nbsp;&nbsp; 199700 |
| Panama Government International <br> Bond (Panama), | Panama Government International <br> Bond (Panama), |  |  |
| 5.23%, 02/23/2034 |  | 735000 | &nbsp;&nbsp; 735551 |
| 5.66%, 02/23/2038 |  | 390000 | &nbsp;&nbsp; 392438 |
| Paraguay Government <br> International Bond <br> (Paraguay), 6.10%, <br> 08/11/2044<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 835185 |
| Republic of Kenya Government <br> International Bond (Kenya), <br> 9.50%, 03/05/2036<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 211380 |

---

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

**24**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** |
| Republic of South Africa Government <br> International Bond (South Africa), | Republic of South Africa Government <br> International Bond (South Africa), |  |  |
| 5.38%, 07/24/2044 |  | $1000000 | &nbsp;&nbsp; $843437 |
| 5.75%, 09/30/2049 |  | 200000 | &nbsp;&nbsp; 169086 |
| Romanian Government International <br> Bond (Romania), | Romanian Government International <br> Bond (Romania), |  |  |
| 6.63%, 02/17/2028<sup>(b)</sup> <br>|  | 5030000 | &nbsp;&nbsp; 5258188 |
| 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 3552000 | &nbsp;&nbsp; 3691634 |
| 7.13%, 01/17/2033<sup>(b)</sup> <br>|  | 2390000 | &nbsp;&nbsp; 2652162 |
| 6.63%, 05/16/2036<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 853052 |
| 5.75%, 07/04/2036<sup>(b)</sup> <br>|  | 420000 | &nbsp;&nbsp; 422020 |
| Saudi Government International <br> Bond (Saudi Arabia), 4.38%, <br> 04/16/2029<sup>(b)</sup> <br>|  | 415000 | &nbsp;&nbsp; 419050 |
| Serbia International Bond <br> (Serbia), 6.00%, <br> 06/12/2034<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 635097 |
| Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup> <br>|  | 3455000 | &nbsp;&nbsp; 3521751 |
| Zambia Government <br> International Bond (Zambia), <br> 5.75%, 06/30/2033<sup>(b)(j)</sup> <br>|  | 565648 | &nbsp;&nbsp; 551034 |
|  |  |  | &nbsp;&nbsp; 96809899 |
| **Specialized Consumer Services–0.06%** | **Specialized Consumer Services–0.06%** | **Specialized Consumer Services–0.06%** | **Specialized Consumer Services–0.06%** |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 431000 | &nbsp;&nbsp; 415337 |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 1330000 | &nbsp;&nbsp; 1362234 |
| 5.63%, 04/28/2035<sup>(b)(c)</sup> <br>|  | 1217000 | &nbsp;&nbsp; 1265668 |
|  |  |  | &nbsp;&nbsp; 3043239 |
| **Specialized Finance–0.02%** | **Specialized Finance–0.02%** | **Specialized Finance–0.02%** | **Specialized Finance–0.02%** |
| Blackstone Private Credit Fund, <br> 4.95%, 09/26/2027<br>|  | 8000 | &nbsp;&nbsp; 8002 |
| Corp. Financiera de Desarrollo <br> S.A. (Peru), 5.50%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 390000 | &nbsp;&nbsp; 404274 |
| HA Sustainable Infrastructure <br> Capital, Inc., 7.13%, <br> 11/15/2056<sup>(f)</sup> <br>|  | 36000 | &nbsp;&nbsp; 35998 |
| TrueNoord Capital DAC (Ireland), <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 381000 | &nbsp;&nbsp; 402730 |
|  |  |  | &nbsp;&nbsp; 851004 |
| **Specialty Chemicals–0.17%** | **Specialty Chemicals–0.17%** | **Specialty Chemicals–0.17%** | **Specialty Chemicals–0.17%** |
| Celanese US Holdings LLC, <br> 6.85%, 11/15/2028<br>|  | 263000 | &nbsp;&nbsp; 276991 |
| OCP S.A. (Morocco), | OCP S.A. (Morocco), |  |  |
| 6.10%, 04/30/2030<sup>(b)</sup> <br>|  | 2768000 | &nbsp;&nbsp; 2895877 |
| 3.75%, 06/23/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 188940 |
| 6.70%, 03/01/2036<sup>(b)</sup> <br>|  | 820000 | &nbsp;&nbsp; 885682 |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| 4.30%, 08/15/2028 |  | 2316000 | &nbsp;&nbsp; 2337652 |
| 4.50%, 08/15/2030<sup>(c)</sup> <br>|  | 958000 | &nbsp;&nbsp; 972927 |
| 5.15%, 08/15/2035 |  | 267000 | &nbsp;&nbsp; 274924 |
| Sociedad Quimica y Minera de Chile <br> S.A. (Chile), | Sociedad Quimica y Minera de Chile <br> S.A. (Chile), |  |  |
| 6.50%, 11/07/2033<sup>(b)(c)</sup> <br>|  | 485000 | &nbsp;&nbsp; 530666 |
| 5.63%, 04/22/2056<sup>(b)(f)</sup> <br>|  | 600000 | &nbsp;&nbsp; 608520 |
|  |  |  | &nbsp;&nbsp; 8972179 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Steel–0.16%** | **Steel–0.16%** | **Steel–0.16%** | **Steel–0.16%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | $329000 | &nbsp;&nbsp; $339135 |
| 7.63%, 01/15/2034<sup>(b)</sup> <br>|  | 4078000 | &nbsp;&nbsp; 4187866 |
| POSCO Holdings, Inc. (South <br> Korea), 5.13%, <br> 05/07/2030<sup>(b)</sup> <br>|  | 3591000 | &nbsp;&nbsp; 3728069 |
|  |  |  | &nbsp;&nbsp; 8255070 |
| **Systems Software–0.89%** | **Systems Software–0.89%** | **Systems Software–0.89%** | **Systems Software–0.89%** |
| CrowdStrike Holdings, Inc., <br> 3.00%, 02/15/2029<br>|  | 1000000 | &nbsp;&nbsp; 950603 |
| Oracle Corp., | Oracle Corp., |  |  |
| 4.55%, 02/04/2029 |  | 6559000 | &nbsp;&nbsp; 6572920 |
| 4.81% (SOFR + 1.11%), <br> 02/04/2029<sup>(e)</sup> <br>|  | 4813000 | &nbsp;&nbsp; 4808100 |
| 4.45%, 09/26/2030<sup>(c)</sup> <br>|  | 2030000 | &nbsp;&nbsp; 1991551 |
| 4.95%, 02/04/2031 |  | 8526000 | &nbsp;&nbsp; 8511018 |
| 6.25%, 11/09/2032 |  | 46000 | &nbsp;&nbsp; 48588 |
| 4.90%, 02/06/2033 |  | 26000 | &nbsp;&nbsp; 25430 |
| 5.35%, 05/04/2033 |  | 5475000 | &nbsp;&nbsp; 5495111 |
| 4.70%, 09/27/2034 |  | 199000 | &nbsp;&nbsp; 187117 |
| 5.20%, 09/26/2035 |  | 551000 | &nbsp;&nbsp; 532658 |
| 5.70%, 02/04/2036 |  | 7439000 | &nbsp;&nbsp; 7445959 |
| 5.88%, 09/26/2045 |  | 422000 | &nbsp;&nbsp; 382586 |
| 6.55%, 02/04/2046 |  | 5190000 | &nbsp;&nbsp; 5060166 |
| 6.90%, 11/09/2052 |  | 7000 | &nbsp;&nbsp; 6932 |
| 5.38%, 09/27/2054 |  | 79000 | &nbsp;&nbsp; 64091 |
| 6.00%, 08/03/2055 |  | 56000 | &nbsp;&nbsp; 49362 |
| 5.95%, 09/26/2055<sup>(c)</sup> <br>|  | 284000 | &nbsp;&nbsp; 250102 |
| 6.70%, 02/04/2056 |  | 3657000 | &nbsp;&nbsp; 3548651 |
| 5.50%, 09/27/2064 |  | 63000 | &nbsp;&nbsp; 49863 |
| 6.13%, 08/03/2065 |  | 95000 | &nbsp;&nbsp; 82612 |
| 6.85%, 02/04/2066 |  | 818000 | &nbsp;&nbsp; 784172 |
|  |  |  | &nbsp;&nbsp; 46847592 |
| **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** |
| Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |  |  |
| 5.00%, 10/15/2034 |  | 149000 | &nbsp;&nbsp; 147712 |
| 5.60%, 10/15/2054 |  | 90000 | &nbsp;&nbsp; 82885 |
| Lenovo Group Ltd. (China), <br> 6.54%, 07/27/2032<sup>(b)(c)</sup> <br>|  | 400000 | &nbsp;&nbsp; 440754 |
|  |  |  | &nbsp;&nbsp; 671351 |
| **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** | **Telecom Tower REITs–0.06%** |
| SBA Communications Corp., <br> 3.88%, 02/15/2027<br>|  | 3180000 | &nbsp;&nbsp; 3162507 |
| **Tobacco–0.17%** | **Tobacco–0.17%** | **Tobacco–0.17%** | **Tobacco–0.17%** |
| Altria Group, Inc., 4.88%, <br> 02/04/2028<br>|  | 87000 | &nbsp;&nbsp; 88598 |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 5.83%, 02/20/2031 |  | 23000 | &nbsp;&nbsp; 24604 |
| 4.63%, 03/22/2033 |  | 1175000 | &nbsp;&nbsp; 1180286 |
| 6.00%, 02/20/2034 |  | 19000 | &nbsp;&nbsp; 20635 |
| 7.08%, 08/02/2043 |  | 1000 | &nbsp;&nbsp; 1138 |

---

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

**25**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 4.38%, 11/01/2027 |  | $229000 | &nbsp;&nbsp; $231364 |
| 5.13%, 11/17/2027 |  | 57000 | &nbsp;&nbsp; 58216 |
| 4.88%, 02/15/2028 |  | 104000 | &nbsp;&nbsp; 106075 |
| 4.13%, 04/28/2028 |  | 369000 | &nbsp;&nbsp; 371686 |
| 5.25%, 09/07/2028 |  | 72000 | &nbsp;&nbsp; 74515 |
| 3.88%, 10/27/2028 |  | 2105000 | &nbsp;&nbsp; 2110146 |
| 4.88%, 02/13/2029 |  | 152000 | &nbsp;&nbsp; 156274 |
| 4.63%, 11/01/2029 |  | 273000 | &nbsp;&nbsp; 279713 |
| 4.38%, 04/30/2030 |  | 728000 | &nbsp;&nbsp; 737615 |
| 4.00%, 10/29/2030<sup>(c)</sup> <br>|  | 1756000 | &nbsp;&nbsp; 1755510 |
| 5.13%, 02/13/2031 |  | 38000 | &nbsp;&nbsp; 39655 |
| 4.75%, 11/01/2031 |  | 210000 | &nbsp;&nbsp; 216036 |
| 5.75%, 11/17/2032 |  | 16000 | &nbsp;&nbsp; 17262 |
| 5.38%, 02/15/2033 |  | 112000 | &nbsp;&nbsp; 118294 |
| 5.63%, 09/07/2033 |  | 35000 | &nbsp;&nbsp; 37537 |
| 5.25%, 02/13/2034 |  | 3000 | &nbsp;&nbsp; 3143 |
| 4.90%, 11/01/2034 |  | 323000 | &nbsp;&nbsp; 330300 |
| 4.88%, 04/30/2035 |  | 277000 | &nbsp;&nbsp; 281411 |
| 4.63%, 10/29/2035 |  | 591000 | &nbsp;&nbsp; 586081 |
|  |  |  | &nbsp;&nbsp; 8826094 |
| **Trading Companies & Distributors–0.10%** | **Trading Companies & Distributors–0.10%** | **Trading Companies & Distributors–0.10%** | **Trading Companies & Distributors–0.10%** |
| Air Lease Corp., Series B, <br> 4.65%<sup>(f)(h)</sup> <br>|  | 1979000 | &nbsp;&nbsp; 1977962 |
| Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., |  |  |
| 4.35%, 03/15/2031 |  | 1807000 | &nbsp;&nbsp; 1813056 |
| 5.00%, 10/03/2034 |  | 85000 | &nbsp;&nbsp; 86390 |
| GATX Corp., | GATX Corp., |  |  |
| 5.50%, 06/15/2035 |  | 14000 | &nbsp;&nbsp; 14553 |
| 6.05%, 06/05/2054 |  | 12000 | &nbsp;&nbsp; 12418 |
| Mitsubishi Corp. (Japan), | Mitsubishi Corp. (Japan), |  |  |
| 5.00%, 07/02/2029<sup>(b)</sup> <br>|  | 1016000 | &nbsp;&nbsp; 1050317 |
| 5.13%, 07/17/2034<sup>(b)(c)</sup> <br>|  | 542000 | &nbsp;&nbsp; 563856 |
|  |  |  | &nbsp;&nbsp; 5518552 |
| **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.38%, 08/21/2028 |  | 34000 | &nbsp;&nbsp; 34853 |
| 4.55%, 02/15/2031 |  | 17000 | &nbsp;&nbsp; 16956 |
| 5.63%, 08/21/2033 |  | 20000 | &nbsp;&nbsp; 20708 |
| 5.45%, 03/15/2034 |  | 20000 | &nbsp;&nbsp; 20400 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 63000 | &nbsp;&nbsp; 65276 |
|  |  |  | &nbsp;&nbsp; 158193 |
| **Water Utilities–0.00%** | **Water Utilities–0.00%** | **Water Utilities–0.00%** | **Water Utilities–0.00%** |
| American Water Capital Corp., <br> 5.70%, 09/01/2055<br>|  | 65000 | &nbsp;&nbsp; 65885 |
| **Wireless Telecommunication Services–0.05%** | **Wireless Telecommunication Services–0.05%** | **Wireless Telecommunication Services–0.05%** | **Wireless Telecommunication Services–0.05%** |
| 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>|  | 375750 | &nbsp;&nbsp; 378461 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 4.95%, 11/15/2035 |  | 985000 | &nbsp;&nbsp; 994463 |
| 5.65%, 01/15/2053 |  | 13000 | &nbsp;&nbsp; 12757 |
| 6.00%, 06/15/2054 |  | 3000 | &nbsp;&nbsp; 3081 |
| 5.88%, 11/15/2055 |  | 80000 | &nbsp;&nbsp; 80864 |
| 5.70%, 01/15/2056<sup>(c)</sup> <br>|  | 575000 | &nbsp;&nbsp; 567429 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** |
| Turkcell Iletisim Hizmetleri A.S. <br> (Turkey), 7.65%, <br> 01/24/2032<sup>(b)</sup> <br>|  | $670000 | &nbsp;&nbsp; $716965 |
|  |  |  | &nbsp;&nbsp; 2754020 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,115,941,217) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,115,941,217) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,115,941,217) | &nbsp;&nbsp; 2138675482 |
| **Asset-Backed Securities–32.99%** | **Asset-Backed Securities–32.99%** | **Asset-Backed Securities–32.99%** | **Asset-Backed Securities–32.99%** |
| Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |  |  |
| Series 2004-2, Class 6A1, <br> 0.71%, 02/25/2035<sup>(k)</sup> <br>|  | 16963 | &nbsp;&nbsp; 16894 |
| Series 2005-1, Class 4A1, <br> 5.55%, 05/25/2035<sup>(k)</sup> <br>|  | 192500 | &nbsp;&nbsp; 189424 |
| AGL CLO 17 Ltd., <br> Series 2022-17A, Class AR, <br> 4.62% (3 mo. Term SOFR + <br> 0.95%), 01/21/2035<sup>(b)(e)</sup> <br>|  | 12106000 | &nbsp;&nbsp; 12110867 |
| ALA Trust, Series 2025-OANA, <br> Class B, 5.50% (1 mo. Term <br> SOFR + 1.84%), <br> 06/15/2040<sup>(b)(e)</sup> <br>|  | 7781000 | &nbsp;&nbsp; 7832609 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, <br> 10/17/2038<sup>(b)</sup> <br>|  | 13340000 | &nbsp;&nbsp; 13115368 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.16%, 12/25/2059<sup>(b)(k)</sup> <br>|  | 404754 | &nbsp;&nbsp; 397167 |
| Series 2020-3, Class A1, <br> 1.69%, 04/25/2065<sup>(b)(k)</sup> <br>|  | 1944383 | &nbsp;&nbsp; 1875904 |
| Series 2020-5, Class A1, <br> 1.37%, 05/25/2065<sup>(b)(k)</sup> <br>|  | 861612 | &nbsp;&nbsp; 836357 |
| Series 2021-3, Class A1, <br> 1.07%, 05/25/2066<sup>(b)(k)</sup> <br>|  | 2015805 | &nbsp;&nbsp; 1780222 |
| Series 2021-7, Class A1, <br> 1.98%, 10/25/2066<sup>(b)(k)</sup> <br>|  | 5394486 | &nbsp;&nbsp; 4795772 |
| Series 2022-1, Class A1, <br> 3.88%, 12/25/2066<sup>(b)</sup> <br>|  | 10090982 | &nbsp;&nbsp; 9810483 |
| Series 2023-6, Class A1, <br> 6.50%, 12/25/2067<sup>(b)</sup> <br>|  | 2482245 | &nbsp;&nbsp; 2497821 |
| Series 2024-10, Class A1, <br> 5.35%, 10/25/2069<sup>(b)</sup> <br>|  | 7548116 | &nbsp;&nbsp; 7601368 |
| Series 2024-2, Class A1, <br> 5.99%, 01/25/2069<sup>(b)</sup> <br>|  | 10411725 | &nbsp;&nbsp; 10508985 |
| Series 2024-8, Class A1, <br> 5.34%, 05/27/2069<sup>(b)</sup> <br>|  | 5978759 | &nbsp;&nbsp; 6017626 |
| Series 2025-HB1, Class A1, <br> 5.47% (30 Day Average <br> SOFR + 1.80%), <br> 02/25/2055<sup>(b)(e)</sup> <br>|  | 1362927 | &nbsp;&nbsp; 1373235 |
| Ares LIII CLO Ltd., <br> Series 2019-53A, <br> Class A1R2, 4.76% (3 mo. <br> Term SOFR + 1.09%), <br> 10/24/2036<sup>(b)(e)</sup> <br>|  | 3425000 | &nbsp;&nbsp; 3430004 |

---

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

**26**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &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 2022-1A, Class A, <br> 3.83%, 08/21/2028<sup>(b)</sup> <br>|  | $20133000 | &nbsp;&nbsp; $20105780 |
| Series 2022-1A, Class C, <br> 4.84%, 08/21/2028<sup>(b)</sup> <br>|  | 5417000 | &nbsp;&nbsp; 5429410 |
| Series 2023-1A, Class A, <br> 5.25%, 04/20/2029<sup>(b)</sup> <br>|  | 3919000 | &nbsp;&nbsp; 4016682 |
| Series 2023-2A, Class A, <br> 5.20%, 10/20/2027<sup>(b)</sup> <br>|  | 2475000 | &nbsp;&nbsp; 2486515 |
| Series 2023-4A, Class A, <br> 5.49%, 06/20/2029<sup>(b)</sup> <br>|  | 13131000 | &nbsp;&nbsp; 13530027 |
| Series 2025-3A, Class A, <br> 4.17%, 02/20/2030<sup>(b)</sup> <br>|  | 5324000 | &nbsp;&nbsp; 5353779 |
| Series 2025-3A, Class B, <br> 4.46%, 02/20/2030<sup>(b)</sup> <br>|  | 2856000 | &nbsp;&nbsp; 2872901 |
| Series 2025-3A, Class C, <br> 4.95%, 02/20/2030<sup>(b)</sup> <br>|  | 1091600 | &nbsp;&nbsp; 1099099 |
| Series 2025-4A, Class A, <br> 4.40%, 02/20/2032<sup>(b)</sup> <br>|  | 12125000 | &nbsp;&nbsp; 12250271 |
| Series 2025-4A, Class B, <br> 4.77%, 02/20/2032<sup>(b)</sup> <br>|  | 5277000 | &nbsp;&nbsp; 5324592 |
| Series 2025-4A, Class C, <br> 5.26%, 02/20/2032<sup>(b)</sup> <br>|  | 2363000 | &nbsp;&nbsp; 2379920 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), | Bain Capital Credit CLO Ltd. (Cayman <br> Islands), |  |  |
| Series 2019-4A, Class A1RR, <br> 4.66% (3 mo. Term SOFR + <br> 0.99%), 04/23/2035<sup>(b)(e)</sup> <br>|  | 1170000 | &nbsp;&nbsp; 1170818 |
| Series 2021-1A, Class AR, <br> 4.61% (3 mo. Term SOFR + <br> 0.94%), 04/18/2034<sup>(b)(e)</sup> <br>|  | 6388000 | &nbsp;&nbsp; 6391449 |
| Banc of America Commercial <br> Mortgage Trust, <br> Series 2015-UBS7, Class AS, <br> 3.99%, 09/15/2048<sup>(k)</sup> <br>|  | 1969142 | &nbsp;&nbsp; 1965029 |
| Bank5, Series 2024-5YR10, <br> Class A, 5.64%, <br> 10/15/2057<br>|  | 3175000 | &nbsp;&nbsp; 3293215 |
| Barings CLO Ltd., <br> Series 2021-2A, Class A1R, <br> 4.74% (3 mo. Term SOFR + <br> 1.07%), 07/15/2034<sup>(b)(e)</sup> <br>|  | 10740000 | &nbsp;&nbsp; 10748377 |
| Barings Equipment Finance LLC, <br> Series 2025-B, Class A3, <br> 4.13%, 10/13/2032<sup>(b)</sup> <br>|  | 5050000 | &nbsp;&nbsp; 5103083 |
| Bayview MSR Opportunity Master Fund <br> Trust, | Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| Series 2021-4, Class A3, <br> 3.00%, 10/25/2051<sup>(b)(k)</sup> <br>|  | 9131430 | &nbsp;&nbsp; 8180412 |
| Series 2021-4, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(k)</sup> <br>|  | 9130725 | &nbsp;&nbsp; 7843419 |
| Series 2021-4, Class A8, <br> 2.50%, 10/25/2051<sup>(b)(k)</sup> <br>|  | 7856303 | &nbsp;&nbsp; 7205280 |
| Series 2021-5, Class A1, <br> 3.00%, 11/25/2051<sup>(b)(k)</sup> <br>|  | 9425223 | &nbsp;&nbsp; 8437021 |
| Series 2021-5, Class A2, <br> 2.50%, 11/25/2051<sup>(b)(k)</sup> <br>|  | 11500571 | &nbsp;&nbsp; 9878863 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Bear Stearns Adjustable Rate <br> Mortgage Trust, | Bear Stearns Adjustable Rate <br> Mortgage Trust, |  |  |
| Series 2004-10, <br> Class 21A1, 0.00%, <br> 01/25/2035<sup>(g)(k)</sup> <br>|  | $154799 | &nbsp;&nbsp; $150321 |
| Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.25%), <br> 02/25/2036<sup>(e)</sup> <br>|  | 108679 | &nbsp;&nbsp; 106154 |
| Bear Stearns ALT-A Trust, <br> Series 2004-11, Class 2A3, <br> 5.37%, 11/25/2034<sup>(k)</sup> <br>|  | 102054 | &nbsp;&nbsp; 103843 |
| Beechwood Park CLO Ltd., <br> Series 2019-1A, Class A1RR, <br> 4.74% (3 mo. Term SOFR + <br> 1.07%), 01/17/2035<sup>(b)(e)</sup> <br>|  | 5305000 | &nbsp;&nbsp; 5313249 |
| Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| Series 2019-B14, Class A5, <br> 3.05%, 12/15/2062<br>|  | 16455000 | &nbsp;&nbsp; 15773577 |
| Series 2026-V20, Class AM, <br> 5.44%, 02/15/2059<br>|  | 3670000 | &nbsp;&nbsp; 3815612 |
| Benefit Street Partners CLO XXIII <br> Ltd., Series 2021-23A, <br> Class A1R, 4.77% (3 mo. <br> Term SOFR + 1.10%), <br> 04/25/2034<sup>(b)(e)</sup> <br>|  | 15795000 | &nbsp;&nbsp; 15813069 |
| Benefit Street Partners CLO XXV <br> Ltd., Series 2021-25A, <br> Class A1R, 4.67% (3 mo. <br> Term SOFR + 1.00%), <br> 01/15/2035<sup>(b)(e)</sup> <br>|  | 9863000 | &nbsp;&nbsp; 9867369 |
| BlackRock CLO L.P., <br> Series 2025-2A, Class A, <br> 5.05% (3 mo. Term SOFR + <br> 1.27%), 11/21/2033<sup>(b)(e)</sup> <br>|  | 8865000 | &nbsp;&nbsp; 8873244 |
| BMO Mortgage Trust, <br> Series 2024-5C5, Class AS, <br> 6.36%, 02/15/2057<sup>(k)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2642582 |
| BRAVO Residential Funding <br> Trust, Series 2021-NQM2, <br> Class A1, 0.97%, <br> 03/25/2060<sup>(b)(k)</sup> <br>|  | 482996 | &nbsp;&nbsp; 475758 |
| BSTN Commercial Mortgage <br> Trust, Series 2025-1C, <br> Class A, 5.55%, <br> 06/15/2044<sup>(b)(k)</sup> <br>|  | 2065000 | &nbsp;&nbsp; 2169743 |
| Buckhorn Park CLO Ltd., <br> Series 2019-1A, Class ARR, <br> 4.74% (3 mo. Term SOFR + <br> 1.07%), 07/18/2034<sup>(b)(e)</sup> <br>|  | 3994000 | &nbsp;&nbsp; 3998685 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 4.62% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(b)(e)</sup> <br>|  | 4971639 | &nbsp;&nbsp; 4970960 |
| Series 2024-VLT5, Class A, <br> 5.59%, 11/13/2046<sup>(b)(k)</sup> <br>|  | 7025000 | &nbsp;&nbsp; 7291408 |
| Series 2024-VLT5, Class B, <br> 5.99%, 11/13/2046<sup>(b)(k)</sup> <br>|  | 4590000 | &nbsp;&nbsp; 4796810 |
| Series 2026-CSMO, Class A, <br> 5.07% (1 mo. Term SOFR + <br> 1.40%), 02/15/2042<sup>(b)(e)</sup> <br>|  | 15765000 | &nbsp;&nbsp; 15789329 |

---

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

**27**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 4.66% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(b)(e)</sup> <br>|  | $10965000 | &nbsp;&nbsp; $10978274 |
| Series 2022-LBA6, Class B, <br> 4.96% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 6790000 | &nbsp;&nbsp; 6793856 |
| Series 2022-LBA6, Class C, <br> 5.26% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 3630000 | &nbsp;&nbsp; 3632772 |
| Series 2025-VLT6, Class A, <br> 5.10% (1 mo. Term SOFR + <br> 1.44%), 03/15/2042<sup>(b)(e)</sup> <br>|  | 9085000 | &nbsp;&nbsp; 9074814 |
| Series 2025-VLT6, Class B, <br> 5.55% (1 mo. Term SOFR + <br> 1.89%), 03/15/2042<sup>(b)(e)</sup> <br>|  | 5740000 | &nbsp;&nbsp; 5732305 |
| Series 2025-VLT7, Class A, <br> 5.36% (1 mo. Term SOFR + <br> 1.70%), 07/15/2044<sup>(b)(e)</sup> <br>|  | 5350000 | &nbsp;&nbsp; 5360424 |
| Series 2025-VOLT, Class C, <br> 6.01% (1 mo. Term SOFR + <br> 2.35%), 12/15/2044<sup>(b)(e)</sup> <br>|  | 10925000 | &nbsp;&nbsp; 10971245 |
| Series 2025-VOLT, Class D, <br> 6.41% (1 mo. Term SOFR + <br> 2.75%), 12/15/2044<sup>(b)(e)</sup> <br>|  | 6990000 | &nbsp;&nbsp; 7022051 |
| Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), |  |  |
| Series 2015-4A, Class A1R3, <br> 4.59% (3 mo. Term SOFR + <br> 0.92%), 07/20/2032<sup>(b)(e)</sup> <br>|  | 6004407 | &nbsp;&nbsp; 6009703 |
| Series 2015-5A, Class A1R4, <br> 4.55% (3 mo. Term SOFR + <br> 0.88%), 01/20/2032<sup>(b)(e)</sup> <br>|  | 2712992 | &nbsp;&nbsp; 2714687 |
| Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), |  |  |
| Series 2020-2A, Class A1R2, <br> 4.75% (3 mo. Term SOFR + <br> 1.08%), 01/25/2035<sup>(b)(e)</sup> <br>|  | 14320000 | &nbsp;&nbsp; 14333003 |
| Series 2022-1A, Class A1R, <br> 4.65% (3 mo. Term SOFR + <br> 0.98%), 04/15/2035<sup>(b)(e)</sup> <br>|  | 9007000 | &nbsp;&nbsp; 9009693 |
| Cedar Funding XI CLO Ltd., <br> Series 2019-11A, <br> Class A1R2, 4.73% (3 mo. <br> Term SOFR + 1.06%), <br> 05/29/2032<sup>(b)(e)</sup> <br>|  | 5651117 | &nbsp;&nbsp; 5658012 |
| Centersquare Issuer LLC, | Centersquare Issuer LLC, |  |  |
| Series 2025-3A, Class A2, <br> 5.00%, 08/25/2055<sup>(b)</sup> <br>|  | 8430000 | &nbsp;&nbsp; 8225092 |
| Series 2025-4A, Class A2, <br> 5.20%, 08/25/2055<sup>(i)</sup> <br>|  | 10250000 | &nbsp;&nbsp; 9843864 |
| Chase Home Lending Mortgage <br> Trust, Series 2019-ATR2, <br> Class A3, 3.50%, <br> 07/25/2049<sup>(b)(k)</sup> <br>|  | 3233096 | &nbsp;&nbsp; 3023492 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(b)(k)</sup> <br>|  | 720091 | &nbsp;&nbsp; 683623 |
| Series 2016-SH2, Class M2, <br> 3.75%, 12/25/2045<sup>(b)(k)</sup> <br>|  | 2985169 | &nbsp;&nbsp; 2859979 |
| Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(k)</sup> <br>|  | 1480648 | &nbsp;&nbsp; 1407500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| CIFC Funding Ltd. (Cayman Islands), | CIFC Funding Ltd. (Cayman Islands), |  |  |
| Series 2021-7A, Class AR, <br> 4.76% (3 mo. Term SOFR + <br> 1.09%), 01/23/2035<sup>(b)(e)</sup> <br>|  | $17100000 | &nbsp;&nbsp; $17109183 |
| Series 2022-3A, Class AR, <br> 4.62% (3 mo. Term SOFR + <br> 0.95%), 04/21/2035<sup>(b)(e)</sup> <br>|  | 10147000 | &nbsp;&nbsp; 10152023 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| Series 2004-UST1, Class A4, <br> 6.53%, 08/25/2034<sup>(k)</sup> <br>|  | 47402 | &nbsp;&nbsp; 45144 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(k)</sup> <br>|  | 9135173 | &nbsp;&nbsp; 7847240 |
| Series 2024-1, Class A3A, <br> 6.00%, 07/25/2054<sup>(b)(k)</sup> <br>|  | 6387950 | &nbsp;&nbsp; 6504195 |
| CLI Funding IX LLC, <br> Series 2025-1A, Class A, <br> 5.35%, 06/20/2050<sup>(b)</sup> <br>|  | 3423379 | &nbsp;&nbsp; 3492975 |
| Clover CLO LLC, Series 2021-<br> 3A, Class AR, 4.74% (3 mo. <br> Term SOFR + 1.07%), <br> 01/25/2035<sup>(b)(e)</sup> <br>|  | 10177000 | &nbsp;&nbsp; 10186648 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, <br> 1.73%, 11/26/2066<sup>(b)(k)</sup> <br>|  | 2563925 | &nbsp;&nbsp; 2384283 |
| Series 2022-1, Class A1, <br> 2.28%, 12/27/2066<sup>(b)(k)</sup> <br>|  | 5509522 | &nbsp;&nbsp; 5167845 |
| Series 2022-2, Class A1, <br> 3.99%, 02/25/2067<sup>(b)</sup> <br>|  | 6027112 | &nbsp;&nbsp; 5875564 |
| Series 2022-3, Class A1, <br> 3.90%, 02/25/2067<sup>(b)(k)</sup> <br>|  | 8116805 | &nbsp;&nbsp; 8131928 |
| Compass Datacenters Issuer <br> II LLC, Series 2025-2A, <br> Class A1, 4.93%, <br> 11/25/2050<sup>(b)</sup> <br>|  | 4580000 | &nbsp;&nbsp; 4620340 |
| Countrywide Home Loans <br> Mortgage Pass-Through Trust, <br> Series 2007-13, Class A10, <br> 6.00%, 08/25/2037<br>|  | 184345 | &nbsp;&nbsp; 82386 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, <br> Class A1, 0.81%, <br> 05/25/2065<sup>(b)(k)</sup> <br>|  | 1078853 | &nbsp;&nbsp; 992598 |
| Series 2021-NQM2, <br> Class A1, 1.18%, <br> 02/25/2066<sup>(b)(k)</sup> <br>|  | 1735550 | &nbsp;&nbsp; 1580900 |
| Series 2022-ATH1, <br> Class A1A, 3.87%, <br> 01/25/2067<sup>(b)(k)</sup> <br>|  | 6557079 | &nbsp;&nbsp; 6476831 |
| Series 2022-ATH1, <br> Class A1B, 4.35%, <br> 01/25/2067<sup>(b)(k)</sup> <br>|  | 5772399 | &nbsp;&nbsp; 5530084 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(k)</sup> <br>|  | 7856433 | &nbsp;&nbsp; 7837231 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(b)</sup> <br>|  | 4228181 | &nbsp;&nbsp; 4272123 |
| Series 2024-H8, Class A1, <br> 5.55%, 12/25/2069<sup>(b)(k)</sup> <br>|  | 5582308 | &nbsp;&nbsp; 5636304 |
| CSAIL Commercial Mortgage <br> Trust, Series 2020-C19, <br> Class A3, 2.56%, <br> 03/15/2053<br>|  | 22374000 | &nbsp;&nbsp; 20673198 |
| CSFB Mortgage-Backed <br> Pass-Through Ctfs., <br> Series 2004-AR5, Class 3A1, <br> 4.57%, 06/25/2034<sup>(k)</sup> <br>|  | 330755 | &nbsp;&nbsp; 313558 |

---

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

**28**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| DB Master Finance LLC, | DB Master Finance LLC, |  |  |
| Series 2019-1A, Class A23, <br> 4.35%, 05/20/2049<sup>(b)</sup> <br>|  | $9546350 | &nbsp;&nbsp; $9551751 |
| Series 2025-1A, Class A2I, <br> 4.89%, 08/20/2055<sup>(b)</sup> <br>|  | 4758075 | &nbsp;&nbsp; 4817612 |
| Series 2025-1A, Class A2II, <br> 5.17%, 08/20/2055<sup>(b)</sup> <br>|  | 3201975 | &nbsp;&nbsp; 3256551 |
| Deutsche Mortgage Securities, <br> Inc. Re-REMIC Trust Ctfs., <br> Series 2007-WM1, Class A1, <br> 4.50%, 06/27/2037<sup>(b)(k)</sup> <br>|  | 2557172 | &nbsp;&nbsp; 2273871 |
| Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |  |  |
| Series 2019-1A, Class A2, <br> 3.67%, 10/25/2049<sup>(b)</sup> <br>|  | 18587520 | &nbsp;&nbsp; 18213836 |
| Series 2025-1A, Class A2I, <br> 4.93%, 07/25/2055<sup>(b)</sup> <br>|  | 8940000 | &nbsp;&nbsp; 9121220 |
| Series 2025-1A, Class A2II, <br> 5.22%, 07/25/2055<sup>(b)</sup> <br>|  | 7800000 | &nbsp;&nbsp; 8029061 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2019-2, Class A1, <br> 2.74%, 11/25/2059<sup>(b)(k)</sup> <br>|  | 932256 | &nbsp;&nbsp; 911364 |
| Series 2021-1, Class A1, <br> 0.80%, 02/25/2066<sup>(b)(k)</sup> <br>|  | 639558 | &nbsp;&nbsp; 569151 |
| Series 2022-1, Class A1, <br> 2.21%, 01/25/2067<sup>(b)(k)</sup> <br>|  | 5790819 | &nbsp;&nbsp; 5263374 |
| Series 2022-3, Class A1, <br> 5.00%, 08/25/2067<sup>(b)</sup> <br>|  | 7653849 | &nbsp;&nbsp; 7636274 |
| Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)</sup> <br>|  | 4696420 | &nbsp;&nbsp; 4713951 |
| Series 2025-NQM2, <br> Class A1, 0.00%, <br> 06/25/2070<sup>(b)(g)(k)</sup> <br>|  | 8263462 | &nbsp;&nbsp; 8371079 |
| Series 2025-NQM5, <br> Class A1, 0.00%, <br> 11/25/2070<sup>(b)(g)(k)</sup> <br>|  | 6924299 | &nbsp;&nbsp; 6965929 |
| Elmwood CLO 15 Ltd., <br> Series 2022-2A, Class A1R, <br> 4.82% (3 mo. Term SOFR + <br> 1.15%), 04/22/2035<sup>(b)(e)</sup> <br>|  | 16550000 | &nbsp;&nbsp; 16586791 |
| Empower CLO Ltd., <br> Series 2024-1A, Class A1, <br> 5.27% (3 mo. Term SOFR + <br> 1.60%), 04/25/2037<sup>(b)(e)</sup> <br>|  | 10250000 | &nbsp;&nbsp; 10274672 |
| Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |  |
| Series 2024-2, Class A3, <br> 5.61%, 04/20/2028<sup>(b)</sup> <br>|  | 1710000 | &nbsp;&nbsp; 1735801 |
| Series 2024-2, Class A4, <br> 5.69%, 12/20/2030<sup>(b)</sup> <br>|  | 1991000 | &nbsp;&nbsp; 2059112 |
| Series 2024-4, Class A3, <br> 4.56%, 11/20/2028<sup>(b)</sup> <br>|  | 4070000 | &nbsp;&nbsp; 4116656 |
| Series 2025-4, Class A3, <br> 4.11%, 12/20/2029<sup>(b)</sup> <br>|  | 5110000 | &nbsp;&nbsp; 5155267 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(k)</sup> <br>|  | 13011761 | &nbsp;&nbsp; 11922285 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(k)</sup> <br>|  | 2754310 | &nbsp;&nbsp; 2529166 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, <br> 4.62% (3 mo. Term SOFR + <br> 0.95%), 04/22/2034<sup>(b)(e)</sup> <br>|  | 7063000 | &nbsp;&nbsp; 7065324 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2019-NQM3, <br> Class A1, 3.69%, <br> 11/25/2059<sup>(b)(k)</sup> <br>|  | $555751 | &nbsp;&nbsp; $549408 |
| Series 2020-NQM2, <br> Class A1, 2.56%, <br> 04/25/2065<sup>(b)</sup> <br>|  | 657849 | &nbsp;&nbsp; 637741 |
| Series 2025-NQM2, <br> Class A1, 5.60%, <br> 04/25/2070<sup>(b)</sup> <br>|  | 3941707 | &nbsp;&nbsp; 3990521 |
| Series 2026-NQM1, <br> Class A1, 4.79%, <br> 12/25/2070<sup>(b)(k)</sup> <br>|  | 11700000 | &nbsp;&nbsp; 11723625 |
| GGP Trust, Series 2026-TY, <br> Class A, 4.67%, <br> 03/05/2043<sup>(b)(k)</sup> <br>|  | 9360000 | &nbsp;&nbsp; 9474798 |
| GMACM Mortgage Loan Trust, <br> Series 2006-AR1, Class 1A1, <br> 3.36%, 04/19/2036<sup>(k)</sup> <br>|  | 322189 | &nbsp;&nbsp; 267414 |
| GoldenTree Loan Management <br> US CLO 8 Ltd., <br> Series 2020-8A, Class ARR, <br> 4.82% (3 mo. Term SOFR + <br> 1.15%), 10/20/2034<sup>(b)(e)</sup> <br>|  | 5985000 | &nbsp;&nbsp; 5991691 |
| GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |  |
| Series 2020-GC45, Class A5, <br> 2.91%, 02/13/2053<br>|  | 8325000 | &nbsp;&nbsp; 7961222 |
| Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 8750000 | &nbsp;&nbsp; 8172151 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(k)</sup> <br>|  | 7156042 | &nbsp;&nbsp; 6556353 |
| Series 2025-HE1, Class A1, <br> 5.22% (30 Day Average <br> SOFR + 1.55%), <br> 10/25/2055<sup>(b)(e)</sup> <br>|  | 4189851 | &nbsp;&nbsp; 4212291 |
| Series 2025-HE2, Class A1, <br> 5.22% (30 Day Average <br> SOFR + 1.55%), <br> 12/25/2065<sup>(b)(e)</sup> <br>|  | 1684934 | &nbsp;&nbsp; 1699548 |
| Series 2025-NQM4, <br> Class A1, 5.01%, <br> 10/25/2065<sup>(b)</sup> <br>|  | 5308752 | &nbsp;&nbsp; 5329296 |
| Series 2025-NQM5, <br> Class A1, 5.01%, <br> 07/25/2065<sup>(b)</sup> <br>|  | 8475602 | &nbsp;&nbsp; 8519326 |
| Series 2026-NQM1, <br> Class A1, 4.87%, <br> 03/25/2066<sup>(b)(k)</sup> <br>|  | 3262974 | &nbsp;&nbsp; 3274878 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR6, Class 3A2, <br> 4.49%, 09/25/2035<sup>(k)</sup> <br>|  | 72250 | &nbsp;&nbsp; 66122 |
| Harbor Park CLO Ltd., <br> Series 2018-1A, Class AR2, <br> 4.62% (3 mo. Term SOFR + <br> 0.95%), 01/20/2031<sup>(b)(e)</sup> <br>|  | 5689446 | &nbsp;&nbsp; 5693792 |
| HarborView Mortgage Loan <br> Trust, Series 2005-9, <br> Class 2A1C, 4.68% (1 mo. <br> Term SOFR + 1.01%), <br> 06/20/2035<sup>(e)</sup> <br>|  | 9994 | &nbsp;&nbsp; 9477 |
| Hertz Vehicle Financing III L.P., | Hertz Vehicle Financing III L.P., |  |  |
| Series 2021-2A, Class A, <br> 1.68%, 12/27/2027<sup>(b)</sup> <br>|  | 3927000 | &nbsp;&nbsp; 3868854 |
| Series 2021-2A, Class B, <br> 2.12%, 12/27/2027<sup>(b)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2070007 |

---

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

**29**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, <br> 4.88%, 05/27/2042<sup>(b)</sup> <br>|  | $1870249 | &nbsp;&nbsp; $1906960 |
| Invitation Homes Trust, <br> Series 2024-SFR1, Class A, <br> 4.00%, 09/17/2041<sup>(b)</sup> <br>|  | 3476283 | &nbsp;&nbsp; 3452505 |
| IP Lending IV Ltd., <br> Series 2022-4A, Class SNR, <br> 6.05%, 04/28/2027<sup>(b)(i)</sup> <br>|  | 12002000 | &nbsp;&nbsp; 11998399 |
| IP Mortgage Trust, <br> Series 2025-IP, Class A, <br> 5.25%, 06/10/2042<sup>(b)(k)</sup> <br>|  | 10963000 | &nbsp;&nbsp; 11259974 |
| J.P. Morgan Mortgage Trust, | J.P. Morgan Mortgage Trust, |  |  |
| Series 2025-NQM3, <br> Class A1, 5.50%, <br> 11/25/2065<sup>(b)(k)</sup> <br>|  | 9103470 | &nbsp;&nbsp; 9196868 |
| Series 2025-NQM4, <br> Class A1, 4.95%, <br> 03/25/2066<sup>(b)(k)</sup> <br>|  | 2905528 | &nbsp;&nbsp; 2918365 |
| Jersey Mike's Funding, <br> Series 2025-1A, Class A2, <br> 5.61%, 08/16/2055<sup>(b)</sup> <br>|  | 7064500 | &nbsp;&nbsp; 7337353 |
| Jimmy John's Funding LLC, <br> Series 2017-1A, Class A2II, <br> 4.85%, 07/30/2047<sup>(b)</sup> <br>|  | 5347500 | &nbsp;&nbsp; 5353852 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2005-A5, Class 1A2, <br> 4.73%, 08/25/2035<sup>(k)</sup> <br>|  | 51742 | &nbsp;&nbsp; 50449 |
| Series 2007-A4, Class 3A1, <br> 5.01%, 06/25/2037<sup>(k)</sup> <br>|  | 281716 | &nbsp;&nbsp; 216257 |
| Series 20153, Class B2, <br> 3.57%, 05/25/2045<sup>(b)(k)</sup> <br>|  | 2879252 | &nbsp;&nbsp; 2765444 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(k)</sup> <br>|  | 10203517 | &nbsp;&nbsp; 8923040 |
| Series 2024-8, Class A3, <br> 5.50%, 01/25/2055<sup>(b)(k)</sup> <br>|  | 1300284 | &nbsp;&nbsp; 1312281 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(k)</sup> <br>|  | 6967310 | &nbsp;&nbsp; 7034205 |
| JPMDB Commercial Mortgage <br> Securities Trust, <br> Series 2020-COR7, Class A5, <br> 2.18%, 05/13/2053<br>|  | 6200000 | &nbsp;&nbsp; 5466103 |
| Juniper Valley Park CLO Ltd., <br> Series 2023-1A, Class ARR, <br> 4.75% (3 mo. Term SOFR + <br> 1.08%), 07/20/2036<sup>(b)(e)</sup> <br>|  | 11050000 | &nbsp;&nbsp; 11060144 |
| KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 4.77% (3 mo. <br> Term SOFR + 1.10%), <br> 01/18/2032<sup>(b)(e)</sup> <br>|  | 3454439 | &nbsp;&nbsp; 3455879 |
| Lehman Mortgage Trust, <br> Series 2006-1, Class 3A5, <br> 5.50%, 02/25/2036<br>|  | 88274 | &nbsp;&nbsp; 63598 |
| Life Mortgage Trust, <br> Series 2021-BMR, Class C, <br> 4.87% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(e)</sup> <br>|  | 493949 | &nbsp;&nbsp; 490334 |
| Lightpath Fiber Issuer LLC, | Lightpath Fiber Issuer LLC, |  |  |
| Series 2026-1A, Class A2, <br> 5.60%, 03/25/2056<sup>(b)</sup> <br>|  | 10800000 | &nbsp;&nbsp; 10970859 |
| Series 2026-1A, Class B, <br> 5.89%, 03/25/2056<sup>(b)</sup> <br>|  | 3700000 | &nbsp;&nbsp; 3748562 |
| Madison Park Funding XXXIII <br> Ltd., Series 2019-33A, <br> Class AR, 4.96% (3 mo. Term <br> SOFR + 1.29%), <br> 10/15/2032<sup>(b)(e)</sup> <br>|  | 8103019 | &nbsp;&nbsp; 8114428 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Magnetite XXXI Ltd., <br> Series 2021-31A, Class A1R, <br> 4.67% (3 mo. Term SOFR + <br> 1.00%), 07/15/2034<sup>(b)(e)</sup> <br>|  | $12135000 | &nbsp;&nbsp; $12155957 |
| 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)(k)</sup> <br>|  | 5460262 | &nbsp;&nbsp; 4999734 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(k)</sup> <br>|  | 5499377 | &nbsp;&nbsp; 5025901 |
| Merchants Fleet Funding LLC, <br> Series 2025-1A, Class A, <br> 4.49%, 01/20/2039<sup>(b)</sup> <br>|  | 3860000 | &nbsp;&nbsp; 3894212 |
| Merrill Lynch Mortgage Investors <br> Trust, | Merrill Lynch Mortgage Investors <br> Trust, |  |  |
| Series 2005-3, Class 3A, <br> 2.39%, 11/25/2035<sup>(k)</sup> <br>|  | 145893 | &nbsp;&nbsp; 140020 |
| Series 2005-A5, Class A9, <br> 4.77%, 06/25/2035<sup>(k)</sup> <br>|  | 216326 | &nbsp;&nbsp; 211297 |
| Metronet Infrastructure Issuer LLC, | Metronet Infrastructure Issuer LLC, |  |  |
| Series 2025-1A, Class A2, <br> 6.01%, 07/20/2055<sup>(i)</sup> <br>|  | 7250000 | &nbsp;&nbsp; 7486892 |
| Series 2025-4A, Class A2, <br> 5.16%, 12/20/2055<sup>(b)</sup> <br>|  | 2980000 | &nbsp;&nbsp; 3035276 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(b)(k)</sup> <br>|  | 6026393 | &nbsp;&nbsp; 5600607 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 4.47% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(b)(e)</sup> <br>|  | 5810000 | &nbsp;&nbsp; 5807366 |
| Series 2021-STOR, Class B, <br> 4.67% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(b)(e)</sup> <br>|  | 4355000 | &nbsp;&nbsp; 4352482 |
| MILE Trust, | MILE Trust, |  |  |
| Series 2025-STNE, Class A, <br> 5.16% (1 mo. Term SOFR + <br> 1.50%), 07/15/2042<sup>(b)(e)</sup> <br>|  | 8975000 | &nbsp;&nbsp; 8999184 |
| Series 2025-STNE, Class B, <br> 5.36% (1 mo. Term SOFR + <br> 1.70%), 07/15/2042<sup>(b)(e)</sup> <br>|  | 3750000 | &nbsp;&nbsp; 3758525 |
| Series 2025-STNE, Class C, <br> 5.76% (1 mo. Term SOFR + <br> 2.10%), 07/15/2042<sup>(b)(e)</sup> <br>|  | 3165000 | &nbsp;&nbsp; 3173348 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, <br> Series 2025-5C2, Class B, <br> 5.69%, 11/15/2058<sup>(k)</sup> <br>|  | 4421000 | &nbsp;&nbsp; 4571546 |
| Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |  |
| Series 2019-L2, Class A4, <br> 4.07%, 03/15/2052<br>|  | 17430000 | &nbsp;&nbsp; 17405978 |
| Series 2019-L3, Class AS, <br> 3.49%, 11/15/2052<br>|  | 10950000 | &nbsp;&nbsp; 10514063 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, | Morgan Stanley Residential Mortgage <br> Loan Trust, |  |  |
| Series 2024-3, Class A1, <br> 6.00%, 07/25/2054<sup>(b)(k)</sup> <br>|  | 4095514 | &nbsp;&nbsp; 4153096 |
| Series 2024-NQM5, <br> Class A1, 5.65%, <br> 10/25/2069<sup>(b)(k)</sup> <br>|  | 6546271 | &nbsp;&nbsp; 6625521 |
| Series 2025-NQM1, <br> Class A1, 5.74%, <br> 11/25/2069<sup>(b)(k)</sup> <br>|  | 5531879 | &nbsp;&nbsp; 5611513 |
| Series 2025-NQM8, <br> Class A1, 4.96%, <br> 09/25/2070<sup>(b)(k)</sup> <br>|  | 7103365 | &nbsp;&nbsp; 7123228 |

---

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

**30**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, <br> 5.15%, 02/16/2055<sup>(b)</sup> <br>|  | $5404029 | &nbsp;&nbsp; $5517813 |
| Neuberger Berman Loan <br> Advisers CLO 38 Ltd., <br> Series 2020-38A, Class AR2, <br> 4.63% (3 mo. Term SOFR + <br> 0.96%), 10/20/2036<sup>(b)(e)</sup> <br>|  | 8340000 | &nbsp;&nbsp; 8345087 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| Series 2019-NQM4, <br> Class A1, 2.49%, <br> 09/25/2059<sup>(b)(k)</sup> <br>|  | 919095 | &nbsp;&nbsp; 890588 |
| Series 2020-NQM1, <br> Class A1, 2.46%, <br> 01/26/2060<sup>(b)(k)</sup> <br>|  | 1933898 | &nbsp;&nbsp; 1843944 |
| Series 2022-NQM2, <br> Class A1, 3.08%, <br> 03/27/2062<sup>(b)(k)</sup> <br>|  | 5821075 | &nbsp;&nbsp; 5606376 |
| Series 2024-NQM3, <br> Class A1, 5.47%, <br> 11/25/2064<sup>(b)</sup> <br>|  | 2409765 | &nbsp;&nbsp; 2452980 |
| NextGear Floorplan Master <br> Owner Trust, Series 2025-<br> 2A, Class A2, 4.23%, <br> 10/15/2030<sup>(b)</sup> <br>|  | 3200000 | &nbsp;&nbsp; 3229889 |
| Oaktree CLO Ltd., <br> Series 2021-2A, Class AR, <br> 4.64% (3 mo. Term SOFR + <br> 0.97%), 01/15/2035<sup>(b)(e)</sup> <br>|  | 7066000 | &nbsp;&nbsp; 7067887 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2021-NQM4, <br> Class A1, 1.96%, <br> 10/25/2061<sup>(b)(k)</sup> <br>|  | 8594502 | &nbsp;&nbsp; 7612297 |
| Series 2022-NQM1, <br> Class A1, 2.31%, <br> 11/25/2061<sup>(b)(k)</sup> <br>|  | 7093559 | &nbsp;&nbsp; 6561080 |
| Series 2022-NQM2, <br> Class A1B, 4.38%, <br> 01/25/2062<sup>(b)</sup> <br>|  | 7063333 | &nbsp;&nbsp; 6764490 |
| Series 2024-NQM14, <br> Class A1, 4.94%, <br> 09/25/2064<sup>(b)</sup> <br>|  | 4661268 | &nbsp;&nbsp; 4669285 |
| Series 2024-NQM18, <br> Class A1, 5.41%, <br> 10/25/2064<sup>(b)(k)</sup> <br>|  | 2795027 | &nbsp;&nbsp; 2819307 |
| Series 2025-HE2, Class A1, <br> 5.12% (30 Day Average <br> SOFR + 1.45%), <br> 08/25/2055<sup>(b)(e)</sup> <br>|  | 6838492 | &nbsp;&nbsp; 6887558 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, <br> 2.50%, 07/25/2051<sup>(b)(k)</sup> <br>|  | 6334464 | &nbsp;&nbsp; 5809294 |
| One Bryant Park Trust, <br> Series 2019-OBP, Class A, <br> 2.52%, 09/15/2054<sup>(b)</sup> <br>|  | 22501000 | &nbsp;&nbsp; 21152407 |
| Palmer Square Loan Funding Ltd. <br> (Cayman Islands), | Palmer Square Loan Funding Ltd. <br> (Cayman Islands), |  |  |
| Series 2025-2A, Class A1, <br> 4.61% (3 mo. Term SOFR + <br> 0.94%), 07/15/2033<sup>(b)(e)</sup> <br>|  | 15934513 | &nbsp;&nbsp; 15948232 |
| Series 2025-3A, Class A1, <br> 4.66% (3 mo. Term SOFR + <br> 0.95%), 01/15/2034<sup>(b)(e)</sup> <br>|  | 9449000 | &nbsp;&nbsp; 9452449 |
| Pikes Peak CLO 6, <br> Series 2020-6A, Class ARR, <br> 4.60% (3 mo. Term SOFR + <br> 0.94%), 05/18/2034<sup>(b)(e)</sup> <br>|  | 9129000 | &nbsp;&nbsp; 9127631 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Planet Fitness Master Issuer LLC, | Planet Fitness Master Issuer LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 5.27%, 12/06/2055<sup>(b)</sup> <br>|  | $3400000 | &nbsp;&nbsp; $3458874 |
| Series 2025-1A, Class A2II, <br> 5.65%, 12/06/2055<sup>(b)</sup> <br>|  | 2400000 | &nbsp;&nbsp; 2415460 |
| PMT Loan Trust, Series 2025-<br> INV1, Class A7, 6.00%, <br> 01/25/2060<sup>(b)(k)</sup> <br>|  | 3896802 | &nbsp;&nbsp; 3988381 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 5948911 | &nbsp;&nbsp; 5703274 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(b)</sup> <br>|  | 9103514 | &nbsp;&nbsp; 9103652 |
| Provident Funding Mortgage <br> Trust, Series 2025-4, <br> Class A1, 6.00%, <br> 09/25/2055<sup>(b)(k)</sup> <br>|  | 11301621 | &nbsp;&nbsp; 11507283 |
| Provident Home Equity Loan <br> Trust, Series 2000-2, <br> Class A1, 4.33% (1 mo. <br> Term SOFR + 0.65%), <br> 08/25/2031<sup>(e)</sup> <br>|  | 75837 | &nbsp;&nbsp; 72792 |
| Qdoba Funding LLC, <br> Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 13584952 | &nbsp;&nbsp; 14230941 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J4, Class A1, <br> 6.00%, 12/25/2054<sup>(b)(k)</sup> <br>|  | 5420673 | &nbsp;&nbsp; 5512994 |
| Series 2025-J1, Class A4, <br> 6.00%, 03/25/2055<sup>(b)(k)</sup> <br>|  | 4303391 | &nbsp;&nbsp; 4390135 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(k)</sup> <br>|  | 5274523 | &nbsp;&nbsp; 5326063 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| Series 2025-CES7, <br> Class A1A, 5.38%, <br> 07/25/2055<sup>(b)</sup> <br>|  | 3421137 | &nbsp;&nbsp; 3459597 |
| Series 2026-CES1, <br> Class A1A, 4.83%, <br> 01/25/2056<sup>(b)</sup> <br>|  | 5468751 | &nbsp;&nbsp; 5499098 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, <br> 2.38%, 01/26/2060<sup>(b)(k)</sup> <br>|  | 42492 | &nbsp;&nbsp; 42352 |
| RR 16 Ltd., Series 2021-16A, <br> Class A1R, 4.72% (3 mo. <br> Term SOFR + 1.05%), <br> 07/15/2036<sup>(b)(e)</sup> <br>|  | 7825000 | &nbsp;&nbsp; 7827700 |
| RR 17 Ltd., Series 2021-17A, <br> Class A1AR, 4.74% (3 mo. <br> Term SOFR + 1.07%), <br> 07/15/2034<sup>(b)(e)</sup> <br>|  | 22060000 | &nbsp;&nbsp; 22087112 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(b)</sup> <br>|  | 4990579 | &nbsp;&nbsp; 4988936 |
| SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class A, <br> 4.91% (1 mo. Term SOFR + <br> 1.25%), 08/15/2042<sup>(b)(e)</sup> <br>|  | 3855000 | &nbsp;&nbsp; 3869183 |
| Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |  |
| Series 2013-3, Class A1, <br> 2.00%, 03/25/2043<sup>(k)</sup> <br>|  | 294112 | &nbsp;&nbsp; 259912 |
| Series 2013-7, Class A2, <br> 3.00%, 06/25/2043<sup>(k)</sup> <br>|  | 215786 | &nbsp;&nbsp; 200726 |
| Series 2025-10, Class A1, <br> 5.50%, 11/25/2055<sup>(b)(k)</sup> <br>|  | 11346524 | &nbsp;&nbsp; 11451218 |
| Series 2025-8, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(k)</sup> <br>|  | 3850382 | &nbsp;&nbsp; 3896995 |

---

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

**31**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, <br> 3.17%, 03/27/2062<sup>(b)(k)</sup> <br>|  | $10488167 | &nbsp;&nbsp; $10185645 |
| Series 2022-1, Class A2, <br> 3.58%, 03/27/2062<sup>(b)(k)</sup> <br>|  | 4405719 | &nbsp;&nbsp; 4178790 |
| Shackleton CLO Ltd., <br> Series 2015-7RA, Class ARR, <br> 4.77% (3 mo. Term SOFR + <br> 1.10%), 07/15/2031<sup>(b)(e)</sup> <br>|  | 547851 | &nbsp;&nbsp; 548008 |
| Shellpoint Asset Funding Trust, <br> Series 2013-1, Class A3, <br> 3.75%, 07/25/2043<sup>(b)(k)</sup> <br>|  | 278081 | &nbsp;&nbsp; 271422 |
| SHRN Trust, | SHRN Trust, |  |  |
| Series 2025-MF18, Class A, <br> 4.86% (1 mo. Term SOFR + <br> 1.20%), 10/15/2040<sup>(b)(e)</sup> <br>|  | 17885000 | &nbsp;&nbsp; 17917941 |
| Series 2025-MF18, Class B, <br> 5.11% (1 mo. Term SOFR + <br> 1.45%), 10/15/2040<sup>(b)(e)</sup> <br>|  | 3525000 | &nbsp;&nbsp; 3533450 |
| Series 2025-MF18, Class C, <br> 5.36% (1 mo. Term SOFR + <br> 1.70%), 10/15/2040<sup>(b)(e)</sup> <br>|  | 3425000 | &nbsp;&nbsp; 3433004 |
| Signal Peak CLO 1 Ltd., <br> Series 2014-1A, Class AR4, <br> 4.75% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(e)</sup> <br>|  | 13427000 | &nbsp;&nbsp; 13446926 |
| Signal Peak CLO 4 Ltd., <br> Series 2017-4A, Class AR2, <br> 4.79% (3 mo. Term SOFR + <br> 1.12%), 10/26/2034<sup>(b)(e)</sup> <br>|  | 15510000 | &nbsp;&nbsp; 15534366 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup> <br>|  | 10045350 | &nbsp;&nbsp; 9964909 |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(b)</sup> <br>|  | 5323992 | &nbsp;&nbsp; 5011812 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 6136450 | &nbsp;&nbsp; 5442015 |
| STAR Trust, Series 2021-1, <br> Class A1, 1.22%, <br> 05/25/2065<sup>(b)(k)</sup> <br>|  | 2569956 | &nbsp;&nbsp; 2442983 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.28%, 02/25/2050<sup>(b)(k)</sup> <br>|  | 167179 | &nbsp;&nbsp; 161981 |
| Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(k)</sup> <br>|  | 787583 | &nbsp;&nbsp; 758303 |
| Series 2021-6, Class A1, <br> 1.92%, 11/25/2066<sup>(b)(k)</sup> <br>|  | 9796433 | &nbsp;&nbsp; 8834721 |
| Series 2022-1, Class A1, <br> 2.45%, 12/25/2066<sup>(b)(k)</sup> <br>|  | 7313083 | &nbsp;&nbsp; 6709160 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, | Structured Adjustable Rate Mortgage <br> Loan Trust, |  |  |
| Series 2004-12, Class 3A2, <br> 4.93%, 09/25/2034<sup>(k)</sup> <br>|  | 21632 | &nbsp;&nbsp; 21470 |
| Series 2004-8, Class 3A, <br> 6.17%, 07/25/2034<sup>(k)</sup> <br>|  | 395111 | &nbsp;&nbsp; 386269 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | $7041863 | &nbsp;&nbsp; $7307956 |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 7724225 | &nbsp;&nbsp; 7816420 |
| Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | 7658062 | &nbsp;&nbsp; 7853706 |
| Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 7998750 | &nbsp;&nbsp; 8026546 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 7391437 | &nbsp;&nbsp; 7385667 |
| Series 2024-3A, Class A2I, <br> 5.57%, 07/30/2054<sup>(b)</sup> <br>|  | 7569187 | &nbsp;&nbsp; 7577949 |
| Suntrust Alternative Loan Trust, <br> Series 2005-1F, Class 2A8, <br> 6.00%, 12/25/2035<br>|  | 58417 | &nbsp;&nbsp; 55115 |
| Switch ABS Issuer LLC, <br> Series 2025-2A, Class A21, <br> 5.12%, 10/25/2055<sup>(b)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 5044449 |
| Symphony CLO XVI Ltd., <br> Series 2015-16A, Class ARR, <br> 4.87% (3 mo. Term SOFR + <br> 1.20%), 10/15/2031<sup>(b)(e)</sup> <br>|  | 1127098 | &nbsp;&nbsp; 1128141 |
| Symphony CLO XX Ltd., <br> Series 2018-20A, Class AR2, <br> 4.77% (3 mo. Term SOFR + <br> 1.10%), 01/16/2032<sup>(b)(e)</sup> <br>|  | 4394409 | &nbsp;&nbsp; 4407012 |
| Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 4.57% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(e)</sup> <br>|  | 7646855 | &nbsp;&nbsp; 7651222 |
| Symphony CLO XXII Ltd., <br> Series 2020-22A, <br> Class A1AR, 4.85% (3 mo. <br> Term SOFR + 1.18%), <br> 04/18/2033<sup>(b)(e)</sup> <br>|  | 4612039 | &nbsp;&nbsp; 4613990 |
| Symphony CLO XXIII Ltd., <br> Series 2020-23A, Class AR2, <br> 4.57% (3 mo. Term SOFR + <br> 0.90%), 01/15/2034<sup>(b)(e)</sup> <br>|  | 2162470 | &nbsp;&nbsp; 2163379 |
| Symphony CLO XXIV Ltd., <br> Series 2020-24A, Class A1R, <br> 4.80% (3 mo. Term SOFR + <br> 1.13%), 10/23/2035<sup>(b)(e)</sup> <br>|  | 16473000 | &nbsp;&nbsp; 16485734 |
| Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, <br> 4.93%, 07/15/2030<br>|  | 5010000 | &nbsp;&nbsp; 5087934 |
| Taco Bell Funding LLC, | Taco Bell Funding LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 4.82%, 08/25/2055<sup>(b)</sup> <br>|  | 5675775 | &nbsp;&nbsp; 5752069 |
| Series 2025-1A, Class A2II, <br> 5.05%, 08/25/2055<sup>(b)</sup> <br>|  | 3301725 | &nbsp;&nbsp; 3379060 |
| Textainer Marine Containers VII <br> Ltd., Series 2021-2A, <br> Class A, 2.23%, <br> 04/20/2046<sup>(b)</sup> <br>|  | 7954320 | &nbsp;&nbsp; 7571030 |
| Thayer Park, CLO Ltd., <br> Series 2017-1A, Class A1RR, <br> 4.67% (3 mo. Term SOFR + <br> 1.00%), 04/20/2034<sup>(b)(e)</sup> <br>|  | 1485000 | &nbsp;&nbsp; 1485578 |
| Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, |  |  |
| Series 2003-6, Class A2, <br> 4.79% (1 mo. Term SOFR + <br> 1.11%), 12/25/2033<sup>(e)</sup> <br>|  | 99113 | &nbsp;&nbsp; 97422 |
| Series 2005-1, Class A3, <br> 4.66%, 04/25/2045<sup>(k)</sup> <br>|  | 221838 | &nbsp;&nbsp; 218589 |

---

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

**32**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| TierPoint Issuer LLC, | TierPoint Issuer LLC, |  |  |
| Series 2025-1A, Class A2, <br> 6.15%, 04/26/2055<sup>(b)</sup> <br>|  | $11433000 | &nbsp;&nbsp; $11680303 |
| Series 2025-2A, Class A2, <br> 6.40%, 04/26/2055<sup>(b)</sup> <br>|  | 8934000 | &nbsp;&nbsp; 9140421 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(b)</sup> <br>|  | 10620334 | &nbsp;&nbsp; 10166807 |
| Tricon Residential Trust, <br> Series 2025-SFR1, Class A, <br> 4.76% (1 mo. Term SOFR + <br> 1.10%), 03/17/2042<sup>(b)(e)</sup> <br>|  | 5662026 | &nbsp;&nbsp; 5667065 |
| UBS Commercial Mortgage Trust, <br> Series 2019-C16, Class A4, <br> 3.60%, 04/15/2052<br>|  | 16770000 | &nbsp;&nbsp; 16435405 |
| Vantage Data Centers <br> Issuer LLC, Series 2025-2A, <br> Class A2, 5.24%, <br> 11/15/2055<sup>(b)</sup> <br>|  | 7320000 | &nbsp;&nbsp; 7369910 |
| VB-S1 Issuer LLC, <br> Series 2026-1A, Class C2, <br> 4.69%, 03/15/2056<sup>(b)</sup> <br>|  | 6680000 | &nbsp;&nbsp; 6725477 |
| VDCM Commercial Mortgage Trust, | VDCM Commercial Mortgage Trust, |  |  |
| Series 2025-AZ, Class A, <br> 5.23%, 07/13/2044<sup>(b)(k)</sup> <br>|  | 9585000 | &nbsp;&nbsp; 9803610 |
| Series 2025-AZ, Class B, <br> 5.48%, 07/13/2044<sup>(b)(k)</sup> <br>|  | 2380000 | &nbsp;&nbsp; 2433601 |
| Series 2025-AZ, Class C, <br> 6.03%, 07/13/2044<sup>(b)(k)</sup> <br>|  | 7435000 | &nbsp;&nbsp; 7637735 |
| Series 2025-AZ, Class D, <br> 6.43%, 07/13/2044<sup>(b)(k)</sup> <br>|  | 9393000 | &nbsp;&nbsp; 9667672 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(b)(k)</sup> <br>|  | 1384523 | &nbsp;&nbsp; 1275382 |
| Series 2021-7, Class A1, <br> 2.83%, 10/25/2066<sup>(b)</sup> <br>|  | 8003333 | &nbsp;&nbsp; 7523083 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(b)(k)</sup> <br>|  | 931345 | &nbsp;&nbsp; 906201 |
| Series 2022-1, Class A1, <br> 3.72%, 01/25/2067<sup>(b)</sup> <br>|  | 5644608 | &nbsp;&nbsp; 5442979 |
| Series 2022-3, Class A1, <br> 4.13%, 02/25/2067<sup>(b)</sup> <br>|  | 6849306 | &nbsp;&nbsp; 6687704 |
| Series 2024-7, Class A1, <br> 5.10%, 09/25/2069<sup>(b)(k)</sup> <br>|  | 3831447 | &nbsp;&nbsp; 3849375 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, <br> 11/25/2055<sup>(b)</sup> <br>|  | 736765 | &nbsp;&nbsp; 717601 |
| WaMu Mortgage Pass-Through <br> Ctfs. Trust, Series 2007-<br> HY2, Class 2A2, 4.61%, <br> 11/25/2036<sup>(k)</sup> <br>|  | 88476 | &nbsp;&nbsp; 77463 |
| Wells Fargo Mortgage Backed <br> Securities Trust, <br> Series 2005-AR14, Class A1, <br> 6.46%, 08/25/2035<sup>(k)</sup> <br>|  | 49323 | &nbsp;&nbsp; 48716 |
| Wendy's Funding LLC, | Wendy's Funding LLC, |  |  |
| Series 2018-1A, Class A2II, <br> 3.88%, 03/15/2048<sup>(b)</sup> <br>|  | 10346909 | &nbsp;&nbsp; 10249797 |
| Series 2019-1A, Class A2II, <br> 4.08%, 06/15/2049<sup>(b)</sup> <br>|  | 4839425 | &nbsp;&nbsp; 4780474 |
| WEST Trust, Series 2025-ROSE, <br> Class A, 5.28%, <br> 04/10/2035<sup>(b)(k)</sup> <br>|  | 5762000 | &nbsp;&nbsp; 5907832 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| WFRBS Commercial Mortgage <br> Trust, Series 2014-C23, <br> Class B, 4.28%, <br> 10/15/2057<sup>(k)</sup> <br>|  | $4693000 | &nbsp;&nbsp; $4553598 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| Series 2021-1A, Class A2, <br> 3.24%, 07/30/2051<sup>(b)</sup> <br>|  | 20979917 | &nbsp;&nbsp; 20145458 |
| Series 2024-1A, Class A2I, <br> 6.59%, 04/30/2054<sup>(b)</sup> <br>|  | 4575325 | &nbsp;&nbsp; 4702767 |
| Zayo Issuer LLC, | Zayo Issuer LLC, |  |  |
| Series 2025-2A, Class A2, <br> 5.95%, 06/20/2055<sup>(b)</sup> <br>|  | 8273000 | &nbsp;&nbsp; 8548021 |
| Series 2025-3A, Class A2, <br> 5.57%, 10/20/2055<sup>(b)</sup> <br>|  | 6494000 | &nbsp;&nbsp; 6675021 |
| Total Asset-Backed Securities <br> (Cost $1,768,675,848) | Total Asset-Backed Securities <br> (Cost $1,768,675,848) | Total Asset-Backed Securities <br> (Cost $1,768,675,848) | &nbsp;&nbsp; 1742167842 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–27.00%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–27.00%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–27.00%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–27.00%** |
| **Collateralized Mortgage Obligations–0.69%** | **Collateralized Mortgage Obligations–0.69%** | **Collateralized Mortgage Obligations–0.69%** | **Collateralized Mortgage Obligations–0.69%** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>7.00%, 05/25/2033<sup>(l)</sup> <br>|  | 1326 | &nbsp;&nbsp; 143 |
| 6.00%, 07/25/2033<sup>(l)</sup> <br>|  | 1245 | &nbsp;&nbsp; 144 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K083, Class AM, <br>4.03%, 10/25/2028<sup>(k)</sup> <br>|  | 4736000 | &nbsp;&nbsp; 4773001 |
| Series K085, Class AM, <br>4.06%, 10/25/2028<sup>(k)</sup> <br>|  | 4736000 | &nbsp;&nbsp; 4776374 |
| Series K089, Class AM, <br>3.63%, 01/25/2029<sup>(k)</sup> <br>|  | 8018000 | &nbsp;&nbsp; 7998019 |
| Series K088, Class AM, <br>3.76%, 01/25/2029<sup>(k)</sup> <br>|  | 18944000 | &nbsp;&nbsp; 18962061 |
|  |  |  | &nbsp;&nbsp; 36509742 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–2.25%** | **Federal Home Loan Mortgage Corp. (FHLMC)–2.25%** | **Federal Home Loan Mortgage Corp. (FHLMC)–2.25%** | **Federal Home Loan Mortgage Corp. (FHLMC)–2.25%** |
| 3.50%, 08/01/2026 |  | 8004 | &nbsp;&nbsp; 7981 |
| 7.00%, 05/01/2028 to <br> 06/01/2032<br>|  | 95751 | &nbsp;&nbsp; 100461 |
| 6.00%, 03/01/2029 to <br> 08/01/2053<br>|  | 50538417 | &nbsp;&nbsp; 52826925 |
| 7.50%, 05/01/2030 to <br> 05/01/2035<br>|  | 112967 | &nbsp;&nbsp; 116011 |
| 8.50%, 08/01/2031 |  | 6317 | &nbsp;&nbsp; 6661 |
| 3.00%, 02/01/2032 to <br> 11/01/2052<br>|  | 33406478 | &nbsp;&nbsp; 30348909 |
| 6.50%, 08/01/2032 to <br> 09/01/2036<br>|  | 34445 | &nbsp;&nbsp; 36332 |
| 8.00%, 08/01/2032 |  | 4670 | &nbsp;&nbsp; 4908 |
| 5.50%, 01/01/2034 to <br> 07/01/2053<br>|  | 26067367 | &nbsp;&nbsp; 26892013 |
| 5.00%, 07/01/2034 to <br> 06/01/2040<br>|  | 685002 | &nbsp;&nbsp; 706013 |
| 4.50%, 02/01/2040 to <br> 10/01/2046<br>|  | 7312932 | &nbsp;&nbsp; 7421951 |
| ARM, <br>6.31% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 2.05%), <br> 12/01/2036<sup>(e)</sup> <br>|  | 23585 | &nbsp;&nbsp; 24586 |

---

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

**33**

**Invesco Core Plus Bond Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. (FHLMC)–(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)–(continued)** | **Federal Home Loan Mortgage Corp. (FHLMC)–(continued)** |
| 6.82% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 2.29%), <br> 02/01/2037<sup>(e)</sup> <br>| $2246 | &nbsp;&nbsp; $2330 |
| 6.71% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 1.88%), <br> 05/01/2037<sup>(e)</sup> <br>| 36365 | &nbsp;&nbsp; 37782 |
|  |  | &nbsp;&nbsp; 118532863 |
| **Federal National Mortgage Association (FNMA)–1.16%** | **Federal National Mortgage Association (FNMA)–1.16%** | **Federal National Mortgage Association (FNMA)–1.16%** |
| 6.50%, 07/01/2028 to <br> 01/01/2037<br>| 21159 | &nbsp;&nbsp; 22087 |
| 7.50%, 02/01/2030 to <br> 08/01/2037<br>| 175268 | &nbsp;&nbsp; 181231 |
| 3.50%, 12/01/2030 to <br> 05/01/2047<br>| 19349552 | &nbsp;&nbsp; 18662001 |
| 7.00%, 03/01/2032 to <br> 02/01/2034<br>| 93078 | &nbsp;&nbsp; 97588 |
| 8.50%, 10/01/2032 | 11948 | &nbsp;&nbsp; 12469 |
| 5.50%, 04/01/2033 to <br> 09/01/2053<br>| 27130772 | &nbsp;&nbsp; 27952128 |
| 8.00%, 04/01/2033 | 10442 | &nbsp;&nbsp; 10966 |
| 6.00%, 04/01/2037 to <br> 10/01/2039<br>| 2950 | &nbsp;&nbsp; 3120 |
| 5.00%, 12/01/2039 | 206003 | &nbsp;&nbsp; 212248 |
| 3.00%, 08/01/2043 | 1501648 | &nbsp;&nbsp; 1413961 |
| 4.00%, 12/01/2048 | 13006930 | &nbsp;&nbsp; 12831316 |
| ARM, <br>6.17% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.21%), <br> 05/01/2035<sup>(e)</sup> <br>| 24471 | &nbsp;&nbsp; 25489 |
| 5.87% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 1.63%), <br> 01/01/2037<sup>(e)</sup> <br>| 12419 | &nbsp;&nbsp; 12904 |
| 6.55% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 1.72%), <br> 03/01/2038<sup>(e)</sup> <br>| 10122 | &nbsp;&nbsp; 10422 |
|  |  | &nbsp;&nbsp; 61447930 |
| **Government National Mortgage Association (GNMA)–3.43%** | **Government National Mortgage Association (GNMA)–3.43%** | **Government National Mortgage Association (GNMA)–3.43%** |
| 8.00%, 06/15/2026 | 77 | &nbsp;&nbsp; 77 |
| 6.56%, 01/15/2027 | 8210 | &nbsp;&nbsp; 8262 |
| 7.00%, 10/15/2028 to <br> 09/15/2032<br>| 45558 | &nbsp;&nbsp; 46473 |
| 6.00%, 11/15/2028 to <br> 02/15/2033<br>| 19772 | &nbsp;&nbsp; 20354 |
| 6.50%, 01/15/2029 to <br> 09/15/2034<br>| 21888 | &nbsp;&nbsp; 22403 |
| 7.50%, 05/15/2031 to <br> 05/15/2032<br>| 2286 | &nbsp;&nbsp; 2333 |
| 5.50%, 06/15/2035 | 12705 | &nbsp;&nbsp; 12962 |
| 5.00%, 07/15/2035 | 1213 | &nbsp;&nbsp; 1248 |
| 4.00%, 03/20/2048 | 2399592 | &nbsp;&nbsp; 2319392 |
| TBA, <br>2.50%, 03/01/2056<sup>(m)</sup> <br>| 46250000 | &nbsp;&nbsp; 40821182 |
| 6.00%, 03/01/2056<sup>(m)</sup> <br>| 25897000 | &nbsp;&nbsp; 26420529 |
| 4.50%, 04/01/2056<sup>(m)</sup> <br>| 43634000 | &nbsp;&nbsp; 43074939 |
| 5.00%, 04/01/2056<sup>(m)</sup> <br>| 37810000 | &nbsp;&nbsp; 37892496 |
| 5.50%, 04/01/2056<sup>(m)</sup> <br>| 30008000 | &nbsp;&nbsp; 30365157 |
|  |  | &nbsp;&nbsp; 181007807 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Uniform Mortgage-Backed Securities–19.47%** | **Uniform Mortgage-Backed Securities–19.47%** | **Uniform Mortgage-Backed Securities–19.47%** |
| TBA, <br>4.50%, 03/01/2041 to <br> 03/01/2056<sup>(m)</sup> <br>| $113091730 | &nbsp;&nbsp; $112499407 |
| 5.00%, 03/01/2041 to <br> 03/01/2056<sup>(m)</sup> <br>| 210771822 | &nbsp;&nbsp; 212204499 |
| 2.00%, 03/01/2056<sup>(m)</sup> <br>| 208766641 | &nbsp;&nbsp; 173005452 |
| 2.50%, 03/01/2056<sup>(m)</sup> <br>| 200016525 | &nbsp;&nbsp; 173335225 |
| 3.00%, 03/01/2056<sup>(m)</sup> <br>| 126151987 | &nbsp;&nbsp; 114104547 |
| 3.50%, 03/01/2056<sup>(m)</sup> <br>| 77379877 | &nbsp;&nbsp; 72931682 |
| 5.50%, 03/01/2056<sup>(m)</sup> <br>| 44796596 | &nbsp;&nbsp; 45521810 |
| 6.00%, 03/01/2056<sup>(m)</sup> <br>| 24886676 | &nbsp;&nbsp; 25529860 |
| 6.50%, 03/01/2056<sup>(m)</sup> <br>| 39490000 | &nbsp;&nbsp; 41020821 |
| 4.00%, 04/01/2056<sup>(m)</sup> <br>| 59964561 | &nbsp;&nbsp; 58112737 |
|  |  | &nbsp;&nbsp; 1028266040 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $1,409,129,132) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $1,409,129,132) | &nbsp;&nbsp; 1425764382 |
| **U.S. Treasury Securities–17.62%** | **U.S. Treasury Securities–17.62%** | **U.S. Treasury Securities–17.62%** |
| **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** |
| 3.52% - 4.12%, <br> 05/14/2026<sup>(n)(o)</sup> <br>| 34154000 | &nbsp;&nbsp; 33905715 |
| **U.S. Treasury Bonds–4.98%** | **U.S. Treasury Bonds–4.98%** | **U.S. Treasury Bonds–4.98%** |
| 4.63%, 02/15/2046 | 47726100 | &nbsp;&nbsp; 48065403 |
| 4.63%, 11/15/2055 | 215085400 | &nbsp;&nbsp; 214766132 |
|  |  | &nbsp;&nbsp; 262831535 |
| **U.S. Treasury Notes–12.00%** | **U.S. Treasury Notes–12.00%** | **U.S. Treasury Notes–12.00%** |
| 3.50%, 01/31/2028 | 133721100 | &nbsp;&nbsp; 133987498 |
| 3.50%, 02/15/2029 | 13409900 | &nbsp;&nbsp; 13452329 |
| 3.75%, 01/31/2031 | 108060400 | &nbsp;&nbsp; 109174773 |
| 4.00%, 01/31/2033 | 5790100 | &nbsp;&nbsp; 5890522 |
| 4.13%, 02/15/2036 | 366429800 | &nbsp;&nbsp; 371325075 |
|  |  | &nbsp;&nbsp; 633830197 |
| Total U.S. Treasury Securities <br> (Cost $924,916,822) | Total U.S. Treasury Securities <br> (Cost $924,916,822) | &nbsp;&nbsp; 930567447 |
| **Variable Rate Senior Loan Interests–1.62%**<sup>(p)(q)</sup>  | **Variable Rate Senior Loan Interests–1.62%**<sup>(p)(q)</sup>  | **Variable Rate Senior Loan Interests–1.62%**<sup>(p)(q)</sup>  |
| **Aerospace & Defense–0.06%** | **Aerospace & Defense–0.06%** | **Aerospace & Defense–0.06%** |
| TransDigm, Inc., |  |  |
| Term Loan J, 6.17% (1 mo. <br> SOFR + 2.50%), <br> 02/28/2031<br>| 246250 | &nbsp;&nbsp; 246527 |
| Term Loan M, 6.17% (1 mo. <br> Term SOFR + 2.50%), <br> 08/19/2032<br>| 2754829 | &nbsp;&nbsp; 2757129 |
|  |  | &nbsp;&nbsp; 3003656 |
| **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** |
| Panther BF Aggregator 2 L.P. <br> (Power Solutions, Clarios <br> POWSOL), Term Loan B, <br> 6.42% (1 mo. SOFR + <br> 2.75%), 01/28/2032<br>| 1433408 | &nbsp;&nbsp; 1431917 |
| **Electronic Manufacturing Services–0.01%** | **Electronic Manufacturing Services–0.01%** | **Electronic Manufacturing Services–0.01%** |
| EMRLD Borrower L.P. <br> (Copeland), Incremental Term <br> Loan B, 6.12% (3 mo. Term <br> SOFR + 2.50%), <br> 08/04/2031<br>| 391055 | &nbsp;&nbsp; 390114 |

---

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

**34**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** |
| Select Medical Corp., Term Loan <br> B, 5.67% (1 mo. Term SOFR <br> + 0.20%), 11/30/2031<br>|  | $155390 | &nbsp;&nbsp; $155245 |
| **Health Care Supplies–0.04%** | **Health Care Supplies–0.04%** | **Health Care Supplies–0.04%** | **Health Care Supplies–0.04%** |
| Bausch and Lomb, Inc., Term <br> Loan B, 7.42% (1 mo. SOFR <br> + 3.75%), 01/30/2031<br>|  | 2039750 | &nbsp;&nbsp; 2044339 |
| **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** |
| Iris Holding, Inc. (Intertape), <br> First Lien Term Loan, 8.52% <br> (3 mo. Term SOFR + 4.75%), <br> 06/28/2028<br>|  | 150000 | &nbsp;&nbsp; 146856 |
| **Real Estate Development–0.18%** | **Real Estate Development–0.18%** | **Real Estate Development–0.18%** | **Real Estate Development–0.18%** |
| Cushman & Wakefield <br> U.S. Borrower LLC, Term <br> Loan, 6.42% (1 mo. Term <br> SOFR + 2.75%), <br> 01/31/2030<sup>(i)</sup> <br>|  | 212406 | &nbsp;&nbsp; 213203 |
| Greystar Real Estate <br> Partners LLC, Term Loan B, <br> 6.17% (3 mo. Term SOFR + <br> 2.50%), 08/21/2030<sup>(i)</sup> <br>|  | 245645 | &nbsp;&nbsp; 246259 |
| VCI Asset Holdings 2 LLC, Term <br> Loan, 9.50%, 02/06/2031<sup>(i)</sup> <br>|  | 9272828 | &nbsp;&nbsp; 9180100 |
|  |  |  | &nbsp;&nbsp; 9639562 |
| **Restaurants–0.86%** | **Restaurants–0.86%** | **Restaurants–0.86%** | **Restaurants–0.86%** |
| Raising Cane's Restaurants LLC, | Raising Cane's Restaurants LLC, |  |  |
| Term Loan B, 5.67% (1 mo. <br> Term SOFR + 2.00%), <br> 09/10/2031<br>|  | 15461362 | &nbsp;&nbsp; 15471026 |
| Term Loan, 5.67% (1 mo. <br> Term SOFR + 2.00%), <br> 11/03/2032<br>|  | 30095000 | &nbsp;&nbsp; 30095000 |
|  |  |  | &nbsp;&nbsp; 45566026 |
| **Wireless Telecommunication Services–0.44%** | **Wireless Telecommunication Services–0.44%** | **Wireless Telecommunication Services–0.44%** | **Wireless Telecommunication Services–0.44%** |
| X Corp., Term Loan B, 9.50%, <br> 10/27/2029<br>|  | 22172000 | &nbsp;&nbsp; 23297229 |
| Total Variable Rate Senior Loan Interests <br> (Cost $84,478,648) | Total Variable Rate Senior Loan Interests <br> (Cost $84,478,648) | Total Variable Rate Senior Loan Interests <br> (Cost $84,478,648) | &nbsp;&nbsp; 85674944 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–1.33%** | **Preferred Stocks–1.33%** | **Preferred Stocks–1.33%** | **Preferred Stocks–1.33%** |
| **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 37000 | &nbsp;&nbsp; 2698410 |
| **Diversified Banks–0.64%** | **Diversified Banks–0.64%** | **Diversified Banks–0.64%** | **Diversified Banks–0.64%** |
| Citigroup, Inc., 6.25%, Series II, Pfd. | Citigroup, Inc., 6.25%, Series II, Pfd. | 189650 | &nbsp;&nbsp; 4817110 |
| Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | 23403 | &nbsp;&nbsp; 28832262 |
|  |  |  | &nbsp;&nbsp; 33649372 |
| **Diversified Financial Services–0.25%** | **Diversified Financial Services–0.25%** | **Diversified Financial Services–0.25%** | **Diversified Financial Services–0.25%** |
| Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(f)</sup>  | Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(f)</sup>  | 508150 | &nbsp;&nbsp; 13049292 |
| **Electric Utilities–0.02%** | **Electric Utilities–0.02%** | **Electric Utilities–0.02%** | **Electric Utilities–0.02%** |
| NextEra Energy, Inc., 7.38%, Conv. <br> Pfd. | NextEra Energy, Inc., 7.38%, Conv. <br> Pfd. | 2938 | &nbsp;&nbsp; 146900 |
| Southern Co. (The), 7.13%, Series A, <br> Conv. Pfd. | Southern Co. (The), 7.13%, Series A, <br> Conv. Pfd. | 20000 | &nbsp;&nbsp; 1066000 |
|  |  |  | &nbsp;&nbsp; 1212900 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Household Appliances–0.00%** | **Household Appliances–0.00%** | **Household Appliances–0.00%** | **Household Appliances–0.00%** |
| Whirlpool Corp., 8.50%, Class A, Pfd. | Whirlpool Corp., 8.50%, Class A, Pfd. | 1723 | &nbsp;&nbsp; $85891 |
| **Investment Banking & Brokerage–0.12%** | **Investment Banking & Brokerage–0.12%** | **Investment Banking & Brokerage–0.12%** | **Investment Banking & Brokerage–0.12%** |
| Morgan Stanley, 6.88%, Series F, <br> Pfd. | Morgan Stanley, 6.88%, Series F, <br> Pfd. | 249737 | &nbsp;&nbsp; 6338325 |
| **Regional Banks–0.18%** | **Regional Banks–0.18%** | **Regional Banks–0.18%** | **Regional Banks–0.18%** |
| M&T Bank Corp., 7.50%, Series J, <br> Pfd. | M&T Bank Corp., 7.50%, Series J, <br> Pfd. | 348527 | &nbsp;&nbsp; 9357950 |
| **Systems Software–0.07%** | **Systems Software–0.07%** | **Systems Software–0.07%** | **Systems Software–0.07%** |
| Oracle Corp., 6.50%, Class D, Conv. <br> Pfd. | Oracle Corp., 6.50%, Class D, Conv. <br> Pfd. | 79328 | &nbsp;&nbsp; 3648295 |
| Total Preferred Stocks (Cost $70,002,586) | Total Preferred Stocks (Cost $70,002,586) | Total Preferred Stocks (Cost $70,002,586) | &nbsp;&nbsp; 70040435 |
| **Exchange-Traded Funds–1.25%** | **Exchange-Traded Funds–1.25%** | **Exchange-Traded Funds–1.25%** | **Exchange-Traded Funds–1.25%** |
| Invesco Core Fixed Income ETF<sup>(r)</sup>  | Invesco Core Fixed Income ETF<sup>(r)</sup>  | 146500 | &nbsp;&nbsp; 3762911 |
| Invesco High Yield Systematic Bond <br> ETF<sup>(c)(r)</sup>  | Invesco High Yield Systematic Bond <br> ETF<sup>(c)(r)</sup>  | 198000 | &nbsp;&nbsp; 4456406 |
| Invesco Senior Loan ETF<sup>(c)(r)</sup>  | Invesco Senior Loan ETF<sup>(c)(r)</sup>  | 112000 | &nbsp;&nbsp; 2263520 |
| Invesco Short Duration High Yield <br> ETF<sup>(r)</sup>  | Invesco Short Duration High Yield <br> ETF<sup>(r)</sup>  | 9000 | &nbsp;&nbsp; 231170 |
| Invesco Short Duration Total Return <br> Bond ETF<sup>(r)</sup>  | Invesco Short Duration Total Return <br> Bond ETF<sup>(r)</sup>  | 2013300 | &nbsp;&nbsp; 50735160 |
| Invesco Total Return Bond ETF<sup>(r)</sup>  | Invesco Total Return Bond ETF<sup>(r)</sup>  | 100000 | &nbsp;&nbsp; 4795000 |
| Total Exchange-Traded Funds <br> (Cost $67,183,215) | Total Exchange-Traded Funds <br> (Cost $67,183,215) | Total Exchange-Traded Funds <br> (Cost $67,183,215) | &nbsp;&nbsp; 66244167 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.23%**<sup>(s)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.23%**<sup>(s)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.23%**<sup>(s)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.23%**<sup>(s)</sup>  |
| **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** |
| Clarios Global L.P./Clarios US <br> Finance Co., 4.75%, <br> 06/15/2031<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 120777 |
| Schaeffler AG (Germany), <br> 3.38%, 10/12/2028<sup>(b)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 238330 |
|  |  |  | &nbsp;&nbsp; 359107 |
| **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** |
| Boots Group Finco L.P. (United <br> Kingdom), 5.38%, <br> 08/31/2032<sup>(b)</sup> <br>| EUR | 1025000 | &nbsp;&nbsp; 1262075 |
| **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> 5.89% (3 mo. EURIBOR + <br> 3.88%), 01/15/2031<sup>(b)(e)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 240083 |
| **Homefurnishing Retail–0.00%** | **Homefurnishing Retail–0.00%** | **Homefurnishing Retail–0.00%** | **Homefurnishing Retail–0.00%** |
| Mobilux Finance S.A.S. (France), <br> 4.25%, 07/15/2028<sup>(b)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 237496 |
| **Integrated Telecommunication Services–0.05%** | **Integrated Telecommunication Services–0.05%** | **Integrated Telecommunication Services–0.05%** | **Integrated Telecommunication Services–0.05%** |
| AT&T, Inc., Series MPLE, 5.10%, <br> 11/25/2048<br>| CAD | 3527000 | &nbsp;&nbsp; 2605928 |
| **Marine Transportation–0.01%** | **Marine Transportation–0.01%** | **Marine Transportation–0.01%** | **Marine Transportation–0.01%** |
| CMA CGM S.A. (France), 5.50%, <br> 07/15/2029<sup>(b)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 306591 |
| **Movies & Entertainment–0.12%** | **Movies & Entertainment–0.12%** | **Movies & Entertainment–0.12%** | **Movies & Entertainment–0.12%** |
| Netflix, Inc., 3.88%, <br> 11/15/2029<sup>(b)</sup> <br>| EUR | 5311000 | &nbsp;&nbsp; 6526370 |

---

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

**35**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Sovereign Debt–0.01%** | **Sovereign Debt–0.01%** | **Sovereign Debt–0.01%** | **Sovereign Debt–0.01%** |
| Romanian Government <br> International Bond (Romania), <br> 6.75%, 07/11/2039<sup>(b)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; $385203 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $11,135,422) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $11,135,422) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $11,135,422) | &nbsp;&nbsp; 11922853 |
| **Agency Credit Risk Transfer Notes–0.11%** | **Agency Credit Risk Transfer Notes–0.11%** | **Agency Credit Risk Transfer Notes–0.11%** | **Agency Credit Risk Transfer Notes–0.11%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2023-R02, <br> Class 1M1, STACR<sup>®</sup>, 5.97% <br> (30 Day Average SOFR + <br> 2.30%), 01/25/2043<sup>(b)(e)</sup> <br>|  | $2067642 | &nbsp;&nbsp; 2120363 |
| Series 2025-R04, Class 1A1, <br> STACR<sup>®</sup>, 4.67% (30 Day <br> Average SOFR + 1.00%), <br> 05/25/2045<sup>(b)(e)</sup> <br>|  | 947469 | &nbsp;&nbsp; 948913 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 5.77% (30 Day <br> Average SOFR + 2.10%), <br> 03/25/2043<sup>(b)(e)</sup> <br>|  | 1483165 | &nbsp;&nbsp; 1499575 |
| Series 2025-DNA4, Class A1, <br> STACR<sup>®</sup>, 4.57% (30 Day <br> Average SOFR + 0.90%), <br> 10/25/2045<sup>(b)(e)</sup> <br>|  | 1270750 | &nbsp;&nbsp; 1272547 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $5,769,026) | Total Agency Credit Risk Transfer Notes <br> (Cost $5,769,026) | Total Agency Credit Risk Transfer Notes <br> (Cost $5,769,026) | &nbsp;&nbsp; 5841398 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–0.02%** | **Common Stocks & Other Equity Interests–0.02%** | **Common Stocks & Other Equity Interests–0.02%** | **Common Stocks & Other Equity Interests–0.02%** |
| **Asset Management & Custody Banks–0.02%** | **Asset Management & Custody Banks–0.02%** | **Asset Management & Custody Banks–0.02%** | **Asset Management & Custody Banks–0.02%** |
| Valor Compute Infrastructure L.P., | Valor Compute Infrastructure L.P., | 929709 | &nbsp;&nbsp; 929709 |
| **Broadline Retail–0.00%** | **Broadline Retail–0.00%** | **Broadline Retail–0.00%** | **Broadline Retail–0.00%** |
| Americanas S.A. (Brazil)<sup>(t)</sup>  | Americanas S.A. (Brazil)<sup>(t)</sup>  | 10955 | &nbsp;&nbsp; 12009 |
| Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(t)</sup>  | Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(t)</sup>  | 3651 | &nbsp;&nbsp; 2137 |
|  |  |  | &nbsp;&nbsp; 14146 |
| **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** |
| Vantage Drilling International Ltd. | Vantage Drilling International Ltd. | 95 | &nbsp;&nbsp; 950 |
| **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** |
| Smurfit WestRock PLC | Smurfit WestRock PLC | 65 | &nbsp;&nbsp; 3056 |
| **Specialty Chemicals–0.00%** | **Specialty Chemicals–0.00%** | **Specialty Chemicals–0.00%** | **Specialty Chemicals–0.00%** |
| Ingevity Corp.<sup>(t)</sup>  | Ingevity Corp.<sup>(t)</sup>  | 10 | &nbsp;&nbsp; 720 |
| Total Common Stocks & Other Equity Interests <br> (Cost $934,662) | Total Common Stocks & Other Equity Interests <br> (Cost $934,662) | Total Common Stocks & Other Equity Interests <br> (Cost $934,662) | &nbsp;&nbsp; 948581 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Municipal Obligations–0.01%** | **Municipal Obligations–0.01%** | **Municipal Obligations–0.01%** | **Municipal Obligations–0.01%** |
| Georgia (State of) Municipal <br> Electric Authority (Plant <br> Vogtle Units 3 & 4), <br> Series 2010 A, RB, 6.66%, <br> 04/01/2057 <br>(Cost $507,000)<br>|  | $507000 | &nbsp;&nbsp; $564784 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–2.87%** | **Money Market Funds–2.87%** | **Money Market Funds–2.87%** | **Money Market Funds–2.87%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.59%<sup>(r)(u)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.59%<sup>(r)(u)</sup>  | 53078979 | &nbsp;&nbsp; 53078979 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.56%<sup>(r)(u)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 3.56%<sup>(r)(u)</sup>  | 98570300 | &nbsp;&nbsp; 98570300 |
| Total Money Market Funds <br> (Cost $151,649,279) | Total Money Market Funds <br> (Cost $151,649,279) | Total Money Market Funds <br> (Cost $151,649,279) | &nbsp;&nbsp; 151649279 |
| **Options Purchased–0.03%** | **Options Purchased–0.03%** | **Options Purchased–0.03%** | **Options Purchased–0.03%** |
| (Cost $2,975,684)<sup>(v)</sup>  | (Cost $2,975,684)<sup>(v)</sup>  | (Cost $2,975,684)<sup>(v)</sup>  | &nbsp;&nbsp; 1620885 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> investments purchased with <br> cash collateral from <br> securities on loan)-125.58% <br> (Cost $6,613,298,541)<br>|  |  | &nbsp;&nbsp; 6631682479 |
|  | <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–5.40%** | **Money Market Funds–5.40%** | **Money Market Funds–5.40%** | **Money Market Funds–5.40%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(r)(u)(w)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(r)(u)(w)</sup>  | 80188528 | &nbsp;&nbsp; 80188528 |
| Invesco Private Prime Fund, <br> 3.81%<sup>(r)(u)(w)</sup>  | Invesco Private Prime Fund, <br> 3.81%<sup>(r)(u)(w)</sup>  | 205079428 | &nbsp;&nbsp; 205140952 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $285,329,480) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $285,329,480) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $285,329,480) | &nbsp;&nbsp; 285329480 |
| TOTAL INVESTMENTS IN SECURITIES–130.98% <br> (Cost $6,898,628,021) | TOTAL INVESTMENTS IN SECURITIES–130.98% <br> (Cost $6,898,628,021) | TOTAL INVESTMENTS IN SECURITIES–130.98% <br> (Cost $6,898,628,021) | &nbsp;&nbsp; 6917011959 |
| OTHER ASSETS LESS LIABILITIES—(30.98)% | OTHER ASSETS LESS LIABILITIES—(30.98)% | OTHER ASSETS LESS LIABILITIES—(30.98)% | &nbsp;&nbsp; (1635916643)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5281095316 |

---

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

**36**

**Invesco Core Plus Bond Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| ARM | – Adjustable Rate Mortgage |
| CAD | – Canadian Dollar |
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| IBOR | – Interbank Offered Rate |
| IO | – Interest Only |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| 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 |
| USD | – U.S. Dollar |
| Wts. | – Warrants |

---

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 February 28, 2026 was $2,494,960,924, which represented 47.24% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<sup>(d)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $2,614,614, which represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

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

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

<sup>(h)</sup> Perpetual bond with no specified maturity date.

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

<sup>(j)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(k)</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 February 28, 2026. 

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

<sup>(m)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1R.

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

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

<sup>(p)</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>(q)</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>(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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Core Fixed Income ETF | $- | &nbsp;&nbsp; $3735534 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $27377 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3762911 | &nbsp;&nbsp; $24724 |
| Invesco High Yield Systematic Bond ETF | 1861810 | &nbsp;&nbsp; 2629063 | &nbsp;&nbsp; - | &nbsp;&nbsp; (34467) | &nbsp;&nbsp; - | &nbsp;&nbsp; 4456406 | &nbsp;&nbsp; 105017 |
| Invesco Senior Loan ETF | 2343040 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (79520) | &nbsp;&nbsp; - | &nbsp;&nbsp; 2263520 | &nbsp;&nbsp; 75672 |
| Invesco Short Duration High Yield ETF | 230850 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 320 | &nbsp;&nbsp; - | &nbsp;&nbsp; 231170 | &nbsp;&nbsp; 7683 |
| Invesco Short Duration Total Return Bond <br> ETF<br>| 325455 | &nbsp;&nbsp; 50263040 | &nbsp;&nbsp; - | &nbsp;&nbsp; 146665 | &nbsp;&nbsp; - | &nbsp;&nbsp; 50735160 | &nbsp;&nbsp; 741961 |
| Invesco Total Return Bond ETF | 4704000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4795000 | &nbsp;&nbsp; 115135 |

---

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

**37**

**Invesco Core Plus Bond Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 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>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $69413412 | &nbsp;&nbsp; $453453040 | &nbsp;&nbsp; $(469787473) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $53078979 | &nbsp;&nbsp; $1044559 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 128905675 | &nbsp;&nbsp; 842127074 | &nbsp;&nbsp; (872462449) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 98570300 | &nbsp;&nbsp; 1915836 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 90053280 | &nbsp;&nbsp; 297068128 | &nbsp;&nbsp; (306932880) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 80188528 | &nbsp;&nbsp; 1,806,567\* |
| Invesco Private Prime Fund | 252062513 | &nbsp;&nbsp; 713807310 | &nbsp;&nbsp; (760729014) | &nbsp;&nbsp; (16998) | &nbsp;&nbsp; 17141 | &nbsp;&nbsp; 205140952 | &nbsp;&nbsp; 4,919,972\* |
| Total | $549900035 | &nbsp;&nbsp; $2363083189 | &nbsp;&nbsp; $(2409911816) | &nbsp;&nbsp; $134377 | &nbsp;&nbsp; $17141 | &nbsp;&nbsp; $503222926 | &nbsp;&nbsp; $10757126 |

---

\* 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> Foreign denominated security. Principal amount is denominated in the currency indicated.

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

<sup>(u)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

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

<sup>(w)</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 1K. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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; 05/15/2026 | &nbsp;&nbsp;&nbsp; 129 | USD | 7050.00 | USD | 90945000 | &nbsp;&nbsp;&nbsp; $1620885 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 3500 | June-2026 | &nbsp;&nbsp;&nbsp; $732457033 | &nbsp;&nbsp;&nbsp; $1218738 | &nbsp;&nbsp;&nbsp; $1218738 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 455 | June-2026 | &nbsp;&nbsp;&nbsp; 53903281 | &nbsp;&nbsp;&nbsp; 674599 | &nbsp;&nbsp;&nbsp; 674599 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 1316 | June-2026 | &nbsp;&nbsp;&nbsp; 160017375 | &nbsp;&nbsp;&nbsp; 2310885 | &nbsp;&nbsp;&nbsp; 2310885 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 4204222 | &nbsp;&nbsp;&nbsp; 4204222 |
| **Short Futures Contracts** |  |  |  |  |  |
| **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; 687 | June-2026 | &nbsp;&nbsp;&nbsp; (75666609)<br>| &nbsp;&nbsp;&nbsp; (352808)<br>| &nbsp;&nbsp;&nbsp; (352808)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1706 | June-2026 | &nbsp;&nbsp;&nbsp; (194164125)<br>| &nbsp;&nbsp;&nbsp; (855849)<br>| &nbsp;&nbsp;&nbsp; (855849)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 318 | June-2026 | &nbsp;&nbsp;&nbsp; (37121531)<br>| &nbsp;&nbsp;&nbsp; (199281)<br>| &nbsp;&nbsp;&nbsp; (199281)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (1407938)<br>| &nbsp;&nbsp;&nbsp; (1407938)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $2796284 | &nbsp;&nbsp;&nbsp; $2796284 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 04/28/2026 | Canadian Imperial Bank of Commerce | GBP | 59000 | USD | 79634 | &nbsp;&nbsp;&nbsp; $108 |
| 04/28/2026 | Morgan Stanley and Co. International PLC | USD | 2728141 | CAD | 3748000 | &nbsp;&nbsp;&nbsp; 26166 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 26274 |
| **Currency Risk** |  |  |  |  |  |  |
| 04/28/2026 | Canadian Imperial Bank of Commerce | EUR | 4802221 | USD | 5665047 | &nbsp;&nbsp;&nbsp; (24461)<br>|

---

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

**38**

**Invesco Core Plus 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**<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)** |
| 04/28/2026 | Goldman Sachs International | EUR | 1487779 | USD | 1755074 | &nbsp;&nbsp;&nbsp; $(7595)<br>|
| 04/28/2026 | Wells Fargo Bank, N.A. | USD | 297605 | EUR | 250000 | &nbsp;&nbsp;&nbsp; (1413)<br>|
| 04/28/2026 | Wells Fargo Bank, N.A. | USD | 95555 | GBP | 70000 | &nbsp;&nbsp;&nbsp; (1203)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (34672)<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; $(8398)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | —Canadian Dollar |
| 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.

**39**

**Invesco Core Plus Bond Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $6,394,466,047)\*<br>| &nbsp;&nbsp; $6413789033 |
| Investments in affiliates, at value <br>(Cost $504,161,974)<br>| &nbsp;&nbsp; 503222926 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 829237 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 26274 |
| Foreign currencies, at value (Cost $5,964,350) | &nbsp;&nbsp; 5937002 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 228165450 |
| TBA sales commitment | &nbsp;&nbsp; 345737302 |
| Fund shares sold | &nbsp;&nbsp; 3537829 |
| Dividends | &nbsp;&nbsp; 1326114 |
| Interest | &nbsp;&nbsp; 35459542 |
| Investments matured, at value (Cost $1,146,055) | &nbsp;&nbsp; 137102 |
| Principal paydowns | &nbsp;&nbsp; 15872 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 163583 |
| Other assets | &nbsp;&nbsp; 833753 |
| Total assets | &nbsp;&nbsp; 7539181019 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 34672 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 291214054 |
| TBA purchased commitment | &nbsp;&nbsp; 1536408934 |
| Dividends | &nbsp;&nbsp; 3040049 |
| Fund shares reacquired | &nbsp;&nbsp; 126632215 |
| Amount due to custodian | &nbsp;&nbsp; 13838695 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 285329480 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1134477 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4814 |
| Accrued other operating expenses | &nbsp;&nbsp; 269610 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 178703 |
| Total liabilities | &nbsp;&nbsp; 2258085703 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5281095316 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $6086203642 |
| Distributable earnings (loss) | &nbsp;&nbsp; (805108326)<br>|
|  | &nbsp;&nbsp; $5281095316 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1382804172 |
| Class C | &nbsp;&nbsp; $34647858 |
| Class R | &nbsp;&nbsp; $38844594 |
| Class Y | &nbsp;&nbsp; $1270444736 |
| Class R5 | &nbsp;&nbsp; $18212526 |
| Class R6 | &nbsp;&nbsp; $2536141430 |
| **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; 146375461 |
| Class C | &nbsp;&nbsp; 3668898 |
| Class R | &nbsp;&nbsp; 4112350 |
| Class Y | &nbsp;&nbsp; 134383612 |
| Class R5 | &nbsp;&nbsp; 1928740 |
| Class R6 | &nbsp;&nbsp; 268641246 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.45 |
| Maximum offering price per share <br>(Net asset value of $9.45 ÷ 95.75%)<br>| &nbsp;&nbsp; $9.87 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.44 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.45 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.45 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.44 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.44 |

---

\* At February 28, 2026, securities with an aggregate value of $277,789,801 were on loan to brokers. 

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

**40**

**Invesco Core Plus Bond Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $3,222) | &nbsp;&nbsp; $127822508 |
| Dividends | &nbsp;&nbsp; 1964106 |
| Dividends from affiliates (includes net securities lending income of $366,158) | &nbsp;&nbsp; 4396745 |
| Total investment income | &nbsp;&nbsp; 134183359 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 10633494 |
| Administrative services fees | &nbsp;&nbsp; 368564 |
| Custodian fees | &nbsp;&nbsp; 80263 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1695039 |
| Class C | &nbsp;&nbsp; 176953 |
| Class R | &nbsp;&nbsp; 92017 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1736698 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 8515 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 377637 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 30120 |
| Registration and filing fees | &nbsp;&nbsp; 65862 |
| Reports to shareholders | &nbsp;&nbsp; 168394 |
| Professional services fees | &nbsp;&nbsp; 58056 |
| Other | &nbsp;&nbsp; 27371 |
| Total expenses | &nbsp;&nbsp; 15518983 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (712837)<br>|
| Net expenses | &nbsp;&nbsp; 14806146 |
| Net investment income | &nbsp;&nbsp; 119377213 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 77733356 |
| Affiliated investment securities | &nbsp;&nbsp; 17141 |
| Foreign currencies | &nbsp;&nbsp; 426569 |
| Forward foreign currency contracts | &nbsp;&nbsp; 168651 |
| Futures contracts | &nbsp;&nbsp; (6629518)<br>|
| Swap agreements | &nbsp;&nbsp; 470080 |
|  | &nbsp;&nbsp; 72186279 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 38060330 |
| Affiliated investment securities | &nbsp;&nbsp; 134377 |
| Foreign currencies | &nbsp;&nbsp; (415802)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (132796)<br>|
| Futures contracts | &nbsp;&nbsp; 3492115 |
| Swap agreements | &nbsp;&nbsp; 380145 |
|  | &nbsp;&nbsp; 41518369 |
| Net realized and unrealized gain | &nbsp;&nbsp; 113704648 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $233081861 |

---

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

**41**

**Invesco Core Plus Bond Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $119377213 | &nbsp;&nbsp; $245402694 |
| Net realized gain (loss) | &nbsp;&nbsp; 72186279 | &nbsp;&nbsp; (80381946)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 41518369 | &nbsp;&nbsp; 19326337 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 233081861 | &nbsp;&nbsp; 184347085 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (29622636)<br>| &nbsp;&nbsp; (61124176)<br>|
| Class C | &nbsp;&nbsp; (640609)<br>| &nbsp;&nbsp; (1532492)<br>|
| Class R | &nbsp;&nbsp; (759187)<br>| &nbsp;&nbsp; (1459379)<br>|
| Class Y | &nbsp;&nbsp; (31597816)<br>| &nbsp;&nbsp; (67990778)<br>|
| Class R5 | &nbsp;&nbsp; (394229)<br>| &nbsp;&nbsp; (804248)<br>|
| Class R6 | &nbsp;&nbsp; (61302904)<br>| &nbsp;&nbsp; (122731980)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (124317381)<br>| &nbsp;&nbsp; (255643053)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 5648723 | &nbsp;&nbsp; 39726801 |
| Class C | &nbsp;&nbsp; (2616662)<br>| &nbsp;&nbsp; (5389336)<br>|
| Class R | &nbsp;&nbsp; 2854936 | &nbsp;&nbsp; 2880533 |
| Class Y | &nbsp;&nbsp; (79820060)<br>| &nbsp;&nbsp; (92097787)<br>|
| Class R5 | &nbsp;&nbsp; 1797793 | &nbsp;&nbsp; (1173017)<br>|
| Class R6 | &nbsp;&nbsp; (68973168)<br>| &nbsp;&nbsp; (53912583)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (141108438)<br>| &nbsp;&nbsp; (109965389)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (32343958)<br>| &nbsp;&nbsp; (181261357)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 5313439274 | &nbsp;&nbsp; 5494700631 |
| End of period | &nbsp;&nbsp; $5281095316 | &nbsp;&nbsp; $5313439274 |

---

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

**42**

**Invesco Core Plus Bond Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 02/28/26 | $9.26 | $0.19 | $0.20 | $0.39 | $(0.20)<br>| $— | $(0.20)<br>| $9.45 | 4.28<br> %<br>| &nbsp;&nbsp; $1382804 | 0.75 %<sup>(d)</sup><br>| 0.79 %<sup>(d)</sup><br>| 4.18 %<sup>(d)</sup><br>| 268<br> %<br>|
| Year ended 08/31/25 | 9.38 | 0.40 | (0.10)<br>| 0.30 | (0.42)<br>|  | (0.42)<br>| 9.26 | 3.32 | &nbsp;&nbsp; 1349817 | 0.74 | 0.80 | 4.38 | 531 |
| Year ended 08/31/24 | 8.98 | 0.42 | 0.40 | 0.82 | (0.42)<br>|  | (0.42)<br>| 9.38 | 9.45 | &nbsp;&nbsp; 1327611 | 0.74 | 0.84 | 4.63 | 465 |
| Year ended 08/31/23 | 9.45 | 0.38 | (0.44)<br>| (0.06)<br>| (0.41)<br>|  | (0.41)<br>| 8.98 | (0.59)<br>| &nbsp;&nbsp; 1215588 | 0.74 | 0.83 | 4.19 | 461 |
| Year ended 08/31/22 | 11.39 | 0.24 | (1.83)<br>| (1.59)<br>| (0.24)<br>| (0.11)<br>| (0.35)<br>| 9.45 | (14.19)<br>| &nbsp;&nbsp; 1203731 | 0.75 | 0.81 | 2.30 | 321 |
| Year ended 08/31/21 | 11.61 | 0.19 | 0.17 | 0.36 | (0.22)<br>| (0.36)<br>| (0.58)<br>| 11.39 | 3.18 | &nbsp;&nbsp; 1497641 | 0.74 | 0.79 | 1.70 | 366 |
| **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 02/28/26 | 9.26 | 0.16 | 0.19 | 0.35 | (0.17)<br>|  | (0.17)<br>| 9.44 | 3.79 | &nbsp;&nbsp; 34648 | 1.50 <br><sup>(d)</sup><br>| 1.54 <br><sup>(d)</sup><br>| 3.43 <br><sup>(d)</sup><br>| 268 |
| Year ended 08/31/25 | 9.38 | 0.33 | (0.10)<br>| 0.23 | (0.35)<br>|  | (0.35)<br>| 9.26 | 2.55 | &nbsp;&nbsp; 36543 | 1.49 | 1.55 | 3.63 | 531 |
| Year ended 08/31/24 | 8.98 | 0.35 | 0.41 | 0.76 | (0.36)<br>|  | (0.36)<br>| 9.38 | 8.64 | &nbsp;&nbsp; 42577 | 1.49 | 1.59 | 3.88 | 465 |
| Year ended 08/31/23 | 9.45 | 0.31 | (0.44)<br>| (0.13)<br>| (0.34)<br>|  | (0.34)<br>| 8.98 | (1.34)<br>| &nbsp;&nbsp; 47344 | 1.49 | 1.58 | 3.44 | 461 |
| Year ended 08/31/22 | 11.38 | 0.16 | (1.81)<br>| (1.65)<br>| (0.17)<br>| (0.11)<br>| (0.28)<br>| 9.45 | (14.76)<br>| &nbsp;&nbsp; 55695 | 1.50 | 1.56 | 1.55 | 321 |
| Year ended 08/31/21 | 11.61 | 0.11 | 0.16 | 0.27 | (0.14)<br>| (0.36)<br>| (0.50)<br>| 11.38 | 2.32 | &nbsp;&nbsp; 90811 | 1.49 | 1.54 | 0.95 | 366 |
| **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 02/28/26 | 9.26 | 0.18 | 0.20 | 0.38 | (0.19)<br>|  | (0.19)<br>| 9.45 | 4.15 | &nbsp;&nbsp; 38845 | 1.00 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| 3.93 <br><sup>(d)</sup><br>| 268 |
| Year ended 08/31/25 | 9.38 | 0.38 | (0.10)<br>| 0.28 | (0.40)<br>|  | (0.40)<br>| 9.26 | 3.06 | &nbsp;&nbsp; 35251 | 0.99 | 1.05 | 4.13 | 531 |
| Year ended 08/31/24 | 8.98 | 0.40 | 0.40 | 0.80 | (0.40)<br>|  | (0.40)<br>| 9.38 | 9.18 | &nbsp;&nbsp; 32746 | 0.99 | 1.09 | 4.38 | 465 |
| Year ended 08/31/23 | 9.45 | 0.36 | (0.44)<br>| (0.08)<br>| (0.39)<br>|  | (0.39)<br>| 8.98 | (0.84)<br>| &nbsp;&nbsp; 27489 | 0.99 | 1.08 | 3.94 | 461 |
| Year ended 08/31/22 | 11.38 | 0.21 | (1.81)<br>| (1.60)<br>| (0.22)<br>| (0.11)<br>| (0.33)<br>| 9.45 | (14.33)<br>| &nbsp;&nbsp; 25914 | 1.00 | 1.06 | 2.05 | 321 |
| Year ended 08/31/21 | 11.61 | 0.16 | 0.16 | 0.32 | (0.19)<br>| (0.36)<br>| (0.55)<br>| 11.38 | 2.83 | &nbsp;&nbsp; 29466 | 0.99 | 1.04 | 1.45 | 366 |
| **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 02/28/26 | 9.27 | 0.21 | 0.19 | 0.40 | (0.22)<br>|  | (0.22)<br>| 9.45 | 4.30 | &nbsp;&nbsp; 1270445 | 0.50 <br><sup>(d)</sup><br>| 0.54 <br><sup>(d)</sup><br>| 4.43 <br><sup>(d)</sup><br>| 268 |
| Year ended 08/31/25 | 9.39 | 0.43 | (0.11)<br>| 0.32 | (0.44)<br>|  | (0.44)<br>| 9.27 | 3.58 | &nbsp;&nbsp; 1323156 | 0.49 | 0.55 | 4.63 | 531 |
| Year ended 08/31/24 | 8.99 | 0.44 | 0.41 | 0.85 | (0.45)<br>|  | (0.45)<br>| 9.39 | 9.72 | &nbsp;&nbsp; 1435650 | 0.49 | 0.59 | 4.88 | 465 |
| Year ended 08/31/23 | 9.46 | 0.41 | (0.44)<br>| (0.03)<br>| (0.44)<br>|  | (0.44)<br>| 8.99 | (0.33)<br>| &nbsp;&nbsp; 1007180 | 0.49 | 0.58 | 4.44 | 461 |
| Year ended 08/31/22 | 11.40 | 0.27 | (1.83)<br>| (1.56)<br>| (0.27)<br>| (0.11)<br>| (0.38)<br>| 9.46 | (13.95)<br>| &nbsp;&nbsp; 961066 | 0.50 | 0.56 | 2.55 | 321 |
| Year ended 08/31/21 | 11.62 | 0.22 | 0.17 | 0.39 | (0.25)<br>| (0.36)<br>| (0.61)<br>| 11.40 | 3.43 | &nbsp;&nbsp; 1407185 | 0.49 | 0.54 | 1.95 | 366 |
| **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 02/28/26 | 9.26 | 0.21 | 0.18 | 0.39 | (0.21)<br>|  | (0.21)<br>| 9.44 | 4.30 | &nbsp;&nbsp; 18213 | 0.49 <br><sup>(d)</sup><br>| 0.52 <br><sup>(d)</sup><br>| 4.44 <br><sup>(d)</sup><br>| 268 |
| Year ended 08/31/25 | 9.38 | 0.43 | (0.11)<br>| 0.32 | (0.44)<br>|  | (0.44)<br>| 9.26 | 3.57 | &nbsp;&nbsp; 16080 | 0.49 | 0.52 | 4.63 | 531 |
| Year ended 08/31/24 | 8.98 | 0.44 | 0.41 | 0.85 | (0.45)<br>|  | (0.45)<br>| 9.38 | 9.72 | &nbsp;&nbsp; 17505 | 0.49 | 0.54 | 4.88 | 465 |
| Year ended 08/31/23 | 9.45 | 0.41 | (0.45)<br>| (0.04)<br>| (0.43)<br>|  | (0.43)<br>| 8.98 | (0.34)<br>| &nbsp;&nbsp; 14364 | 0.49 | 0.53 | 4.44 | 461 |
| Year ended 08/31/22 | 11.38 | 0.26 | (1.81)<br>| (1.55)<br>| (0.27)<br>| (0.11)<br>| (0.38)<br>| 9.45 | (13.89)<br>| &nbsp;&nbsp; 14000 | 0.50 | 0.52 | 2.55 | 321 |
| Year ended 08/31/21 | 11.61 | 0.22 | 0.16 | 0.38 | (0.25)<br>| (0.36)<br>| (0.61)<br>| 11.38 | 3.35 | &nbsp;&nbsp; 13274 | 0.49 | 0.51 | 1.95 | 366 |
| **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 02/28/26 | 9.25 | 0.21 | 0.20 | 0.41 | (0.22)<br>|  | (0.22)<br>| 9.44 | 4.44 | &nbsp;&nbsp; 2536141 | 0.43 <br><sup>(d)</sup><br>| 0.45 <br><sup>(d)</sup><br>| 4.50 <br><sup>(d)</sup><br>| 268 |
| Year ended 08/31/25 | 9.37 | 0.43 | (0.10)<br>| 0.33 | (0.45)<br>|  | (0.45)<br>| 9.25 | 3.63 | &nbsp;&nbsp; 2552592 | 0.44 | 0.45 | 4.68 | 531 |
| Year ended 08/31/24 | 8.97 | 0.44 | 0.41 | 0.85 | (0.45)<br>|  | (0.45)<br>| 9.37 | 9.77 | &nbsp;&nbsp; 2638610 | 0.46 | 0.47 | 4.91 | 465 |
| Year ended 08/31/23 | 9.45 | 0.41 | (0.45)<br>| (0.04)<br>| (0.44)<br>|  | (0.44)<br>| 8.97 | (0.41)<br>| &nbsp;&nbsp; 2410711 | 0.45 | 0.46 | 4.48 | 461 |
| Year ended 08/31/22 | 11.38 | 0.27 | (1.81)<br>| (1.54)<br>| (0.28)<br>| (0.11)<br>| (0.39)<br>| 9.45 | (13.85)<br>| &nbsp;&nbsp; 2406339 | 0.45 | 0.45 | 2.60 | 321 |
| Year ended 08/31/21 | 11.60 | 0.23 | 0.17 | 0.40 | (0.26)<br>| (0.36)<br>| (0.62)<br>| 11.38 | 3.51 | &nbsp;&nbsp; 2948067 | 0.41 | 0.42 | 2.03 | 366 |

---

<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.

**43**

**Invesco Core Plus Bond Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Core Plus Bond Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is total return, comprised of current income and capital appreciation.

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

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, as of the approximate official closing time of that exchange. 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.

Private 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.

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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 Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell 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

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to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**K.** **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 February 28, 2026, the Fund paid the Adviser $1,436 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.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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.

**N.** **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

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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.

**O.** **Call Options Purchased and Written** – The Fund may write call options to seek to manage risk exposures in the Fund's investment portfolio or to earn premiums and/or buy call options for the purpose of acquiring the underlying reference asset for its portfolio, or on underlying reference assets against which it has written other 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.

**P.** **Put Options Purchased and Written** – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract.

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

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

**Q.** **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

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

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, 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 February 28, 2026, 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.

**R.** **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.

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

**T.** **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.

**U.** **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.

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; 0.450% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.39%.

**48**

**Invesco Core Plus Bond Fund**

------

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).

Effective January 1, 2026, the Adviser has contractually agreed, through at least December 31, 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 C, Class R, Class Y, Class R5 and Class R6 shares to 0.78%, 1.53%, 1.03%, 0.53%, 0.50% and 0.43%, respectively, of the Fund's average daily net assets (the "expense limits"). Prior to January 1, 2026, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.50%, 1.00%, 0.50%, 0.50% and 0.50%, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2026 . During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $142,480 and reimbursed class level expenses of $230,073, $6,028, $6,240, $229,623, $1,762 and $83,579 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $68,814 in front-end sales commissions from the sale of Class A shares and $18,372 and $352 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 February 28, 2026. 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.

**49**

**Invesco Core Plus Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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; $2111130836 | &nbsp;&nbsp;&nbsp;&nbsp; $27544646 | &nbsp;&nbsp;&nbsp;&nbsp; $2138675482 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1712838687 | &nbsp;&nbsp;&nbsp;&nbsp; 29329155 | &nbsp;&nbsp;&nbsp;&nbsp; 1742167842 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1425764382 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1425764382 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 930567447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 930567447 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76035382 | &nbsp;&nbsp;&nbsp;&nbsp; 9639562 | &nbsp;&nbsp;&nbsp;&nbsp; 85674944 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 69893535 | &nbsp;&nbsp;&nbsp;&nbsp; 146900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70040435 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 66244167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66244167 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11922853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11922853 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5841398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5841398 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 18872 | &nbsp;&nbsp;&nbsp;&nbsp; 929709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 948581 |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 564784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 564784 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 151649279 | &nbsp;&nbsp;&nbsp;&nbsp; 285329480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436978759 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1620885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1620885 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 289426738 | &nbsp;&nbsp;&nbsp;&nbsp; 6561071858 | &nbsp;&nbsp;&nbsp;&nbsp; 66513363 | &nbsp;&nbsp;&nbsp;&nbsp; 6917011959 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137102 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 137102 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4204222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4204222 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26274 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26274 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 4204222 | &nbsp;&nbsp;&nbsp;&nbsp; 163376 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 4367598 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1407938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1407938)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34672)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1407938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1442610)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 2796284 | &nbsp;&nbsp;&nbsp;&nbsp; 128704 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 2924988 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $292223022 | &nbsp;&nbsp;&nbsp;&nbsp; $6561200562 | &nbsp;&nbsp;&nbsp;&nbsp; $66513363 | &nbsp;&nbsp;&nbsp;&nbsp; $6919936947 |

---

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

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

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $4204222 | &nbsp;&nbsp;&nbsp;&nbsp; $4204222 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 26274 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26274 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1620885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1620885 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 26274 | &nbsp;&nbsp;&nbsp;&nbsp; 1620885 | &nbsp;&nbsp;&nbsp;&nbsp; 4204222 | &nbsp;&nbsp;&nbsp;&nbsp; 5851381 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1620885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4204222)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5825107)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $26274 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26274 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $(1407938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1407938)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (34672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34672)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (34672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1407938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1442610)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1407938 | &nbsp;&nbsp;&nbsp;&nbsp; 1407938 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(34672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(34672)<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.

**50**

**Invesco Core Plus Bond Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; $108 | &nbsp;&nbsp;&nbsp; $(24461)<br>| &nbsp;&nbsp;&nbsp; $(24353)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(24353)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (7595)<br>| &nbsp;&nbsp;&nbsp; (7595)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7595)<br>|
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 26166 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 26166 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26166 |
| Wells Fargo Bank, N.A. | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2616)<br>| &nbsp;&nbsp;&nbsp; (2616)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2616)<br>|
| Total | &nbsp;&nbsp;&nbsp; $26274 | &nbsp;&nbsp;&nbsp; $(34672)<br>| &nbsp;&nbsp;&nbsp; $(8398)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8398)<br>|

---

**Effect of Derivative Investments for the six months ended February 28, 2026**

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; $168651 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $168651 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (6629518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6629518)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1173652 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1173652 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 470080 | &nbsp;&nbsp;&nbsp;&nbsp; 470080 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (132796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (132796)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3492115 | &nbsp;&nbsp;&nbsp;&nbsp; 3492115 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1042395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1042395)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 380145 | &nbsp;&nbsp;&nbsp;&nbsp; 380145 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $35855 | &nbsp;&nbsp;&nbsp;&nbsp; $131257 | &nbsp;&nbsp;&nbsp;&nbsp; $(2287178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2120066)<br>|

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated 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; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $16640261 | &nbsp;&nbsp;&nbsp;&nbsp; $1664367769 | &nbsp;&nbsp;&nbsp;&nbsp; $91897500 | &nbsp;&nbsp;&nbsp;&nbsp; $271177111 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &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 February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $13,052.

**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. The Fund may have certain former Trustees who participated 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.

**51**

**Invesco Core Plus Bond Fund**

------

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $467750138 | &nbsp;&nbsp;&nbsp;&nbsp; $423133434 | &nbsp;&nbsp;&nbsp;&nbsp; $890883572 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $3,403,889,198 and $3,592,976,438, respectively. As of February 28, 2026, 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; $80938043 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (62274658)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $18663385 |

---

Cost of investments for tax purposes is $6,901,273,562.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11468784 | &nbsp;&nbsp;&nbsp; $107414060 | &nbsp;&nbsp;&nbsp; 25542195 | &nbsp;&nbsp;&nbsp; $235431313 |
| Class C | &nbsp;&nbsp;&nbsp; 433573 | &nbsp;&nbsp;&nbsp; 4058837 | &nbsp;&nbsp;&nbsp; 1308319 | &nbsp;&nbsp;&nbsp; 12100472 |
| Class R | &nbsp;&nbsp;&nbsp; 582540 | &nbsp;&nbsp;&nbsp; 5457594 | &nbsp;&nbsp;&nbsp; 1357641 | &nbsp;&nbsp;&nbsp; 12482253 |
| Class Y | &nbsp;&nbsp;&nbsp; 25032268 | &nbsp;&nbsp;&nbsp; 234683416 | &nbsp;&nbsp;&nbsp; 61376536 | &nbsp;&nbsp;&nbsp; 565937592 |
| Class R5 | &nbsp;&nbsp;&nbsp; 287039 | &nbsp;&nbsp;&nbsp; 2687646 | &nbsp;&nbsp;&nbsp; 380103 | &nbsp;&nbsp;&nbsp; 3504049 |
| Class R6 | &nbsp;&nbsp;&nbsp; 29157277 | &nbsp;&nbsp;&nbsp; 272816409 | &nbsp;&nbsp;&nbsp; 52714769 | &nbsp;&nbsp;&nbsp; 485305183 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2807232 | &nbsp;&nbsp;&nbsp; 26315312 | &nbsp;&nbsp;&nbsp; 5823875 | &nbsp;&nbsp;&nbsp; 53700947 |
| Class C | &nbsp;&nbsp;&nbsp; 61765 | &nbsp;&nbsp;&nbsp; 578806 | &nbsp;&nbsp;&nbsp; 147321 | &nbsp;&nbsp;&nbsp; 1358287 |
| Class R | &nbsp;&nbsp;&nbsp; 80346 | &nbsp;&nbsp;&nbsp; 753268 | &nbsp;&nbsp;&nbsp; 156914 | &nbsp;&nbsp;&nbsp; 1446590 |
| Class Y | &nbsp;&nbsp;&nbsp; 2250501 | &nbsp;&nbsp;&nbsp; 21111240 | &nbsp;&nbsp;&nbsp; 4813810 | &nbsp;&nbsp;&nbsp; 44423738 |
| Class R5 | &nbsp;&nbsp;&nbsp; 42048 | &nbsp;&nbsp;&nbsp; 394001 | &nbsp;&nbsp;&nbsp; 87189 | &nbsp;&nbsp;&nbsp; 803762 |
| Class R6 | &nbsp;&nbsp;&nbsp; 6274240 | &nbsp;&nbsp;&nbsp; 58775700 | &nbsp;&nbsp;&nbsp; 12667820 | &nbsp;&nbsp;&nbsp; 116696051 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 304747 | &nbsp;&nbsp;&nbsp; 2856615 | &nbsp;&nbsp;&nbsp; 943824 | &nbsp;&nbsp;&nbsp; 8689842 |
| Class C | &nbsp;&nbsp;&nbsp; (304846)<br>| &nbsp;&nbsp;&nbsp; (2856615)<br>| &nbsp;&nbsp;&nbsp; (944115)<br>| &nbsp;&nbsp;&nbsp; (8689842)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (13979007)<br>| &nbsp;&nbsp;&nbsp; (130937264)<br>| &nbsp;&nbsp;&nbsp; (28077791)<br>| &nbsp;&nbsp;&nbsp; (258095301)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (469341)<br>| &nbsp;&nbsp;&nbsp; (4397690)<br>| &nbsp;&nbsp;&nbsp; (1104672)<br>| &nbsp;&nbsp;&nbsp; (10158253)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (357964)<br>| &nbsp;&nbsp;&nbsp; (3355926)<br>| &nbsp;&nbsp;&nbsp; (1199234)<br>| &nbsp;&nbsp;&nbsp; (11048310)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (35687000)<br>| &nbsp;&nbsp;&nbsp; (335614716)<br>| &nbsp;&nbsp;&nbsp; (76354433)<br>| &nbsp;&nbsp;&nbsp; (702459117)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (137679)<br>| &nbsp;&nbsp;&nbsp; (1283854)<br>| &nbsp;&nbsp;&nbsp; (596945)<br>| &nbsp;&nbsp;&nbsp; (5480828)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (42670567)<br>| &nbsp;&nbsp;&nbsp; (400565277)<br>| &nbsp;&nbsp;&nbsp; (71035819)<br>| &nbsp;&nbsp;&nbsp; (655913817)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (14824044)<br>| &nbsp;&nbsp;&nbsp; $(141108438)<br>| &nbsp;&nbsp;&nbsp; (11992693)<br>| &nbsp;&nbsp;&nbsp; $(109965389)<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 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**52**

**Invesco Core Plus 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>**

Not applicable.

**53**

**Invesco Core Plus Bond Fund**

------

![](img4f5b0c6d1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

CPB-NCSRS

------

![](imge0a808461.jpg)

------

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

**February 28, 2026**

**Invesco Discovery Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_e91c4ca3-0596-447e-b204-6d7dc0c3de7a_SOI-Continued-727_1) | Schedule of Investments |
| [5](#xx_e91c4ca3-0596-447e-b204-6d7dc0c3de7a_FS-Continued-727_1) | Financial Statements |
| [8](#xx_e91c4ca3-0596-447e-b204-6d7dc0c3de7a_FS-Continued-727_4) | Financial Highlights |
| [9](#xx_e91c4ca3-0596-447e-b204-6d7dc0c3de7a_NTF-Continued-727_1) | Notes to Financial Statements |
| [14](#xx_e91c4ca3-0596-447e-b204-6d7dc0c3de7a_OIRSR-Continued-727_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.18%** | **Common Stocks & Other Equity Interests–97.18%** | **Common Stocks & Other Equity Interests–97.18%** |
| **Aerospace & Defense–10.76%** | **Aerospace & Defense–10.76%** | **Aerospace & Defense–10.76%** |
| AeroVironment, Inc.<sup>(b)</sup>  | 191312 | &nbsp;&nbsp; $48258452 |
| Carpenter Technology Corp. | 395120 | &nbsp;&nbsp; 157285419 |
| Curtiss-Wright Corp. | 214320 | &nbsp;&nbsp; 150094726 |
| Embraer S.A., ADR (Brazil) | 1519094 | &nbsp;&nbsp; 109708969 |
| Karman Holdings, Inc.<sup>(b)(c)</sup>  | 1217419 | &nbsp;&nbsp; 107266788 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)</sup>  | 677024 | &nbsp;&nbsp; 58345928 |
| Mercury Systems, Inc.<sup>(b)</sup>  | 935013 | &nbsp;&nbsp; 83244207 |
|  |  | &nbsp;&nbsp; 714204489 |
| **Aluminum–0.75%** | **Aluminum–0.75%** | **Aluminum–0.75%** |
| Century Aluminum Co.<sup>(b)</sup>  | 965511 | &nbsp;&nbsp; 49781747 |
| **Apparel Retail–1.32%** | **Apparel Retail–1.32%** | **Apparel Retail–1.32%** |
| Boot Barn Holdings, Inc.<sup>(b)</sup>  | 463726 | &nbsp;&nbsp; 87746234 |
| **Apparel, Accessories & Luxury Goods–0.72%** | **Apparel, Accessories & Luxury Goods–0.72%** | **Apparel, Accessories & Luxury Goods–0.72%** |
| Gildan Activewear, Inc. (Canada) | 704205 | &nbsp;&nbsp; 47949319 |
| **Application Software–1.41%** | **Application Software–1.41%** | **Application Software–1.41%** |
| Cellebrite DI Ltd. (Israel)<sup>(b)</sup>  | 3267579 | &nbsp;&nbsp; 43589504 |
| Terawulf, Inc.<sup>(b)(c)</sup>  | 3076039 | &nbsp;&nbsp; 49893352 |
|  |  | &nbsp;&nbsp; 93482856 |
| **Asset Management & Custody Banks–0.75%** | **Asset Management & Custody Banks–0.75%** | **Asset Management & Custody Banks–0.75%** |
| StepStone Group, Inc., Class A | 441512 | &nbsp;&nbsp; 19046827 |
| WisdomTree, Inc. | 1813225 | &nbsp;&nbsp; 31024280 |
|  |  | &nbsp;&nbsp; 50071107 |
| **Automotive Parts & Equipment–3.32%** | **Automotive Parts & Equipment–3.32%** | **Automotive Parts & Equipment–3.32%** |
| Dana, Inc. | 1038375 | &nbsp;&nbsp; 35553960 |
| Garrett Motion, Inc. (Switzerland) | 2288708 | &nbsp;&nbsp; 46598095 |
| Modine Manufacturing Co.<sup>(b)</sup>  | 477358 | &nbsp;&nbsp; 108479605 |
| Patrick Industries, Inc. | 240114 | &nbsp;&nbsp; 29723712 |
|  |  | &nbsp;&nbsp; 220355372 |
| **Biotechnology–5.13%** | **Biotechnology–5.13%** | **Biotechnology–5.13%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 1054518 | &nbsp;&nbsp; 16418845 |
| BridgeBio Pharma, Inc.<sup>(b)</sup>  | 1107506 | &nbsp;&nbsp; 73626999 |
| Caris Life Sciences, Inc.<sup>(b)</sup>  | 803618 | &nbsp;&nbsp; 16184867 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 1047035 | &nbsp;&nbsp; 72800344 |
| Insmed, Inc.<sup>(b)</sup>  | 152035 | &nbsp;&nbsp; 22703387 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)</sup>  | 136274 | &nbsp;&nbsp; 58870368 |
| Nuvalent, Inc., Class A<sup>(b)</sup>  | 234970 | &nbsp;&nbsp; 23955191 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup>  | 471030 | &nbsp;&nbsp; 43372442 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup>  | 134236 | &nbsp;&nbsp; 12447704 |
|  |  | &nbsp;&nbsp; 340380147 |
| **Cargo Ground Transportation–0.82%** | **Cargo Ground Transportation–0.82%** | **Cargo Ground Transportation–0.82%** |
| Knight-Swift Transportation Holdings, <br> Inc. | 866986 | &nbsp;&nbsp; 54550759 |
| **Casinos & Gaming–0.73%** | **Casinos & Gaming–0.73%** | **Casinos & Gaming–0.73%** |
| Red Rock Resorts, Inc., Class A | 804628 | &nbsp;&nbsp; 48720225 |
| **Communications Equipment–1.17%** | **Communications Equipment–1.17%** | **Communications Equipment–1.17%** |
| Lumentum Holdings, Inc.<sup>(b)</sup>  | 111010 | &nbsp;&nbsp; 77808019 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction & Engineering–7.79%** | **Construction & Engineering–7.79%** | **Construction & Engineering–7.79%** |
| Argan, Inc. | 227450 | &nbsp;&nbsp; $102636812 |
| Construction Partners, Inc., Class A<sup>(b)</sup>  | 722421 | &nbsp;&nbsp; 97071710 |
| Everus Construction Group, Inc.<sup>(b)</sup>  | 511859 | &nbsp;&nbsp; 61868397 |
| Primoris Services Corp. | 593760 | &nbsp;&nbsp; 89491507 |
| Solv Energy, Inc., Class A<sup>(b)</sup>  | 682898 | &nbsp;&nbsp; 21524945 |
| Sterling Infrastructure, Inc.<sup>(b)</sup>  | 337989 | &nbsp;&nbsp; 144703231 |
|  |  | &nbsp;&nbsp; 517296602 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.19%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.19%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.19%** |
| Federal Signal Corp. | 675400 | &nbsp;&nbsp; 78636822 |
| **Consumer Finance–1.21%** | **Consumer Finance–1.21%** | **Consumer Finance–1.21%** |
| Enova International, Inc.<sup>(b)</sup>  | 505902 | &nbsp;&nbsp; 70345673 |
| Figure Technology Solutions, Inc., <br> Class A<sup>(b)(c)</sup>  | 400545 | &nbsp;&nbsp; 10125778 |
|  |  | &nbsp;&nbsp; 80471451 |
| **Copper–0.91%** | **Copper–0.91%** | **Copper–0.91%** |
| ERO Copper Corp. (Brazil)<sup>(b)</sup>  | 1775792 | &nbsp;&nbsp; 60696571 |
| **Diversified Metals & Mining–0.62%** | **Diversified Metals & Mining–0.62%** | **Diversified Metals & Mining–0.62%** |
| MP Materials Corp.<sup>(b)(c)</sup>  | 695603 | &nbsp;&nbsp; 40950149 |
| **Diversified Support Services–1.22%** | **Diversified Support Services–1.22%** | **Diversified Support Services–1.22%** |
| VSE Corp. | 356422 | &nbsp;&nbsp; 80932744 |
| **Electrical Components & Equipment–0.79%** | **Electrical Components & Equipment–0.79%** | **Electrical Components & Equipment–0.79%** |
| Powell Industries, Inc. | 99625 | &nbsp;&nbsp; 52163650 |
| **Electronic Equipment & Instruments–2.69%** | **Electronic Equipment & Instruments–2.69%** | **Electronic Equipment & Instruments–2.69%** |
| Advanced Energy Industries, Inc. | 531197 | &nbsp;&nbsp; 178253777 |
| **Electronic Manufacturing Services–5.75%** | **Electronic Manufacturing Services–5.75%** | **Electronic Manufacturing Services–5.75%** |
| Fabrinet (Thailand)<sup>(b)</sup>  | 293456 | &nbsp;&nbsp; 160118397 |
| Sanmina Corp.<sup>(b)</sup>  | 461886 | &nbsp;&nbsp; 71712420 |
| TTM Technologies, Inc.<sup>(b)</sup>  | 1439506 | &nbsp;&nbsp; 150054106 |
|  |  | &nbsp;&nbsp; 381884923 |
| **Gold–1.10%** | **Gold–1.10%** | **Gold–1.10%** |
| Orla Mining Ltd. (Canada) | 3361351 | &nbsp;&nbsp; 72672409 |
| **Health Care Equipment–1.59%** | **Health Care Equipment–1.59%** | **Health Care Equipment–1.59%** |
| Glaukos Corp.<sup>(b)</sup>  | 206511 | &nbsp;&nbsp; 24863924 |
| IRhythm Holdings, Inc.<sup>(b)</sup>  | 326976 | &nbsp;&nbsp; 43733040 |
| TransMedics Group, Inc.<sup>(b)(c)</sup>  | 256507 | &nbsp;&nbsp; 37260207 |
|  |  | &nbsp;&nbsp; 105857171 |
| **Health Care Facilities–1.14%** | **Health Care Facilities–1.14%** | **Health Care Facilities–1.14%** |
| Encompass Health Corp. | 704088 | &nbsp;&nbsp; 75957013 |
| **Health Care Services–5.25%** | **Health Care Services–5.25%** | **Health Care Services–5.25%** |
| BillionToOne, Inc.<sup>(b)(c)</sup>  | 182348 | &nbsp;&nbsp; 13918623 |
| BrightSpring Health Services, Inc.<sup>(b)</sup>  | 3300711 | &nbsp;&nbsp; 136748457 |
| GeneDx Holdings Corp.<sup>(b)</sup>  | 378962 | &nbsp;&nbsp; 30207061 |
| Guardant Health, Inc.<sup>(b)</sup>  | 1226700 | &nbsp;&nbsp; 115187130 |
| RadNet, Inc.<sup>(b)</sup>  | 752606 | &nbsp;&nbsp; 52539425 |
|  |  | &nbsp;&nbsp; 348600696 |

---

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

**2**

**Invesco Discovery Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Technology–0.25%** | **Health Care Technology–0.25%** | **Health Care Technology–0.25%** |
| Heartflow, Inc.<sup>(b)</sup>  | 714978 | &nbsp;&nbsp; $16558891 |
| **Heavy Electrical Equipment–1.66%** | **Heavy Electrical Equipment–1.66%** | **Heavy Electrical Equipment–1.66%** |
| Bloom Energy Corp., Class A<sup>(b)</sup>  | 344529 | &nbsp;&nbsp; 53632829 |
| Forgent Power Solutions, Inc.<sup>(b)</sup>  | 1638061 | &nbsp;&nbsp; 56332918 |
|  |  | &nbsp;&nbsp; 109965747 |
| **Independent Power Producers & Energy Traders–0.70%** | **Independent Power Producers & Energy Traders–0.70%** | **Independent Power Producers & Energy Traders–0.70%** |
| Talen Energy Corp.<sup>(b)</sup>  | 125720 | &nbsp;&nbsp; 46638348 |
| **Industrial Machinery & Supplies & Components–4.38%** | **Industrial Machinery & Supplies & Components–4.38%** | **Industrial Machinery & Supplies & Components–4.38%** |
| Crane Co. | 254837 | &nbsp;&nbsp; 51102464 |
| ESCO Technologies, Inc. | 422293 | &nbsp;&nbsp; 117097626 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 540312 | &nbsp;&nbsp; 122618405 |
|  |  | &nbsp;&nbsp; 290818495 |
| **Investment Banking & Brokerage–3.81%** | **Investment Banking & Brokerage–3.81%** | **Investment Banking & Brokerage–3.81%** |
| Evercore, Inc., Class A | 304997 | &nbsp;&nbsp; 94195273 |
| Marex Group PLC (United Kingdom) | 1108189 | &nbsp;&nbsp; 48161894 |
| Piper Sandler Cos. | 219082 | &nbsp;&nbsp; 64749685 |
| PJT Partners, Inc., Class A | 190718 | &nbsp;&nbsp; 28165234 |
| Virtu Financial, Inc., Class A | 429226 | &nbsp;&nbsp; 17774249 |
|  |  | &nbsp;&nbsp; 253046335 |
| **Leisure Facilities–0.43%** | **Leisure Facilities–0.43%** | **Leisure Facilities–0.43%** |
| Planet Fitness, Inc., Class A<sup>(b)</sup>  | 349297 | &nbsp;&nbsp; 28694749 |
| **Life Sciences Tools & Services–0.72%** | **Life Sciences Tools & Services–0.72%** | **Life Sciences Tools & Services–0.72%** |
| Repligen Corp.<sup>(b)</sup>  | 371656 | &nbsp;&nbsp; 47843277 |
| **Managed Health Care–0.87%** | **Managed Health Care–0.87%** | **Managed Health Care–0.87%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | 2278614 | &nbsp;&nbsp; 43794961 |
| HealthEquity, Inc.<sup>(b)</sup>  | 182514 | &nbsp;&nbsp; 13960496 |
|  |  | &nbsp;&nbsp; 57755457 |
| **Oil & Gas Equipment & Services–3.20%** | **Oil & Gas Equipment & Services–3.20%** | **Oil & Gas Equipment & Services–3.20%** |
| Archrock, Inc. | 1918851 | &nbsp;&nbsp; 67793006 |
| TechnipFMC PLC (United Kingdom) | 2177156 | &nbsp;&nbsp; 144367214 |
|  |  | &nbsp;&nbsp; 212160220 |
| **Other Specialty Retail–1.40%** | **Other Specialty Retail–1.40%** | **Other Specialty Retail–1.40%** |
| Five Below, Inc.<sup>(b)</sup>  | 416078 | &nbsp;&nbsp; 93005915 |
| **Pharmaceuticals–2.06%** | **Pharmaceuticals–2.06%** | **Pharmaceuticals–2.06%** |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | 462285 | &nbsp;&nbsp; 75763889 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup>  | 307966 | &nbsp;&nbsp; 61072737 |
|  |  | &nbsp;&nbsp; 136836626 |
| **Property & Casualty Insurance–0.37%** | **Property & Casualty Insurance–0.37%** | **Property & Casualty Insurance–0.37%** |
| Palomar Holdings, Inc.<sup>(b)</sup>  | 199003 | &nbsp;&nbsp; 24618661 |
| **Regional Banks–1.24%** | **Regional Banks–1.24%** | **Regional Banks–1.24%** |
| Ameris Bancorp | 666461 | &nbsp;&nbsp; 51757361 |
| Bancorp, Inc. (The)<sup>(b)</sup>  | 583673 | &nbsp;&nbsp; 30636996 |
|  |  | &nbsp;&nbsp; 82394357 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Restaurants–0.54%** | **Restaurants–0.54%** | **Restaurants–0.54%** | **Restaurants–0.54%** |
| Dutch Bros, Inc., Class A<sup>(b)</sup>  | Dutch Bros, Inc., Class A<sup>(b)</sup>  | 669826 | &nbsp;&nbsp; $35909372 |
| **Semiconductor Materials & Equipment–3.84%** | **Semiconductor Materials & Equipment–3.84%** | **Semiconductor Materials & Equipment–3.84%** | **Semiconductor Materials & Equipment–3.84%** |
| MKS, Inc. | MKS, Inc. | 365679 | &nbsp;&nbsp; 89393888 |
| Nova Ltd. (Israel)<sup>(b)</sup>  | Nova Ltd. (Israel)<sup>(b)</sup>  | 256766 | &nbsp;&nbsp; 112684327 |
| Onto Innovation, Inc.<sup>(b)</sup>  | Onto Innovation, Inc.<sup>(b)</sup>  | 243715 | &nbsp;&nbsp; 52615632 |
|  |  |  | &nbsp;&nbsp; 254693847 |
| **Semiconductors–10.35%** | **Semiconductors–10.35%** | **Semiconductors–10.35%** | **Semiconductors–10.35%** |
| Allegro MicroSystems, Inc.<sup>(b)</sup>  | Allegro MicroSystems, Inc.<sup>(b)</sup>  | 798636 | &nbsp;&nbsp; 29126255 |
| Lattice Semiconductor Corp.<sup>(b)</sup>  | Lattice Semiconductor Corp.<sup>(b)</sup>  | 1137902 | &nbsp;&nbsp; 108806189 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 711557 | &nbsp;&nbsp; 176551523 |
| Rambus, Inc.<sup>(b)</sup>  | Rambus, Inc.<sup>(b)</sup>  | 726385 | &nbsp;&nbsp; 72391529 |
| SiTime Corp.<sup>(b)</sup>  | SiTime Corp.<sup>(b)</sup>  | 383803 | &nbsp;&nbsp; 152707538 |
| Tower Semiconductor Ltd. (Israel)<sup>(b)</sup>  | Tower Semiconductor Ltd. (Israel)<sup>(b)</sup>  | 1180232 | &nbsp;&nbsp; 147375570 |
|  |  |  | &nbsp;&nbsp; 686958604 |
| **Specialty Chemicals–0.54%** | **Specialty Chemicals–0.54%** | **Specialty Chemicals–0.54%** | **Specialty Chemicals–0.54%** |
| Element Solutions, Inc. | Element Solutions, Inc. | 1020379 | &nbsp;&nbsp; 35805099 |
| **Steel–2.08%** | **Steel–2.08%** | **Steel–2.08%** | **Steel–2.08%** |
| ATI, Inc.<sup>(b)</sup>  | ATI, Inc.<sup>(b)</sup>  | 844197 | &nbsp;&nbsp; 138102187 |
| **Systems Software–0.61%** | **Systems Software–0.61%** | **Systems Software–0.61%** | **Systems Software–0.61%** |
| JFrog Ltd.<sup>(b)</sup>  | JFrog Ltd.<sup>(b)</sup>  | 1011663 | &nbsp;&nbsp; 40618269 |
| Total Common Stocks & Other Equity Interests <br> (Cost $4,321,202,448) | Total Common Stocks & Other Equity Interests <br> (Cost $4,321,202,448) | Total Common Stocks & Other Equity Interests <br> (Cost $4,321,202,448) | &nbsp;&nbsp; 6451848708 |
| **Money Market Funds–2.41%** | **Money Market Funds–2.41%** | **Money Market Funds–2.41%** | **Money Market Funds–2.41%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | 55967640 | &nbsp;&nbsp; 55967640 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | 103938721 | &nbsp;&nbsp; 103938721 |
| Total Money Market Funds (Cost $159,906,361) | Total Money Market Funds (Cost $159,906,361) | Total Money Market Funds (Cost $159,906,361) | &nbsp;&nbsp; 159906361 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.59% <br> (Cost $4,481,108,809)<br>|  |  | &nbsp;&nbsp; 6611755069 |
| **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–3.29%** | **Money Market Funds–3.29%** | **Money Market Funds–3.29%** | **Money Market Funds–3.29%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup>  | 60893537 | &nbsp;&nbsp; 60893537 |
| Invesco Private Prime Fund, <br> 3.81%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 3.81%<sup>(d)(e)(f)</sup>  | 157962047 | &nbsp;&nbsp; 158009436 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $218,902,973) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $218,902,973) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $218,902,973) | &nbsp;&nbsp; 218902973 |
| TOTAL INVESTMENTS IN SECURITIES–102.88% <br> (Cost $4,700,011,782) | TOTAL INVESTMENTS IN SECURITIES–102.88% <br> (Cost $4,700,011,782) | TOTAL INVESTMENTS IN SECURITIES–102.88% <br> (Cost $4,700,011,782) | &nbsp;&nbsp; 6830658042 |
| OTHER ASSETS LESS LIABILITIES—(2.88)% | OTHER ASSETS LESS LIABILITIES—(2.88)% | OTHER ASSETS LESS LIABILITIES—(2.88)% | &nbsp;&nbsp; (191420923)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $6639237119 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

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

**3**

**Invesco Discovery 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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $16351814 | &nbsp;&nbsp; $473431902 | &nbsp;&nbsp; $(433816076) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $55967640 | &nbsp;&nbsp; $995605 |
| Invesco Treasury Portfolio, Institutional Class | 30366474 | &nbsp;&nbsp; 879230674 | &nbsp;&nbsp; (805658427) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 103938721 | &nbsp;&nbsp; 1826040 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 122869396 | &nbsp;&nbsp; (61975859) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 60893537 | &nbsp;&nbsp; 298,207\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 301562217 | &nbsp;&nbsp; (143552781) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 158009436 | &nbsp;&nbsp; 803,913\* |
| Total | $46718288 | &nbsp;&nbsp; $1777094189 | &nbsp;&nbsp; $(1445003143) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $378809334 | &nbsp;&nbsp; $3923765 |

---

\* 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 February 28, 2026.

<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.

**4**

**Invesco Discovery Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $4,321,202,448)\*<br>| &nbsp;&nbsp; $6451848708 |
| Investments in affiliated money market funds, at value <br> (Cost $378,809,334)<br>| &nbsp;&nbsp; 378809334 |
| Cash | &nbsp;&nbsp; 1594851 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 18559708 |
| Fund shares sold | &nbsp;&nbsp; 12652419 |
| Dividends | &nbsp;&nbsp; 2432479 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 180476 |
| Other assets | &nbsp;&nbsp; 119655 |
| Total assets | &nbsp;&nbsp; 6866197630 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 809189 |
| Dividends | &nbsp;&nbsp; 432 |
| Fund shares reacquired | &nbsp;&nbsp; 5286596 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 218902973 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1546203 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 23032 |
| Accrued other operating expenses | &nbsp;&nbsp; 163708 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 228378 |
| Total liabilities | &nbsp;&nbsp; 226960511 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $6639237119 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4296134929 |
| Distributable earnings | &nbsp;&nbsp; 2343102190 |
|  | &nbsp;&nbsp; $6639237119 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1829928543 |
| Class C | &nbsp;&nbsp; $27878096 |
| Class R | &nbsp;&nbsp; $46126167 |
| Class Y | &nbsp;&nbsp; $2448303085 |
| Class R5 | &nbsp;&nbsp; $2498169 |
| Class R6 | &nbsp;&nbsp; $2284503059 |
| **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; 16548088 |
| Class C | &nbsp;&nbsp; 677336 |
| Class R | &nbsp;&nbsp; 507172 |
| Class Y | &nbsp;&nbsp; 17125717 |
| Class R5 | &nbsp;&nbsp; 21937 |
| Class R6 | &nbsp;&nbsp; 15302082 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $110.58 |
| Maximum offering price per share <br>(Net asset value of $110.58 ÷ 94.50%)<br>| &nbsp;&nbsp; $117.02 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $41.16 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $90.95 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $142.96 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $113.88 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $149.29 |

---

\* At February 28, 2026, securities with an aggregate value of $208,547,053 were on loan to brokers. 

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

**5**

**Invesco Discovery Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $23,765) | &nbsp;&nbsp; $6742151 |
| Dividends from affiliated money market funds (includes net securities lending income of $211,693) | &nbsp;&nbsp; 3033338 |
| Total investment income | &nbsp;&nbsp; 9775489 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 17054724 |
| Administrative services fees | &nbsp;&nbsp; 420729 |
| Custodian fees | &nbsp;&nbsp; 12993 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1985015 |
| Class C | &nbsp;&nbsp; 133497 |
| Class R | &nbsp;&nbsp; 104781 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 2846933 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2009 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 246591 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 30895 |
| Registration and filing fees | &nbsp;&nbsp; 60819 |
| Reports to shareholders | &nbsp;&nbsp; 130736 |
| Professional services fees | &nbsp;&nbsp; 46029 |
| Other | &nbsp;&nbsp; 25982 |
| Total expenses | &nbsp;&nbsp; 23101733 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (120280)<br>|
| Net expenses | &nbsp;&nbsp; 22981453 |
| Net investment income (loss) | &nbsp;&nbsp; (13205964)<br>|
| **Realized and unrealized gain from:** |  |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 444804621 |
| Change in net unrealized appreciation of unaffiliated investment securities | &nbsp;&nbsp; 739758097 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1184562718 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1171356754 |

---

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

**6**

**Invesco Discovery Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(13205964)<br>| &nbsp;&nbsp; $(17673992)<br>|
| Net realized gain | &nbsp;&nbsp; 444804621 | &nbsp;&nbsp; 540953492 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 739758097 | &nbsp;&nbsp; 32714545 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1171356754 | &nbsp;&nbsp; 555994045 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (197744287)<br>| &nbsp;&nbsp; (102211153)<br>|
| Class C | &nbsp;&nbsp; (6985855)<br>| &nbsp;&nbsp; (3834765)<br>|
| Class R | &nbsp;&nbsp; (5849360)<br>| &nbsp;&nbsp; (3145323)<br>|
| Class Y | &nbsp;&nbsp; (202663395)<br>| &nbsp;&nbsp; (98251533)<br>|
| Class R5 | &nbsp;&nbsp; (253438)<br>| &nbsp;&nbsp; (327199)<br>|
| Class R6 | &nbsp;&nbsp; (179887519)<br>| &nbsp;&nbsp; (72263495)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (593383854)<br>| &nbsp;&nbsp; (280033468)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 101127595 | &nbsp;&nbsp; (22618245)<br>|
| Class C | &nbsp;&nbsp; 3444411 | &nbsp;&nbsp; (1252125)<br>|
| Class R | &nbsp;&nbsp; 4283881 | &nbsp;&nbsp; (3846095)<br>|
| Class Y | &nbsp;&nbsp; 295234498 | &nbsp;&nbsp; 10341341 |
| Class R5 | &nbsp;&nbsp; (3340501)<br>| &nbsp;&nbsp; 2676525 |
| Class R6 | &nbsp;&nbsp; 371654365 | &nbsp;&nbsp; 310743838 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 772404249 | &nbsp;&nbsp; 296045239 |
| Net increase in net assets | &nbsp;&nbsp; 1350377149 | &nbsp;&nbsp; 572005816 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 5288859970 | &nbsp;&nbsp; 4716854154 |
| End of period | &nbsp;&nbsp; $6639237119 | &nbsp;&nbsp; $5288859970 |

---

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

**7**

**Invesco Discovery Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup><sup>(b)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(c)</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>(d)</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 02/28/26 | $103.25 | $(0.35 )<sup>(b)</sup><br>| $20.95 | $20.60 | $(13.27)<br>| $110.58 | 21.65 %<sup>(e)</sup><br>| $1829929 | 0.99 %<sup>(e)(f)</sup><br>| 0.99 %<sup>(e)(f)</sup><br>| (0.66 )%<sup>(b)(e)(f)</sup><br>| 45<br> %<br>|
| Year ended 08/31/25 | 98.69 | (0.54)<br>| 11.72 | 11.18 | (6.62)<br>| 103.25 | 11.38 <br><sup>(e)</sup><br>| 1592888 | 1.03 <br><sup>(e)</sup><br>| 1.03 <br><sup>(e)</sup><br>| (0.57 )<sup>(e)</sup><br>| 87 |
| Year ended 08/31/24 | 80.68 | (0.41)<br>| 18.42 | 18.01 |  | 98.69 | 22.33 <br><sup>(e)</sup><br>| 1551034 | 1.04 <br><sup>(e)</sup><br>| 1.04 <br><sup>(e)</sup><br>| (0.49 )<sup>(e)</sup><br>| 86 |
| Year ended 08/31/23 | 75.57 | (0.36)<br>| 5.47 | 5.11 |  | 80.68 | 6.76 <br><sup>(e)</sup><br>| 1394517 | 1.03 <br><sup>(e)</sup><br>| 1.03 <br><sup>(e)</sup><br>| (0.48 )<sup>(e)</sup><br>| 83 |
| Year ended 08/31/22 | 124.56 | (0.49)<br>| (27.15)<br>| (27.64)<br>| (21.35)<br>| 75.57 | (26.13 )<sup>(e)</sup><br>| 1425847 | 1.02 <br><sup>(e)</sup><br>| 1.02 <br><sup>(e)</sup><br>| (0.54 )<sup>(e)</sup><br>| 84 |
| Year ended 08/31/21 | 101.13 | (0.85)<br>| 36.59 | 35.74 | (12.31)<br>| 124.56 | 37.24 <br><sup>(e)</sup><br>| 2090984 | 1.01 <br><sup>(e)</sup><br>| 1.01 <br><sup>(e)</sup><br>| (0.74 )<sup>(e)</sup><br>| 61 |
| **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 02/28/26 | 46.34 | (0.31 )<sup>(b)</sup><br>| 8.40 | 8.09 | (13.27)<br>| 41.16 | 21.20 | 27878 | 1.75 <br><sup>(f)</sup><br>| 1.75 <br><sup>(f)</sup><br>| (1.42 )<sup>(b)(f)</sup><br>| 45 |
| Year ended 08/31/25 | 47.92 | (0.59)<br>| 5.63 | 5.04 | (6.62)<br>| 46.34 | 10.53 | 26210 | 1.79 | 1.79 | (1.33)<br>| 87 |
| Year ended 08/31/24 | 39.48 | (0.52)<br>| 8.96 | 8.44 |  | 47.92 | 21.38 | 28690 | 1.80 | 1.80 | (1.25)<br>| 86 |
| Year ended 08/31/23 | 37.26 | (0.46)<br>| 2.68 | 2.22 |  | 39.48 | 5.96 | 28808 | 1.79 | 1.79 | (1.24)<br>| 83 |
| Year ended 08/31/22 | 73.13 | (0.63)<br>| (13.89)<br>| (14.52)<br>| (21.35)<br>| 37.26 | (26.68)<br>| 33135 | 1.78 | 1.78 | (1.30)<br>| 84 |
| Year ended 08/31/21 | 64.09 | (1.03)<br>| 22.38 | 21.35 | (12.31)<br>| 73.13 | 36.20 | 56388 | 1.78 | 1.78 | (1.51)<br>| 61 |
| **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 02/28/26 | 87.22 | (0.41 )<sup>(b)</sup><br>| 17.41 | 17.00 | (13.27)<br>| 90.95 | 21.49 | 46126 | 1.25 <br><sup>(f)</sup><br>| 1.25 <br><sup>(f)</sup><br>| (0.92 )<sup>(b)(f)</sup><br>| 45 |
| Year ended 08/31/25 | 84.50 | (0.67)<br>| 10.01 | 9.34 | (6.62)<br>| 87.22 | 11.09 | 39394 | 1.29 | 1.29 | (0.83)<br>| 87 |
| Year ended 08/31/24 | 69.27 | (0.55)<br>| 15.78 | 15.23 |  | 84.50 | 21.98 | 42245 | 1.30 | 1.30 | (0.75)<br>| 86 |
| Year ended 08/31/23 | 65.06 | (0.48)<br>| 4.69 | 4.21 |  | 69.27 | 6.47 | 40864 | 1.29 | 1.29 | (0.74)<br>| 83 |
| Year ended 08/31/22 | 110.57 | (0.64)<br>| (23.52)<br>| (24.16)<br>| (21.35)<br>| 65.06 | (26.31)<br>| 41445 | 1.28 | 1.28 | (0.80)<br>| 84 |
| Year ended 08/31/21 | 91.16 | (1.03)<br>| 32.75 | 31.72 | (12.31)<br>| 110.57 | 36.89 | 64908 | 1.28 | 1.28 | (1.01)<br>| 61 |
| **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 02/28/26 | 129.72 | (0.28 )<sup>(b)</sup><br>| 26.79 | 26.51 | (13.27)<br>| 142.96 | 21.80 | 2448303 | 0.75 <br><sup>(f)</sup><br>| 0.75 <br><sup>(f)</sup><br>| (0.42 )<sup>(b)(f)</sup><br>| 45 |
| Year ended 08/31/25 | 122.18 | (0.39)<br>| 14.55 | 14.16 | (6.62)<br>| 129.72 | 11.64 | 1928668 | 0.79 | 0.79 | (0.33)<br>| 87 |
| Year ended 08/31/24 | 99.65 | (0.26)<br>| 22.79 | 22.53 |  | 122.18 | 22.61 | 1810579 | 0.80 | 0.80 | (0.25)<br>| 86 |
| Year ended 08/31/23 | 93.12 | (0.22)<br>| 6.75 | 6.53 |  | 99.65 | 7.01 | 1490868 | 0.79 | 0.79 | (0.24)<br>| 83 |
| Year ended 08/31/22 | 147.99 | (0.33)<br>| (33.19)<br>| (33.52)<br>| (21.35)<br>| 93.12 | (25.94)<br>| 1532285 | 0.78 | 0.78 | (0.30)<br>| 84 |
| Year ended 08/31/21 | 117.95 | (0.69)<br>| 43.04 | 42.35 | (12.31)<br>| 147.99 | 37.56 | 1769717 | 0.78 | 0.78 | (0.51)<br>| 61 |
| **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 02/28/26 | 105.84 | (0.21 )<sup>(b)</sup><br>| 21.52 | 21.31 | (13.27)<br>| 113.88 | 21.79 | 2498 | 0.70 <br><sup>(f)</sup><br>| 0.70 <br><sup>(f)</sup><br>| (0.37 )<sup>(b)(f)</sup><br>| 45 |
| Year ended 08/31/25 | 100.72 | (0.25)<br>| 11.99 | 11.74 | (6.62)<br>| 105.84 | 11.72 | 5323 | 0.72 | 0.72 | (0.26)<br>| 87 |
| Year ended 08/31/24 | 82.05 | (0.12)<br>| 18.79 | 18.67 |  | 100.72 | 22.76 | 2460 | 0.69 | 0.69 | (0.14)<br>| 86 |
| Year ended 08/31/23 | 76.48 | (0.09)<br>| 5.66 | 5.57 |  | 82.05 | 7.28 | 1364 | 0.68 | 0.68 | (0.13)<br>| 83 |
| Year ended 08/31/22 | 125.62 | (0.28)<br>| (27.51)<br>| (27.79)<br>| (21.35)<br>| 76.48 | (26.01)<br>| 1139 | 0.71 | 0.71 | (0.23)<br>| 84 |
| Year ended 08/31/21 | 101.62 | (0.52)<br>| 36.83 | 36.31 | (12.31)<br>| 125.62 | 37.67 | 15580 | 0.72 | 0.72 | (0.45)<br>| 61 |
| **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 02/28/26 | 134.85 | (0.21 )<sup>(b)</sup><br>| 27.92 | 27.71 | (13.27)<br>| 149.29 | 21.87 | 2284503 | 0.62 <br><sup>(f)</sup><br>| 0.62 <br><sup>(f)</sup><br>| (0.29 )<sup>(b)(f)</sup><br>| 45 |
| Year ended 08/31/25 | 126.60 | (0.23)<br>| 15.10 | 14.87 | (6.62)<br>| 134.85 | 11.79 | 1696377 | 0.65 | 0.65 | (0.19)<br>| 87 |
| Year ended 08/31/24 | 103.11 | (0.12)<br>| 23.61 | 23.49 |  | 126.60 | 22.78 | 1281846 | 0.66 | 0.66 | (0.11)<br>| 86 |
| Year ended 08/31/23 | 96.23 | (0.10)<br>| 6.98 | 6.88 |  | 103.11 | 7.15 | 833290 | 0.66 | 0.66 | (0.11)<br>| 83 |
| Year ended 08/31/22 | 152.02 | (0.19)<br>| (34.25)<br>| (34.44)<br>| (21.35)<br>| 96.23 | (25.85)<br>| 578210 | 0.65 | 0.65 | (0.17)<br>| 84 |
| Year ended 08/31/21 | 120.70 | (0.50)<br>| 44.13 | 43.63 | (12.31)<br>| 152.02 | 37.78 | 553738 | 0.63 | 0.63 | (0.36)<br>| 61 |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the six months ended February 28, 2026. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.37) and (0.68)%, $(0.33) and (1.44)%, $(0.43) and (0.94)%, $(0.30) and (0.44)%, $(0.23) and (0.39)%, $(0.23) and (0.31)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. 

<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. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

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

<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 0.24%, 0.24%, 0.24%, 0.24%, 0.24% and 0.23% for the six months ended February 28, 2026 and years ended August 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

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

**8**

**Invesco Discovery Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Discovery Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek long-term capital appreciation.

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

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, as of the approximate official closing time of that exchange. 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.

Private 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

**9**

**Invesco Discovery Fund**

------

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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.

**10**

**Invesco Discovery Fund**

------

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 February 28, 2026, the Fund paid the Adviser $22,697 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.

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

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $700 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $3.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |

---

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

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.58%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $76,809.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

**11**

**Invesco Discovery Fund**

------

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $18,644 in front-end sales commissions from the sale of Class A shares and $17 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $33,628 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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; $6451848708 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6451848708 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 159906361 | &nbsp;&nbsp;&nbsp;&nbsp; 218902973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378809334 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $6611755069 | &nbsp;&nbsp;&nbsp;&nbsp; $218902973 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6830658042 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $43,471.

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

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated 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 August 31, 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 February 28, 2026 was $2,636,401,938 and $2,594,889,447, respectively. As of February 28, 2026, the aggregate cost

**12**

**Invesco Discovery Fund**

------

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; $2224346024 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (106955259)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2117390765 |

---

Cost of investments for tax purposes is $4,713,267,277.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 392902 | &nbsp;&nbsp;&nbsp; $42597579 | &nbsp;&nbsp;&nbsp; 1152279 | &nbsp;&nbsp;&nbsp; $109579908 |
| Class C | &nbsp;&nbsp;&nbsp; 43363 | &nbsp;&nbsp;&nbsp; 1882162 | &nbsp;&nbsp;&nbsp; 57044 | &nbsp;&nbsp;&nbsp; 2544445 |
| Class R | &nbsp;&nbsp;&nbsp; 27760 | &nbsp;&nbsp;&nbsp; 2512180 | &nbsp;&nbsp;&nbsp; 49764 | &nbsp;&nbsp;&nbsp; 4143991 |
| Class Y | &nbsp;&nbsp;&nbsp; 2907910 | &nbsp;&nbsp;&nbsp; 399332271 | &nbsp;&nbsp;&nbsp; 3687838 | &nbsp;&nbsp;&nbsp; 440945181 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2394 | &nbsp;&nbsp;&nbsp; 263937 | &nbsp;&nbsp;&nbsp; 38511 | &nbsp;&nbsp;&nbsp; 3906501 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2917590 | &nbsp;&nbsp;&nbsp; 414504629 | &nbsp;&nbsp;&nbsp; 5024697 | &nbsp;&nbsp;&nbsp; 630482518 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1942412 | &nbsp;&nbsp;&nbsp; 189618213 | &nbsp;&nbsp;&nbsp; 959668 | &nbsp;&nbsp;&nbsp; 98375588 |
| Class C | &nbsp;&nbsp;&nbsp; 190281 | &nbsp;&nbsp;&nbsp; 6924338 | &nbsp;&nbsp;&nbsp; 81692 | &nbsp;&nbsp;&nbsp; 3779095 |
| Class R | &nbsp;&nbsp;&nbsp; 72575 | &nbsp;&nbsp;&nbsp; 5829929 | &nbsp;&nbsp;&nbsp; 36132 | &nbsp;&nbsp;&nbsp; 3134114 |
| Class Y | &nbsp;&nbsp;&nbsp; 1309055 | &nbsp;&nbsp;&nbsp; 165137298 | &nbsp;&nbsp;&nbsp; 621743 | &nbsp;&nbsp;&nbsp; 79937532 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2509 | &nbsp;&nbsp;&nbsp; 252083 | &nbsp;&nbsp;&nbsp; 3114 | &nbsp;&nbsp;&nbsp; 326523 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1356606 | &nbsp;&nbsp;&nbsp; 178678613 | &nbsp;&nbsp;&nbsp; 537644 | &nbsp;&nbsp;&nbsp; 71780904 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11253 | &nbsp;&nbsp;&nbsp; 1216229 | &nbsp;&nbsp;&nbsp; 26943 | &nbsp;&nbsp;&nbsp; 2642708 |
| Class C | &nbsp;&nbsp;&nbsp; (28060)<br>| &nbsp;&nbsp;&nbsp; (1216229)<br>| &nbsp;&nbsp;&nbsp; (58925)<br>| &nbsp;&nbsp;&nbsp; (2642708)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1225292)<br>| &nbsp;&nbsp;&nbsp; (132304426)<br>| &nbsp;&nbsp;&nbsp; (2428185)<br>| &nbsp;&nbsp;&nbsp; (233216449)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (93812)<br>| &nbsp;&nbsp;&nbsp; (4145860)<br>| &nbsp;&nbsp;&nbsp; (112895)<br>| &nbsp;&nbsp;&nbsp; (4932957)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (44824)<br>| &nbsp;&nbsp;&nbsp; (4058228)<br>| &nbsp;&nbsp;&nbsp; (134192)<br>| &nbsp;&nbsp;&nbsp; (11124200)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1958711)<br>| &nbsp;&nbsp;&nbsp; (269235071)<br>| &nbsp;&nbsp;&nbsp; (4261508)<br>| &nbsp;&nbsp;&nbsp; (510541372)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (33258)<br>| &nbsp;&nbsp;&nbsp; (3856521)<br>| &nbsp;&nbsp;&nbsp; (15753)<br>| &nbsp;&nbsp;&nbsp; (1556499)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1552104)<br>| &nbsp;&nbsp;&nbsp; (221528877)<br>| &nbsp;&nbsp;&nbsp; (3107861)<br>| &nbsp;&nbsp;&nbsp; (391519584)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 6240549 | &nbsp;&nbsp;&nbsp; $772404249 | &nbsp;&nbsp;&nbsp; 2157750 | &nbsp;&nbsp;&nbsp; $296045239 |

---

<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 24% 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 Discovery 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>**

Not applicable.

**14**

**Invesco Discovery Fund**

------

![](imge0a808461.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

O-DIS-NCSRS

------

![](imgc5fd44d11.jpg)

------

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

**February 28, 2026**

**Invesco Discovery Large Cap Fund**

Nasdaq:

A: OPTFX ■ C: OTFCX ■ R: OTCNX ■ Y: OTCYX ■ R5: CPTUX ■ R6: OPTIX

------

---

| | |
|:---|:---|
| [2](#xx_115e97b7-bcdf-4853-a93f-ced55b8a25d9_SOI-Continued-724_1) | Schedule of Investments |
| [4](#xx_115e97b7-bcdf-4853-a93f-ced55b8a25d9_FS-Continued-724_1) | Financial Statements |
| [7](#xx_115e97b7-bcdf-4853-a93f-ced55b8a25d9_FS-Continued-724_4) | Financial Highlights |
| [8](#xx_115e97b7-bcdf-4853-a93f-ced55b8a25d9_NTF-Continued-724_1) | Notes to Financial Statements |
| [14](#xx_115e97b7-bcdf-4853-a93f-ced55b8a25d9_OIRSR-Continued-724_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.29%** | **Common Stocks & Other Equity Interests–98.29%** | **Common Stocks & Other Equity Interests–98.29%** |
| **Aerospace & Defense–4.59%** | **Aerospace & Defense–4.59%** | **Aerospace & Defense–4.59%** |
| General Electric Co. | 289404 | &nbsp;&nbsp; $99051413 |
| Howmet Aerospace, Inc. | 463227 | &nbsp;&nbsp; 121610984 |
| L3Harris Technologies, Inc. | 123874 | &nbsp;&nbsp; 45157028 |
|  |  | &nbsp;&nbsp; 265819425 |
| **Apparel Retail–1.34%** | **Apparel Retail–1.34%** | **Apparel Retail–1.34%** |
| TJX Cos., Inc. (The) | 481650 | &nbsp;&nbsp; 77863539 |
| **Application Software–0.87%** | **Application Software–0.87%** | **Application Software–0.87%** |
| AppLovin Corp., Class A<sup>(b)(c)</sup>  | 64113 | &nbsp;&nbsp; 27874409 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 164914 | &nbsp;&nbsp; 22624552 |
|  |  | &nbsp;&nbsp; 50498961 |
| **Asset Management & Custody Banks–1.02%** | **Asset Management & Custody Banks–1.02%** | **Asset Management & Custody Banks–1.02%** |
| BlackRock, Inc. | 55836 | &nbsp;&nbsp; 59366510 |
| **Automobile Manufacturers–2.19%** | **Automobile Manufacturers–2.19%** | **Automobile Manufacturers–2.19%** |
| Tesla, Inc.<sup>(b)</sup>  | 315229 | &nbsp;&nbsp; 126882825 |
| **Biotechnology–1.51%** | **Biotechnology–1.51%** | **Biotechnology–1.51%** |
| AbbVie, Inc. | 260468 | &nbsp;&nbsp; 60449414 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 35198 | &nbsp;&nbsp; 26994050 |
|  |  | &nbsp;&nbsp; 87443464 |
| **Broadline Retail–4.63%** | **Broadline Retail–4.63%** | **Broadline Retail–4.63%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 1276664 | &nbsp;&nbsp; 268099440 |
| **Cargo Ground Transportation–0.52%** | **Cargo Ground Transportation–0.52%** | **Cargo Ground Transportation–0.52%** |
| XPO, Inc.<sup>(b)(c)</sup>  | 142862 | &nbsp;&nbsp; 30068165 |
| **Coal & Consumable Fuels–1.43%** | **Coal & Consumable Fuels–1.43%** | **Coal & Consumable Fuels–1.43%** |
| Cameco Corp. (Canada) | 702459 | &nbsp;&nbsp; 83171146 |
| **Communications Equipment–0.86%** | **Communications Equipment–0.86%** | **Communications Equipment–0.86%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 372504 | &nbsp;&nbsp; 49729284 |
| **Construction & Engineering–2.37%** | **Construction & Engineering–2.37%** | **Construction & Engineering–2.37%** |
| Quanta Services, Inc. | 244228 | &nbsp;&nbsp; 137519902 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.95%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.95%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.95%** |
| Caterpillar, Inc. | 112120 | &nbsp;&nbsp; 83286100 |
| PACCAR, Inc. | 235268 | &nbsp;&nbsp; 29664942 |
|  |  | &nbsp;&nbsp; 112951042 |
| **Consumer Finance–1.38%** | **Consumer Finance–1.38%** | **Consumer Finance–1.38%** |
| American Express Co. | 258647 | &nbsp;&nbsp; 79896058 |
| **Consumer Staples Merchandise Retail–1.48%** | **Consumer Staples Merchandise Retail–1.48%** | **Consumer Staples Merchandise Retail–1.48%** |
| Walmart, Inc.<sup>(c)</sup>  | 671650 | &nbsp;&nbsp; 85937617 |
| **Copper–1.13%** | **Copper–1.13%** | **Copper–1.13%** |
| Freeport-McMoRan, Inc. | 958878 | &nbsp;&nbsp; 65280414 |
| **Electrical Components & Equipment–2.21%** | **Electrical Components & Equipment–2.21%** | **Electrical Components & Equipment–2.21%** |
| Vertiv Holdings Co., Class A | 502847 | &nbsp;&nbsp; 128170672 |
| **Electronic Components–2.36%** | **Electronic Components–2.36%** | **Electronic Components–2.36%** |
| Amphenol Corp., Class A | 636870 | &nbsp;&nbsp; 93021232 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electronic Components–(continued)** | **Electronic Components–(continued)** | **Electronic Components–(continued)** |
| Coherent Corp.<sup>(b)</sup>  | 169674 | &nbsp;&nbsp; $43933689 |
|  |  | &nbsp;&nbsp; 136954921 |
| **Financial Exchanges & Data–0.48%** | **Financial Exchanges & Data–0.48%** | **Financial Exchanges & Data–0.48%** |
| Moody's Corp. | 57702 | &nbsp;&nbsp; 27557898 |
| **Health Care Distributors–1.58%** | **Health Care Distributors–1.58%** | **Health Care Distributors–1.58%** |
| Cencora, Inc. | 162922 | &nbsp;&nbsp; 60629793 |
| McKesson Corp. | 31256 | &nbsp;&nbsp; 30861237 |
|  |  | &nbsp;&nbsp; 91491030 |
| **Health Care Equipment–0.39%** | **Health Care Equipment–0.39%** | **Health Care Equipment–0.39%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 296390 | &nbsp;&nbsp; 22777572 |
| **Health Care REITs–0.71%** | **Health Care REITs–0.71%** | **Health Care REITs–0.71%** |
| Welltower, Inc. | 197455 | &nbsp;&nbsp; 40896880 |
| **Heavy Electrical Equipment–1.83%** | **Heavy Electrical Equipment–1.83%** | **Heavy Electrical Equipment–1.83%** |
| GE Vernova, Inc. | 121164 | &nbsp;&nbsp; 105848870 |
| **Hotels, Resorts & Cruise Lines–2.31%** | **Hotels, Resorts & Cruise Lines–2.31%** | **Hotels, Resorts & Cruise Lines–2.31%** |
| Hilton Worldwide Holdings, Inc. | 337036 | &nbsp;&nbsp; 105081084 |
| Viking Holdings Ltd.<sup>(b)</sup>  | 372884 | &nbsp;&nbsp; 29092410 |
|  |  | &nbsp;&nbsp; 134173494 |
| **Industrial Machinery & Supplies & Components–1.36%** | **Industrial Machinery & Supplies & Components–1.36%** | **Industrial Machinery & Supplies & Components–1.36%** |
| Parker-Hannifin Corp. | 77958 | &nbsp;&nbsp; 78673654 |
| **Interactive Media & Services–12.36%** | **Interactive Media & Services–12.36%** | **Interactive Media & Services–12.36%** |
| Alphabet, Inc., Class C | 1374649 | &nbsp;&nbsp; 428106938 |
| Meta Platforms, Inc., Class A | 392434 | &nbsp;&nbsp; 254367870 |
| Reddit, Inc., Class A<sup>(b)(c)</sup>  | 230417 | &nbsp;&nbsp; 33597103 |
|  |  | &nbsp;&nbsp; 716071911 |
| **Internet Services & Infrastructure–1.79%** | **Internet Services & Infrastructure–1.79%** | **Internet Services & Infrastructure–1.79%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 295249 | &nbsp;&nbsp; 50838925 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 315204 | &nbsp;&nbsp; 53083506 |
|  |  | &nbsp;&nbsp; 103922431 |
| **Investment Banking & Brokerage–1.73%** | **Investment Banking & Brokerage–1.73%** | **Investment Banking & Brokerage–1.73%** |
| Goldman Sachs Group, Inc. (The) | 116520 | &nbsp;&nbsp; 100157096 |
| **Life Sciences Tools & Services–0.61%** | **Life Sciences Tools & Services–0.61%** | **Life Sciences Tools & Services–0.61%** |
| Thermo Fisher Scientific, Inc. | 67732 | &nbsp;&nbsp; 35295823 |
| **Movies & Entertainment–1.03%** | **Movies & Entertainment–1.03%** | **Movies & Entertainment–1.03%** |
| Netflix, Inc.<sup>(b)</sup>  | 619315 | &nbsp;&nbsp; 59602876 |
| **Pharmaceuticals–1.94%** | **Pharmaceuticals–1.94%** | **Pharmaceuticals–1.94%** |
| Eli Lilly and Co. | 106672 | &nbsp;&nbsp; 112217877 |
| **Real Estate Services–0.89%** | **Real Estate Services–0.89%** | **Real Estate Services–0.89%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 350907 | &nbsp;&nbsp; 51814928 |
| **Semiconductor Materials & Equipment–3.99%** | **Semiconductor Materials & Equipment–3.99%** | **Semiconductor Materials & Equipment–3.99%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 55744 | &nbsp;&nbsp; 80860017 |
| Lam Research Corp. | 641990 | &nbsp;&nbsp; 150155041 |
|  |  | &nbsp;&nbsp; 231015058 |

---

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

**2**

**Invesco Discovery Large Cap Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–21.27%** | **Semiconductors–21.27%** | **Semiconductors–21.27%** | **Semiconductors–21.27%** |
| Broadcom, Inc. | Broadcom, Inc. | 784375 | &nbsp;&nbsp; $250647031 |
| Monolithic Power Systems, Inc. | Monolithic Power Systems, Inc. | 83226 | &nbsp;&nbsp; 95105679 |
| NVIDIA Corp. | NVIDIA Corp. | 3907156 | &nbsp;&nbsp; 692308972 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 519778 | &nbsp;&nbsp; 194698443 |
|  |  |  | &nbsp;&nbsp; 1232760125 |
| **Systems Software–5.84%** | **Systems Software–5.84%** | **Systems Software–5.84%** | **Systems Software–5.84%** |
| Microsoft Corp. | Microsoft Corp. | 862388 | &nbsp;&nbsp; 338694263 |
| **Technology Hardware, Storage & Peripherals–5.30%** | **Technology Hardware, Storage & Peripherals–5.30%** | **Technology Hardware, Storage & Peripherals–5.30%** | **Technology Hardware, Storage & Peripherals–5.30%** |
| Apple, Inc. | Apple, Inc. | 1161957 | &nbsp;&nbsp; 306965800 |
| **Transaction & Payment Processing Services–1.04%** | **Transaction & Payment Processing Services–1.04%** | **Transaction & Payment Processing Services–1.04%** | **Transaction & Payment Processing Services–1.04%** |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 117097 | &nbsp;&nbsp; 60563739 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,787,858,672) | Total Common Stocks & Other Equity Interests <br> (Cost $2,787,858,672) | Total Common Stocks & Other Equity Interests <br> (Cost $2,787,858,672) | &nbsp;&nbsp; 5696154710 |
| **Money Market Funds–2.18%** | **Money Market Funds–2.18%** | **Money Market Funds–2.18%** | **Money Market Funds–2.18%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | 44155960 | &nbsp;&nbsp; 44155960 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | 82003926 | &nbsp;&nbsp; 82003926 |
| Total Money Market Funds (Cost $126,159,886) | Total Money Market Funds (Cost $126,159,886) | Total Money Market Funds (Cost $126,159,886) | &nbsp;&nbsp; 126159886 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.47% <br> (Cost $2,914,018,558)<br>|  |  | &nbsp;&nbsp; 5822314596 |

---

---

| | | |
|:---|:---|:---|
| **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–1.90%** | **Money Market Funds–1.90%** | **Money Market Funds–1.90%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup>  | 52089401 | &nbsp;&nbsp; $52089401 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup>  | 58372029 | &nbsp;&nbsp; 58389540 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $110,478,941) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $110,478,941) | &nbsp;&nbsp; 110478941 |
| TOTAL INVESTMENTS IN SECURITIES–102.37% <br> (Cost $3,024,497,499) | TOTAL INVESTMENTS IN SECURITIES–102.37% <br> (Cost $3,024,497,499) | &nbsp;&nbsp; 5932793537 |
| OTHER ASSETS LESS LIABILITIES—(2.37)% | OTHER ASSETS LESS LIABILITIES—(2.37)% | &nbsp;&nbsp; (137424474)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5795369063 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> 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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $4210211 | &nbsp;&nbsp; $239674556 | &nbsp;&nbsp; $(199728807) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $44155960 | &nbsp;&nbsp; $259649 |
| Invesco Treasury Portfolio, Institutional Class | 7818956 | &nbsp;&nbsp; 445109890 | &nbsp;&nbsp; (370924920) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 82003926 | &nbsp;&nbsp; 476721 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 58981027 | &nbsp;&nbsp; 386700833 | &nbsp;&nbsp; (393592459) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 52089401 | &nbsp;&nbsp; 332,428\* |
| Invesco Private Prime Fund | 152817015 | &nbsp;&nbsp; 608460914 | &nbsp;&nbsp; (702891189) | &nbsp;&nbsp; (5217) | &nbsp;&nbsp; 8017 | &nbsp;&nbsp; 58389540 | &nbsp;&nbsp; 917,047\* |
| Total | $223827209 | &nbsp;&nbsp; $1679946193 | &nbsp;&nbsp; $(1667137375) | &nbsp;&nbsp; $(5217) | &nbsp;&nbsp; $8017 | &nbsp;&nbsp; $236638827 | &nbsp;&nbsp; $1985845 |

---

\* 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 February 28, 2026.

<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 Discovery Large Cap Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,787,858,672)\*<br>| &nbsp;&nbsp; $5696154710 |
| Investments in affiliated money market funds, at value <br> (Cost $236,638,827)<br>| &nbsp;&nbsp; 236638827 |
| Cash | &nbsp;&nbsp; 5000000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 29542692 |
| Fund shares sold | &nbsp;&nbsp; 1143579 |
| Dividends | &nbsp;&nbsp; 2013687 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 496822 |
| Other assets | &nbsp;&nbsp; 101956 |
| Total assets | &nbsp;&nbsp; 5971092273 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 59256865 |
| Fund shares reacquired | &nbsp;&nbsp; 3085932 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 110478941 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2052438 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 194960 |
| Accrued other operating expenses | &nbsp;&nbsp; 157252 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 496822 |
| Total liabilities | &nbsp;&nbsp; 175723210 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5795369063 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2704110629 |
| Distributable earnings | &nbsp;&nbsp; 3091258434 |
|  | &nbsp;&nbsp; $5795369063 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $5194399397 |
| Class C | &nbsp;&nbsp; $151954023 |
| Class R | &nbsp;&nbsp; $211220420 |
| Class Y | &nbsp;&nbsp; $193264060 |
| Class R5 | &nbsp;&nbsp; $14505 |
| Class R6 | &nbsp;&nbsp; $44516658 |
| **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; 62383898 |
| Class C | &nbsp;&nbsp; 4151062 |
| Class R | &nbsp;&nbsp; 2967190 |
| Class Y | &nbsp;&nbsp; 1941970 |
| Class R5 | &nbsp;&nbsp; 170 |
| Class R6 | &nbsp;&nbsp; 438062 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $83.27 |
| Maximum offering price per share <br>(Net asset value of $83.27 ÷ 94.50%)<br>| &nbsp;&nbsp; $88.12 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.61 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $71.19 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $99.52 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $85.32 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $101.62 |

---

\* At February 28, 2026, securities with an aggregate value of $108,629,105 were on loan to brokers. 

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

**4**

**Invesco Discovery Large Cap Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $186,526) | &nbsp;&nbsp; $11693474 |
| Dividends from affiliated money market funds (includes net securities lending income of $49,780) | &nbsp;&nbsp; 786150 |
| Total investment income | &nbsp;&nbsp; 12479624 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 17196729 |
| Administrative services fees | &nbsp;&nbsp; 432187 |
| Custodian fees | &nbsp;&nbsp; 13686 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 6158116 |
| Class C | &nbsp;&nbsp; 826659 |
| Class R | &nbsp;&nbsp; 544593 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 2743439 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 6576 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; (3467)<br>|
| Registration and filing fees | &nbsp;&nbsp; 61146 |
| Reports to shareholders | &nbsp;&nbsp; 93322 |
| Professional services fees | &nbsp;&nbsp; 48783 |
| Other | &nbsp;&nbsp; 30388 |
| Total expenses | &nbsp;&nbsp; 28152159 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (148438)<br>|
| Net expenses | &nbsp;&nbsp; 28003721 |
| Net investment income (loss) | &nbsp;&nbsp; (15524097)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 362641713 |
| Affiliated investment securities | &nbsp;&nbsp; 8017 |
| Foreign currencies | &nbsp;&nbsp; 1765 |
|  | &nbsp;&nbsp; 362651495 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (265672554)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (5217)<br>|
| Foreign currencies | &nbsp;&nbsp; 8 |
|  | &nbsp;&nbsp; (265677763)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 96973732 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $81449635 |

---

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

**5**

**Invesco Discovery Large Cap Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(15524097)<br>| &nbsp;&nbsp; $(25632703)<br>|
| Net realized gain | &nbsp;&nbsp; 362651495 | &nbsp;&nbsp; 553399811 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (265677763)<br>| &nbsp;&nbsp; 424279176 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 81449635 | &nbsp;&nbsp; 952046284 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (533723721)<br>| &nbsp;&nbsp; (149673330)<br>|
| Class C | &nbsp;&nbsp; (32651113)<br>| &nbsp;&nbsp; (9741012)<br>|
| Class R | &nbsp;&nbsp; (24609282)<br>| &nbsp;&nbsp; (6705238)<br>|
| Class Y | &nbsp;&nbsp; (18055941)<br>| &nbsp;&nbsp; (4480053)<br>|
| Class R5 | &nbsp;&nbsp; (1583)<br>| &nbsp;&nbsp; (2491)<br>|
| Class R6 | &nbsp;&nbsp; (3758150)<br>| &nbsp;&nbsp; (742828)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (612799790)<br>| &nbsp;&nbsp; (171344952)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 249419189 | &nbsp;&nbsp; (257528031)<br>|
| Class C | &nbsp;&nbsp; 14489171 | &nbsp;&nbsp; (16125138)<br>|
| Class R | &nbsp;&nbsp; 18016360 | &nbsp;&nbsp; (3239063)<br>|
| Class Y | &nbsp;&nbsp; (692529)<br>| &nbsp;&nbsp; 7390800 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (64846)<br>|
| Class R6 | &nbsp;&nbsp; 3302852 | &nbsp;&nbsp; 15207121 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 284535043 | &nbsp;&nbsp; (254359157)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (246815112)<br>| &nbsp;&nbsp; 526342175 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 6042184175 | &nbsp;&nbsp; 5515842000 |
| End of period | &nbsp;&nbsp; $5795369063 | &nbsp;&nbsp; $6042184175 |

---

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

**6**

**Invesco Discovery Large Cap 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>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<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** |
| Six months ended 02/28/26 | $91.37 | $(0.22)<br>| $1.41 | $1.19 | $(9.29)<br>| $83.27 | 1.25 %<sup>(d)</sup><br>| $5194399 | 0.91 %<sup>(d)(e)</sup><br>| 0.91 %<sup>(d)(e)</sup><br>| (0.50 )%<sup>(d)(e)</sup><br>| 33<br> %<br>|
| Year ended 08/31/25 | 79.51 | (0.36 )<sup>(f)</sup><br>| 14.67 | 14.31 | (2.45)<br>| 91.37 | 18.12 <br><sup>(d)</sup><br>| 5405401 | 0.93 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| (0.44 )<sup>(d)(f)</sup><br>| 63 |
| Year ended 08/31/24 | 60.17 | (0.23)<br>| 19.57 | 19.34 |  | 79.51 | 32.15 <br><sup>(d)</sup><br>| 4959186 | 0.94 <br><sup>(d)</sup><br>| 0.95 <br><sup>(d)</sup><br>| (0.35 )<sup>(d)</sup><br>| 55 |
| Year ended 08/31/23 | 52.44 | (0.10)<br>| 8.25 | 8.15 | (0.42)<br>| 60.17 | 15.73 <br><sup>(d)</sup><br>| 4017461 | 0.97 <br><sup>(d)</sup><br>| 0.97 <br><sup>(d)</sup><br>| (0.20 )<sup>(d)</sup><br>| 83 |
| Year ended 08/31/22 | 88.67 | (0.22)<br>| (16.26)<br>| (16.48)<br>| (19.75)<br>| 52.44 | (23.55 )<sup>(d)</sup><br>| 3767413 | 0.94 <br><sup>(d)</sup><br>| 0.94 <br><sup>(d)</sup><br>| (0.35 )<sup>(d)</sup><br>| 70 |
| Year ended 08/31/21 | 70.34 | (0.35)<br>| 21.03 | 20.68 | (2.35)<br>| 88.67 | 30.19 <br><sup>(d)</sup><br>| 5364306 | 0.95 <br><sup>(d)</sup><br>| 0.95 <br><sup>(d)</sup><br>| (0.46 )<sup>(d)</sup><br>| 78 |
| **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 02/28/26 | 45.44 | (0.27)<br>| 0.73 | 0.46 | (9.29)<br>| 36.61 | 0.87 | 151954 | 1.68 <br><sup>(e)</sup><br>| 1.68 <br><sup>(e)</sup><br>| (1.27 )<sup>(e)</sup><br>| 33 |
| Year ended 08/31/25 | 40.93 | (0.50 )<sup>(f)</sup><br>| 7.46 | 6.96 | (2.45)<br>| 45.44 | 17.21 | 168237 | 1.70 | 1.70 | (1.21 )<sup>(f)</sup><br>| 63 |
| Year ended 08/31/24 | 31.22 | (0.40)<br>| 10.11 | 9.71 |  | 40.93 | 31.10 | 167666 | 1.71 | 1.72 | (1.12)<br>| 55 |
| Year ended 08/31/23 | 27.63 | (0.26)<br>| 4.27 | 4.01 | (0.42)<br>| 31.22 | 14.86 | 145370 | 1.74 | 1.74 | (0.97)<br>| 83 |
| Year ended 08/31/22 | 56.55 | (0.40)<br>| (8.77)<br>| (9.17)<br>| (19.75)<br>| 27.63 | (24.16)<br>| 146841 | 1.71 | 1.71 | (1.12)<br>| 70 |
| Year ended 08/31/21 | 46.01 | (0.60)<br>| 13.49 | 12.89 | (2.35)<br>| 56.55 | 29.17 | 221514 | 1.73 | 1.73 | (1.24)<br>| 78 |
| **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 02/28/26 | 79.55 | (0.30)<br>| 1.23 | 0.93 | (9.29)<br>| 71.19 | 1.10 | 211220 | 1.18 <br><sup>(e)</sup><br>| 1.18 <br><sup>(e)</sup><br>| (0.77 )<sup>(e)</sup><br>| 33 |
| Year ended 08/31/25 | 69.69 | (0.51 )<sup>(f)</sup><br>| 12.82 | 12.31 | (2.45)<br>| 79.55 | 17.79 | 215262 | 1.20 | 1.20 | (0.71 )<sup>(f)</sup><br>| 63 |
| Year ended 08/31/24 | 52.88 | (0.37)<br>| 17.18 | 16.81 |  | 69.69 | 31.79 | 192248 | 1.21 | 1.22 | (0.62)<br>| 55 |
| Year ended 08/31/23 | 46.26 | (0.21)<br>| 7.25 | 7.04 | (0.42)<br>| 52.88 | 15.43 | 145497 | 1.24 | 1.24 | (0.47)<br>| 83 |
| Year ended 08/31/22 | 80.77 | (0.36)<br>| (14.40)<br>| (14.76)<br>| (19.75)<br>| 46.26 | (23.76)<br>| 127130 | 1.21 | 1.21 | (0.62)<br>| 70 |
| Year ended 08/31/21 | 64.44 | (0.51)<br>| 19.19 | 18.68 | (2.35)<br>| 80.77 | 29.83 | 175274 | 1.23 | 1.23 | (0.74)<br>| 78 |
| **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 02/28/26 | 107.31 | (0.14)<br>| 1.64 | 1.50 | (9.29)<br>| 99.52 | 1.35 | 193264 | 0.68 <br><sup>(e)</sup><br>| 0.68 <br><sup>(e)</sup><br>| (0.27 )<sup>(e)</sup><br>| 33 |
| Year ended 08/31/25 | 92.80 | (0.20 )<sup>(f)</sup><br>| 17.16 | 16.96 | (2.45)<br>| 107.31 | 18.38 | 208937 | 0.70 | 0.70 | (0.21 )<sup>(f)</sup><br>| 63 |
| Year ended 08/31/24 | 70.07 | (0.09)<br>| 22.82 | 22.73 |  | 92.80 | 32.43 | 172733 | 0.71 | 0.72 | (0.12)<br>| 55 |
| Year ended 08/31/23 | 60.85 | 0.02 | 9.62 | 9.64 | (0.42)<br>| 70.07 | 16.01 | 126483 | 0.74 | 0.74 | 0.03 | 83 |
| Year ended 08/31/22 | 99.48 | (0.09)<br>| (18.79)<br>| (18.88)<br>| (19.75)<br>| 60.85 | (23.38)<br>| 108866 | 0.71 | 0.71 | (0.12)<br>| 70 |
| Year ended 08/31/21 | 78.49 | (0.21)<br>| 23.55 | 23.34 | (2.35)<br>| 99.48 | 30.44 | 158879 | 0.73 | 0.73 | (0.24)<br>| 78 |
| **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 02/28/26 | 93.28 | (0.10)<br>| 1.43 | 1.33 | (9.29)<br>| 85.32 | 1.37 | 15 | 0.62 <br><sup>(e)</sup><br>| 0.62 <br><sup>(e)</sup><br>| (0.21 )<sup>(e)</sup><br>| 33 |
| Year ended 08/31/25 | 80.93 | (0.18 )<sup>(f)</sup><br>| 14.98 | 14.80 | (2.45)<br>| 93.28 | 18.41 | 16 | 0.70 | 0.70 | (0.21 )<sup>(f)</sup><br>| 63 |
| Year ended 08/31/24 | 61.11 | (0.08)<br>| 19.90 | 19.82 |  | 80.93 | 32.43 | 82 | 0.71 | 0.71 | (0.12)<br>| 55 |
| Year ended 08/31/23 | 53.11 | 0.03 | 8.39 | 8.42 | (0.42)<br>| 61.11 | 16.04 | 62 | 0.72 | 0.72 | 0.05 | 83 |
| Year ended 08/31/22 | 89.38 | (0.06)<br>| (16.46)<br>| (16.52)<br>| (19.75)<br>| 53.11 | (23.38)<br>| 77 | 0.70 | 0.70 | (0.11)<br>| 70 |
| Year ended 08/31/21 | 70.69 | (0.14)<br>| 21.18 | 21.04 | (2.35)<br>| 89.38 | 30.55 | 46 | 0.67 | 0.69 | (0.18)<br>| 78 |
| **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 02/28/26 | 109.35 | (0.11)<br>| 1.67 | 1.56 | (9.29)<br>| 101.62 | 1.39 | 44517 | 0.62 <br><sup>(e)</sup><br>| 0.62 <br><sup>(e)</sup><br>| (0.21 )<sup>(e)</sup><br>| 33 |
| Year ended 08/31/25 | 94.46 | (0.14 )<sup>(f)</sup><br>| 17.48 | 17.34 | (2.45)<br>| 109.35 | 18.46 | 44332 | 0.63 | 0.63 | (0.14 )<sup>(f)</sup><br>| 63 |
| Year ended 08/31/24 | 71.27 | (0.03)<br>| 23.22 | 23.19 |  | 94.46 | 32.54 | 23927 | 0.64 | 0.64 | (0.05)<br>| 55 |
| Year ended 08/31/23 | 61.84 | 0.07 | 9.78 | 9.85 | (0.42)<br>| 71.27 | 16.09 | 15641 | 0.65 | 0.65 | 0.12 | 83 |
| Year ended 08/31/22 | 100.70 | (0.03)<br>| (19.08)<br>| (19.11)<br>| (19.75)<br>| 61.84 | (23.32)<br>| 12895 | 0.63 | 0.63 | (0.04)<br>| 70 |
| Year ended 08/31/21 | 79.32 | (0.12)<br>| 23.85 | 23.73 | (2.35)<br>| 100.70 | 30.62 | 19838 | 0.62 | 0.63 | (0.13)<br>| 78 |

---

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

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

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

<sup>(d)</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 0.23%, 0.23%, 0.23%, 0.23%, 0.23% and 0.22% for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

<sup>(f)</sup> Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended ended August 31, 2025. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.41) and (0.50)%, $(0.55) and (1.27)%, $(0.56) and (0.77)%, $(0.25) and (0.27)%, $(0.23) and (0.27)%, $(0.19) and (0.20)% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. 

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

**7**

**Invesco Discovery Large Cap Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Discovery Large Cap Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for 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, as of the approximate official closing time of that exchange. 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.

Private 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 Discovery Large Cap 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.

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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.

**9**

**Invesco Discovery Large Cap Fund**

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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 February 28, 2026, the Fund paid the Adviser $3,124 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 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.

**10**

**Invesco Discovery Large Cap 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\*** |
| Up to $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $700 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.540% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $11 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |

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

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.57%.

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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $21,158.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $192,624 in front-end sales commissions from the sale of Class A shares and $6,740 and $1,710 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $10,745 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

**11**

**Invesco Discovery Large Cap Fund**

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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 February 28, 2026. 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** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $5696154710 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5696154710 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 126159886 | &nbsp;&nbsp;&nbsp;&nbsp; 110478941 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236638827 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $5822314596 | &nbsp;&nbsp;&nbsp;&nbsp; $110478941 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5932793537 |

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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 February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $127,280.

**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. The Fund may have certain former Trustees who participated 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 August 31, 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 February 28, 2026 was $1,978,387,429 and $2,406,386,407, respectively. As of February 28, 2026, 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; $2927445508 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (27616875)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2899828633 |

---

Cost of investments for tax purposes is $3,032,964,904.

**12**

**Invesco Discovery Large Cap Fund**

------

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026** | **Six months ended** <br>**February 28, 2026** | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1144138 | &nbsp;&nbsp;&nbsp; $104052757 | &nbsp;&nbsp;&nbsp; 2768828 | &nbsp;&nbsp;&nbsp; $229120233 |
| Class C | &nbsp;&nbsp;&nbsp; 238610 | &nbsp;&nbsp;&nbsp; 10324061 | &nbsp;&nbsp;&nbsp; 529374 | &nbsp;&nbsp;&nbsp; 21909128 |
| Class R | &nbsp;&nbsp;&nbsp; 164920 | &nbsp;&nbsp;&nbsp; 12976870 | &nbsp;&nbsp;&nbsp; 434612 | &nbsp;&nbsp;&nbsp; 31313027 |
| Class Y | &nbsp;&nbsp;&nbsp; 235837 | &nbsp;&nbsp;&nbsp; 25450966 | &nbsp;&nbsp;&nbsp; 652180 | &nbsp;&nbsp;&nbsp; 62634639 |
| Class R6 | &nbsp;&nbsp;&nbsp; 41428 | &nbsp;&nbsp;&nbsp; 4526869 | &nbsp;&nbsp;&nbsp; 255881 | &nbsp;&nbsp;&nbsp; 25565907 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6111734 | &nbsp;&nbsp;&nbsp; 511552171 | &nbsp;&nbsp;&nbsp; 1638739 | &nbsp;&nbsp;&nbsp; 144159937 |
| Class C | &nbsp;&nbsp;&nbsp; 879129 | &nbsp;&nbsp;&nbsp; 32395920 | &nbsp;&nbsp;&nbsp; 219841 | &nbsp;&nbsp;&nbsp; 9670802 |
| Class R | &nbsp;&nbsp;&nbsp; 342449 | &nbsp;&nbsp;&nbsp; 24515956 | &nbsp;&nbsp;&nbsp; 87180 | &nbsp;&nbsp;&nbsp; 6689315 |
| Class Y | &nbsp;&nbsp;&nbsp; 138490 | &nbsp;&nbsp;&nbsp; 13847652 | &nbsp;&nbsp;&nbsp; 36290 | &nbsp;&nbsp;&nbsp; 3743298 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 2073 |
| Class R6 | &nbsp;&nbsp;&nbsp; 33198 | &nbsp;&nbsp;&nbsp; 3389154 | &nbsp;&nbsp;&nbsp; 6322 | &nbsp;&nbsp;&nbsp; 664198 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 116868 | &nbsp;&nbsp;&nbsp; 10382245 | &nbsp;&nbsp;&nbsp; 237462 | &nbsp;&nbsp;&nbsp; 19843182 |
| Class C | &nbsp;&nbsp;&nbsp; (255168)<br>| &nbsp;&nbsp;&nbsp; (10382245)<br>| &nbsp;&nbsp;&nbsp; (473233)<br>| &nbsp;&nbsp;&nbsp; (19843182)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4147343)<br>| &nbsp;&nbsp;&nbsp; (376567984)<br>| &nbsp;&nbsp;&nbsp; (7857308)<br>| &nbsp;&nbsp;&nbsp; (650651383)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (413646)<br>| &nbsp;&nbsp;&nbsp; (17848565)<br>| &nbsp;&nbsp;&nbsp; (669798)<br>| &nbsp;&nbsp;&nbsp; (27861886)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (246318)<br>| &nbsp;&nbsp;&nbsp; (19476466)<br>| &nbsp;&nbsp;&nbsp; (574376)<br>| &nbsp;&nbsp;&nbsp; (41241405)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (379381)<br>| &nbsp;&nbsp;&nbsp; (39991147)<br>| &nbsp;&nbsp;&nbsp; (602832)<br>| &nbsp;&nbsp;&nbsp; (58987137)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (869)<br>| &nbsp;&nbsp;&nbsp; (66919)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (41957)<br>| &nbsp;&nbsp;&nbsp; (4613171)<br>| &nbsp;&nbsp;&nbsp; (110100)<br>| &nbsp;&nbsp;&nbsp; (11022984)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 3962988 | &nbsp;&nbsp;&nbsp; $284535043 | &nbsp;&nbsp;&nbsp; (3421784)<br>| &nbsp;&nbsp;&nbsp; $(254359157)<br>|

---

**13**

**Invesco Discovery Large Cap 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>**

Not applicable.

**14**

**Invesco Discovery Large Cap Fund**

------

![](imgc5fd44d11.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

O-CAPA-NCSRS

------

![](img3fd123451.jpg)

------

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

**February 28, 2026**

**Invesco Equally-Weighted S&P 500 Fund**

Nasdaq:

A: VADAX ■ C: VADCX ■ R: VADRX ■ Y: VADDX ■ R6: VADFX

------

---

| | |
|:---|:---|
| [2](#xx_a7ade9d0-97bc-4c02-9951-92e410f611c0_SOI-Continued-89_1) | Schedule of Investments |
| [10](#xx_a7ade9d0-97bc-4c02-9951-92e410f611c0_FS-Continued-89_1) | Financial Statements |
| [13](#xx_a7ade9d0-97bc-4c02-9951-92e410f611c0_FS-Continued-89_4) | Financial Highlights |
| [14](#xx_a7ade9d0-97bc-4c02-9951-92e410f611c0_NTF-Continued-89_1) | Notes to Financial Statements |
| [20](#xx_a7ade9d0-97bc-4c02-9951-92e410f611c0_OIRSR-Continued-89_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.25%** | **Common Stocks & Other Equity Interests–99.25%** | **Common Stocks & Other Equity Interests–99.25%** |
| **Advertising–0.32%** | **Advertising–0.32%** | **Advertising–0.32%** |
| Omnicom Group, Inc. | 172192 | &nbsp;&nbsp; $14686257 |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup>  | 339906 | &nbsp;&nbsp; 8096561 |
|  |  | &nbsp;&nbsp; 22782818 |
| **Aerospace & Defense–2.68%** | **Aerospace & Defense–2.68%** | **Aerospace & Defense–2.68%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 23454 | &nbsp;&nbsp; 12721450 |
| Boeing Co. (The)<sup>(b)</sup>  | 65447 | &nbsp;&nbsp; 14891156 |
| General Dynamics Corp. | 37680 | &nbsp;&nbsp; 13453644 |
| General Electric Co. | 45545 | &nbsp;&nbsp; 15588232 |
| Howmet Aerospace, Inc. | 69292 | &nbsp;&nbsp; 18191229 |
| Huntington Ingalls Industries, Inc. | 41255 | &nbsp;&nbsp; 18338672 |
| L3Harris Technologies, Inc. | 46622 | &nbsp;&nbsp; 16995584 |
| Lockheed Martin Corp. | 28418 | &nbsp;&nbsp; 18701317 |
| Northrop Grumman Corp. | 23436 | &nbsp;&nbsp; 16976570 |
| RTX Corp. | 76300 | &nbsp;&nbsp; 15459906 |
| Textron, Inc. | 156652 | &nbsp;&nbsp; 15453720 |
| TransDigm Group, Inc. | 10223 | &nbsp;&nbsp; 13318422 |
|  |  | &nbsp;&nbsp; 190089902 |
| **Agricultural & Farm Machinery–0.25%** | **Agricultural & Farm Machinery–0.25%** | **Agricultural & Farm Machinery–0.25%** |
| Deere & Co. | 27639 | &nbsp;&nbsp; 17404555 |
| **Agricultural Products & Services–0.46%** | **Agricultural Products & Services–0.46%** | **Agricultural Products & Services–0.46%** |
| Archer-Daniels-Midland Co.<sup>(c)</sup>  | 229018 | &nbsp;&nbsp; 15811403 |
| Bunge Global S.A. | 142233 | &nbsp;&nbsp; 17160411 |
|  |  | &nbsp;&nbsp; 32971814 |
| **Air Freight & Logistics–0.86%** | **Air Freight & Logistics–0.86%** | **Air Freight & Logistics–0.86%** |
| C.H. Robinson Worldwide, Inc. | 82173 | &nbsp;&nbsp; 15222548 |
| Expeditors International of <br> Washington, Inc. | 88081 | &nbsp;&nbsp; 12774388 |
| FedEx Corp. | 45786 | &nbsp;&nbsp; 17719182 |
| United Parcel Service, Inc., Class B | 133793 | &nbsp;&nbsp; 15514636 |
|  |  | &nbsp;&nbsp; 61230754 |
| **Apparel Retail–0.41%** | **Apparel Retail–0.41%** | **Apparel Retail–0.41%** |
| Ross Stores, Inc. | 73320 | &nbsp;&nbsp; 15077525 |
| TJX Cos., Inc. (The) | 85637 | &nbsp;&nbsp; 13844077 |
|  |  | &nbsp;&nbsp; 28921602 |
| **Apparel, Accessories & Luxury Goods–0.62%** | **Apparel, Accessories & Luxury Goods–0.62%** | **Apparel, Accessories & Luxury Goods–0.62%** |
| lululemon athletica, Inc.<sup>(b)</sup>  | 71101 | &nbsp;&nbsp; 13165772 |
| Ralph Lauren Corp. | 37269 | &nbsp;&nbsp; 13513740 |
| Tapestry, Inc. | 112977 | &nbsp;&nbsp; 17564534 |
|  |  | &nbsp;&nbsp; 44244046 |
| **Application Software–1.99%** | **Application Software–1.99%** | **Application Software–1.99%** |
| Adobe, Inc.<sup>(b)</sup>  | 38705 | &nbsp;&nbsp; 10156579 |
| AppLovin Corp., Class A<sup>(b)</sup>  | 18833 | &nbsp;&nbsp; 8188023 |
| Autodesk, Inc.<sup>(b)</sup>  | 44422 | &nbsp;&nbsp; 10922037 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 39434 | &nbsp;&nbsp; 11885408 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 88169 | &nbsp;&nbsp; 9871401 |
| Fair Isaac Corp.<sup>(b)</sup>  | 7608 | &nbsp;&nbsp; 10722411 |
| Intuit, Inc. | 19176 | &nbsp;&nbsp; 7843559 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 70944 | &nbsp;&nbsp; 9732807 |
| PTC, Inc.<sup>(b)</sup>  | 73037 | &nbsp;&nbsp; 11436864 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Roper Technologies, Inc. | 29994 | &nbsp;&nbsp; $10489802 |
| Salesforce, Inc. | 50458 | &nbsp;&nbsp; 9828714 |
| Synopsys, Inc.<sup>(b)</sup>  | 27864 | &nbsp;&nbsp; 11535696 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 29249 | &nbsp;&nbsp; 10374328 |
| Workday, Inc., Class A<sup>(b)</sup>  | 59848 | &nbsp;&nbsp; 8005269 |
|  |  | &nbsp;&nbsp; 140992898 |
| **Asset Management & Custody Banks–1.87%** | **Asset Management & Custody Banks–1.87%** | **Asset Management & Custody Banks–1.87%** |
| Ameriprise Financial, Inc. | 26809 | &nbsp;&nbsp; 12603447 |
| Ares Management Corp., Class A<sup>(c)</sup>  | 74776 | &nbsp;&nbsp; 8375660 |
| Bank of New York Mellon Corp. (The) | 112613 | &nbsp;&nbsp; 13412208 |
| BlackRock, Inc. | 12305 | &nbsp;&nbsp; 13083045 |
| Blackstone, Inc., Class A | 85128 | &nbsp;&nbsp; 9650961 |
| Franklin Resources, Inc. | 571906 | &nbsp;&nbsp; 15178385 |
| Invesco Ltd.<sup>(d)</sup>  | 495029 | &nbsp;&nbsp; 12999461 |
| KKR & Co., Inc., Class A | 94186 | &nbsp;&nbsp; 8258228 |
| Northern Trust Corp. | 96897 | &nbsp;&nbsp; 13864992 |
| State Street Corp. | 103406 | &nbsp;&nbsp; 13300080 |
| T. Rowe Price Group, Inc. | 128728 | &nbsp;&nbsp; 12181531 |
|  |  | &nbsp;&nbsp; 132907998 |
| **Automobile Manufacturers–0.54%** | **Automobile Manufacturers–0.54%** | **Automobile Manufacturers–0.54%** |
| Ford Motor Co. | 994118 | &nbsp;&nbsp; 14007123 |
| General Motors Co.<sup>(e)</sup>  | 164989 | &nbsp;&nbsp; 12986284 |
| Tesla, Inc.<sup>(b)</sup>  | 28483 | &nbsp;&nbsp; 11464692 |
|  |  | &nbsp;&nbsp; 38458099 |
| **Automotive Parts & Equipment–0.18%** | **Automotive Parts & Equipment–0.18%** | **Automotive Parts & Equipment–0.18%** |
| Aptiv PLC<sup>(b)(c)</sup>  | 169715 | &nbsp;&nbsp; 12480841 |
| **Automotive Retail–0.53%** | **Automotive Retail–0.53%** | **Automotive Retail–0.53%** |
| AutoZone, Inc.<sup>(b)</sup>  | 3891 | &nbsp;&nbsp; 14612962 |
| Carvana Co.<sup>(b)(c)</sup>  | 28505 | &nbsp;&nbsp; 9525231 |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 142381 | &nbsp;&nbsp; 13366728 |
|  |  | &nbsp;&nbsp; 37504921 |
| **Biotechnology–1.80%** | **Biotechnology–1.80%** | **Biotechnology–1.80%** |
| AbbVie, Inc. | 59202 | &nbsp;&nbsp; 13739600 |
| Amgen, Inc. | 42270 | &nbsp;&nbsp; 16407523 |
| Biogen, Inc.<sup>(b)</sup>  | 74661 | &nbsp;&nbsp; 14321473 |
| Gilead Sciences, Inc. | 106849 | &nbsp;&nbsp; 15915159 |
| Incyte Corp.<sup>(b)</sup>  | 140077 | &nbsp;&nbsp; 14185598 |
| Moderna, Inc.<sup>(b)(c)</sup>  | 449463 | &nbsp;&nbsp; 24077733 |
| Regeneron Pharmaceuticals, Inc. | 18357 | &nbsp;&nbsp; 14349116 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 29016 | &nbsp;&nbsp; 14416019 |
|  |  | &nbsp;&nbsp; 127412221 |
| **Brewers–0.20%** | **Brewers–0.20%** | **Brewers–0.20%** |
| Molson Coors Beverage Co., Class B<sup>(c)</sup>  | 284549 | &nbsp;&nbsp; 13940056 |
| **Broadcasting–0.32%** | **Broadcasting–0.32%** | **Broadcasting–0.32%** |
| Fox Corp., Class A<sup>(c)</sup>  | 114018 | &nbsp;&nbsp; 6423774 |
| Fox Corp., Class B | 81215 | &nbsp;&nbsp; 4201252 |
| Paramount Skydance Corp.<sup>(c)</sup>  | 905647 | &nbsp;&nbsp; 12235291 |
|  |  | &nbsp;&nbsp; 22860317 |

---

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

**2**

**Invesco Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Broadline Retail–0.38%** | **Broadline Retail–0.38%** | **Broadline Retail–0.38%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 57516 | &nbsp;&nbsp; $12078360 |
| eBay, Inc. | 161335 | &nbsp;&nbsp; 14658898 |
|  |  | &nbsp;&nbsp; 26737258 |
| **Building Products–1.67%** | **Building Products–1.67%** | **Building Products–1.67%** |
| A.O. Smith Corp. | 196277 | &nbsp;&nbsp; 15309606 |
| Allegion PLC | 80604 | &nbsp;&nbsp; 12989335 |
| Builders FirstSource, Inc.<sup>(b)</sup>  | 117912 | &nbsp;&nbsp; 12297042 |
| Carrier Global Corp. | 243480 | &nbsp;&nbsp; 15680112 |
| Johnson Controls International PLC | 115112 | &nbsp;&nbsp; 16610662 |
| Lennox International, Inc. | 26228 | &nbsp;&nbsp; 14948386 |
| Masco Corp. | 210137 | &nbsp;&nbsp; 15050012 |
| Trane Technologies PLC | 33341 | &nbsp;&nbsp; 15414211 |
|  |  | &nbsp;&nbsp; 118299366 |
| **Cable & Satellite–0.42%** | **Cable & Satellite–0.42%** | **Cable & Satellite–0.42%** |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup>  | 62502 | &nbsp;&nbsp; 14664844 |
| Comcast Corp., Class A | 496668 | &nbsp;&nbsp; 15376842 |
|  |  | &nbsp;&nbsp; 30041686 |
| **Cargo Ground Transportation–0.45%** | **Cargo Ground Transportation–0.45%** | **Cargo Ground Transportation–0.45%** |
| J.B. Hunt Transport Services, Inc. | 65290 | &nbsp;&nbsp; 15239339 |
| Old Dominion Freight Line, Inc. | 82514 | &nbsp;&nbsp; 16754468 |
|  |  | &nbsp;&nbsp; 31993807 |
| **Casinos & Gaming–0.51%** | **Casinos & Gaming–0.51%** | **Casinos & Gaming–0.51%** |
| Las Vegas Sands Corp. | 200558 | &nbsp;&nbsp; 11375650 |
| MGM Resorts International<sup>(b)</sup>  | 358363 | &nbsp;&nbsp; 13209260 |
| Wynn Resorts Ltd. | 107857 | &nbsp;&nbsp; 11669049 |
|  |  | &nbsp;&nbsp; 36253959 |
| **Commodity Chemicals–0.47%** | **Commodity Chemicals–0.47%** | **Commodity Chemicals–0.47%** |
| Dow, Inc. | 529250 | &nbsp;&nbsp; 16263853 |
| LyondellBasell Industries N.V., Class A | 294741 | &nbsp;&nbsp; 16953502 |
|  |  | &nbsp;&nbsp; 33217355 |
| **Communications Equipment–1.07%** | **Communications Equipment–1.07%** | **Communications Equipment–1.07%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 100154 | &nbsp;&nbsp; 13370559 |
| Ciena Corp.<sup>(b)</sup>  | 51850 | &nbsp;&nbsp; 18080095 |
| Cisco Systems, Inc. | 166120 | &nbsp;&nbsp; 13199895 |
| F5, Inc.<sup>(b)</sup>  | 51655 | &nbsp;&nbsp; 14017101 |
| Motorola Solutions, Inc. | 35959 | &nbsp;&nbsp; 17341587 |
|  |  | &nbsp;&nbsp; 76009237 |
| **Computer & Electronics Retail–0.16%** | **Computer & Electronics Retail–0.16%** | **Computer & Electronics Retail–0.16%** |
| Best Buy Co., Inc. | 178881 | &nbsp;&nbsp; 11085256 |
| **Construction & Engineering–0.71%** | **Construction & Engineering–0.71%** | **Construction & Engineering–0.71%** |
| Comfort Systems USA, Inc. | 13052 | &nbsp;&nbsp; 18656137 |
| EMCOR Group, Inc. | 21261 | &nbsp;&nbsp; 15406146 |
| Quanta Services, Inc. | 28842 | &nbsp;&nbsp; 16240353 |
|  |  | &nbsp;&nbsp; 50302636 |
| **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. | 21664 | &nbsp;&nbsp; 16092669 |
| Cummins, Inc. | 25415 | &nbsp;&nbsp; 14839056 |
| PACCAR, Inc. | 113970 | &nbsp;&nbsp; 14370478 |
| Wabtec Corp. | 61838 | &nbsp;&nbsp; 16322140 |
|  |  | &nbsp;&nbsp; 61624343 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Materials–0.58%** | **Construction Materials–0.58%** | **Construction Materials–0.58%** |
| CRH PLC | 106002 | &nbsp;&nbsp; $12718120 |
| Martin Marietta Materials, Inc. | 21384 | &nbsp;&nbsp; 14467773 |
| Vulcan Materials Co. | 44870 | &nbsp;&nbsp; 13909700 |
|  |  | &nbsp;&nbsp; 41095593 |
| **Consumer Electronics–0.23%** | **Consumer Electronics–0.23%** | **Consumer Electronics–0.23%** |
| Garmin Ltd. | 63397 | &nbsp;&nbsp; 16028664 |
| **Consumer Finance–0.46%** | **Consumer Finance–0.46%** | **Consumer Finance–0.46%** |
| American Express Co. | 34233 | &nbsp;&nbsp; 10574574 |
| Capital One Financial Corp. | 55821 | &nbsp;&nbsp; 10920820 |
| Synchrony Financial | 157671 | &nbsp;&nbsp; 10896643 |
|  |  | &nbsp;&nbsp; 32392037 |
| **Consumer Staples Merchandise Retail–1.07%** | **Consumer Staples Merchandise Retail–1.07%** | **Consumer Staples Merchandise Retail–1.07%** |
| Costco Wholesale Corp. | 14791 | &nbsp;&nbsp; 14950595 |
| Dollar General Corp. | 105895 | &nbsp;&nbsp; 16545035 |
| Dollar Tree, Inc.<sup>(b)</sup>  | 107301 | &nbsp;&nbsp; 13571430 |
| Target Corp. | 140891 | &nbsp;&nbsp; 16031987 |
| Walmart, Inc. | 117787 | &nbsp;&nbsp; 15070847 |
|  |  | &nbsp;&nbsp; 76169894 |
| **Copper–0.27%** | **Copper–0.27%** | **Copper–0.27%** |
| Freeport-McMoRan, Inc. | 280342 | &nbsp;&nbsp; 19085683 |
| **Data Center REITs–0.46%** | **Data Center REITs–0.46%** | **Data Center REITs–0.46%** |
| Digital Realty Trust, Inc. | 83575 | &nbsp;&nbsp; 14809490 |
| Equinix, Inc. | 18152 | &nbsp;&nbsp; 17684768 |
|  |  | &nbsp;&nbsp; 32494258 |
| **Data Processing & Outsourced Services–0.15%** | **Data Processing & Outsourced Services–0.15%** | **Data Processing & Outsourced Services–0.15%** |
| Broadridge Financial Solutions, Inc. | 56447 | &nbsp;&nbsp; 10491804 |
| **Distillers & Vintners–0.37%** | **Distillers & Vintners–0.37%** | **Distillers & Vintners–0.37%** |
| Brown-Forman Corp., Class B | 438812 | &nbsp;&nbsp; 12664114 |
| Constellation Brands, Inc., Class A<sup>(c)</sup>  | 87036 | &nbsp;&nbsp; 13739503 |
|  |  | &nbsp;&nbsp; 26403617 |
| **Distributors–0.35%** | **Distributors–0.35%** | **Distributors–0.35%** |
| Genuine Parts Co. | 101578 | &nbsp;&nbsp; 12114192 |
| Pool Corp. | 55412 | &nbsp;&nbsp; 12588498 |
|  |  | &nbsp;&nbsp; 24702690 |
| **Diversified Banks–1.47%** | **Diversified Banks–1.47%** | **Diversified Banks–1.47%** |
| Bank of America Corp. | 246507 | &nbsp;&nbsp; 12283444 |
| Citigroup, Inc. | 120003 | &nbsp;&nbsp; 13223131 |
| Fifth Third Bancorp | 280360 | &nbsp;&nbsp; 13869409 |
| JPMorgan Chase & Co. | 42988 | &nbsp;&nbsp; 12909296 |
| KeyCorp | 649665 | &nbsp;&nbsp; 13474052 |
| PNC Financial Services Group, Inc. (The) | 62521 | &nbsp;&nbsp; 13276334 |
| U.S. Bancorp | 248901 | &nbsp;&nbsp; 13604929 |
| Wells Fargo & Co. | 142098 | &nbsp;&nbsp; 11573882 |
|  |  | &nbsp;&nbsp; 104214477 |
| **Diversified Financial Services–0.13%** | **Diversified Financial Services–0.13%** | **Diversified Financial Services–0.13%** |
| Apollo Global Management, Inc.<sup>(c)</sup>  | 88903 | &nbsp;&nbsp; 9299254 |
| **Diversified Support Services–0.39%** | **Diversified Support Services–0.39%** | **Diversified Support Services–0.39%** |
| Cintas Corp. | 71850 | &nbsp;&nbsp; 14451190 |
| Copart, Inc.<sup>(b)</sup>  | 340166 | &nbsp;&nbsp; 12956923 |
|  |  | &nbsp;&nbsp; 27408113 |

---

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

**3**

**Invesco Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electric Utilities–3.65%** | **Electric Utilities–3.65%** | **Electric Utilities–3.65%** |
| Alliant Energy Corp.<sup>(c)</sup>  | 205695 | &nbsp;&nbsp; $14879976 |
| American Electric Power Co., Inc. | 116604 | &nbsp;&nbsp; 15603947 |
| Constellation Energy Corp. | 36819 | &nbsp;&nbsp; 12145852 |
| Duke Energy Corp. | 113287 | &nbsp;&nbsp; 14823604 |
| Edison International | 231886 | &nbsp;&nbsp; 17331160 |
| Entergy Corp. | 142616 | &nbsp;&nbsp; 15275600 |
| Evergy, Inc. | 181351 | &nbsp;&nbsp; 15171825 |
| Eversource Energy | 197118 | &nbsp;&nbsp; 15022363 |
| Exelon Corp. | 308020 | &nbsp;&nbsp; 15237749 |
| FirstEnergy Corp. | 300250 | &nbsp;&nbsp; 15360790 |
| NextEra Energy, Inc. | 164035 | &nbsp;&nbsp; 15381562 |
| NRG Energy, Inc. | 79276 | &nbsp;&nbsp; 14187233 |
| PG&E Corp. | 884027 | &nbsp;&nbsp; 16796513 |
| Pinnacle West Capital Corp. | 154028 | &nbsp;&nbsp; 15449008 |
| PPL Corp. | 400815 | &nbsp;&nbsp; 15623769 |
| Southern Co. (The) | 158553 | &nbsp;&nbsp; 15439891 |
| Xcel Energy, Inc. | 178653 | &nbsp;&nbsp; 14892514 |
|  |  | &nbsp;&nbsp; 258623356 |
| **Electrical Components & Equipment–1.28%** | **Electrical Components & Equipment–1.28%** | **Electrical Components & Equipment–1.28%** |
| AMETEK, Inc. | 66436 | &nbsp;&nbsp; 15892820 |
| Eaton Corp. PLC | 37717 | &nbsp;&nbsp; 14178575 |
| Emerson Electric Co. | 97300 | &nbsp;&nbsp; 14667975 |
| Generac Holdings, Inc.<sup>(b)</sup>  | 80033 | &nbsp;&nbsp; 18037037 |
| Hubbell, Inc. | 29745 | &nbsp;&nbsp; 15218434 |
| Rockwell Automation, Inc. | 31391 | &nbsp;&nbsp; 12790263 |
|  |  | &nbsp;&nbsp; 90785104 |
| **Electronic Components–0.50%** | **Electronic Components–0.50%** | **Electronic Components–0.50%** |
| Amphenol Corp., Class A | 95560 | &nbsp;&nbsp; 13957494 |
| Corning, Inc. | 141519 | &nbsp;&nbsp; 21281627 |
|  |  | &nbsp;&nbsp; 35239121 |
| **Electronic Equipment & Instruments–0.82%** | **Electronic Equipment & Instruments–0.82%** | **Electronic Equipment & Instruments–0.82%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 62652 | &nbsp;&nbsp; 19254839 |
| Teledyne Technologies, Inc.<sup>(b)</sup>  | 25201 | &nbsp;&nbsp; 17164401 |
| Trimble, Inc.<sup>(b)</sup>  | 161668 | &nbsp;&nbsp; 10810739 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 49138 | &nbsp;&nbsp; 11004947 |
|  |  | &nbsp;&nbsp; 58234926 |
| **Electronic Manufacturing Services–0.39%** | **Electronic Manufacturing Services–0.39%** | **Electronic Manufacturing Services–0.39%** |
| Jabil, Inc. | 57969 | &nbsp;&nbsp; 15361205 |
| TE Connectivity PLC (Switzerland) | 54320 | &nbsp;&nbsp; 12501748 |
|  |  | &nbsp;&nbsp; 27862953 |
| **Environmental & Facilities Services–0.79%** | **Environmental & Facilities Services–0.79%** | **Environmental & Facilities Services–0.79%** |
| Republic Services, Inc. | 62186 | &nbsp;&nbsp; 14240594 |
| Rollins, Inc. | 226835 | &nbsp;&nbsp; 13811983 |
| Veralto Corp. | 136380 | &nbsp;&nbsp; 13287504 |
| Waste Management, Inc. | 61761 | &nbsp;&nbsp; 14874519 |
|  |  | &nbsp;&nbsp; 56214600 |
| **Fertilizers & Agricultural Chemicals–0.69%** | **Fertilizers & Agricultural Chemicals–0.69%** | **Fertilizers & Agricultural Chemicals–0.69%** |
| CF Industries Holdings, Inc. | 170868 | &nbsp;&nbsp; 17008201 |
| Corteva, Inc. | 204779 | &nbsp;&nbsp; 16406894 |
| Mosaic Co. (The)<sup>(e)</sup>  | 561310 | &nbsp;&nbsp; 15626870 |
|  |  | &nbsp;&nbsp; 49041965 |
| **Financial Exchanges & Data–1.61%** | **Financial Exchanges & Data–1.61%** | **Financial Exchanges & Data–1.61%** |
| Cboe Global Markets, Inc. | 51889 | &nbsp;&nbsp; 15552171 |
| CME Group, Inc., Class A | 48547 | &nbsp;&nbsp; 15510766 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup>  | 48461 | &nbsp;&nbsp; $8521867 |
| FactSet Research Systems, Inc. | 46256 | &nbsp;&nbsp; 10028763 |
| Intercontinental Exchange, Inc. | 83122 | &nbsp;&nbsp; 13642814 |
| Moody's Corp. | 26801 | &nbsp;&nbsp; 12799890 |
| MSCI, Inc. | 24770 | &nbsp;&nbsp; 14164229 |
| Nasdaq, Inc. | 139891 | &nbsp;&nbsp; 12251654 |
| S&P Global, Inc. | 27133 | &nbsp;&nbsp; 11989530 |
|  |  | &nbsp;&nbsp; 114461684 |
| **Food Distributors–0.23%** | **Food Distributors–0.23%** | **Food Distributors–0.23%** |
| Sysco Corp. | 181203 | &nbsp;&nbsp; 16518465 |
| **Food Retail–0.21%** | **Food Retail–0.21%** | **Food Retail–0.21%** |
| Kroger Co. (The) | 217686 | &nbsp;&nbsp; 14854893 |
| **Footwear–0.40%** | **Footwear–0.40%** | **Footwear–0.40%** |
| Deckers Outdoor Corp.<sup>(b)</sup>  | 132371 | &nbsp;&nbsp; 15523147 |
| NIKE, Inc., Class B | 202631 | &nbsp;&nbsp; 12599596 |
|  |  | &nbsp;&nbsp; 28122743 |
| **Gas Utilities–0.21%** | **Gas Utilities–0.21%** | **Gas Utilities–0.21%** |
| Atmos Energy Corp. | 79842 | &nbsp;&nbsp; 14913687 |
| **Gold–0.26%** | **Gold–0.26%** | **Gold–0.26%** |
| Newmont Corp. | 141219 | &nbsp;&nbsp; 18358470 |
| **Health Care Distributors–0.85%** | **Health Care Distributors–0.85%** | **Health Care Distributors–0.85%** |
| Cardinal Health, Inc. | 65263 | &nbsp;&nbsp; 14960237 |
| Cencora, Inc. | 39118 | &nbsp;&nbsp; 14557373 |
| Henry Schein, Inc.<sup>(b)</sup>  | 175687 | &nbsp;&nbsp; 14474852 |
| McKesson Corp. | 16395 | &nbsp;&nbsp; 16187931 |
|  |  | &nbsp;&nbsp; 60180393 |
| **Health Care Equipment–2.97%** | **Health Care Equipment–2.97%** | **Health Care Equipment–2.97%** |
| Abbott Laboratories | 108781 | &nbsp;&nbsp; 12656669 |
| Baxter International, Inc.<sup>(c)</sup>  | 730072 | &nbsp;&nbsp; 14871567 |
| Becton, Dickinson and Co. | 84132 | &nbsp;&nbsp; 14847615 |
| Boston Scientific Corp.<sup>(b)</sup>  | 143809 | &nbsp;&nbsp; 11051722 |
| Dexcom, Inc.<sup>(b)</sup>  | 197323 | &nbsp;&nbsp; 14489428 |
| Edwards Lifesciences Corp.<sup>(b)</sup>  | 158855 | &nbsp;&nbsp; 13736192 |
| GE HealthCare Technologies, Inc. | 157821 | &nbsp;&nbsp; 13299576 |
| Hologic, Inc.<sup>(b)</sup>  | 178152 | &nbsp;&nbsp; 13425535 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 18302 | &nbsp;&nbsp; 12019472 |
| Insulet Corp.<sup>(b)</sup>  | 45161 | &nbsp;&nbsp; 11137154 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 23980 | &nbsp;&nbsp; 12074170 |
| Medtronic PLC | 127982 | &nbsp;&nbsp; 12498722 |
| ResMed, Inc. | 53006 | &nbsp;&nbsp; 13583317 |
| STERIS PLC | 51503 | &nbsp;&nbsp; 12996782 |
| Stryker Corp. | 36448 | &nbsp;&nbsp; 14122142 |
| Zimmer Biomet Holdings, Inc. | 143207 | &nbsp;&nbsp; 14097297 |
|  |  | &nbsp;&nbsp; 210907360 |
| **Health Care Facilities–0.39%** | **Health Care Facilities–0.39%** | **Health Care Facilities–0.39%** |
| HCA Healthcare, Inc. | 28399 | &nbsp;&nbsp; 15042950 |
| Universal Health Services, Inc., Class B | 59821 | &nbsp;&nbsp; 12329108 |
|  |  | &nbsp;&nbsp; 27372058 |
| **Health Care REITs–0.83%** | **Health Care REITs–0.83%** | **Health Care REITs–0.83%** |
| Alexandria Real Estate Equities, Inc. | 286876 | &nbsp;&nbsp; 15502779 |
| Healthpeak Properties, Inc. | 801631 | &nbsp;&nbsp; 14172836 |
| Ventas, Inc.<sup>(c)</sup>  | 171505 | &nbsp;&nbsp; 14776871 |

---

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

**4**

**Invesco Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** |
| Welltower, Inc. | 68208 | &nbsp;&nbsp; $14127241 |
|  |  | &nbsp;&nbsp; 58579727 |
| **Health Care Services–1.07%** | **Health Care Services–1.07%** | **Health Care Services–1.07%** |
| Cigna Group (The) | 50835 | &nbsp;&nbsp; 14733000 |
| CVS Health Corp. | 168812 | &nbsp;&nbsp; 13488079 |
| DaVita, Inc.<sup>(b)</sup>  | 109652 | &nbsp;&nbsp; 17138607 |
| Labcorp Holdings, Inc. | 50884 | &nbsp;&nbsp; 14711582 |
| Quest Diagnostics, Inc. | 74264 | &nbsp;&nbsp; 15737284 |
|  |  | &nbsp;&nbsp; 75808552 |
| **Health Care Supplies–0.58%** | **Health Care Supplies–0.58%** | **Health Care Supplies–0.58%** |
| Align Technology, Inc.<sup>(b)</sup>  | 80588 | &nbsp;&nbsp; 15319779 |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 165112 | &nbsp;&nbsp; 13814921 |
| Solventum Corp.<sup>(b)</sup>  | 162773 | &nbsp;&nbsp; 12077756 |
|  |  | &nbsp;&nbsp; 41212456 |
| **Heavy Electrical Equipment–0.23%** | **Heavy Electrical Equipment–0.23%** | **Heavy Electrical Equipment–0.23%** |
| GE Vernova, Inc. | 18337 | &nbsp;&nbsp; 16019203 |
| **Home Improvement Retail–0.40%** | **Home Improvement Retail–0.40%** | **Home Improvement Retail–0.40%** |
| Home Depot, Inc. (The) | 37966 | &nbsp;&nbsp; 14454416 |
| Lowe's Cos., Inc. | 52518 | &nbsp;&nbsp; 13894687 |
|  |  | &nbsp;&nbsp; 28349103 |
| **Homebuilding–0.76%** | **Homebuilding–0.76%** | **Homebuilding–0.76%** |
| D.R. Horton, Inc. | 85744 | &nbsp;&nbsp; 13752480 |
| Lennar Corp., Class A | 111065 | &nbsp;&nbsp; 12701393 |
| NVR, Inc.<sup>(b)</sup>  | 1776 | &nbsp;&nbsp; 13351595 |
| PulteGroup, Inc. | 104108 | &nbsp;&nbsp; 14283618 |
|  |  | &nbsp;&nbsp; 54089086 |
| **Homefurnishing Retail–0.21%** | **Homefurnishing Retail–0.21%** | **Homefurnishing Retail–0.21%** |
| Williams-Sonoma, Inc. | 71251 | &nbsp;&nbsp; 14652768 |
| **Hotel & Resort REITs–0.21%** | **Hotel & Resort REITs–0.21%** | **Hotel & Resort REITs–0.21%** |
| Host Hotels & Resorts, Inc. | 747679 | &nbsp;&nbsp; 14647032 |
| **Hotels, Resorts & Cruise Lines–1.62%** | **Hotels, Resorts & Cruise Lines–1.62%** | **Hotels, Resorts & Cruise Lines–1.62%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 104500 | &nbsp;&nbsp; 14118995 |
| Booking Holdings, Inc. | 2526 | &nbsp;&nbsp; 10708598 |
| Carnival Corp. | 495017 | &nbsp;&nbsp; 15617787 |
| Expedia Group, Inc. | 48641 | &nbsp;&nbsp; 10491377 |
| Hilton Worldwide Holdings, Inc. | 49085 | &nbsp;&nbsp; 15303721 |
| Marriott International, Inc., Class A | 46456 | &nbsp;&nbsp; 15875409 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup>  | 692886 | &nbsp;&nbsp; 17176644 |
| Royal Caribbean Cruises Ltd. | 49819 | &nbsp;&nbsp; 15491716 |
|  |  | &nbsp;&nbsp; 114784247 |
| **Household Products–1.13%** | **Household Products–1.13%** | **Household Products–1.13%** |
| Church & Dwight Co., Inc. | 160018 | &nbsp;&nbsp; 16779488 |
| Clorox Co. (The) | 130034 | &nbsp;&nbsp; 16535123 |
| Colgate-Palmolive Co. | 167236 | &nbsp;&nbsp; 16579777 |
| Kimberly-Clark Corp. | 129077 | &nbsp;&nbsp; 14384341 |
| Procter & Gamble Co. (The) | 95345 | &nbsp;&nbsp; 15941684 |
|  |  | &nbsp;&nbsp; 80220413 |
| **Human Resource & Employment Services–0.45%** | **Human Resource & Employment Services–0.45%** | **Human Resource & Employment Services–0.45%** |
| Automatic Data Processing, Inc. | 51404 | &nbsp;&nbsp; 11018961 |
| Paychex, Inc. | 118100 | &nbsp;&nbsp; 11060065 |
| Paycom Software, Inc. | 81038 | &nbsp;&nbsp; 10197012 |
|  |  | &nbsp;&nbsp; 32276038 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–0.43%** | **Independent Power Producers & Energy Traders–0.43%** | **Independent Power Producers & Energy Traders–0.43%** |
| AES Corp. (The) | 966023 | &nbsp;&nbsp; $16692877 |
| Vistra Corp. | 80218 | &nbsp;&nbsp; 13949108 |
|  |  | &nbsp;&nbsp; 30641985 |
| **Industrial Conglomerates–0.42%** | **Industrial Conglomerates–0.42%** | **Industrial Conglomerates–0.42%** |
| 3M Co. | 80068 | &nbsp;&nbsp; 13236842 |
| Honeywell International, Inc. | 67724 | &nbsp;&nbsp; 16496889 |
|  |  | &nbsp;&nbsp; 29733731 |
| **Industrial Gases–0.46%** | **Industrial Gases–0.46%** | **Industrial Gases–0.46%** |
| Air Products and Chemicals, Inc. | 56318 | &nbsp;&nbsp; 15525183 |
| Linde PLC | 33949 | &nbsp;&nbsp; 17248808 |
|  |  | &nbsp;&nbsp; 32773991 |
| **Industrial Machinery & Supplies & Components–2.48%** | **Industrial Machinery & Supplies & Components–2.48%** | **Industrial Machinery & Supplies & Components–2.48%** |
| Dover Corp. | 68120 | &nbsp;&nbsp; 15361060 |
| Fortive Corp. | 243269 | &nbsp;&nbsp; 14401525 |
| IDEX Corp. | 73671 | &nbsp;&nbsp; 15431864 |
| Illinois Tool Works, Inc. | 52582 | &nbsp;&nbsp; 15281907 |
| Ingersoll Rand, Inc. | 164622 | &nbsp;&nbsp; 15497515 |
| Nordson Corp. | 55015 | &nbsp;&nbsp; 16143602 |
| Otis Worldwide Corp. | 146801 | &nbsp;&nbsp; 13587901 |
| Parker-Hannifin Corp. | 14991 | &nbsp;&nbsp; 15128617 |
| Pentair PLC | 126661 | &nbsp;&nbsp; 12563505 |
| Snap-on, Inc. | 38257 | &nbsp;&nbsp; 14737361 |
| Stanley Black & Decker, Inc. | 175733 | &nbsp;&nbsp; 15199147 |
| Xylem, Inc. | 96281 | &nbsp;&nbsp; 12474166 |
|  |  | &nbsp;&nbsp; 175808170 |
| **Industrial REITs–0.21%** | **Industrial REITs–0.21%** | **Industrial REITs–0.21%** |
| Prologis, Inc. | 102776 | &nbsp;&nbsp; 14652774 |
| **Insurance Brokers–0.91%** | **Insurance Brokers–0.91%** | **Insurance Brokers–0.91%** |
| Aon PLC, Class A | 39203 | &nbsp;&nbsp; 13151430 |
| Arthur J. Gallagher & Co. | 55442 | &nbsp;&nbsp; 12651864 |
| Brown & Brown, Inc.<sup>(c)</sup>  | 171992 | &nbsp;&nbsp; 12352466 |
| Marsh & McLennan Cos., Inc. | 73681 | &nbsp;&nbsp; 13759190 |
| Willis Towers Watson PLC | 42321 | &nbsp;&nbsp; 12915100 |
|  |  | &nbsp;&nbsp; 64830050 |
| **Integrated Oil & Gas–0.70%** | **Integrated Oil & Gas–0.70%** | **Integrated Oil & Gas–0.70%** |
| Chevron Corp. | 85532 | &nbsp;&nbsp; 15973956 |
| Exxon Mobil Corp. | 108798 | &nbsp;&nbsp; 16591695 |
| Occidental Petroleum Corp. | 319308 | &nbsp;&nbsp; 16948869 |
|  |  | &nbsp;&nbsp; 49514520 |
| **Integrated Telecommunication Services–0.45%** | **Integrated Telecommunication Services–0.45%** | **Integrated Telecommunication Services–0.45%** |
| AT&T, Inc. | 546581 | &nbsp;&nbsp; 15309734 |
| Verizon Communications, Inc. | 333946 | &nbsp;&nbsp; 16744052 |
|  |  | &nbsp;&nbsp; 32053786 |
| **Interactive Home Entertainment–0.35%** | **Interactive Home Entertainment–0.35%** | **Interactive Home Entertainment–0.35%** |
| Electronic Arts, Inc. | 65506 | &nbsp;&nbsp; 13138538 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 54187 | &nbsp;&nbsp; 11459467 |
|  |  | &nbsp;&nbsp; 24598005 |
| **Interactive Media & Services–0.55%** | **Interactive Media & Services–0.55%** | **Interactive Media & Services–0.55%** |
| Alphabet, Inc., Class A | 23113 | &nbsp;&nbsp; 7205709 |
| Alphabet, Inc., Class C | 18473 | &nbsp;&nbsp; 5753046 |
| Match Group, Inc. | 394295 | &nbsp;&nbsp; 12459722 |
| Meta Platforms, Inc., Class A | 20505 | &nbsp;&nbsp; 13290931 |
|  |  | &nbsp;&nbsp; 38709408 |

---

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

**5**

**Invesco Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Internet Services & Infrastructure–0.51%** | **Internet Services & Infrastructure–0.51%** | **Internet Services & Infrastructure–0.51%** |
| Akamai Technologies, Inc.<sup>(b)</sup>  | 154206 | &nbsp;&nbsp; $15172328 |
| GoDaddy, Inc., Class A<sup>(b)</sup>  | 103906 | &nbsp;&nbsp; 9056447 |
| VeriSign, Inc. | 53197 | &nbsp;&nbsp; 12125724 |
|  |  | &nbsp;&nbsp; 36354499 |
| **Investment Banking & Brokerage–1.01%** | **Investment Banking & Brokerage–1.01%** | **Investment Banking & Brokerage–1.01%** |
| Charles Schwab Corp. (The) | 139141 | &nbsp;&nbsp; 13246223 |
| Goldman Sachs Group, Inc. (The) | 14989 | &nbsp;&nbsp; 12884095 |
| Interactive Brokers Group, Inc., Class A | 199957 | &nbsp;&nbsp; 14234939 |
| Morgan Stanley | 74181 | &nbsp;&nbsp; 12351878 |
| Raymond James Financial, Inc.<sup>(c)</sup>  | 77208 | &nbsp;&nbsp; 11819001 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 97524 | &nbsp;&nbsp; 7397195 |
|  |  | &nbsp;&nbsp; 71933331 |
| **IT Consulting & Other Services–0.69%** | **IT Consulting & Other Services–0.69%** | **IT Consulting & Other Services–0.69%** |
| Accenture PLC, Class A | 48757 | &nbsp;&nbsp; 10176561 |
| Cognizant Technology Solutions Corp., <br> Class A | 160191 | &nbsp;&nbsp; 10321106 |
| EPAM Systems, Inc.<sup>(b)</sup>  | 62585 | &nbsp;&nbsp; 8824485 |
| Gartner, Inc.<sup>(b)</sup>  | 57740 | &nbsp;&nbsp; 9076728 |
| International Business Machines Corp. | 42636 | &nbsp;&nbsp; 10241594 |
|  |  | &nbsp;&nbsp; 48640474 |
| **Leisure Products–0.23%** | **Leisure Products–0.23%** | **Leisure Products–0.23%** |
| Hasbro, Inc. | 162258 | &nbsp;&nbsp; 16159274 |
| **Life & Health Insurance–0.93%** | **Life & Health Insurance–0.93%** | **Life & Health Insurance–0.93%** |
| Aflac, Inc. | 124369 | &nbsp;&nbsp; 14044991 |
| Globe Life, Inc. | 98815 | &nbsp;&nbsp; 14353867 |
| MetLife, Inc. | 167015 | &nbsp;&nbsp; 12036771 |
| Principal Financial Group, Inc. | 147746 | &nbsp;&nbsp; 14097923 |
| Prudential Financial, Inc. | 116165 | &nbsp;&nbsp; 11428313 |
|  |  | &nbsp;&nbsp; 65961865 |
| **Life Sciences Tools & Services–1.67%** | **Life Sciences Tools & Services–1.67%** | **Life Sciences Tools & Services–1.67%** |
| Agilent Technologies, Inc. | 92919 | &nbsp;&nbsp; 11278508 |
| Bio-Techne Corp.<sup>(c)</sup>  | 219154 | &nbsp;&nbsp; 12930086 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup>  | 68417 | &nbsp;&nbsp; 12211750 |
| Danaher Corp. | 57885 | &nbsp;&nbsp; 12192896 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 59802 | &nbsp;&nbsp; 10693196 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 9158 | &nbsp;&nbsp; 12516147 |
| Revvity, Inc.<sup>(c)</sup>  | 124319 | &nbsp;&nbsp; 12221801 |
| Thermo Fisher Scientific, Inc. | 22422 | &nbsp;&nbsp; 11684329 |
| Waters Corp.<sup>(b)</sup>  | 32523 | &nbsp;&nbsp; 10387196 |
| West Pharmaceutical Services, Inc. | 49621 | &nbsp;&nbsp; 12620605 |
|  |  | &nbsp;&nbsp; 118736514 |
| **Managed Health Care–0.88%** | **Managed Health Care–0.88%** | **Managed Health Care–0.88%** |
| Centene Corp.<sup>(b)</sup>  | 344741 | &nbsp;&nbsp; 15471976 |
| Elevance Health, Inc. | 39084 | &nbsp;&nbsp; 12506880 |
| Humana, Inc. | 51658 | &nbsp;&nbsp; 9842916 |
| Molina Healthcare, Inc.<sup>(b)</sup>  | 80541 | &nbsp;&nbsp; 12407341 |
| UnitedHealth Group, Inc. | 40371 | &nbsp;&nbsp; 11839603 |
|  |  | &nbsp;&nbsp; 62068716 |
| **Metal, Glass & Plastic Containers–0.26%** | **Metal, Glass & Plastic Containers–0.26%** | **Metal, Glass & Plastic Containers–0.26%** |
| Ball Corp. | 273032 | &nbsp;&nbsp; 18328638 |
| **Movies & Entertainment–0.99%** | **Movies & Entertainment–0.99%** | **Movies & Entertainment–0.99%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup>  | 95859 | &nbsp;&nbsp; 15542578 |
| Netflix, Inc.<sup>(b)</sup>  | 143794 | &nbsp;&nbsp; 13838735 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| TKO Group Holdings, Inc. | 67691 | &nbsp;&nbsp; $15153984 |
| Walt Disney Co. (The) | 122495 | &nbsp;&nbsp; 12989370 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 451443 | &nbsp;&nbsp; 12717149 |
|  |  | &nbsp;&nbsp; 70241816 |
| **Multi-Family Residential REITs–1.15%** | **Multi-Family Residential REITs–1.15%** | **Multi-Family Residential REITs–1.15%** |
| AvalonBay Communities, Inc. | 75599 | &nbsp;&nbsp; 13398411 |
| Camden Property Trust | 129265 | &nbsp;&nbsp; 14004570 |
| Equity Residential | 219732 | &nbsp;&nbsp; 13889260 |
| Essex Property Trust, Inc. | 50458 | &nbsp;&nbsp; 12872340 |
| Mid-America Apartment Communities, <br> Inc. | 101070 | &nbsp;&nbsp; 13529230 |
| UDR, Inc. | 378510 | &nbsp;&nbsp; 14194125 |
|  |  | &nbsp;&nbsp; 81887936 |
| **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** |
| American International Group, Inc. | 164419 | &nbsp;&nbsp; 13234085 |
| **Multi-Sector Holdings–0.19%** | **Multi-Sector Holdings–0.19%** | **Multi-Sector Holdings–0.19%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 26288 | &nbsp;&nbsp; 13274126 |
| **Multi-Utilities–2.12%** | **Multi-Utilities–2.12%** | **Multi-Utilities–2.12%** |
| Ameren Corp. | 136352 | &nbsp;&nbsp; 15445955 |
| CenterPoint Energy, Inc. | 355686 | &nbsp;&nbsp; 15472341 |
| CMS Energy Corp. | 190417 | &nbsp;&nbsp; 14865855 |
| Consolidated Edison, Inc. | 135619 | &nbsp;&nbsp; 15259850 |
| Dominion Energy, Inc. | 229609 | &nbsp;&nbsp; 14497512 |
| DTE Energy Co. | 102555 | &nbsp;&nbsp; 15202753 |
| NiSource, Inc. | 322553 | &nbsp;&nbsp; 15256757 |
| Public Service Enterprise Group, Inc. | 169413 | &nbsp;&nbsp; 14581377 |
| Sempra | 149670 | &nbsp;&nbsp; 14408731 |
| WEC Energy Group, Inc. | 128604 | &nbsp;&nbsp; 15041524 |
|  |  | &nbsp;&nbsp; 150032655 |
| **Office REITs–0.15%** | **Office REITs–0.15%** | **Office REITs–0.15%** |
| BXP, Inc. | 189524 | &nbsp;&nbsp; 10912792 |
| **Oil & Gas Equipment & Services–0.72%** | **Oil & Gas Equipment & Services–0.72%** | **Oil & Gas Equipment & Services–0.72%** |
| Baker Hughes Co., Class A | 277500 | &nbsp;&nbsp; 18109650 |
| Halliburton Co. | 459061 | &nbsp;&nbsp; 16526196 |
| SLB Ltd. | 325830 | &nbsp;&nbsp; 16728112 |
|  |  | &nbsp;&nbsp; 51363958 |
| **Oil & Gas Exploration & Production–1.98%** | **Oil & Gas Exploration & Production–1.98%** | **Oil & Gas Exploration & Production–1.98%** |
| APA Corp. | 506502 | &nbsp;&nbsp; 15382466 |
| ConocoPhillips | 137718 | &nbsp;&nbsp; 15625484 |
| Coterra Energy, Inc. | 493380 | &nbsp;&nbsp; 15092494 |
| Devon Energy Corp. | 347074 | &nbsp;&nbsp; 15108131 |
| Diamondback Energy, Inc. | 83174 | &nbsp;&nbsp; 14478930 |
| EOG Resources, Inc. | 119454 | &nbsp;&nbsp; 14821852 |
| EQT Corp. | 232858 | &nbsp;&nbsp; 14302138 |
| Expand Energy Corp. | 114244 | &nbsp;&nbsp; 12329213 |
| Texas Pacific Land Corp.<sup>(c)</sup>  | 44651 | &nbsp;&nbsp; 23410073 |
|  |  | &nbsp;&nbsp; 140550781 |
| **Oil & Gas Refining & Marketing–0.61%** | **Oil & Gas Refining & Marketing–0.61%** | **Oil & Gas Refining & Marketing–0.61%** |
| Marathon Petroleum Corp. | 69687 | &nbsp;&nbsp; 13812660 |
| Phillips 66 | 92634 | &nbsp;&nbsp; 14296205 |
| Valero Energy Corp. | 75745 | &nbsp;&nbsp; 15500457 |
|  |  | &nbsp;&nbsp; 43609322 |

---

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

**6**

**Invesco Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation–0.92%** | **Oil & Gas Storage & Transportation–0.92%** | **Oil & Gas Storage & Transportation–0.92%** |
| Kinder Morgan, Inc. | 501358 | &nbsp;&nbsp; $16680181 |
| ONEOK, Inc.<sup>(c)</sup>  | 180687 | &nbsp;&nbsp; 14955463 |
| Targa Resources Corp. | 72657 | &nbsp;&nbsp; 17132521 |
| Williams Cos., Inc. (The) | 220349 | &nbsp;&nbsp; 16464477 |
|  |  | &nbsp;&nbsp; 65232642 |
| **Other Specialized REITs–0.44%** | **Other Specialized REITs–0.44%** | **Other Specialized REITs–0.44%** |
| Iron Mountain, Inc. | 155090 | &nbsp;&nbsp; 16800900 |
| VICI Properties, Inc. | 480228 | &nbsp;&nbsp; 14507688 |
|  |  | &nbsp;&nbsp; 31308588 |
| **Other Specialty Retail–0.40%** | **Other Specialty Retail–0.40%** | **Other Specialty Retail–0.40%** |
| Tractor Supply Co. | 252197 | &nbsp;&nbsp; 13073893 |
| Ulta Beauty, Inc.<sup>(b)</sup>  | 22194 | &nbsp;&nbsp; 15198229 |
|  |  | &nbsp;&nbsp; 28272122 |
| **Packaged Foods & Meats–2.21%** | **Packaged Foods & Meats–2.21%** | **Packaged Foods & Meats–2.21%** |
| Campbell's Co. (The)<sup>(c)</sup>  | 473070 | &nbsp;&nbsp; 12749236 |
| Conagra Brands, Inc. | 764399 | &nbsp;&nbsp; 14714681 |
| General Mills, Inc. | 291646 | &nbsp;&nbsp; 13191149 |
| Hershey Co. (The) | 72320 | &nbsp;&nbsp; 17087770 |
| Hormel Foods Corp. | 561547 | &nbsp;&nbsp; 14375603 |
| J.M. Smucker Co. (The) | 133739 | &nbsp;&nbsp; 15507037 |
| Kraft Heinz Co. (The) | 547479 | &nbsp;&nbsp; 13473458 |
| Lamb Weston Holdings, Inc. | 226028 | &nbsp;&nbsp; 10892289 |
| McCormick & Co., Inc. | 207295 | &nbsp;&nbsp; 14726237 |
| Mondelez International, Inc., Class A | 247103 | &nbsp;&nbsp; 15216603 |
| Tyson Foods, Inc., Class A | 231162 | &nbsp;&nbsp; 15023218 |
|  |  | &nbsp;&nbsp; 156957281 |
| **Paper & Plastic Packaging Products & Materials–1.09%** | **Paper & Plastic Packaging Products & Materials–1.09%** | **Paper & Plastic Packaging Products & Materials–1.09%** |
| Amcor PLC<sup>(c)</sup>  | 325149 | &nbsp;&nbsp; 15746966 |
| Avery Dennison Corp. | 72953 | &nbsp;&nbsp; 14324322 |
| International Paper Co.<sup>(c)</sup>  | 340775 | &nbsp;&nbsp; 14840751 |
| Packaging Corp. of America | 65677 | &nbsp;&nbsp; 15246259 |
| Smurfit WestRock PLC | 358653 | &nbsp;&nbsp; 16860277 |
|  |  | &nbsp;&nbsp; 77018575 |
| **Passenger Airlines–0.59%** | **Passenger Airlines–0.59%** | **Passenger Airlines–0.59%** |
| Delta Air Lines, Inc. | 190635 | &nbsp;&nbsp; 12524720 |
| Southwest Airlines Co. | 327259 | &nbsp;&nbsp; 16120778 |
| United Airlines Holdings, Inc.<sup>(b)</sup>  | 123734 | &nbsp;&nbsp; 13152924 |
|  |  | &nbsp;&nbsp; 41798422 |
| **Passenger Ground Transportation–0.17%** | **Passenger Ground Transportation–0.17%** | **Passenger Ground Transportation–0.17%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 158402 | &nbsp;&nbsp; 11946679 |
| **Personal Care Products–0.39%** | **Personal Care Products–0.39%** | **Personal Care Products–0.39%** |
| Estee Lauder Cos., Inc. (The), Class A | 121062 | &nbsp;&nbsp; 13252657 |
| Kenvue, Inc. | 769695 | &nbsp;&nbsp; 14716569 |
|  |  | &nbsp;&nbsp; 27969226 |
| **Pharmaceuticals–1.53%** | **Pharmaceuticals–1.53%** | **Pharmaceuticals–1.53%** |
| Bristol-Myers Squibb Co. | 260323 | &nbsp;&nbsp; 16236346 |
| Eli Lilly and Co. | 13416 | &nbsp;&nbsp; 14113498 |
| Johnson & Johnson | 64545 | &nbsp;&nbsp; 16034914 |
| Merck & Co., Inc. | 133261 | &nbsp;&nbsp; 16500377 |
| Pfizer, Inc. | 517111 | &nbsp;&nbsp; 14298119 |
| Viatris, Inc. | 1121459 | &nbsp;&nbsp; 16743383 |
| Zoetis, Inc. | 109358 | &nbsp;&nbsp; 14336834 |
|  |  | &nbsp;&nbsp; 108263471 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Property & Casualty Insurance–2.16%** | **Property & Casualty Insurance–2.16%** | **Property & Casualty Insurance–2.16%** |
| Allstate Corp. (The) | 66261 | &nbsp;&nbsp; $14214310 |
| Arch Capital Group Ltd.<sup>(b)</sup>  | 140856 | &nbsp;&nbsp; 14106728 |
| Assurant, Inc. | 57951 | &nbsp;&nbsp; 13304970 |
| Chubb Ltd. | 43605 | &nbsp;&nbsp; 14863200 |
| Cincinnati Financial Corp. | 81977 | &nbsp;&nbsp; 13442588 |
| Erie Indemnity Co., Class A<sup>(c)</sup>  | 46917 | &nbsp;&nbsp; 12641316 |
| Hartford Insurance Group, Inc. (The) | 102358 | &nbsp;&nbsp; 14415077 |
| Loews Corp. | 129920 | &nbsp;&nbsp; 14293798 |
| Progressive Corp. (The) | 59875 | &nbsp;&nbsp; 12792893 |
| Travelers Cos., Inc. (The) | 47893 | &nbsp;&nbsp; 14781696 |
| W.R. Berkley Corp.<sup>(c)</sup>  | 197235 | &nbsp;&nbsp; 14141750 |
|  |  | &nbsp;&nbsp; 152998326 |
| **Publishing–0.17%** | **Publishing–0.17%** | **Publishing–0.17%** |
| News Corp., Class A | 371852 | &nbsp;&nbsp; 9032285 |
| News Corp., Class B<sup>(c)</sup>  | 122573 | &nbsp;&nbsp; 3282505 |
|  |  | &nbsp;&nbsp; 12314790 |
| **Rail Transportation–0.63%** | **Rail Transportation–0.63%** | **Rail Transportation–0.63%** |
| CSX Corp. | 359426 | &nbsp;&nbsp; 15343896 |
| Norfolk Southern Corp. | 45266 | &nbsp;&nbsp; 14247021 |
| Union Pacific Corp. | 56617 | &nbsp;&nbsp; 15002372 |
|  |  | &nbsp;&nbsp; 44593289 |
| **Real Estate Services–0.30%** | **Real Estate Services–0.30%** | **Real Estate Services–0.30%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 85101 | &nbsp;&nbsp; 12566014 |
| CoStar Group, Inc.<sup>(b)</sup>  | 196421 | &nbsp;&nbsp; 8766269 |
|  |  | &nbsp;&nbsp; 21332283 |
| **Regional Banks–0.94%** | **Regional Banks–0.94%** | **Regional Banks–0.94%** |
| Citizens Financial Group, Inc. | 228038 | &nbsp;&nbsp; 13725607 |
| Huntington Bancshares, Inc. | 759175 | &nbsp;&nbsp; 12754140 |
| M&T Bank Corp. | 65157 | &nbsp;&nbsp; 14137766 |
| Regions Financial Corp. | 486893 | &nbsp;&nbsp; 13550232 |
| Truist Financial Corp. | 260797 | &nbsp;&nbsp; 12859900 |
|  |  | &nbsp;&nbsp; 67027645 |
| **Reinsurance–0.20%** | **Reinsurance–0.20%** | **Reinsurance–0.20%** |
| Everest Group Ltd. | 42258 | &nbsp;&nbsp; 14177136 |
| **Research & Consulting Services–0.72%** | **Research & Consulting Services–0.72%** | **Research & Consulting Services–0.72%** |
| Equifax, Inc. | 61953 | &nbsp;&nbsp; 12945699 |
| Jacobs Solutions, Inc. | 95440 | &nbsp;&nbsp; 13157358 |
| Leidos Holdings, Inc. | 70793 | &nbsp;&nbsp; 12395854 |
| Verisk Analytics, Inc. | 62157 | &nbsp;&nbsp; 12901929 |
|  |  | &nbsp;&nbsp; 51400840 |
| **Restaurants–1.39%** | **Restaurants–1.39%** | **Restaurants–1.39%** |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup>  | 392785 | &nbsp;&nbsp; 14619458 |
| Darden Restaurants, Inc.<sup>(c)</sup>  | 72340 | &nbsp;&nbsp; 15469909 |
| Domino's Pizza, Inc. | 30695 | &nbsp;&nbsp; 12355044 |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 60513 | &nbsp;&nbsp; 10678729 |
| McDonald's Corp. | 42930 | &nbsp;&nbsp; 14641706 |
| Starbucks Corp. | 154296 | &nbsp;&nbsp; 15124094 |
| Yum! Brands, Inc. | 92648 | &nbsp;&nbsp; 15579688 |
|  |  | &nbsp;&nbsp; 98468628 |
| **Retail REITs–1.08%** | **Retail REITs–1.08%** | **Retail REITs–1.08%** |
| Federal Realty Investment Trust | 136729 | &nbsp;&nbsp; 14872013 |
| Kimco Realty Corp. | 664562 | &nbsp;&nbsp; 15650435 |
| Realty Income Corp. | 235241 | &nbsp;&nbsp; 15761147 |

---

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

**7**

**Invesco Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| Regency Centers Corp. | 198380 | &nbsp;&nbsp; $15672020 |
| Simon Property Group, Inc. | 73389 | &nbsp;&nbsp; 14960348 |
|  |  | &nbsp;&nbsp; 76915963 |
| **Self-Storage REITs–0.43%** | **Self-Storage REITs–0.43%** | **Self-Storage REITs–0.43%** |
| Extra Space Storage, Inc. | 102729 | &nbsp;&nbsp; 15515161 |
| Public Storage | 49757 | &nbsp;&nbsp; 15278384 |
|  |  | &nbsp;&nbsp; 30793545 |
| **Semiconductor Materials & Equipment–1.31%** | **Semiconductor Materials & Equipment–1.31%** | **Semiconductor Materials & Equipment–1.31%** |
| Applied Materials, Inc. | 48450 | &nbsp;&nbsp; 18037935 |
| KLA Corp. | 10760 | &nbsp;&nbsp; 16404158 |
| Lam Research Corp. | 77421 | &nbsp;&nbsp; 18107998 |
| Qnity Electronics, Inc. | 154653 | &nbsp;&nbsp; 19603814 |
| Teradyne, Inc. | 63949 | &nbsp;&nbsp; 20465598 |
|  |  | &nbsp;&nbsp; 92619503 |
| **Semiconductors–2.71%** | **Semiconductors–2.71%** | **Semiconductors–2.71%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 60207 | &nbsp;&nbsp; 12054043 |
| Analog Devices, Inc. | 45958 | &nbsp;&nbsp; 16351397 |
| Broadcom, Inc. | 32281 | &nbsp;&nbsp; 10315394 |
| First Solar, Inc.<sup>(b)</sup>  | 48938 | &nbsp;&nbsp; 9650574 |
| Intel Corp.<sup>(b)</sup>  | 318951 | &nbsp;&nbsp; 14547355 |
| Microchip Technology, Inc. | 190588 | &nbsp;&nbsp; 14225488 |
| Micron Technology, Inc. | 50552 | &nbsp;&nbsp; 20846128 |
| Monolithic Power Systems, Inc. | 13234 | &nbsp;&nbsp; 15123021 |
| NVIDIA Corp. | 72538 | &nbsp;&nbsp; 12853008 |
| NXP Semiconductors N.V. (Netherlands) | 57765 | &nbsp;&nbsp; 13113233 |
| ON Semiconductor Corp.<sup>(b)</sup>  | 241944 | &nbsp;&nbsp; 16084437 |
| QUALCOMM, Inc. | 73163 | &nbsp;&nbsp; 10415485 |
| Skyworks Solutions, Inc. | 193738 | &nbsp;&nbsp; 11542910 |
| Texas Instruments, Inc. | 71584 | &nbsp;&nbsp; 15183682 |
|  |  | &nbsp;&nbsp; 192306155 |
| **Single-Family Residential REITs–0.19%** | **Single-Family Residential REITs–0.19%** | **Single-Family Residential REITs–0.19%** |
| Invitation Homes, Inc. | 503441 | &nbsp;&nbsp; 13260636 |
| **Soft Drinks & Non-alcoholic Beverages–0.84%** | **Soft Drinks & Non-alcoholic Beverages–0.84%** | **Soft Drinks & Non-alcoholic Beverages–0.84%** |
| Coca-Cola Co. (The) | 189875 | &nbsp;&nbsp; 15486205 |
| Keurig Dr Pepper, Inc. | 451443 | &nbsp;&nbsp; 13669694 |
| Monster Beverage Corp.<sup>(b)</sup>  | 180492 | &nbsp;&nbsp; 15395968 |
| PepsiCo, Inc. | 89052 | &nbsp;&nbsp; 15115686 |
|  |  | &nbsp;&nbsp; 59667553 |
| **Specialty Chemicals–1.37%** | **Specialty Chemicals–1.37%** | **Specialty Chemicals–1.37%** |
| Albemarle Corp. | 97600 | &nbsp;&nbsp; 17438192 |
| DuPont de Nemours, Inc. | 325467 | &nbsp;&nbsp; 16286369 |
| Ecolab, Inc. | 51781 | &nbsp;&nbsp; 15966671 |
| International Flavors & Fragrances, Inc. | 203871 | &nbsp;&nbsp; 16764312 |
| PPG Industries, Inc. | 129547 | &nbsp;&nbsp; 15969259 |
| Sherwin-Williams Co. (The) | 40859 | &nbsp;&nbsp; 14815065 |
|  |  | &nbsp;&nbsp; 97239868 |
| **Steel–0.41%** | **Steel–0.41%** | **Steel–0.41%** |
| Nucor Corp. | 81124 | &nbsp;&nbsp; 14349213 |
| Steel Dynamics, Inc. | 77855 | &nbsp;&nbsp; 15036136 |
|  |  | &nbsp;&nbsp; 29385349 |
| **Systems Software–1.01%** | **Systems Software–1.01%** | **Systems Software–1.01%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 25659 | &nbsp;&nbsp; 9544635 |
| Fortinet, Inc.<sup>(b)</sup>  | 163119 | &nbsp;&nbsp; 12891294 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Gen Digital, Inc. | 484240 | &nbsp;&nbsp; $10929297 |
| Microsoft Corp. | 27743 | &nbsp;&nbsp; 10895786 |
| Oracle Corp. | 59778 | &nbsp;&nbsp; 8691721 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | 69087 | &nbsp;&nbsp; 10288436 |
| ServiceNow, Inc.<sup>(b)</sup>  | 78091 | &nbsp;&nbsp; 8434609 |
|  |  | &nbsp;&nbsp; 71675778 |
| **Technology Distributors–0.15%** | **Technology Distributors–0.15%** | **Technology Distributors–0.15%** |
| CDW Corp. | 88726 | &nbsp;&nbsp; 10881357 |
| **Technology Hardware, Storage & Peripherals–2.04%** | **Technology Hardware, Storage & Peripherals–2.04%** | **Technology Hardware, Storage & Peripherals–2.04%** |
| Apple, Inc. | 46180 | &nbsp;&nbsp; 12199832 |
| Dell Technologies, Inc., Class C | 94187 | &nbsp;&nbsp; 13947211 |
| Hewlett Packard Enterprise Co. | 527756 | &nbsp;&nbsp; 11330921 |
| HP, Inc. | 522994 | &nbsp;&nbsp; 9931656 |
| NetApp, Inc. | 111660 | &nbsp;&nbsp; 11057690 |
| Sandisk Corp.<sup>(b)</sup>  | 56243 | &nbsp;&nbsp; 35734553 |
| Seagate Technology Holdings PLC | 43494 | &nbsp;&nbsp; 17738593 |
| Super Micro Computer, Inc.<sup>(b)</sup>  | 381981 | &nbsp;&nbsp; 12372365 |
| Western Digital Corp. | 71583 | &nbsp;&nbsp; 20021765 |
|  |  | &nbsp;&nbsp; 144334586 |
| **Telecom Tower REITs–0.58%** | **Telecom Tower REITs–0.58%** | **Telecom Tower REITs–0.58%** |
| American Tower Corp. | 73955 | &nbsp;&nbsp; 14189006 |
| Crown Castle, Inc. | 146451 | &nbsp;&nbsp; 13113223 |
| SBA Communications Corp., Class A | 70453 | &nbsp;&nbsp; 14172325 |
|  |  | &nbsp;&nbsp; 41474554 |
| **Timber REITs–0.20%** | **Timber REITs–0.20%** | **Timber REITs–0.20%** |
| Weyerhaeuser Co. | 578859 | &nbsp;&nbsp; 14199411 |
| **Tobacco–0.45%** | **Tobacco–0.45%** | **Tobacco–0.45%** |
| Altria Group, Inc. | 227145 | &nbsp;&nbsp; 15682091 |
| Philip Morris International, Inc. | 86548 | &nbsp;&nbsp; 16169763 |
|  |  | &nbsp;&nbsp; 31851854 |
| **Trading Companies & Distributors–0.62%** | **Trading Companies & Distributors–0.62%** | **Trading Companies & Distributors–0.62%** |
| Fastenal Co. | 325705 | &nbsp;&nbsp; 14995458 |
| United Rentals, Inc. | 16293 | &nbsp;&nbsp; 13686120 |
| W.W. Grainger, Inc. | 13390 | &nbsp;&nbsp; 15327935 |
|  |  | &nbsp;&nbsp; 44009513 |
| **Transaction & Payment Processing Services–1.55%** | **Transaction & Payment Processing Services–1.55%** | **Transaction & Payment Processing Services–1.55%** |
| Block, Inc., Class A<sup>(b)</sup>  | 210635 | &nbsp;&nbsp; 13417449 |
| Corpay, Inc.<sup>(b)</sup>  | 42566 | &nbsp;&nbsp; 13838207 |
| Fidelity National Information Services, <br> Inc. | 200167 | &nbsp;&nbsp; 10200510 |
| Fiserv, Inc.<sup>(b)</sup>  | 200257 | &nbsp;&nbsp; 12474009 |
| Global Payments, Inc. | 165934 | &nbsp;&nbsp; 12687314 |
| Jack Henry & Associates, Inc. | 72091 | &nbsp;&nbsp; 11711904 |
| Mastercard, Inc., Class A | 24739 | &nbsp;&nbsp; 12795258 |
| PayPal Holdings, Inc. | 217971 | &nbsp;&nbsp; 10072440 |
| Visa, Inc., Class A | 39573 | &nbsp;&nbsp; 12668900 |
|  |  | &nbsp;&nbsp; 109865991 |
| **Water Utilities–0.20%** | **Water Utilities–0.20%** | **Water Utilities–0.20%** |
| American Water Works Co., Inc. | 103567 | &nbsp;&nbsp; 14088219 |
| **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** |
| T-Mobile US, Inc. | 68102 | &nbsp;&nbsp; 14784263 |
| Total Common Stocks & Other Equity Interests <br> (Cost $3,288,758,288) | Total Common Stocks & Other Equity Interests <br> (Cost $3,288,758,288) | &nbsp;&nbsp; 7038925475 |

---

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

**8**

**Invesco Equally-Weighted S&P 500 Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–0.71%** | **Money Market Funds–0.71%** | **Money Market Funds–0.71%** | **Money Market Funds–0.71%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(f)</sup>  | 17750385 | &nbsp;&nbsp; $17750385 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(f)</sup>  | 32964982 | &nbsp;&nbsp; 32964982 |
| Total Money Market Funds (Cost $50,715,367) | Total Money Market Funds (Cost $50,715,367) | Total Money Market Funds (Cost $50,715,367) | &nbsp;&nbsp; 50715367 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.96% <br> (Cost $3,339,473,655)<br>|  |  | &nbsp;&nbsp; 7089640842 |
| **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–3.14%** | **Money Market Funds–3.14%** | **Money Market Funds–3.14%** | **Money Market Funds–3.14%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(f)(g)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(d)(f)(g)</sup>  | 61907174 | &nbsp;&nbsp; 61907174 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 3.81%<sup>(d)(f)(g)</sup>  | 160510693 | &nbsp;&nbsp; $160558846 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $222,466,020) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $222,466,020) | &nbsp;&nbsp; 222466020 |
| TOTAL INVESTMENTS IN SECURITIES–103.10% <br> (Cost $3,561,939,675) | TOTAL INVESTMENTS IN SECURITIES–103.10% <br> (Cost $3,561,939,675) | &nbsp;&nbsp; 7312106862 |
| OTHER ASSETS LESS LIABILITIES—(3.10)% | OTHER ASSETS LESS LIABILITIES—(3.10)% | &nbsp;&nbsp; (219805859)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $7092301003 |

---

Investment Abbreviations:

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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | $18680488 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(8502292) | &nbsp;&nbsp; $(203785) | &nbsp;&nbsp; $3025050 | &nbsp;&nbsp; $12999461 | &nbsp;&nbsp; $230210 |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 5115995 | &nbsp;&nbsp; 113020553 | &nbsp;&nbsp; (100386163) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 17750385 | &nbsp;&nbsp; 252856 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 9501069 | &nbsp;&nbsp; 209895313 | &nbsp;&nbsp; (186431400) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 32964982 | &nbsp;&nbsp; 463695 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 51127609 | &nbsp;&nbsp; 427016833 | &nbsp;&nbsp; (416237268) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 61907174 | &nbsp;&nbsp; 1,146,977\* |
| Invesco Private Prime Fund | 133315600 | &nbsp;&nbsp; 952476114 | &nbsp;&nbsp; (925238091) | &nbsp;&nbsp; (5123) | &nbsp;&nbsp; 10346 | &nbsp;&nbsp; 160558846 | &nbsp;&nbsp; 3,130,148\* |
| Total | $217740761 | &nbsp;&nbsp; $1702408813 | &nbsp;&nbsp; $(1636795214) | &nbsp;&nbsp; $(208908) | &nbsp;&nbsp; $3035396 | &nbsp;&nbsp; $286180848 | &nbsp;&nbsp; $5223886 |

---

\* 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> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<sup>(g)</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>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-mini S&P 500 Equal Weight Index | &nbsp;&nbsp;&nbsp; 349 | March-2026 | &nbsp;&nbsp;&nbsp; $57892120 | &nbsp;&nbsp;&nbsp; $1613746 | &nbsp;&nbsp;&nbsp; $1613746 |

---

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

**9**

**Invesco Equally-Weighted S&P 500 Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,284,666,762)\*<br>| &nbsp;&nbsp; $7025926014 |
| Investments in affiliates, at value <br>(Cost $277,272,913)<br>| &nbsp;&nbsp; 286180848 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 30595 |
| Cash | &nbsp;&nbsp; 36 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 2853585 |
| Dividends | &nbsp;&nbsp; 8502125 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 232230 |
| Other assets | &nbsp;&nbsp; 434142 |
| Total assets | &nbsp;&nbsp; 7324159575 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 5871021 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 222466020 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2463275 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 5912 |
| Accrued other operating expenses | &nbsp;&nbsp; 765940 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 286404 |
| Total liabilities | &nbsp;&nbsp; 231858572 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $7092301003 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3174047738 |
| Distributable earnings | &nbsp;&nbsp; 3918253265 |
|  | &nbsp;&nbsp; $7092301003 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3470417544 |
| Class C | &nbsp;&nbsp; $316335855 |
| Class R | &nbsp;&nbsp; $261242724 |
| Class Y | &nbsp;&nbsp; $2335098230 |
| Class R6 | &nbsp;&nbsp; $709206650 |
| **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; 45055818 |
| Class C | &nbsp;&nbsp; 4470018 |
| Class R | &nbsp;&nbsp; 3436195 |
| Class Y | &nbsp;&nbsp; 29680668 |
| Class R6 | &nbsp;&nbsp; 8978866 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $77.02 |
| Maximum offering price per share <br>(Net asset value of $77.02 ÷ 94.50%)<br>| &nbsp;&nbsp; $81.50 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $70.77 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $76.03 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $78.67 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $78.99 |

---

\* At February 28, 2026, securities with an aggregate value of $219,541,447 were on loan to brokers. 

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

**10**

**Invesco Equally-Weighted S&P 500 Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $17,896) | &nbsp;&nbsp; $62952395 |
| Dividends from affiliates (includes net securities lending income of $208,826) | &nbsp;&nbsp; 1155587 |
| Total investment income | &nbsp;&nbsp; 64107982 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3580528 |
| Administrative services fees | &nbsp;&nbsp; 475340 |
| Custodian fees | &nbsp;&nbsp; 20120 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4116111 |
| Class C | &nbsp;&nbsp; 1553395 |
| Class R | &nbsp;&nbsp; 604057 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3849505 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 93893 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 34783 |
| Registration and filing fees | &nbsp;&nbsp; 77743 |
| Licensing fees | &nbsp;&nbsp; 650630 |
| Reports to shareholders | &nbsp;&nbsp; 167261 |
| Professional services fees | &nbsp;&nbsp; 53488 |
| Other | &nbsp;&nbsp; 33842 |
| Total expenses | &nbsp;&nbsp; 15310696 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (42256)<br>|
| Net expenses | &nbsp;&nbsp; 15268440 |
| Net investment income | &nbsp;&nbsp; 48839542 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 355341359 |
| Affiliated investment securities | &nbsp;&nbsp; 3035396 |
| Futures contracts | &nbsp;&nbsp; 2390362 |
|  | &nbsp;&nbsp; 360767117 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 211915855 |
| Affiliated investment securities | &nbsp;&nbsp; (208908)<br>|
| Futures contracts | &nbsp;&nbsp; 1004904 |
|  | &nbsp;&nbsp; 212711851 |
| Net realized and unrealized gain | &nbsp;&nbsp; 573478968 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $622318510 |

---

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

**11**

**Invesco Equally-Weighted S&P 500 Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $48839542 | &nbsp;&nbsp; $95151061 |
| Net realized gain | &nbsp;&nbsp; 360767117 | &nbsp;&nbsp; 515430095 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 212711851 | &nbsp;&nbsp; (51356679)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 622318510 | &nbsp;&nbsp; 559224477 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (307070430)<br>| &nbsp;&nbsp; (257567423)<br>|
| Class C | &nbsp;&nbsp; (31608138)<br>| &nbsp;&nbsp; (33862177)<br>|
| Class R | &nbsp;&nbsp; (22654956)<br>| &nbsp;&nbsp; (17271910)<br>|
| Class Y | &nbsp;&nbsp; (206450420)<br>| &nbsp;&nbsp; (189699794)<br>|
| Class R6 | &nbsp;&nbsp; (59191770)<br>| &nbsp;&nbsp; (55536331)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (626975714)<br>| &nbsp;&nbsp; (553937635)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 165766001 | &nbsp;&nbsp; 101293098 |
| Class C | &nbsp;&nbsp; (27532812)<br>| &nbsp;&nbsp; (113749097)<br>|
| Class R | &nbsp;&nbsp; 24866055 | &nbsp;&nbsp; 21980702 |
| Class Y | &nbsp;&nbsp; 36110544 | &nbsp;&nbsp; 13799192 |
| Class R6 | &nbsp;&nbsp; 53191265 | &nbsp;&nbsp; (51596774)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 252401053 | &nbsp;&nbsp; (28272879)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 247743849 | &nbsp;&nbsp; (22986037)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 6844557154 | &nbsp;&nbsp; 6867543191 |
| End of period | &nbsp;&nbsp; $7092301003 | &nbsp;&nbsp; $6844557154 |

---

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

**12**

**Invesco Equally-Weighted S&P 500 Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 02/28/26 | $77.55 | $0.52 | $6.30 | $6.82 | $(1.12)<br>| $(6.23)<br>| $(7.35)<br>| $77.02 | 9.46<br> %<br>| &nbsp;&nbsp; $3470418 | 0.53 %<sup>(d)</sup><br>| 0.53 %<sup>(d)</sup><br>| 1.37 %<sup>(d)</sup><br>| 13<br> %<br>|
| Year ended 08/31/25 | 77.46 | 1.00 | 5.37 | 6.37 | (1.03)<br>| (5.25)<br>| (6.28)<br>| 77.55 | 8.62 | &nbsp;&nbsp; 3308790 | 0.53 | 0.53 | 1.33 | 25 |
| Year ended 08/31/24 | 68.25 | 0.99 | 11.46 | 12.45 | (1.03)<br>| (2.21)<br>| (3.24)<br>| 77.46 | 18.88 | &nbsp;&nbsp; 3198399 | 0.54 | 0.54 | 1.41 | 22 |
| Year ended 08/31/23 | 68.51 | 0.96 | 4.20 | 5.16 | (0.87)<br>| (4.55)<br>| (5.42)<br>| 68.25 | 8.10 | &nbsp;&nbsp; 2838398 | 0.52 | 0.52 | 1.44 | 20 |
| Year ended 08/31/22 | 82.72 | 0.90 | (7.40)<br>| (6.50)<br>| (0.93)<br>| (6.78)<br>| (7.71)<br>| 68.51 | (8.85)<br>| &nbsp;&nbsp; 2670328 | 0.53 | 0.53 | 1.18 | 24 |
| Year ended 08/31/21 | 62.02 | 0.82 | 24.05 | 24.87 | (0.99)<br>| (3.18)<br>| (4.17)<br>| 82.72 | 41.81 | &nbsp;&nbsp; 2971521 | 0.52 | 0.52 | 1.13 | 23 |
| **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 02/28/26 | 71.90 | 0.23 | 5.82 | 6.05 | (0.95)<br>| (6.23)<br>| (7.18)<br>| 70.77 | 9.08 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 316336 | 1.23 <br><sup>(d)(e)</sup><br>| 1.23 <br><sup>(d)(e)</sup><br>| 0.67 <br><sup>(d)(e)</sup><br>| 13 |
| Year ended 08/31/25 | 72.20 | 0.41 | 4.98 | 5.39 | (0.44)<br>| (5.25)<br>| (5.69)<br>| 71.90 | 7.81 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 347309 | 1.27 <br><sup>(e)</sup><br>| 1.27 <br><sup>(e)</sup><br>| 0.59 <br><sup>(e)</sup><br>| 25 |
| Year ended 08/31/24 | 63.76 | 0.44 | 10.69 | 11.13 | (0.48)<br>| (2.21)<br>| (2.69)<br>| 72.20 | 18.01 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 466924 | 1.28 <br><sup>(e)</sup><br>| 1.28 <br><sup>(e)</sup><br>| 0.67 <br><sup>(e)</sup><br>| 22 |
| Year ended 08/31/23 | 64.65 | 0.43 | 3.94 | 4.37 | (0.71)<br>| (4.55)<br>| (5.26)<br>| 63.76 | 7.29 | &nbsp;&nbsp; 539237 | 1.27 | 1.27 | 0.69 | 20 |
| Year ended 08/31/22 | 78.47 | 0.31 | (7.00)<br>| (6.69)<br>| (0.35)<br>| (6.78)<br>| (7.13)<br>| 64.65 | (9.53)<br>| &nbsp;&nbsp; 689583 | 1.28 | 1.28 | 0.43 | 24 |
| Year ended 08/31/21 | 58.96 | 0.30 | 22.86 | 23.16 | (0.47)<br>| (3.18)<br>| (3.65)<br>| 78.47 | 40.82 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 945674 | 1.21 <br><sup>(e)</sup><br>| 1.21 <br><sup>(e)</sup><br>| 0.44 <br><sup>(e)</sup><br>| 23 |
| **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 02/28/26 | 76.66 | 0.42 | 6.24 | 6.66 | (1.06)<br>| (6.23)<br>| (7.29)<br>| 76.03 | 9.35 | &nbsp;&nbsp; 261243 | 0.78 <br><sup>(d)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| 13 |
| Year ended 08/31/25 | 76.64 | 0.80 | 5.30 | 6.10 | (0.83)<br>| (5.25)<br>| (6.08)<br>| 76.66 | 8.34 | &nbsp;&nbsp; 236726 | 0.78 | 0.78 | 1.08 | 25 |
| Year ended 08/31/24 | 67.55 | 0.81 | 11.34 | 12.15 | (0.85)<br>| (2.21)<br>| (3.06)<br>| 76.64 | 18.60 | &nbsp;&nbsp; 214039 | 0.79 | 0.79 | 1.16 | 22 |
| Year ended 08/31/23 | 67.97 | 0.78 | 4.17 | 4.95 | (0.82)<br>| (4.55)<br>| (5.37)<br>| 67.55 | 7.82 | &nbsp;&nbsp; 175270 | 0.77 | 0.77 | 1.19 | 20 |
| Year ended 08/31/22 | 82.12 | 0.70 | (7.34)<br>| (6.64)<br>| (0.73)<br>| (6.78)<br>| (7.51)<br>| 67.97 | (9.08)<br>| &nbsp;&nbsp; 146993 | 0.78 | 0.78 | 0.93 | 24 |
| Year ended 08/31/21 | 61.60 | 0.63 | 23.88 | 24.51 | (0.81)<br>| (3.18)<br>| (3.99)<br>| 82.12 | 41.44 | &nbsp;&nbsp; 147581 | 0.77 | 0.77 | 0.88 | 23 |
| **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 02/28/26 | 79.02 | 0.63 | 6.44 | 7.07 | (1.19)<br>| (6.23)<br>| (7.42)<br>| 78.67 | 9.60 | &nbsp;&nbsp; 2335098 | 0.28 <br><sup>(d)</sup><br>| 0.28 <br><sup>(d)</sup><br>| 1.62 <br><sup>(d)</sup><br>| 13 |
| Year ended 08/31/25 | 78.81 | 1.20 | 5.47 | 6.67 | (1.21)<br>| (5.25)<br>| (6.46)<br>| 79.02 | 8.89 | &nbsp;&nbsp; 2298002 | 0.28 | 0.28 | 1.58 | 25 |
| Year ended 08/31/24 | 69.38 | 1.19 | 11.64 | 12.83 | (1.19)<br>| (2.21)<br>| (3.40)<br>| 78.81 | 19.17 | &nbsp;&nbsp; 2283521 | 0.29 | 0.29 | 1.66 | 22 |
| Year ended 08/31/23 | 69.44 | 1.14 | 4.28 | 5.42 | (0.93)<br>| (4.55)<br>| (5.48)<br>| 69.38 | 8.38 | &nbsp;&nbsp; 2188760 | 0.27 | 0.27 | 1.69 | 20 |
| Year ended 08/31/22 | 83.74 | 1.10 | (7.50)<br>| (6.40)<br>| (1.12)<br>| (6.78)<br>| (7.90)<br>| 69.44 | (8.64)<br>| &nbsp;&nbsp; 2248749 | 0.28 | 0.28 | 1.43 | 24 |
| Year ended 08/31/21 | 62.74 | 1.01 | 24.32 | 25.33 | (1.15)<br>| (3.18)<br>| (4.33)<br>| 83.74 | 42.15 | &nbsp;&nbsp; 2671007 | 0.27 | 0.27 | 1.38 | 23 |
| **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 02/28/26 | 79.30 | 0.67 | 6.47 | 7.14 | (1.22)<br>| (6.23)<br>| (7.45)<br>| 78.99 | 9.66 | &nbsp;&nbsp; 709207 | 0.18 <br><sup>(d)</sup><br>| 0.18 <br><sup>(d)</sup><br>| 1.72 <br><sup>(d)</sup><br>| 13 |
| Year ended 08/31/25 | 79.06 | 1.28 | 5.49 | 6.77 | (1.28)<br>| (5.25)<br>| (6.53)<br>| 79.30 | 9.00 | &nbsp;&nbsp; 653730 | 0.18 | 0.18 | 1.68 | 25 |
| Year ended 08/31/24 | 69.58 | 1.26 | 11.69 | 12.95 | (1.26)<br>| (2.21)<br>| (3.47)<br>| 79.06 | 19.30 | &nbsp;&nbsp; 704661 | 0.19 | 0.19 | 1.76 | 22 |
| Year ended 08/31/23 | 69.59 | 1.21 | 4.28 | 5.49 | (0.95)<br>| (4.55)<br>| (5.50)<br>| 69.58 | 8.48 | &nbsp;&nbsp; 589680 | 0.18 | 0.18 | 1.78 | 20 |
| Year ended 08/31/22 | 83.90 | 1.18 | (7.51)<br>| (6.33)<br>| (1.20)<br>| (6.78)<br>| (7.98)<br>| 69.59 | (8.54)<br>| &nbsp;&nbsp; 561218 | 0.19 | 0.19 | 1.52 | 24 |
| Year ended 08/31/21 | 62.86 | 1.09 | 24.36 | 25.45 | (1.23)<br>| (3.18)<br>| (4.41)<br>| 83.90 | 42.30 | &nbsp;&nbsp; 910010 | 0.16 | 0.16 | 1.49 | 23 |

---

<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 0.95%, 0.99%, 0.99% and 0.93% for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024 and 2021, respectively. 

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

**13**

**Invesco Equally-Weighted S&P 500 Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Equally-Weighted S&P 500 Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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, as of the approximate official closing time of that exchange. 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.

Private 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.

**14**

**Invesco Equally-Weighted S&P 500 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

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

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

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

**I.** **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, portfolio managers and senior executives at the Adviser act 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

**15**

**Invesco Equally-Weighted S&P 500 Fund**

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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 February 28, 2026, the Fund paid the Adviser $12,878 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.

**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 $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.120% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.11%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $18,540.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, 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

**16**

**Invesco Equally-Weighted S&P 500 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 February 28, 2026, 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 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, up to 1.00% of the average daily net assets of Class C shares, and up to 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $207,472 in front-end sales commissions from the sale of Class A shares and $4,545 and $11,677 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $83,105 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $7038925475 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7038925475 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 50715367 | &nbsp;&nbsp;&nbsp;&nbsp; 222466020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 273181387 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 7089640842 | &nbsp;&nbsp;&nbsp;&nbsp; 222466020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7312106862 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1613746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1613746 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $7091254588 | &nbsp;&nbsp;&nbsp;&nbsp; $222466020 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7313720608 |

---

\* Unrealized appreciation.

**NOTE 4—Derivative Investments**

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

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

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1613746 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1613746)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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**17**

**Invesco Equally-Weighted S&P 500 Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&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 February 28, 2026**

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; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2390362 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1004904 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $3395266 |

---

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; $39147458 |

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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 February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $23,716.

**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. The Fund may have certain former Trustees who participated 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 did not have a capital loss carryforward as of August 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $885,885,803 and $1,239,053,590, respectively. As of February 28, 2026, 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; $3829196013 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (155819325)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3673376688 |

---

Cost of investments for tax purposes is $3,640,343,920.

**18**

**Invesco Equally-Weighted S&P 500 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>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1764010 | &nbsp;&nbsp;&nbsp; $134739694 | &nbsp;&nbsp;&nbsp; 3724044 | &nbsp;&nbsp;&nbsp; $278669091 |
| Class C | &nbsp;&nbsp;&nbsp; 200661 | &nbsp;&nbsp;&nbsp; 14138250 | &nbsp;&nbsp;&nbsp; 554353 | &nbsp;&nbsp;&nbsp; 38324612 |
| Class R | &nbsp;&nbsp;&nbsp; 423734 | &nbsp;&nbsp;&nbsp; 32160956 | &nbsp;&nbsp;&nbsp; 720905 | &nbsp;&nbsp;&nbsp; 52983422 |
| Class Y | &nbsp;&nbsp;&nbsp; 1766944 | &nbsp;&nbsp;&nbsp; 136870027 | &nbsp;&nbsp;&nbsp; 7044870 | &nbsp;&nbsp;&nbsp; 535878490 |
| Class R6 | &nbsp;&nbsp;&nbsp; 920181 | &nbsp;&nbsp;&nbsp; 71367994 | &nbsp;&nbsp;&nbsp; 1719212 | &nbsp;&nbsp;&nbsp; 130759792 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3689039 | &nbsp;&nbsp;&nbsp; 265463229 | &nbsp;&nbsp;&nbsp; 3064732 | &nbsp;&nbsp;&nbsp; 226544974 |
| Class C | &nbsp;&nbsp;&nbsp; 444235 | &nbsp;&nbsp;&nbsp; 29412841 | &nbsp;&nbsp;&nbsp; 451019 | &nbsp;&nbsp;&nbsp; 31075189 |
| Class R | &nbsp;&nbsp;&nbsp; 318650 | &nbsp;&nbsp;&nbsp; 22643600 | &nbsp;&nbsp;&nbsp; 235370 | &nbsp;&nbsp;&nbsp; 17231449 |
| Class Y | &nbsp;&nbsp;&nbsp; 2185434 | &nbsp;&nbsp;&nbsp; 160563812 | &nbsp;&nbsp;&nbsp; 1949595 | &nbsp;&nbsp;&nbsp; 146590044 |
| Class R6 | &nbsp;&nbsp;&nbsp; 764869 | &nbsp;&nbsp;&nbsp; 56401459 | &nbsp;&nbsp;&nbsp; 690961 | &nbsp;&nbsp;&nbsp; 52098451 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 505716 | &nbsp;&nbsp;&nbsp; 38672252 | &nbsp;&nbsp;&nbsp; 1488704 | &nbsp;&nbsp;&nbsp; 111044903 |
| Class C | &nbsp;&nbsp;&nbsp; (548263)<br>| &nbsp;&nbsp;&nbsp; (38672252)<br>| &nbsp;&nbsp;&nbsp; (1600217)<br>| &nbsp;&nbsp;&nbsp; (111044903)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3570440)<br>| &nbsp;&nbsp;&nbsp; (273109174)<br>| &nbsp;&nbsp;&nbsp; (6900540)<br>| &nbsp;&nbsp;&nbsp; (514965870)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (456924)<br>| &nbsp;&nbsp;&nbsp; (32411651)<br>| &nbsp;&nbsp;&nbsp; (1041773)<br>| &nbsp;&nbsp;&nbsp; (72103995)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (394085)<br>| &nbsp;&nbsp;&nbsp; (29938501)<br>| &nbsp;&nbsp;&nbsp; (661193)<br>| &nbsp;&nbsp;&nbsp; (48234169)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3351210)<br>| &nbsp;&nbsp;&nbsp; (261323295)<br>| &nbsp;&nbsp;&nbsp; (8888404)<br>| &nbsp;&nbsp;&nbsp; (668669342)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (949987)<br>| &nbsp;&nbsp;&nbsp; (74578188)<br>| &nbsp;&nbsp;&nbsp; (3079326)<br>| &nbsp;&nbsp;&nbsp; (234455017)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 3712564 | &nbsp;&nbsp;&nbsp; $252401053 | &nbsp;&nbsp;&nbsp; (527688)<br>| &nbsp;&nbsp;&nbsp; $(28272879)<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 51% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**19**

**Invesco Equally-Weighted S&P 500 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>**

Not applicable.

**20**

**Invesco Equally-Weighted S&P 500 Fund**

------

![](img3fd123451.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

MS-EWSP-NCSRS

------

![](imgdb0c129a1.jpg)

------

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

**February 28, 2026**

**Invesco Equity and Income Fund**

Nasdaq:

A: ACEIX ■ C: ACERX ■ R: ACESX ■ Y: ACETX ■ R5: ACEKX ■ R6: IEIFX

------

---

| | |
|:---|:---|
| [2](#xx_bded063d-6590-4829-a759-d5552ce58264_SOI-Continued-90_1) | Schedule of Investments |
| [12](#xx_bded063d-6590-4829-a759-d5552ce58264_FS-Continued-90_1) | Financial Statements |
| [15](#xx_bded063d-6590-4829-a759-d5552ce58264_FS-Continued-90_4) | Financial Highlights |
| [16](#xx_bded063d-6590-4829-a759-d5552ce58264_NTF-Continued-90_1) | Notes to Financial Statements |
| [23](#xx_bded063d-6590-4829-a759-d5552ce58264_OIRSR-Continued-90_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–64.13%** | **Common Stocks & Other Equity Interests–64.13%** | **Common Stocks & Other Equity Interests–64.13%** |
| **Aerospace & Defense–1.32%** | **Aerospace & Defense–1.32%** | **Aerospace & Defense–1.32%** |
| RTX Corp. | 509095 | &nbsp;&nbsp; $103152829 |
| Textron, Inc. | 712328 | &nbsp;&nbsp; 70271157 |
|  |  | &nbsp;&nbsp; 173423986 |
| **Air Freight & Logistics–1.23%** | **Air Freight & Logistics–1.23%** | **Air Freight & Logistics–1.23%** |
| FedEx Corp. | 419292 | &nbsp;&nbsp; 162266004 |
| **Asset Management & Custody Banks–0.57%** | **Asset Management & Custody Banks–0.57%** | **Asset Management & Custody Banks–0.57%** |
| KKR & Co., Inc., Class A | 852491 | &nbsp;&nbsp; 74746411 |
| **Automobile Manufacturers–0.75%** | **Automobile Manufacturers–0.75%** | **Automobile Manufacturers–0.75%** |
| General Motors Co. | 1247960 | &nbsp;&nbsp; 98226932 |
| **Biotechnology–0.78%** | **Biotechnology–0.78%** | **Biotechnology–0.78%** |
| Regeneron Pharmaceuticals, Inc. | 131065 | &nbsp;&nbsp; 102449579 |
| **Broadline Retail–1.68%** | **Broadline Retail–1.68%** | **Broadline Retail–1.68%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 1051668 | &nbsp;&nbsp; 220850280 |
| **Building Products–1.48%** | **Building Products–1.48%** | **Building Products–1.48%** |
| Johnson Controls International PLC | 1347738 | &nbsp;&nbsp; 194478593 |
| **Communications Equipment–0.69%** | **Communications Equipment–0.69%** | **Communications Equipment–0.69%** |
| Cisco Systems, Inc. | 1147039 | &nbsp;&nbsp; 91143719 |
| **Consumer Finance–0.47%** | **Consumer Finance–0.47%** | **Consumer Finance–0.47%** |
| Capital One Financial Corp. | 317563 | &nbsp;&nbsp; 62128025 |
| **Diversified Banks–4.35%** | **Diversified Banks–4.35%** | **Diversified Banks–4.35%** |
| Bank of America Corp. | 4405967 | &nbsp;&nbsp; 219549336 |
| PNC Financial Services Group, Inc. <br> (The) | 511773 | &nbsp;&nbsp; 108674997 |
| Wells Fargo & Co. | 2985492 | &nbsp;&nbsp; 243168323 |
|  |  | &nbsp;&nbsp; 571392656 |
| **Electric Utilities–2.18%** | **Electric Utilities–2.18%** | **Electric Utilities–2.18%** |
| American Electric Power Co., Inc. | 525033 | &nbsp;&nbsp; 70259916 |
| FirstEnergy Corp. | 1436965 | &nbsp;&nbsp; 73515129 |
| PPL Corp. | 3652667 | &nbsp;&nbsp; 142380960 |
|  |  | &nbsp;&nbsp; 286156005 |
| **Electrical Components & Equipment–1.74%** | **Electrical Components & Equipment–1.74%** | **Electrical Components & Equipment–1.74%** |
| Emerson Electric Co. | 720670 | &nbsp;&nbsp; 108641003 |
| Vertiv Holdings Co., Class A | 471372 | &nbsp;&nbsp; 120148009 |
|  |  | &nbsp;&nbsp; 228789012 |
| **Electronic Components–1.32%** | **Electronic Components–1.32%** | **Electronic Components–1.32%** |
| Coherent Corp.<sup>(b)</sup>  | 671064 | &nbsp;&nbsp; 173758602 |
| **Fertilizers & Agricultural Chemicals–0.57%** | **Fertilizers & Agricultural Chemicals–0.57%** | **Fertilizers & Agricultural Chemicals–0.57%** |
| Corteva, Inc. | 937678 | &nbsp;&nbsp; 75126761 |
| **Food Distributors–2.57%** | **Food Distributors–2.57%** | **Food Distributors–2.57%** |
| Sysco Corp. | 1859845 | &nbsp;&nbsp; 169543470 |
| US Foods Holding Corp.<sup>(b)</sup>  | 1739890 | &nbsp;&nbsp; 168090773 |
|  |  | &nbsp;&nbsp; 337634243 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Footwear–0.93%** | **Footwear–0.93%** | **Footwear–0.93%** |
| NIKE, Inc., Class B | 1956182 | &nbsp;&nbsp; $121635397 |
| **Health Care Equipment–1.70%** | **Health Care Equipment–1.70%** | **Health Care Equipment–1.70%** |
| Becton, Dickinson and Co. | 527128 | &nbsp;&nbsp; 93027550 |
| Medtronic PLC | 1342823 | &nbsp;&nbsp; 131140094 |
|  |  | &nbsp;&nbsp; 224167644 |
| **Health Care REITs–0.46%** | **Health Care REITs–0.46%** | **Health Care REITs–0.46%** |
| Alexandria Real Estate Equities, Inc. | 1120955 | &nbsp;&nbsp; 60576408 |
| **Health Care Services–0.89%** | **Health Care Services–0.89%** | **Health Care Services–0.89%** |
| CVS Health Corp. | 1461906 | &nbsp;&nbsp; 116806289 |
| **Household Products–1.03%** | **Household Products–1.03%** | **Household Products–1.03%** |
| Procter & Gamble Co. (The) | 809242 | &nbsp;&nbsp; 135305262 |
| **Industrial Machinery & Supplies & Components–2.18%** | **Industrial Machinery & Supplies & Components–2.18%** | **Industrial Machinery & Supplies & Components–2.18%** |
| Fortive Corp.<sup>(c)</sup>  | 1694806 | &nbsp;&nbsp; 100332515 |
| Parker-Hannifin Corp. | 184652 | &nbsp;&nbsp; 186347106 |
|  |  | &nbsp;&nbsp; 286679621 |
| **Insurance Brokers–1.12%** | **Insurance Brokers–1.12%** | **Insurance Brokers–1.12%** |
| Willis Towers Watson PLC | 483054 | &nbsp;&nbsp; 147413589 |
| **Integrated Oil & Gas–3.53%** | **Integrated Oil & Gas–3.53%** | **Integrated Oil & Gas–3.53%** |
| Chevron Corp. | 810028 | &nbsp;&nbsp; 151280829 |
| Exxon Mobil Corp. | 864706 | &nbsp;&nbsp; 131867665 |
| Shell PLC (United Kingdom) | 2408643 | &nbsp;&nbsp; 100880889 |
| Suncor Energy, Inc. (Canada) | 1407705 | &nbsp;&nbsp; 79515905 |
|  |  | &nbsp;&nbsp; 463545288 |
| **Interactive Media & Services–2.23%** | **Interactive Media & Services–2.23%** | **Interactive Media & Services–2.23%** |
| Alphabet, Inc., Class A | 592591 | &nbsp;&nbsp; 184746170 |
| Meta Platforms, Inc., Class A | 166534 | &nbsp;&nbsp; 107944008 |
|  |  | &nbsp;&nbsp; 292690178 |
| **Investment Banking & Brokerage–2.00%** | **Investment Banking & Brokerage–2.00%** | **Investment Banking & Brokerage–2.00%** |
| Charles Schwab Corp. (The) | 1751464 | &nbsp;&nbsp; 166739373 |
| Goldman Sachs Group, Inc. (The) | 112526 | &nbsp;&nbsp; 96723974 |
|  |  | &nbsp;&nbsp; 263463347 |
| **IT Consulting & Other Services–0.47%** | **IT Consulting & Other Services–0.47%** | **IT Consulting & Other Services–0.47%** |
| Cognizant Technology Solutions <br> Corp., Class A | 960549 | &nbsp;&nbsp; 61888172 |
| **Life Sciences Tools & Services–1.01%** | **Life Sciences Tools & Services–1.01%** | **Life Sciences Tools & Services–1.01%** |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 322016 | &nbsp;&nbsp; 57579681 |
| Thermo Fisher Scientific, Inc. | 143722 | &nbsp;&nbsp; 74894971 |
|  |  | &nbsp;&nbsp; 132474652 |
| **Managed Health Care–1.27%** | **Managed Health Care–1.27%** | **Managed Health Care–1.27%** |
| Elevance Health, Inc. | 210590 | &nbsp;&nbsp; 67388800 |
| UnitedHealth Group, Inc. | 340683 | &nbsp;&nbsp; 99912103 |
|  |  | &nbsp;&nbsp; 167300903 |
| **Movies & Entertainment–1.20%** | **Movies & Entertainment–1.20%** | **Movies & Entertainment–1.20%** |
| Walt Disney Co. (The) | 1487125 | &nbsp;&nbsp; 157694735 |

---

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

**2**

**Invesco Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Multi-line Insurance–0.69%** | **Multi-line Insurance–0.69%** | **Multi-line Insurance–0.69%** |
| American International Group, Inc. | 1124368 | &nbsp;&nbsp; $90500380 |
| **Multi-Utilities–0.71%** | **Multi-Utilities–0.71%** | **Multi-Utilities–0.71%** |
| Sempra | 970247 | &nbsp;&nbsp; 93405679 |
| **Oil & Gas Equipment & Services–0.64%** | **Oil & Gas Equipment & Services–0.64%** | **Oil & Gas Equipment & Services–0.64%** |
| SLB Ltd. | 1644250 | &nbsp;&nbsp; 84415795 |
| **Oil & Gas Exploration & Production–1.30%** | **Oil & Gas Exploration & Production–1.30%** | **Oil & Gas Exploration & Production–1.30%** |
| ConocoPhillips | 1511801 | &nbsp;&nbsp; 171528942 |
| **Pharmaceuticals–4.08%** | **Pharmaceuticals–4.08%** | **Pharmaceuticals–4.08%** |
| Bristol-Myers Squibb Co. | 1473677 | &nbsp;&nbsp; 91913234 |
| Johnson & Johnson | 694346 | &nbsp;&nbsp; 172496377 |
| Merck & Co., Inc. | 1339277 | &nbsp;&nbsp; 165829278 |
| Sanofi S.A. | 1080574 | &nbsp;&nbsp; 105681546 |
|  |  | &nbsp;&nbsp; 535920435 |
| **Rail Transportation–0.54%** | **Rail Transportation–0.54%** | **Rail Transportation–0.54%** |
| Norfolk Southern Corp. | 226016 | &nbsp;&nbsp; 71136276 |
| **Real Estate Services–1.09%** | **Real Estate Services–1.09%** | **Real Estate Services–1.09%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 970524 | &nbsp;&nbsp; 143307574 |
| **Regional Banks–1.33%** | **Regional Banks–1.33%** | **Regional Banks–1.33%** |
| Citizens Financial Group, Inc. | 2906267 | &nbsp;&nbsp; 174928211 |
| **Restaurants–1.05%** | **Restaurants–1.05%** | **Restaurants–1.05%** |
| Starbucks Corp. | 1409744 | &nbsp;&nbsp; 138183107 |
| **Semiconductor Materials & Equipment–1.15%** | **Semiconductor Materials & Equipment–1.15%** | **Semiconductor Materials & Equipment–1.15%** |
| Lam Research Corp. | 384009 | &nbsp;&nbsp; 89815865 |
| Qnity Electronics, Inc. | 488232 | &nbsp;&nbsp; 61888288 |
|  |  | &nbsp;&nbsp; 151704153 |
| **Semiconductors–3.06%** | **Semiconductors–3.06%** | **Semiconductors–3.06%** |
| Microchip Technology, Inc. | 2476340 | &nbsp;&nbsp; 184834017 |
| NVIDIA Corp. | 705116 | &nbsp;&nbsp; 124939504 |
| NXP Semiconductors N.V. <br> (Netherlands) | 408774 | &nbsp;&nbsp; 92795786 |
|  |  | &nbsp;&nbsp; 402569307 |
| **Specialty Chemicals–1.11%** | **Specialty Chemicals–1.11%** | **Specialty Chemicals–1.11%** |
| DuPont de Nemours, Inc. | 1610953 | &nbsp;&nbsp; 80612088 |
| PPG Industries, Inc. | 535052 | &nbsp;&nbsp; 65955860 |
|  |  | &nbsp;&nbsp; 146567948 |
| **Systems Software–1.48%** | **Systems Software–1.48%** | **Systems Software–1.48%** |
| Microsoft Corp. | 494981 | &nbsp;&nbsp; 194398838 |
| **Tobacco–1.65%** | **Tobacco–1.65%** | **Tobacco–1.65%** |
| Philip Morris International, Inc. | 1162685 | &nbsp;&nbsp; 217224439 |
| **Trading Companies & Distributors–1.28%** | **Trading Companies & Distributors–1.28%** | **Trading Companies & Distributors–1.28%** |
| Ashtead Group PLC (United <br> Kingdom)<sup>(c)</sup>  | 1107648 | &nbsp;&nbsp; 79337282 |
| Ferguson Enterprises, Inc. | 343166 | &nbsp;&nbsp; 89483966 |
|  |  | &nbsp;&nbsp; 168821248 |
| **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** |
| Fidelity National Information <br> Services, Inc. | 1330647 | &nbsp;&nbsp; 67809771 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Wireless Telecommunication Services–0.73%** | **Wireless Telecommunication Services–0.73%** | **Wireless Telecommunication Services–0.73%** | **Wireless Telecommunication Services–0.73%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 441990 | &nbsp;&nbsp; $95951609 |
| Total Common Stocks & Other Equity Interests <br> (Cost $5,206,496,684) | Total Common Stocks & Other Equity Interests <br> (Cost $5,206,496,684) | Total Common Stocks & Other Equity Interests <br> (Cost $5,206,496,684) | &nbsp;&nbsp; 8432586005 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Dollar Denominated Bonds & Notes–21.19%** | **U.S. Dollar Denominated Bonds & Notes–21.19%** | **U.S. Dollar Denominated Bonds & Notes–21.19%** | **U.S. Dollar Denominated Bonds & Notes–21.19%** |
| **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** |
| Omnicom Group, Inc./Omnicom <br> Capital, Inc., 3.60%, <br> 04/15/2026<br>|  | $5660000 | &nbsp;&nbsp; 5659087 |
| **Aerospace & Defense–0.15%** | **Aerospace & Defense–0.15%** | **Aerospace & Defense–0.15%** | **Aerospace & Defense–0.15%** |
| BAE Systems PLC (United <br> Kingdom), 5.50%, <br> 03/26/2054<sup>(c)(d)</sup> <br>|  | 3130000 | &nbsp;&nbsp; 3226481 |
| Howmet Aerospace, Inc., 4.75%, <br> 04/15/2036<br>|  | 4053000 | &nbsp;&nbsp; 4067249 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.15%, 06/15/2053 |  | 5231000 | &nbsp;&nbsp; 4280160 |
| 5.20%, 02/15/2064 |  | 5558000 | &nbsp;&nbsp; 5232186 |
| RTX Corp., 4.45%, 11/16/2038 |  | 3239000 | &nbsp;&nbsp; 3095367 |
|  |  |  | &nbsp;&nbsp; 19901443 |
| **Agricultural & Farm Machinery–0.02%** | **Agricultural & Farm Machinery–0.02%** | **Agricultural & Farm Machinery–0.02%** | **Agricultural & Farm Machinery–0.02%** |
| Imperial Brands Finance PLC <br> (United Kingdom), 6.38%, <br> 07/01/2055<sup>(d)</sup> <br>|  | 2880000 | &nbsp;&nbsp; 2996266 |
| **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** | **Agricultural Products & Services–0.03%** |
| Ingredion, Inc., 6.63%, <br> 04/15/2037<br>|  | 3940000 | &nbsp;&nbsp; 4484892 |
| **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** |
| United Parcel Service, Inc., <br> 3.40%, 11/15/2046<br>|  | 2608000 | &nbsp;&nbsp; 1974378 |
| **Alternative Carriers–0.24%** | **Alternative Carriers–0.24%** | **Alternative Carriers–0.24%** | **Alternative Carriers–0.24%** |
| Match Group Financeco 2, Inc., <br> Conv., 0.88%, <br> 06/15/2026<sup>(d)</sup> <br>|  | 16590000 | &nbsp;&nbsp; 16424100 |
| Match Group Financeco 3, Inc., <br> Conv., 2.00%, <br> 01/15/2030<sup>(d)</sup> <br>|  | 16603000 | &nbsp;&nbsp; 14992509 |
|  |  |  | &nbsp;&nbsp; 31416609 |
| **Apparel Retail–0.19%** | **Apparel Retail–0.19%** | **Apparel Retail–0.19%** | **Apparel Retail–0.19%** |
| Ross Stores, Inc., 0.88%, <br> 04/15/2026<br>|  | 25016000 | &nbsp;&nbsp; 24924297 |
| **Application Software–0.53%** | **Application Software–0.53%** | **Application Software–0.53%** | **Application Software–0.53%** |
| Box, Inc., Conv., 1.50%, <br> 09/15/2029<br>|  | 25001000 | &nbsp;&nbsp; 23375935 |
| Envestnet, Inc., Conv., 2.63%, <br> 12/01/2027<br>|  | 23029000 | &nbsp;&nbsp; 24698603 |
| Salesforce, Inc., 2.70%, <br> 07/15/2041<br>|  | 10414000 | &nbsp;&nbsp; 7402461 |
| Synopsys, Inc., | Synopsys, Inc., |  |  |
| 4.55%, 04/01/2027<sup>(c)</sup> <br>|  | 5366000 | &nbsp;&nbsp; 5407768 |
| 5.70%, 04/01/2055 |  | 4316000 | &nbsp;&nbsp; 4316552 |
| Workday, Inc., 3.50%, <br> 04/01/2027<br>|  | 5033000 | &nbsp;&nbsp; 5007363 |
|  |  |  | &nbsp;&nbsp; 70208682 |

---

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

**3**

**Invesco Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–0.31%** | **Asset Management & Custody Banks–0.31%** | **Asset Management & Custody Banks–0.31%** | **Asset Management & Custody Banks–0.31%** |
| Bank of New York Mellon Corp. <br> (The), 5.32%, 06/06/2036<sup>(e)</sup> <br>|  | $4317000 | &nbsp;&nbsp; $4508530 |
| BlackRock, Inc., 4.75%, <br> 05/25/2033<br>|  | 14671000 | &nbsp;&nbsp; 15130713 |
| Blackstone Holdings Finance Co. <br> LLC, 5.00%, 06/15/2044<sup>(d)</sup> <br>|  | 3975000 | &nbsp;&nbsp; 3724848 |
| Carlyle Group, Inc. (The), 5.05%, <br> 09/19/2035<sup>(c)</sup> <br>|  | 3864000 | &nbsp;&nbsp; 3818941 |
| KKR Group Finance Co. III LLC, <br> 5.13%, 06/01/2044<sup>(d)</sup> <br>|  | 3217000 | &nbsp;&nbsp; 2966657 |
| KKR Group Finance Co. XII LLC, <br> 4.85%, 05/17/2032<sup>(d)</sup> <br>|  | 11051000 | &nbsp;&nbsp; 11035169 |
|  |  |  | &nbsp;&nbsp; 41184858 |
| **Automobile Manufacturers–0.30%** | **Automobile Manufacturers–0.30%** | **Automobile Manufacturers–0.30%** | **Automobile Manufacturers–0.30%** |
| Daimler Truck Finance North <br> America LLC (Germany), <br> 4.65%, 10/12/2030<sup>(c)(d)</sup> <br>|  | 8086000 | &nbsp;&nbsp; 8220668 |
| General Motors Co., 6.60%, <br> 04/01/2036<br>|  | 4317000 | &nbsp;&nbsp; 4739160 |
| Honda Motor Co. Ltd. (Japan), <br> 2.97%, 03/10/2032<sup>(c)</sup> <br>|  | 5448000 | &nbsp;&nbsp; 5051891 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/07/2026 |  | 17507000 | &nbsp;&nbsp; 17561666 |
| Series B, 3.75%, <br> 01/12/2028<br>|  | 3289000 | &nbsp;&nbsp; 3294897 |
|  |  |  | &nbsp;&nbsp; 38868282 |
| **Biotechnology–1.19%** | **Biotechnology–1.19%** | **Biotechnology–1.19%** | **Biotechnology–1.19%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.50%, 05/14/2035 |  | 7233000 | &nbsp;&nbsp; 7167845 |
| 4.05%, 11/21/2039 |  | 13812000 | &nbsp;&nbsp; 12508801 |
| 4.85%, 06/15/2044 |  | 5815000 | &nbsp;&nbsp; 5478271 |
| BridgeBio Pharma, Inc., Conv., <br> 1.75%, 03/01/2031<sup>(d)</sup> <br>|  | 21548432 | &nbsp;&nbsp; 33712522 |
| Gilead Sciences, Inc., 3.65%, <br> 03/01/2026<br>|  | 22756000 | &nbsp;&nbsp; 22756000 |
| Jazz Investments I Ltd., | Jazz Investments I Ltd., |  |  |
| Conv., <br>2.00%, 06/15/2026<br>|  | 35890000 | &nbsp;&nbsp; 43929360 |
| 3.13%, 09/15/2030 |  | 21525000 | &nbsp;&nbsp; 30748462 |
|  |  |  | &nbsp;&nbsp; 156301261 |
| **Brewers–0.18%** | **Brewers–0.18%** | **Brewers–0.18%** | **Brewers–0.18%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. (Belgium), <br> 4.70%, 02/01/2036<br>|  | 10870000 | &nbsp;&nbsp; 10902179 |
| Heineken N.V. (Netherlands), <br> 3.50%, 01/29/2028<sup>(c)(d)</sup> <br>|  | 9734000 | &nbsp;&nbsp; 9673859 |
| Molson Coors Beverage Co., <br> 4.20%, 07/15/2046<br>|  | 4057000 | &nbsp;&nbsp; 3301649 |
|  |  |  | &nbsp;&nbsp; 23877687 |
| **Broadline Retail–0.08%** | **Broadline Retail–0.08%** | **Broadline Retail–0.08%** | **Broadline Retail–0.08%** |
| Amazon.com, Inc., 2.88%, <br> 05/12/2041<br>|  | 13606000 | &nbsp;&nbsp; 10455847 |
| **Cable & Satellite–0.95%** | **Cable & Satellite–0.95%** | **Cable & Satellite–0.95%** | **Cable & Satellite–0.95%** |
| Cable One, Inc., | Cable One, Inc., |  |  |
| Conv., <br>0.00%, 03/15/2026<sup>(f)</sup> <br>|  | 51123000 | &nbsp;&nbsp; 50918370 |
| 1.13%, 03/15/2028 |  | 26544000 | &nbsp;&nbsp; 20372520 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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., |  |  |
| 5.17%, 01/15/2037<sup>(c)(d)</sup> <br>|  | $9991000 | &nbsp;&nbsp; $10063668 |
| 3.90%, 03/01/2038 |  | 8010000 | &nbsp;&nbsp; 7127920 |
| 2.89%, 11/01/2051 |  | 3128000 | &nbsp;&nbsp; 1889664 |
| Cox Communications, Inc., <br> 2.95%, 10/01/2050<sup>(d)</sup> <br>|  | 2044000 | &nbsp;&nbsp; 1160079 |
| Liberty Broadband Corp., Conv., <br> 3.13%, 04/06/2026<sup>(d)(g)</sup> <br>|  | 33219000 | &nbsp;&nbsp; 33169171 |
|  |  |  | &nbsp;&nbsp; 124701392 |
| **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** |
| Fedex Freight Holding Co., Inc., <br> 4.95%, 03/15/2033<sup>(d)</sup> <br>|  | 1709000 | &nbsp;&nbsp; 1709554 |
| **Commercial & Residential Mortgage Finance–0.03%** | **Commercial & Residential Mortgage Finance–0.03%** | **Commercial & Residential Mortgage Finance–0.03%** | **Commercial & Residential Mortgage Finance–0.03%** |
| Aviation Capital Group LLC, <br> 4.75%, 04/14/2027<sup>(d)</sup> <br>|  | 3325000 | &nbsp;&nbsp; 3346385 |
| **Commodity Chemicals–0.04%** | **Commodity Chemicals–0.04%** | **Commodity Chemicals–0.04%** | **Commodity Chemicals–0.04%** |
| LYB Finance Co. B.V. <br> (Netherlands), 8.10%, <br> 03/15/2027<sup>(d)</sup> <br>|  | 4638000 | &nbsp;&nbsp; 4828501 |
| **Communications Equipment–0.11%** | **Communications Equipment–0.11%** | **Communications Equipment–0.11%** | **Communications Equipment–0.11%** |
| Cisco Systems, Inc., | Cisco Systems, Inc., |  |  |
| 4.55%, 02/24/2028<sup>(c)</sup> <br>|  | 10529000 | &nbsp;&nbsp; 10700294 |
| 5.30%, 02/26/2054<sup>(c)</sup> <br>|  | 3481000 | &nbsp;&nbsp; 3389330 |
|  |  |  | &nbsp;&nbsp; 14089624 |
| **Computer & Electronics Retail–0.12%** | **Computer & Electronics Retail–0.12%** | **Computer & Electronics Retail–0.12%** | **Computer & Electronics Retail–0.12%** |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |  |  |
| 6.02%, 06/15/2026<sup>(c)</sup> <br>|  | 1570000 | &nbsp;&nbsp; 1571108 |
| 5.30%, 04/01/2032<sup>(c)</sup> <br>|  | 8585000 | &nbsp;&nbsp; 8923988 |
| 8.35%, 07/15/2046 |  | 30000 | &nbsp;&nbsp; 38395 |
| Leidos, Inc., 4.10%, <br> 03/15/2029<br>|  | 5232000 | &nbsp;&nbsp; 5246216 |
|  |  |  | &nbsp;&nbsp; 15779707 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.19%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.19%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.19%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.19%** |
| Caterpillar Financial Services <br> Corp., 3.75%, 02/23/2029<br>|  | 9013000 | &nbsp;&nbsp; 9020052 |
| Westinghouse Air Brake <br> Technologies Corp., 5.50%, <br> 05/29/2035<br>|  | 14695000 | &nbsp;&nbsp; 15470136 |
|  |  |  | &nbsp;&nbsp; 24490188 |
| **Consumer Finance–0.32%** | **Consumer Finance–0.32%** | **Consumer Finance–0.32%** | **Consumer Finance–0.32%** |
| American Express Co., | American Express Co., |  |  |
| 3.30%, 05/03/2027 |  | 10405000 | &nbsp;&nbsp; 10356832 |
| 4.73%, 04/25/2029<sup>(e)</sup> <br>|  | 5132000 | &nbsp;&nbsp; 5217526 |
| 4.80%, 10/24/2036<sup>(e)</sup> <br>|  | 8776000 | &nbsp;&nbsp; 8694940 |
| Capital One Financial Corp., <br> 6.18%, 01/30/2036<sup>(c)(e)</sup> <br>|  | 4461000 | &nbsp;&nbsp; 4640711 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| 5.25%, 03/01/2026 |  | 5467000 | &nbsp;&nbsp; 5467000 |
| 4.20%, 10/27/2028<sup>(c)</sup> <br>|  | 2120000 | &nbsp;&nbsp; 2128659 |
| Synchrony Financial, 3.95%, <br> 12/01/2027<br>|  | 5795000 | &nbsp;&nbsp; 5771376 |
|  |  |  | &nbsp;&nbsp; 42277044 |
| **Data Processing & Outsourced Services–0.32%** | **Data Processing & Outsourced Services–0.32%** | **Data Processing & Outsourced Services–0.32%** | **Data Processing & Outsourced Services–0.32%** |
| CSG Systems International, Inc., <br> Conv., 3.88%, 09/15/2028<br>|  | 34480000 | &nbsp;&nbsp; 41962160 |

---

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

**4**

**Invesco Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–0.89%** | **Diversified Banks–0.89%** | **Diversified Banks–0.89%** | **Diversified Banks–0.89%** |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 3.25%, 10/21/2027 |  | $5705000 | &nbsp;&nbsp; $5663272 |
| 2.57%, 10/20/2032<sup>(e)</sup> <br>|  | 8683000 | &nbsp;&nbsp; 7913801 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 3.67%, 07/24/2028<sup>(e)</sup> <br>|  | 5405000 | &nbsp;&nbsp; 5380834 |
| 4.95%, 05/07/2031<sup>(e)</sup> <br>|  | 14241000 | &nbsp;&nbsp; 14609890 |
| 6.68%, 09/13/2043<sup>(c)</sup> <br>|  | 8000000 | &nbsp;&nbsp; 9045590 |
| 5.30%, 05/06/2044 |  | 2765000 | &nbsp;&nbsp; 2686633 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 3.20%, 06/15/2026 |  | 4365000 | &nbsp;&nbsp; 4357128 |
| 3.51%, 01/23/2029<sup>(e)</sup> <br>|  | 11170000 | &nbsp;&nbsp; 11078536 |
| 4.26%, 02/22/2048<sup>(e)</sup> <br>|  | 5355000 | &nbsp;&nbsp; 4606357 |
| 3.90%, 01/23/2049<sup>(e)</sup> <br>|  | 11170000 | &nbsp;&nbsp; 8993479 |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 4.08%, 01/26/2029<sup>(e)</sup> <br>|  | 3788000 | &nbsp;&nbsp; 3800500 |
| 3.45%, 04/23/2029<sup>(c)</sup> <br>|  | 7450000 | &nbsp;&nbsp; 7377448 |
| 6.88%, 10/20/2034<sup>(e)</sup> <br>|  | 6126000 | &nbsp;&nbsp; 6976834 |
| Truist Bank, Series I, 4.14%, <br> 01/27/2029<sup>(c)(e)</sup> <br>|  | 8790000 | &nbsp;&nbsp; 8813709 |
| U.S. Bancorp, Series W, 3.10%, <br> 04/27/2026<br>|  | 3245000 | &nbsp;&nbsp; 3240965 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 4.10%, 06/03/2026 |  | 4515000 | &nbsp;&nbsp; 4517273 |
| 4.65%, 11/04/2044 |  | 9115000 | &nbsp;&nbsp; 8005421 |
|  |  |  | &nbsp;&nbsp; 117067670 |
| **Diversified Capital Markets–0.02%** | **Diversified Capital Markets–0.02%** | **Diversified Capital Markets–0.02%** | **Diversified Capital Markets–0.02%** |
| Sixth Street Lending Partners, <br> 6.13%, 07/15/2030<sup>(c)</sup> <br>|  | 2099000 | &nbsp;&nbsp; 2125746 |
| **Diversified Financial Services–0.03%** | **Diversified Financial Services–0.03%** | **Diversified Financial Services–0.03%** | **Diversified Financial Services–0.03%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust (Ireland), 3.85%, <br> 10/29/2041<br>|  | 4009000 | &nbsp;&nbsp; 3340276 |
| **Diversified Metals & Mining–0.04%** | **Diversified Metals & Mining–0.04%** | **Diversified Metals & Mining–0.04%** | **Diversified Metals & Mining–0.04%** |
| Rio Tinto Finance (USA) Ltd. <br> (Australia), 7.13%, <br> 07/15/2028<br>|  | 2175000 | &nbsp;&nbsp; 2338041 |
| Rio Tinto Finance (USA) PLC <br> (Australia), 5.75%, <br> 03/14/2055<sup>(c)</sup> <br>|  | 3265000 | &nbsp;&nbsp; 3391065 |
|  |  |  | &nbsp;&nbsp; 5729106 |
| **Diversified REITs–0.07%** | **Diversified REITs–0.07%** | **Diversified REITs–0.07%** | **Diversified REITs–0.07%** |
| CubeSmart L.P., 2.50%, <br> 02/15/2032<sup>(c)</sup> <br>|  | 10561000 | &nbsp;&nbsp; 9486048 |
| **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** |
| CVS Pass-Through Trust, 6.04%, <br> 12/10/2028<br>|  | 2450038 | &nbsp;&nbsp; 2485640 |
| **Electric Utilities–1.46%** | **Electric Utilities–1.46%** | **Electric Utilities–1.46%** | **Electric Utilities–1.46%** |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 3.90%, 01/08/2028 |  | 5574000 | &nbsp;&nbsp; 5578386 |
| 6.50%, 10/01/2053<sup>(c)</sup> <br>|  | 2992000 | &nbsp;&nbsp; 3303516 |
| Electricite de France S.A. <br> (France), 4.88%, <br> 01/22/2044<sup>(d)</sup> <br>|  | 9110000 | &nbsp;&nbsp; 8413782 |
| FirstEnergy Corp., Conv., 3.88%, <br> 01/15/2031<sup>(d)</sup> <br>|  | 51798000 | &nbsp;&nbsp; 60344670 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Georgia Power Co., Series B, <br> 3.70%, 01/30/2050<br>|  | $3665000 | &nbsp;&nbsp; $2806861 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 4.30%, 12/10/2030 |  | 10795000 | &nbsp;&nbsp; 10897721 |
| 2.75%, 04/15/2032<sup>(c)</sup> <br>|  | 9898000 | &nbsp;&nbsp; 9041044 |
| NextEra Energy Capital Holdings, <br> Inc., 3.55%, 05/01/2027<br>|  | 5572000 | &nbsp;&nbsp; 5551864 |
| Oglethorpe Power Corp., 4.55%, <br> 06/01/2044<br>|  | 5806000 | &nbsp;&nbsp; 4986316 |
| PPL Capital Funding, Inc., | PPL Capital Funding, Inc., |  |  |
| Conv., <br>2.88%, 03/15/2028<br>|  | 32308000 | &nbsp;&nbsp; 38244595 |
| 3.00%, 12/01/2030<sup>(d)</sup> <br>|  | 32724000 | &nbsp;&nbsp; 34286571 |
| PPL Electric Utilities Corp., <br> 6.25%, 05/15/2039<br>|  | 355000 | &nbsp;&nbsp; 395633 |
| Xcel Energy, Inc., 3.50%, <br> 12/01/2049<br>|  | 10280000 | &nbsp;&nbsp; 7530860 |
|  |  |  | &nbsp;&nbsp; 191381819 |
| **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** |
| Molex Electronic <br> Technologies LLC, 4.75%, <br> 04/30/2028<sup>(d)</sup> <br>|  | 4036000 | &nbsp;&nbsp; 4093061 |
| Rockwell Automation, Inc., <br> 1.75%, 08/15/2031<br>|  | 2729000 | &nbsp;&nbsp; 2418492 |
|  |  |  | &nbsp;&nbsp; 6511553 |
| **Electronic Components–0.11%** | **Electronic Components–0.11%** | **Electronic Components–0.11%** | **Electronic Components–0.11%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 3.90%, 11/15/2028 |  | 10938000 | &nbsp;&nbsp; 10987415 |
| 5.30%, 11/15/2055 |  | 3503000 | &nbsp;&nbsp; 3395317 |
|  |  |  | &nbsp;&nbsp; 14382732 |
| **Electronic Manufacturing Services–0.03%** | **Electronic Manufacturing Services–0.03%** | **Electronic Manufacturing Services–0.03%** | **Electronic Manufacturing Services–0.03%** |
| Jabil, Inc., 4.20%, 02/01/2029 |  | 3706000 | &nbsp;&nbsp; 3713753 |
| **Financial Exchanges & Data–0.02%** | **Financial Exchanges & Data–0.02%** | **Financial Exchanges & Data–0.02%** | **Financial Exchanges & Data–0.02%** |
| Nasdaq, Inc., 5.95%, <br> 08/15/2053<sup>(c)</sup> <br>|  | 2575000 | &nbsp;&nbsp; 2670842 |
| **Health Care Equipment–0.10%** | **Health Care Equipment–0.10%** | **Health Care Equipment–0.10%** | **Health Care Equipment–0.10%** |
| Abbott Laboratories, 3.70%, <br> 03/09/2029<br>|  | 10127000 | &nbsp;&nbsp; 10127844 |
| Medtronic, Inc., 4.38%, <br> 03/15/2035<br>|  | 2601000 | &nbsp;&nbsp; 2576155 |
|  |  |  | &nbsp;&nbsp; 12703999 |
| **Health Care Services–0.10%** | **Health Care Services–0.10%** | **Health Care Services–0.10%** | **Health Care Services–0.10%** |
| Cigna Group (The), 4.80%, <br> 08/15/2038<br>|  | 3240000 | &nbsp;&nbsp; 3142380 |
| Laboratory Corp. of America <br> Holdings, 1.55%, <br> 06/01/2026<br>|  | 9933000 | &nbsp;&nbsp; 9868953 |
|  |  |  | &nbsp;&nbsp; 13011333 |
| **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** |
| Haemonetics Corp., Conv., <br> 2.50%, 06/01/2029<br>|  | 51616000 | &nbsp;&nbsp; 50877891 |
| Merit Medical Systems, Inc., <br> Conv., 3.00%, <br> 02/01/2029<sup>(d)</sup> <br>|  | 15227000 | &nbsp;&nbsp; 17221737 |
|  |  |  | &nbsp;&nbsp; 68099628 |

---

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

**5**

**Invesco Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Highways & Railtracks–0.07%** | **Highways & Railtracks–0.07%** | **Highways & Railtracks–0.07%** | **Highways & Railtracks–0.07%** |
| Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<br>|  | $8797000 | &nbsp;&nbsp; $9203567 |
| **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** |
| Lowe's Cos., Inc., 4.25%, <br> 04/01/2052<sup>(c)</sup> <br>|  | 4741000 | &nbsp;&nbsp; 3789454 |
| **Homebuilding–0.02%** | **Homebuilding–0.02%** | **Homebuilding–0.02%** | **Homebuilding–0.02%** |
| Sekisui House U.S., Inc., 6.00%, <br> 01/15/2043<br>|  | 2117000 | &nbsp;&nbsp; 2022927 |
| **Hotels, Resorts & Cruise Lines–0.50%** | **Hotels, Resorts & Cruise Lines–0.50%** | **Hotels, Resorts & Cruise Lines–0.50%** | **Hotels, Resorts & Cruise Lines–0.50%** |
| Airbnb, Inc., Conv., 0.00%, <br> 03/15/2026<sup>(f)</sup> <br>|  | 65983000 | &nbsp;&nbsp; 65818042 |
| **Human Resource & Employment Services–0.04%** | **Human Resource & Employment Services–0.04%** | **Human Resource & Employment Services–0.04%** | **Human Resource & Employment Services–0.04%** |
| Paychex, Inc., 5.35%, <br> 04/15/2032<br>|  | 5542000 | &nbsp;&nbsp; 5686221 |
| **Industrial Conglomerates–0.20%** | **Industrial Conglomerates–0.20%** | **Industrial Conglomerates–0.20%** | **Industrial Conglomerates–0.20%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 2.50%, 11/01/2026 |  | 10795000 | &nbsp;&nbsp; 10709111 |
| 4.50%, 01/15/2034 |  | 16007000 | &nbsp;&nbsp; 16101481 |
|  |  |  | &nbsp;&nbsp; 26810592 |
| **Industrial Gases–0.10%** | **Industrial Gases–0.10%** | **Industrial Gases–0.10%** | **Industrial Gases–0.10%** |
| Air Products and Chemicals, Inc., <br> 4.30%, 06/11/2028<br>|  | 13247000 | &nbsp;&nbsp; 13414304 |
| **Industrial Machinery & Supplies & Components–0.21%** | **Industrial Machinery & Supplies & Components–0.21%** | **Industrial Machinery & Supplies & Components–0.21%** | **Industrial Machinery & Supplies & Components–0.21%** |
| JBT Marel Corp., Conv., 0.38%, <br> 09/15/2030<sup>(d)</sup> <br>|  | 25742000 | &nbsp;&nbsp; 27415230 |
| **Integrated Oil & Gas–0.21%** | **Integrated Oil & Gas–0.21%** | **Integrated Oil & Gas–0.21%** | **Integrated Oil & Gas–0.21%** |
| BP Capital Markets America, Inc., <br> 2.94%, 06/04/2051<br>|  | 10062000 | &nbsp;&nbsp; 6581900 |
| Chevron Corp., 2.95%, <br> 05/16/2026<br>|  | 9807000 | &nbsp;&nbsp; 9787943 |
| Exxon Mobil Corp., 3.04%, <br> 03/01/2026<br>|  | 11316000 | &nbsp;&nbsp; 11316000 |
|  |  |  | &nbsp;&nbsp; 27685843 |
| **Integrated Telecommunication Services–0.47%** | **Integrated Telecommunication Services–0.47%** | **Integrated Telecommunication Services–0.47%** | **Integrated Telecommunication Services–0.47%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 4.30%, 02/15/2030 |  | 3526000 | &nbsp;&nbsp; 3560175 |
| 3.55%, 09/15/2055 |  | 4562000 | &nbsp;&nbsp; 3092046 |
| 6.05%, 08/15/2056 |  | 5570000 | &nbsp;&nbsp; 5673877 |
| 3.80%, 12/01/2057 |  | 3619000 | &nbsp;&nbsp; 2541272 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.57%, 07/16/2027<sup>(d)</sup> <br>|  | 2536000 | &nbsp;&nbsp; 2559797 |
| 5.17%, 07/16/2032<sup>(d)</sup> <br>|  | 6665000 | &nbsp;&nbsp; 6892383 |
| Orange S.A. (France), | Orange S.A. (France), |  |  |
| 9.00%, 03/01/2031 |  | 4443000 | &nbsp;&nbsp; 5361301 |
| 5.75%, 01/13/2056<sup>(d)</sup> <br>|  | 1622000 | &nbsp;&nbsp; 1672417 |
| Telefonica Emisiones S.A. (Spain), <br> 5.21%, 03/08/2047<br>|  | 6725000 | &nbsp;&nbsp; 6064297 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 4.75%, 01/15/2033 |  | 4400000 | &nbsp;&nbsp; 4463560 |
| 4.78%, 02/15/2035 |  | 13111000 | &nbsp;&nbsp; 13059019 |
| 3.40%, 03/22/2041 |  | 5788000 | &nbsp;&nbsp; 4611862 |
| 5.88%, 11/30/2055<sup>(c)</sup> <br>|  | 2275904 | &nbsp;&nbsp; 2292739 |
|  |  |  | &nbsp;&nbsp; 61844745 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** | **Interactive Home Entertainment–0.03%** |
| Take-Two Interactive Software, <br> Inc., 3.70%, 04/14/2027<br>|  | $3559000 | &nbsp;&nbsp; $3550498 |
| **Interactive Media & Services–0.75%** | **Interactive Media & Services–0.75%** | **Interactive Media & Services–0.75%** | **Interactive Media & Services–0.75%** |
| Alphabet, Inc., | Alphabet, Inc., |  |  |
| 3.88%, 11/15/2028 |  | 6947000 | &nbsp;&nbsp; 6998995 |
| 4.10%, 11/15/2030<sup>(c)</sup> <br>|  | 17345000 | &nbsp;&nbsp; 17505993 |
| 4.70%, 11/15/2035 |  | 5818000 | &nbsp;&nbsp; 5893295 |
| 5.25%, 05/15/2055<sup>(c)</sup> <br>|  | 1852000 | &nbsp;&nbsp; 1804007 |
| 5.65%, 02/15/2056 |  | 6860000 | &nbsp;&nbsp; 7024620 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 5.50%, 11/15/2045 |  | 17345000 | &nbsp;&nbsp; 17146365 |
| 5.60%, 05/15/2053<sup>(c)</sup> <br>|  | 14968000 | &nbsp;&nbsp; 14583138 |
| Snap, Inc., Conv., 0.50%, <br> 05/01/2030<br>|  | 34614000 | &nbsp;&nbsp; 28184449 |
|  |  |  | &nbsp;&nbsp; 99140862 |
| **Investment Banking & Brokerage–1.36%** | **Investment Banking & Brokerage–1.36%** | **Investment Banking & Brokerage–1.36%** | **Investment Banking & Brokerage–1.36%** |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.02%, 10/23/2035<sup>(e)</sup> <br>|  | 5424000 | &nbsp;&nbsp; 5482132 |
| 2.91%, 07/21/2042<sup>(e)</sup> <br>|  | 3205000 | &nbsp;&nbsp; 2369984 |
| GS Finance Corp., | GS Finance Corp., |  |  |
| Series 0003, Conv., 1.00%, <br> 07/30/2029<sup>(d)</sup> <br>|  | 62338000 | &nbsp;&nbsp; 76703861 |
| 0.00%, 03/03/2032<sup>(f)</sup> <br>|  | 68953000 | &nbsp;&nbsp; 75377956 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 4.99%, 04/12/2029<sup>(e)</sup> <br>|  | 5107000 | &nbsp;&nbsp; 5200589 |
| Series I, 4.36%, <br> 10/22/2031<sup>(e)</sup> <br>|  | 13810000 | &nbsp;&nbsp; 13845354 |
|  |  |  | &nbsp;&nbsp; 178979876 |
| **IT Consulting & Other Services–0.17%** | **IT Consulting & Other Services–0.17%** | **IT Consulting & Other Services–0.17%** | **IT Consulting & Other Services–0.17%** |
| International Business Machines <br> Corp., | International Business Machines <br> Corp., |  |  |
| 3.30%, 05/15/2026 |  | 17069000 | &nbsp;&nbsp; 17048602 |
| 4.30%, 02/03/2031 |  | 5231000 | &nbsp;&nbsp; 5261749 |
|  |  |  | &nbsp;&nbsp; 22310351 |
| **Life & Health Insurance–0.63%** | **Life & Health Insurance–0.63%** | **Life & Health Insurance–0.63%** | **Life & Health Insurance–0.63%** |
| American National Group, Inc., <br> 5.00%, 06/15/2027<br>|  | 8671000 | &nbsp;&nbsp; 8725891 |
| Brighthouse Financial, Inc., <br> 3.85%, 12/22/2051<br>|  | 18342000 | &nbsp;&nbsp; 10715574 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(d)</sup> <br>|  | 20728000 | &nbsp;&nbsp; 20608450 |
| GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(d)</sup> <br>|  | 12448000 | &nbsp;&nbsp; 12765597 |
| Nationwide Financial Services, <br> Inc., 5.30%, 11/18/2044<sup>(d)</sup> <br>|  | 4250000 | &nbsp;&nbsp; 4057972 |
| Pacific Life Global Funding II, <br> 5.50%, 08/28/2026<sup>(d)</sup> <br>|  | 13319000 | &nbsp;&nbsp; 13420587 |
| Protective Life Global Funding, <br> 4.16%, 01/15/2029<sup>(d)</sup> <br>|  | 8857000 | &nbsp;&nbsp; 8871127 |
| Prudential Financial, Inc., 3.91%, <br> 12/07/2047<br>|  | 4898000 | &nbsp;&nbsp; 3791624 |
|  |  |  | &nbsp;&nbsp; 82956822 |
| **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** |
| UnitedHealth Group, Inc., 3.50%, <br> 08/15/2039<br>|  | 5806000 | &nbsp;&nbsp; 4876203 |

---

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

**6**

**Invesco Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Movies & Entertainment–0.19%** | **Movies & Entertainment–0.19%** | **Movies & Entertainment–0.19%** | **Movies & Entertainment–0.19%** |
| Liberty Media Corp.-Liberty <br> Formula One, Conv., 2.25%, <br> 08/15/2027<br>|  | $20617000 | &nbsp;&nbsp; $24946570 |
| **Multi-line Insurance–0.05%** | **Multi-line Insurance–0.05%** | **Multi-line Insurance–0.05%** | **Multi-line Insurance–0.05%** |
| Liberty Mutual Group, Inc., <br> 3.95%, 05/15/2060<sup>(d)</sup> <br>|  | 9030000 | &nbsp;&nbsp; 6435432 |
| **Multi-Utilities–1.07%** | **Multi-Utilities–1.07%** | **Multi-Utilities–1.07%** | **Multi-Utilities–1.07%** |
| CenterPoint Energy, Inc., | CenterPoint Energy, Inc., |  |  |
| Conv., 3.00%, <br> 08/01/2028<sup>(d)</sup> <br>|  | 63794000 | &nbsp;&nbsp; 67586553 |
| 2.88%, 05/15/2029<sup>(d)</sup> <br>|  | 13113000 | &nbsp;&nbsp; 13279535 |
| CMS Energy Corp., Conv., 3.13%, <br> 05/01/2031<sup>(d)</sup> <br>|  | 45640000 | &nbsp;&nbsp; 47102762 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 4.38%, 05/15/2047 |  | 6015000 | &nbsp;&nbsp; 5095473 |
| 5.85%, 04/01/2055<sup>(c)</sup> <br>|  | 2512000 | &nbsp;&nbsp; 2535373 |
| Sempra, 3.80%, 02/01/2038 |  | 5871000 | &nbsp;&nbsp; 5132974 |
|  |  |  | &nbsp;&nbsp; 140732670 |
| **Oil & Gas Exploration & Production–0.31%** | **Oil & Gas Exploration & Production–0.31%** | **Oil & Gas Exploration & Production–0.31%** | **Oil & Gas Exploration & Production–0.31%** |
| Antero Resources Corp., 5.40%, <br> 02/01/2036<br>|  | 2453000 | &nbsp;&nbsp; 2457035 |
| Cameron LNG LLC, 3.70%, <br> 01/15/2039<sup>(d)</sup> <br>|  | 6519000 | &nbsp;&nbsp; 5674884 |
| ConocoPhillips Co., 4.15%, <br> 11/15/2034<br>|  | 2403000 | &nbsp;&nbsp; 2309922 |
| Diamondback Energy, Inc., <br> 5.75%, 04/18/2054<sup>(c)</sup> <br>|  | 5160000 | &nbsp;&nbsp; 5039552 |
| EOG Resources, Inc., 4.40%, <br> 07/15/2028<br>|  | 2163000 | &nbsp;&nbsp; 2192103 |
| Northern Oil and Gas, Inc., Conv., <br> 3.63%, 04/15/2029<br>|  | 21570000 | &nbsp;&nbsp; 22783312 |
|  |  |  | &nbsp;&nbsp; 40456808 |
| **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** |
| Valero Energy Corp., 4.00%, <br> 06/01/2052<sup>(c)</sup> <br>|  | 5068000 | &nbsp;&nbsp; 3854527 |
| **Oil & Gas Storage & Transportation–0.62%** | **Oil & Gas Storage & Transportation–0.62%** | **Oil & Gas Storage & Transportation–0.62%** | **Oil & Gas Storage & Transportation–0.62%** |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 5.20%, 04/01/2030<sup>(c)</sup> <br>|  | 3688000 | &nbsp;&nbsp; 3835976 |
| 6.40%, 12/01/2030 |  | 4861000 | &nbsp;&nbsp; 5295374 |
| 4.90%, 03/15/2035 |  | 3640000 | &nbsp;&nbsp; 3634396 |
| 5.30%, 04/01/2044 |  | 8165000 | &nbsp;&nbsp; 7625104 |
| 5.00%, 05/15/2050 |  | 7684000 | &nbsp;&nbsp; 6573685 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.60%, 01/15/2031 |  | 4281000 | &nbsp;&nbsp; 4377871 |
| 6.45%, 09/01/2040 |  | 555000 | &nbsp;&nbsp; 626122 |
| 4.25%, 02/15/2048 |  | 7354000 | &nbsp;&nbsp; 6135209 |
| Gulfstream Natural Gas System <br> L.L.C., 5.60%, <br> 07/23/2035<sup>(d)</sup> <br>|  | 2904000 | &nbsp;&nbsp; 3026305 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030<sup>(c)</sup> <br>|  | 2826000 | &nbsp;&nbsp; 2941652 |
| 5.30%, 12/01/2034 |  | 4203000 | &nbsp;&nbsp; 4361810 |
| MPLX L.P., | MPLX L.P., |  |  |
| 1.75%, 03/01/2026 |  | 8580000 | &nbsp;&nbsp; 8580000 |
| 4.50%, 04/15/2038 |  | 8564000 | &nbsp;&nbsp; 7951345 |
| Spectra Energy Partners L.P., <br> 4.50%, 03/15/2045<br>|  | 5468000 | &nbsp;&nbsp; 4743186 |
| Texas Eastern Transmission L.P., <br> 7.00%, 07/15/2032<br>|  | 3835000 | &nbsp;&nbsp; 4372416 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Williams Cos., Inc. (The), 5.40%, <br> 03/02/2026<br>|  | $7016000 | &nbsp;&nbsp; $7016000 |
|  |  |  | &nbsp;&nbsp; 81096451 |
| **Other Specialized REITs–0.13%** | **Other Specialized REITs–0.13%** | **Other Specialized REITs–0.13%** | **Other Specialized REITs–0.13%** |
| EPR Properties, 4.75%, <br> 12/15/2026<br>|  | 17525000 | &nbsp;&nbsp; 17580961 |
| **Packaged Foods & Meats–0.13%** | **Packaged Foods & Meats–0.13%** | **Packaged Foods & Meats–0.13%** | **Packaged Foods & Meats–0.13%** |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.45%, 03/01/2027<sup>(c)(d)</sup> <br>|  | 5169000 | &nbsp;&nbsp; 5212430 |
| 5.20%, 03/01/2035<sup>(d)</sup> <br>|  | 5141000 | &nbsp;&nbsp; 5325177 |
| 5.65%, 05/01/2045<sup>(d)</sup> <br>|  | 4172000 | &nbsp;&nbsp; 4272023 |
| 5.70%, 05/01/2055<sup>(d)</sup> <br>|  | 1883000 | &nbsp;&nbsp; 1910814 |
|  |  |  | &nbsp;&nbsp; 16720444 |
| **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** |
| International Paper Co., 6.00%, <br> 11/15/2041<sup>(c)</sup> <br>|  | 2855000 | &nbsp;&nbsp; 2972374 |
| **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** |
| American Airlines Pass-Through <br> Trust, | American Airlines Pass-Through <br> Trust, |  |  |
| Series 2014-1, Class A, <br> 3.70%, 04/01/2028<br>|  | 1984873 | &nbsp;&nbsp; 1978854 |
| 4.90%, 05/11/2038 |  | 1916000 | &nbsp;&nbsp; 1929920 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(d)</sup> <br>|  | 2146000 | &nbsp;&nbsp; 2182916 |
| 5.31%, 10/20/2031<sup>(d)</sup> <br>|  | 2458000 | &nbsp;&nbsp; 2507246 |
| Delta Air Lines, Inc., 4.95%, <br> 07/10/2028<br>|  | 5613000 | &nbsp;&nbsp; 5707602 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2014-2, Class A, <br> 3.75%, 09/03/2026<br>|  | 2429187 | &nbsp;&nbsp; 2424801 |
| Series 2018-1, Class AA, <br> 3.50%, 03/01/2030<br>|  | 3439050 | &nbsp;&nbsp; 3395302 |
|  |  |  | &nbsp;&nbsp; 20126641 |
| **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** | **Passenger Ground Transportation–0.02%** |
| Uber Technologies, Inc., 4.80%, <br> 09/15/2035<br>|  | 2312000 | &nbsp;&nbsp; 2302604 |
| **Pharmaceuticals–0.39%** | **Pharmaceuticals–0.39%** | **Pharmaceuticals–0.39%** | **Pharmaceuticals–0.39%** |
| Bayer US Finance II LLC <br> (Germany), 4.38%, <br> 12/15/2028<sup>(d)</sup> <br>|  | 9800000 | &nbsp;&nbsp; 9837539 |
| Bayer US Finance LLC (Germany), <br> 6.88%, 11/21/2053<sup>(d)</sup> <br>|  | 4531000 | &nbsp;&nbsp; 4953782 |
| Bristol-Myers Squibb Co., 4.13%, <br> 06/15/2039<br>|  | 6435000 | &nbsp;&nbsp; 5918347 |
| Haleon US Capital LLC, 4.00%, <br> 03/24/2052<sup>(c)</sup> <br>|  | 2954000 | &nbsp;&nbsp; 2375983 |
| Zoetis, Inc., | Zoetis, Inc., |  |  |
| Conv., 0.25%, <br> 06/15/2029<sup>(d)</sup> <br>|  | 23478000 | &nbsp;&nbsp; 24710595 |
| 4.70%, 02/01/2043 |  | 4101000 | &nbsp;&nbsp; 3817217 |
|  |  |  | &nbsp;&nbsp; 51613463 |
| **Property & Casualty Insurance–0.13%** | **Property & Casualty Insurance–0.13%** | **Property & Casualty Insurance–0.13%** | **Property & Casualty Insurance–0.13%** |
| Allstate Corp. (The), 3.28%, <br> 12/15/2026<br>|  | 3260000 | &nbsp;&nbsp; 3246762 |
| Markel Group, Inc., | Markel Group, Inc., |  |  |
| 5.00%, 03/30/2043 |  | 4185000 | &nbsp;&nbsp; 3913576 |
| 5.00%, 05/20/2049 |  | 5140000 | &nbsp;&nbsp; 4646672 |

---

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

**7**

**Invesco Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** |
| Travelers Cos., Inc. (The), <br> 4.60%, 08/01/2043<br>|  | $6455000 | &nbsp;&nbsp; $5978064 |
|  |  |  | &nbsp;&nbsp; 17785074 |
| **Rail Transportation–0.21%** | **Rail Transportation–0.21%** | **Rail Transportation–0.21%** | **Rail Transportation–0.21%** |
| Canadian Pacific Railway Co. <br> (Canada), 3.00%, <br> 12/02/2041<br>|  | 3965000 | &nbsp;&nbsp; 3037994 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 3.40%, 11/01/2049 |  | 4879000 | &nbsp;&nbsp; 3512454 |
| 5.35%, 08/01/2054<sup>(c)</sup> <br>|  | 5099000 | &nbsp;&nbsp; 4931452 |
| Union Pacific Corp., | Union Pacific Corp., |  |  |
| 3.20%, 05/20/2041 |  | 10131000 | &nbsp;&nbsp; 8134512 |
| 4.15%, 01/15/2045 |  | 4410000 | &nbsp;&nbsp; 3649830 |
| 3.84%, 03/20/2060 |  | 5560000 | &nbsp;&nbsp; 4112933 |
|  |  |  | &nbsp;&nbsp; 27379175 |
| **Regional Banks–0.04%** | **Regional Banks–0.04%** | **Regional Banks–0.04%** | **Regional Banks–0.04%** |
| Citizens Financial Group, Inc., <br> 6.65%, 04/25/2035<sup>(e)</sup> <br>|  | 3122000 | &nbsp;&nbsp; 3456759 |
| Zions Bancorporation N.A., <br> 4.48%, 02/09/2029<sup>(e)</sup> <br>|  | 2205000 | &nbsp;&nbsp; 2206336 |
|  |  |  | &nbsp;&nbsp; 5663095 |
| **Reinsurance–0.06%** | **Reinsurance–0.06%** | **Reinsurance–0.06%** | **Reinsurance–0.06%** |
| Global Atlantic (Fin) Co., 6.75%, <br> 03/15/2054<sup>(c)(d)</sup> <br>|  | 2423000 | &nbsp;&nbsp; 2280993 |
| PartnerRe Finance B LLC, 3.70%, <br> 07/02/2029<sup>(c)</sup> <br>|  | 5795000 | &nbsp;&nbsp; 5711769 |
|  |  |  | &nbsp;&nbsp; 7992762 |
| **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** |
| Starbucks Corp., 3.55%, <br> 08/15/2029<sup>(c)</sup> <br>|  | 7440000 | &nbsp;&nbsp; 7361885 |
| **Retail REITs–0.55%** | **Retail REITs–0.55%** | **Retail REITs–0.55%** | **Retail REITs–0.55%** |
| Brixmor Operating Partnership <br> L.P., 5.50%, 02/15/2034<sup>(c)</sup> <br>|  | 10029000 | &nbsp;&nbsp; 10447053 |
| Federal Realty OP L.P., Conv., <br> 3.25%, 01/15/2029<sup>(d)</sup> <br>|  | 38802000 | &nbsp;&nbsp; 40179471 |
| Kimco Realty OP LLC, 3.20%, <br> 04/01/2032<br>|  | 12105000 | &nbsp;&nbsp; 11389660 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 2.95%, 09/15/2029 |  | 7960000 | &nbsp;&nbsp; 7705332 |
| 4.65%, 03/15/2049 |  | 2970000 | &nbsp;&nbsp; 2641711 |
|  |  |  | &nbsp;&nbsp; 72363227 |
| **Self-Storage REITs–0.06%** | **Self-Storage REITs–0.06%** | **Self-Storage REITs–0.06%** | **Self-Storage REITs–0.06%** |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 3.50%, 07/01/2026 |  | 4667000 | &nbsp;&nbsp; 4658912 |
| 5.70%, 04/01/2028 |  | 3806000 | &nbsp;&nbsp; 3931522 |
|  |  |  | &nbsp;&nbsp; 8590434 |
| **Semiconductor Materials & Equipment–0.47%** | **Semiconductor Materials & Equipment–0.47%** | **Semiconductor Materials & Equipment–0.47%** | **Semiconductor Materials & Equipment–0.47%** |
| MKS, Inc., Conv., 1.25%, <br> 06/01/2030<br>|  | 35877000 | &nbsp;&nbsp; 62497734 |
| **Semiconductors–0.87%** | **Semiconductors–0.87%** | **Semiconductors–0.87%** | **Semiconductors–0.87%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 3.47%, 04/15/2034 |  | 6975000 | &nbsp;&nbsp; 6456276 |
| 5.20%, 07/15/2035 |  | 9363000 | &nbsp;&nbsp; 9680287 |
| Foundry JV Holdco LLC, 6.20%, <br> 01/25/2037<sup>(d)</sup> <br>|  | 7949000 | &nbsp;&nbsp; 8522541 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Marvell Technology, Inc., 2.45%, <br> 04/15/2028<br>|  | $12029000 | &nbsp;&nbsp; $11647223 |
| Microchip Technology, Inc., <br> Conv., 0.75%, <br> 06/01/2027<sup>(g)</sup> <br>|  | 72645000 | &nbsp;&nbsp; 74170874 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.65%, 11/01/2032 |  | 2881000 | &nbsp;&nbsp; 3071706 |
| 3.37%, 11/01/2041 |  | 1778000 | &nbsp;&nbsp; 1414998 |
|  |  |  | &nbsp;&nbsp; 114963905 |
| **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** |
| State Street Bank and Trust Co., <br> 4.59%, 11/25/2026<br>|  | 10020000 | &nbsp;&nbsp; 10085898 |
| **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** | **Specialty Chemicals–0.01%** |
| Sherwin-Williams Co. (The), <br> 4.50%, 06/01/2047<br>|  | 1665000 | &nbsp;&nbsp; 1444814 |
| **Systems Software–0.48%** | **Systems Software–0.48%** | **Systems Software–0.48%** | **Systems Software–0.48%** |
| Microsoft Corp., 3.50%, <br> 02/12/2035<sup>(c)</sup> <br>|  | 4259000 | &nbsp;&nbsp; 4049279 |
| Nebius Group N.V. (Netherlands), <br> Conv., 2.75%, <br> 09/15/2032<sup>(d)</sup> <br>|  | 19245000 | &nbsp;&nbsp; 19091040 |
| Oracle Corp., | Oracle Corp., |  |  |
| 4.80%, 09/26/2032<sup>(c)</sup> <br>|  | 6693000 | &nbsp;&nbsp; 6542515 |
| 3.60%, 04/01/2040 |  | 10910000 | &nbsp;&nbsp; 8251189 |
| 6.70%, 02/04/2056 |  | 7694000 | &nbsp;&nbsp; 7466044 |
| VMware LLC, 1.40%, <br> 08/15/2026<br>|  | 17988000 | &nbsp;&nbsp; 17778369 |
|  |  |  | &nbsp;&nbsp; 63178436 |
| **Technology Distributors–0.06%** | **Technology Distributors–0.06%** | **Technology Distributors–0.06%** | **Technology Distributors–0.06%** |
| Avnet, Inc., 4.63%, <br> 04/15/2026<sup>(c)</sup> <br>|  | 7645000 | &nbsp;&nbsp; 7644823 |
| **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** | **Technology Hardware, Storage & Peripherals–0.13%** |
| Apple, Inc., | Apple, Inc., |  |  |
| 3.35%, 02/09/2027 |  | 3495000 | &nbsp;&nbsp; 3485907 |
| 4.20%, 05/12/2030<sup>(c)</sup> <br>|  | 13030000 | &nbsp;&nbsp; 13245957 |
|  |  |  | &nbsp;&nbsp; 16731864 |
| **Telecom Tower REITs–0.16%** | **Telecom Tower REITs–0.16%** | **Telecom Tower REITs–0.16%** | **Telecom Tower REITs–0.16%** |
| American Tower Corp., 1.60%, <br> 04/15/2026<br>|  | 8541000 | &nbsp;&nbsp; 8516857 |
| Crown Castle, Inc., | Crown Castle, Inc., |  |  |
| 2.50%, 07/15/2031 |  | 14073000 | &nbsp;&nbsp; 12726001 |
| 4.75%, 05/15/2047<sup>(c)</sup> <br>|  | 470000 | &nbsp;&nbsp; 415106 |
|  |  |  | &nbsp;&nbsp; 21657964 |
| **Tobacco–0.24%** | **Tobacco–0.24%** | **Tobacco–0.24%** | **Tobacco–0.24%** |
| Altria Group, Inc., 5.80%, <br> 02/14/2039<br>|  | 12541000 | &nbsp;&nbsp; 13082735 |
| B.A.T. International Finance PLC <br> (United Kingdom), 1.67%, <br> 03/25/2026<br>|  | 10697000 | &nbsp;&nbsp; 10680713 |
| Philip Morris International, Inc., <br> 4.88%, 11/15/2043<br>|  | 8162000 | &nbsp;&nbsp; 7679291 |
|  |  |  | &nbsp;&nbsp; 31442739 |
| **Transaction & Payment Processing Services–0.60%** | **Transaction & Payment Processing Services–0.60%** | **Transaction & Payment Processing Services–0.60%** | **Transaction & Payment Processing Services–0.60%** |
| Fidelity National Information <br> Services, Inc., 1.15%, <br> 03/01/2026<sup>(c)</sup> <br>|  | 12568000 | &nbsp;&nbsp; 12568000 |

---

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

**8**

**Invesco Equity and Income 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., 4.55%, <br> 02/15/2031<br>|  | $3213000 | &nbsp;&nbsp; $3204737 |
| Global Payments, Inc., Conv., <br> 1.50%, 03/01/2031<br>|  | 68839000 | &nbsp;&nbsp; 62746748 |
|  |  |  | &nbsp;&nbsp; 78519485 |
| **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** |
| America Movil S.A.B. de C.V. <br> (Mexico), 4.38%, <br> 07/16/2042<br>|  | 6610000 | &nbsp;&nbsp; 5913982 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 2.70%, 03/15/2032 |  | 10676000 | &nbsp;&nbsp; 9729573 |
| 3.40%, 10/15/2052 |  | 7422000 | &nbsp;&nbsp; 5068142 |
| 6.00%, 06/15/2054 |  | 3234000 | &nbsp;&nbsp; 3321034 |
| 5.88%, 11/15/2055 |  | 4293000 | &nbsp;&nbsp; 4339359 |
|  |  |  | &nbsp;&nbsp; 28372090 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,744,993,514) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,744,993,514) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,744,993,514) | &nbsp;&nbsp; 2786168175 |
| **U.S. Treasury Securities–8.19%** | **U.S. Treasury Securities–8.19%** | **U.S. Treasury Securities–8.19%** | **U.S. Treasury Securities–8.19%** |
| **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** |
| 3.72% - 4.12%, <br> 05/14/2026<sup>(h)(i)</sup> <br>|  | 1360000 | &nbsp;&nbsp; 1350114 |
| **U.S. Treasury Bonds–0.70%** | **U.S. Treasury Bonds–0.70%** | **U.S. Treasury Bonds–0.70%** | **U.S. Treasury Bonds–0.70%** |
| 4.50%, 02/15/2036 |  | 5525000 | &nbsp;&nbsp; 5801250 |
| 4.63%, 02/15/2046 |  | 44336900 | &nbsp;&nbsp; 44652108 |
| 4.63%, 11/15/2055 |  | 42410700 | &nbsp;&nbsp; 42347746 |
|  |  |  | &nbsp;&nbsp; 92801104 |
| **U.S. Treasury Notes–7.48%** | **U.S. Treasury Notes–7.48%** | **U.S. Treasury Notes–7.48%** | **U.S. Treasury Notes–7.48%** |
| 3.50%, 01/31/2028 |  | 309012000 | &nbsp;&nbsp; 309627611 |
| 3.50%, 02/15/2029 |  | 142022700 | &nbsp;&nbsp; 142472068 |
| 3.75%, 01/31/2031 |  | 310736900 | &nbsp;&nbsp; 313941374 |
| 4.00%, 01/31/2033 |  | 169071000 | &nbsp;&nbsp; 172003325 |
| 4.13%, 02/15/2036 |  | 44506300 | &nbsp;&nbsp; 45100877 |
|  |  |  | &nbsp;&nbsp; 983145255 |
| Total U.S. Treasury Securities <br> (Cost $1,067,980,860) | Total U.S. Treasury Securities <br> (Cost $1,067,980,860) | Total U.S. Treasury Securities <br> (Cost $1,067,980,860) | &nbsp;&nbsp; 1077296473 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.34%** | **Preferred Stocks–0.34%** | **Preferred Stocks–0.34%** | **Preferred Stocks–0.34%** |
| **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** |
| El Paso Energy Capital Trust I, <br> 4.75%, Conv. Pfd. <br>(Cost $30,200,612) | El Paso Energy Capital Trust I, <br> 4.75%, Conv. Pfd. <br>(Cost $30,200,612) | 875900 | &nbsp;&nbsp; 44583310 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.11%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.11%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.11%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.11%** |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.06%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.06%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.06%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.06%** |
| 6.75%, 03/15/2031 |  | $7000000 | &nbsp;&nbsp; 8032120 |
| 5.50%, 02/01/2037 |  | 3 | &nbsp;&nbsp; 3 |
|  |  |  | &nbsp;&nbsp; 8032123 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)–0.05%** | **Federal National Mortgage Association (FNMA)–0.05%** | **Federal National Mortgage Association (FNMA)–0.05%** | **Federal National Mortgage Association (FNMA)–0.05%** |
| 6.63%, 11/15/2030 |  | $6315000 | &nbsp;&nbsp; $7161345 |
| 7.00%, 07/01/2032 |  | 2539 | &nbsp;&nbsp; 2662 |
|  |  |  | &nbsp;&nbsp; 7164007 |
| **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** |
| 8.00%, 08/15/2026 to <br> 01/20/2031<br>|  | 527 | &nbsp;&nbsp; 541 |
| 7.50%, 12/20/2030 |  | 213 | &nbsp;&nbsp; 222 |
|  |  |  | &nbsp;&nbsp; 763 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $17,456,467) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $17,456,467) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $17,456,467) | &nbsp;&nbsp; 15196893 |
| **Municipal Obligations–0.04%** | **Municipal Obligations–0.04%** | **Municipal Obligations–0.04%** | **Municipal Obligations–0.04%** |
| Georgia (State of) Municipal <br> Electric Authority (Plant Vogtle <br> Units 3 & 4), Series 2010 A, <br> RB, 6.66%, 04/01/2057 <br>(Cost $4,598,000)<br>|  | 4598000 | &nbsp;&nbsp; 5122043 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–6.14%** | **Money Market Funds–6.14%** | **Money Market Funds–6.14%** | **Money Market Funds–6.14%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.59%<sup>(j)(k)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 3.59%<sup>(j)(k)</sup>  | 284320331 | &nbsp;&nbsp; 284320331 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.56%<sup>(j)(k)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 3.56%<sup>(j)(k)</sup>  | 522976024 | &nbsp;&nbsp; 522976024 |
| Total Money Market Funds <br> (Cost $807,296,354) | Total Money Market Funds <br> (Cost $807,296,354) | Total Money Market Funds <br> (Cost $807,296,354) | &nbsp;&nbsp; 807296355 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> investments purchased with <br> cash collateral from securities <br> on loan)-100.14% <br> (Cost $9,879,022,491)<br>|  |  | &nbsp;&nbsp; 13168249254 |
| **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–1.36%** | **Money Market Funds–1.36%** | **Money Market Funds–1.36%** | **Money Market Funds–1.36%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(j)(k)(l)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(j)(k)(l)</sup>  | 49757246 | &nbsp;&nbsp; 49757246 |
| Invesco Private Prime Fund, <br> 3.81%<sup>(j)(k)(l)</sup>  | Invesco Private Prime Fund, <br> 3.81%<sup>(j)(k)(l)</sup>  | 129187171 | &nbsp;&nbsp; 129225927 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $178,983,173) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $178,983,173) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $178,983,173) | &nbsp;&nbsp; 178983173 |
| TOTAL INVESTMENTS IN SECURITIES–101.50% <br> (Cost $10,058,005,664) | TOTAL INVESTMENTS IN SECURITIES–101.50% <br> (Cost $10,058,005,664) | TOTAL INVESTMENTS IN SECURITIES–101.50% <br> (Cost $10,058,005,664) | &nbsp;&nbsp; 13347232427 |
| OTHER ASSETS LESS LIABILITIES—(1.50)% | OTHER ASSETS LESS LIABILITIES—(1.50)% | OTHER ASSETS LESS LIABILITIES—(1.50)% | &nbsp;&nbsp; (197181977)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $13150050450 |

---

Investment Abbreviations:

---

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

---

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

**9**

**Invesco Equity and Income 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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<sup>(d)</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 February 28, 2026 was $734,669,717, which represented 5.59% of the Fund's Net Assets. 

<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> Zero coupon bond issued at a discount.

<sup>(g)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

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

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

<sup>(j)</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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $149075603 | &nbsp;&nbsp; $658737562 | &nbsp;&nbsp; $(523492834) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $284320331 | &nbsp;&nbsp; $4063569 |
| Invesco Treasury Portfolio, Institutional Class | 271807244 | &nbsp;&nbsp; 1223369759 | &nbsp;&nbsp; (972200978) | (1) | &nbsp;&nbsp; - | &nbsp;&nbsp; 522976024 | &nbsp;&nbsp; 7354110 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 69681063 | &nbsp;&nbsp; 426951645 | &nbsp;&nbsp; (446875462) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 49757246 | &nbsp;&nbsp; 832,953\* |
| Invesco Private Prime Fund | 180984644 | &nbsp;&nbsp; 922971655 | &nbsp;&nbsp; (974724965) | &nbsp;&nbsp; (8984) | &nbsp;&nbsp; 3577 | &nbsp;&nbsp; 129225927 | &nbsp;&nbsp; 2,283,868\* |
| Total | $671548554 | &nbsp;&nbsp; $3232030621 | &nbsp;&nbsp; $(2917294239) | &nbsp;&nbsp; $(8985) | &nbsp;&nbsp; $3577 | &nbsp;&nbsp; $986279528 | &nbsp;&nbsp; $14534500 |

---

\* 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>(k)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<sup>(l)</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** |
| **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; 57 | June-2026 | &nbsp;&nbsp;&nbsp; $(6278016)<br>| &nbsp;&nbsp;&nbsp; $(17885)<br>| &nbsp;&nbsp;&nbsp; $(17885)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 162 | June-2026 | &nbsp;&nbsp;&nbsp; (18437625)<br>| &nbsp;&nbsp;&nbsp; (81271)<br>| &nbsp;&nbsp;&nbsp; (81271)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 134 | June-2026 | &nbsp;&nbsp;&nbsp; (16293562)<br>| &nbsp;&nbsp;&nbsp; (158288)<br>| &nbsp;&nbsp;&nbsp; (158288)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(257444)<br>| &nbsp;&nbsp;&nbsp; $(257444)<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** |  |  |  |  |  |  |
| 03/30/2026 | Bank of New York Mellon (The) | GBP | 3449226 | USD | 4664248 | &nbsp;&nbsp;&nbsp; $15585 |
| 03/30/2026 | Bank of New York Mellon (The) | USD | 1188393 | CAD | 1625900 | &nbsp;&nbsp;&nbsp; 4983 |
| 03/30/2026 | State Street Bank & Trust Co. | GBP | 95440412 | USD | 128857832 | &nbsp;&nbsp;&nbsp; 228884 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 249452 |
| **Currency Risk** |  |  |  |  |  |  |
| 03/30/2026 | Bank of New York Mellon (The) | CAD | 80123050 | USD | 58597259 | &nbsp;&nbsp;&nbsp; (211363)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | CAD | 1984864 | USD | 1452410 | &nbsp;&nbsp;&nbsp; (4438)<br>|

---

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

**10**

**Invesco Equity and Income 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**<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)** |
| 03/30/2026 | State Street Bank & Trust Co. | EUR | 65450367 | USD | 77274139 | &nbsp;&nbsp;&nbsp; $(162695)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (378496)<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; $(129044)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | —Canadian Dollar |
| 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.

**11**

**Invesco Equity and Income Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $9,071,726,137)\*<br>| &nbsp;&nbsp; $12360952899 |
| Investments in affiliated money market funds, at value <br> (Cost $986,279,527)<br>| &nbsp;&nbsp; 986279528 |
| Other investments: |  |
| Unrealized appreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 249452 |
| Cash | &nbsp;&nbsp; 3544855 |
| Foreign currencies, at value (Cost $396,492) | &nbsp;&nbsp; 395945 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 19366473 |
| Fund shares sold | &nbsp;&nbsp; 2408031 |
| Dividends | &nbsp;&nbsp; 14535249 |
| Interest | &nbsp;&nbsp; 26887812 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 1329028 |
| Other assets | &nbsp;&nbsp; 186203 |
| Total assets | &nbsp;&nbsp; 13416135475 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 187982 |
| Unrealized depreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 378496 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 72148059 |
| Fund shares reacquired | &nbsp;&nbsp; 7075828 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 178983173 |
| Accrued fees to affiliates | &nbsp;&nbsp; 5542372 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 9070 |
| Accrued other operating expenses | &nbsp;&nbsp; 376047 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 1383998 |
| Total liabilities | &nbsp;&nbsp; 266085025 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $13150050450 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $9645494888 |
| Distributable earnings | &nbsp;&nbsp; 3504555562 |
|  | &nbsp;&nbsp; $13150050450 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $10996261906 |
| Class C | &nbsp;&nbsp; $145212371 |
| Class R | &nbsp;&nbsp; $138430830 |
| Class Y | &nbsp;&nbsp; $743485680 |
| Class R5 | &nbsp;&nbsp; $177365906 |
| Class R6 | &nbsp;&nbsp; $949293757 |
| **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; 958961801 |
| Class C | &nbsp;&nbsp; 13025880 |
| Class R | &nbsp;&nbsp; 11965940 |
| Class Y | &nbsp;&nbsp; 64841435 |
| Class R5 | &nbsp;&nbsp; 15466331 |
| Class R6 | &nbsp;&nbsp; 82813805 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.47 |
| Maximum offering price per share <br>(Net asset value of $11.47 ÷ 94.50%)<br>| &nbsp;&nbsp; $12.14 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.15 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.57 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.47 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.47 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.46 |

---

\* At February 28, 2026, securities with an aggregate value of $165,197,668 were on loan to brokers. 

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

**12**

**Invesco Equity and Income Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $67179038 |
| Dividends (net of foreign withholding taxes of $328,982) | &nbsp;&nbsp; 76073398 |
| Dividends from affiliated money market funds (includes net securities lending income of $184,164) | &nbsp;&nbsp; 11601843 |
| Total investment income | &nbsp;&nbsp; 154854279 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 22381186 |
| Administrative services fees | &nbsp;&nbsp; 877323 |
| Custodian fees | &nbsp;&nbsp; 35245 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 13227914 |
| Class C | &nbsp;&nbsp; 701039 |
| Class R | &nbsp;&nbsp; 326433 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 7539007 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 90175 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 130583 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 55181 |
| Registration and filing fees | &nbsp;&nbsp; 101873 |
| Reports to shareholders | &nbsp;&nbsp; 418600 |
| Professional services fees | &nbsp;&nbsp; 79880 |
| Other | &nbsp;&nbsp; 57817 |
| Total expenses | &nbsp;&nbsp; 46022256 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (375967)<br>|
| Net expenses | &nbsp;&nbsp; 45646289 |
| Net investment income | &nbsp;&nbsp; 109207990 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 454824824 |
| Affiliated investment securities | &nbsp;&nbsp; 3577 |
| Foreign currencies | &nbsp;&nbsp; 1112965 |
| Forward foreign currency contracts | &nbsp;&nbsp; (3024305)<br>|
| Futures contracts | &nbsp;&nbsp; (770798)<br>|
|  | &nbsp;&nbsp; 452146263 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 560264526 |
| Affiliated investment securities | &nbsp;&nbsp; (8985)<br>|
| Foreign currencies | &nbsp;&nbsp; 4000 |
| Forward foreign currency contracts | &nbsp;&nbsp; 2267608 |
| Futures contracts | &nbsp;&nbsp; (274375)<br>|
|  | &nbsp;&nbsp; 562252774 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1014399037 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1123607027 |

---

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

**13**

**Invesco Equity and Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $109207990 | &nbsp;&nbsp; $230100122 |
| Net realized gain | &nbsp;&nbsp; 452146263 | &nbsp;&nbsp; 706901937 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 562252774 | &nbsp;&nbsp; 142738876 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1123607027 | &nbsp;&nbsp; 1079740935 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (609551819)<br>| &nbsp;&nbsp; (806741236)<br>|
| Class C | &nbsp;&nbsp; (8150676)<br>| &nbsp;&nbsp; (13584629)<br>|
| Class R | &nbsp;&nbsp; (7266071)<br>| &nbsp;&nbsp; (9359016)<br>|
| Class Y | &nbsp;&nbsp; (42468968)<br>| &nbsp;&nbsp; (58795913)<br>|
| Class R5 | &nbsp;&nbsp; (10416786)<br>| &nbsp;&nbsp; (15418720)<br>|
| Class R6 | &nbsp;&nbsp; (54250918)<br>| &nbsp;&nbsp; (77007814)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (732105238)<br>| &nbsp;&nbsp; (980907328)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 150220127 | &nbsp;&nbsp; 72419981 |
| Class C | &nbsp;&nbsp; (14894144)<br>| &nbsp;&nbsp; (44489750)<br>|
| Class R | &nbsp;&nbsp; 6013577 | &nbsp;&nbsp; 3414099 |
| Class Y | &nbsp;&nbsp; 920919 | &nbsp;&nbsp; (16089913)<br>|
| Class R5 | &nbsp;&nbsp; (17426005)<br>| &nbsp;&nbsp; (20603344)<br>|
| Class R6 | &nbsp;&nbsp; 22147324 | &nbsp;&nbsp; (62842421)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 146981798 | &nbsp;&nbsp; (68191348)<br>|
| Net increase in net assets | &nbsp;&nbsp; 538483587 | &nbsp;&nbsp; 30642259 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 12611566863 | &nbsp;&nbsp; 12580924604 |
| End of period | &nbsp;&nbsp; $13150050450 | &nbsp;&nbsp; $12611566863 |

---

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

**14**

**Invesco Equity and Income Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 02/28/26 | $11.14 | $0.09 | $0.90 | $0.99 | $(0.10)<br>| $(0.56)<br>| $(0.66)<br>| $11.47 | 9.11<br> %<br>| &nbsp;&nbsp; $10996262 | 0.76 %<sup>(d)</sup><br>| 0.76 %<sup>(d)</sup><br>| 1.68 %<sup>(d)</sup><br>| 64<br> %<br>|
| Year ended 08/31/25 | 11.04 | 0.20 | 0.77 | 0.97 | (0.22)<br>| (0.65)<br>| (0.87)<br>| 11.14 | 9.16 | &nbsp;&nbsp; 10518838 | 0.75 | 0.76 | 1.82 | 136 |
| Year ended 08/31/24 | 10.11 | 0.21 | 1.41 | 1.62 | (0.20)<br>| (0.49)<br>| (0.69)<br>| 11.04 | 16.93 | &nbsp;&nbsp; 10359368 | 0.77 | 0.78 | 2.00 | 139 |
| Year ended 08/31/23 | 10.27 | 0.20 | 0.33 | 0.53 | (0.22)<br>| (0.47)<br>| (0.69)<br>| 10.11 | 5.26 | &nbsp;&nbsp; 9563997 | 0.77 | 0.78 | 1.99 | 142 |
| Year ended 08/31/22 | 12.52 | 0.14 | (0.83)<br>| (0.69)<br>| (0.16)<br>| (1.40)<br>| (1.56)<br>| 10.27 | (6.36)<br>| &nbsp;&nbsp; 9654157 | 0.78 | 0.78 | 1.25 | 152 |
| Year ended 08/31/21 | 9.83 | 0.13 | 2.87 | 3.00 | (0.17)<br>| (0.14)<br>| (0.31)<br>| 12.52 | 31.02 | &nbsp;&nbsp; 10841867 | 0.78 | 0.78 | 1.10 | 127 |
| **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 02/28/26 | 10.84 | 0.05 | 0.88 | 0.93 | (0.06)<br>| (0.56)<br>| (0.62)<br>| 11.15 | 8.75 | &nbsp;&nbsp; 145212 | 1.45 <br><sup>(d)</sup><br>| 1.45 <br><sup>(d)</sup><br>| 0.99 <br><sup>(d)</sup><br>| 64 |
| Year ended 08/31/25 | 10.76 | 0.11 | 0.75 | 0.86 | (0.13)<br>| (0.65)<br>| (0.78)<br>| 10.84 | 8.33 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 155749 | 1.49 <br><sup>(e)</sup><br>| 1.50 <br><sup>(e)</sup><br>| 1.08 <br><sup>(e)</sup><br>| 136 |
| Year ended 08/31/24 | 9.86 | 0.13 | 1.38 | 1.51 | (0.12)<br>| (0.49)<br>| (0.61)<br>| 10.76 | 16.13 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 200569 | 1.51 <br><sup>(e)</sup><br>| 1.52 <br><sup>(e)</sup><br>| 1.26 <br><sup>(e)</sup><br>| 139 |
| Year ended 08/31/23 | 10.03 | 0.12 | 0.32 | 0.44 | (0.14)<br>| (0.47)<br>| (0.61)<br>| 9.86 | 4.43 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 230928 | 1.50 <br><sup>(e)</sup><br>| 1.51 <br><sup>(e)</sup><br>| 1.26 <br><sup>(e)</sup><br>| 142 |
| Year ended 08/31/22 | 12.25 | 0.06 | (0.81)<br>| (0.75)<br>| (0.07)<br>| (1.40)<br>| (1.47)<br>| 10.03 | (7.01)<br>| &nbsp;&nbsp; 275540 | 1.53 | 1.53 | 0.50 | 152 |
| Year ended 08/31/21 | 9.63 | 0.04 | 2.81 | 2.85 | (0.09)<br>| (0.14)<br>| (0.23)<br>| 12.25 | 29.94 | &nbsp;&nbsp; 362829 | 1.53 | 1.53 | 0.35 | 127 |
| **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 02/28/26 | 11.23 | 0.08 | 0.90 | 0.98 | (0.08)<br>| (0.56)<br>| (0.64)<br>| 11.57 | 9.00 | &nbsp;&nbsp; 138431 | 1.01 <br><sup>(d)</sup><br>| 1.01 <br><sup>(d)</sup><br>| 1.43 <br><sup>(d)</sup><br>| 64 |
| Year ended 08/31/25 | 11.13 | 0.17 | 0.77 | 0.94 | (0.19)<br>| (0.65)<br>| (0.84)<br>| 11.23 | 8.82 | &nbsp;&nbsp; 128284 | 1.00 | 1.01 | 1.57 | 136 |
| Year ended 08/31/24 | 10.18 | 0.18 | 1.44 | 1.62 | (0.18)<br>| (0.49)<br>| (0.67)<br>| 11.13 | 16.74 | &nbsp;&nbsp; 123727 | 1.02 | 1.03 | 1.75 | 139 |
| Year ended 08/31/23 | 10.35 | 0.18 | 0.31 | 0.49 | (0.19)<br>| (0.47)<br>| (0.66)<br>| 10.18 | 4.87 | &nbsp;&nbsp; 103247 | 1.02 | 1.03 | 1.74 | 142 |
| Year ended 08/31/22 | 12.59 | 0.11 | (0.82)<br>| (0.71)<br>| (0.13)<br>| (1.40)<br>| (1.53)<br>| 10.35 | (6.48)<br>| &nbsp;&nbsp; 96887 | 1.03 | 1.03 | 1.00 | 152 |
| Year ended 08/31/21 | 9.89 | 0.10 | 2.88 | 2.98 | (0.14)<br>| (0.14)<br>| (0.28)<br>| 12.59 | 30.61 | &nbsp;&nbsp; 114169 | 1.03 | 1.03 | 0.85 | 127 |
| **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 02/28/26 | 11.14 | 0.11 | 0.89 | 1.00 | (0.11)<br>| (0.56)<br>| (0.67)<br>| 11.47 | 9.25 | &nbsp;&nbsp; 743486 | 0.51 <br><sup>(d)</sup><br>| 0.51 <br><sup>(d)</sup><br>| 1.93 <br><sup>(d)</sup><br>| 64 |
| Year ended 08/31/25 | 11.04 | 0.22 | 0.77 | 0.99 | (0.24)<br>| (0.65)<br>| (0.89)<br>| 11.14 | 9.43 | &nbsp;&nbsp; 720445 | 0.50 | 0.51 | 2.07 | 136 |
| Year ended 08/31/24 | 10.11 | 0.23 | 1.42 | 1.65 | (0.23)<br>| (0.49)<br>| (0.72)<br>| 11.04 | 17.23 | &nbsp;&nbsp; 731531 | 0.52 | 0.53 | 2.25 | 139 |
| Year ended 08/31/23 | 10.27 | 0.22 | 0.33 | 0.55 | (0.24)<br>| (0.47)<br>| (0.71)<br>| 10.11 | 5.54 | &nbsp;&nbsp; 706187 | 0.52 | 0.53 | 2.24 | 142 |
| Year ended 08/31/22 | 12.52 | 0.17 | (0.83)<br>| (0.66)<br>| (0.19)<br>| (1.40)<br>| (1.59)<br>| 10.27 | (6.12)<br>| &nbsp;&nbsp; 702847 | 0.53 | 0.53 | 1.50 | 152 |
| Year ended 08/31/21 | 9.84 | 0.15 | 2.87 | 3.02 | (0.20)<br>| (0.14)<br>| (0.34)<br>| 12.52 | 31.22 | &nbsp;&nbsp; 778769 | 0.53 | 0.53 | 1.35 | 127 |
| **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 02/28/26 | 11.14 | 0.11 | 0.89 | 1.00 | (0.11)<br>| (0.56)<br>| (0.67)<br>| 11.47 | 9.27 | &nbsp;&nbsp; 177366 | 0.48 <br><sup>(d)</sup><br>| 0.48 <br><sup>(d)</sup><br>| 1.96 <br><sup>(d)</sup><br>| 64 |
| Year ended 08/31/25 | 11.05 | 0.23 | 0.76 | 0.99 | (0.25)<br>| (0.65)<br>| (0.90)<br>| 11.14 | 9.38 | &nbsp;&nbsp; 189238 | 0.47 | 0.48 | 2.10 | 136 |
| Year ended 08/31/24 | 10.11 | 0.24 | 1.42 | 1.66 | (0.23)<br>| (0.49)<br>| (0.72)<br>| 11.05 | 17.39 | &nbsp;&nbsp; 208168 | 0.48 | 0.49 | 2.29 | 139 |
| Year ended 08/31/23 | 10.28 | 0.23 | 0.32 | 0.55 | (0.25)<br>| (0.47)<br>| (0.72)<br>| 10.11 | 5.48 | &nbsp;&nbsp; 201310 | 0.47 | 0.48 | 2.29 | 142 |
| Year ended 08/31/22 | 12.52 | 0.18 | (0.82)<br>| (0.64)<br>| (0.20)<br>| (1.40)<br>| (1.60)<br>| 10.28 | (5.98)<br>| &nbsp;&nbsp; 218033 | 0.48 | 0.48 | 1.55 | 152 |
| Year ended 08/31/21 | 9.84 | 0.16 | 2.86 | 3.02 | (0.20)<br>| (0.14)<br>| (0.34)<br>| 12.52 | 31.28 | &nbsp;&nbsp; 242934 | 0.46 | 0.46 | 1.42 | 127 |
| **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 02/28/26 | 11.13 | 0.11 | 0.90 | 1.01 | (0.12)<br>| (0.56)<br>| (0.68)<br>| 11.46 | 9.31 | &nbsp;&nbsp; 949294 | 0.41 <br><sup>(d)</sup><br>| 0.41 <br><sup>(d)</sup><br>| 2.03 <br><sup>(d)</sup><br>| 64 |
| Year ended 08/31/25 | 11.04 | 0.23 | 0.77 | 1.00 | (0.26)<br>| (0.65)<br>| (0.91)<br>| 11.13 | 9.46 | &nbsp;&nbsp; 899012 | 0.40 | 0.41 | 2.17 | 136 |
| Year ended 08/31/24 | 10.10 | 0.24 | 1.43 | 1.67 | (0.24)<br>| (0.49)<br>| (0.73)<br>| 11.04 | 17.48 | &nbsp;&nbsp; 957561 | 0.41 | 0.42 | 2.36 | 139 |
| Year ended 08/31/23 | 10.27 | 0.24 | 0.31 | 0.55 | (0.25)<br>| (0.47)<br>| (0.72)<br>| 10.10 | 5.56 | &nbsp;&nbsp; 895499 | 0.40 | 0.41 | 2.36 | 142 |
| Year ended 08/31/22 | 12.52 | 0.18 | (0.83)<br>| (0.65)<br>| (0.20)<br>| (1.40)<br>| (1.60)<br>| 10.27 | (6.01)<br>| &nbsp;&nbsp; 844958 | 0.41 | 0.41 | 1.62 | 152 |
| Year ended 08/31/21 | 9.83 | 0.17 | 2.87 | 3.04 | (0.21)<br>| (0.14)<br>| (0.35)<br>| 12.52 | 31.50 | &nbsp;&nbsp; 913379 | 0.39 | 0.39 | 1.49 | 127 |

---

<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 0.94%, 0.99%, 0.99% and 0.98% for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024 and 2023, respectively. 

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

**15**

**Invesco Equity and Income Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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, as of the approximate official closing time of that exchange. 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.

Private 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

**16**

**Invesco Equity and Income Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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 Equity and Income 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 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 February 28, 2026, the Fund paid the Adviser $2,507 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 Equity and Income 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.** **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** - 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 $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.35%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $312,071.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, 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, up to 1.00% of the average daily net assets of Class C shares, and up to 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $955,502 in front-end sales commissions from the sale of Class A shares and $6,873 and $4,490 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $125,217 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.

**19**

**Invesco Equity and Income Fund**

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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 February 28, 2026. 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** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $8146686288 | &nbsp;&nbsp;&nbsp;&nbsp; $285899717 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8432586005 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2786168175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2786168175 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1077296473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1077296473 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 44583310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44583310 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15196893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15196893 |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5122043 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5122043 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 807296355 | &nbsp;&nbsp;&nbsp;&nbsp; 178983173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 986279528 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 8998565953 | &nbsp;&nbsp;&nbsp;&nbsp; 4348666474 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13347232427 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249452 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (257444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (257444)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (378496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (378496)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (257444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (378496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (635940)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (257444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (386488)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $8998308509 | &nbsp;&nbsp;&nbsp;&nbsp; $4348537430 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13346845939 |

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\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $249452 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $249452 |

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| | | | |
|:---|:---|:---|:---|
|  | **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; $(257444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(257444)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (378496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (378496)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (378496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (257444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (635940)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257444 | &nbsp;&nbsp;&nbsp;&nbsp; 257444 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(378496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(378496)<br>|

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

**20**

**Invesco Equity and Income 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 February 28, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $20568 | &nbsp;&nbsp;&nbsp; $(211363)<br>| &nbsp;&nbsp;&nbsp; $(190795)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(190795)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 228884 | &nbsp;&nbsp;&nbsp; (167133)<br>| &nbsp;&nbsp;&nbsp; 61751 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61751 |
| Total | &nbsp;&nbsp;&nbsp; $249452 | &nbsp;&nbsp;&nbsp; $(378496)<br>| &nbsp;&nbsp;&nbsp; $(129044)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(129044)<br>|

---

**Effect of Derivative Investments for the six months ended February 28, 2026**

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): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(3024305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(3024305)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (770798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (770798)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2267608 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2267608 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (274375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (274375)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(756697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1045173)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1801870)<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>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $279128241 | &nbsp;&nbsp;&nbsp;&nbsp; $42030107 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $63,896.

**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. The Fund may have certain former Trustees who participated 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 did not have a capital loss carryforward as of August 31, 2025.

**21**

**Invesco Equity and Income 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 February 28, 2026 was $1,589,679,190 and $2,309,682,221, respectively. As of February 28, 2026, 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; $3433960142 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (236594200)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3197365942 |

---

Cost of investments for tax purposes is $10,149,479,997.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 27252286 | &nbsp;&nbsp;&nbsp; $306356230 | &nbsp;&nbsp;&nbsp; 64497717 | &nbsp;&nbsp;&nbsp; $694744523 |
| Class C | &nbsp;&nbsp;&nbsp; 973131 | &nbsp;&nbsp;&nbsp; 10619443 | &nbsp;&nbsp;&nbsp; 2211762 | &nbsp;&nbsp;&nbsp; 23176983 |
| Class R | &nbsp;&nbsp;&nbsp; 993725 | &nbsp;&nbsp;&nbsp; 11267993 | &nbsp;&nbsp;&nbsp; 2097803 | &nbsp;&nbsp;&nbsp; 22702441 |
| Class Y | &nbsp;&nbsp;&nbsp; 3970493 | &nbsp;&nbsp;&nbsp; 44602431 | &nbsp;&nbsp;&nbsp; 10804111 | &nbsp;&nbsp;&nbsp; 115908122 |
| Class R5 | &nbsp;&nbsp;&nbsp; 438850 | &nbsp;&nbsp;&nbsp; 4931016 | &nbsp;&nbsp;&nbsp; 1217289 | &nbsp;&nbsp;&nbsp; 13124832 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5639184 | &nbsp;&nbsp;&nbsp; 63366155 | &nbsp;&nbsp;&nbsp; 12563057 | &nbsp;&nbsp;&nbsp; 135854807 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 51442504 | &nbsp;&nbsp;&nbsp; 567715364 | &nbsp;&nbsp;&nbsp; 70295490 | &nbsp;&nbsp;&nbsp; 752707479 |
| Class C | &nbsp;&nbsp;&nbsp; 718744 | &nbsp;&nbsp;&nbsp; 7721961 | &nbsp;&nbsp;&nbsp; 1229741 | &nbsp;&nbsp;&nbsp; 12834098 |
| Class R | &nbsp;&nbsp;&nbsp; 650617 | &nbsp;&nbsp;&nbsp; 7244816 | &nbsp;&nbsp;&nbsp; 863498 | &nbsp;&nbsp;&nbsp; 9330658 |
| Class Y | &nbsp;&nbsp;&nbsp; 3123138 | &nbsp;&nbsp;&nbsp; 34436495 | &nbsp;&nbsp;&nbsp; 4640928 | &nbsp;&nbsp;&nbsp; 49695930 |
| Class R5 | &nbsp;&nbsp;&nbsp; 944634 | &nbsp;&nbsp;&nbsp; 10416786 | &nbsp;&nbsp;&nbsp; 1439525 | &nbsp;&nbsp;&nbsp; 15418720 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4732204 | &nbsp;&nbsp;&nbsp; 52137971 | &nbsp;&nbsp;&nbsp; 6993256 | &nbsp;&nbsp;&nbsp; 74833447 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1705741 | &nbsp;&nbsp;&nbsp; 19174074 | &nbsp;&nbsp;&nbsp; 4485751 | &nbsp;&nbsp;&nbsp; 48131015 |
| Class C | &nbsp;&nbsp;&nbsp; (1752347)<br>| &nbsp;&nbsp;&nbsp; (19174074)<br>| &nbsp;&nbsp;&nbsp; (4605470)<br>| &nbsp;&nbsp;&nbsp; (48131015)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (66090509)<br>| &nbsp;&nbsp;&nbsp; (743025541)<br>| &nbsp;&nbsp;&nbsp; (132643618)<br>| &nbsp;&nbsp;&nbsp; (1423163036)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1285524)<br>| &nbsp;&nbsp;&nbsp; (14061474)<br>| &nbsp;&nbsp;&nbsp; (3098930)<br>| &nbsp;&nbsp;&nbsp; (32369816)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1102505)<br>| &nbsp;&nbsp;&nbsp; (12499232)<br>| &nbsp;&nbsp;&nbsp; (2652912)<br>| &nbsp;&nbsp;&nbsp; (28619000)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (6953076)<br>| &nbsp;&nbsp;&nbsp; (78118007)<br>| &nbsp;&nbsp;&nbsp; (16982754)<br>| &nbsp;&nbsp;&nbsp; (181693965)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2909916)<br>| &nbsp;&nbsp;&nbsp; (32773807)<br>| &nbsp;&nbsp;&nbsp; (4509698)<br>| &nbsp;&nbsp;&nbsp; (49146896)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (8316024)<br>| &nbsp;&nbsp;&nbsp; (93356802)<br>| &nbsp;&nbsp;&nbsp; (25517942)<br>| &nbsp;&nbsp;&nbsp; (273530675)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 14175350 | &nbsp;&nbsp;&nbsp; $146981798 | &nbsp;&nbsp;&nbsp; (6671396)<br>| &nbsp;&nbsp;&nbsp; $(68191348)<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 52% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**22**

**Invesco Equity and 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>**

Not applicable.

**23**

**Invesco Equity and Income Fund**

------

![](imgdb0c129a1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

VK-EQI-NCSRS

------

![](img2e3743551.jpg)

------

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

**February 28, 2026**

**Invesco Floating Rate ESG Fund**

Nasdaq:

A: AFRAX ■ C: AFRCX ■ R: AFRRX ■ Y: AFRYX ■ R5: AFRIX ■ R6: AFRFX

------

---

| | |
|:---|:---|
| [2](#xx_28bf1fd7-8e54-4dea-a8de-9b1e8867f82d_SOI-Continued-154_1) | Consolidated Schedule of Investments |
| [19](#xx_28bf1fd7-8e54-4dea-a8de-9b1e8867f82d_FS-Continued-154_1) | Consolidated Financial Statements |
| [23](#xx_28bf1fd7-8e54-4dea-a8de-9b1e8867f82d_FS-Continued-154_5) | Consolidated Financial Highlights |
| [24](#xx_28bf1fd7-8e54-4dea-a8de-9b1e8867f82d_NTF-Continued-154_1) | Notes to Consolidated Financial Statements |
| [33](#xx_28bf1fd7-8e54-4dea-a8de-9b1e8867f82d_OIRSR-Continued-154_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*February 28, 2026*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Variable Rate Senior Loan Interests–87.24%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–87.24%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–87.24%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–87.24%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–87.24%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–87.24%**<sup>(b)(c)</sup>  |
| **Aerospace & Defense–1.48%** | **Aerospace & Defense–1.48%** | **Aerospace & Defense–1.48%** | **Aerospace & Defense–1.48%** |  |  |
| Brown Group Holding LLC (Signature Aviation US Holdings, Inc.), Incremental Term Loan <br> B-2 (3 mo. Term SOFR + 2.50%)<br>| 6.17% | 07/01/2031 |  | $1704 | &nbsp;&nbsp; $1709800 |
| Element Materials Tech Group, Inc., Term Loan (3 mo. Term SOFR + 3.68%) | 7.35% | 07/06/2029 |  | 2457 | &nbsp;&nbsp; 2471234 |
| Fairbanks Morse Defense (Arcline FM Holding LLC), Term Loan B<sup>(d)</sup> <br>| – | 06/23/2030 |  | 732 | &nbsp;&nbsp; 734447 |
| Gogo Intermediate Holdings LLC, Term Loan (1 mo. Term SOFR + 3.75%) | 7.54% | 04/30/2028 |  | 2013 | &nbsp;&nbsp; 1673499 |
| KKR Apple Bidco LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 09/23/2031 |  | 5968 | &nbsp;&nbsp; 5978405 |
| OneSky Flight LLC, Term Loan B (1 mo. Term SOFR + 2.75%)<sup>(e)</sup> <br>| 6.40% | 02/04/2033 |  | 2164 | &nbsp;&nbsp; 2159373 |
| PennAero (Takeoff Buyer, Inc.) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 02/04/2033 |  | 247 | &nbsp;&nbsp; 247334 |
| Term Loan B<sup>(d)</sup> <br>| – | 02/04/2033 |  | 1540 | &nbsp;&nbsp; 1545838 |
| Propulsion (BC) Newco LLC (aka ITP Aero) (Spain), Term Loan (3 mo. Term SOFR + <br> 2.50%)<br>| 6.17% | 11/30/2032 |  | 4838 | &nbsp;&nbsp; 4846352 |
| Rand Parent LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 03/17/2030 |  | 7796 | &nbsp;&nbsp; 7810519 |
| Titan Acquisition Holdings L.P. |  |  |  |  |  |
| Delayed Draw Term Loan | 0.00% | 03/24/2026 |  | 53 | &nbsp;&nbsp; 52032 |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 03/24/2026 |  | 3 | &nbsp;&nbsp; 3321 |
|  |  |  |  |  | &nbsp;&nbsp; 29232154 |
| **Air Transport–0.92%** | **Air Transport–0.92%** | **Air Transport–0.92%** | **Air Transport–0.92%** |  |  |
| AAdvantage Loyality IP Ltd. (American Airlines, Inc.) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 04/20/2028 |  | 11317 | &nbsp;&nbsp; 11317195 |
| Term Loan B (3 mo. Term SOFR+ 2.75%) | 6.42% | 05/07/2032 |  | 1020 | &nbsp;&nbsp; 1021950 |
| American Airlines, Inc. |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 2.25%) | 6.26% | 06/04/2029 |  | 1237 | &nbsp;&nbsp; 1237568 |
| Term Loan B (6 mo. Term SOFR + 2.25%) | 6.00% | 02/15/2028 |  | 758 | &nbsp;&nbsp; 757644 |
| Stonepeak Nile Parent LLC, Term Loan B-1 (3 mo. Term SOFR + 2.25%) | 5.92% | 04/11/2032 |  | 3972 | &nbsp;&nbsp; 3970441 |
|  |  |  |  |  | &nbsp;&nbsp; 18304798 |
| **Automotive–3.33%** | **Automotive–3.33%** | **Automotive–3.33%** | **Automotive–3.33%** |  |  |
| Adient PLC, Term Loan B-2 (1 mo. Term SOFR + 2.00%) | 5.67% | 01/31/2031 |  | 1931 | &nbsp;&nbsp; 1931735 |
| Autokiniton US Holdings, Inc., Term Loan B (1 mo. Term SOFR + 4.11%) | 7.79% | 04/06/2028 |  | 2304 | &nbsp;&nbsp; 2298627 |
| Belron Group S.A. (United Kingdom), Term Loan B (3 mo. Term SOFR + 2.00%) | 5.66% | 10/16/2031 |  | 8380 | &nbsp;&nbsp; 8393698 |
| Highline Aftermarket Acquisition LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 02/15/2030 |  | 10320 | &nbsp;&nbsp; 10345808 |
| Lippert Components, Inc., Term Loan (1 mo. Term SOFR + 2.25%)<sup>(e)</sup> <br>| 5.92% | 03/25/2032 |  | 4129 | &nbsp;&nbsp; 4155109 |
| LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC), Term Loan B-1 (3 mo. <br> Term SOFR + 2.50%)<br>| 6.17% | 04/23/2031 |  | 6986 | &nbsp;&nbsp; 6992621 |
| Madison Safety & Flow LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 09/26/2031 |  | 2119 | &nbsp;&nbsp; 2121684 |
| Mavis Tire Express Services Topco Corp., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 05/04/2028 |  | 10421 | &nbsp;&nbsp; 10412098 |
| OPENLANE, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.14% | 10/01/2032 |  | 2719 | &nbsp;&nbsp; 2722891 |
| Paint Intermediate III LLC (Wesco Group), Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/09/2031 |  | 5013 | &nbsp;&nbsp; 5017465 |
| PowerStop LLC, Term Loan B (6 mo. Term SOFR + 4.85%) | 8.48% | 01/24/2029 |  | 7812 | &nbsp;&nbsp; 6574449 |
| Project Boost Purchaser LLC, Term Loan (3 mo. Term SOFR + 2.75%) | 6.42% | 07/16/2031 |  | 3017 | &nbsp;&nbsp; 2883493 |
| Wand NewCo 3, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 01/30/2031 |  | 2197 | &nbsp;&nbsp; 2187356 |
|  |  |  |  |  | &nbsp;&nbsp; 66037034 |
| **Beverage & Tobacco–0.36%** | **Beverage & Tobacco–0.36%** | **Beverage & Tobacco–0.36%** | **Beverage & Tobacco–0.36%** |  |  |
| AI Aqua Merger Sub, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 07/31/2028 |  | 7128 | &nbsp;&nbsp; 7105701 |
| Savor Acquisition, Inc. (Sauer Brands), Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 02/04/2032 |  | 112 | &nbsp;&nbsp; 112135 |
|  |  |  |  |  | &nbsp;&nbsp; 7217836 |
| **Brokers, Dealers & Investment Houses–1.18%** | **Brokers, Dealers & Investment Houses–1.18%** | **Brokers, Dealers & Investment Houses–1.18%** | **Brokers, Dealers & Investment Houses–1.18%** |  |  |
| Creative Planning (CPI Holdco B LLC), Incremental Term Loan (1 mo. Term SOFR + <br> 2.00%)<br>| 5.67% | 05/17/2031 |  | 7546 | &nbsp;&nbsp; 7485200 |
| Envestnet, Inc. (BCPE Pequod Buyer, Inc), Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 11/25/2031 |  | 2059 | &nbsp;&nbsp; 1997868 |
| EP Wealth Advisors LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/06/2032 |  | 1528 | &nbsp;&nbsp; 1519805 |

---

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

**2**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Brokers, Dealers & Investment Houses–(continued)** | **Brokers, Dealers & Investment Houses–(continued)** | **Brokers, Dealers & Investment Houses–(continued)** | **Brokers, Dealers & Investment Houses–(continued)** |  |  |
| GC Ferry Acquisition I, Inc. (First Eagle Investment Management LLC) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 08/16/2032 |  | $1161 | &nbsp;&nbsp; $1137356 |
| Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 08/16/2032 |  | 6799 | &nbsp;&nbsp; 6661654 |
| Orion US Finco (OSTTRA) |  |  |  |  |  |
| Second Lien Term Loan B (3 mo. PRIME + 5.50%) | 9.15% | 10/10/2033 |  | 1140 | &nbsp;&nbsp; 1138665 |
| Term Loan B (3 mo. Term SOFR + 3.50%) | 7.15% | 10/08/2032 |  | 3413 | &nbsp;&nbsp; 3361848 |
|  |  |  |  |  | &nbsp;&nbsp; 23302396 |
| **Building & Development–5.67%** | **Building & Development–5.67%** | **Building & Development–5.67%** | **Building & Development–5.67%** |  |  |
| Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 05/28/2030 |  | 3888 | &nbsp;&nbsp; 3902457 |
| Chariot Buyer LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 09/08/2032 |  | 9515 | &nbsp;&nbsp; 9496472 |
| Construction Partners, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 10/29/2031 |  | 5762 | &nbsp;&nbsp; 5797141 |
| Empire Today LLC |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 5.26%) <br>(Acquired 11/18/2024-06/25/2025; Cost $10,393,978)<sup>(e)(g)</sup> <br>| 8.93% | 08/03/2029 |  | 14000 | &nbsp;&nbsp; 8388867 |
| Term Loan A (3 mo. Term SOFR + 5.76%) <br>(Acquired 11/18/2024-06/25/2025; Cost $3,813,260)<sup>(e)(g)</sup> <br>| 9.43% | 08/03/2029 |  | 4184 | &nbsp;&nbsp; 3998858 |
| Term Loan B (3 mo. Term SOFR + 5.76%) <br>(Acquired 11/18/2024-06/25/2025; Cost $4,063,641)<sup>(e)(g)</sup> <br>| 9.43% | 08/03/2029 |  | 4134 | &nbsp;&nbsp; 3950874 |
| Gibraltar Industries, Term Loan B (1 mo. Term SOFR + 2.75%)<sup>(e)</sup> <br>| 8.00% | 01/29/2033 |  | 1770 | &nbsp;&nbsp; 1774590 |
| Green Infrastructure Partners (Canada), Term Loan (3 mo. Term SOFR + 2.75%) | 6.42% | 09/17/2032 |  | 3182 | &nbsp;&nbsp; 3183933 |
| Gulfside Supply, Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 06/17/2031 |  | 4534 | &nbsp;&nbsp; 4202288 |
| Icebox Holdco III, Inc. |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 3.25%) | 6.92% | 12/22/2031 |  | 6965 | &nbsp;&nbsp; 6993167 |
| Second Lien Term Loan (3 mo. Term SOFR + 6.50%) | 10.17% | 12/22/2032 |  | 1544 | &nbsp;&nbsp; 1558045 |
| Interior Logic Group, Inc. (Signal Parent), Term Loan B (3 mo. Term SOFR + 3.60%) <br>(Acquired 09/11/2023-10/17/2023; Cost $5,654,708)<sup>(g)</sup> <br>| 7.27% | 04/01/2028 |  | 6203 | &nbsp;&nbsp; 4566714 |
| IPS Corp./CP Iris Holdco |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 10/27/2032 |  | 613 | &nbsp;&nbsp; 610838 |
| Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 10/18/2032 |  | 6629 | &nbsp;&nbsp; 6608154 |
| Janus International Group, LLC, Term Loan B (3 mo. Term SOFR + 2.00%) | 5.66% | 08/03/2030 |  | 6675 | &nbsp;&nbsp; 6664903 |
| MI Windows and Doors LLC, Incremental Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 03/28/2031 |  | 4774 | &nbsp;&nbsp; 4749058 |
| Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.25%) | 7.92% | 04/29/2029 |  | 6472 | &nbsp;&nbsp; 4353526 |
| Pinnacle Buyer LLC (Summit Cos.) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 10/01/2032 |  | 436 | &nbsp;&nbsp; 437436 |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.16% | 10/15/2032 |  | 2264 | &nbsp;&nbsp; 2268978 |
| Pye-Barker Fire and Safety LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 12/16/2032 |  | 963 | &nbsp;&nbsp; 964714 |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.20% | 12/09/2032 |  | 6442 | &nbsp;&nbsp; 6456166 |
| Quikrete Holdings, Inc. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 03/19/2029 |  | 4580 | &nbsp;&nbsp; 4584697 |
| Term Loan B-1 (1 mo. Term SOFR + 2.25%) | 5.92% | 04/14/2031 |  | 8071 | &nbsp;&nbsp; 8075774 |
| QXO/Beacon Roofing, Term Loan B (1 mo. Term SOFR + 2.00%) | 5.67% | 04/30/2032 |  | 2439 | &nbsp;&nbsp; 2442573 |
| TAMKO Building Products LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 6.42% | 09/20/2030 |  | 4133 | &nbsp;&nbsp; 4139513 |
| Tecta America Corp., Term Loan (1 mo. Term SOFR + 2.75%) | 6.42% | 02/18/2032 |  | 2037 | &nbsp;&nbsp; 2040705 |
|  |  |  |  |  | &nbsp;&nbsp; 112210441 |
| **Business Equipment & Services–8.59%** | **Business Equipment & Services–8.59%** | **Business Equipment & Services–8.59%** | **Business Equipment & Services–8.59%** |  |  |
| Allied Universal Holdco LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 08/20/2032 |  | 10726 | &nbsp;&nbsp; 10743884 |
| Azuria Water Solutions, Inc |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 01/27/2033 |  | 204 | &nbsp;&nbsp; 201817 |
| Term Loan<sup>(d)</sup> <br>| – | 01/27/2033 |  | 1531 | &nbsp;&nbsp; 1513628 |
| Azuria Water Solutions, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 05/17/2028 |  | 6161 | &nbsp;&nbsp; 6123664 |
| Cloud Software Group, Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 6.92% | 08/09/2032 |  | 2255 | &nbsp;&nbsp; 2099895 |
| Term Loan B-2 (3 mo. Term SOFR + 3.25%) | 6.92% | 03/21/2031 |  | 4409 | &nbsp;&nbsp; 4109347 |
| Constant Contact, Inc. |  |  |  |  |  |
| Second Lien Term Loan (3 mo. Term SOFR + 7.76%) | 11.43% | 02/12/2029 |  | 1329 | &nbsp;&nbsp; 1099284 |
| Term Loan (3 mo. Term SOFR + 4.26%) | 7.93% | 02/10/2028 |  | 12983 | &nbsp;&nbsp; 11316650 |
| Garda World Security Corp. (Canada), Term Loan (3 mo. Term SOFR + 2.75%) | 6.42% | 02/01/2029 |  | 12504 | &nbsp;&nbsp; 12499956 |

---

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

**3**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Business Equipment & Services–(continued)** | **Business Equipment & Services–(continued)** | **Business Equipment & Services–(continued)** | **Business Equipment & Services–(continued)** |  |  |
| GI Revelation Acquisition LLC, Term Loan B-4 (1 mo. Term SOFR + 3.75%) | 7.42% | 05/12/2028 |  | $14496 | &nbsp;&nbsp; $11583956 |
| Heron BidCo, LLC (Heidrick & Struggles International Inc), Term Loan B (3 mo. Term <br> SOFR + 4.00%)<br>| 7.74% | 12/10/2032 |  | 4838 | &nbsp;&nbsp; 4833517 |
| KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (6 mo. EURIBOR + 5.75%) | 7.85% | 10/25/2029 | EUR | 8720 | &nbsp;&nbsp; 6779382 |
| Learning Care Group (US) No. 2, Inc., Term Loan B (3 mo. Term SOFR + 4.00%) | 7.67% | 08/11/2028 |  | 6060 | &nbsp;&nbsp; 4808940 |
| Monitronics International, Inc., DIP Term Loan A (3 mo. Term SOFR + 7.76%) <br>(Acquired 06/30/2023-02/16/2024; Cost $19,874,271)<sup>(e)(g)</sup> <br>| 11.43% | 06/30/2028 |  | 19845 | &nbsp;&nbsp; 19835125 |
| Nuvei Tech Corp, Pivotal Refi L.P., Nuvei Tech, Inc., Term Loan B (1 mo. Term SOFR + <br> 2.50%)<br>| 6.17% | 11/17/2031 |  | 1437 | &nbsp;&nbsp; 1404110 |
| OCM System One Buyer CTB LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 03/02/2028 |  | 5143 | &nbsp;&nbsp; 5144033 |
| Orchid Merger Sub II LLC, Term Loan (1 mo. Term SOFR + 4.85%) <br>(Acquired 11/12/2021-02/03/2022; Cost $7,682,945)<sup>(g)</sup> <br>| 8.52% | 07/27/2027 |  | 7801 | &nbsp;&nbsp; 3771518 |
| Prime Security Services Borrower LLC, Term Loan (1 mo. Term SOFR + 2.00%) | 5.67% | 10/13/2030 |  | 404 | &nbsp;&nbsp; 403575 |
| Project Dragon (Voyix Digital Banking), Term Loan B (3 mo. Term SOFR + 2.75%) | 6.42% | 09/30/2031 |  | 5459 | &nbsp;&nbsp; 4831619 |
| Prometric Holdings, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 7.42% | 06/25/2032 |  | 4992 | &nbsp;&nbsp; 4992417 |
| Ryan LLC (Ryan Tax), Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 11/05/2032 |  | 11805 | &nbsp;&nbsp; 11441110 |
| Socotec (Holding SAS) (France), Term Loan (1 mo. Term SOFR + 2.75%) | 6.42% | 06/02/2031 |  | 1259 | &nbsp;&nbsp; 1263628 |
| Spin Holdco, Inc. |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 4.26%) | 7.93% | 09/04/2030 |  | 29019 | &nbsp;&nbsp; 22755560 |
| Term Loan B (3 mo. Term SOFR + 5.43%) | 9.10% | 09/28/2030 |  | 7132 | &nbsp;&nbsp; 7311430 |
| team.blue Finco S.a.r.l. (Netherlands), Term Loan (3 mo. Term SOFR + 3.25%)<sup>(e)</sup> <br>| 6.92% | 07/12/2032 |  | 902 | &nbsp;&nbsp; 779882 |
| Thermostat Purchaser III, Inc., Term Loan B (3 mo. Term SOFR + 4.25%) | 7.92% | 08/31/2028 |  | 2287 | &nbsp;&nbsp; 2259807 |
| UnitedLex Corp., Term Loan<sup>(e)(h)</sup> <br>| 0.00% | 03/20/2027 |  | 1420 | &nbsp;&nbsp; 1065162 |
| VFS Global (Switzerland), Term Loan B (6 mo. Term SOFR + 2.50%) | 6.29% | 10/07/2032 |  | 5205 | &nbsp;&nbsp; 5208109 |
|  |  |  |  |  | &nbsp;&nbsp; 170181005 |
| **Cable & Satellite Television–3.62%** | **Cable & Satellite Television–3.62%** | **Cable & Satellite Television–3.62%** | **Cable & Satellite Television–3.62%** |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) |  |  |  |  |  |
| Incremental Term Loan (3 mo. EURIBOR + 5.00%) | 7.02% | 10/31/2027 | EUR | 1353 | &nbsp;&nbsp; 1194779 |
| Term Loan B (3 mo. EURIBOR + 5.00%) | 7.02% | 10/31/2027 | EUR | 3098 | &nbsp;&nbsp; 2735347 |
| Atlantic Broadband Finance LLC (Cogeco) |  |  |  |  |  |
| Incremental Term Loan B-5 (1 mo. Term SOFR + 2.61%) | 6.29% | 09/01/2028 |  | 6944 | &nbsp;&nbsp; 6521376 |
| Term Loan B-1 (1 mo. Term SOFR + 3.20%) | 6.92% | 09/18/2030 |  | 5702 | &nbsp;&nbsp; 5317089 |
| Charter Communications Operating LLC, Term Loan B-5 (3 mo. Term SOFR + 2.25%) | 5.91% | 12/15/2031 |  | 2230 | &nbsp;&nbsp; 2231205 |
| SFR-Numericable (YPSO, Altice France) (France) |  |  |  |  |  |
| Term Loan B-11 (3 mo. Term SOFR + 4.13%) | 7.80% | 04/30/2028 |  | 1116 | &nbsp;&nbsp; 1111425 |
| Term Loan B-12 (3 mo. Term SOFR + 5.06%) | 8.74% | 10/30/2028 |  | 3639 | &nbsp;&nbsp; 3632937 |
| Term Loan B-13 (3 mo. Term SOFR + 5.38%) | 9.05% | 05/14/2029 |  | 7963 | &nbsp;&nbsp; 7947964 |
| Term Loan B-14 (3 mo. EURIBOR + 6.88%) | 8.89% | 05/31/2031 | EUR | 5110 | &nbsp;&nbsp; 6098252 |
| Telenet - LG, Term Loan AR (1 mo. Term SOFR + 2.11%) | 5.77% | 04/30/2028 |  | 3482 | &nbsp;&nbsp; 3437415 |
| UPC - LG (Sunrise), Term Loan AAA (6 mo. Term SOFR + 2.50%) | 6.13% | 02/15/2032 |  | 11714 | &nbsp;&nbsp; 11631412 |
| Virgin Media 02 - LG (United Kingdom) |  |  |  |  |  |
| Term Loan Q (1 mo. Term SOFR + 3.36%) | 7.02% | 01/31/2029 |  | 6724 | &nbsp;&nbsp; 6555502 |
| Term Loan Y (6 mo. Term SOFR + 3.28%) | 7.05% | 03/31/2031 |  | 14125 | &nbsp;&nbsp; 13238699 |
|  |  |  |  |  | &nbsp;&nbsp; 71653402 |
| **Chemicals & Plastics–6.16%** | **Chemicals & Plastics–6.16%** | **Chemicals & Plastics–6.16%** | **Chemicals & Plastics–6.16%** |  |  |
| A&R Logistics Holdings, Inc. (Quantix) |  |  |  |  |  |
| Incremental Term Loan 12 (3 mo. Term SOFR + 6.75%)<sup>(e)</sup> <br>| 10.56% | 02/03/2028 |  | 15095 | &nbsp;&nbsp; 12724785 |
| Incremental Term Loan 13 (3 mo. Term SOFR + 6.75%)<sup>(e)</sup> <br>| 10.56% | 08/06/2026 |  | 231 | &nbsp;&nbsp; 194824 |
| Revolver Loan<sup>(e)(f)</sup> <br>| 0.00% | 06/29/2026 |  | 535 | &nbsp;&nbsp; 534864 |
| A-Gas Finco, Inc., Term Loan (3 mo. Term SOFR + 5.25%) | 8.92% | 12/14/2029 |  | 7012 | &nbsp;&nbsp; 6303732 |
| Ascend Performance Materials Operations LLC, Term Loan <br>(Acquired 12/19/2025-12/31/2025; Cost $3,587,326)<sup>(e)(g)</sup> <br>| 8.00% | 12/22/2026 |  | 3934 | &nbsp;&nbsp; 5802529 |
| Caldic (Pearls BidCo) (Netherlands), Term Loan B (3 mo. Term SOFR + 3.25%) | 6.92% | 02/26/2029 |  | 4309 | &nbsp;&nbsp; 3611365 |
| Derby Buyer LLC (Delrin), Term Loan B (1 mo. Term SOFR + 3.00%) | 6.66% | 11/01/2030 |  | 3573 | &nbsp;&nbsp; 3581712 |
| Discovery Purchaser Corp. (BES), Second Lien Term Loan (3 mo. Term SOFR + 7.00%) | 10.65% | 10/04/2030 |  | 3644 | &nbsp;&nbsp; 3473686 |
| Eastman Tire Additives (River Buyer, Inc.) |  |  |  |  |  |
| First Lien Term Loan (1 mo. Term SOFR + 6.25%) | 9.91% | 05/28/2026 |  | 6465 | &nbsp;&nbsp; 3978642 |
| First Lien Term Loan (3 mo. Term SOFR + 5.51%) | 9.17% | 08/01/2029 |  | 7955 | &nbsp;&nbsp; 759690 |

---

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

**4**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Chemicals & Plastics–(continued)** | **Chemicals & Plastics–(continued)** | **Chemicals & Plastics–(continued)** | **Chemicals & Plastics–(continued)** |  |  |
| Flint Group (ColourOz Inv) (Germany) |  |  |  |  |  |
| Term Loan (6 mo. EURIBOR + 4.25%) | 6.29% | 12/31/2026 | EUR | 8156 | &nbsp;&nbsp; $9275866 |
| Term Loan (6 mo. EURIBOR + 6.00%)<sup>(e)</sup> <br>| 8.03% | 12/31/2027 | EUR | 338 | &nbsp;&nbsp; 385568 |
| Term Loan (3 mo. Term SOFR + 5.00%) | 8.93% | 12/31/2026 |  | $2015 | &nbsp;&nbsp; 1937161 |
| Fortis 333, Inc. (Ineos Composites), Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 03/27/2032 |  | 878 | &nbsp;&nbsp; 874797 |
| Hasa Intermediate Holdings LLC |  |  |  |  |  |
| Incremental Delayed Draw Term Loan<sup>(e)(f)</sup> <br>| 0.00% | 01/10/2029 |  | 324 | &nbsp;&nbsp; 324392 |
| Incremental Term Loan (3 mo. Term SOFR + 4.50%)<sup>(e)</sup> <br>| 8.16% | 01/10/2029 |  | 3259 | &nbsp;&nbsp; 3258739 |
| Revolver Loan<sup>(e)(f)</sup> <br>| 0.00% | 01/10/2029 |  | 566 | &nbsp;&nbsp; 566475 |
| Revolver Loan (3 mo. Term SOFR + 4.50%)<sup>(e)</sup> <br>| 8.24% | 01/10/2029 |  | 1007 | &nbsp;&nbsp; 1007067 |
| Hexion International Holdings B.V., Term Loan B<sup>(d)</sup> <br>| – | 03/15/2029 |  | 3108 | &nbsp;&nbsp; 3055679 |
| Ineos Quattro (STYRO), Term Loan B<sup>(d)</sup> <br>| – | 04/02/2029 |  | 1407 | &nbsp;&nbsp; 1151374 |
| Ineos US Finance LLC |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 3.25%) | 6.92% | 02/18/2030 |  | 880 | &nbsp;&nbsp; 743751 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 02/07/2031 |  | 6285 | &nbsp;&nbsp; 5373997 |
| Nouryon Finance B.V., Term Loan B-1 (6 mo. Term SOFR + 3.25%) | 7.04% | 04/03/2028 |  | 937 | &nbsp;&nbsp; 938312 |
| Oxea Corp. (OQ Chemicals) (Oman) |  |  |  |  |  |
| Term Loan B-1 (3 mo. EURIBOR + 4.25%) | 6.28% | 04/07/2031 | EUR | 10372 | &nbsp;&nbsp; 8860910 |
| Term Loan B-2 (3 mo. Term SOFR + 4.35%) | 8.00% | 04/07/2031 |  | 7194 | &nbsp;&nbsp; 5298421 |
| Proampac PG Borrower LLC, Term Loan (3 mo. Term SOFR + 4.00%) | 7.67% | 09/15/2028 |  | 10333 | &nbsp;&nbsp; 10216750 |
| USALCO LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 09/30/2031 |  | 379 | &nbsp;&nbsp; 379493 |
| Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 09/30/2031 |  | 3637 | &nbsp;&nbsp; 3646573 |
| V Global Holdings LLC |  |  |  |  |  |
| Revolver Loan (1 mo. Term SOFR + 5.85%)<sup>(e)</sup> <br>| 9.52% | 01/02/2029 |  | 1031 | &nbsp;&nbsp; 960860 |
| Revolver Loan<sup>(e)(f)</sup> <br>| 0.00% | 01/02/2029 |  | 1791 | &nbsp;&nbsp; 1669399 |
| Term Loan (3 mo. Term SOFR + 2.70%)<sup>(e)</sup> <br>| 9.55% | 01/02/2029 |  | 22566 | &nbsp;&nbsp; 21031519 |
|  |  |  |  |  | &nbsp;&nbsp; 121922932 |
| **Clothing & Textiles–0.78%** | **Clothing & Textiles–0.78%** | **Clothing & Textiles–0.78%** | **Clothing & Textiles–0.78%** |  |  |
| ABG Intermediate Holdings 2 LLC |  |  |  |  |  |
| Incremental Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 02/12/2032 |  | 5186 | &nbsp;&nbsp; 5150486 |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 12/21/2028 |  | 6133 | &nbsp;&nbsp; 6123179 |
| Varsity Brands Holding Co., Inc., Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 08/26/2031 |  | 4259 | &nbsp;&nbsp; 4253365 |
|  |  |  |  |  | &nbsp;&nbsp; 15527030 |
| **Conglomerates–0.20%** | **Conglomerates–0.20%** | **Conglomerates–0.20%** | **Conglomerates–0.20%** |  |  |
| CoorsTek, Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/28/2032 |  | 3984 | &nbsp;&nbsp; 4009731 |
| **Containers & Glass Products–3.87%** | **Containers & Glass Products–3.87%** | **Containers & Glass Products–3.87%** | **Containers & Glass Products–3.87%** |  |  |
| Berlin Packaging LLC, Term Loan (3 mo. Term SOFR + 3.25%) | 6.92% | 06/07/2031 |  | 9966 | &nbsp;&nbsp; 9930970 |
| BradyPLUS Holdings LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 12/13/2032 |  | 6853 | &nbsp;&nbsp; 6812370 |
| Flex Acquisition Co., Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 04/30/2032 |  | 8435 | &nbsp;&nbsp; 8361670 |
| Graham Packaging Co., Inc., Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 01/14/2033 |  | 4173 | &nbsp;&nbsp; 4170197 |
| Iris Holding, Inc. (Intertape), First Lien Term Loan (3 mo. Term SOFR + 4.85%) | 8.52% | 06/28/2028 |  | 6048 | &nbsp;&nbsp; 5920939 |
| Libbey Glass LLC, Term Loan B (3 mo. Term SOFR + 6.65%)<sup>(e)</sup> <br>| 10.32% | 11/22/2027 |  | 14282 | &nbsp;&nbsp; 13800920 |
| Mold-Rite Plastics LLC (Valcour Packaging LLC) |  |  |  |  |  |
| Term Loan A-1 (1 mo. Term SOFR + 5.25%) | 8.92% | 10/04/2028 |  | 4770 | &nbsp;&nbsp; 4770014 |
| Term Loan A-2 (1 mo. Term SOFR + 3.86%) | 5.28% | 10/04/2028 |  | 6961 | &nbsp;&nbsp; 5278803 |
| Plastipak Packaging, Inc., Term Loan (1 mo. Term SOFR + 2.50%) | 6.17% | 09/24/2032 |  | 5658 | &nbsp;&nbsp; 5659539 |
| Pregis Corp., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 02/01/2029 |  | 4584 | &nbsp;&nbsp; 4601350 |
| Refresco (Pegasus Bidco B.V.) (Netherlands), Term Loan B (3 mo. Term SOFR + 2.75%) | 0.00% | 07/12/2029 |  | 2004 | &nbsp;&nbsp; 2006863 |
| Ring Container Technologies Group LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 09/10/2032 |  | 2127 | &nbsp;&nbsp; 2130981 |
| TricorBraun, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 03/03/2031 |  | 3245 | &nbsp;&nbsp; 3115263 |
|  |  |  |  |  | &nbsp;&nbsp; 76559879 |
| **Cosmetics & Toiletries–0.85%** | **Cosmetics & Toiletries–0.85%** | **Cosmetics & Toiletries–0.85%** | **Cosmetics & Toiletries–0.85%** |  |  |
| Bausch and Lomb, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 7.42% | 01/30/2031 |  | 7989 | &nbsp;&nbsp; 8007148 |
| KDC/ONE Development Corp., Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 08/15/2028 |  | 1594 | &nbsp;&nbsp; 1582670 |

---

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

**5**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Cosmetics & Toiletries–(continued)** | **Cosmetics & Toiletries–(continued)** | **Cosmetics & Toiletries–(continued)** | **Cosmetics & Toiletries–(continued)** |  |  |
| Reckitt Essential Home (Lavender B.V./US Holdco), Term Loan (3 mo. Term SOFR + <br> 3.25%)<br>| 6.93% | 12/30/2032 |  | $2470 | &nbsp;&nbsp; $2473221 |
| Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 4.75%) | 6.78% | 06/29/2028 | EUR | 4350 | &nbsp;&nbsp; 4714629 |
|  |  |  |  |  | &nbsp;&nbsp; 16777668 |
| **Drugs–0.15%** | **Drugs–0.15%** | **Drugs–0.15%** | **Drugs–0.15%** |  |  |
| Alkermes, Inc., Term Loan (1 mo. Term SOFR + 2.75%) | 6.42% | 08/12/2031 |  | 1741 | &nbsp;&nbsp; 1741688 |
| Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. Term SOFR + 2.10%) | 5.77% | 11/15/2027 |  | 1171 | &nbsp;&nbsp; 1170816 |
|  |  |  |  |  | &nbsp;&nbsp; 2912504 |
| **Ecological Services & Equipment–1.94%** | **Ecological Services & Equipment–1.94%** | **Ecological Services & Equipment–1.94%** | **Ecological Services & Equipment–1.94%** |  |  |
| Anticimex Global AB (Sweden), Term Loan (3 mo. Term SOFR + 2.90%) | 6.56% | 11/17/2031 |  | 5001 | &nbsp;&nbsp; 5016291 |
| Arden University (BidCo Ltd.) (United Kingdom), Term Loan (3 mo. EURIBOR + 4.75%) | 6.76% | 10/13/2032 | EUR | 2519 | &nbsp;&nbsp; 2885708 |
| Deep Blue Midland Basin LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 10/01/2032 |  | 3238 | &nbsp;&nbsp; 3256278 |
| EnergySolutions LLC, Term Loan (1 mo. Term SOFR + 3.25%) | 6.92% | 09/20/2030 |  | 7535 | &nbsp;&nbsp; 7587997 |
| Erie US Merger Sub, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.27% | 03/03/2032 |  | 7290 | &nbsp;&nbsp; 7307932 |
| Groundworks LLC, Term Loan (3 mo. Term SOFR + 3.50%) | 6.67% | 03/14/2031 |  | 7508 | &nbsp;&nbsp; 7518277 |
| MIP V Waste LLC (GreenWaste), Term Loan B (3 mo. Term SOFR + 2.75%)<sup>(e)</sup> <br>| 6.42% | 08/13/2032 |  | 1189 | &nbsp;&nbsp; 1190365 |
| Tidal Waste & Recycling Holdings LLC (Coastal Waste & Recyling), Term Loan (3 mo. Term <br> SOFR + 2.75%)<br>| 6.42% | 10/24/2031 |  | 3594 | &nbsp;&nbsp; 3607152 |
|  |  |  |  |  | &nbsp;&nbsp; 38370000 |
| **Electronics & Electrical–8.27%** | **Electronics & Electrical–8.27%** | **Electronics & Electrical–8.27%** | **Electronics & Electrical–8.27%** |  |  |
| Allegro MicroSystems, Inc. (Japan), Term Loan B (1 mo. Term SOFR + 1.75%)<sup>(e)</sup> <br>| 5.42% | 01/28/2030 |  | 438 | &nbsp;&nbsp; 436506 |
| Boxer Parent Co., Inc., Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 07/30/2031 |  | 2 | &nbsp;&nbsp; 2317 |
| Delta Topco, Inc. (Infoblox, Inc.), Term Loan B (3 mo. Term SOFR + 2.75%) | 6.44% | 11/30/2029 |  | 3465 | &nbsp;&nbsp; 3248278 |
| Duck Creek Technologies, Inc. (Disco Parent, Inc.), Term Loan (3 mo. Term SOFR + <br> 3.00%)<br>| 6.67% | 08/15/2032 |  | 1865 | &nbsp;&nbsp; 1823309 |
| EverCommerce, Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 07/07/2031 |  | 3746 | &nbsp;&nbsp; 3648924 |
| Exclusive (Networks Everest/Etna French Bidco) (France) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 12/10/2031 | EUR | 177 | &nbsp;&nbsp; 200692 |
| Delayed Draw Term Loan | 4.50% | 12/10/2031 | EUR | 135 | &nbsp;&nbsp; 152512 |
| Term Loan B-1 (3 mo. EURIBOR + 4.50%) | 0.00% | 12/14/2031 | EUR | 1966 | &nbsp;&nbsp; 2222623 |
| Term Loan B-2 (3 mo. EURIBOR + 4.50%) | 0.00% | 12/14/2031 | EUR | 972 | &nbsp;&nbsp; 1098496 |
| Exclusive Group (France) |  |  |  |  |  |
| Term Loan B-1 (3 mo. Term SOFR + 4.50%)<sup>(e)</sup> <br>| 8.15% | 12/14/2031 |  | 2861 | &nbsp;&nbsp; 2710389 |
| Term Loan B-2 (3 mo. Term SOFR + 4.50%)<sup>(e)</sup> <br>| 8.15% | 12/05/2031 |  | 1425 | &nbsp;&nbsp; 1350119 |
| Gryphon Debt Merger Sub, Inc. (aka Altera) (United Kingdom), Term Loan B (6 mo. Term <br> SOFR + 3.00%)<br>| 6.88% | 09/10/2032 |  | 6906 | &nbsp;&nbsp; 6918509 |
| Idemia Group S.A.S. (Oberthur Tech/Morpho/OBETEC), Term Loan B-5 (3 mo. Term SOFR <br> + 4.25%)<br>| 7.92% | 09/30/2028 |  | 6386 | &nbsp;&nbsp; 6278710 |
| Infinite Electronics |  |  |  |  |  |
| First Lien Incremental Term Loan (3 mo. Term SOFR + 6.25%)<sup>(e)</sup> <br>| 9.91% | 03/02/2028 |  | 1342 | &nbsp;&nbsp; 1335084 |
| First Lien Term Loan (3 mo. Term SOFR + 4.01%) | 7.68% | 03/02/2028 |  | 10146 | &nbsp;&nbsp; 9829067 |
| Second Lien Term Loan (3 mo. Term SOFR + 7.26%) | 10.93% | 03/02/2029 |  | 749 | &nbsp;&nbsp; 704531 |
| Instructure Holdings, Inc., Term Loan (3 mo. Term SOFR + 2.75%) | 6.44% | 11/13/2031 |  | 3745 | &nbsp;&nbsp; 3556020 |
| ION Platform Finance US, Inc., Term Loan (3 mo. Term SOFR + 3.75%) | 7.42% | 09/30/2032 |  | 9851 | &nbsp;&nbsp; 8145381 |
| KnowBe4 (aka Oranje MidCo. LLC), Term Loan B (3 mo. Term SOFR + 3.75%) | 7.42% | 07/26/2032 |  | 4776 | &nbsp;&nbsp; 4142795 |
| Learning Pool (Brook Bidco Ltd.) (United Kingdom) |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 7.18%)<sup>(e)</sup> <br>| 10.85% | 08/17/2028 |  | 6650 | &nbsp;&nbsp; 6457142 |
| Term Loan (3 mo. GBP SONIA + 7.09%)<sup>(e)</sup> <br>| 11.82% | 08/17/2028 | GBP | 536 | &nbsp;&nbsp; 701126 |
| Term Loan (6 mo. Term SOFR + 7.00%)<sup>(e)</sup> <br>| 10.62% | 08/17/2028 |  | 2533 | &nbsp;&nbsp; 2459963 |
| Term Loan B (6 mo. GBP SONIA + 6.50%)<sup>(e)</sup> <br>| 11.23% | 07/10/2028 | GBP | 2099 | &nbsp;&nbsp; 2746093 |
| Mavenir Systems, Inc., Second Lien Term Loan<sup>(e)</sup> <br>| 12.00% | 07/26/2030 |  | 1155 | &nbsp;&nbsp; 837447 |
| McAfee Enterprise, Term Loan (3 mo. Term SOFR + 6.25%) | 9.92% | 07/27/2028 |  | 5881 | &nbsp;&nbsp; 5841379 |
| McAfee LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 03/01/2029 |  | 2323 | &nbsp;&nbsp; 2036827 |
| Mirion Technologies, Inc., Term Loan B (3 mo. Term SOFR + 2.00%)<sup>(e)</sup> <br>| 5.67% | 06/04/2032 |  | 3241 | &nbsp;&nbsp; 3257423 |
| Modena Buyer LLC (End User Computing), Term Loan (3 mo. Term SOFR + 4.25%) | 7.92% | 07/01/2031 |  | 5746 | &nbsp;&nbsp; 5087447 |

---

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

**6**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Electronics & Electrical–(continued)** | **Electronics & Electrical–(continued)** | **Electronics & Electrical–(continued)** | **Electronics & Electrical–(continued)** |  |  |
| Native Instruments (Music Creation Group GmbH/APTUS) (Germany), Term Loan B (3 mo. <br> EURIBOR + 7.00%) <br>(Acquired 01/14/2022-06/10/2025; Cost $4,605,486)<sup>(e)(g)</sup> <br>| 9.07% | 03/03/2028 | EUR | 4067 | &nbsp;&nbsp; $1206269 |
| Proofpoint, Inc., Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 08/31/2028 |  | $14624 | &nbsp;&nbsp; 14041133 |
| Quest Software US Holdings, Inc. |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 4.40%) | 8.07% | 02/01/2029 |  | 12691 | &nbsp;&nbsp; 8643348 |
| First Lien Term Loan (3 mo. Term SOFR + 6.00%) | 9.67% | 02/01/2029 |  | 7491 | &nbsp;&nbsp; 7475552 |
| RANGE RED OPER, Inc., Second Lien Term Loan (3 mo. Term SOFR + 8.11%)<sup>(e)</sup> <br>| 11.76% | 10/01/2029 |  | 8 | &nbsp;&nbsp; 0 |
| Renaissance Holding Corp., Term Loan (3 mo. Term SOFR + 4.00%) | 7.67% | 04/05/2030 |  | 10082 | &nbsp;&nbsp; 7642211 |
| Resideo Funding, Inc., Term Loan B (3 mo. Term SOFR + 2.00%) | 5.72% | 08/09/2032 |  | 2932 | &nbsp;&nbsp; 2926105 |
| SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 5.00%) <br>(Acquired 08/16/2023-12/13/2023; Cost $7,678,926)<sup>(g)</sup> <br>| 8.67% | 05/18/2028 |  | 7799 | &nbsp;&nbsp; 2551525 |
| STG-Fairway Acquisitions, Inc., First Lien Term Loan B-3 (1 mo. Term SOFR + 2.75%) | 6.42% | 10/31/2031 |  | 5256 | &nbsp;&nbsp; 5048654 |
| Storable, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 04/17/2031 |  | 3147 | &nbsp;&nbsp; 3019012 |
| Ultimate Software Group, Inc., First Lien Term Loan (3 mo. Term SOFR + 2.50%) | 6.17% | 02/10/2031 |  | 4679 | &nbsp;&nbsp; 4441709 |
| UST Holdings Ltd., Term Loan B (1 mo. Term SOFR + 3.00%)<sup>(e)</sup> <br>| 6.68% | 11/20/2028 |  | 8146 | &nbsp;&nbsp; 7881113 |
| Utimaco (SGT Ultimate BidCo GmbH) (Germany) |  |  |  |  |  |
| Term Loan B-1 (6 mo. EURIBOR + 5.50%)<sup>(e)</sup> <br>| 7.62% | 05/31/2029 | EUR | 6642 | &nbsp;&nbsp; 7848602 |
| Term Loan B-2 (6 mo. Term SOFR + 5.93%)<sup>(e)</sup> <br>| 9.84% | 05/31/2029 |  | 3750 | &nbsp;&nbsp; 3749840 |
|  |  |  |  |  | &nbsp;&nbsp; 163704182 |
| **Farming/Agriculture–0.08%** | **Farming/Agriculture–0.08%** | **Farming/Agriculture–0.08%** | **Farming/Agriculture–0.08%** |  |  |
| Rovensa (Root Bidco S.a.r.l.) (Luxembourg), Term Loan (3 mo. EURIBOR + 5.00%) | 7.02% | 09/27/2030 | EUR | 1400 | &nbsp;&nbsp; 1646771 |
| **Financial Intermediaries–2.58%** | **Financial Intermediaries–2.58%** | **Financial Intermediaries–2.58%** | **Financial Intermediaries–2.58%** |  |  |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(e)(f)</sup> <br>| 0.00% | 10/01/2032 | EUR | 607 | &nbsp;&nbsp; 716674 |
| Term Loan (1 mo. EURIBOR + 1.50%)<sup>(e)</sup> <br>| 10.50% | 01/01/2030 | EUR | 461 | &nbsp;&nbsp; 545236 |
| Term Loan (3 mo. EURIBOR + 4.00%)<sup>(e)</sup> <br>| 6.02% | 01/15/2030 | EUR | 4511 | &nbsp;&nbsp; 4999760 |
| Term Loan (1 yr. EURIBOR + 0.02%)<sup>(e)</sup> <br>| 0.02% | 10/31/2031 | EUR | 3690 | &nbsp;&nbsp; 0 |
| AssetMark Financial Holdings, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.16% | 09/05/2031 |  | 3825 | &nbsp;&nbsp; 3761814 |
| Broadstreet Partners, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 06/13/2031 |  | 6984 | &nbsp;&nbsp; 6706441 |
| Citrin Cooperman Advisors LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 04/01/2032 |  | 1021 | &nbsp;&nbsp; 990445 |
| Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 03/31/2032 |  | 4892 | &nbsp;&nbsp; 4696457 |
| Eisner Advisory Group LLC |  |  |  |  |  |
| Delayed Draw Term Loan (1 mo. Term SOFR + 4.00%)<sup>(e)</sup> <br>| 7.67% | 02/28/2031 |  | 1036 | &nbsp;&nbsp; 1033485 |
| Delayed Draw Term Loan<sup>(e)(f)</sup> <br>| 0.00% | 02/28/2031 |  | 909 | &nbsp;&nbsp; 906565 |
| Incremental Term Loan (1 mo. Term SOFR + 4.00%) | 7.67% | 02/28/2031 |  | 8580 | &nbsp;&nbsp; 8351545 |
| Grant Thornton Advisors LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 06/02/2031 |  | 13019 | &nbsp;&nbsp; 12135348 |
| Hightower Holding LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 6.41% | 02/03/2032 |  | 954 | &nbsp;&nbsp; 942334 |
| Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 7.67% | 01/14/2033 |  | 3835 | &nbsp;&nbsp; 3748604 |
| Tricor (Thevelia/Vistra-Virtue), Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 06/18/2029 |  | 1581 | &nbsp;&nbsp; 1565392 |
|  |  |  |  |  | &nbsp;&nbsp; 51100100 |
| **Food & Drug Retailers–0.04%** | **Food & Drug Retailers–0.04%** | **Food & Drug Retailers–0.04%** | **Food & Drug Retailers–0.04%** |  |  |
| Prosol (Helia Bidco/ZF Invest/ZF Bidco) (France), Term Loan B <sup>(d)</sup> <br>| – | 07/12/2033 | EUR | 616 | &nbsp;&nbsp; 731567 |
| **Food Products–2.52%** | **Food Products–2.52%** | **Food Products–2.52%** | **Food Products–2.52%** |  |  |
| Arnott's (Snacking Investments US LLC), Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/08/2032 |  | 3966 | &nbsp;&nbsp; 3970684 |
| Cerelia (France), Term Loan B<sup>(d)</sup> <br>| – | 06/24/2032 | EUR | 544 | &nbsp;&nbsp; 642278 |
| CHG PPC Parent LLC, Term Loan B (1 mo. Term SOFR + 3.11%) | 6.79% | 12/08/2028 |  | 1131 | &nbsp;&nbsp; 1133412 |
| Chobani, Inc., Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 10/22/2032 |  | 2246 | &nbsp;&nbsp; 2257082 |
| Flora Foods (Netherlands), Term Loan (3 mo. Term SOFR + 4.25%) | 7.90% | 10/31/2030 |  | 8517 | &nbsp;&nbsp; 8339944 |

---

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

**7**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Food Products–(continued)** | **Food Products–(continued)** | **Food Products–(continued)** | **Food Products–(continued)** |  |  |
| Florida Food Products LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 5.50%) | 9.15% | 10/15/2030 |  | $3407 | &nbsp;&nbsp; $3376031 |
| First Lien Term Loan B (3 mo. Term SOFR + 5.50%) | 9.15% | 10/15/2030 |  | 2331 | &nbsp;&nbsp; 2309419 |
| Second Lien Term Loan (3 mo. Term SOFR + 5.00%) | 8.91% | 10/15/2030 |  | 49 | &nbsp;&nbsp; 36208 |
| Second Lien Term Loan A (3 mo. Term SOFR + 5.11%) | 8.76% | 10/15/2030 |  | 12320 | &nbsp;&nbsp; 9043375 |
| Second Lien Term Loan B (3 mo. Term SOFR + 5.00%) | 8.65% | 10/15/2030 |  | 2935 | &nbsp;&nbsp; 2154499 |
| Second Lien Term Loan C (3 mo. Term SOFR + 5.11%) | 8.76% | 10/15/2030 |  | 453 | &nbsp;&nbsp; 332777 |
| Term Loan C (3 mo. Term SOFR + 5.50%) | 9.15% | 10/15/2030 |  | 555 | &nbsp;&nbsp; 550197 |
| Third Lien Term Loan (3 mo. Term SOFR + 8.11%) | 11.76% | 04/15/2031 |  | 2413 | &nbsp;&nbsp; 844416 |
| Glacier/Iceberg Acquisitions UK Ltd. (United Kingdom), Term Loan<sup>(d)</sup> <br>| – | 02/11/2033 | EUR | 2000 | &nbsp;&nbsp; 2325779 |
| Solina Group Services (Powder Bidco) (France), Term Loan B (3 mo. Term SOFR + <br> 3.25%)<br>| 6.98% | 03/07/2029 |  | 5916 | &nbsp;&nbsp; 5961653 |
| TreeHouse Foods, Inc., Term Loan B<sup>(d)</sup> <br>| – | 02/03/2033 |  | 3762 | &nbsp;&nbsp; 3716900 |
| Valeo Foods (Platform Bidco Ltd) (Ireland), Term Loan<sup>(d)</sup> <br>| – | 09/29/2031 | EUR | 355 | &nbsp;&nbsp; 412562 |
| Valeo Foods (Platform Bidco Ltd.), Term Loan B<sup>(d)</sup> <br>| – | 09/29/2028 | EUR | 2137 | &nbsp;&nbsp; 2499715 |
|  |  |  |  |  | &nbsp;&nbsp; 49906931 |
| **Food Service–1.35%** | **Food Service–1.35%** | **Food Service–1.35%** | **Food Service–1.35%** |  |  |
| Gategroup (Switzerland), Term Loan (3 mo. Term SOFR + 3.50%) | 7.20% | 06/10/2032 |  | 2640 | &nbsp;&nbsp; 2650569 |
| IRB Holding Corp., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 12/15/2030 |  | 11519 | &nbsp;&nbsp; 11492324 |
| Selecta Group B.V. (Switzerland) |  |  |  |  |  |
| Revolver Loan<sup>(e)(f)</sup> <br>| 0.00% | 08/01/2030 | EUR | 2175 | &nbsp;&nbsp; 2502553 |
| Revolver Loan (6 mo. EURIBOR + 5.50%)<sup>(e)</sup> <br>| 7.66% | 08/01/2030 | EUR | 5815 | &nbsp;&nbsp; 6691373 |
| Upfield B.V. (Netherlands), Term Loan (6 mo. EURIBOR + 4.25%) | 6.35% | 04/02/2029 | EUR | 3000 | &nbsp;&nbsp; 3474932 |
|  |  |  |  |  | &nbsp;&nbsp; 26811751 |
| **Forest Products–1.20%** | **Forest Products–1.20%** | **Forest Products–1.20%** | **Forest Products–1.20%** |  |  |
| Charter NEX US, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 11/29/2030 |  | 8143 | &nbsp;&nbsp; 8148487 |
| NewLife Forest Restoration LLC, Term Loan <br>(Acquired 01/29/2024-02/27/2026; Cost $5,282,172)<sup>(e)(g)</sup> <br>| 10.00% | 04/10/2029 |  | 4967 | &nbsp;&nbsp; 4966691 |
| Proampac PG Borrower LLC, Term Loan<sup>(d)(e)</sup> <br>| – | 09/15/2028 |  | 10755 | &nbsp;&nbsp; 10634276 |
|  |  |  |  |  | &nbsp;&nbsp; 23749454 |
| **Health Care–5.54%** | **Health Care–5.54%** | **Health Care–5.54%** | **Health Care–5.54%** |  |  |
| Ascend Learning LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 12/10/2028 |  | 1375 | &nbsp;&nbsp; 1313184 |
| BioMarin Pharmaceutical, Inc., Term Loan<sup>(d)</sup> <br>| – | 01/28/2033 |  | 1742 | &nbsp;&nbsp; 1742144 |
| Boots Group Finco L.P. (United Kingdom), Term Loan B (3 mo. Term SOFR + 3.25%) | 6.96% | 08/30/2032 |  | 2555 | &nbsp;&nbsp; 2562203 |
| Cerba (Chrome Bidco) (France) |  |  |  |  |  |
| Incremental Term Loan C (6 mo. EURIBOR + 3.95%) | 6.09% | 02/16/2029 | EUR | 3806 | &nbsp;&nbsp; 3367053 |
| Term Loan B (6 mo. EURIBOR + 3.70%) | 5.84% | 06/30/2028 | EUR | 11025 | &nbsp;&nbsp; 9727666 |
| Certara Holdco, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)<sup>(e)</sup> <br>| 6.42% | 06/26/2031 |  | 1373 | &nbsp;&nbsp; 1375969 |
| Global Medical Response, Inc., Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 10/01/2032 |  | 8977 | &nbsp;&nbsp; 8989594 |
| Hologic, Inc., Term Loan B<sup>(d)</sup> <br>| – | 01/14/2033 |  | 6186 | &nbsp;&nbsp; 6120167 |
| ImageFirst, Term Loan B (3 mo. Term SOFR + 3.00%) | 8.75% | 03/15/2032 |  | 4297 | &nbsp;&nbsp; 4285905 |
| International SOS L.P. (AEA International), Term Loan B (3 mo. Term SOFR + 2.75%)<sup>(e)</sup> <br>| 6.42% | 09/07/2028 |  | 5251 | &nbsp;&nbsp; 5244932 |
| MB2 Dental Solutions LLC |  |  |  |  |  |
| Delayed Draw Term Loan (1 mo. Term SOFR + 5.50%)<sup>(e)</sup> <br>| 9.17% | 02/13/2031 |  | 491 | &nbsp;&nbsp; 495655 |
| Delayed Draw Term Loan (1 mo. Term SOFR + 5.50%)<sup>(e)</sup> <br>| 9.17% | 02/15/2031 |  | 587 | &nbsp;&nbsp; 592764 |
| Delayed Draw Term Loan<sup>(e)(f)</sup> <br>| 0.00% | 02/13/2031 |  | 345 | &nbsp;&nbsp; 348844 |
| Revolver Loan (1 mo. Term SOFR + 5.50%)<sup>(e)(f)</sup> <br>| 0.00% | 02/13/2031 |  | 286 | &nbsp;&nbsp; 285668 |
| Term Loan (1 mo. Term SOFR + 5.50%)<sup>(e)</sup> <br>| 9.17% | 02/13/2031 |  | 4053 | &nbsp;&nbsp; 4093392 |
| MedAssets Software Intermediate Holdings, Inc. (nThrive TSG) |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 5.25%) | 8.94% | 12/17/2028 |  | 2441 | &nbsp;&nbsp; 2111698 |
| Term Loan (3 mo. Term SOFR + 4.00%) | 7.69% | 12/17/2028 |  | 4528 | &nbsp;&nbsp; 3824147 |
| Term Loan (1 mo. Term SOFR + 4.11%) | 7.79% | 12/17/2028 |  | 4498 | &nbsp;&nbsp; 2119506 |
| Term Loan (1 mo. Term SOFR + 6.86%) | 10.54% | 12/17/2029 |  | 269 | &nbsp;&nbsp; 122293 |
| Median Kliniken (Median B.V, Remedco GER B.V) (Netherlands), Term Loan (3 mo. <br> EURIBOR + 4.93%)<br>| 6.94% | 10/14/2027 | EUR | 1617 | &nbsp;&nbsp; 1864785 |
| MJH Healthcare Holdings LLC, Term Loan (1 mo. Term SOFR + 2.75%) | 6.42% | 01/29/2029 |  | 2376 | &nbsp;&nbsp; 2173300 |
| Opella (France), Term Loan (3 mo. Term SOFR + 3.00%) | 6.69% | 04/28/2032 |  | 8292 | &nbsp;&nbsp; 8292671 |

---

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

**8**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Health Care–(continued)** | **Health Care–(continued)** | **Health Care–(continued)** | **Health Care–(continued)** |  |  |
| Organon & Co., Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 05/19/2031 |  | $3431 | &nbsp;&nbsp; $3325609 |
| PAREXEL International Corp., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 12/09/2031 |  | 2614 | &nbsp;&nbsp; 2587020 |
| Pathway Vet Alliance LLC, First Lien Term Loan (3 mo. Term SOFR + 5.00%) | 8.67% | 06/30/2028 |  | 3810 | &nbsp;&nbsp; 3813031 |
| Precision Medicine Group LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 08/13/2032 |  | 3673 | &nbsp;&nbsp; 3676719 |
| Quidel Ortho Corp., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 08/13/2032 |  | 3381 | &nbsp;&nbsp; 3383784 |
| Sharp Services LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 09/15/2032 |  | 408 | &nbsp;&nbsp; 409708 |
| Southern Veterinary Partners LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.18% | 12/04/2031 |  | 3836 | &nbsp;&nbsp; 3832571 |
| Summit Behavioral Healthcare LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 4.51%) | 8.18% | 12/31/2029 |  | 3536 | &nbsp;&nbsp; 3017416 |
| Term Loan (3 mo. Term SOFR + 6.01%) | 9.68% | 12/31/2029 |  | 293 | &nbsp;&nbsp; 302446 |
| TEAM Services Group LLC |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 5.25%) | 8.92% | 12/20/2027 |  | 5443 | &nbsp;&nbsp; 5445679 |
| Term Loan B (3 mo. Term SOFR + 5.26%) | 8.93% | 12/20/2027 |  | 1436 | &nbsp;&nbsp; 1435944 |
| TTF Holdings LLC (Soliant), Term Loan B (6 mo. Term SOFR + 3.75%) | 7.38% | 07/18/2031 |  | 10064 | &nbsp;&nbsp; 7447075 |
|  |  |  |  |  | &nbsp;&nbsp; 109730542 |
| **Home Furnishings–1.14%** | **Home Furnishings–1.14%** | **Home Furnishings–1.14%** | **Home Furnishings–1.14%** |  |  |
| HNI Corp., Term Loan (1 mo. Term SOFR + 2.00%) | 5.67% | 12/10/2032 |  | 1839 | &nbsp;&nbsp; 1853394 |
| Hunter Douglas Holding B.V. (Netherlands), Term Loan B-1 (3 mo. Term SOFR + 3.00%) | 6.67% | 01/17/2032 |  | 2558 | &nbsp;&nbsp; 2561567 |
| Kidde Global Solutions, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 12/02/2031 |  | 3036 | &nbsp;&nbsp; 3039962 |
| Serta Simmons Bedding LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 7.61%)<sup>(e)</sup> <br>| 11.28% | 06/29/2028 |  | 695 | &nbsp;&nbsp; 696297 |
| Term Loan (3 mo. Term SOFR + 7.61%) | 11.29% | 06/29/2028 |  | 9556 | &nbsp;&nbsp; 8999138 |
| Tempur Sealy International, Inc., Term Loan B (1 mo. Term SOFR + 2.25%) | 5.91% | 10/24/2031 |  | 5300 | &nbsp;&nbsp; 5333409 |
|  |  |  |  |  | &nbsp;&nbsp; 22483767 |
| **Industrial Equipment–3.26%** | **Industrial Equipment–3.26%** | **Industrial Equipment–3.26%** | **Industrial Equipment–3.26%** |  |  |
| Alliance Laundry Systems LLC, Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 08/19/2031 |  | 193 | &nbsp;&nbsp; 193475 |
| Chart Industries, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.16% | 03/15/2030 |  | 1293 | &nbsp;&nbsp; 1296346 |
| Cleanova US Holdings LLC, Term Loan B (3 mo. Term SOFR + 4.75%)<sup>(e)</sup> <br>| 8.48% | 06/14/2032 |  | 3216 | &nbsp;&nbsp; 3223862 |
| Columbus Mckinnon Corp., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.16% | 01/31/2033 |  | 3539 | &nbsp;&nbsp; 3533593 |
| CompoSecure Holdings L.L.C., Term Loan B (1 mo. Term SOFR + 2.25%) | 5.91% | 01/07/2033 |  | 918 | &nbsp;&nbsp; 914931 |
| Cooper Machinery/Astro Acquisition, Term Loan (6 mo. Term SOFR + 3.25%) | 7.12% | 08/13/2032 |  | 795 | &nbsp;&nbsp; 799681 |
| DXP Enterprises, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 10/11/2030 |  | 5030 | &nbsp;&nbsp; 5065382 |
| Flow Merger Sub., Inc., Term Loan B<sup>(d)</sup> <br>| – | 03/04/2033 |  | 743 | &nbsp;&nbsp; 741285 |
| Kantar (Summer BC Bidco/KANGRP) (Luxembourg) |  |  |  |  |  |
| Revolver Loan<sup>(e)</sup> <br>| 1.05% | 06/04/2026 |  | 666 | &nbsp;&nbsp; 615876 |
| Term Loan (3 mo. EURIBOR + 4.50%) | 6.54% | 01/31/2029 | EUR | 279 | &nbsp;&nbsp; 293951 |
| Term Loan B (3 mo. EURIBOR + 4.50%) | 6.54% | 01/31/2029 | EUR | 1220 | &nbsp;&nbsp; 1287119 |
| Term Loan B (3 mo. Term SOFR + 5.26%) | 8.93% | 02/15/2029 |  | 10132 | &nbsp;&nbsp; 9020010 |
| LSF12 Helix Parent LLC (Hillenbrand), Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 01/21/2033 |  | 1193 | &nbsp;&nbsp; 1193289 |
| Madison IAQ LLC, Term Loan (6 mo. Term SOFR + 2.75%) | 6.38% | 11/08/2032 |  | 5721 | &nbsp;&nbsp; 5740964 |
| Minimax (-Viking GmbH, - MX Holdings US, Inc.), Term Loan B (1 mo. Term SOFR + <br> 2.00%)<br>| 5.67% | 03/17/2032 |  | 344 | &nbsp;&nbsp; 344712 |
| Rehlko, Term Loan (3 mo. Term SOFR + 3.00%) | 6.66% | 05/01/2031 |  | 4343 | &nbsp;&nbsp; 4348814 |
| Sanmina Corp., Term Loan (1 mo. Term SOFR + 2.00%)<sup>(e)</sup> <br>| 5.67% | 10/27/2032 |  | 1078 | &nbsp;&nbsp; 1083330 |
| SGB-SMIT MidCo GmbH (Netherlands), Term Loan<sup>(d)</sup> <br>| – | 02/11/2033 | EUR | 1266 | &nbsp;&nbsp; 1507538 |
| STS Operating, Inc. (Sunsource), Term Loan (1 mo. Term SOFR + 4.10%) | 7.77% | 03/25/2031 |  | 1872 | &nbsp;&nbsp; 1872657 |
| Summer (BC) Holdco B S.a r.l (Luxembourg), Revolver Loan<sup>(e)(f)</sup> <br>| 0.00% | 06/04/2026 |  | 6334 | &nbsp;&nbsp; 5859124 |
| Tank Holding Corp. |  |  |  |  |  |
| Revolver Loan<sup>(e)(f)</sup> <br>| 0.00% | 03/31/2028 |  | 1702 | &nbsp;&nbsp; 1566579 |
| Term Loan (1 mo. Term SOFR + 5.85%) | 9.52% | 03/31/2028 |  | 5566 | &nbsp;&nbsp; 5075365 |
| Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany) |  |  |  |  |  |
| Term Loan B (6 mo. EURIBOR + 3.00%) | 5.15% | 04/30/2030 | EUR | 1640 | &nbsp;&nbsp; 1942989 |
| Term Loan B (6 mo. Term SOFR + 2.75%) | 6.38% | 04/30/2030 |  | 943 | &nbsp;&nbsp; 943885 |
| TKE Thyssenkrupp Elevators (Vertical Midco) (Germany), Term Loan B<sup>(d)</sup> <br>| – | 04/30/2030 |  | 2377 | &nbsp;&nbsp; 2379983 |
| Victory Buyer LLC (Vantage Elevator), Term Loan B (3 mo. Term SOFR + 3.00%)<sup>(e)</sup> <br>| 6.66% | 02/09/2033 |  | 3623 | &nbsp;&nbsp; 3638854 |
|  |  |  |  |  | &nbsp;&nbsp; 64483594 |

---

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

**9**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Insurance–2.45%** | **Insurance–2.45%** | **Insurance–2.45%** | **Insurance–2.45%** |  |  |
| Acrisure LLC |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 11/06/2030 |  | $8938 | &nbsp;&nbsp; $8680990 |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 06/04/2032 |  | 1475 | &nbsp;&nbsp; 1434696 |
| Alliant Holdings Intermediate LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 09/19/2031 |  | 10925 | &nbsp;&nbsp; 10701951 |
| AmWINS Group LLC, Term Loan B (1 mo. Term SOFR + 2.00%) | 5.67% | 01/30/2032 |  | 5217 | &nbsp;&nbsp; 5171697 |
| CRC Insurance Group LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 6.42% | 05/06/2031 |  | 5190 | &nbsp;&nbsp; 5107441 |
| HUB International Ltd., Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 06/20/2030 |  | 1793 | &nbsp;&nbsp; 1775774 |
| Sedgwick Claims Management Services, Inc., Term Loan (1 mo. Term SOFR + 2.50%) | 6.17% | 07/31/2031 |  | 7454 | &nbsp;&nbsp; 7241637 |
| USI, Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 11/23/2029 |  | 5106 | &nbsp;&nbsp; 5092923 |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 09/27/2030 |  | 3326 | &nbsp;&nbsp; 3315636 |
|  |  |  |  |  | &nbsp;&nbsp; 48522745 |
| **Leisure Goods, Activities & Movies–4.50%** | **Leisure Goods, Activities & Movies–4.50%** | **Leisure Goods, Activities & Movies–4.50%** | **Leisure Goods, Activities & Movies–4.50%** |  |  |
| Bombardier Recreational Products, Inc. (Canada) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 12/13/2029 |  | 687 | &nbsp;&nbsp; 690053 |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 01/22/2031 |  | 202 | &nbsp;&nbsp; 201991 |
| Breitling (Orbiter) (Luxembourg), Term Loan (6 mo. EURIBOR + 3.90%) | 6.02% | 10/25/2028 | EUR | 2000 | &nbsp;&nbsp; 1985585 |
| Crown Finance US, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 8.17% | 12/02/2031 |  | 15874 | &nbsp;&nbsp; 15471130 |
| Fitness International LLC, Term Loan B (1 mo. Term SOFR + 4.50%) | 8.17% | 02/05/2029 |  | 5095 | &nbsp;&nbsp; 5124320 |
| GAH Finco Ltd. (fka GUS) (United Kingdom), Term Loan (1 mo. EURIBOR + 5.00%) | 6.99% | 11/15/2032 | EUR | 806 | &nbsp;&nbsp; 891270 |
| GBT Group Servicers B.V. (fka Global Business Travel Holdings Limited), Term Loan B (3 <br> mo. Term SOFR + 2.00%)<br>| 5.67% | 07/25/2031 |  | 9286 | &nbsp;&nbsp; 8902647 |
| Herschend Entertainment Co. LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 05/27/2032 |  | 4178 | &nbsp;&nbsp; 4197438 |
| Lakeland Tours LLC, Term Loan<sup>(e)(h)</sup> <br>| 0.00% | 09/25/2027 |  | 1122 | &nbsp;&nbsp; 134698 |
| LC Ahab US Bidco LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 05/01/2031 |  | 2358 | &nbsp;&nbsp; 2357669 |
| Nord Anglia Education, Term Loan B (3 mo. Term SOFR + 2.25%) | 5.93% | 01/09/2032 |  | 9662 | &nbsp;&nbsp; 9614233 |
| Parques Reunidos (Piolin Bidco S.A.U.) (Spain), Revolver Loan<sup>(f)</sup> <br>| 0.00% | 03/16/2026 | EUR | 3482 | &nbsp;&nbsp; 4032584 |
| Spring Education Group, Inc., Term Loan (3 mo. Term SOFR + 3.25%) | 6.92% | 10/04/2030 |  | 314 | &nbsp;&nbsp; 314683 |
| US Fitness LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(e)(f)</sup> <br>| 0.00% | 09/04/2031 |  | 561 | &nbsp;&nbsp; 553549 |
| Revolver Loan<sup>(e)(f)</sup> <br>| 0.00% | 09/04/2030 |  | 1773 | &nbsp;&nbsp; 1749537 |
| Term Loan B (3 mo. Term SOFR + 5.50%)<sup>(e)</sup> <br>| 9.27% | 09/04/2031 |  | 8310 | &nbsp;&nbsp; 8205813 |
| VUE Cinemas (VUECIN) (United Kingdom), Second Lien Term Loan (6 mo. EURIBOR + <br> 8.50%) <br>(Acquired 02/20/2024-10/08/2025; Cost $4,524,504)<sup>(e)(g)</sup> <br>| 10.60% | 12/31/2027 | EUR | 5518 | &nbsp;&nbsp; 8799321 |
| Vue International Bidco PLC (United Kingdom) |  |  |  |  |  |
| Term Loan (6 mo. EURIBOR + 8.00%) <br>(Acquired 04/08/2025; Cost $2,442,163)<sup>(e)(g)</sup> <br>| 10.10% | 06/30/2027 | EUR | 2229 | &nbsp;&nbsp; 2633623 |
| Term Loan (6 mo. EURIBOR + 8.50%) <br>(Acquired 02/20/2024-10/08/2025; Cost $3,345,550)<sup>(e)(g)</sup> <br>| 10.60% | 06/30/2027 | EUR | 3120 | &nbsp;&nbsp; 4975240 |
| Term Loan (6 mo. EURIBOR + 8.00%) <br>(Acquired 02/20/2024-10/08/2025; Cost $1,491,600)<sup>(e)(g)</sup> <br>| 10.10% | 12/31/2027 | EUR | 1403 | &nbsp;&nbsp; 2536824 |
| World Choice Investments, Term Loan B (3 mo. Term SOFR + 4.75%) | 8.40% | 08/13/2031 |  | 5726 | &nbsp;&nbsp; 5689984 |
|  |  |  |  |  | &nbsp;&nbsp; 89062192 |
| **Lodging & Casinos–0.43%** | **Lodging & Casinos–0.43%** | **Lodging & Casinos–0.43%** | **Lodging & Casinos–0.43%** |  |  |
| Aimbridge Acquisition Co., Inc. |  |  |  |  |  |
| First Lien Term Loan (1 mo. Term SOFR + 5.61%) | 9.28% | 03/11/2030 |  | 820 | &nbsp;&nbsp; 815343 |
| Term Loan (1 mo. Term SOFR + 7.50%) | 11.28% | 03/11/2030 |  | 768 | &nbsp;&nbsp; 761323 |
| ECG (European Camping Group) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| – | 02/25/2033 | EUR | 115 | &nbsp;&nbsp; 135387 |
| Term Loan B<sup>(d)</sup> <br>| – | 02/25/2033 | EUR | 1282 | &nbsp;&nbsp; 1507312 |
| Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. Term SOFR + 2.00%) | 5.67% | 08/02/2028 |  | 96 | &nbsp;&nbsp; 96310 |
| Travel + Leisure Co., Term Loan (1 mo. Term SOFR + 2.00%) | 5.67% | 12/14/2029 |  | 1139 | &nbsp;&nbsp; 1138501 |
| Turquoise/TRQ Sales LLC, Term Loan B (3 mo. Term SOFR + 3.25%) | 6.94% | 12/30/2032 |  | 4040 | &nbsp;&nbsp; 3983843 |
|  |  |  |  |  | &nbsp;&nbsp; 8438019 |
| **Nonferrous Metals & Minerals–0.55%** | **Nonferrous Metals & Minerals–0.55%** | **Nonferrous Metals & Minerals–0.55%** | **Nonferrous Metals & Minerals–0.55%** |  |  |
| Covia Holdings Corp., Term Loan (3 mo. Term SOFR + 2.75%) | 6.40% | 02/26/2032 |  | 4546 | &nbsp;&nbsp; 4547485 |

---

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

**10**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Nonferrous Metals & Minerals–(continued)** | **Nonferrous Metals & Minerals–(continued)** | **Nonferrous Metals & Minerals–(continued)** | **Nonferrous Metals & Minerals–(continued)** |  |  |
| Form Technologies LLC, Term Loan (1 mo. Term SOFR + 5.75%) | 9.42% | 07/19/2030 |  | $3713 | &nbsp;&nbsp; $3410842 |
| SCIH Salt Holdings, Inc. (Kissner Group), Term Loan B (3 mo. Term SOFR + 2.75%) | 6.52% | 01/31/2029 |  | 3027 | &nbsp;&nbsp; 3024489 |
|  |  |  |  |  | &nbsp;&nbsp; 10982816 |
| **Oil & Gas–2.32%** | **Oil & Gas–2.32%** | **Oil & Gas–2.32%** | **Oil & Gas–2.32%** |  |  |
| Crescent Midstream, Term Loan (3 mo. Term SOFR + 3.75%) | 0.00% | 02/11/2033 |  | 1520 | &nbsp;&nbsp; 1525736 |
| ITT Holdings LLC (IMTT), Term Loan B (1 mo. Term SOFR + 1.98%) | 5.65% | 10/11/2030 |  | 3130 | &nbsp;&nbsp; 3130641 |
| McDermott International Ltd. |  |  |  |  |  |
| LOC (3 mo. Term SOFR + 4.26%)<sup>(e)</sup> <br>| 7.92% | 06/30/2027 |  | 1914 | &nbsp;&nbsp; 1655926 |
| PIK Term Loan, 3.00% PIK Rate, 4.79% Cash Rate (1 mo. Term SOFR +1.00%)<sup>(i)</sup> <br>| 3.00% | 12/31/2027 |  | 1960 | &nbsp;&nbsp; 1637832 |
| Revolver Loan<sup>(f)</sup> <br>| 0.00% | 06/30/2027 |  | 4210 | &nbsp;&nbsp; 3789323 |
| Term Loan (1 mo. Term SOFR +3.11%) | 6.79% | 06/30/2027 |  | 550 | &nbsp;&nbsp; 459737 |
| Meade Pipeline, Term Loan B (3 mo. Term SOFR + 2.00%) | 5.69% | 09/17/2032 |  | 1008 | &nbsp;&nbsp; 1009803 |
| Rockpoint Gas Storage Partners L.P. (Canada), Term Loan (3 mo. Term SOFR + 2.50%) | 6.17% | 09/18/2031 |  | 6720 | &nbsp;&nbsp; 6747044 |
| Rockwood Service Corp., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 07/30/2031 |  | 2004 | &nbsp;&nbsp; 2009370 |
| Third Coast Super Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.75%) | 7.42% | 09/25/2030 |  | 14520 | &nbsp;&nbsp; 14592944 |
| TransMontaigne Partners LLC, Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 03/16/2030 |  | 7469 | &nbsp;&nbsp; 7472212 |
| WhiteWater Matterhorn, Term Loan B (3 mo. Term SOFR + 1.75%) | 5.42% | 06/16/2032 |  | 1832 | &nbsp;&nbsp; 1830221 |
|  |  |  |  |  | &nbsp;&nbsp; 45860789 |
| **Publishing–1.68%** | **Publishing–1.68%** | **Publishing–1.68%** | **Publishing–1.68%** |  |  |
| Cengage Learning, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 03/24/2031 |  | 15767 | &nbsp;&nbsp; 15430154 |
| Century DE Buyer LLC (Simon & Schuster), Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 10/30/2030 |  | 3005 | &nbsp;&nbsp; 2914448 |
| Harbor Purchaser, Inc. (Houghton Mifflin Harcourt), First Lien Term Loan B (1 mo. Term <br> SOFR + 5.35%)<br>| 9.02% | 04/09/2029 |  | 10500 | &nbsp;&nbsp; 8936920 |
| McGraw-Hill Education, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 08/06/2031 |  | 5905 | &nbsp;&nbsp; 5903601 |
|  |  |  |  |  | &nbsp;&nbsp; 33185123 |
| **Retailers (except Food & Drug)–1.53%** | **Retailers (except Food & Drug)–1.53%** | **Retailers (except Food & Drug)–1.53%** | **Retailers (except Food & Drug)–1.53%** |  |  |
| Action Holding B.V. (Peer Holdings) (Netherlands) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 09/27/2032 |  | 1117 | &nbsp;&nbsp; 1116733 |
| Term Loan B-4 (3 mo. Term SOFR + 2.50%) | 6.17% | 10/28/2030 |  | 6893 | &nbsp;&nbsp; 6897322 |
| Term Loan B-5 (3 mo. Term SOFR + 2.50%) | 6.17% | 07/01/2031 |  | 5085 | &nbsp;&nbsp; 5087880 |
| Bass Pro Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 01/31/2032 |  | 4962 | &nbsp;&nbsp; 4963175 |
| CNT Holdings I Corp. (1-800 Contacts), Term Loan B (3 mo. Term SOFR + 2.50%) | 6.17% | 11/08/2032 |  | 2349 | &nbsp;&nbsp; 2350569 |
| PetSmart, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.68% | 08/18/2032 |  | 2430 | &nbsp;&nbsp; 2420012 |
| Savers, Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 6.70% | 09/13/2032 |  | 7524 | &nbsp;&nbsp; 7547349 |
|  |  |  |  |  | &nbsp;&nbsp; 30383040 |
| **Surface Transport–2.00%** | **Surface Transport–2.00%** | **Surface Transport–2.00%** | **Surface Transport–2.00%** |  |  |
| Beacon Mobility Corp. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 08/06/2030 |  | 268 | &nbsp;&nbsp; 268632 |
| Term Loan (3 mo. Term SOFR + 2.75%) | 6.41% | 08/06/2030 |  | 5427 | &nbsp;&nbsp; 5448407 |
| First Student Bidco, Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.90% | 08/15/2030 |  | 14055 | &nbsp;&nbsp; 14058978 |
| Term Loan C (3 mo. Term SOFR + 2.25%) | 5.90% | 08/15/2030 |  | 2572 | &nbsp;&nbsp; 2572443 |
| Hurtigruten Group AS (Explorer II AS) (Norway) |  |  |  |  |  |
| Term Loan A (3 mo. EURIBOR + 7.50%) | 9.48% | 02/12/2030 | EUR | 2752 | &nbsp;&nbsp; 3348803 |
| Term Loan B (3 mo. EURIBOR + 8.00%) | 9.98% | 08/12/2030 | EUR | 1078 | &nbsp;&nbsp; 1179716 |
| Patriot Rail Co. LLC, Term Loan (1 mo. Term SOFR + 2.50%) | 6.16% | 03/08/2032 |  | 1715 | &nbsp;&nbsp; 1723220 |
| STG Distribution LLC |  |  |  |  |  |
| DIP Term Loan <br>(Acquired 01/16/2026-02/02/2026; Cost $1,441,037)<sup>(e)(g)(j)</sup> <br>| 8.00% | 04/15/2026 |  | 1632 | &nbsp;&nbsp; 1592450 |
| DIP Term Loan<sup>(e)(j)</sup> <br>| 11.65% | 07/13/2026 |  | 579 | &nbsp;&nbsp; 582181 |
| Term Loan <br>(Acquired 10/03/2024-01/08/2026; Cost $3,488,154)<sup>(e)(g)(h)(j)</sup> <br>| 0.00% | 10/03/2029 |  | 3638 | &nbsp;&nbsp; 3548885 |
| Student Transportation of America Holdings, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(f)</sup> <br>| 0.00% | 06/24/2032 |  | 389 | &nbsp;&nbsp; 391676 |
| Term Loan (3 mo. Term SOFR + 2.75%) | 6.40% | 06/24/2032 |  | 4874 | &nbsp;&nbsp; 4901053 |
|  |  |  |  |  | &nbsp;&nbsp; 39616444 |

---

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

**11**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Telecommunications–3.42%** | **Telecommunications–3.42%** | **Telecommunications–3.42%** | **Telecommunications–3.42%** |  |  |
| Crown Subsea Communications Holding, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 01/30/2031 |  | $10078 | &nbsp;&nbsp; $10113860 |
| Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. Term SOFR + <br> 3.26%)<br>| 6.93% | 11/12/2027 |  | 8378 | &nbsp;&nbsp; 7957157 |
| Genesys Cloud Services Holdings I LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 01/30/2032 |  | 1268 | &nbsp;&nbsp; 1171127 |
| Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 4.50%) | 8.17% | 09/27/2029 |  | 4832 | &nbsp;&nbsp; 4835165 |
| Level 3 Financing, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 03/29/2032 |  | 14330 | &nbsp;&nbsp; 14385012 |
| Midcontinent Communications, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 08/16/2031 |  | 1185 | &nbsp;&nbsp; 1177469 |
| MLN US HoldCo LLC (dba Mitel) |  |  |  |  |  |
| Term Loan A-1 (1 mo. Term SOFR + 6.50%) <br>(Acquired 06/25/2025-02/26/2026; Cost $4,444,727)<sup>(e)(g)</sup> <br>| 10.18% | 06/20/2028 |  | 4514 | &nbsp;&nbsp; 4437673 |
| Term Loan A-2 (1 mo. Term SOFR + 8.00%) <br>(Acquired 06/20/2025-02/26/2026; Cost $15,360,990)<sup>(e)(g)</sup> <br>| 11.68% | 06/20/2030 |  | 17468 | &nbsp;&nbsp; 15050459 |
| Voyage Digital (NC) Ltd. (New Zealand), Term Loan (3 mo. Term SOFR + 3.25%) | 6.90% | 05/11/2029 |  | 7316 | &nbsp;&nbsp; 7375290 |
| Zayo Group Holdings, Inc., Term Loan (1 mo. Term SOFR + 3.11%) | 6.79% | 03/11/2030 |  | 1163 | &nbsp;&nbsp; 1121196 |
|  |  |  |  |  | &nbsp;&nbsp; 67624408 |
| **Utilities–3.28%** | **Utilities–3.28%** | **Utilities–3.28%** | **Utilities–3.28%** |  |  |
| Alpha Generation LLC, Term Loan B (1 mo. Term SOFR + 1.75%) | 5.42% | 09/30/2031 |  | 5434 | &nbsp;&nbsp; 5425169 |
| Astoria Energy LLC, Term Loan B (1 mo. Term SOFR + 2.25%) | 6.42% | 06/16/2032 |  | 2177 | &nbsp;&nbsp; 2186450 |
| Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. Term SOFR + 2.00%) | 5.67% | 01/27/2031 |  | 8279 | &nbsp;&nbsp; 8264503 |
| Cornerstone Generation LLC, Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 08/11/2032 |  | 8024 | &nbsp;&nbsp; 8056953 |
| Covanta Holding Corp. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.93% | 01/15/2031 |  | 2270 | &nbsp;&nbsp; 2271454 |
| Term Loan B-1 (1 mo. Term SOFR + 2.25%) | 5.92% | 01/15/2031 |  | 2216 | &nbsp;&nbsp; 2216021 |
| Term Loan C-1 (1 mo. Term SOFR + 2.25%) | 5.92% | 01/15/2031 |  | 360 | &nbsp;&nbsp; 360103 |
| Eastern Power LLC, Term Loan (1 mo. Term SOFR + 4.75%) | 8.42% | 04/03/2029 |  | 4217 | &nbsp;&nbsp; 4238933 |
| Hamilton Projects Acquiror LLC, Term Loan (1 mo. Term SOFR + 2.50%) | 6.17% | 05/30/2031 |  | 2463 | &nbsp;&nbsp; 2475391 |
| Lackawanna Energy Center LLC, Term Loan (1 mo. Term SOFR + 3.00%) | 6.67% | 08/05/2032 |  | 4358 | &nbsp;&nbsp; 4385381 |
| Lightning Power LLC, Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 08/16/2031 |  | 11444 | &nbsp;&nbsp; 11465413 |
| Resilience Parent, Term Loan B (6 mo. Term SOFR + 2.50%) | 0.00% | 01/31/2033 |  | 4875 | &nbsp;&nbsp; 4869460 |
| Talen Energy Supply LLC |  |  |  |  |  |
| Incremental Term Loan (3 mo. Term SOFR + 2.50%) | 6.15% | 12/15/2031 |  | 1810 | &nbsp;&nbsp; 1817073 |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.15% | 05/17/2030 |  | 6949 | &nbsp;&nbsp; 6978376 |
|  |  |  |  |  | &nbsp;&nbsp; 65010680 |
| Total Variable Rate Senior Loan Interests (Cost $1,795,416,677) | Total Variable Rate Senior Loan Interests (Cost $1,795,416,677) | Total Variable Rate Senior Loan Interests (Cost $1,795,416,677) | Total Variable Rate Senior Loan Interests (Cost $1,795,416,677) |  | &nbsp;&nbsp; 1727253725 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–5.43%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–5.43%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–5.43%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–5.43%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–5.43%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–5.43%**<sup>(k)</sup>  |
| **Automotive–0.02%** | **Automotive–0.02%** | **Automotive–0.02%** | **Automotive–0.02%** |  |  |
| Cabonline, Class D (Acquired 10/30/2023; Cost $280,511) (Sweden)<sup>(e)(g)</sup> <br>|  |  |  | 312441524 | &nbsp;&nbsp; 467230 |
| Cabonline, Class D1 (Acquired 10/30/2023; Cost $10) (Sweden)<sup>(e)(g)</sup> <br>|  |  |  | 10996102 | &nbsp;&nbsp; 1224 |
| Cabonline, Class D2 (Acquired 10/31/2023; Cost $8) (Sweden)<sup>(e)(g)</sup> <br>|  |  |  | 9384746 | &nbsp;&nbsp; 525 |
|  |  |  |  |  | &nbsp;&nbsp; 468979 |
| **Building & Development–0.00%** | **Building & Development–0.00%** | **Building & Development–0.00%** | **Building & Development–0.00%** |  |  |
| Lake at Las Vegas Joint Venture LLC, Class A<sup>(e)</sup> <br>|  |  |  | 518 | &nbsp;&nbsp; 0 |
| Lake at Las Vegas Joint Venture LLC, Class B<sup>(e)</sup> <br>|  |  |  | 4 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; 0 |
| **Business Equipment & Services–2.09%** | **Business Equipment & Services–2.09%** | **Business Equipment & Services–2.09%** | **Business Equipment & Services–2.09%** |  |  |
| Monitronics International, Inc. (Acquired 06/30/2023-12/16/2025; <br> Cost $8,338,715)<sup>(e)(g)</sup> <br>|  |  |  | 429256 | &nbsp;&nbsp; 19140525 |
| My Alarm Center LLC, Class A (Acquired 03/09/2021-05/17/2024; <br> Cost $5,987,242)<sup>(e)(g)(l)</sup> <br>|  |  |  | 68686 | &nbsp;&nbsp; 22135499 |
|  |  |  |  |  | &nbsp;&nbsp; 41276024 |
| **Cable & Satellite Television–0.14%** | **Cable & Satellite Television–0.14%** | **Cable & Satellite Television–0.14%** | **Cable & Satellite Television–0.14%** |  |  |
| Altice France S.A. (France) |  |  |  | 152780 | &nbsp;&nbsp; 2864298 |

---

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

**12**

**Invesco Floating Rate ESG Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Chemicals & Plastics–0.07%** | **Chemicals & Plastics–0.07%** |  |  |
| Ascend Performance Materials Operations LLC (Acquired 12/19/2025; <br> Cost $2,372,729)<sup>(e)(g)</sup> <br>|  | 151322 | &nbsp;&nbsp; $302644 |
| Ascend Performance Materials Operations LLC, Litigation Trust Class A<sup>(e)</sup> <br>|  | 683434477 | &nbsp;&nbsp; 512576 |
| Ascend Performance Materials Operations LLC, Litigation Trust Class C<sup>(e)</sup> <br>|  | 1322664272 | &nbsp;&nbsp; 661332 |
| Flint Group (ColourOz Inv), Class A (Germany)<sup>(e)</sup> <br>|  | 35089 | &nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp; 1476552 |
| **Containers & Glass Products–0.30%** | **Containers & Glass Products–0.30%** |  |  |
| Libbey Glass LLC (Acquired 11/13/2020-09/05/2025; Cost $2,611,635)<sup>(e)(g)</sup> <br>|  | 570527 | &nbsp;&nbsp; 5990534 |
| **Electronics & Electrical–0.00%** | **Electronics & Electrical–0.00%** |  |  |
| Red Range Operating, Inc., Class A-1<sup>(e)</sup> <br>|  | 6 | &nbsp;&nbsp; 0 |
| **Food Service–0.52%** | **Food Service–0.52%** |  |  |
| Selecta Group B.V., Class A1 (Acquired 07/31/2025; Cost $7,848,703) <br> (Switzerland)<sup>(e)(g)</sup> <br>|  | 68203 | &nbsp;&nbsp; 8126562 |
| Selecta Group B.V., Class A2 (Acquired 07/31/2025; Cost $2,086,719) <br> (Switzerland)<sup>(e)(g)</sup> <br>|  | 18133 | &nbsp;&nbsp; 2160593 |
|  |  |  | &nbsp;&nbsp; 10287155 |
| **Forest Products–0.30%** | **Forest Products–0.30%** |  |  |
| NewLife Forest Restoration LLC (Acquired 02/22/2022-04/17/2025; <br> Cost $26,879,957)<sup>(e)(g)(l)</sup> <br>|  | 181113 | &nbsp;&nbsp; 5884350 |
| **Home Furnishings–0.17%** | **Home Furnishings–0.17%** |  |  |
| Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $56,360)<sup>(g)</sup> <br>|  | 363612 | &nbsp;&nbsp; 3290689 |
| **Industrial Equipment–0.00%** | **Industrial Equipment–0.00%** |  |  |
| North American Lifting Holdings, Inc. (Acquired 05/10/2019-08/23/2020; <br> Cost $188,003)<sup>(g)</sup> <br>|  | 7347 | &nbsp;&nbsp; 3460 |
| **Leisure Goods, Activities & Movies–0.47%** | **Leisure Goods, Activities & Movies–0.47%** |  |  |
| Crown Finance US, Inc. |  | 295587 | &nbsp;&nbsp; 4906745 |
| Hurtigruten Expedition (Acquired 02/12/2025; Cost $0)<sup>(e)(g)</sup> <br>|  | 16764 | &nbsp;&nbsp; 135552 |
| Hurtigruten Group AS (Acquired 02/12/2025; Cost $1,298,893) (Norway)<sup>(e)(g)</sup> <br>|  | 83231 | &nbsp;&nbsp; 4298761 |
| VUE Cinemas (VUECIN), Class A1 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(e)(g)</sup> <br>|  | 13028 | &nbsp;&nbsp; 0 |
| VUE Cinemas (VUECIN), Class A2 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(e)(g)</sup> <br>|  | 6631073 | &nbsp;&nbsp; 8 |
| VUE Cinemas (VUECIN), Class A3 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(e)(g)</sup> <br>|  | 3777382 | &nbsp;&nbsp; 5 |
| VUE Cinemas (VUECIN), Class A4 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(e)(g)</sup> <br>|  | 2633368 | &nbsp;&nbsp; 3 |
|  |  |  | &nbsp;&nbsp; 9341074 |
| **Lodging & Casinos–0.20%** | **Lodging & Casinos–0.20%** |  |  |
| Aimbridge Acquisition Co., Inc. (Acquired 03/11/2025; Cost $4,561,245)<sup>(e)(g)</sup> <br>|  | 67574 | &nbsp;&nbsp; 3378700 |
| Caesars Entertainment, Inc.<sup>(m)</sup> <br>|  | 19983 | &nbsp;&nbsp; 500574 |
|  |  |  | &nbsp;&nbsp; 3879274 |
| **Oil & Gas–0.27%** | **Oil & Gas–0.27%** |  |  |
| McDermott International Ltd.<sup>(m)</sup> <br>|  | 189415 | &nbsp;&nbsp; 5303620 |
| Samson Investment Co., Class A (Acquired 03/01/2017; Cost $4,259,838)<sup>(e)(g)</sup> <br>|  | 261209 | &nbsp;&nbsp; 18285 |
|  |  |  | &nbsp;&nbsp; 5321905 |
| **Radio & Television–0.05%** | **Radio & Television–0.05%** |  |  |
| iHeartMedia, Inc., Class A<sup>(m)</sup> <br>|  | 306089 | &nbsp;&nbsp; 1000911 |
| iHeartMedia, Inc., Class B<sup>(e)(m)</sup> <br>|  | 29 | &nbsp;&nbsp; 76 |
|  |  |  | &nbsp;&nbsp; 1000987 |
| **Retailers (except Food & Drug)–0.00%** | **Retailers (except Food & Drug)–0.00%** |  |  |
| Claire's Stores, Inc.<sup>(e)</sup> <br>|  | 692 | &nbsp;&nbsp; 38 |
| Vivarte S.A.S.U. (France)<sup>(e)</sup> <br>|  | 241195 | &nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp; 38 |

---

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

**13**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Shares** | **Shares** | **Value** |
| **Surface Transport–0.16%** | **Surface Transport–0.16%** | **Surface Transport–0.16%** | **Surface Transport–0.16%** |  |  |
| Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; <br> Cost $1,212,169)<sup>(e)(g)</sup> <br>|  |  |  | 14574 | &nbsp;&nbsp; $1432479 |
| Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired <br> 08/18/2023-02/20/2026; Cost $259,440)<sup>(e)(g)</sup> <br>|  |  |  | 433071 | &nbsp;&nbsp; 270669 |
| Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired <br> 02/15/2018-02/06/2020; Cost $1,274,332)<sup>(e)(g)</sup> <br>|  |  |  | 15321 | &nbsp;&nbsp; 1505901 |
|  |  |  |  |  | &nbsp;&nbsp; 3209049 |
| **Telecommunications–0.67%** | **Telecommunications–0.67%** | **Telecommunications–0.67%** | **Telecommunications–0.67%** |  |  |
| MLN US HoldCo. LLC (dba Mitel) (Acquired 06/20/2025; Cost $7,730,758)<sup>(e)(g)(l)</sup> <br>|  |  |  | 2142428 | &nbsp;&nbsp; 13240205 |
| Total Common Stocks & Other Equity Interests (Cost $103,976,029) | Total Common Stocks & Other Equity Interests (Cost $103,976,029) | Total Common Stocks & Other Equity Interests (Cost $103,976,029) | Total Common Stocks & Other Equity Interests (Cost $103,976,029) |  | &nbsp;&nbsp; 107534573 |
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> |  |
| **U.S. Dollar Denominated Bonds & Notes–4.82%** | **U.S. Dollar Denominated Bonds & Notes–4.82%** | **U.S. Dollar Denominated Bonds & Notes–4.82%** | **U.S. Dollar Denominated Bonds & Notes–4.82%** | **U.S. Dollar Denominated Bonds & Notes–4.82%** | **U.S. Dollar Denominated Bonds & Notes–4.82%** |
| **Aerospace & Defense–0.19%** | **Aerospace & Defense–0.19%** | **Aerospace & Defense–0.19%** | **Aerospace & Defense–0.19%** |  |  |
| Rand Parent LLC <sup>(n)</sup> <br>| 8.50% | 02/15/2030 |  | $3580 | &nbsp;&nbsp; 3737488 |
| **Building & Development–0.56%** | **Building & Development–0.56%** | **Building & Development–0.56%** | **Building & Development–0.56%** |  |  |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(n)</sup> <br>| 5.75% | 05/15/2026 |  | 549 | &nbsp;&nbsp; 548834 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(n)</sup> <br>| 4.50% | 04/01/2027 |  | 5937 | &nbsp;&nbsp; 5862688 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC<sup>(n)</sup> <br>| 6.75% | 04/01/2032 |  | 805 | &nbsp;&nbsp; 812186 |
| QXO Building Products, Inc.<sup>(n)</sup> <br>| 6.75% | 04/30/2032 |  | 1789 | &nbsp;&nbsp; 1854488 |
| Signal Parent, Inc. (Acquired 09/11/2023-09/27/2023; Cost $2,612,093)<sup>(e)(g)(n)</sup> <br>| 6.13% | 04/01/2029 |  | 3431 | &nbsp;&nbsp; 2057228 |
|  |  |  |  |  | &nbsp;&nbsp; 11135424 |
| **Business Equipment & Services–0.44%** | **Business Equipment & Services–0.44%** | **Business Equipment & Services–0.44%** | **Business Equipment & Services–0.44%** |  |  |
| Allied Universal Holdco LLC <sup>(n)</sup> <br>| 7.88% | 02/15/2031 |  | 5976 | &nbsp;&nbsp; 6317071 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(n)</sup> <br>| 6.88% | 06/15/2030 |  | 848 | &nbsp;&nbsp; 883156 |
| Cloud Software Group, Inc.<sup>(n)</sup> <br>| 8.25% | 06/30/2032 |  | 256 | &nbsp;&nbsp; 256433 |
| Cloud Software Group, Inc.<sup>(n)</sup> <br>| 6.63% | 08/15/2033 |  | 468 | &nbsp;&nbsp; 441919 |
| Garda World Security Corp. (Canada)<sup>(n)</sup> <br>| 6.50% | 01/15/2031 |  | 883 | &nbsp;&nbsp; 907652 |
|  |  |  |  |  | &nbsp;&nbsp; 8806231 |
| **Cable & Satellite Television–1.15%** | **Cable & Satellite Television–1.15%** | **Cable & Satellite Television–1.15%** | **Cable & Satellite Television–1.15%** |  |  |
| Altice Financing S.A. (Luxembourg) <sup>(n)</sup> <br>| 5.75% | 08/15/2029 |  | 2188 | &nbsp;&nbsp; 1517897 |
| Altice Financing S.A. (Luxembourg)<sup>(n)</sup> <br>| 5.00% | 01/15/2028 |  | 11665 | &nbsp;&nbsp; 8231012 |
| Altice France S.A. (France)<sup>(n)</sup> <br>| 6.88% | 07/15/2032 |  | 3294 | &nbsp;&nbsp; 3166288 |
| Altice France S.A. (France)<sup>(n)</sup> <br>| 6.88% | 10/15/2030 |  | 3807 | &nbsp;&nbsp; 3694374 |
| Virgin Media Secured Finance PLC (United Kingdom)<sup>(n)</sup> <br>| 4.50% | 08/15/2030 |  | 6819 | &nbsp;&nbsp; 6221503 |
|  |  |  |  |  | &nbsp;&nbsp; 22831074 |
| **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** |  |  |
| Clydesdale Acquisition Holdings, Inc. <sup>(n)</sup> <br>| 6.75% | 04/15/2032 |  | 222 | &nbsp;&nbsp; 223850 |
| **Electronics & Electrical–0.11%** | **Electronics & Electrical–0.11%** | **Electronics & Electrical–0.11%** | **Electronics & Electrical–0.11%** |  |  |
| Diebold Nixdorf, Inc. <sup>(n)</sup> <br>| 7.75% | 03/31/2030 |  | 894 | &nbsp;&nbsp; 945155 |
| ION Platform Finance US, Inc./ION Platform Finance S.a.r.l.<sup>(n)</sup> <br>| 9.00% | 08/01/2029 |  | 1450 | &nbsp;&nbsp; 1348676 |
|  |  |  |  |  | &nbsp;&nbsp; 2293831 |
| **Food Products–0.44%** | **Food Products–0.44%** | **Food Products–0.44%** | **Food Products–0.44%** |  |  |
| Froneri Lux Finco S.a.r.l. (United Kingdom) <sup>(n)</sup> <br>| 6.00% | 08/01/2032 |  | 1635 | &nbsp;&nbsp; 1645248 |
| Industrial F&B Investments III, Inc.<sup>(n)</sup> <br>| 7.75% | 02/11/2033 |  | 673 | &nbsp;&nbsp; 691255 |
| Viking Baked Goods Acquisition Corp.<sup>(n)</sup> <br>| 8.63% | 11/01/2031 |  | 6240 | &nbsp;&nbsp; 6332339 |
|  |  |  |  |  | &nbsp;&nbsp; 8668842 |
| **Health Care–0.33%** | **Health Care–0.33%** | **Health Care–0.33%** | **Health Care–0.33%** |  |  |
| Global Medical Response, Inc. <sup>(n)</sup> <br>| 7.38% | 10/01/2032 |  | 354 | &nbsp;&nbsp; 370826 |
| Opal Bidco SAS (France)<sup>(n)</sup> <br>| 6.50% | 03/31/2032 |  | 1659 | &nbsp;&nbsp; 1709843 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V.<sup>(n)</sup> <br>| 6.75% | 05/15/2034 |  | 4537 | &nbsp;&nbsp; 4406560 |
|  |  |  |  |  | &nbsp;&nbsp; 6487229 |

---

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

**14**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Industrial Equipment–0.56%** | **Industrial Equipment–0.56%** | **Industrial Equipment–0.56%** | **Industrial Equipment–0.56%** |  |  |
| Chart Industries, Inc. <sup>(n)</sup> <br>| 7.50% | 01/01/2030 |  | $5405 | &nbsp;&nbsp; $5621534 |
| Columbus McKinnon Corp.<sup>(n)</sup> <br>| 7.13% | 02/01/2033 |  | 1679 | &nbsp;&nbsp; 1727280 |
| CompoSecure Holdings L.L.C.<sup>(n)</sup> <br>| 5.63% | 02/01/2033 |  | 173 | &nbsp;&nbsp; 172246 |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc.<sup>(n)</sup> <br>| 6.63% | 12/15/2030 |  | 3423 | &nbsp;&nbsp; 3547067 |
|  |  |  |  |  | &nbsp;&nbsp; 11068127 |
| **Insurance–0.70%** | **Insurance–0.70%** | **Insurance–0.70%** | **Insurance–0.70%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc. <sup>(n)</sup> <br>| 7.50% | 11/06/2030 |  | 803 | &nbsp;&nbsp; 817660 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(n)</sup> <br>| 6.50% | 10/01/2031 |  | 2988 | &nbsp;&nbsp; 3008135 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(n)</sup> <br>| 7.00% | 01/15/2031 |  | 3278 | &nbsp;&nbsp; 3339774 |
| HUB International Ltd.<sup>(n)</sup> <br>| 7.25% | 06/15/2030 |  | 1606 | &nbsp;&nbsp; 1657439 |
| Panther Escrow Issuer LLC<sup>(n)</sup> <br>| 7.13% | 06/01/2031 |  | 4874 | &nbsp;&nbsp; 4962078 |
|  |  |  |  |  | &nbsp;&nbsp; 13785086 |
| **Lodging & Casinos–0.04%** | **Lodging & Casinos–0.04%** | **Lodging & Casinos–0.04%** | **Lodging & Casinos–0.04%** |  |  |
| Travel + Leisure Co. <sup>(n)</sup> <br>| 6.13% | 09/01/2033 |  | 804 | &nbsp;&nbsp; 817801 |
| **Publishing–0.03%** | **Publishing–0.03%** | **Publishing–0.03%** | **Publishing–0.03%** |  |  |
| McGraw-Hill Education, Inc. <sup>(n)</sup> <br>| 7.38% | 09/01/2031 |  | 585 | &nbsp;&nbsp; 598261 |
| **Retailers (except Food & Drug)–0.18%** | **Retailers (except Food & Drug)–0.18%** | **Retailers (except Food & Drug)–0.18%** | **Retailers (except Food & Drug)–0.18%** |  |  |
| PetSmart LLC/PetSmart Finance Corp. <sup>(n)</sup> <br>| 7.50% | 09/15/2032 |  | 3493 | &nbsp;&nbsp; 3537117 |
| **Surface Transport–0.08%** | **Surface Transport–0.08%** | **Surface Transport–0.08%** | **Surface Transport–0.08%** |  |  |
| Beacon Mobility Corp. <sup>(n)</sup> <br>| 7.25% | 08/01/2030 |  | 1463 | &nbsp;&nbsp; 1533429 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $96,240,845) | Total U.S. Dollar Denominated Bonds & Notes (Cost $96,240,845) | Total U.S. Dollar Denominated Bonds & Notes (Cost $96,240,845) | Total U.S. Dollar Denominated Bonds & Notes (Cost $96,240,845) |  | &nbsp;&nbsp; 95523790 |
| **Non-U.S. Dollar Denominated Bonds & Notes–2.03%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.03%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.03%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.03%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.03%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.03%**<sup>(o)</sup>  |
| **Air Transport–0.23%** | **Air Transport–0.23%** | **Air Transport–0.23%** | **Air Transport–0.23%** |  |  |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.25%)<sup>(p)</sup> <br>| 6.27% | 02/24/2031 | EUR | 615 | &nbsp;&nbsp; 685672 |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.75%)<sup>(p)</sup> <br>| 6.78% | 04/22/2030 | EUR | 3500 | &nbsp;&nbsp; 3905842 |
|  |  |  |  |  | &nbsp;&nbsp; 4591514 |
| **Automotive–0.26%** | **Automotive–0.26%** | **Automotive–0.26%** | **Automotive–0.26%** |  |  |
| Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $827,143)<sup>(g)(n)</sup> <br>| 10.00% | 03/19/2028 | SEK | 9385 | &nbsp;&nbsp; 995380 |
| Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; <br> Cost $1,706,620)<sup>(g)(h)(n)</sup> <br>| 12.00% | 03/19/2028 | SEK | 18769 | &nbsp;&nbsp; 1990761 |
| Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; <br> Cost $3,855,248)<sup>(g)(h)(n)</sup> <br>| 13.16% | 04/19/2029 | SEK | 36287 | &nbsp;&nbsp; 2075015 |
|  |  |  |  |  | &nbsp;&nbsp; 5061156 |
| **Financial Intermediaries–0.83%** | **Financial Intermediaries–0.83%** | **Financial Intermediaries–0.83%** | **Financial Intermediaries–0.83%** |  |  |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(n)(p)</sup> <br>| 7.60% | 12/15/2029 | EUR | 9750 | &nbsp;&nbsp; 11482517 |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(n)(p)</sup> <br>| 7.60% | 12/15/2029 | EUR | 4250 | &nbsp;&nbsp; 5005201 |
|  |  |  |  |  | &nbsp;&nbsp; 16487718 |
| **Food Service–0.34%** | **Food Service–0.34%** | **Food Service–0.34%** | **Food Service–0.34%** |  |  |
| Selecta Group B.V. (Switzerland)<sup>(e)</sup> <br>| 15.00% | 10/01/2030 | EUR | 5660 | &nbsp;&nbsp; 6687871 |
| **Industrial Equipment–0.07%** | **Industrial Equipment–0.07%** | **Industrial Equipment–0.07%** | **Industrial Equipment–0.07%** |  |  |
| Summer (BC) Holdco B S.a.r.l. (Luxembourg) (3 mo. EURIBOR + 4.25%)<sup>(n)(p)</sup> <br>| 6.23% | 02/15/2030 | EUR | 1285 | &nbsp;&nbsp; 1326250 |
| **Surface Transport–0.30%** | **Surface Transport–0.30%** | **Surface Transport–0.30%** | **Surface Transport–0.30%** |  |  |
| Zenith Finco PLC (United Kingdom) (Acquired 01/20/2022-01/27/2022; <br> Cost $6,634,083)<sup>(g)(n)</sup> <br>| 6.50% | 06/30/2027 | GBP | 4906 | &nbsp;&nbsp; 5086737 |
| Zenith Finco PLC (United Kingdom) (Acquired 08/30/2022; Cost $936,169)<sup>(g)(n)</sup> <br>| 6.50% | 06/30/2027 | GBP | 846 | &nbsp;&nbsp; 877167 |
|  |  |  |  |  | &nbsp;&nbsp; 5963904 |
| Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $41,114,286) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $41,114,286) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $41,114,286) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $41,114,286) |  | &nbsp;&nbsp; 40118413 |

---

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

**15**

**Invesco Floating Rate ESG Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Preferred Stocks–0.58%**<sup>(k)</sup>  | **Preferred Stocks–0.58%**<sup>(k)</sup>  | **Preferred Stocks–0.58%**<sup>(k)</sup>  | **Preferred Stocks–0.58%**<sup>(k)</sup>  |
| **Oil & Gas–0.00%** | **Oil & Gas–0.00%** |  |  |
| Southcross Energy Partners L.P., Pfd. (Acquired 05/07/2019-08/23/2019; <br> Cost $566,509)<sup>(e)(g)</sup> <br>|  | 577315 | &nbsp;&nbsp; $3406 |
| **Surface Transport–0.58%** | **Surface Transport–0.58%** |  |  |
| Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; <br> Cost $1,586,876)<sup>(e)(g)</sup> <br>|  | 68517 | &nbsp;&nbsp; 6734536 |
| Commercial Barge Line Co., Series B, Pfd.,Wts., expiring 04/27/2045 (Acquired <br> 02/05/2020-10/27/2020; Cost $1,114,451)<sup>(e)(g)</sup> <br>|  | 48119 | &nbsp;&nbsp; 4729617 |
|  |  |  | &nbsp;&nbsp; 11464153 |
| Total Preferred Stocks (Cost $3,267,836) | Total Preferred Stocks (Cost $3,267,836) |  | &nbsp;&nbsp; 11467559 |
| **Money Market Funds–0.05%** | **Money Market Funds–0.05%** | **Money Market Funds–0.05%** | **Money Market Funds–0.05%** |
| Invesco Government & Agency Portfolio,Institutional Class, 3.59%<sup>(l)(q)</sup>  |  | 380905 | &nbsp;&nbsp; 380905 |
| Invesco Treasury Portfolio,Institutional Class, 3.56%<sup>(l)(q)</sup>  |  | 707395 | &nbsp;&nbsp; 707395 |
| Total Money Market Funds (Cost $1,088,300) | Total Money Market Funds (Cost $1,088,300) |  | &nbsp;&nbsp; 1088300 |
| TOTAL INVESTMENTS IN SECURITIES–100.15% (Cost $2,041,103,973) | TOTAL INVESTMENTS IN SECURITIES–100.15% (Cost $2,041,103,973) |  | &nbsp;&nbsp; 1982986360 |
| OTHER ASSETS LESS LIABILITIES–(0.15)% | OTHER ASSETS LESS LIABILITIES–(0.15)% |  | &nbsp;&nbsp; (3055273)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1979931087 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| DIP | – Debtor-in-Possession |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| LOC | – Letter of Credit |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| SEK | – Swedish Krona |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| Sub. | – Subordinated |
| Wts. | – Warrants |

---

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Principal amounts are denominated in U.S. dollars unless otherwise noted.

<sup>(b)</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>(c)</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>(d)</sup> This variable rate interest will settle after February 28, 2026, at which time the interest rate will be determined.

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

<sup>(f)</sup> All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

<sup>(g)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $218,947,695, which represented 11.06% of the Fund's Net Assets.

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $8,814,521, which represented less than 1% of the Fund's Net Assets. 

<sup>(i)</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>(j)</sup> Acquired as part of a bankruptcy restructuring.

<sup>(k)</sup> Securities acquired through the restructuring of senior loans.

<sup>(l)</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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $15009482 | &nbsp;&nbsp; $95361756 | &nbsp;&nbsp; $(109990333) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $380905 | &nbsp;&nbsp; $118894 |
| Invesco Treasury Portfolio, Institutional Class | 27875292 | &nbsp;&nbsp; 177100405 | &nbsp;&nbsp; (204268302) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 707395 | &nbsp;&nbsp; 304357 |

---

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

**16**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 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>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| MLN US HoldCo. LLC (dba Mitel) | $12361809 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $878396 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13240205 | &nbsp;&nbsp; $- |
| My Alarm Center LLC, Class A | 22251579 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (116080) | &nbsp;&nbsp; - | &nbsp;&nbsp; 22135499 | &nbsp;&nbsp; - |
| NewLife Forest Restoration LLC | 13225927 | &nbsp;&nbsp; 901624 | &nbsp;&nbsp; - | &nbsp;&nbsp; (8243201) | &nbsp;&nbsp; - | &nbsp;&nbsp; 5884350 | &nbsp;&nbsp; - |
| Total | $90724089 | &nbsp;&nbsp; $273363785 | &nbsp;&nbsp; $(314258635) | &nbsp;&nbsp; $(7480885) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $42348354 | &nbsp;&nbsp; $423251 |

---

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

<sup>(n)</sup> Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $124,362,818, which represented 6.28% of the Fund's Net Assets. 

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

<sup>(p)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(q)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

The aggregate value of securities considered illiquid at February 28, 2026 was $64,293,834, which represented 20.37% of the Fund's Net Assets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 04/30/2026 | Bank of New York Mellon (The) | EUR | 50714753 | USD | 60119044 | &nbsp;&nbsp;&nbsp; $28267 |
| 03/30/2026 | BNP Paribas S.A. | EUR | 50212648 | USD | 60192688 | &nbsp;&nbsp;&nbsp; 784183 |
| 03/30/2026 | BNP Paribas S.A. | SEK | 568812 | USD | 63114 | &nbsp;&nbsp;&nbsp; 16 |
| 04/30/2026 | BNP Paribas S.A. | SEK | 546945 | USD | 61048 | &nbsp;&nbsp;&nbsp; 277 |
| 03/30/2026 | Canadian Imperial Bank of Commerce | EUR | 50212648 | USD | 60205075 | &nbsp;&nbsp;&nbsp; 796571 |
| 03/30/2026 | Canadian Imperial Bank of Commerce | GBP | 7442639 | USD | 10269284 | &nbsp;&nbsp;&nbsp; 238535 |
| 04/30/2026 | Citibank, N.A. | EUR | 50714753 | USD | 60100482 | &nbsp;&nbsp;&nbsp; 9706 |
| 03/30/2026 | Goldman Sachs International | EUR | 49670845 | USD | 59528422 | &nbsp;&nbsp;&nbsp; 760945 |
| 03/30/2026 | Royal Bank of Canada | SEK | 50067528 | USD | 5694482 | &nbsp;&nbsp;&nbsp; 140529 |
| 04/30/2026 | Royal Bank of Canada | USD | 2072031 | EUR | 1750000 | &nbsp;&nbsp;&nbsp; 1504 |
| 03/30/2026 | State Street Bank & Trust Co. | EUR | 4453 | USD | 5337 | &nbsp;&nbsp;&nbsp; 69 |
| 03/30/2026 | State Street Bank & Trust Co. | SEK | 1720538 | USD | 193657 | &nbsp;&nbsp;&nbsp; 2799 |
| 04/30/2026 | State Street Bank & Trust Co. | EUR | 50707147 | USD | 60096386 | &nbsp;&nbsp;&nbsp; 14623 |
| 04/30/2026 | State Street Bank & Trust Co. | GBP | 7512526 | USD | 10181751 | &nbsp;&nbsp;&nbsp; 55616 |
| 04/30/2026 | Toronto-Dominion Bank (The) | NOK | 40465173 | USD | 4262343 | &nbsp;&nbsp;&nbsp; 8057 |
| 04/30/2026 | Toronto-Dominion Bank (The) | SEK | 51843901 | USD | 5793975 | &nbsp;&nbsp;&nbsp; 33579 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 2875276 |
| **Currency Risk** |  |  |  |  |  |  |
| 03/30/2026 | Bank of New York Mellon (The) | USD | 60031053 | EUR | 50714753 | &nbsp;&nbsp;&nbsp; (28489)<br>|
| 03/30/2026 | Barclays Capital | NOK | 4388554 | USD | 452346 | &nbsp;&nbsp;&nbsp; (9139)<br>|
| 04/30/2026 | BNP Paribas S.A. | SEK | 1244113 | USD | 137847 | &nbsp;&nbsp;&nbsp; (387)<br>|
| 03/30/2026 | Canadian Imperial Bank of Commerce | USD | 1141682 | EUR | 963940 | &nbsp;&nbsp;&nbsp; (1207)<br>|
| 03/30/2026 | Citibank, N.A. | USD | 60012289 | EUR | 50714753 | &nbsp;&nbsp;&nbsp; (9724)<br>|
| 03/30/2026 | Royal Bank of Canada | NOK | 36076619 | USD | 3772370 | &nbsp;&nbsp;&nbsp; (21324)<br>|
| 03/30/2026 | Royal Bank of Canada | USD | 57599 | SEK | 512977 | &nbsp;&nbsp;&nbsp; (695)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | EUR | 3000000 | USD | 3546803 | &nbsp;&nbsp;&nbsp; (2612)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | USD | 60008358 | EUR | 50707147 | &nbsp;&nbsp;&nbsp; (14793)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | USD | 10085931 | GBP | 7442639 | &nbsp;&nbsp;&nbsp; (55182)<br>|
| 04/30/2026 | State Street Bank & Trust Co. | SEK | 791961 | USD | 87591 | &nbsp;&nbsp;&nbsp; (405)<br>|
| 03/30/2026 | Toronto-Dominion Bank (The) | USD | 4263398 | NOK | 40465173 | &nbsp;&nbsp;&nbsp; (8218)<br>|

---

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

**17**

**Invesco Floating Rate ESG 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**<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)** |
| 03/30/2026 | Toronto-Dominion Bank (The) | USD | 5784562 | SEK | 51843901 | &nbsp;&nbsp;&nbsp; $(33556)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (185731)<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; $2689545 |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| NOK | – Norwegian Krone |
| SEK | – Swedish Krona |
| USD | – U.S. Dollar |

---

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

**18**

**Invesco Floating Rate ESG Fund**

------

**Consolidated Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,998,516,093)<br>| &nbsp;&nbsp; $1940638006 |
| Investments in affiliates, at value <br>(Cost $42,587,880)<br>| &nbsp;&nbsp; 42348354 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 2875276 |
| Cash | &nbsp;&nbsp; 25089024 |
| Foreign currencies, at value (Cost $3,814,905) | &nbsp;&nbsp; 3815743 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 65772406 |
| Fund shares sold | &nbsp;&nbsp; 1513280 |
| Dividends | &nbsp;&nbsp; 45884 |
| Interest | &nbsp;&nbsp; 17970740 |
| Investments matured, at value (Cost $19,841) | &nbsp;&nbsp; 8135 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 188376 |
| Other assets | &nbsp;&nbsp; 825743 |
| Total assets | &nbsp;&nbsp; 2101090967 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 185731 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 78543159 |
| Dividends | &nbsp;&nbsp; 3928853 |
| Fund shares reacquired | &nbsp;&nbsp; 4831127 |
| Accrued fees to affiliates | &nbsp;&nbsp; 688221 |
| Accrued interest expense | &nbsp;&nbsp; 121202 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3971 |
| Accrued other operating expenses | &nbsp;&nbsp; 412269 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 196027 |
| Unfunded loan commitments | &nbsp;&nbsp; 32249320 |
| Total liabilities | &nbsp;&nbsp; 121159880 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1979931087 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2689004300 |
| Distributable earnings (loss) | &nbsp;&nbsp; (709073213)<br>|
|  | &nbsp;&nbsp; $1979931087 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $634052236 |
| Class C | &nbsp;&nbsp; $44166949 |
| Class R | &nbsp;&nbsp; $11748851 |
| Class Y | &nbsp;&nbsp; $847119052 |
| Class R5 | &nbsp;&nbsp; $4634286 |
| Class R6 | &nbsp;&nbsp; $438209713 |
| **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; 100116686 |
| Class C | &nbsp;&nbsp; 7003683 |
| Class R | &nbsp;&nbsp; 1850028 |
| Class Y | &nbsp;&nbsp; 133932988 |
| Class R5 | &nbsp;&nbsp; 731563 |
| Class R6 | &nbsp;&nbsp; 69344093 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.33 |
| Maximum offering price per share <br>(Net asset value of $6.33 ÷ 97.50%)<br>| &nbsp;&nbsp; $6.49 |
| 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; $6.35 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.32 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.33 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.32 |

---

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

**19**

**Invesco Floating Rate ESG Fund**

------

**Consolidated Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $86667797 |
| Dividends | &nbsp;&nbsp; 161467 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 423251 |
| Total investment income | &nbsp;&nbsp; 87252515 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6597246 |
| Administrative services fees | &nbsp;&nbsp; 156729 |
| Custodian fees | &nbsp;&nbsp; 113175 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 848116 |
| Class C | &nbsp;&nbsp; 190285 |
| Class R | &nbsp;&nbsp; 29910 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 608005 |
| Transfer agent fees — A, C, R & Y | &nbsp;&nbsp; 1048167 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2286 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 75443 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 18765 |
| Registration and filing fees | &nbsp;&nbsp; 61961 |
| Reports to shareholders | &nbsp;&nbsp; 56698 |
| Professional services fees | &nbsp;&nbsp; 133211 |
| Other | &nbsp;&nbsp; 19171 |
| Total expenses | &nbsp;&nbsp; 9959168 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (16480)<br>|
| Net expenses | &nbsp;&nbsp; 9942688 |
| Net investment income | &nbsp;&nbsp; 77309827 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (89245875)<br>|
| Foreign currencies | &nbsp;&nbsp; 20962 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1336041)<br>|
|  | &nbsp;&nbsp; (90560954)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 21720859 |
| Affiliated investment securities | &nbsp;&nbsp; (7480885)<br>|
| Foreign currencies | &nbsp;&nbsp; 244820 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1107595 |
|  | &nbsp;&nbsp; 15592389 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (74968565)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2341262 |

---

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

**20**

**Invesco Floating Rate ESG Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $77309827 | &nbsp;&nbsp; $202251259 |
| Net realized gain (loss) | &nbsp;&nbsp; (90560954)<br>| &nbsp;&nbsp; (132241975)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 15592389 | &nbsp;&nbsp; 82383679 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2341262 | &nbsp;&nbsp; 152392963 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (25675944)<br>| &nbsp;&nbsp; (57545888)<br>|
| Class C | &nbsp;&nbsp; (1788227)<br>| &nbsp;&nbsp; (4705533)<br>|
| Class R | &nbsp;&nbsp; (437485)<br>| &nbsp;&nbsp; (791018)<br>|
| Class Y | &nbsp;&nbsp; (36968610)<br>| &nbsp;&nbsp; (91643932)<br>|
| Class R5 | &nbsp;&nbsp; (179152)<br>| &nbsp;&nbsp; (435857)<br>|
| Class R6 | &nbsp;&nbsp; (18434600)<br>| &nbsp;&nbsp; (41789691)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (83484018)<br>| &nbsp;&nbsp; (196911919)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (4576620)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (374231)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (62910)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (7288434)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (34664)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3323531)<br>|
| Total return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (15660390)<br>|
| Total distributions | &nbsp;&nbsp; (83484018)<br>| &nbsp;&nbsp; (212572309)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (57008937)<br>| &nbsp;&nbsp; (43376195)<br>|
| Class C | &nbsp;&nbsp; (10477289)<br>| &nbsp;&nbsp; (16472660)<br>|
| Class R | &nbsp;&nbsp; (835334)<br>| &nbsp;&nbsp; 4713313 |
| Class Y | &nbsp;&nbsp; (170812169)<br>| &nbsp;&nbsp; (155774392)<br>|
| Class R5 | &nbsp;&nbsp; (9468)<br>| &nbsp;&nbsp; (986660)<br>|
| Class R6 | &nbsp;&nbsp; (48186778)<br>| &nbsp;&nbsp; (44172483)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (287329975)<br>| &nbsp;&nbsp; (256069077)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (368472731)<br>| &nbsp;&nbsp; (316248423)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2348403818 | &nbsp;&nbsp; 2664652241 |
| End of period | &nbsp;&nbsp; $1979931087 | &nbsp;&nbsp; $2348403818 |

---

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

**21**

**Invesco Floating Rate ESG Fund**

------

**Consolidated Statement of Cash Flows**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Cash provided by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2341262 |
| **Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:** |  |
| Purchases of investments | &nbsp;&nbsp; (346991127)<br>|
| Proceeds from sales of investments | &nbsp;&nbsp; 615193094 |
| Purchases of short-term investments, net | &nbsp;&nbsp; (15633746)<br>|
| Amortization (accretion) of premiums and discounts, net | &nbsp;&nbsp; (4349038)<br>|
| Net realized loss from investment securities | &nbsp;&nbsp; 89245875 |
| Net change in unrealized appreciation on investment securities | &nbsp;&nbsp; (14239974)<br>|
| Net change in unrealized appreciation on forward foreign currency contracts and foreign currency | &nbsp;&nbsp; (1107538)<br>|
| Change in operating assets and liabilities: |  |
| Decrease in receivables and other assets | &nbsp;&nbsp; 1118919 |
| Increase in accrued expenses and other payables | &nbsp;&nbsp; 41985 |
| Net cash provided by operating activities | &nbsp;&nbsp; 325619712 |
| **Cash provided by (used in) financing activities:** |  |
| Dividends paid to shareholders from distributable earnings | &nbsp;&nbsp; (26683682)<br>|
| Proceeds from shares of beneficial interest sold | &nbsp;&nbsp; 264186897 |
| Disbursements from shares of beneficial interest reacquired | &nbsp;&nbsp; (608062961)<br>|
| Net cash provided by (used in) financing activities | &nbsp;&nbsp; (370559746)<br>|
| **Cash impact from foreign exchange fluctuations:** |  |
| Net change in appreciation (depreciation) on foreign currency | &nbsp;&nbsp; $(57)<br>|
| Net decrease in cash and cash equivalents | &nbsp;&nbsp; (44940091)<br>|
| Cash and cash equivalents at beginning of period | &nbsp;&nbsp; 74933158 |
| Cash and cash equivalents at end of period | &nbsp;&nbsp; $29993067 |
| **Non-cash financing activities:** |  |
| Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | &nbsp;&nbsp; $58005124 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid during the period for interest, facilities and maintenance fees | &nbsp;&nbsp; $612965 |

---

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

**22**

**Invesco Floating Rate ESG Fund**

------

**Consolidated 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>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<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** |
| Six months ended 02/28/26 | $6.58 | $0.23 | $(0.24)<br>| $(0.01)<br>| $(0.24)<br>| $— | $(0.24)<br>| $6.33 | (0.12)%<br>| $634052<br> 1.09 %<sup>(d)(e)</sup><br>| 1.03 %<sup>(d)</sup><br>| 7.00 %<sup>(d)</sup><br>| 15<br> %<br>|
| Year ended 08/31/25 | 6.73 | 0.53 | (0.12)<br>| 0.41 | (0.52)<br>| (0.04)<br>| (0.56)<br>| 6.58 | 6.33 | 716769<br> 1.14 <br><sup>(e)</sup><br>| 1.08 | 8.01 | 51 |
| Year ended 08/31/24 | 6.83 | 0.61 | (0.08)<br>| 0.53 | (0.61)<br>| (0.02)<br>| (0.63)<br>| 6.73 | 8.03 | 777351<br> 1.09 <br><sup>(e)</sup><br>| 1.04 | 8.98 | 46 |
| Year ended 08/31/23 | 6.95 | 0.58 | (0.05)<br>| 0.53 | (0.64)<br>| (0.01)<br>| (0.65)<br>| 6.83 | 8.20 | 668557<br> 1.10 <br><sup>(e)</sup><br>| 1.05 | 8.57 | 29 |
| Year ended 08/31/22 | 7.35 | 0.29 | (0.39)<br>| (0.10)<br>| (0.30)<br>|  | (0.30)<br>| 6.95 | (1.44)<br>| 751871<br> 1.04 <br><sup>(e)</sup><br>1.05 <br><sup>(e)</sup><br>| 1.01 | 4.13 | 43 |
| Year ended 08/31/21 | 6.94 | 0.25 | 0.43 | 0.68 | (0.27)<br>|  | (0.27)<br>| 7.35 | 9.89 | 585690<br> 1.05 <br><sup>(e)</sup><br>| 1.00 | 3.45 | 76 |
| **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 02/28/26 | 6.55 | 0.21 | (0.22)<br>| (0.01)<br>| (0.23)<br>|  | (0.23)<br>| 6.31 | (0.23)<br>| 44167<br> 1.59 <br><sup>(d)(e)</sup><br>| 1.53 <br><sup>(d)</sup><br>| 6.50 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 6.70 | 0.50 | (0.13)<br>| 0.37 | (0.48)<br>| (0.04)<br>| (0.52)<br>| 6.55 | 5.79 | 56520<br> 1.64 <br><sup>(e)</sup><br>| 1.58 | 7.51 | 51 |
| Year ended 08/31/24 | 6.80 | 0.57 | (0.08)<br>| 0.49 | (0.57)<br>| (0.02)<br>| (0.59)<br>| 6.70 | 7.49 | 74533<br> 1.59 <br><sup>(e)</sup><br>| 1.54 | 8.48 | 46 |
| Year ended 08/31/23 | 6.92 | 0.54 | (0.04)<br>| 0.50 | (0.61)<br>| (0.01)<br>| (0.62)<br>| 6.80 | 7.66 | 81271<br> 1.60 <br><sup>(e)</sup><br>| 1.55 | 8.07 | 29 |
| Year ended 08/31/22 | 7.32 | 0.26 | (0.40)<br>| (0.14)<br>| (0.26)<br>|  | (0.26)<br>| 6.92 | (1.96)<br>| 103807<br> 1.54 <br><sup>(e)</sup><br>1.55 <br><sup>(e)</sup><br>| 1.51 | 3.63 | 43 |
| Year ended 08/31/21 | 6.91 | 0.21 | 0.43 | 0.64 | (0.23)<br>|  | (0.23)<br>| 7.32 | 9.37 | 91555<br> 1.55 <br><sup>(e)</sup><br>| 1.50 | 2.95 | 76 |
| **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 02/28/26 | 6.60 | 0.22 | (0.23)<br>| (0.01)<br>| (0.24)<br>|  | (0.24)<br>| 6.35 | (0.23)<br>| 11749<br> 1.34 <br><sup>(d)(e)</sup><br>| 1.28 <br><sup>(d)</sup><br>| 6.75 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 6.75 | 0.51 | (0.12)<br>| 0.39 | (0.50)<br>| (0.04)<br>| (0.54)<br>| 6.60 | 6.07 | 13040<br> 1.39 <br><sup>(e)</sup><br>| 1.33 | 7.76 | 51 |
| Year ended 08/31/24 | 6.84 | 0.59 | (0.07)<br>| 0.52 | (0.59)<br>| (0.02)<br>| (0.61)<br>| 6.75 | 7.93 | 8545<br> 1.34 <br><sup>(e)</sup><br>| 1.29 | 8.73 | 46 |
| Year ended 08/31/23 | 6.98 | 0.56 | (0.06)<br>| 0.50 | (0.63)<br>| (0.01)<br>| (0.64)<br>| 6.84 | 7.63 | 8225<br> 1.35 <br><sup>(e)</sup><br>| 1.30 | 8.32 | 29 |
| Year ended 08/31/22 | 7.36 | 0.28 | (0.38)<br>| (0.10)<br>| (0.28)<br>|  | (0.28)<br>| 6.98 | (1.40)<br>| 8208<br> 1.29 <br><sup>(e)</sup><br>1.30 <br><sup>(e)</sup><br>| 1.26 | 3.88 | 43 |
| Year ended 08/31/21 | 6.95 | 0.23 | 0.43 | 0.66 | (0.25)<br>|  | (0.25)<br>| 7.36 | 9.61 | 6076<br> 1.30 <br><sup>(e)</sup><br>| 1.25 | 3.20 | 76 |
| **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 02/28/26 | 6.57 | 0.23 | (0.23)<br>| 0.00 | (0.25)<br>|  | (0.25)<br>| 6.32 | 0.00 | 847119<br> 0.84 <br><sup>(d)(e)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 7.25 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 6.72 | 0.55 | (0.13)<br>| 0.42 | (0.53)<br>| (0.04)<br>| (0.57)<br>| 6.57 | 6.59 | 1053376<br> 0.89 <br><sup>(e)</sup><br>| 0.83 | 8.26 | 51 |
| Year ended 08/31/24 | 6.82 | 0.63 | (0.09)<br>| 0.54 | (0.62)<br>| (0.02)<br>| (0.64)<br>| 6.72 | 8.30 | 1237622<br> 0.84 <br><sup>(e)</sup><br>| 0.79 | 9.23 | 46 |
| Year ended 08/31/23 | 6.94 | 0.60 | (0.05)<br>| 0.55 | (0.66)<br>| (0.01)<br>| (0.67)<br>| 6.82 | 8.46 | 1491738<br> 0.85 <br><sup>(e)</sup><br>| 0.80 | 8.82 | 29 |
| Year ended 08/31/22 | 7.34 | 0.31 | (0.40)<br>| (0.09)<br>| (0.31)<br>|  | (0.31)<br>| 6.94 | (1.20)<br>| 2696320<br> 0.79 <br><sup>(e)</sup><br>0.80 <br><sup>(e)</sup><br>| 0.76 | 4.38 | 43 |
| Year ended 08/31/21 | 6.93 | 0.27 | 0.42 | 0.69 | (0.28)<br>|  | (0.28)<br>| 7.34 | 10.18 | 1232463<br> 0.80 <br><sup>(e)</sup><br>| 0.75 | 3.70 | 76 |
| **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 02/28/26 | 6.58 | 0.23 | (0.23)<br>| 0.00 | (0.25)<br>|  | (0.25)<br>| 6.33 | 0.01 | 4634<br> 0.82 <br><sup>(d)(e)</sup><br>| 0.76 <br><sup>(d)</sup><br>| 7.27 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 6.73 | 0.55 | (0.12)<br>| 0.43 | (0.54)<br>| (0.04)<br>| (0.58)<br>| 6.58 | 6.61 | 4818<br> 0.88 <br><sup>(e)</sup><br>| 0.82 | 8.27 | 51 |
| Year ended 08/31/24 | 6.83 | 0.63 | (0.09)<br>| 0.54 | (0.62)<br>| (0.02)<br>| (0.64)<br>| 6.73 | 8.31 | 5942<br> 0.84 <br><sup>(e)</sup><br>| 0.79 | 9.23 | 46 |
| Year ended 08/31/23 | 6.95 | 0.60 | (0.05)<br>| 0.55 | (0.66)<br>| (0.01)<br>| (0.67)<br>| 6.83 | 8.50 | 4846<br> 0.82 <br><sup>(e)</sup><br>| 0.77 | 8.85 | 29 |
| Year ended 08/31/22 | 7.35 | 0.31 | (0.39)<br>| (0.08)<br>| (0.32)<br>|  | (0.32)<br>| 6.95 | (1.18)<br>| 4762<br> 0.77 <br><sup>(e)</sup><br>0.78 <br><sup>(e)</sup><br>| 0.74 | 4.40 | 43 |
| Year ended 08/31/21 | 6.94 | 0.27 | 0.43 | 0.70 | (0.29)<br>|  | (0.29)<br>| 7.35 | 10.23 | 3631<br> 0.77 <br><sup>(e)</sup><br>| 0.72 | 3.73 | 76 |
| **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 02/28/26 | 6.57 | 0.24 | (0.24)<br>| 0.00 | (0.25)<br>|  | (0.25)<br>| 6.32 | 0.05 | 438210<br> 0.75 <br><sup>(d)(e)</sup><br>| 0.69 <br><sup>(d)</sup><br>| 7.34 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 6.72 | 0.55 | (0.12)<br>| 0.43 | (0.54)<br>| (0.04)<br>| (0.58)<br>| 6.57 | 6.67 | 503881<br> 0.81 <br><sup>(e)</sup><br>| 0.75 | 8.34 | 51 |
| Year ended 08/31/24 | 6.81 | 0.63 | (0.07)<br>| 0.56 | (0.62)<br>| (0.03)<br>| (0.65)<br>| 6.72 | 8.54 | 560660<br> 0.77 <br><sup>(e)</sup><br>| 0.72 | 9.30 | 46 |
| Year ended 08/31/23 | 6.93 | 0.60 | (0.05)<br>| 0.55 | (0.66)<br>| (0.01)<br>| (0.67)<br>| 6.81 | 8.57 | 552394<br> 0.75 <br><sup>(e)</sup><br>| 0.70 | 8.92 | 29 |
| Year ended 08/31/22 | 7.33 | 0.32 | (0.40)<br>| (0.08)<br>| (0.32)<br>|  | (0.32)<br>| 6.93 | (1.13)<br>| 548097<br> 0.70 <br><sup>(e)</sup><br>0.71 <br><sup>(e)</sup><br>| 0.67 | 4.47 | 43 |
| Year ended 08/31/21 | 6.93 | 0.27 | 0.42 | 0.69 | (0.29)<br>|  | (0.29)<br>| 7.33 | 10.10 | 484494<br> 0.73 <br><sup>(e)</sup><br>| 0.68 | 3.77 | 76 |

---

<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> Ratio includes line of credit expense of 0.06%, 0.06%, 0.05%, 0.05%, 0.03% and 0.05% for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**23**

**Invesco Floating Rate ESG Fund**

------

**Notes to Consolidated Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Floating Rate ESG Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund invested a portion of its assets indirectly through a wholly-owned subsidiary, Invesco Floating Rate ESG TB, LLC, a Delaware limited liability series company (the "Subsidiary"), which formed a separate series. The Fund owns all beneficial and economic interests in the Subsidiary and the Subsidiary's series. Effective February 26, 2026, the Subsidiary liquidated all its portfolio investments and is in the process of winding down operations. The accompanying consolidated financial statements reflect, on a consolidated basis, the financial position and results of operations of the Fund, the Subsidiary and the Subsidiary's series.

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 consolidated financial statements.

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

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. 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.

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

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

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

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

Private 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.

**24**

**Invesco Floating Rate ESG Fund**

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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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated 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 Consolidated Statement of Operations and the Consolidated 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 Consolidated 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 Consolidated 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. The Subsidiary is treated as a corporation for U.S. federal income tax purposes and generally is subject to U.S. federal and state income tax on its taxable income.

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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's consolidated financial statements.

**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.** **Interest, Facilities and Maintenance Fees** — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining a line of credit.

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

**25**

**Invesco Floating Rate ESG Fund**

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

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

**J.** **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, portfolio managers and senior executives at the Adviser act 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 consolidated financial statements.

**K.** **Cash and Cash Equivalents –** For the purposes of the Consolidated Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), restricted cash, money market funds that qualify as a cash equivalent and other investments held in lieu of cash.

**L.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell 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.

**M.** **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 Consolidated 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 Consolidated 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 Consolidated 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**N.** **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 Consolidated 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 Consolidated Statement of Assets and Liabilities.

**O.** **Industry Focus** — To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund's performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.

**P.** **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.

**Q.** **Leverage Risk** — The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund's leverage strategy will be successful.

**R.** **Other Risks** - The Fund may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of

**26**

**Invesco Floating Rate ESG Fund**

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loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the "Borrowers"). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders ("Lenders") or one of the participants in the syndicate ("Participant"), one or more of which administers the loan on behalf of all the Lenders (the "Agent Bank"), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund's rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as "Intermediate Participants".

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

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.

By investing through the Subsidiary, the Fund is exposed to the risks associated with the Subsidiary's investments (which risks are generally the same as the Fund's investment risks). The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. However, the Fund will comply with the applicable requirements of the 1940 Act on a consolidated basis with its Subsidiary, and the Subsidiary will be subject to the same investment restrictions and limitations, and will adhere to the same compliance policies and procedures, as the Fund. Changes in the laws of the United States and/or the jurisdiction in which the Subsidiary is organized, including any changes in the interpretations of, or treatment with respect to, applicable federal tax-related matters impacting the Fund and its status as a regulated investment company, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could adversely affect the Fund and its shareholders.

Investments through the Subsidiary, which is taxable as a corporation for U.S. federal income tax purposes, may incur entity-level income taxes on their earnings, which ultimately may reduce the return to shareholders.

**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 $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $4.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.575% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |

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For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.61%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary's average daily net assets as set forth in the table above. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

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 1.50%, 2.00%, 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, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $11,171.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and

**27**

**Invesco Floating Rate ESG Fund**

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Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 0.75% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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 February 28, 2026, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $36,289 in front-end sales commissions from the sale of Class A shares and $56,115 and $3,084 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 February 28, 2026. 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 consolidated 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** |  |  |  |  |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1456142525 | &nbsp;&nbsp;&nbsp;&nbsp; $271111200 | &nbsp;&nbsp;&nbsp;&nbsp; $1727253725 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 6805105 | &nbsp;&nbsp;&nbsp;&nbsp; 11065192 | &nbsp;&nbsp;&nbsp;&nbsp; 89664276 | &nbsp;&nbsp;&nbsp;&nbsp; 107534573 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93466562 | &nbsp;&nbsp;&nbsp;&nbsp; 2057228 | &nbsp;&nbsp;&nbsp;&nbsp; 95523790 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33430542 | &nbsp;&nbsp;&nbsp;&nbsp; 6687871 | &nbsp;&nbsp;&nbsp;&nbsp; 40118413 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11467559 | &nbsp;&nbsp;&nbsp;&nbsp; 11467559 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1088300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1088300 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 7893405 | &nbsp;&nbsp;&nbsp;&nbsp; 1594104821 | &nbsp;&nbsp;&nbsp;&nbsp; 380988134 | &nbsp;&nbsp;&nbsp;&nbsp; 1982986360 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 8135 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2875276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2875276 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2875276 | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 2883411 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (185731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (185731)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2689545 | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 2697680 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $7893405 | &nbsp;&nbsp;&nbsp;&nbsp; $1596794366 | &nbsp;&nbsp;&nbsp;&nbsp; $380996269 | &nbsp;&nbsp;&nbsp;&nbsp; $1985684040 |

---

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

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

**28**

**Invesco Floating Rate ESG Fund**

------

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended February 28, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**08/31/25**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Accrued** <br>**Discounts/** <br>**Premiums**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Transfers** <br>**into** <br>**Level 3\***<br>| **Transfers** <br>**out of** <br>**Level 3\***<br>| **Value** <br>**02/28/26**<br>|
| Variable Rate Senior Loan Interests | $224108551 | $44803223 | $(39935108)<br>| $1303781 | $(855450)<br>| $121929 | $58691889 | $(17127615)<br>| $271111200 |
| Common Stocks & Other Equity <br> Interests<br>| 92166768 | 3820533 | (9508)<br>|  | (2103431)<br>| (6466410)<br>| 2256324 |  | 89664276 |
| Preferred Stocks | 12128885 |  |  |  |  | (661326)<br>|  |  | 11467559 |
| Non-U.S. Dollar Denominated Bonds & <br> Notes<br>| 11562739 |  | (4929034)<br>| 24036 | (3940079)<br>| 3970209 |  |  | 6687871 |
| U.S. Dollar Denominated Bonds & Notes |  |  |  | 98930 |  | 705983 | 1252315 |  | 2057228 |
| Investments Matured | 8135 |  |  |  |  |  |  |  | 8135 |
| Total | $339975078 | $48623756 | $(44873650)<br>| $1426747 | $(6898960)<br>| $(2329615)<br>| $62200528 | $(17127615)<br>| $380996269 |

---

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

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value <br>at 02/28/26<br>| Valuation <br>Technique<br>| Unobservable <br>Inputs<br>| Range of <br>Unobservable <br>Inputs<br>| Weighted Average of <br>Unobservable Inputs <br>Based on Fair Value<br>|
| Variable Rate Senior Loan Interests | $&nbsp;&nbsp;&nbsp;&nbsp; 271111200 | Comparable Companies | EBITDA Multiple | 8.00x - 8.50x | 8.15x |
|  |  | Discounted Cash Flow Model | Discount Rate | 7.79% - 13.39% | 10.59% |
|  |  | Third-Party Pricing | Broker Quote | 96.63% - 98.88% of Par | 97.67% of Par |
|  |  | Transaction Value | Liquidation Value | 7.50x | - |
|  |  | Valued at Cost | Acquisition Cost | 97.38% of Par | - |
| Common Stocks & Other Equity Interests | 89664276 | Comparable Companies | EBITDA Multiple | 3.44x - 5.75x | 4.64x |
| Preferred Stocks | 11467559 | Comparable Companies | EBITDA Multiple | 8.50x | - |
| Non-U.S. Dollar Denominated Bonds & <br> Notes<br>| 6687871 | Valued at Cost | Acquisition Cost | 100.00% of Par | - |
| U.S. Dollar Denominated Bonds & Notes | 2057228 | Discounted Cash Flow Model | Discount Rate | 19.85% | - |
| Investments Matured | 8135 | Expected Recovery | Anticipated Proceeds | 41.00% of Par | - |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp; 380996269 |  |  |  |  |

---

**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 Consolidated Statement of Assets and Liabilities.

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $2875276 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $2875276 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(185731)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(185731)<br>|

---

**29**

**Invesco Floating Rate ESG Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $28267 | &nbsp;&nbsp;&nbsp; $(28489)<br>| &nbsp;&nbsp;&nbsp; $(222)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(222)<br>|
| Barclays Capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (9139)<br>| &nbsp;&nbsp;&nbsp; (9139)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9139)<br>|
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 784476 | &nbsp;&nbsp;&nbsp; (387)<br>| &nbsp;&nbsp;&nbsp; 784089 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 784089 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 1035106 | &nbsp;&nbsp;&nbsp; (1207)<br>| &nbsp;&nbsp;&nbsp; 1033899 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1033899 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 9706 | &nbsp;&nbsp;&nbsp; (9724)<br>| &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 760945 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 760945 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 760945 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 142033 | &nbsp;&nbsp;&nbsp; (22019)<br>| &nbsp;&nbsp;&nbsp; 120014 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 120014 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 73107 | &nbsp;&nbsp;&nbsp; (72992)<br>| &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 115 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp; 41636 | &nbsp;&nbsp;&nbsp; (41774)<br>| &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (138)<br>|
| Total | &nbsp;&nbsp;&nbsp; $2875276 | &nbsp;&nbsp;&nbsp; $(185731)<br>| &nbsp;&nbsp;&nbsp; $2689545 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2689545 |

---

**Effect of Derivative Investments for the six months ended February 28, 2026**

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>**Consolidated Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1336041)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1107595 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(228446)<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; $599273276 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $5,309.

**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. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

Effective February 13, 2026, the Fund has entered into a credit agreement, which enables the Fund to participate with another Invesco Fund in a committed secured borrowing facility that permits borrowings up to $850 million, collectively by certain Invesco Funds, and which will expire on February 12, 2027. Prior to February 13, 2026, the credit agreement permitted borrowings up to $900 million. The credit agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement. During the six months ended February 28, 2026, the Fund did not borrow under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated 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.

**30**

**Invesco Floating Rate ESG Fund**

------

**NOTE 8—Unfunded Loan Commitments**

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2026. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Type** | &nbsp;&nbsp;&nbsp;&nbsp; **Unfunded Loan** <br>**Commitment** | &nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| A&R Logistics Holdings, Inc. (Quantix) | Revolver Loan | $534864 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| AnaCap (AFE S.A. SICAV-RAIF) | Delayed Draw Term Loan | 701541 | &nbsp;&nbsp;&nbsp;&nbsp; 15133 |
| Azuria Water Solutions, Inc | Delayed Draw Term Loan | 203424 | &nbsp;&nbsp;&nbsp;&nbsp; (1607)<br>|
| Beacon Mobility Corp. | Delayed Draw Term Loan | 268087 | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
| Citrin Cooperman Advisors LLC | Delayed Draw Term Loan | 1011190 | &nbsp;&nbsp;&nbsp;&nbsp; (20746)<br>|
| Eisner Advisory Group LLC | Delayed Draw Term Loan | 902684 | &nbsp;&nbsp;&nbsp;&nbsp; 3881 |
| Exclusive (Networks Everest/Etna French Bidco) | Delayed Draw Term Loan | 208057 | &nbsp;&nbsp;&nbsp;&nbsp; (7365)<br>|
| GC Ferry Acquisition I, Inc. (First Eagle Investment <br> Management LLC)<br>| Delayed Draw Term Loan | 1160053 | &nbsp;&nbsp;&nbsp;&nbsp; (22697)<br>|
| Hasa Intermediate Holdings LLC | Incremental Delayed Draw Term Loan | 323259 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
| Hasa Intermediate Holdings LLC | Revolver Loan | 560260 | &nbsp;&nbsp;&nbsp;&nbsp; 6215 |
| IPS Corp./CP Iris Holdco | Delayed Draw Term Loan | 612753 | &nbsp;&nbsp;&nbsp;&nbsp; (1915)<br>|
| MB2 Dental Solutions LLC | Delayed Draw Term Loan | 345390 | &nbsp;&nbsp;&nbsp;&nbsp; 3454 |
| MB2 Dental Solutions LLC | Revolver Loan | 283523 | &nbsp;&nbsp;&nbsp;&nbsp; 2146 |
| McDermott International Ltd. | Revolver Loan | 4210358 | &nbsp;&nbsp;&nbsp;&nbsp; (421036)<br>|
| Parques Reunidos (Piolin Bidco S.A.U.) | Revolver Loan | 4007213 | &nbsp;&nbsp;&nbsp;&nbsp; 25371 |
| PennAero (Takeoff Buyer, Inc.) | Delayed Draw Term Loan | 246776 | &nbsp;&nbsp;&nbsp;&nbsp; 558 |
| Pinnacle Buyer LLC (Summit Cos.) | Delayed Draw Term Loan | 436434 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| Pye-Barker Fire and Safety LLC | Delayed Draw Term Loan | 962650 | &nbsp;&nbsp;&nbsp;&nbsp; 2065 |
| Selecta Group B.V. | Revolver Loan | 2435205 | &nbsp;&nbsp;&nbsp;&nbsp; 67348 |
| Student Transportation of America Holdings, Inc. | Delayed Draw Term Loan | 389534 | &nbsp;&nbsp;&nbsp;&nbsp; 2142 |
| Summer (BC) Holdco B S.a r.l | Revolver Loan | 6286478 | &nbsp;&nbsp;&nbsp;&nbsp; (427354)<br>|
| Tank Holding Corp. | Revolver Loan | 1687953 | &nbsp;&nbsp;&nbsp;&nbsp; (121374)<br>|
| Titan Acquisition Holdings L.P. | Delayed Draw Term Loan | 3321 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| US Fitness LLC | Delayed Draw Term Loan | 558182 | &nbsp;&nbsp;&nbsp;&nbsp; (4632)<br>|
| US Fitness LLC | Revolver Loan | 1758433 | &nbsp;&nbsp;&nbsp;&nbsp; (8897)<br>|
| USALCO LLC | Delayed Draw Term Loan | 378902 | &nbsp;&nbsp;&nbsp;&nbsp; 591 |
| V Global Holdings LLC | Revolver Loan | 1772796 | &nbsp;&nbsp;&nbsp;&nbsp; (103397)<br>|
|  |  | $32249320 | &nbsp;&nbsp;&nbsp;&nbsp; $(1009436)<br>|

---

**NOTE 9—Tax Information**

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

For the six months ended February 28, 2026, the Subsidiary did not incur any current or deferred federal income tax expense.

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

The Fund had a capital loss carryforward as of August 31, 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; $109867321 | &nbsp;&nbsp;&nbsp;&nbsp; $442439412 | &nbsp;&nbsp;&nbsp;&nbsp; $552306733 |

---

\*

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

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $317,034,594 and $619,662,636, respectively. As of February 28, 2026, the aggregate cost of

**31**

**Invesco Floating Rate ESG Fund**

------

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; $84414891 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (144115551)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(59700660)<br>|

---

Cost of investments for tax purposes is $2,045,384,700.

**NOTE 11—Senior Loan Participation Commitments**

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

At the six months ended February 28, 2026, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

---

| | | |
|:---|:---|:---|
| **Selling Participant** | &nbsp;&nbsp;&nbsp;&nbsp; **Principal** <br>**Amount**<br>| **Value** |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; $4210358 | &nbsp;&nbsp;&nbsp;&nbsp; $3789323 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 7083213 | &nbsp;&nbsp;&nbsp;&nbsp; 9292348 |

---

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10179192 | &nbsp;&nbsp;&nbsp; $66205553 | &nbsp;&nbsp;&nbsp; 28159307 | &nbsp;&nbsp;&nbsp; $186845551 |
| Class C | &nbsp;&nbsp;&nbsp; 557943 | &nbsp;&nbsp;&nbsp; 3606441 | &nbsp;&nbsp;&nbsp; 1418083 | &nbsp;&nbsp;&nbsp; 9363741 |
| Class R | &nbsp;&nbsp;&nbsp; 150934 | &nbsp;&nbsp;&nbsp; 985539 | &nbsp;&nbsp;&nbsp; 902763 | &nbsp;&nbsp;&nbsp; 5995334 |
| Class Y | &nbsp;&nbsp;&nbsp; 22620720 | &nbsp;&nbsp;&nbsp; 146743759 | &nbsp;&nbsp;&nbsp; 65158002 | &nbsp;&nbsp;&nbsp; 432300138 |
| Class R5 | &nbsp;&nbsp;&nbsp; 96772 | &nbsp;&nbsp;&nbsp; 623049 | &nbsp;&nbsp;&nbsp; 204373 | &nbsp;&nbsp;&nbsp; 1345176 |
| Class R6 | &nbsp;&nbsp;&nbsp; 7255018 | &nbsp;&nbsp;&nbsp; 46596407 | &nbsp;&nbsp;&nbsp; 18156324 | &nbsp;&nbsp;&nbsp; 120249119 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3132582 | &nbsp;&nbsp;&nbsp; 20277989 | &nbsp;&nbsp;&nbsp; 7266931 | &nbsp;&nbsp;&nbsp; 48202413 |
| Class C | &nbsp;&nbsp;&nbsp; 185837 | &nbsp;&nbsp;&nbsp; 1198701 | &nbsp;&nbsp;&nbsp; 510084 | &nbsp;&nbsp;&nbsp; 3370747 |
| Class R | &nbsp;&nbsp;&nbsp; 66530 | &nbsp;&nbsp;&nbsp; 431695 | &nbsp;&nbsp;&nbsp; 126263 | &nbsp;&nbsp;&nbsp; 837963 |
| Class Y | &nbsp;&nbsp;&nbsp; 3352037 | &nbsp;&nbsp;&nbsp; 21682505 | &nbsp;&nbsp;&nbsp; 8645994 | &nbsp;&nbsp;&nbsp; 57296215 |
| Class R5 | &nbsp;&nbsp;&nbsp; 27680 | &nbsp;&nbsp;&nbsp; 179152 | &nbsp;&nbsp;&nbsp; 69647 | &nbsp;&nbsp;&nbsp; 462582 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2205507 | &nbsp;&nbsp;&nbsp; 14235082 | &nbsp;&nbsp;&nbsp; 4915949 | &nbsp;&nbsp;&nbsp; 32552393 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 504099 | &nbsp;&nbsp;&nbsp; 3266494 | &nbsp;&nbsp;&nbsp; 1406187 | &nbsp;&nbsp;&nbsp; 9329248 |
| Class C | &nbsp;&nbsp;&nbsp; (506207)<br>| &nbsp;&nbsp;&nbsp; (3266494)<br>| &nbsp;&nbsp;&nbsp; (1412385)<br>| &nbsp;&nbsp;&nbsp; (9329248)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (22623078)<br>| &nbsp;&nbsp;&nbsp; (146758973)<br>| &nbsp;&nbsp;&nbsp; (43363641)<br>| &nbsp;&nbsp;&nbsp; (287753407)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1860022)<br>| &nbsp;&nbsp;&nbsp; (12015937)<br>| &nbsp;&nbsp;&nbsp; (3008162)<br>| &nbsp;&nbsp;&nbsp; (19877900)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (343681)<br>| &nbsp;&nbsp;&nbsp; (2252568)<br>| &nbsp;&nbsp;&nbsp; (319155)<br>| &nbsp;&nbsp;&nbsp; (2119984)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (52320469)<br>| &nbsp;&nbsp;&nbsp; (339238433)<br>| &nbsp;&nbsp;&nbsp; (97570273)<br>| &nbsp;&nbsp;&nbsp; (645370745)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (124998)<br>| &nbsp;&nbsp;&nbsp; (811669)<br>| &nbsp;&nbsp;&nbsp; (424330)<br>| &nbsp;&nbsp;&nbsp; (2794418)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (16855074)<br>| &nbsp;&nbsp;&nbsp; (109018267)<br>| &nbsp;&nbsp;&nbsp; (29786113)<br>| &nbsp;&nbsp;&nbsp; (196973995)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (44298678)<br>| &nbsp;&nbsp;&nbsp; $(287329975)<br>| &nbsp;&nbsp;&nbsp; (38944152)<br>| &nbsp;&nbsp;&nbsp; $(256069077)<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 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**32**

**Invesco Floating Rate ESG 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>**

Not applicable.

**33**

**Invesco Floating Rate ESG Fund**

------

![](img2e3743551.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

FLR-NCSRS

------

![](img0a43e5d81.jpg)

------

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

**February 28, 2026**

**Invesco Global Real Estate Income Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_db283002-1e69-403f-93c9-58ef907144c6_SOI-Continued-91_1) | Schedule of Investments |
| [5](#xx_db283002-1e69-403f-93c9-58ef907144c6_FS-Continued-91_1) | Financial Statements |
| [8](#xx_db283002-1e69-403f-93c9-58ef907144c6_FS-Continued-91_4) | Financial Highlights |
| [9](#xx_db283002-1e69-403f-93c9-58ef907144c6_NTF-Continued-91_1) | Notes to Financial Statements |
| [16](#xx_db283002-1e69-403f-93c9-58ef907144c6_OIRSR-Continued-91_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–87.56%** | **Common Stocks & Other Equity Interests–87.56%** | **Common Stocks & Other Equity Interests–87.56%** |
| **Australia–4.88%** | **Australia–4.88%** | **Australia–4.88%** |
| Goodman Group | 491622 | &nbsp;&nbsp; $10112850 |
| NEXTDC Ltd.<sup>(a)</sup>  | 112993 | &nbsp;&nbsp; 1115038 |
| Stockland | 922248 | &nbsp;&nbsp; 3353848 |
| Vicinity Ltd. | 646873 | &nbsp;&nbsp; 1127559 |
| Waypoint REIT Ltd. | 767958 | &nbsp;&nbsp; 1393640 |
|  |  | &nbsp;&nbsp; 17102935 |
| **Belgium–0.93%** | **Belgium–0.93%** | **Belgium–0.93%** |
| Aedifica S.A. | 17725 | &nbsp;&nbsp; 1641735 |
| Warehouses De Pauw C.V.A. | 52438 | &nbsp;&nbsp; 1610739 |
|  |  | &nbsp;&nbsp; 3252474 |
| **Canada–1.29%** | **Canada–1.29%** | **Canada–1.29%** |
| Canadian Apartment Properties REIT | 67200 | &nbsp;&nbsp; 1859263 |
| Chartwell Retirement Residences | 87494 | &nbsp;&nbsp; 1425254 |
| First Capital REIT | 78200 | &nbsp;&nbsp; 1226273 |
|  |  | &nbsp;&nbsp; 4510790 |
| **France–1.65%** | **France–1.65%** | **France–1.65%** |
| Unibail-Rodamco-Westfield | 46145 | &nbsp;&nbsp; 5781398 |
| **Germany–2.24%** | **Germany–2.24%** | **Germany–2.24%** |
| Sirius Real Estate Ltd. | 2039671 | &nbsp;&nbsp; 3061320 |
| TAG Immobilien AG | 72025 | &nbsp;&nbsp; 1404871 |
| Vonovia SE | 99402 | &nbsp;&nbsp; 3370473 |
|  |  | &nbsp;&nbsp; 7836664 |
| **Hong Kong–3.46%** | **Hong Kong–3.46%** | **Hong Kong–3.46%** |
| Hongkong Land Holdings Ltd. | 228500 | &nbsp;&nbsp; 1978306 |
| Link REIT | 329100 | &nbsp;&nbsp; 1627032 |
| Sun Hung Kai Properties Ltd. | 409000 | &nbsp;&nbsp; 7603571 |
| Swire Properties Ltd. | 268800 | &nbsp;&nbsp; 925062 |
|  |  | &nbsp;&nbsp; 12133971 |
| **Japan–8.08%** | **Japan–8.08%** | **Japan–8.08%** |
| Daiwa House REIT Investment Corp. | 2326 | &nbsp;&nbsp; 1980676 |
| GLP J-Reit | 2704 | &nbsp;&nbsp; 2424798 |
| Invincible Investment Corp. | 2459 | &nbsp;&nbsp; 1044160 |
| Japan Metropolitan Fund Investment <br> Corp. | 2460 | &nbsp;&nbsp; 1918577 |
| KDX Realty Investment Corp. | 1379 | &nbsp;&nbsp; 1501065 |
| Mitsui Fudosan Accommodations Fund, <br> Inc. | 232 | &nbsp;&nbsp; 204926 |
| Mitsui Fudosan Co. Ltd. | 704200 | &nbsp;&nbsp; 9492489 |
| Nippon Building Fund, Inc. | 3034 | &nbsp;&nbsp; 2822535 |
| Sumitomo Realty & Development Co. <br> Ltd. | 203900 | &nbsp;&nbsp; 6893117 |
|  |  | &nbsp;&nbsp; 28282343 |
| **Mexico–0.20%** | **Mexico–0.20%** | **Mexico–0.20%** |
| FIBRA Macquarie Mexico<sup>(b)</sup>  | 275000 | &nbsp;&nbsp; 687580 |
| **Netherlands–0.79%** | **Netherlands–0.79%** | **Netherlands–0.79%** |
| CTP N.V.<sup>(b)</sup>  | 68702 | &nbsp;&nbsp; 1458784 |
| Eurocommercial Properties N.V. | 39043 | &nbsp;&nbsp; 1312296 |
|  |  | &nbsp;&nbsp; 2771080 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Singapore–1.67%** | **Singapore–1.67%** | **Singapore–1.67%** |
| CapitaLand Integrated Commercial Trust | 1217529 | &nbsp;&nbsp; $2355541 |
| Digital Core REIT Management Pte. Ltd. | 3059100 | &nbsp;&nbsp; 1574442 |
| Mapletree Pan Asia Commercial Trust | 800000 | &nbsp;&nbsp; 897466 |
| UOL Group Ltd. | 114700 | &nbsp;&nbsp; 1022166 |
|  |  | &nbsp;&nbsp; 5849615 |
| **Spain–0.87%** | **Spain–0.87%** | **Spain–0.87%** |
| Merlin Properties SOCIMI S.A. | 173693 | &nbsp;&nbsp; 3067168 |
| **Sweden–1.81%** | **Sweden–1.81%** | **Sweden–1.81%** |
| Catena AB | 25755 | &nbsp;&nbsp; 1419520 |
| Fastighets AB Balder, Class B<sup>(a)</sup>  | 334705 | &nbsp;&nbsp; 2515077 |
| Wihlborgs Fastigheter AB | 227259 | &nbsp;&nbsp; 2407412 |
|  |  | &nbsp;&nbsp; 6342009 |
| **United Kingdom–2.26%** | **United Kingdom–2.26%** | **United Kingdom–2.26%** |
| British Land Co. PLC (The) | 457468 | &nbsp;&nbsp; 2515021 |
| Safestore Holdings PLC | 197266 | &nbsp;&nbsp; 2110199 |
| Segro PLC | 289597 | &nbsp;&nbsp; 3278343 |
|  |  | &nbsp;&nbsp; 7903563 |
| **United States–57.43%** | **United States–57.43%** | **United States–57.43%** |
| American Healthcare REIT, Inc.<sup>(c)</sup>  | 99836 | &nbsp;&nbsp; 5215433 |
| American Homes 4 Rent, Class A | 95040 | &nbsp;&nbsp; 2851200 |
| Brixmor Property Group, Inc. | 218740 | &nbsp;&nbsp; 6621260 |
| Broadstone Net Lease, Inc. | 216587 | &nbsp;&nbsp; 4199622 |
| BXP, Inc. | 44833 | &nbsp;&nbsp; 2581484 |
| Camden Property Trust | 67056 | &nbsp;&nbsp; 7264847 |
| CareTrust REIT, Inc. | 72942 | &nbsp;&nbsp; 2962904 |
| Cousins Properties, Inc. | 127247 | &nbsp;&nbsp; 2947040 |
| CubeSmart | 18315 | &nbsp;&nbsp; 753479 |
| Digital Realty Trust, Inc. | 78397 | &nbsp;&nbsp; 13891948 |
| EastGroup Properties, Inc. | 33928 | &nbsp;&nbsp; 6660406 |
| Equinix, Inc. | 16404 | &nbsp;&nbsp; 15981761 |
| Extra Space Storage, Inc. | 54209 | &nbsp;&nbsp; 8187185 |
| Federal Realty Investment Trust | 21977 | &nbsp;&nbsp; 2390438 |
| First Industrial Realty Trust, Inc. | 120472 | &nbsp;&nbsp; 7606602 |
| Gaming and Leisure Properties, Inc. | 127847 | &nbsp;&nbsp; 6252997 |
| Healthcare Realty Trust, Inc. | 90676 | &nbsp;&nbsp; 1672972 |
| Host Hotels & Resorts, Inc. | 166620 | &nbsp;&nbsp; 3264086 |
| Iron Mountain, Inc. | 67063 | &nbsp;&nbsp; 7264935 |
| Lamar Advertising Co., Class A | 12226 | &nbsp;&nbsp; 1684009 |
| Omega Healthcare Investors, Inc. | 141688 | &nbsp;&nbsp; 6839280 |
| Prologis, Inc. | 144945 | &nbsp;&nbsp; 20664809 |
| Public Storage | 21491 | &nbsp;&nbsp; 6599026 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup>  | 29361 | &nbsp;&nbsp; 2899399 |
| Simon Property Group, Inc. | 52269 | &nbsp;&nbsp; 10655036 |
| Tanger, Inc. | 70606 | &nbsp;&nbsp; 2616658 |
| UDR, Inc. | 196314 | &nbsp;&nbsp; 7361775 |
| Vornado Realty Trust | 66046 | &nbsp;&nbsp; 1821549 |
| W.P. Carey, Inc. | 69198 | &nbsp;&nbsp; 5165631 |
| Welltower, Inc. | 126734 | &nbsp;&nbsp; 26249147 |
|  |  | &nbsp;&nbsp; 201126918 |
| Total Common Stocks & Other Equity Interests <br> (Cost $242,232,450) | Total Common Stocks & Other Equity Interests <br> (Cost $242,232,450) | &nbsp;&nbsp; 306648508 |

---

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

**2**

**Invesco Global Real Estate Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities–7.34%** | **Asset-Backed Securities–7.34%** | **Asset-Backed Securities–7.34%** | **Asset-Backed Securities–7.34%** |
| BX Commercial Mortgage Trust, <br> Series 2026-CSMO, Class A, 5.07% <br> (1 mo. Term SOFR + 1.40%), <br> 02/15/2042<sup>(b)(d)</sup> <br>|  | $975000 | &nbsp;&nbsp; $976505 |
| BX Trust, | BX Trust, |  |  |
| Series 2021-RISE, Class D, 5.52% (1 <br> mo. Term SOFR + 1.86%), <br> 11/15/2036<sup>(b)(d)</sup> <br>|  | 755724 | &nbsp;&nbsp; 756066 |
| Series 2019-OC11, Class C, 3.86%, <br> 12/09/2041<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 970964 |
| Series 2025-VOLT, Class D, 6.41% <br> (1 mo. Term SOFR + 2.75%), <br> 12/15/2044<sup>(b)(d)</sup> <br>|  | 2995000 | &nbsp;&nbsp; 3008733 |
| CEDR Commercial Mortgage Trust, <br> Series 2022-SNAI, Class E, 6.68% (1 <br> mo. Term SOFR + 3.02%), <br> 02/15/2039<sup>(b)(d)</sup> <br>|  | 500000 | &nbsp;&nbsp; 489612 |
| CFK Trust, Series 2019-FAX, Class E, <br> 4.64%, 01/15/2039<sup>(b)(e)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 928589 |
| Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |  |
| Series 2020-420K, Class E, 3.31%, <br> 11/10/2042<sup>(b)(e)</sup> <br>|  | 586000 | &nbsp;&nbsp; 524316 |
| Series 2020-555, Class F, 3.50%, <br> 12/10/2041<sup>(b)(e)</sup> <br>|  | 400000 | &nbsp;&nbsp; 356749 |
| Series 2020-555, Class E, 3.50%, <br> 12/10/2041<sup>(b)(e)</sup> <br>|  | 427000 | &nbsp;&nbsp; 390501 |
| CONE Trust, Series 2024-DFW1, Class D, <br> 6.70% (1 mo. Term SOFR + 3.04%), <br> 08/15/2041<sup>(b)(d)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1201543 |
| Hilton USA Trust, | Hilton USA Trust, |  |  |
| Series 2016-HHV, Class E, 4.19%, <br> 11/05/2038<sup>(b)(e)</sup> <br>|  | 581000 | &nbsp;&nbsp; 576646 |
| Series 2016-HHV, Class C, 4.19%, <br> 11/05/2038<sup>(b)(e)</sup> <br>|  | 1396500 | &nbsp;&nbsp; 1391876 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust, | JP Morgan Chase Commercial Mortgage <br> Securities Trust, |  |  |
| Series 2019-UES, Class F, 4.45%, <br> 05/05/2032<sup>(b)(e)</sup> <br>|  | 558000 | &nbsp;&nbsp; 554271 |
| Series 2019-UES, Class B, 4.14%, <br> 05/05/2032<sup>(b)</sup> <br>|  | 1284000 | &nbsp;&nbsp; 1276956 |
| Series 2019-UES, Class C, 4.34%, <br> 05/05/2032<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 115653 |
| Series 2019-UES, Class D, 4.45%, <br> 05/05/2032<sup>(b)(e)</sup> <br>|  | 119000 | &nbsp;&nbsp; 118513 |
| Series 2019-UES, Class E, 4.45%, <br> 05/05/2032<sup>(b)(e)</sup> <br>|  | 138000 | &nbsp;&nbsp; 137145 |
| Series 2019-OSB, Class A, 3.40%, <br> 06/05/2039<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 952438 |
| MHC Commercial Mortgage Trust, <br> Series 2021-MHC, Class F, 6.38% (1 <br> mo. Term SOFR + 2.72%), <br> 04/15/2038<sup>(b)(d)</sup> <br>|  | 800000 | &nbsp;&nbsp; 800574 |
| MILE Trust, Series 2025-STNE, Class D, <br> 7.16% (1 mo. Term SOFR + 3.50%), <br> 07/15/2042<sup>(b)(d)</sup> <br>|  | 1750000 | &nbsp;&nbsp; 1754236 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Natixis Commercial Mortgage Securities <br> Trust, Series 2018-SOX, Class E, <br> 4.77%, 06/17/2038<sup>(b)(e)</sup> <br>|  | $922000 | &nbsp;&nbsp; $889409 |
| NYC Trust, Series 2024-3ELV, Class D, <br> 7.50% (1 mo. Term SOFR + 3.84%), <br> 08/15/2029<sup>(b)(d)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1506973 |
| SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class C, 5.41% <br> (1 mo. Term SOFR + 1.75%), <br> 08/15/2042<sup>(b)(d)</sup> <br>|  | 1780000 | &nbsp;&nbsp; 1788483 |
| SREIT Trust, | SREIT Trust, |  |  |
| Series 2021-PALM, Class E, 5.68% <br> (1 mo. Term SOFR + 2.02%), <br> 10/15/2034<sup>(b)(d)</sup> <br>|  | 740000 | &nbsp;&nbsp; 740126 |
| Series 2021-PALM, Class C, 4.73% <br> (1 mo. Term SOFR + 1.07%), <br> 10/15/2034<sup>(b)(d)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 999810 |
| MF1 Trust, Series 2021-W10, Class D, <br> 5.63% (1 mo. Term SOFR + 1.97%), <br> 12/15/2034<sup>(b)(d)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2486603 |
| Total Asset-Backed Securities (Cost $25,464,794) | Total Asset-Backed Securities (Cost $25,464,794) | Total Asset-Backed Securities (Cost $25,464,794) | &nbsp;&nbsp; 25693290 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–1.45%** | **Preferred Stocks–1.45%** | **Preferred Stocks–1.45%** | **Preferred Stocks–1.45%** |
| **United States–1.45%** | **United States–1.45%** | **United States–1.45%** | **United States–1.45%** |
| National Storage Affiliates Trust, 6.00%, <br> Series A, Pfd. <br>(Cost $6,001,099) | National Storage Affiliates Trust, 6.00%, <br> Series A, Pfd. <br>(Cost $6,001,099) | 241700 | &nbsp;&nbsp; 5075700 |
| **Money Market Funds–3.30%** | **Money Market Funds–3.30%** | **Money Market Funds–3.30%** | **Money Market Funds–3.30%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(f)(g)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(f)(g)</sup>  | 4049645 | &nbsp;&nbsp; 4049645 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(f)(g)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(f)(g)</sup>  | 7520655 | &nbsp;&nbsp; 7520655 |
| Total Money Market Funds (Cost $11,570,300) | Total Money Market Funds (Cost $11,570,300) | Total Money Market Funds (Cost $11,570,300) | &nbsp;&nbsp; 11570300 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.65% <br> (Cost $285,268,643)<br>|  |  | &nbsp;&nbsp; 348987798 |
| **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–1.74%** | **Money Market Funds–1.74%** | **Money Market Funds–1.74%** | **Money Market Funds–1.74%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(f)(g)(h)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(f)(g)(h)</sup>  | 1691452 | &nbsp;&nbsp; 1691452 |
| Invesco Private Prime Fund, 3.81%<sup>(f)(g)(h)</sup>  | Invesco Private Prime Fund, 3.81%<sup>(f)(g)(h)</sup>  | 4394513 | &nbsp;&nbsp; 4395831 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,087,283) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,087,283) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,087,283) | &nbsp;&nbsp; 6087283 |
| TOTAL INVESTMENTS IN SECURITIES—101.39% <br> (Cost $291,355,926) | TOTAL INVESTMENTS IN SECURITIES—101.39% <br> (Cost $291,355,926) | TOTAL INVESTMENTS IN SECURITIES—101.39% <br> (Cost $291,355,926) | &nbsp;&nbsp; 355075081 |
| OTHER ASSETS LESS LIABILITIES–(1.39)% | OTHER ASSETS LESS LIABILITIES–(1.39)% | OTHER ASSETS LESS LIABILITIES–(1.39)% | &nbsp;&nbsp; (4864686)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $350210395 |

---

Investment Abbreviations:

Pfd. – Preferred <br> REIT – Real Estate Investment Trust <br> SOFR – Secured Overnight Financing Rate

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

**3**

**Invesco Global Real Estate Income Fund**

------

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 February 28, 2026 was $27,839,654, which represented 7.95% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<sup>(d)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(e)</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 February 28, 2026. 

<sup>(f)</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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $3242734 | &nbsp;&nbsp; $15099675 | &nbsp;&nbsp; $(14292764) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4049645 | &nbsp;&nbsp; $87143 |
| Invesco Treasury Portfolio, Institutional Class | 6022106 | &nbsp;&nbsp; 28042252 | &nbsp;&nbsp; (26543703) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7520655 | &nbsp;&nbsp; 159638 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 917144 | &nbsp;&nbsp; 47399758 | &nbsp;&nbsp; (46625450) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1691452 | &nbsp;&nbsp; 52,516\* |
| Invesco Private Prime Fund | 2387995 | &nbsp;&nbsp; 101244950 | &nbsp;&nbsp; (99237926) | (183) | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 4395831 | &nbsp;&nbsp; 139,975\* |
| Total | $12569979 | &nbsp;&nbsp; $191786635 | &nbsp;&nbsp; $(186699843) | &nbsp;&nbsp; $(183) | &nbsp;&nbsp; $995 | &nbsp;&nbsp; $17657583 | &nbsp;&nbsp; $439272 |

---

\* 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>(g)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<sup>(h)</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.

**4**

**Invesco Global Real Estate Income Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $273,698,343)\*<br>| &nbsp;&nbsp; $337417498 |
| Investments in affiliated money market funds, at value <br> (Cost $17,657,583)<br>| &nbsp;&nbsp; 17657583 |
| Foreign currencies, at value (Cost $528,595) | &nbsp;&nbsp; 529031 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 464805 |
| Fund shares sold | &nbsp;&nbsp; 67640 |
| Dividends | &nbsp;&nbsp; 716414 |
| Interest | &nbsp;&nbsp; 71068 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 131690 |
| Other assets | &nbsp;&nbsp; 91622 |
| Total assets | &nbsp;&nbsp; 357147351 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 252876 |
| Fund shares reacquired | &nbsp;&nbsp; 274188 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6087283 |
| Accrued fees to affiliates | &nbsp;&nbsp; 112461 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1968 |
| Accrued other operating expenses | &nbsp;&nbsp; 72818 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 135362 |
| Total liabilities | &nbsp;&nbsp; 6936956 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $350210395 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $351965189 |
| Distributable earnings (loss) | &nbsp;&nbsp; (1754794)<br>|
|  | &nbsp;&nbsp; $350210395 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $75659605 |
| Class C | &nbsp;&nbsp; $1352180 |
| Class Y | &nbsp;&nbsp; $120653383 |
| Class R5 | &nbsp;&nbsp; $1383342 |
| Class R6 | &nbsp;&nbsp; $151161885 |
| **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; 8365684 |
| Class C | &nbsp;&nbsp; 149626 |
| Class Y | &nbsp;&nbsp; 13380918 |
| Class R5 | &nbsp;&nbsp; 153449 |
| Class R6 | &nbsp;&nbsp; 16740208 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.04 |
| Maximum offering price per share <br>(Net asset value of $9.04 ÷ 94.50%)<br>| &nbsp;&nbsp; $9.57 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.04 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.02 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.01 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.03 |

---

\* At February 28, 2026, securities with an aggregate value of $5,822,204 were on loan to brokers. 

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

**5**

**Invesco Global Real Estate Income Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $1316185 |
| Dividends (net of foreign withholding taxes of $135,789) | &nbsp;&nbsp; 6000413 |
| Dividends from affiliated money market funds (includes net securities lending income of $7,618) | &nbsp;&nbsp; 254399 |
| Total investment income | &nbsp;&nbsp; 7570997 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1505486 |
| Administrative services fees | &nbsp;&nbsp; 28783 |
| Custodian fees | &nbsp;&nbsp; 6897 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 90598 |
| Class C | &nbsp;&nbsp; 7123 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 209851 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 621 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 29849 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11804 |
| Registration and filing fees | &nbsp;&nbsp; 34394 |
| Reports to shareholders | &nbsp;&nbsp; 19375 |
| Professional services fees | &nbsp;&nbsp; 32615 |
| Other | &nbsp;&nbsp; 6428 |
| Total expenses | &nbsp;&nbsp; 1983824 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (8139)<br>|
| Net expenses | &nbsp;&nbsp; 1975685 |
| Net investment income | &nbsp;&nbsp; 5595312 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1041076)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 995 |
| Foreign currencies | &nbsp;&nbsp; (9088)<br>|
|  | &nbsp;&nbsp; (1049169)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 34332035 |
| Affiliated investment securities | &nbsp;&nbsp; (183)<br>|
| Foreign currencies | &nbsp;&nbsp; 2857 |
|  | &nbsp;&nbsp; 34334709 |
| Net realized and unrealized gain | &nbsp;&nbsp; 33285540 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $38880852 |

---

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

**6**

**Invesco Global Real Estate Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $5595312 | &nbsp;&nbsp; $12174653 |
| Net realized gain (loss) | &nbsp;&nbsp; (1049169)<br>| &nbsp;&nbsp; (23192488)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 34334709 | &nbsp;&nbsp; (7727266)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 38880852 | &nbsp;&nbsp; (18745101)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (943638)<br>| &nbsp;&nbsp; (2589446)<br>|
| Class C | &nbsp;&nbsp; (13640)<br>| &nbsp;&nbsp; (45648)<br>|
| Class Y | &nbsp;&nbsp; (1721488)<br>| &nbsp;&nbsp; (8112950)<br>|
| Class R5 | &nbsp;&nbsp; (18481)<br>| &nbsp;&nbsp; (45865)<br>|
| Class R6 | &nbsp;&nbsp; (3179376)<br>| &nbsp;&nbsp; (6602394)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (5876623)<br>| &nbsp;&nbsp; (17396303)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (5374379)<br>| &nbsp;&nbsp; (9066419)<br>|
| Class C | &nbsp;&nbsp; (337342)<br>| &nbsp;&nbsp; (540628)<br>|
| Class Y | &nbsp;&nbsp; (13399432)<br>| &nbsp;&nbsp; (178220220)<br>|
| Class R5 | &nbsp;&nbsp; (1328)<br>| &nbsp;&nbsp; (70340)<br>|
| Class R6 | &nbsp;&nbsp; (78488344)<br>| &nbsp;&nbsp; 29506662 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (97600825)<br>| &nbsp;&nbsp; (158390945)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (64596596)<br>| &nbsp;&nbsp; (194532349)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 414806991 | &nbsp;&nbsp; 609339340 |
| End of period | &nbsp;&nbsp; $350210395 | &nbsp;&nbsp; $414806991 |

---

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

**7**

**Invesco Global Real Estate Income Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 02/28/26 | $8.33 | $0.10 | $0.72 | $0.82 | $(0.11)<br>| $— | $(0.11)<br>| $9.04 | 9.95<br> %<br>| &nbsp;&nbsp; $75660 | 1.29 %<sup>(d)</sup><br>| 1.29 %<sup>(d)</sup><br>| 2.46 %<sup>(d)</sup><br>| 30<br> %<br>|
| Year ended 08/31/25 | 8.65 | 0.20 | (0.25)<br>| (0.05)<br>| (0.27)<br>|  | (0.27)<br>| 8.33 | (0.50)<br>| &nbsp;&nbsp; 75051 | 1.26 | 1.26 | 2.44 | 105 |
| Year ended 08/31/24 | 7.93 | 0.29 | 0.71 | 1.00 | (0.28)<br>|  | (0.28)<br>| 8.65 | 12.96 | &nbsp;&nbsp; 87526 | 1.26 | 1.26 | 3.61 | 49 |
| Year ended 08/31/23 | 8.35 | 0.27 | (0.50)<br>| (0.23)<br>| (0.19)<br>|  | (0.19)<br>| 7.93 | (2.69)<br>| &nbsp;&nbsp; 93512 | 1.21 | 1.21 | 3.39 | 78 |
| Year ended 08/31/22 | 9.88 | 0.16 | (1.48)<br>| (1.32)<br>| (0.12)<br>| (0.09)<br>| (0.21)<br>| 8.35 | (13.56)<br>| &nbsp;&nbsp; 116084 | 1.20 | 1.20 | 1.69 | 39 |
| Year ended 08/31/21 | 8.06 | 0.14 | 1.84 | 1.98 | (0.16)<br>|  | (0.16)<br>| 9.88 | 24.81 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 149008 | 1.19 <br><sup>(e)</sup><br>| 1.19 <br><sup>(e)</sup><br>| 1.63 <br><sup>(e)</sup><br>| 41 |
| **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 02/28/26 | 8.33 | 0.07 | 0.72 | 0.79 | (0.08)<br>|  | (0.08)<br>| 9.04 | 9.53 | &nbsp;&nbsp; 1352 | 2.04 <br><sup>(d)</sup><br>| 2.04 <br><sup>(d)</sup><br>| 1.71 <br><sup>(d)</sup><br>| 30 |
| Year ended 08/31/25 | 8.64 | 0.14 | (0.24)<br>| (0.10)<br>| (0.21)<br>|  | (0.21)<br>| 8.33 | (1.15)<br>| &nbsp;&nbsp; 1580 | 2.01 | 2.01 | 1.69 | 105 |
| Year ended 08/31/24 | 7.92 | 0.23 | 0.71 | 0.94 | (0.22)<br>|  | (0.22)<br>| 8.64 | 12.13 | &nbsp;&nbsp; 2197 | 2.01 | 2.01 | 2.86 | 49 |
| Year ended 08/31/23 | 8.34 | 0.21 | (0.50)<br>| (0.29)<br>| (0.13)<br>|  | (0.13)<br>| 7.92 | (3.45)<br>| &nbsp;&nbsp; 3304 | 1.96 | 1.96 | 2.64 | 78 |
| Year ended 08/31/22 | 9.86 | 0.09 | (1.47)<br>| (1.38)<br>| (0.08)<br>| (0.06)<br>| (0.14)<br>| 8.34 | (14.15)<br>| &nbsp;&nbsp; 5782 | 1.95 | 1.95 | 0.94 | 39 |
| Year ended 08/31/21 | 8.05 | 0.08 | 1.82 | 1.90 | (0.09)<br>|  | (0.09)<br>| 9.86 | 23.79 | &nbsp;&nbsp; 9722 | 1.95 | 1.95 | 0.87 | 41 |
| **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 02/28/26 | 8.31 | 0.11 | 0.72 | 0.83 | (0.12)<br>|  | (0.12)<br>| 9.02 | 10.11 | &nbsp;&nbsp; 120653 | 1.04 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| 2.71 <br><sup>(d)</sup><br>| 30 |
| Year ended 08/31/25 | 8.62 | 0.22 | (0.24)<br>| (0.02)<br>| (0.29)<br>|  | (0.29)<br>| 8.31 | (0.15)<br>| &nbsp;&nbsp; 124329 | 1.01 | 1.01 | 2.69 | 105 |
| Year ended 08/31/24 | 7.90 | 0.31 | 0.71 | 1.02 | (0.30)<br>|  | (0.30)<br>| 8.62 | 13.29 | &nbsp;&nbsp; 327310 | 1.01 | 1.01 | 3.86 | 49 |
| Year ended 08/31/23 | 8.33 | 0.29 | (0.51)<br>| (0.22)<br>| (0.21)<br>|  | (0.21)<br>| 7.90 | (2.57)<br>| &nbsp;&nbsp; 301210 | 0.96 | 0.96 | 3.64 | 78 |
| Year ended 08/31/22 | 9.84 | 0.18 | (1.46)<br>| (1.28)<br>| (0.13)<br>| (0.10)<br>| (0.23)<br>| 8.33 | (13.20)<br>| &nbsp;&nbsp; 305110 | 0.95 | 0.95 | 1.94 | 39 |
| Year ended 08/31/21 | 8.03 | 0.17 | 1.82 | 1.99 | (0.18)<br>|  | (0.18)<br>| 9.84 | 25.08 | &nbsp;&nbsp; 347456 | 0.95 | 0.95 | 1.87 | 41 |
| **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 02/28/26 | 8.31 | 0.12 | 0.70 | 0.82 | (0.12)<br>|  | (0.12)<br>| 9.01 | 10.05 | &nbsp;&nbsp; 1383 | 0.92 <br><sup>(d)</sup><br>| 0.92 <br><sup>(d)</sup><br>| 2.83 <br><sup>(d)</sup><br>| 30 |
| Year ended 08/31/25 | 8.63 | 0.23 | (0.25)<br>| (0.02)<br>| (0.30)<br>|  | (0.30)<br>| 8.31 | (0.10)<br>| &nbsp;&nbsp; 1277 | 0.91 | 0.91 | 2.79 | 105 |
| Year ended 08/31/24 | 7.91 | 0.31 | 0.72 | 1.03 | (0.31)<br>|  | (0.31)<br>| 8.63 | 13.38 | &nbsp;&nbsp; 1396 | 0.91 | 0.91 | 3.96 | 49 |
| Year ended 08/31/23 | 8.33 | 0.29 | (0.49)<br>| (0.20)<br>| (0.22)<br>|  | (0.22)<br>| 7.91 | (2.38)<br>| &nbsp;&nbsp; 1303 | 0.89 | 0.89 | 3.71 | 78 |
| Year ended 08/31/22 | 9.87 | 0.19 | (1.49)<br>| (1.30)<br>| (0.13)<br>| (0.11)<br>| (0.24)<br>| 8.33 | (13.41)<br>| &nbsp;&nbsp; 1424 | 0.89 | 0.89 | 2.00 | 39 |
| Year ended 08/31/21 | 8.05 | 0.17 | 1.83 | 2.00 | (0.18)<br>|  | (0.18)<br>| 9.87 | 25.21 | &nbsp;&nbsp; 3504 | 0.89 | 0.89 | 1.93 | 41 |
| **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 02/28/26 | 8.32 | 0.12 | 0.72 | 0.84 | (0.13)<br>|  | (0.13)<br>| 9.03 | 10.21 | &nbsp;&nbsp; 151162 | 0.85 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 2.90 <br><sup>(d)</sup><br>| 30 |
| Year ended 08/31/25 | 8.65 | 0.23 | (0.25)<br>| (0.02)<br>| (0.31)<br>|  | (0.31)<br>| 8.32 | (0.14)<br>| &nbsp;&nbsp; 212569 | 0.84 | 0.84 | 2.86 | 105 |
| Year ended 08/31/24 | 7.92 | 0.32 | 0.72 | 1.04 | (0.31)<br>|  | (0.31)<br>| 8.65 | 13.58 | &nbsp;&nbsp; 190911 | 0.84 | 0.84 | 4.03 | 49 |
| Year ended 08/31/23 | 8.35 | 0.30 | (0.51)<br>| (0.21)<br>| (0.22)<br>|  | (0.22)<br>| 7.92 | (2.42)<br>| &nbsp;&nbsp; 196972 | 0.82 | 0.82 | 3.78 | 78 |
| Year ended 08/31/22 | 9.87 | 0.19 | (1.47)<br>| (1.28)<br>| (0.13)<br>| (0.11)<br>| (0.24)<br>| 8.35 | (13.14)<br>| &nbsp;&nbsp; 213197 | 0.82 | 0.82 | 2.07 | 39 |
| Year ended 08/31/21 | 8.05 | 0.18 | 1.83 | 2.01 | (0.19)<br>|  | (0.19)<br>| 9.87 | 25.33 | &nbsp;&nbsp; 243338 | 0.80 | 0.80 | 2.02 | 41 |

---

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

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

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

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

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

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

**8**

**Invesco Global Real Estate Income Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Global Real Estate Income Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

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, as of the approximate official closing time of that exchange. 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.

Private 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

**9**

**Invesco Global Real Estate Income Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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.

**10**

**Invesco Global Real Estate Income 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 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 February 28, 2026, 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.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns, unless the

**11**

**Invesco Global Real Estate Income Fund**

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Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent the Fund invests in emerging markets, 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.

The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

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

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

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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 February 28, 2026, 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. (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, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $6,641.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $1,624 in front-end sales commissions from the sale of Class A shares and $0 and $1 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

**12**

**Invesco Global Real Estate Income Fund**

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For the six months ended February 28, 2026, the Fund incurred $15,566 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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; $17102935 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17102935 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3252474 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3252474 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4510790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4510790 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2486603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2486603 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5781398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5781398 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7836664 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7836664 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12133971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12133971 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28282343 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28282343 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 687580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 687580 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2771080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2771080 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5849615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5849615 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3067168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3067168 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6342009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6342009 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7903563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7903563 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 206202618 | &nbsp;&nbsp;&nbsp;&nbsp; 23206687 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229409305 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 11570300 | &nbsp;&nbsp;&nbsp;&nbsp; 6087283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17657583 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $222971288 | &nbsp;&nbsp;&nbsp;&nbsp; $132103793 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $355075081 |

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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 February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,498.

**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. The Fund may have certain former Trustees who participated 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.

**13**

**Invesco Global Real Estate Income 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 August 31, 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; $18201216 | &nbsp;&nbsp;&nbsp;&nbsp; $44001125 | &nbsp;&nbsp;&nbsp;&nbsp; $62202341 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $114,875,772 and $214,994,786, respectively. As of February 28, 2026, 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; $64745306 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (4489358)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $60255948 |

---

Cost of investments for tax purposes is $294,819,133.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 144213 | &nbsp;&nbsp;&nbsp; $1208100 | &nbsp;&nbsp;&nbsp; 525523 | &nbsp;&nbsp;&nbsp; $4185831 |
| Class C | &nbsp;&nbsp;&nbsp; 5887 | &nbsp;&nbsp;&nbsp; 49303 | &nbsp;&nbsp;&nbsp; 42156 | &nbsp;&nbsp;&nbsp; 346154 |
| Class Y | &nbsp;&nbsp;&nbsp; 758587 | &nbsp;&nbsp;&nbsp; 6341315 | &nbsp;&nbsp;&nbsp; 2922758 | &nbsp;&nbsp;&nbsp; 23910781 |
| Class R5 | &nbsp;&nbsp;&nbsp; 17218 | &nbsp;&nbsp;&nbsp; 145476 | &nbsp;&nbsp;&nbsp; 31924 | &nbsp;&nbsp;&nbsp; 262467 |
| Class R6 | &nbsp;&nbsp;&nbsp; 224825 | &nbsp;&nbsp;&nbsp; 1882078 | &nbsp;&nbsp;&nbsp; 7317857 | &nbsp;&nbsp;&nbsp; 59221557 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 88558 | &nbsp;&nbsp;&nbsp; 727081 | &nbsp;&nbsp;&nbsp; 243144 | &nbsp;&nbsp;&nbsp; 1994212 |
| Class C | &nbsp;&nbsp;&nbsp; 1208 | &nbsp;&nbsp;&nbsp; 9929 | &nbsp;&nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 33070 |
| Class Y | &nbsp;&nbsp;&nbsp; 154256 | &nbsp;&nbsp;&nbsp; 1262620 | &nbsp;&nbsp;&nbsp; 802742 | &nbsp;&nbsp;&nbsp; 6630430 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2181 | &nbsp;&nbsp;&nbsp; 17846 | &nbsp;&nbsp;&nbsp; 5533 | &nbsp;&nbsp;&nbsp; 45128 |
| Class R6 | &nbsp;&nbsp;&nbsp; 387397 | &nbsp;&nbsp;&nbsp; 3172825 | &nbsp;&nbsp;&nbsp; 798817 | &nbsp;&nbsp;&nbsp; 6523435 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 22452 | &nbsp;&nbsp;&nbsp; 188676 | &nbsp;&nbsp;&nbsp; 55304 | &nbsp;&nbsp;&nbsp; 463870 |
| Class C | &nbsp;&nbsp;&nbsp; (22461)<br>| &nbsp;&nbsp;&nbsp; (188676)<br>| &nbsp;&nbsp;&nbsp; (55345)<br>| &nbsp;&nbsp;&nbsp; (463870)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (894737)<br>| &nbsp;&nbsp;&nbsp; (7498236)<br>| &nbsp;&nbsp;&nbsp; (1933156)<br>| &nbsp;&nbsp;&nbsp; (15710332)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (24771)<br>| &nbsp;&nbsp;&nbsp; (207898)<br>| &nbsp;&nbsp;&nbsp; (55298)<br>| &nbsp;&nbsp;&nbsp; (455982)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (2494431)<br>| &nbsp;&nbsp;&nbsp; (21003367)<br>| &nbsp;&nbsp;&nbsp; (26714351)<br>| &nbsp;&nbsp;&nbsp; (208761431)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (19680)<br>| &nbsp;&nbsp;&nbsp; (164650)<br>| &nbsp;&nbsp;&nbsp; (45398)<br>| &nbsp;&nbsp;&nbsp; (377935)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (9417347)<br>| &nbsp;&nbsp;&nbsp; (83543247)<br>| &nbsp;&nbsp;&nbsp; (4654515)<br>| &nbsp;&nbsp;&nbsp; (36238330)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (11066645)<br>| &nbsp;&nbsp;&nbsp; $(97600825)<br>| &nbsp;&nbsp;&nbsp; (20708273)<br>| &nbsp;&nbsp;&nbsp; $(158390945)<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 37% 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, 17% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**NOTE 10—Subsequent Event**

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund (the "Acquiring Fund") will acquire all of the assets and liabilities of Invesco Global Real Estate Fund (the "Target Fund") in exchange for shares of the Fund.

The reorganization is expected to be consummated on or about June 5, 2026. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Acquiring Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations.

**14**

**Invesco Global Real Estate Income Fund**

------

The Acquiring Fund is not expected to incur any Reorganization costs as a result of the merger but may incur transaction costs in connection with the repositioning of portfolio securities which are not estimated to have a material impact.

Effective on June 5, 2026, the Fund will begin offering Class R shares.

**15**

**Invesco Global Real Estate 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>**

Not applicable.

**16**

**Invesco Global Real Estate Income Fund**

------

![](img0a43e5d81.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

GREI-NCSRS

------

![](imge08b35b21.jpg)

------

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

**February 28, 2026**

**Invesco Growth and Income Fund**

Nasdaq:

A: ACGIX ■ C: ACGKX ■ R: ACGLX ■ Y: ACGMX ■ R5: ACGQX ■ R6: GIFFX

------

---

| | |
|:---|:---|
| [2](#xx_6d3533cf-dcd6-4cdc-8c35-02d9646cc44f_SOI-Continued-92_1) | Schedule of Investments |
| [5](#xx_6d3533cf-dcd6-4cdc-8c35-02d9646cc44f_FS-Continued-92_1) | Financial Statements |
| [8](#xx_6d3533cf-dcd6-4cdc-8c35-02d9646cc44f_FS-Continued-92_4) | Financial Highlights |
| [9](#xx_6d3533cf-dcd6-4cdc-8c35-02d9646cc44f_NTF-Continued-92_1) | Notes to Financial Statements |
| [16](#xx_6d3533cf-dcd6-4cdc-8c35-02d9646cc44f_OIRSR-Continued-92_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.14%** | **Common Stocks & Other Equity Interests–98.14%** | **Common Stocks & Other Equity Interests–98.14%** |
| **Aerospace & Defense–2.03%** | **Aerospace & Defense–2.03%** | **Aerospace & Defense–2.03%** |
| RTX Corp. | 261864 | &nbsp;&nbsp; $53058883 |
| Textron, Inc. | 361469 | &nbsp;&nbsp; 35658917 |
|  |  | &nbsp;&nbsp; 88717800 |
| **Air Freight & Logistics–1.83%** | **Air Freight & Logistics–1.83%** | **Air Freight & Logistics–1.83%** |
| FedEx Corp. | 206447 | &nbsp;&nbsp; 79894989 |
| **Asset Management & Custody Banks–0.88%** | **Asset Management & Custody Banks–0.88%** | **Asset Management & Custody Banks–0.88%** |
| KKR & Co., Inc., Class A | 437641 | &nbsp;&nbsp; 38372363 |
| **Automobile Manufacturers–1.16%** | **Automobile Manufacturers–1.16%** | **Automobile Manufacturers–1.16%** |
| General Motors Co. | 642391 | &nbsp;&nbsp; 50562596 |
| **Biotechnology–1.17%** | **Biotechnology–1.17%** | **Biotechnology–1.17%** |
| Regeneron Pharmaceuticals, Inc. | 65207 | &nbsp;&nbsp; 50970356 |
| **Broadline Retail–2.53%** | **Broadline Retail–2.53%** | **Broadline Retail–2.53%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 527617 | &nbsp;&nbsp; 110799570 |
| **Building Products–2.28%** | **Building Products–2.28%** | **Building Products–2.28%** |
| Johnson Controls International PLC | 689660 | &nbsp;&nbsp; 99517938 |
| **Communications Equipment–1.09%** | **Communications Equipment–1.09%** | **Communications Equipment–1.09%** |
| Cisco Systems, Inc. | 599558 | &nbsp;&nbsp; 47640879 |
| **Consumer Finance–0.71%** | **Consumer Finance–0.71%** | **Consumer Finance–0.71%** |
| Capital One Financial Corp. | 159441 | &nbsp;&nbsp; 31193037 |
| **Diversified Banks–6.61%** | **Diversified Banks–6.61%** | **Diversified Banks–6.61%** |
| Bank of America Corp. | 2223645 | &nbsp;&nbsp; 110804230 |
| PNC Financial Services Group, Inc. <br> (The) | 260147 | &nbsp;&nbsp; 55242216 |
| Wells Fargo & Co. | 1508902 | &nbsp;&nbsp; 122900068 |
|  |  | &nbsp;&nbsp; 288946514 |
| **Electric Utilities–3.39%** | **Electric Utilities–3.39%** | **Electric Utilities–3.39%** |
| American Electric Power Co., Inc. | 281948 | &nbsp;&nbsp; 37730281 |
| FirstEnergy Corp. | 752388 | &nbsp;&nbsp; 38492170 |
| PPL Corp. | 1851113 | &nbsp;&nbsp; 72156385 |
|  |  | &nbsp;&nbsp; 148378836 |
| **Electrical Components & Equipment–2.68%** | **Electrical Components & Equipment–2.68%** | **Electrical Components & Equipment–2.68%** |
| Emerson Electric Co. | 368769 | &nbsp;&nbsp; 55591927 |
| Vertiv Holdings Co., Class A | 241207 | &nbsp;&nbsp; 61481252 |
|  |  | &nbsp;&nbsp; 117073179 |
| **Electronic Components–1.99%** | **Electronic Components–1.99%** | **Electronic Components–1.99%** |
| Coherent Corp.<sup>(b)</sup>  | 335840 | &nbsp;&nbsp; 86959051 |
| **Fertilizers & Agricultural Chemicals–0.88%** | **Fertilizers & Agricultural Chemicals–0.88%** | **Fertilizers & Agricultural Chemicals–0.88%** |
| Corteva, Inc. | 480349 | &nbsp;&nbsp; 38485562 |
| **Food Distributors–3.89%** | **Food Distributors–3.89%** | **Food Distributors–3.89%** |
| Sysco Corp. | 939416 | &nbsp;&nbsp; 85637162 |
| US Foods Holding Corp.<sup>(b)</sup>  | 875719 | &nbsp;&nbsp; 84603213 |
|  |  | &nbsp;&nbsp; 170240375 |
| **Footwear–1.42%** | **Footwear–1.42%** | **Footwear–1.42%** |
| NIKE, Inc., Class B | 995340 | &nbsp;&nbsp; 61890241 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Equipment–2.63%** | **Health Care Equipment–2.63%** | **Health Care Equipment–2.63%** |
| Becton, Dickinson and Co. | 264430 | &nbsp;&nbsp; $46666606 |
| Medtronic PLC | 697471 | &nbsp;&nbsp; 68115018 |
|  |  | &nbsp;&nbsp; 114781624 |
| **Health Care REITs–0.70%** | **Health Care REITs–0.70%** | **Health Care REITs–0.70%** |
| Alexandria Real Estate Equities, Inc. | 564405 | &nbsp;&nbsp; 30500446 |
| **Health Care Services–1.34%** | **Health Care Services–1.34%** | **Health Care Services–1.34%** |
| CVS Health Corp. | 735487 | &nbsp;&nbsp; 58765411 |
| **Household Products–1.57%** | **Household Products–1.57%** | **Household Products–1.57%** |
| Procter & Gamble Co. (The) | 411401 | &nbsp;&nbsp; 68786247 |
| **Industrial Machinery & Supplies & Components–3.31%** | **Industrial Machinery & Supplies & Components–3.31%** | **Industrial Machinery & Supplies & Components–3.31%** |
| Fortive Corp.<sup>(c)</sup>  | 850324 | &nbsp;&nbsp; 50339181 |
| Parker-Hannifin Corp. | 93552 | &nbsp;&nbsp; 94410807 |
|  |  | &nbsp;&nbsp; 144749988 |
| **Insurance Brokers–1.74%** | **Insurance Brokers–1.74%** | **Insurance Brokers–1.74%** |
| Willis Towers Watson PLC | 248729 | &nbsp;&nbsp; 75904629 |
| **Integrated Oil & Gas–5.32%** | **Integrated Oil & Gas–5.32%** | **Integrated Oil & Gas–5.32%** |
| Chevron Corp. | 410114 | &nbsp;&nbsp; 76592891 |
| Exxon Mobil Corp. | 427406 | &nbsp;&nbsp; 65179415 |
| Shell PLC (United Kingdom) | 1222794 | &nbsp;&nbsp; 51214126 |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup>  | 700734 | &nbsp;&nbsp; 39581800 |
|  |  | &nbsp;&nbsp; 232568232 |
| **Interactive Media & Services–3.46%** | **Interactive Media & Services–3.46%** | **Interactive Media & Services–3.46%** |
| Alphabet, Inc., Class A | 310378 | &nbsp;&nbsp; 96763445 |
| Meta Platforms, Inc., Class A | 84359 | &nbsp;&nbsp; 54679817 |
|  |  | &nbsp;&nbsp; 151443262 |
| **Investment Banking & Brokerage–3.12%** | **Investment Banking & Brokerage–3.12%** | **Investment Banking & Brokerage–3.12%** |
| Charles Schwab Corp. (The) | 909469 | &nbsp;&nbsp; 86581449 |
| Goldman Sachs Group, Inc. (The) | 58064 | &nbsp;&nbsp; 49910072 |
|  |  | &nbsp;&nbsp; 136491521 |
| **IT Consulting & Other Services–0.80%** | **IT Consulting & Other Services–0.80%** | **IT Consulting & Other Services–0.80%** |
| Cognizant Technology Solutions Corp., <br> Class A | 543549 | &nbsp;&nbsp; 35020862 |
| **Life Sciences Tools & Services–1.54%** | **Life Sciences Tools & Services–1.54%** | **Life Sciences Tools & Services–1.54%** |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 161959 | &nbsp;&nbsp; 28959889 |
| Thermo Fisher Scientific, Inc. | 73700 | &nbsp;&nbsp; 38405807 |
|  |  | &nbsp;&nbsp; 67365696 |
| **Managed Health Care–1.95%** | **Managed Health Care–1.95%** | **Managed Health Care–1.95%** |
| Elevance Health, Inc. | 107455 | &nbsp;&nbsp; 34385600 |
| UnitedHealth Group, Inc. | 173835 | &nbsp;&nbsp; 50980591 |
|  |  | &nbsp;&nbsp; 85366191 |
| **Movies & Entertainment–1.81%** | **Movies & Entertainment–1.81%** | **Movies & Entertainment–1.81%** |
| Walt Disney Co. (The) | 746724 | &nbsp;&nbsp; 79182613 |
| **Multi-line Insurance–1.07%** | **Multi-line Insurance–1.07%** | **Multi-line Insurance–1.07%** |
| American International Group, Inc. | 580341 | &nbsp;&nbsp; 46711647 |

---

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

**2**

**Invesco Growth and Income Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Multi-Utilities–1.09%** | **Multi-Utilities–1.09%** | **Multi-Utilities–1.09%** |
| Sempra | 496909 | &nbsp;&nbsp; $47837429 |
| **Oil & Gas Equipment & Services–0.97%** | **Oil & Gas Equipment & Services–0.97%** | **Oil & Gas Equipment & Services–0.97%** |
| SLB Ltd. | 823900 | &nbsp;&nbsp; 42299026 |
| **Oil & Gas Exploration & Production–2.03%** | **Oil & Gas Exploration & Production–2.03%** | **Oil & Gas Exploration & Production–2.03%** |
| ConocoPhillips | 781591 | &nbsp;&nbsp; 88679315 |
| **Pharmaceuticals–6.29%** | **Pharmaceuticals–6.29%** | **Pharmaceuticals–6.29%** |
| Bristol-Myers Squibb Co. | 771740 | &nbsp;&nbsp; 48133424 |
| Johnson & Johnson | 360979 | &nbsp;&nbsp; 89678013 |
| Merck & Co., Inc. | 686097 | &nbsp;&nbsp; 84952531 |
| Sanofi S.A. | 534103 | &nbsp;&nbsp; 52235969 |
|  |  | &nbsp;&nbsp; 274999937 |
| **Rail Transportation–0.82%** | **Rail Transportation–0.82%** | **Rail Transportation–0.82%** |
| Norfolk Southern Corp. | 113703 | &nbsp;&nbsp; 35786882 |
| **Real Estate Services–1.65%** | **Real Estate Services–1.65%** | **Real Estate Services–1.65%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 487324 | &nbsp;&nbsp; 71958262 |
| **Regional Banks–2.03%** | **Regional Banks–2.03%** | **Regional Banks–2.03%** |
| Citizens Financial Group, Inc. | 1472137 | &nbsp;&nbsp; 88607926 |
| **Restaurants–1.61%** | **Restaurants–1.61%** | **Restaurants–1.61%** |
| Starbucks Corp. | 716207 | &nbsp;&nbsp; 70202610 |
| **Semiconductor Materials & Equipment–1.80%** | **Semiconductor Materials & Equipment–1.80%** | **Semiconductor Materials & Equipment–1.80%** |
| Lam Research Corp. | 194019 | &nbsp;&nbsp; 45379104 |
| Qnity Electronics, Inc. | 262196 | &nbsp;&nbsp; 33235965 |
|  |  | &nbsp;&nbsp; 78615069 |
| **Semiconductors–4.64%** | **Semiconductors–4.64%** | **Semiconductors–4.64%** |
| Microchip Technology, Inc. | 1224885 | &nbsp;&nbsp; 91425416 |
| NVIDIA Corp. | 355236 | &nbsp;&nbsp; 62944267 |
| NXP Semiconductors N.V. (Netherlands) | 214218 | &nbsp;&nbsp; 48629628 |
|  |  | &nbsp;&nbsp; 202999311 |
| **Specialty Chemicals–1.76%** | **Specialty Chemicals–1.76%** | **Specialty Chemicals–1.76%** |
| DuPont de Nemours, Inc. | 865129 | &nbsp;&nbsp; 43291055 |
| PPG Industries, Inc. | 272910 | &nbsp;&nbsp; 33641616 |
|  |  | &nbsp;&nbsp; 76932671 |
| **Systems Software–2.22%** | **Systems Software–2.22%** | **Systems Software–2.22%** |
| Microsoft Corp. | 247174 | &nbsp;&nbsp; 97075117 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Tobacco–2.50%** | **Tobacco–2.50%** | **Tobacco–2.50%** | **Tobacco–2.50%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 583888 | &nbsp;&nbsp; $109087795 |
| **Trading Companies & Distributors–1.95%** | **Trading Companies & Distributors–1.95%** | **Trading Companies & Distributors–1.95%** | **Trading Companies & Distributors–1.95%** |
| Ashtead Group PLC (United Kingdom)<sup>(c)</sup>  | Ashtead Group PLC (United Kingdom)<sup>(c)</sup>  | 556147 | &nbsp;&nbsp; 39835030 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 173808 | &nbsp;&nbsp; 45322174 |
|  |  |  | &nbsp;&nbsp; 85157204 |
| **Transaction & Payment Processing Services–0.77%** | **Transaction & Payment Processing Services–0.77%** | **Transaction & Payment Processing Services–0.77%** | **Transaction & Payment Processing Services–0.77%** |
| Fidelity National Information Services, <br> Inc. | Fidelity National Information Services, <br> Inc. | 659243 | &nbsp;&nbsp; 33595023 |
| **Wireless Telecommunication Services–1.11%** | **Wireless Telecommunication Services–1.11%** | **Wireless Telecommunication Services–1.11%** | **Wireless Telecommunication Services–1.11%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 223574 | &nbsp;&nbsp; 48535680 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,664,096,875) | Total Common Stocks & Other Equity Interests <br> (Cost $2,664,096,875) | Total Common Stocks & Other Equity Interests <br> (Cost $2,664,096,875) | &nbsp;&nbsp; 4289650912 |
| **Money Market Funds–2.15%** | **Money Market Funds–2.15%** | **Money Market Funds–2.15%** | **Money Market Funds–2.15%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup>  | 32892784 | &nbsp;&nbsp; 32892784 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(e)</sup>  | 61087359 | &nbsp;&nbsp; 61087359 |
| Total Money Market Funds (Cost $93,980,143) | Total Money Market Funds (Cost $93,980,143) | Total Money Market Funds (Cost $93,980,143) | &nbsp;&nbsp; 93980143 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.29% <br> (Cost $2,758,077,018)<br>|  |  | &nbsp;&nbsp; 4383631055 |
| **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–1.97%** | **Money Market Funds–1.97%** | **Money Market Funds–1.97%** | **Money Market Funds–1.97%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup>  | 23918044 | &nbsp;&nbsp; 23918044 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup>  | 62325141 | &nbsp;&nbsp; 62343839 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $86,261,883) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $86,261,883) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $86,261,883) | &nbsp;&nbsp; 86261883 |
| TOTAL INVESTMENTS IN SECURITIES–102.26% <br> (Cost $2,844,338,901) | TOTAL INVESTMENTS IN SECURITIES–102.26% <br> (Cost $2,844,338,901) | TOTAL INVESTMENTS IN SECURITIES–102.26% <br> (Cost $2,844,338,901) | &nbsp;&nbsp; 4469892938 |
| OTHER ASSETS LESS LIABILITIES—(2.26)% | OTHER ASSETS LESS LIABILITIES—(2.26)% | OTHER ASSETS LESS LIABILITIES—(2.26)% | &nbsp;&nbsp; (98963222)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $4370929716 |

---

Investment Abbreviations:

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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $44655894 | &nbsp;&nbsp; $81427928 | &nbsp;&nbsp; $(93191038) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $32892784 | &nbsp;&nbsp; $591158 |
| Invesco Treasury Portfolio, Institutional Class | 82933133 | &nbsp;&nbsp; 151223295 | &nbsp;&nbsp; (173069069) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 61087359 | &nbsp;&nbsp; 1082764 |

---

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

**3**

**Invesco Growth and Income Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 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> **February 28, 2026**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $10427153 | &nbsp;&nbsp; $175584161 | &nbsp;&nbsp; $(162093270) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $23918044 | &nbsp;&nbsp; $88,379\* |
| Invesco Private Prime Fund | 26811519 | &nbsp;&nbsp; 389813336 | &nbsp;&nbsp; (354275334) | &nbsp;&nbsp; - | &nbsp;&nbsp; (5682) | &nbsp;&nbsp; 62343839 | &nbsp;&nbsp; 238,558\* |
| Total | $164827699 | &nbsp;&nbsp; $798048720 | &nbsp;&nbsp; $(782628711) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(5682) | &nbsp;&nbsp; $180242026 | &nbsp;&nbsp; $2000859 |

---

\* 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 February 28, 2026.

<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. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 03/30/2026 | Bank of New York Mellon (The) | GBP | 1742920 | USD | 2356879 | &nbsp;&nbsp;&nbsp; $7874 |
| 03/30/2026 | Bank of New York Mellon (The) | USD | 591564 | CAD | 809348 | &nbsp;&nbsp;&nbsp; 2481 |
| 03/30/2026 | State Street Bank & Trust Co. | GBP | 48213683 | USD | 65095178 | &nbsp;&nbsp;&nbsp; 115625 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 125980 |
| **Currency Risk** |  |  |  |  |  |  |
| 03/30/2026 | Bank of New York Mellon (The) | CAD | 39884027 | USD | 29168818 | &nbsp;&nbsp;&nbsp; (105213)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | CAD | 988036 | USD | 722988 | &nbsp;&nbsp;&nbsp; (2209)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | EUR | 32350618 | USD | 38194838 | &nbsp;&nbsp;&nbsp; (80417)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (187839)<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; $(61859)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | —Canadian Dollar |
| 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.

**4**

**Invesco Growth and Income Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,664,096,875)\*<br>| &nbsp;&nbsp; $4289650912 |
| Investments in affiliated money market funds, at value <br> (Cost $180,242,026)<br>| &nbsp;&nbsp; 180242026 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 125980 |
| Cash | &nbsp;&nbsp; 110 |
| Foreign currencies, at value (Cost $199,011) | &nbsp;&nbsp; 198741 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1622238 |
| Dividends | &nbsp;&nbsp; 6673293 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 686056 |
| Other assets | &nbsp;&nbsp; 92052 |
| Total assets | &nbsp;&nbsp; 4479291408 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 187839 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4408337 |
| Fund shares reacquired | &nbsp;&nbsp; 15045997 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 86261883 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1560234 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4202 |
| Accrued other operating expenses | &nbsp;&nbsp; 180630 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 712570 |
| Total liabilities | &nbsp;&nbsp; 108361692 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $4370929716 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2661266035 |
| Distributable earnings | &nbsp;&nbsp; 1709663681 |
|  | &nbsp;&nbsp; $4370929716 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $2837185238 |
| Class C | &nbsp;&nbsp; $26631786 |
| Class R | &nbsp;&nbsp; $61290785 |
| Class Y | &nbsp;&nbsp; $342385102 |
| Class R5 | &nbsp;&nbsp; $198239352 |
| Class R6 | &nbsp;&nbsp; $905197453 |
| **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; 118285522 |
| Class C | &nbsp;&nbsp; 1140806 |
| Class R | &nbsp;&nbsp; 2549201 |
| Class Y | &nbsp;&nbsp; 14261271 |
| Class R5 | &nbsp;&nbsp; 8239763 |
| Class R6 | &nbsp;&nbsp; 37622743 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $23.99 |
| Maximum offering price per share <br>(Net asset value of $23.99 ÷ 94.50%)<br>| &nbsp;&nbsp; $25.39 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.34 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.04 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.01 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.06 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.06 |

---

\* At February 28, 2026, securities with an aggregate value of $43,823,751 were on loan to brokers. 

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

**5**

**Invesco Growth and Income Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $165,115) | &nbsp;&nbsp; $37874182 |
| Dividends from affiliated money market funds (includes net securities lending income of $42,586) | &nbsp;&nbsp; 1716508 |
| Total investment income | &nbsp;&nbsp; 39590690 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 7517259 |
| Administrative services fees | &nbsp;&nbsp; 292551 |
| Custodian fees | &nbsp;&nbsp; 13236 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3379497 |
| Class C | &nbsp;&nbsp; 127912 |
| Class R | &nbsp;&nbsp; 144617 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1977570 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 98095 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 127794 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 24969 |
| Registration and filing fees | &nbsp;&nbsp; 53031 |
| Reports to shareholders | &nbsp;&nbsp; 119337 |
| Professional services fees | &nbsp;&nbsp; 47211 |
| Other | &nbsp;&nbsp; 21658 |
| Total expenses | &nbsp;&nbsp; 13944737 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (59544)<br>|
| Net expenses | &nbsp;&nbsp; 13885193 |
| Net investment income | &nbsp;&nbsp; 25705497 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 166071650 |
| Affiliated investment securities | &nbsp;&nbsp; (5682)<br>|
| Foreign currencies | &nbsp;&nbsp; 132952 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1053562)<br>|
|  | &nbsp;&nbsp; 165145358 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 274049017 |
| Foreign currencies | &nbsp;&nbsp; 3899 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1115033 |
|  | &nbsp;&nbsp; 275167949 |
| Net realized and unrealized gain | &nbsp;&nbsp; 440313307 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $466018804 |

---

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

**6**

**Invesco Growth and Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $25705497 | &nbsp;&nbsp; $55563954 |
| Net realized gain | &nbsp;&nbsp; 165145358 | &nbsp;&nbsp; 349946633 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 275167949 | &nbsp;&nbsp; 30902728 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 466018804 | &nbsp;&nbsp; 436413315 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (199271854)<br>| &nbsp;&nbsp; (257956991)<br>|
| Class C | &nbsp;&nbsp; (1869577)<br>| &nbsp;&nbsp; (2563590)<br>|
| Class R | &nbsp;&nbsp; (4216536)<br>| &nbsp;&nbsp; (5078034)<br>|
| Class Y | &nbsp;&nbsp; (24490020)<br>| &nbsp;&nbsp; (36313362)<br>|
| Class R5 | &nbsp;&nbsp; (14665847)<br>| &nbsp;&nbsp; (19566393)<br>|
| Class R6 | &nbsp;&nbsp; (64779705)<br>| &nbsp;&nbsp; (85934317)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (309293539)<br>| &nbsp;&nbsp; (407412687)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 59283764 | &nbsp;&nbsp; 6952738 |
| Class C | &nbsp;&nbsp; (845277)<br>| &nbsp;&nbsp; (2474356)<br>|
| Class R | &nbsp;&nbsp; 3077341 | &nbsp;&nbsp; 3368848 |
| Class Y | &nbsp;&nbsp; 2746012 | &nbsp;&nbsp; (39778902)<br>|
| Class R5 | &nbsp;&nbsp; (3510732)<br>| &nbsp;&nbsp; (57994528)<br>|
| Class R6 | &nbsp;&nbsp; (23770514)<br>| &nbsp;&nbsp; 32066367 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 36980594 | &nbsp;&nbsp; (57859833)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 193705859 | &nbsp;&nbsp; (28859205)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 4177223857 | &nbsp;&nbsp; 4206083062 |
| End of period | &nbsp;&nbsp; $4370929716 | &nbsp;&nbsp; $4177223857 |

---

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

**7**

**Invesco Growth and Income Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 02/28/26 | $23.16 | $0.13 | $2.47 | $2.60 | $(0.14)<br>| $(1.63)<br>| $(1.77)<br>| $23.99 | 11.59<br> %<br>| &nbsp;&nbsp; $2837185 | 0.77 %<sup>(d)</sup><br>| 0.77 %<sup>(d)</sup><br>| 1.12 %<sup>(d)</sup><br>| 15<br> %<br>|
| Year ended 08/31/25 | 23.01 | 0.28 | 2.15 | 2.43 | (0.27)<br>| (2.01)<br>| (2.28)<br>| 23.16 | 11.11 | &nbsp;&nbsp; 2676634 | 0.78 | 0.78 | 1.25 | 26 |
| Year ended 08/31/24 | 21.37 | 0.30 | 4.04 | 4.34 | (0.32)<br>| (2.38)<br>| (2.70)<br>| 23.01 | 22.39 | &nbsp;&nbsp; 2652126 | 0.79 | 0.79 | 1.40 | 25 |
| Year ended 08/31/23 | 22.20 | 0.33 | 1.36 | 1.69 | (0.38)<br>| (2.14)<br>| (2.52)<br>| 21.37 | 8.00 | &nbsp;&nbsp; 2438756 | 0.79 | 0.79 | 1.57 | 21 |
| Year ended 08/31/22 | 28.10 | 0.32 | (1.13)<br>| (0.81)<br>| (0.29)<br>| (4.80)<br>| (5.09)<br>| 22.20 | (3.90)<br>| &nbsp;&nbsp; 2499911 | 0.78 | 0.78 | 1.28 | 23 |
| Year ended 08/31/21 | 20.01 | 0.30 | 8.63 | 8.93 | (0.35)<br>| (0.49)<br>| (0.84)<br>| 28.10 | 45.62 | &nbsp;&nbsp; 2844145 | 0.80 | 0.80 | 1.22 | 33 |
| **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 02/28/26 | 22.58 | 0.05 | 2.39 | 2.44 | (0.05)<br>| (1.63)<br>| (1.68)<br>| 23.34 | 11.14 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 26632 | 1.49 <br><sup>(d)(e)</sup><br>| 1.49 <br><sup>(d)(e)</sup><br>| 0.40 <br><sup>(d)(e)</sup><br>| 15 |
| Year ended 08/31/25 | 22.47 | 0.11 | 2.11 | 2.22 | (0.10)<br>| (2.01)<br>| (2.11)<br>| 22.58 | 10.33 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 26542 | 1.52 <br><sup>(e)</sup><br>| 1.52 <br><sup>(e)</sup><br>| 0.51 <br><sup>(e)</sup><br>| 26 |
| Year ended 08/31/24 | 20.93 | 0.14 | 3.94 | 4.08 | (0.16)<br>| (2.38)<br>| (2.54)<br>| 22.47 | 21.44 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 28958 | 1.53 <br><sup>(e)</sup><br>| 1.53 <br><sup>(e)</sup><br>| 0.66 <br><sup>(e)</sup><br>| 25 |
| Year ended 08/31/23 | 21.77 | 0.18 | 1.33 | 1.51 | (0.21)<br>| (2.14)<br>| (2.35)<br>| 20.93 | 7.25 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 29875 | 1.52 <br><sup>(e)</sup><br>| 1.52 <br><sup>(e)</sup><br>| 0.84 <br><sup>(e)</sup><br>| 21 |
| Year ended 08/31/22 | 27.69 | 0.13 | (1.09)<br>| (0.96)<br>| (0.16)<br>| (4.80)<br>| (4.96)<br>| 21.77 | (4.58 )<sup>(e)</sup><br>| &nbsp;&nbsp; 32497 | 1.52 <br><sup>(e)</sup><br>| 1.52 <br><sup>(e)</sup><br>| 0.54 <br><sup>(e)</sup><br>| 23 |
| Year ended 08/31/21 | 19.73 | 0.12 | 8.51 | 8.63 | (0.18)<br>| (0.49)<br>| (0.67)<br>| 27.69 | 44.53 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 39357 | 1.50 <br><sup>(e)</sup><br>| 1.50 <br><sup>(e)</sup><br>| 0.52 <br><sup>(e)</sup><br>| 33 |
| **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 02/28/26 | 23.21 | 0.10 | 2.47 | 2.57 | (0.11)<br>| (1.63)<br>| (1.74)<br>| 24.04 | 11.42 | &nbsp;&nbsp; 61291 | 1.02 <br><sup>(d)</sup><br>| 1.02 <br><sup>(d)</sup><br>| 0.87 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 23.05 | 0.22 | 2.17 | 2.39 | (0.22)<br>| (2.01)<br>| (2.23)<br>| 23.21 | 10.85 | &nbsp;&nbsp; 56041 | 1.03 | 1.03 | 1.00 | 26 |
| Year ended 08/31/24 | 21.41 | 0.25 | 4.03 | 4.28 | (0.26)<br>| (2.38)<br>| (2.64)<br>| 23.05 | 22.03 | &nbsp;&nbsp; 52198 | 1.04 | 1.04 | 1.15 | 25 |
| Year ended 08/31/23 | 22.23 | 0.28 | 1.36 | 1.64 | (0.32)<br>| (2.14)<br>| (2.46)<br>| 21.41 | 7.75 | &nbsp;&nbsp; 53250 | 1.04 | 1.04 | 1.32 | 21 |
| Year ended 08/31/22 | 28.13 | 0.25 | (1.13)<br>| (0.88)<br>| (0.22)<br>| (4.80)<br>| (5.02)<br>| 22.23 | (4.14)<br>| &nbsp;&nbsp; 51354 | 1.03 | 1.03 | 1.03 | 23 |
| Year ended 08/31/21 | 20.03 | 0.24 | 8.64 | 8.88 | (0.29)<br>| (0.49)<br>| (0.78)<br>| 28.13 | 45.26 | &nbsp;&nbsp; 60808 | 1.05 | 1.05 | 0.97 | 33 |
| **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 02/28/26 | 23.18 | 0.16 | 2.47 | 2.63 | (0.17)<br>| (1.63)<br>| (1.80)<br>| 24.01 | 11.73 | &nbsp;&nbsp; 342385 | 0.52 <br><sup>(d)</sup><br>| 0.52 <br><sup>(d)</sup><br>| 1.37 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 23.03 | 0.34 | 2.15 | 2.49 | (0.33)<br>| (2.01)<br>| (2.34)<br>| 23.18 | 11.38 | &nbsp;&nbsp; 327498 | 0.53 | 0.53 | 1.50 | 26 |
| Year ended 08/31/24 | 21.39 | 0.35 | 4.04 | 4.39 | (0.37)<br>| (2.38)<br>| (2.75)<br>| 23.03 | 22.67 | &nbsp;&nbsp; 367898 | 0.54 | 0.54 | 1.65 | 25 |
| Year ended 08/31/23 | 22.22 | 0.39 | 1.35 | 1.74 | (0.43)<br>| (2.14)<br>| (2.57)<br>| 21.39 | 8.28 | &nbsp;&nbsp; 349894 | 0.54 | 0.54 | 1.82 | 21 |
| Year ended 08/31/22 | 28.12 | 0.38 | (1.12)<br>| (0.74)<br>| (0.36)<br>| (4.80)<br>| (5.16)<br>| 22.22 | (3.63)<br>| &nbsp;&nbsp; 427166 | 0.53 | 0.53 | 1.53 | 23 |
| Year ended 08/31/21 | 20.03 | 0.36 | 8.63 | 8.99 | (0.41)<br>| (0.49)<br>| (0.90)<br>| 28.12 | 45.94 | &nbsp;&nbsp; 517664 | 0.55 | 0.55 | 1.47 | 33 |
| **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 02/28/26 | 23.23 | 0.16 | 2.47 | 2.63 | (0.17)<br>| (1.63)<br>| (1.80)<br>| 24.06 | 11.72 | &nbsp;&nbsp; 198239 | 0.49 <br><sup>(d)</sup><br>| 0.49 <br><sup>(d)</sup><br>| 1.40 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 23.07 | 0.34 | 2.17 | 2.51 | (0.34)<br>| (2.01)<br>| (2.35)<br>| 23.23 | 11.46 | &nbsp;&nbsp; 194435 | 0.49 | 0.49 | 1.54 | 26 |
| Year ended 08/31/24 | 21.43 | 0.36 | 4.04 | 4.40 | (0.38)<br>| (2.38)<br>| (2.76)<br>| 23.07 | 22.69 | &nbsp;&nbsp; 250613 | 0.50 | 0.50 | 1.69 | 25 |
| Year ended 08/31/23 | 22.25 | 0.40 | 1.36 | 1.76 | (0.44)<br>| (2.14)<br>| (2.58)<br>| 21.43 | 8.36 | &nbsp;&nbsp; 329238 | 0.49 | 0.49 | 1.87 | 21 |
| Year ended 08/31/22 | 28.16 | 0.39 | (1.13)<br>| (0.74)<br>| (0.37)<br>| (4.80)<br>| (5.17)<br>| 22.25 | (3.62)<br>| &nbsp;&nbsp; 397345 | 0.48 | 0.48 | 1.58 | 23 |
| Year ended 08/31/21 | 20.06 | 0.38 | 8.64 | 9.02 | (0.43)<br>| (0.49)<br>| (0.92)<br>| 28.16 | 46.04 | &nbsp;&nbsp; 438989 | 0.47 | 0.47 | 1.55 | 33 |
| **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 02/28/26 | 23.23 | 0.17 | 2.47 | 2.64 | (0.18)<br>| (1.63)<br>| (1.81)<br>| 24.06 | 11.75 | &nbsp;&nbsp; 905197 | 0.42 <br><sup>(d)</sup><br>| 0.42 <br><sup>(d)</sup><br>| 1.47 <br><sup>(d)</sup><br>| 15 |
| Year ended 08/31/25 | 23.07 | 0.36 | 2.17 | 2.53 | (0.36)<br>| (2.01)<br>| (2.37)<br>| 23.23 | 11.53 | &nbsp;&nbsp; 896073 | 0.42 | 0.42 | 1.61 | 26 |
| Year ended 08/31/24 | 21.43 | 0.38 | 4.03 | 4.41 | (0.39)<br>| (2.38)<br>| (2.77)<br>| 23.07 | 22.77 | &nbsp;&nbsp; 854291 | 0.43 | 0.43 | 1.76 | 25 |
| Year ended 08/31/23 | 22.25 | 0.41 | 1.37 | 1.78 | (0.46)<br>| (2.14)<br>| (2.60)<br>| 21.43 | 8.45 | &nbsp;&nbsp; 803225 | 0.42 | 0.42 | 1.94 | 21 |
| Year ended 08/31/22 | 28.16 | 0.41 | (1.13)<br>| (0.72)<br>| (0.39)<br>| (4.80)<br>| (5.19)<br>| 22.25 | (3.55)<br>| &nbsp;&nbsp; 931558 | 0.41 | 0.41 | 1.65 | 23 |
| Year ended 08/31/21 | 20.06 | 0.39 | 8.65 | 9.04 | (0.45)<br>| (0.49)<br>| (0.94)<br>| 28.16 | 46.16 | &nbsp;&nbsp; 1102312 | 0.40 | 0.40 | 1.62 | 33 |

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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 to average net assets reflect actual 12b-1 fees of 0.97%, 0.99%, 0.99%, 0.98%, 0.99% and 0.95% for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**8**

**Invesco Growth and Income Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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, as of the approximate official closing time of that exchange. 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.

Private 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

**9**

**Invesco Growth and Income Fund**

------

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.** **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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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

**10**

**Invesco Growth and Income Fund**

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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 February 28, 2026, the Fund paid the Adviser $977 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.

**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 $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.36%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 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

**11**

**Invesco Growth and Income Fund**

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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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $40,855.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, 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, up to 1.00% of the average daily net assets of Class C shares, and up to 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $145,554 in front-end sales commissions from the sale of Class A shares and $3,234 and $1,012 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $51,360 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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; $4146365787 | &nbsp;&nbsp;&nbsp;&nbsp; $143285125 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4289650912 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 93980143 | &nbsp;&nbsp;&nbsp;&nbsp; 86261883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180242026 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 4240345930 | &nbsp;&nbsp;&nbsp;&nbsp; 229547008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4469892938 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125980 |

---

**12**

**Invesco Growth and Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(187839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(187839)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61859)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $4240345930 | &nbsp;&nbsp;&nbsp;&nbsp; $229485149 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4469831079 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $125980 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $125980 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(187839)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(187839)<br>|

---

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $10355 | &nbsp;&nbsp;&nbsp; $(105213)<br>| &nbsp;&nbsp;&nbsp; $(94858)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(94858)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 115625 | &nbsp;&nbsp;&nbsp; (82626)<br>| &nbsp;&nbsp;&nbsp; 32999 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32999 |
| Total | &nbsp;&nbsp;&nbsp; $125980 | &nbsp;&nbsp;&nbsp; $(187839)<br>| &nbsp;&nbsp;&nbsp; $(61859)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(61859)<br>|

---

**Effect of Derivative Investments for the six months ended February 28, 2026**

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; $(1053562)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1115033 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $61471 |

---

**13**

**Invesco Growth and Income Fund**

------

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; $138523075 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $18,689.

**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. The Fund may have certain former Trustees who participated 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 did not have a capital loss carryforward as of August 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $603,780,767 and $799,658,225, respectively. As of February 28, 2026, 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; $1667296068 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (67712386)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1599583682 |

---

Cost of investments for tax purposes is $2,870,247,397.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2565422 | &nbsp;&nbsp;&nbsp; $60072956 | &nbsp;&nbsp;&nbsp; 5659434 | &nbsp;&nbsp;&nbsp; $125108333 |
| Class C | &nbsp;&nbsp;&nbsp; 100635 | &nbsp;&nbsp;&nbsp; 2297252 | &nbsp;&nbsp;&nbsp; 213415 | &nbsp;&nbsp;&nbsp; 4614160 |
| Class R | &nbsp;&nbsp;&nbsp; 211789 | &nbsp;&nbsp;&nbsp; 4972301 | &nbsp;&nbsp;&nbsp; 425207 | &nbsp;&nbsp;&nbsp; 9467744 |
| Class Y | &nbsp;&nbsp;&nbsp; 750839 | &nbsp;&nbsp;&nbsp; 17593062 | &nbsp;&nbsp;&nbsp; 1756074 | &nbsp;&nbsp;&nbsp; 38901134 |
| Class R5 | &nbsp;&nbsp;&nbsp; 332362 | &nbsp;&nbsp;&nbsp; 7822598 | &nbsp;&nbsp;&nbsp; 1174298 | &nbsp;&nbsp;&nbsp; 26722188 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2158225 | &nbsp;&nbsp;&nbsp; 50746953 | &nbsp;&nbsp;&nbsp; 5748893 | &nbsp;&nbsp;&nbsp; 126474316 |

---

**14**

**Invesco Growth and Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8027369 | &nbsp;&nbsp;&nbsp; $183570239 | &nbsp;&nbsp;&nbsp; 10808737 | &nbsp;&nbsp;&nbsp; $239055612 |
| Class C | &nbsp;&nbsp;&nbsp; 80818 | &nbsp;&nbsp;&nbsp; 1800907 | &nbsp;&nbsp;&nbsp; 114144 | &nbsp;&nbsp;&nbsp; 2463568 |
| Class R | &nbsp;&nbsp;&nbsp; 183729 | &nbsp;&nbsp;&nbsp; 4214094 | &nbsp;&nbsp;&nbsp; 228998 | &nbsp;&nbsp;&nbsp; 5077959 |
| Class Y | &nbsp;&nbsp;&nbsp; 820588 | &nbsp;&nbsp;&nbsp; 18774584 | &nbsp;&nbsp;&nbsp; 1337834 | &nbsp;&nbsp;&nbsp; 29604374 |
| Class R5 | &nbsp;&nbsp;&nbsp; 636865 | &nbsp;&nbsp;&nbsp; 14603347 | &nbsp;&nbsp;&nbsp; 881827 | &nbsp;&nbsp;&nbsp; 19557838 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2779824 | &nbsp;&nbsp;&nbsp; 63743931 | &nbsp;&nbsp;&nbsp; 3825994 | &nbsp;&nbsp;&nbsp; 84815691 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 115310 | &nbsp;&nbsp;&nbsp; 2711998 | &nbsp;&nbsp;&nbsp; 233978 | &nbsp;&nbsp;&nbsp; 5219473 |
| Class C | &nbsp;&nbsp;&nbsp; (118322)<br>| &nbsp;&nbsp;&nbsp; (2711998)<br>| &nbsp;&nbsp;&nbsp; (239792)<br>| &nbsp;&nbsp;&nbsp; (5219473)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7988161)<br>| &nbsp;&nbsp;&nbsp; (187071429)<br>| &nbsp;&nbsp;&nbsp; (16406685)<br>| &nbsp;&nbsp;&nbsp; (362430680)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (97909)<br>| &nbsp;&nbsp;&nbsp; (2231438)<br>| &nbsp;&nbsp;&nbsp; (201054)<br>| &nbsp;&nbsp;&nbsp; (4332611)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (260686)<br>| &nbsp;&nbsp;&nbsp; (6109054)<br>| &nbsp;&nbsp;&nbsp; (504169)<br>| &nbsp;&nbsp;&nbsp; (11176855)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1437540)<br>| &nbsp;&nbsp;&nbsp; (33621634)<br>| &nbsp;&nbsp;&nbsp; (4942496)<br>| &nbsp;&nbsp;&nbsp; (108284410)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1100182)<br>| &nbsp;&nbsp;&nbsp; (25936677)<br>| &nbsp;&nbsp;&nbsp; (4548825)<br>| &nbsp;&nbsp;&nbsp; (104274554)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5891443)<br>| &nbsp;&nbsp;&nbsp; (138261398)<br>| &nbsp;&nbsp;&nbsp; (8027143)<br>| &nbsp;&nbsp;&nbsp; (179223640)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1869532 | &nbsp;&nbsp;&nbsp; $36980594 | &nbsp;&nbsp;&nbsp; (2461331)<br>| &nbsp;&nbsp;&nbsp; $(57859833)<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 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**Invesco Growth and 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>**

Not applicable.

**16**

**Invesco Growth and Income Fund**

------

![](imge08b35b21.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

VK-GRI-NCSRS

------

![](img44ed300c1.jpg)

------

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

**February 28, 2026**

**Invesco Income Advantage U.S. Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_31af8e09-b049-4c25-83e2-7ed70917d570_SOI-Continued-93_1) | Schedule of Investments |
| [9](#xx_31af8e09-b049-4c25-83e2-7ed70917d570_FS-Continued-93_1) | Financial Statements |
| [12](#xx_31af8e09-b049-4c25-83e2-7ed70917d570_FS-Continued-93_4) | Financial Highlights |
| [13](#xx_31af8e09-b049-4c25-83e2-7ed70917d570_NTF-Continued-93_1) | Notes to Financial Statements |
| [19](#xx_31af8e09-b049-4c25-83e2-7ed70917d570_OIRSR-Continued-93_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–75.96%** | **Common Stocks & Other Equity Interests–75.96%** | **Common Stocks & Other Equity Interests–75.96%** |
| **Advertising–0.01%** | **Advertising–0.01%** | **Advertising–0.01%** |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup>  | 1265 | &nbsp;&nbsp; $30132 |
| **Aerospace & Defense–1.94%** | **Aerospace & Defense–1.94%** | **Aerospace & Defense–1.94%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 203 | &nbsp;&nbsp; 110107 |
| Boeing Co. (The)<sup>(b)</sup>  | 2130 | &nbsp;&nbsp; 484639 |
| General Dynamics Corp. | 754 | &nbsp;&nbsp; 269216 |
| General Electric Co. | 2953 | &nbsp;&nbsp; 1010694 |
| Howmet Aerospace, Inc. | 1101 | &nbsp;&nbsp; 289046 |
| L3Harris Technologies, Inc. | 523 | &nbsp;&nbsp; 190654 |
| Lockheed Martin Corp. | 649 | &nbsp;&nbsp; 427094 |
| Northrop Grumman Corp. | 397 | &nbsp;&nbsp; 287579 |
| RTX Corp. | 3781 | &nbsp;&nbsp; 766106 |
| TransDigm Group, Inc. | 151 | &nbsp;&nbsp; 196721 |
|  |  | &nbsp;&nbsp; 4031856 |
| **Agricultural & Farm Machinery–0.21%** | **Agricultural & Farm Machinery–0.21%** | **Agricultural & Farm Machinery–0.21%** |
| Deere & Co. | 700 | &nbsp;&nbsp; 440797 |
| **Agricultural Products & Services–0.04%** | **Agricultural Products & Services–0.04%** | **Agricultural Products & Services–0.04%** |
| Archer-Daniels-Midland Co. | 1339 | &nbsp;&nbsp; 92445 |
| **Air Freight & Logistics–0.24%** | **Air Freight & Logistics–0.24%** | **Air Freight & Logistics–0.24%** |
| FedEx Corp. | 649 | &nbsp;&nbsp; 251163 |
| United Parcel Service, Inc., Class B | 2121 | &nbsp;&nbsp; 245951 |
|  |  | &nbsp;&nbsp; 497114 |
| **Apparel Retail–0.33%** | **Apparel Retail–0.33%** | **Apparel Retail–0.33%** |
| Ross Stores, Inc. | 905 | &nbsp;&nbsp; 186104 |
| TJX Cos., Inc. (The) | 3140 | &nbsp;&nbsp; 507613 |
|  |  | &nbsp;&nbsp; 693717 |
| **Apparel, Accessories & Luxury Goods–0.03%** | **Apparel, Accessories & Luxury Goods–0.03%** | **Apparel, Accessories & Luxury Goods–0.03%** |
| lululemon athletica, Inc.<sup>(b)</sup>  | 314 | &nbsp;&nbsp; 58143 |
| **Application Software–1.62%** | **Application Software–1.62%** | **Application Software–1.62%** |
| Adobe, Inc.<sup>(b)</sup>  | 1171 | &nbsp;&nbsp; 307282 |
| AppLovin Corp., Class A<sup>(b)</sup>  | 642 | &nbsp;&nbsp; 279122 |
| Autodesk, Inc.<sup>(b)</sup>  | 573 | &nbsp;&nbsp; 140884 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 755 | &nbsp;&nbsp; 227557 |
| Circle Internet Group, Inc.<sup>(b)</sup>  | 310 | &nbsp;&nbsp; 25866 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 882 | &nbsp;&nbsp; 98749 |
| Fair Isaac Corp.<sup>(b)</sup>  | 64 | &nbsp;&nbsp; 90199 |
| HubSpot, Inc.<sup>(b)</sup>  | 139 | &nbsp;&nbsp; 36767 |
| Intuit, Inc. | 763 | &nbsp;&nbsp; 312090 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 6120 | &nbsp;&nbsp; 839603 |
| Roper Technologies, Inc. | 301 | &nbsp;&nbsp; 105269 |
| Salesforce, Inc. | 2602 | &nbsp;&nbsp; 506844 |
| Strategy, Inc., Class A<sup>(b)(c)</sup>  | 783 | &nbsp;&nbsp; 101398 |
| Synopsys, Inc.<sup>(b)</sup>  | 514 | &nbsp;&nbsp; 212796 |
| Workday, Inc., Class A<sup>(b)</sup>  | 629 | &nbsp;&nbsp; 84135 |
|  |  | &nbsp;&nbsp; 3368561 |
| **Asset Management & Custody Banks–0.68%** | **Asset Management & Custody Banks–0.68%** | **Asset Management & Custody Banks–0.68%** |
| Ameriprise Financial, Inc. | 261 | &nbsp;&nbsp; 122701 |
| Bank of New York Mellon Corp. (The) | 1919 | &nbsp;&nbsp; 228553 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| BlackRock, Inc. | 404 | &nbsp;&nbsp; $429545 |
| Blackstone, Inc., Class A | 2052 | &nbsp;&nbsp; 232635 |
| KKR & Co., Inc., Class A | 1924 | &nbsp;&nbsp; 168696 |
| Northern Trust Corp. | 539 | &nbsp;&nbsp; 77126 |
| State Street Corp. | 780 | &nbsp;&nbsp; 100324 |
| T. Rowe Price Group, Inc. | 637 | &nbsp;&nbsp; 60279 |
|  |  | &nbsp;&nbsp; 1419859 |
| **Automobile Manufacturers–1.76%** | **Automobile Manufacturers–1.76%** | **Automobile Manufacturers–1.76%** |
| Ford Motor Co. | 10952 | &nbsp;&nbsp; 154314 |
| General Motors Co. | 2614 | &nbsp;&nbsp; 205748 |
| Tesla, Inc.<sup>(b)</sup>  | 8168 | &nbsp;&nbsp; 3287701 |
|  |  | &nbsp;&nbsp; 3647763 |
| **Automotive Retail–0.26%** | **Automotive Retail–0.26%** | **Automotive Retail–0.26%** |
| AutoZone, Inc.<sup>(b)</sup>  | 48 | &nbsp;&nbsp; 180268 |
| Carvana Co.<sup>(b)</sup>  | 373 | &nbsp;&nbsp; 124642 |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 2424 | &nbsp;&nbsp; 227565 |
|  |  | &nbsp;&nbsp; 532475 |
| **Biotechnology–1.40%** | **Biotechnology–1.40%** | **Biotechnology–1.40%** |
| AbbVie, Inc. | 4955 | &nbsp;&nbsp; 1149957 |
| Amgen, Inc. | 1508 | &nbsp;&nbsp; 585345 |
| BioNTech SE, ADR (Germany)<sup>(b)</sup>  | 670 | &nbsp;&nbsp; 73854 |
| Gilead Sciences, Inc. | 3475 | &nbsp;&nbsp; 517601 |
| Regeneron Pharmaceuticals, Inc. | 284 | &nbsp;&nbsp; 221994 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 711 | &nbsp;&nbsp; 353246 |
|  |  | &nbsp;&nbsp; 2901997 |
| **Broadline Retail–2.94%** | **Broadline Retail–2.94%** | **Broadline Retail–2.94%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 26987 | &nbsp;&nbsp; 5667270 |
| Coupang, Inc. (South Korea)<sup>(b)</sup>  | 3531 | &nbsp;&nbsp; 67372 |
| eBay, Inc. | 1266 | &nbsp;&nbsp; 115029 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 142 | &nbsp;&nbsp; 249576 |
|  |  | &nbsp;&nbsp; 6099247 |
| **Building Products–0.33%** | **Building Products–0.33%** | **Building Products–0.33%** |
| Carrier Global Corp. | 2220 | &nbsp;&nbsp; 142968 |
| Johnson Controls International PLC | 1710 | &nbsp;&nbsp; 246753 |
| Trane Technologies PLC | 621 | &nbsp;&nbsp; 287101 |
|  |  | &nbsp;&nbsp; 676822 |
| **Cable & Satellite–0.19%** | **Cable & Satellite–0.19%** | **Cable & Satellite–0.19%** |
| Charter Communications, Inc., Class A<sup>(b)</sup>  | 249 | &nbsp;&nbsp; 58423 |
| Comcast Corp., Class A | 10129 | &nbsp;&nbsp; 313594 |
| Versant Media Group, Inc.<sup>(b)</sup>  | 424 | &nbsp;&nbsp; 14127 |
|  |  | &nbsp;&nbsp; 386144 |
| **Cargo Ground Transportation–0.05%** | **Cargo Ground Transportation–0.05%** | **Cargo Ground Transportation–0.05%** |
| Old Dominion Freight Line, Inc. | 500 | &nbsp;&nbsp; 101525 |
| **Casinos & Gaming–0.07%** | **Casinos & Gaming–0.07%** | **Casinos & Gaming–0.07%** |
| Flutter Entertainment PLC (Ireland)<sup>(b)</sup>  | 415 | &nbsp;&nbsp; 44048 |
| Las Vegas Sands Corp. | 1940 | &nbsp;&nbsp; 110037 |
|  |  | &nbsp;&nbsp; 154085 |

---

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

**2**

**Invesco Income Advantage U.S. Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** |
| Dow, Inc. | 1767 | &nbsp;&nbsp; $54300 |
| **Communications Equipment–0.72%** | **Communications Equipment–0.72%** | **Communications Equipment–0.72%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 2920 | &nbsp;&nbsp; 389820 |
| Cisco Systems, Inc. | 11061 | &nbsp;&nbsp; 878907 |
| Motorola Solutions, Inc. | 465 | &nbsp;&nbsp; 224251 |
|  |  | &nbsp;&nbsp; 1492978 |
| **Construction & Engineering–0.11%** | **Construction & Engineering–0.11%** | **Construction & Engineering–0.11%** |
| Quanta Services, Inc. | 421 | &nbsp;&nbsp; 237057 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.67%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.67%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.67%** |
| Caterpillar, Inc. | 1311 | &nbsp;&nbsp; 973850 |
| Cummins, Inc. | 385 | &nbsp;&nbsp; 224790 |
| PACCAR, Inc. | 1492 | &nbsp;&nbsp; 188126 |
|  |  | &nbsp;&nbsp; 1386766 |
| **Construction Materials–0.11%** | **Construction Materials–0.11%** | **Construction Materials–0.11%** |
| Martin Marietta Materials, Inc. | 163 | &nbsp;&nbsp; 110281 |
| Vulcan Materials Co. | 370 | &nbsp;&nbsp; 114700 |
|  |  | &nbsp;&nbsp; 224981 |
| **Consumer Electronics–0.06%** | **Consumer Electronics–0.06%** | **Consumer Electronics–0.06%** |
| Garmin Ltd. | 458 | &nbsp;&nbsp; 115796 |
| **Consumer Finance–0.45%** | **Consumer Finance–0.45%** | **Consumer Finance–0.45%** |
| American Express Co. | 1932 | &nbsp;&nbsp; 596795 |
| Capital One Financial Corp. | 1770 | &nbsp;&nbsp; 346283 |
|  |  | &nbsp;&nbsp; 943078 |
| **Consumer Staples Merchandise Retail–1.47%** | **Consumer Staples Merchandise Retail–1.47%** | **Consumer Staples Merchandise Retail–1.47%** |
| Costco Wholesale Corp. | 1241 | &nbsp;&nbsp; 1254390 |
| Dollar General Corp. | 600 | &nbsp;&nbsp; 93744 |
| Target Corp. | 1272 | &nbsp;&nbsp; 144741 |
| Walmart, Inc. | 12227 | &nbsp;&nbsp; 1564445 |
|  |  | &nbsp;&nbsp; 3057320 |
| **Copper–0.16%** | **Copper–0.16%** | **Copper–0.16%** |
| Freeport-McMoRan, Inc. | 3935 | &nbsp;&nbsp; 267895 |
| Southern Copper Corp. (Mexico)<sup>(c)</sup>  | 261 | &nbsp;&nbsp; 57020 |
|  |  | &nbsp;&nbsp; 324915 |
| **Data Center REITs–0.21%** | **Data Center REITs–0.21%** | **Data Center REITs–0.21%** |
| Digital Realty Trust, Inc. | 925 | &nbsp;&nbsp; 163910 |
| Equinix, Inc. | 270 | &nbsp;&nbsp; 263050 |
|  |  | &nbsp;&nbsp; 426960 |
| **Distillers & Vintners–0.03%** | **Distillers & Vintners–0.03%** | **Distillers & Vintners–0.03%** |
| Constellation Brands, Inc., Class A | 429 | &nbsp;&nbsp; 67722 |
| **Diversified Banks–2.56%** | **Diversified Banks–2.56%** | **Diversified Banks–2.56%** |
| Bank of America Corp. | 20458 | &nbsp;&nbsp; 1019422 |
| Citigroup, Inc. | 5006 | &nbsp;&nbsp; 551611 |
| Fifth Third Bancorp | 2510 | &nbsp;&nbsp; 124170 |
| JPMorgan Chase & Co. | 7611 | &nbsp;&nbsp; 2285584 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)</sup>  | 9893 | &nbsp;&nbsp; 148197 |
| PNC Financial Services Group, Inc. (The) | 1080 | &nbsp;&nbsp; 229338 |
| U.S. Bancorp | 4447 | &nbsp;&nbsp; 243073 |
| Wells Fargo & Co. | 8794 | &nbsp;&nbsp; 716271 |
|  |  | &nbsp;&nbsp; 5317666 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Diversified Financial Services–0.06%** | **Diversified Financial Services–0.06%** | **Diversified Financial Services–0.06%** |
| Apollo Global Management, Inc. | 1245 | &nbsp;&nbsp; $130227 |
| **Diversified Support Services–0.14%** | **Diversified Support Services–0.14%** | **Diversified Support Services–0.14%** |
| Cintas Corp. | 960 | &nbsp;&nbsp; 193085 |
| Copart, Inc.<sup>(b)</sup>  | 2520 | &nbsp;&nbsp; 95987 |
|  |  | &nbsp;&nbsp; 289072 |
| **Electric Utilities–1.19%** | **Electric Utilities–1.19%** | **Electric Utilities–1.19%** |
| American Electric Power Co., Inc. | 1498 | &nbsp;&nbsp; 200462 |
| Constellation Energy Corp. | 869 | &nbsp;&nbsp; 286666 |
| Duke Energy Corp. | 2179 | &nbsp;&nbsp; 285122 |
| Edison International | 1078 | &nbsp;&nbsp; 80570 |
| Entergy Corp. | 1243 | &nbsp;&nbsp; 133138 |
| Eversource Energy | 1125 | &nbsp;&nbsp; 85736 |
| Exelon Corp. | 2834 | &nbsp;&nbsp; 140198 |
| FirstEnergy Corp. | 1619 | &nbsp;&nbsp; 82828 |
| NextEra Energy, Inc. | 5839 | &nbsp;&nbsp; 547523 |
| PG&E Corp. | 6137 | &nbsp;&nbsp; 116603 |
| PPL Corp. | 2073 | &nbsp;&nbsp; 80805 |
| Southern Co. (The) | 3086 | &nbsp;&nbsp; 300515 |
| Xcel Energy, Inc. | 1660 | &nbsp;&nbsp; 138378 |
|  |  | &nbsp;&nbsp; 2478544 |
| **Electrical Components & Equipment–0.58%** | **Electrical Components & Equipment–0.58%** | **Electrical Components & Equipment–0.58%** |
| AMETEK, Inc. | 658 | &nbsp;&nbsp; 157407 |
| Eaton Corp. PLC | 1088 | &nbsp;&nbsp; 409001 |
| Emerson Electric Co. | 1573 | &nbsp;&nbsp; 237130 |
| Rockwell Automation, Inc. | 316 | &nbsp;&nbsp; 128754 |
| Vertiv Holdings Co., Class A | 1053 | &nbsp;&nbsp; 268399 |
|  |  | &nbsp;&nbsp; 1200691 |
| **Electronic Components–0.40%** | **Electronic Components–0.40%** | **Electronic Components–0.40%** |
| Amphenol Corp., Class A | 3416 | &nbsp;&nbsp; 498941 |
| Corning, Inc. | 2184 | &nbsp;&nbsp; 328430 |
|  |  | &nbsp;&nbsp; 827371 |
| **Electronic Equipment & Instruments–0.08%** | **Electronic Equipment & Instruments–0.08%** | **Electronic Equipment & Instruments–0.08%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 504 | &nbsp;&nbsp; 154894 |
| **Electronic Manufacturing Services–0.09%** | **Electronic Manufacturing Services–0.09%** | **Electronic Manufacturing Services–0.09%** |
| TE Connectivity PLC (Switzerland) | 825 | &nbsp;&nbsp; 189874 |
| **Environmental & Facilities Services–0.25%** | **Environmental & Facilities Services–0.25%** | **Environmental & Facilities Services–0.25%** |
| Republic Services, Inc. | 575 | &nbsp;&nbsp; 131675 |
| Waste Connections, Inc. | 705 | &nbsp;&nbsp; 121352 |
| Waste Management, Inc. | 1122 | &nbsp;&nbsp; 270222 |
|  |  | &nbsp;&nbsp; 523249 |
| **Fertilizers & Agricultural Chemicals–0.07%** | **Fertilizers & Agricultural Chemicals–0.07%** | **Fertilizers & Agricultural Chemicals–0.07%** |
| Corteva, Inc. | 1894 | &nbsp;&nbsp; 151747 |
| **Financial Exchanges & Data–0.73%** | **Financial Exchanges & Data–0.73%** | **Financial Exchanges & Data–0.73%** |
| CME Group, Inc., Class A | 1007 | &nbsp;&nbsp; 321736 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup>  | 638 | &nbsp;&nbsp; 112192 |
| Intercontinental Exchange, Inc. | 1589 | &nbsp;&nbsp; 260803 |
| Moody's Corp. | 489 | &nbsp;&nbsp; 233541 |
| MSCI, Inc. | 204 | &nbsp;&nbsp; 116653 |
| Nasdaq, Inc. | 1220 | &nbsp;&nbsp; 106848 |
| S&P Global, Inc. | 836 | &nbsp;&nbsp; 369412 |
|  |  | &nbsp;&nbsp; 1521185 |

---

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

**3**

**Invesco Income Advantage U.S. Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Food Distributors–0.06%** | **Food Distributors–0.06%** | **Food Distributors–0.06%** |
| Sysco Corp. | 1298 | &nbsp;&nbsp; $118326 |
| **Food Retail–0.06%** | **Food Retail–0.06%** | **Food Retail–0.06%** |
| Kroger Co. (The) | 1844 | &nbsp;&nbsp; 125835 |
| **Footwear–0.10%** | **Footwear–0.10%** | **Footwear–0.10%** |
| NIKE, Inc., Class B | 3282 | &nbsp;&nbsp; 204075 |
| **Gold–0.19%** | **Gold–0.19%** | **Gold–0.19%** |
| Newmont Corp. | 3060 | &nbsp;&nbsp; 397800 |
| **Health Care Distributors–0.33%** | **Health Care Distributors–0.33%** | **Health Care Distributors–0.33%** |
| Cardinal Health, Inc. | 665 | &nbsp;&nbsp; 152438 |
| Cencora, Inc. | 534 | &nbsp;&nbsp; 198723 |
| McKesson Corp. | 346 | &nbsp;&nbsp; 341630 |
|  |  | &nbsp;&nbsp; 692791 |
| **Health Care Equipment–1.40%** | **Health Care Equipment–1.40%** | **Health Care Equipment–1.40%** |
| Abbott Laboratories | 4847 | &nbsp;&nbsp; 563948 |
| Becton, Dickinson and Co. | 817 | &nbsp;&nbsp; 144184 |
| Boston Scientific Corp.<sup>(b)</sup>  | 4160 | &nbsp;&nbsp; 319696 |
| Dexcom, Inc.<sup>(b)</sup>  | 1079 | &nbsp;&nbsp; 79231 |
| Edwards Lifesciences Corp.<sup>(b)</sup>  | 1595 | &nbsp;&nbsp; 137920 |
| GE HealthCare Technologies, Inc. | 1236 | &nbsp;&nbsp; 104158 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 222 | &nbsp;&nbsp; 145794 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 988 | &nbsp;&nbsp; 497468 |
| Medtronic PLC | 3594 | &nbsp;&nbsp; 350990 |
| ResMed, Inc. | 428 | &nbsp;&nbsp; 109679 |
| STERIS PLC | 259 | &nbsp;&nbsp; 65359 |
| Stryker Corp. | 1005 | &nbsp;&nbsp; 389397 |
|  |  | &nbsp;&nbsp; 2907824 |
| **Health Care Facilities–0.11%** | **Health Care Facilities–0.11%** | **Health Care Facilities–0.11%** |
| HCA Healthcare, Inc. | 444 | &nbsp;&nbsp; 235187 |
| **Health Care REITs–0.24%** | **Health Care REITs–0.24%** | **Health Care REITs–0.24%** |
| Ventas, Inc. | 1257 | &nbsp;&nbsp; 108303 |
| Welltower, Inc. | 1894 | &nbsp;&nbsp; 392285 |
|  |  | &nbsp;&nbsp; 500588 |
| **Health Care Services–0.27%** | **Health Care Services–0.27%** | **Health Care Services–0.27%** |
| Cigna Group (The) | 747 | &nbsp;&nbsp; 216496 |
| CVS Health Corp. | 3558 | &nbsp;&nbsp; 284284 |
| Labcorp Holdings, Inc. | 232 | &nbsp;&nbsp; 67076 |
|  |  | &nbsp;&nbsp; 567856 |
| **Health Care Technology–0.04%** | **Health Care Technology–0.04%** | **Health Care Technology–0.04%** |
| Veeva Systems, Inc., Class A<sup>(b)</sup>  | 404 | &nbsp;&nbsp; 73532 |
| **Heavy Electrical Equipment–0.32%** | **Heavy Electrical Equipment–0.32%** | **Heavy Electrical Equipment–0.32%** |
| GE Vernova, Inc. | 761 | &nbsp;&nbsp; 664810 |
| **Home Improvement Retail–0.71%** | **Home Improvement Retail–0.71%** | **Home Improvement Retail–0.71%** |
| Home Depot, Inc. (The) | 2790 | &nbsp;&nbsp; 1062209 |
| Lowe's Cos., Inc. | 1567 | &nbsp;&nbsp; 414581 |
|  |  | &nbsp;&nbsp; 1476790 |
| **Homebuilding–0.09%** | **Homebuilding–0.09%** | **Homebuilding–0.09%** |
| D.R. Horton, Inc. | 730 | &nbsp;&nbsp; 117085 |
| Lennar Corp., Class A | 644 | &nbsp;&nbsp; 73648 |
|  |  | &nbsp;&nbsp; 190733 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Hotels, Resorts & Cruise Lines–0.57%** | **Hotels, Resorts & Cruise Lines–0.57%** | **Hotels, Resorts & Cruise Lines–0.57%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 1169 | &nbsp;&nbsp; $157943 |
| Booking Holdings, Inc. | 90 | &nbsp;&nbsp; 381541 |
| Hilton Worldwide Holdings, Inc. | 642 | &nbsp;&nbsp; 200163 |
| Marriott International, Inc., Class A | 620 | &nbsp;&nbsp; 211873 |
| Royal Caribbean Cruises Ltd. | 724 | &nbsp;&nbsp; 225135 |
|  |  | &nbsp;&nbsp; 1176655 |
| **Household Products–0.72%** | **Household Products–0.72%** | **Household Products–0.72%** |
| Church & Dwight Co., Inc. | 661 | &nbsp;&nbsp; 69313 |
| Colgate-Palmolive Co. | 2259 | &nbsp;&nbsp; 223957 |
| Kimberly-Clark Corp. | 914 | &nbsp;&nbsp; 101856 |
| Procter & Gamble Co. (The) | 6552 | &nbsp;&nbsp; 1095494 |
|  |  | &nbsp;&nbsp; 1490620 |
| **Human Resource & Employment Services–0.16%** | **Human Resource & Employment Services–0.16%** | **Human Resource & Employment Services–0.16%** |
| Automatic Data Processing, Inc. | 1134 | &nbsp;&nbsp; 243084 |
| Paychex, Inc. | 935 | &nbsp;&nbsp; 87563 |
|  |  | &nbsp;&nbsp; 330647 |
| **Independent Power Producers & Energy Traders–0.08%** | **Independent Power Producers & Energy Traders–0.08%** | **Independent Power Producers & Energy Traders–0.08%** |
| Vistra Corp. | 940 | &nbsp;&nbsp; 163457 |
| **Industrial Conglomerates–0.32%** | **Industrial Conglomerates–0.32%** | **Industrial Conglomerates–0.32%** |
| 3M Co. | 1489 | &nbsp;&nbsp; 246161 |
| Honeywell International, Inc. | 1756 | &nbsp;&nbsp; 427744 |
|  |  | &nbsp;&nbsp; 673905 |
| **Industrial Gases–0.40%** | **Industrial Gases–0.40%** | **Industrial Gases–0.40%** |
| Air Products and Chemicals, Inc. | 622 | &nbsp;&nbsp; 171467 |
| Linde PLC | 1304 | &nbsp;&nbsp; 662536 |
|  |  | &nbsp;&nbsp; 834003 |
| **Industrial Machinery & Supplies & Components–0.49%** | **Industrial Machinery & Supplies & Components–0.49%** | **Industrial Machinery & Supplies & Components–0.49%** |
| Dover Corp. | 382 | &nbsp;&nbsp; 86141 |
| Fortive Corp. | 992 | &nbsp;&nbsp; 58727 |
| Illinois Tool Works, Inc. | 791 | &nbsp;&nbsp; 229888 |
| Ingersoll Rand, Inc. | 1127 | &nbsp;&nbsp; 106096 |
| Otis Worldwide Corp. | 1086 | &nbsp;&nbsp; 100520 |
| Parker-Hannifin Corp. | 353 | &nbsp;&nbsp; 356241 |
| Xylem, Inc. | 656 | &nbsp;&nbsp; 84991 |
|  |  | &nbsp;&nbsp; 1022604 |
| **Industrial REITs–0.18%** | **Industrial REITs–0.18%** | **Industrial REITs–0.18%** |
| Prologis, Inc. | 2600 | &nbsp;&nbsp; 370682 |
| **Insurance Brokers–0.34%** | **Insurance Brokers–0.34%** | **Insurance Brokers–0.34%** |
| Aon PLC, Class A | 597 | &nbsp;&nbsp; 200275 |
| Arthur J. Gallagher & Co. | 714 | &nbsp;&nbsp; 162935 |
| Marsh & McLennan Cos., Inc. | 1393 | &nbsp;&nbsp; 260129 |
| Willis Towers Watson PLC | 270 | &nbsp;&nbsp; 82396 |
|  |  | &nbsp;&nbsp; 705735 |
| **Integrated Oil & Gas–1.44%** | **Integrated Oil & Gas–1.44%** | **Integrated Oil & Gas–1.44%** |
| Chevron Corp. | 5621 | &nbsp;&nbsp; 1049778 |
| Exxon Mobil Corp. | 11824 | &nbsp;&nbsp; 1803160 |
| Occidental Petroleum Corp. | 2756 | &nbsp;&nbsp; 146288 |
|  |  | &nbsp;&nbsp; 2999226 |
| **Integrated Telecommunication Services–0.55%** | **Integrated Telecommunication Services–0.55%** | **Integrated Telecommunication Services–0.55%** |
| AT&T, Inc. | 19873 | &nbsp;&nbsp; 556642 |

---

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

**4**

**Invesco Income Advantage U.S. Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| Verizon Communications, Inc. | 11828 | &nbsp;&nbsp; $593056 |
|  |  | &nbsp;&nbsp; 1149698 |
| **Interactive Home Entertainment–0.17%** | **Interactive Home Entertainment–0.17%** | **Interactive Home Entertainment–0.17%** |
| Electronic Arts, Inc. | 629 | &nbsp;&nbsp; 126159 |
| Roblox Corp., Class A<sup>(b)</sup>  | 1675 | &nbsp;&nbsp; 115005 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 480 | &nbsp;&nbsp; 101510 |
|  |  | &nbsp;&nbsp; 342674 |
| **Interactive Media & Services–6.51%** | **Interactive Media & Services–6.51%** | **Interactive Media & Services–6.51%** |
| Alphabet, Inc., Class A | 30658 | &nbsp;&nbsp; 9557938 |
| Meta Platforms, Inc., Class A | 6103 | &nbsp;&nbsp; 3955843 |
|  |  | &nbsp;&nbsp; 13513781 |
| **Internet Services & Infrastructure–0.18%** | **Internet Services & Infrastructure–0.18%** | **Internet Services & Infrastructure–0.18%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 876 | &nbsp;&nbsp; 150838 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup>  | 889 | &nbsp;&nbsp; 70729 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 917 | &nbsp;&nbsp; 154432 |
|  |  | &nbsp;&nbsp; 375999 |
| **Investment Banking & Brokerage–0.91%** | **Investment Banking & Brokerage–0.91%** | **Investment Banking & Brokerage–0.91%** |
| Charles Schwab Corp. (The) | 4704 | &nbsp;&nbsp; 447821 |
| Goldman Sachs Group, Inc. (The) | 837 | &nbsp;&nbsp; 719460 |
| Morgan Stanley | 3398 | &nbsp;&nbsp; 565801 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 2129 | &nbsp;&nbsp; 161484 |
|  |  | &nbsp;&nbsp; 1894566 |
| **IT Consulting & Other Services–0.54%** | **IT Consulting & Other Services–0.54%** | **IT Consulting & Other Services–0.54%** |
| Accenture PLC, Class A | 1736 | &nbsp;&nbsp; 362338 |
| Cognizant Technology Solutions Corp., <br> Class A | 1349 | &nbsp;&nbsp; 86916 |
| Gartner, Inc.<sup>(b)</sup>  | 207 | &nbsp;&nbsp; 32541 |
| International Business Machines Corp. | 2620 | &nbsp;&nbsp; 629350 |
|  |  | &nbsp;&nbsp; 1111145 |
| **Life & Health Insurance–0.18%** | **Life & Health Insurance–0.18%** | **Life & Health Insurance–0.18%** |
| Aflac, Inc. | 1316 | &nbsp;&nbsp; 148616 |
| MetLife, Inc. | 1845 | &nbsp;&nbsp; 132969 |
| Prudential Financial, Inc. | 963 | &nbsp;&nbsp; 94740 |
|  |  | &nbsp;&nbsp; 376325 |
| **Life Sciences Tools & Services–0.61%** | **Life Sciences Tools & Services–0.61%** | **Life Sciences Tools & Services–0.61%** |
| Agilent Technologies, Inc. | 739 | &nbsp;&nbsp; 89700 |
| Danaher Corp. | 1788 | &nbsp;&nbsp; 376624 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 465 | &nbsp;&nbsp; 83147 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 56 | &nbsp;&nbsp; 76534 |
| Thermo Fisher Scientific, Inc. | 1052 | &nbsp;&nbsp; 548208 |
| Waters Corp.<sup>(b)</sup>  | 277 | &nbsp;&nbsp; 88468 |
|  |  | &nbsp;&nbsp; 1262681 |
| **Managed Health Care–0.52%** | **Managed Health Care–0.52%** | **Managed Health Care–0.52%** |
| Centene Corp.<sup>(b)</sup>  | 1374 | &nbsp;&nbsp; 61665 |
| Elevance Health, Inc. | 632 | &nbsp;&nbsp; 202240 |
| Humana, Inc. | 348 | &nbsp;&nbsp; 66308 |
| UnitedHealth Group, Inc. | 2521 | &nbsp;&nbsp; 739334 |
|  |  | &nbsp;&nbsp; 1069547 |
| **Movies & Entertainment–0.93%** | **Movies & Entertainment–0.93%** | **Movies & Entertainment–0.93%** |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup>  | 824 | &nbsp;&nbsp; 75470 |
| Netflix, Inc.<sup>(b)</sup>  | 11819 | &nbsp;&nbsp; 1137461 |
| Walt Disney Co. (The) | 5061 | &nbsp;&nbsp; 536668 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 6585 | &nbsp;&nbsp; $185500 |
|  |  | &nbsp;&nbsp; 1935099 |
| **Multi-Family Residential REITs–0.07%** | **Multi-Family Residential REITs–0.07%** | **Multi-Family Residential REITs–0.07%** |
| AvalonBay Communities, Inc. | 424 | &nbsp;&nbsp; 75145 |
| Equity Residential | 1037 | &nbsp;&nbsp; 65549 |
|  |  | &nbsp;&nbsp; 140694 |
| **Multi-line Insurance–0.06%** | **Multi-line Insurance–0.06%** | **Multi-line Insurance–0.06%** |
| American International Group, Inc. | 1511 | &nbsp;&nbsp; 121620 |
| **Multi-Sector Holdings–1.29%** | **Multi-Sector Holdings–1.29%** | **Multi-Sector Holdings–1.29%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 5285 | &nbsp;&nbsp; 2668661 |
| **Multi-Utilities–0.44%** | **Multi-Utilities–0.44%** | **Multi-Utilities–0.44%** |
| Ameren Corp. | 749 | &nbsp;&nbsp; 84847 |
| CMS Energy Corp. | 852 | &nbsp;&nbsp; 66516 |
| Consolidated Edison, Inc. | 1011 | &nbsp;&nbsp; 113758 |
| Dominion Energy, Inc. | 2311 | &nbsp;&nbsp; 145916 |
| DTE Energy Co. | 610 | &nbsp;&nbsp; 90426 |
| Public Service Enterprise Group, Inc. | 1465 | &nbsp;&nbsp; 126092 |
| Sempra | 1756 | &nbsp;&nbsp; 169050 |
| WEC Energy Group, Inc. | 936 | &nbsp;&nbsp; 109475 |
|  |  | &nbsp;&nbsp; 906080 |
| **Oil & Gas Equipment & Services–0.19%** | **Oil & Gas Equipment & Services–0.19%** | **Oil & Gas Equipment & Services–0.19%** |
| Baker Hughes Co., Class A | 2766 | &nbsp;&nbsp; 180509 |
| SLB Ltd. | 4185 | &nbsp;&nbsp; 214858 |
|  |  | &nbsp;&nbsp; 395367 |
| **Oil & Gas Exploration & Production–0.36%** | **Oil & Gas Exploration & Production–0.36%** | **Oil & Gas Exploration & Production–0.36%** |
| ConocoPhillips | 3477 | &nbsp;&nbsp; 394500 |
| Devon Energy Corp. | 1653 | &nbsp;&nbsp; 71955 |
| Diamondback Energy, Inc. | 491 | &nbsp;&nbsp; 85473 |
| EOG Resources, Inc. | 1519 | &nbsp;&nbsp; 188478 |
|  |  | &nbsp;&nbsp; 740406 |
| **Oil & Gas Refining & Marketing–0.25%** | **Oil & Gas Refining & Marketing–0.25%** | **Oil & Gas Refining & Marketing–0.25%** |
| Marathon Petroleum Corp. | 841 | &nbsp;&nbsp; 166695 |
| Phillips 66 | 1129 | &nbsp;&nbsp; 174238 |
| Valero Energy Corp. | 864 | &nbsp;&nbsp; 176809 |
|  |  | &nbsp;&nbsp; 517742 |
| **Oil & Gas Storage & Transportation–0.35%** | **Oil & Gas Storage & Transportation–0.35%** | **Oil & Gas Storage & Transportation–0.35%** |
| Cheniere Energy, Inc. | 600 | &nbsp;&nbsp; 141438 |
| Kinder Morgan, Inc. | 5446 | &nbsp;&nbsp; 181188 |
| ONEOK, Inc. | 1705 | &nbsp;&nbsp; 141123 |
| Williams Cos., Inc. (The) | 3412 | &nbsp;&nbsp; 254945 |
|  |  | &nbsp;&nbsp; 718694 |
| **Other Specialized REITs–0.04%** | **Other Specialized REITs–0.04%** | **Other Specialized REITs–0.04%** |
| VICI Properties, Inc. | 2992 | &nbsp;&nbsp; 90388 |
| **Packaged Foods & Meats–0.25%** | **Packaged Foods & Meats–0.25%** | **Packaged Foods & Meats–0.25%** |
| General Mills, Inc. | 1491 | &nbsp;&nbsp; 67438 |
| Hershey Co. (The) | 392 | &nbsp;&nbsp; 92622 |
| Kraft Heinz Co. (The) | 3337 | &nbsp;&nbsp; 82123 |
| McCormick & Co., Inc. | 667 | &nbsp;&nbsp; 47384 |
| Mondelez International, Inc., Class A | 3569 | &nbsp;&nbsp; 219779 |
|  |  | &nbsp;&nbsp; 509346 |

---

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

**5**

**Invesco Income Advantage U.S. Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Passenger Airlines–0.01%** | **Passenger Airlines–0.01%** | **Passenger Airlines–0.01%** |
| Delta Air Lines, Inc. | 458 | &nbsp;&nbsp; $30091 |
| **Passenger Ground Transportation–0.20%** | **Passenger Ground Transportation–0.20%** | **Passenger Ground Transportation–0.20%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 5604 | &nbsp;&nbsp; 422654 |
| **Personal Care Products–0.05%** | **Personal Care Products–0.05%** | **Personal Care Products–0.05%** |
| Kenvue, Inc. | 5232 | &nbsp;&nbsp; 100036 |
| **Pharmaceuticals–2.89%** | **Pharmaceuticals–2.89%** | **Pharmaceuticals–2.89%** |
| Bristol-Myers Squibb Co. | 5704 | &nbsp;&nbsp; 355758 |
| Eli Lilly and Co. | 2384 | &nbsp;&nbsp; 2507944 |
| Johnson & Johnson | 6753 | &nbsp;&nbsp; 1677648 |
| Merck & Co., Inc. | 6959 | &nbsp;&nbsp; 861663 |
| Pfizer, Inc. | 15943 | &nbsp;&nbsp; 440824 |
| Zoetis, Inc. | 1226 | &nbsp;&nbsp; 160729 |
|  |  | &nbsp;&nbsp; 6004566 |
| **Property & Casualty Insurance–0.66%** | **Property & Casualty Insurance–0.66%** | **Property & Casualty Insurance–0.66%** |
| Allstate Corp. (The) | 731 | &nbsp;&nbsp; 156814 |
| Arch Capital Group Ltd.<sup>(b)</sup>  | 982 | &nbsp;&nbsp; 98347 |
| Chubb Ltd. | 1100 | &nbsp;&nbsp; 374946 |
| Hartford Insurance Group, Inc. (The) | 780 | &nbsp;&nbsp; 109848 |
| Markel Group, Inc.<sup>(b)</sup>  | 37 | &nbsp;&nbsp; 76682 |
| Progressive Corp. (The) | 1641 | &nbsp;&nbsp; 350616 |
| Travelers Cos., Inc. (The) | 624 | &nbsp;&nbsp; 192591 |
|  |  | &nbsp;&nbsp; 1359844 |
| **Rail Transportation–0.42%** | **Rail Transportation–0.42%** | **Rail Transportation–0.42%** |
| CSX Corp. | 5217 | &nbsp;&nbsp; 222714 |
| Norfolk Southern Corp. | 684 | &nbsp;&nbsp; 215282 |
| Union Pacific Corp. | 1662 | &nbsp;&nbsp; 440397 |
|  |  | &nbsp;&nbsp; 878393 |
| **Real Estate Services–0.08%** | **Real Estate Services–0.08%** | **Real Estate Services–0.08%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 851 | &nbsp;&nbsp; 125659 |
| CoStar Group, Inc.<sup>(b)</sup>  | 1045 | &nbsp;&nbsp; 46638 |
|  |  | &nbsp;&nbsp; 172297 |
| **Regional Banks–0.16%** | **Regional Banks–0.16%** | **Regional Banks–0.16%** |
| M&T Bank Corp. | 430 | &nbsp;&nbsp; 93301 |
| Regions Financial Corp. | 2556 | &nbsp;&nbsp; 71134 |
| Truist Financial Corp. | 3585 | &nbsp;&nbsp; 176776 |
|  |  | &nbsp;&nbsp; 341211 |
| **Research & Consulting Services–0.07%** | **Research & Consulting Services–0.07%** | **Research & Consulting Services–0.07%** |
| Equifax, Inc. | 319 | &nbsp;&nbsp; 66658 |
| Verisk Analytics, Inc. | 390 | &nbsp;&nbsp; 80953 |
|  |  | &nbsp;&nbsp; 147611 |
| **Restaurants–0.69%** | **Restaurants–0.69%** | **Restaurants–0.69%** |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup>  | 3511 | &nbsp;&nbsp; 130679 |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 980 | &nbsp;&nbsp; 172941 |
| McDonald's Corp. | 1997 | &nbsp;&nbsp; 681097 |
| Starbucks Corp. | 3185 | &nbsp;&nbsp; 312194 |
| Yum! Brands, Inc. | 778 | &nbsp;&nbsp; 130828 |
|  |  | &nbsp;&nbsp; 1427739 |
| **Retail REITs–0.17%** | **Retail REITs–0.17%** | **Retail REITs–0.17%** |
| Realty Income Corp. | 2578 | &nbsp;&nbsp; 172726 |
| Simon Property Group, Inc. | 907 | &nbsp;&nbsp; 184892 |
|  |  | &nbsp;&nbsp; 357618 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Self-Storage REITs–0.12%** | **Self-Storage REITs–0.12%** | **Self-Storage REITs–0.12%** |
| Extra Space Storage, Inc. | 585 | &nbsp;&nbsp; $88352 |
| Public Storage | 498 | &nbsp;&nbsp; 152916 |
|  |  | &nbsp;&nbsp; 241268 |
| **Semiconductor Materials & Equipment–1.07%** | **Semiconductor Materials & Equipment–1.07%** | **Semiconductor Materials & Equipment–1.07%** |
| Applied Materials, Inc. | 2227 | &nbsp;&nbsp; 829112 |
| KLA Corp. | 368 | &nbsp;&nbsp; 561034 |
| Lam Research Corp. | 3514 | &nbsp;&nbsp; 821890 |
|  |  | &nbsp;&nbsp; 2212036 |
| **Semiconductors–9.84%** | **Semiconductors–9.84%** | **Semiconductors–9.84%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 4547 | &nbsp;&nbsp; 910355 |
| Analog Devices, Inc. | 1362 | &nbsp;&nbsp; 484586 |
| Broadcom, Inc. | 13011 | &nbsp;&nbsp; 4157665 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup>  | 221 | &nbsp;&nbsp; 10509 |
| Intel Corp.<sup>(b)</sup>  | 11915 | &nbsp;&nbsp; 543443 |
| Marvell Technology, Inc. | 2408 | &nbsp;&nbsp; 196710 |
| Microchip Technology, Inc. | 1484 | &nbsp;&nbsp; 110766 |
| Micron Technology, Inc. | 3141 | &nbsp;&nbsp; 1295254 |
| Monolithic Power Systems, Inc. | 125 | &nbsp;&nbsp; 142842 |
| NVIDIA Corp. | 65531 | &nbsp;&nbsp; 11611438 |
| QUALCOMM, Inc. | 3003 | &nbsp;&nbsp; 427507 |
| Texas Instruments, Inc. | 2546 | &nbsp;&nbsp; 540032 |
|  |  | &nbsp;&nbsp; 20431107 |
| **Soft Drinks & Non-alcoholic Beverages–0.92%** | **Soft Drinks & Non-alcoholic Beverages–0.92%** | **Soft Drinks & Non-alcoholic Beverages–0.92%** |
| Coca-Cola Co. (The) | 11990 | &nbsp;&nbsp; 977905 |
| Keurig Dr Pepper, Inc. | 3622 | &nbsp;&nbsp; 109674 |
| Monster Beverage Corp.<sup>(b)</sup>  | 1951 | &nbsp;&nbsp; 166420 |
| PepsiCo, Inc. | 3845 | &nbsp;&nbsp; 652650 |
|  |  | &nbsp;&nbsp; 1906649 |
| **Specialty Chemicals–0.29%** | **Specialty Chemicals–0.29%** | **Specialty Chemicals–0.29%** |
| DuPont de Nemours, Inc. | 1172 | &nbsp;&nbsp; 58647 |
| Ecolab, Inc. | 712 | &nbsp;&nbsp; 219545 |
| PPG Industries, Inc. | 655 | &nbsp;&nbsp; 80742 |
| Sherwin-Williams Co. (The) | 692 | &nbsp;&nbsp; 250912 |
|  |  | &nbsp;&nbsp; 609846 |
| **Steel–0.05%** | **Steel–0.05%** | **Steel–0.05%** |
| Nucor Corp. | 638 | &nbsp;&nbsp; 112849 |
| **Systems Software–4.72%** | **Systems Software–4.72%** | **Systems Software–4.72%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 681 | &nbsp;&nbsp; 253318 |
| Fortinet, Inc.<sup>(b)</sup>  | 1697 | &nbsp;&nbsp; 134114 |
| Microsoft Corp. | 20580 | &nbsp;&nbsp; 8082589 |
| Oracle Corp. | 4731 | &nbsp;&nbsp; 687887 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | 2256 | &nbsp;&nbsp; 335964 |
| ServiceNow, Inc.<sup>(b)</sup>  | 2907 | &nbsp;&nbsp; 313985 |
|  |  | &nbsp;&nbsp; 9807857 |
| **Technology Distributors–0.02%** | **Technology Distributors–0.02%** | **Technology Distributors–0.02%** |
| CDW Corp. | 362 | &nbsp;&nbsp; 44396 |
| **Technology Hardware, Storage & Peripherals–5.46%** | **Technology Hardware, Storage & Peripherals–5.46%** | **Technology Hardware, Storage & Peripherals–5.46%** |
| Apple, Inc. | 41494 | &nbsp;&nbsp; 10961885 |
| Dell Technologies, Inc., Class C | 884 | &nbsp;&nbsp; 130903 |
| Hewlett Packard Enterprise Co. | 3883 | &nbsp;&nbsp; 83368 |
| HP, Inc. | 2625 | &nbsp;&nbsp; 49849 |
| NetApp, Inc. | 612 | &nbsp;&nbsp; 60606 |

---

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

**6**

**Invesco Income Advantage U.S. Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals–(continued)** | **Technology Hardware, Storage & Peripherals–(continued)** | **Technology Hardware, Storage & Peripherals–(continued)** | **Technology Hardware, Storage & Peripherals–(continued)** |
| Super Micro Computer, Inc.<sup>(b)(c)</sup>  | Super Micro Computer, Inc.<sup>(b)(c)</sup>  | 1417 | &nbsp;&nbsp; $45896 |
|  |  |  | &nbsp;&nbsp; 11332507 |
| **Telecom Tower REITs–0.20%** | **Telecom Tower REITs–0.20%** | **Telecom Tower REITs–0.20%** | **Telecom Tower REITs–0.20%** |
| American Tower Corp. | American Tower Corp. | 1311 | &nbsp;&nbsp; 251528 |
| Crown Castle, Inc. | Crown Castle, Inc. | 1205 | &nbsp;&nbsp; 107896 |
| SBA Communications Corp., Class A | SBA Communications Corp., Class A | 302 | &nbsp;&nbsp; 60750 |
|  |  |  | &nbsp;&nbsp; 420174 |
| **Tobacco–0.55%** | **Tobacco–0.55%** | **Tobacco–0.55%** | **Tobacco–0.55%** |
| Altria Group, Inc. | Altria Group, Inc. | 4706 | &nbsp;&nbsp; 324902 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 4362 | &nbsp;&nbsp; 814953 |
|  |  |  | &nbsp;&nbsp; 1139855 |
| **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** |
| Fastenal Co. | Fastenal Co. | 3111 | &nbsp;&nbsp; 143230 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 566 | &nbsp;&nbsp; 147590 |
| United Rentals, Inc. | United Rentals, Inc. | 178 | &nbsp;&nbsp; 149520 |
| W.W. Grainger, Inc. | W.W. Grainger, Inc. | 120 | &nbsp;&nbsp; 137368 |
|  |  |  | &nbsp;&nbsp; 577708 |
| **Transaction & Payment Processing Services–1.57%** | **Transaction & Payment Processing Services–1.57%** | **Transaction & Payment Processing Services–1.57%** | **Transaction & Payment Processing Services–1.57%** |
| Block, Inc., Class A<sup>(b)</sup>  | Block, Inc., Class A<sup>(b)</sup>  | 1493 | &nbsp;&nbsp; 95104 |
| Corpay, Inc.<sup>(b)</sup>  | Corpay, Inc.<sup>(b)</sup>  | 188 | &nbsp;&nbsp; 61119 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 1452 | &nbsp;&nbsp; 73994 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 1497 | &nbsp;&nbsp; 93248 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 2498 | &nbsp;&nbsp; 1291990 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | 2623 | &nbsp;&nbsp; 121209 |
| Visa, Inc., Class A | Visa, Inc., Class A | 4726 | &nbsp;&nbsp; 1512982 |
|  |  |  | &nbsp;&nbsp; 3249646 |
| **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** |
| American Water Works Co., Inc. | American Water Works Co., Inc. | 542 | &nbsp;&nbsp; 73728 |
| **Wireless Telecommunication Services–0.14%** | **Wireless Telecommunication Services–0.14%** | **Wireless Telecommunication Services–0.14%** | **Wireless Telecommunication Services–0.14%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 1366 | &nbsp;&nbsp; 296545 |
| Total Common Stocks & Other Equity Interests <br> (Cost $98,403,586) | Total Common Stocks & Other Equity Interests <br> (Cost $98,403,586) | Total Common Stocks & Other Equity Interests <br> (Cost $98,403,586) | &nbsp;&nbsp; 157711500 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Equity Linked Notes–5.62%** | **Equity Linked Notes–5.62%** | **Equity Linked Notes–5.62%** | **Equity Linked Notes–5.62%** |
| **Diversified Banks–5.02%** | **Diversified Banks–5.02%** | **Diversified Banks–5.02%** | **Diversified Banks–5.02%** |
| Bank of America Corp. (S&P 500 <br> INDEX), 131.66%, 03/09/2026<sup>(d)</sup> <br>|  | $1017000 | &nbsp;&nbsp; 1045669 |
| Barclays Bank PLC (S&P 500 INDEX) (United <br> Kingdom), | Barclays Bank PLC (S&P 500 INDEX) (United <br> Kingdom), |  |  |
| 126.00%, 03/02/2026<sup>(d)</sup> <br>|  | 970000 | &nbsp;&nbsp; 983580 |
| 120.00%, 03/12/2026<sup>(d)</sup> <br>|  | 1066000 | &nbsp;&nbsp; 1053186 |
| BNP Paribas S.A. (S&P 500 INDEX) <br> (France), 141.02%, <br> 03/16/2026<sup>(d)</sup> <br>|  | 568000 | &nbsp;&nbsp; 571159 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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. (S&P 500 INDEX), | Citigroup, Inc. (S&P 500 INDEX), |  |  |
| 107.23%, 03/05/2026<sup>(d)</sup> <br>|  | $727000 | &nbsp;&nbsp; $721752 |
| 122.65%, 03/23/2026<sup>(d)</sup> <br>|  | 593000 | &nbsp;&nbsp; 597666 |
| Mizuho Financial Group, Inc. (S&P 500 <br> INDEX) (Japan), | Mizuho Financial Group, Inc. (S&P 500 <br> INDEX) (Japan), |  |  |
| 130.80%, 03/18/2026<sup>(d)</sup> <br>|  | 459000 | &nbsp;&nbsp; 460906 |
| 139.20%, 03/19/2026<sup>(d)</sup> <br>|  | 423000 | &nbsp;&nbsp; 433356 |
| Royal Bank of Canada (S&P 500 INDEX) <br> (Canada), | Royal Bank of Canada (S&P 500 INDEX) <br> (Canada), |  |  |
| 121.43%, 03/04/2026<sup>(d)</sup> <br>|  | 994000 | &nbsp;&nbsp; 1014116 |
| 131.96%, 04/01/2026<sup>(d)</sup> <br>|  | 1035000 | &nbsp;&nbsp; 1035000 |
| Societe Generale S.A. (S&P 500 INDEX) <br> (France), 134.03%, <br> 03/26/2026<sup>(d)</sup> <br>|  | 1016000 | &nbsp;&nbsp; 1020187 |
| Wells Fargo Bank N.A. (S&P 500 INDEX), | Wells Fargo Bank N.A. (S&P 500 INDEX), |  |  |
| 125.82%, 03/11/2026<sup>(d)</sup> <br>|  | 488000 | &nbsp;&nbsp; 493757 |
| 131.65%, 03/30/2026<sup>(d)</sup> <br>|  | 985000 | &nbsp;&nbsp; 988487 |
|  |  |  | &nbsp;&nbsp; 10418821 |
| **Diversified Capital Markets–0.60%** | **Diversified Capital Markets–0.60%** | **Diversified Capital Markets–0.60%** | **Diversified Capital Markets–0.60%** |
| UBS Group AG (S&P 500 INDEX) <br> (Switzerland), 132.61%, <br> 03/25/2026<sup>(d)</sup> <br>|  | 1234000 | &nbsp;&nbsp; 1241474 |
| Total Equity Linked Notes (Cost $11,575,000) | Total Equity Linked Notes (Cost $11,575,000) | Total Equity Linked Notes (Cost $11,575,000) | &nbsp;&nbsp; 11660295 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–19.08%** | **Money Market Funds–19.08%** | **Money Market Funds–19.08%** | **Money Market Funds–19.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup>  | 13927653 | &nbsp;&nbsp; 13927653 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(e)(f)</sup>  | 25692478 | &nbsp;&nbsp; 25692478 |
| Total Money Market Funds (Cost $39,620,131) | Total Money Market Funds (Cost $39,620,131) | Total Money Market Funds (Cost $39,620,131) | &nbsp;&nbsp; 39620131 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.66% <br> (Cost $149,598,717)<br>|  |  | &nbsp;&nbsp; 208991926 |
| **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–0.16%** | **Money Market Funds–0.16%** | **Money Market Funds–0.16%** | **Money Market Funds–0.16%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup>  | 91900 | &nbsp;&nbsp; 91900 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup>  | 238260 | &nbsp;&nbsp; 238332 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $330,232) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $330,232) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $330,232) | &nbsp;&nbsp; 330232 |
| TOTAL INVESTMENTS IN SECURITIES–100.82% <br> (Cost $149,928,949) | TOTAL INVESTMENTS IN SECURITIES–100.82% <br> (Cost $149,928,949) | TOTAL INVESTMENTS IN SECURITIES–100.82% <br> (Cost $149,928,949) | &nbsp;&nbsp; 209322158 |
| OTHER ASSETS LESS LIABILITIES—(0.82)% | OTHER ASSETS LESS LIABILITIES—(0.82)% | OTHER ASSETS LESS LIABILITIES—(0.82)% | &nbsp;&nbsp; (1693638)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $207628520 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**7**

**Invesco Income Advantage U.S. 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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<sup>(d)</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 February 28, 2026 was $11,660,295, which represented 5.62% of the Fund's Net Assets. 

<sup>(e)</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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $13072745 | &nbsp;&nbsp; $6859855 | &nbsp;&nbsp; $(6004947) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13927653 | &nbsp;&nbsp; $266759 |
| Invesco Treasury Portfolio, Institutional Class | 24104793 | &nbsp;&nbsp; 12739729 | &nbsp;&nbsp; (11152044) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25692478 | &nbsp;&nbsp; 485655 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1449773 | &nbsp;&nbsp; 6968546 | &nbsp;&nbsp; (8326419) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 91900 | &nbsp;&nbsp; 7,592\* |
| Invesco Private Prime Fund | 3755319 | &nbsp;&nbsp; 15134779 | &nbsp;&nbsp; (18651480) | (222) | (64) | &nbsp;&nbsp; 238332 | &nbsp;&nbsp; 20,870\* |
| Total | $42382630 | &nbsp;&nbsp; $41702909 | &nbsp;&nbsp; $(44134890) | &nbsp;&nbsp; $(222) | &nbsp;&nbsp; $(64) | &nbsp;&nbsp; $39950363 | &nbsp;&nbsp; $780876 |

---

\* 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>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<sup>(g)</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 1K. 

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

**8**

**Invesco Income Advantage U.S. Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $109,978,586)\*<br>| &nbsp;&nbsp; $169371795 |
| Investments in affiliated money market funds, at value <br> (Cost $39,950,363)<br>| &nbsp;&nbsp; 39950363 |
| Cash | &nbsp;&nbsp; 1234443 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 8107 |
| Dividends | &nbsp;&nbsp; 254260 |
| Interest | &nbsp;&nbsp; 556193 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 143112 |
| Other assets | &nbsp;&nbsp; 50503 |
| Total assets | &nbsp;&nbsp; 211568776 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3254000 |
| Fund shares reacquired | &nbsp;&nbsp; 81961 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 330232 |
| Accrued fees to affiliates | &nbsp;&nbsp; 81559 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1897 |
| Accrued other operating expenses | &nbsp;&nbsp; 44635 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 145972 |
| Total liabilities | &nbsp;&nbsp; 3940256 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $207628520 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $181536548 |
| Distributable earnings | &nbsp;&nbsp; 26091972 |
|  | &nbsp;&nbsp; $207628520 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $153308048 |
| Class C | &nbsp;&nbsp; $2548976 |
| Class R | &nbsp;&nbsp; $1114860 |
| Class Y | &nbsp;&nbsp; $14978939 |
| Investor Class | &nbsp;&nbsp; $33641978 |
| Class R5 | &nbsp;&nbsp; $62317 |
| Class R6 | &nbsp;&nbsp; $1973402 |
| **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; 12610494 |
| Class C | &nbsp;&nbsp; 213585 |
| Class R | &nbsp;&nbsp; 92183 |
| Class Y | &nbsp;&nbsp; 1226671 |
| Investor Class | &nbsp;&nbsp; 2757074 |
| Class R5 | &nbsp;&nbsp; 5104 |
| Class R6 | &nbsp;&nbsp; 161538 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $12.16 |
| Maximum offering price per share <br>(Net asset value of $12.16 ÷ 94.50%)<br>| &nbsp;&nbsp; $12.87 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.93 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.09 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.21 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.20 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.21 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.22 |

---

\* At February 28, 2026, securities with an aggregate value of $317,377 were on loan to brokers. 

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

**9**

**Invesco Income Advantage U.S. Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $6097742 |
| Dividends (net of foreign withholding taxes of $78) | &nbsp;&nbsp; 949505 |
| Dividends from affiliated money market funds (includes net securities lending income of $1,423) | &nbsp;&nbsp; 753837 |
| Total investment income | &nbsp;&nbsp; 7801084 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 612089 |
| Administrative services fees | &nbsp;&nbsp; 14087 |
| Custodian fees | &nbsp;&nbsp; 4307 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 187499 |
| Class C | &nbsp;&nbsp; 13366 |
| Class R | &nbsp;&nbsp; 2951 |
| Investor Class | &nbsp;&nbsp; 41590 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 126582 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 42 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 273 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11135 |
| Registration and filing fees | &nbsp;&nbsp; 46294 |
| Reports to shareholders | &nbsp;&nbsp; 14043 |
| Professional services fees | &nbsp;&nbsp; 29255 |
| Other | &nbsp;&nbsp; 8112 |
| Total expenses | &nbsp;&nbsp; 1111625 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (27147)<br>|
| Net expenses | &nbsp;&nbsp; 1084478 |
| Net investment income | &nbsp;&nbsp; 6716606 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 102567 |
| Affiliated investment securities | &nbsp;&nbsp; (64)<br>|
| Foreign currencies | &nbsp;&nbsp; 40 |
|  | &nbsp;&nbsp; 102543 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6732831 |
| Affiliated investment securities | &nbsp;&nbsp; (222)<br>|
|  | &nbsp;&nbsp; 6732609 |
| Net realized and unrealized gain | &nbsp;&nbsp; 6835152 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $13551758 |

---

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

**10**

**Invesco Income Advantage U.S. Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6716606 | &nbsp;&nbsp; $11943315 |
| Net realized gain | &nbsp;&nbsp; 102543 | &nbsp;&nbsp; 1448280 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 6732609 | &nbsp;&nbsp; 11044368 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13551758 | &nbsp;&nbsp; 24435963 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (4738206)<br>| &nbsp;&nbsp; (8796055)<br>|
| Class C | &nbsp;&nbsp; (73978)<br>| &nbsp;&nbsp; (140985)<br>|
| Class R | &nbsp;&nbsp; (35497)<br>| &nbsp;&nbsp; (62966)<br>|
| Class Y | &nbsp;&nbsp; (488590)<br>| &nbsp;&nbsp; (795358)<br>|
| Investor Class | &nbsp;&nbsp; (1049510)<br>| &nbsp;&nbsp; (2058020)<br>|
| Class R5 | &nbsp;&nbsp; (3739)<br>| &nbsp;&nbsp; (7223)<br>|
| Class R6 | &nbsp;&nbsp; (62908)<br>| &nbsp;&nbsp; (66191)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (6452428)<br>| &nbsp;&nbsp; (11926798)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 2094314 | &nbsp;&nbsp; (3254300)<br>|
| Class C | &nbsp;&nbsp; (175289)<br>| &nbsp;&nbsp; (141077)<br>|
| Class R | &nbsp;&nbsp; (117551)<br>| &nbsp;&nbsp; 140472 |
| Class Y | &nbsp;&nbsp; (67736)<br>| &nbsp;&nbsp; 3864978 |
| Investor Class | &nbsp;&nbsp; (164008)<br>| &nbsp;&nbsp; (3601705)<br>|
| Class R5 | &nbsp;&nbsp; (60606)<br>| &nbsp;&nbsp; 6793 |
| Class R6 | &nbsp;&nbsp; (41101)<br>| &nbsp;&nbsp; (32911304)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 1468023 | &nbsp;&nbsp; (35896143)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 8567353 | &nbsp;&nbsp; (23386978)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 199061167 | &nbsp;&nbsp; 222448145 |
| End of period | &nbsp;&nbsp; $207628520 | &nbsp;&nbsp; $199061167 |

---

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

**11**

**Invesco Income Advantage U.S. Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 02/28/26 | $11.74 | $0.39 | $0.41 | $0.80 | $(0.38)<br>| $— | $(0.38)<br>| $12.16 | 6.89<br> %<br>| &nbsp;&nbsp; $153308 | 1.07 %<sup>(d)</sup><br>| 1.10 %<sup>(d)</sup><br>| 6.58 %<sup>(d)</sup><br>| 7<br> %<br>|
| Year ended 08/31/25 | 10.97 | 0.70 | 0.77 | 1.47 | (0.70)<br>|  | (0.70)<br>| 11.74 | 13.93 | &nbsp;&nbsp; 146023 | 1.08 | 1.11 | 6.26 | 34 |
| Year ended 08/31/24 | 9.90 | 0.67 | 1.09 | 1.76 | (0.69)<br>|  | (0.69)<br>| 10.97 | 18.49 | &nbsp;&nbsp; 139696 | 1.09 | 1.14 | 6.49 | 54 |
| Year ended 08/31/23 | 9.46 | 0.65 | 0.44 | 1.09 | (0.65)<br>|  | (0.65)<br>| 9.90 | 12.08 | &nbsp;&nbsp; 129132 | 1.04 | 1.14 | 6.93 | 46 |
| Year ended 08/31/22 | 12.29 | 0.59 | (1.64)<br>| (1.05)<br>| (0.59)<br>| (1.19)<br>| (1.78)<br>| 9.46 | (9.88)<br>| &nbsp;&nbsp; 125096 | 1.05 | 1.14 | 5.52 | 44 |
| Year ended 08/31/21 | 10.24 | 0.13 | 2.07 | 2.20 | (0.15)<br>|  | (0.15)<br>| 12.29 | 21.70 | &nbsp;&nbsp; 150436 | 1.16 | 1.17 | 1.15 | 143 |
| **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 02/28/26 | 11.53 | 0.34 | 0.39 | 0.73 | (0.33)<br>|  | (0.33)<br>| 11.93 | 6.38 | &nbsp;&nbsp; 2549 | 1.82 <br><sup>(d)</sup><br>| 1.85 <br><sup>(d)</sup><br>| 5.83 <br><sup>(d)</sup><br>| 7 |
| Year ended 08/31/25 | 10.77 | 0.60 | 0.77 | 1.37 | (0.61)<br>|  | (0.61)<br>| 11.53 | 13.12 | &nbsp;&nbsp; 2627 | 1.83 | 1.86 | 5.51 | 34 |
| Year ended 08/31/24 | 9.72 | 0.58 | 1.07 | 1.65 | (0.60)<br>|  | (0.60)<br>| 10.77 | 17.61 | &nbsp;&nbsp; 2599 | 1.84 | 1.89 | 5.74 | 54 |
| Year ended 08/31/23 | 9.29 | 0.57 | 0.43 | 1.00 | (0.57)<br>|  | (0.57)<br>| 9.72 | 11.22 | &nbsp;&nbsp; 2704 | 1.79 | 1.89 | 6.18 | 46 |
| Year ended 08/31/22 | 12.07 | 0.51 | (1.61)<br>| (1.10)<br>| (0.49)<br>| (1.19)<br>| (1.68)<br>| 9.29 | (10.51)<br>| &nbsp;&nbsp; 2942 | 1.80 | 1.89 | 4.77 | 44 |
| Year ended 08/31/21 | 10.06 | 0.04 | 2.04 | 2.08 | (0.07)<br>|  | (0.07)<br>| 12.07 | 20.74 | &nbsp;&nbsp; 3748 | 1.91 | 1.92 | 0.40 | 143 |
| **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 02/28/26 | 11.68 | 0.38 | 0.39 | 0.77 | (0.36)<br>|  | (0.36)<br>| 12.09 | 6.69 | &nbsp;&nbsp; 1115 | 1.32 <br><sup>(d)</sup><br>| 1.35 <br><sup>(d)</sup><br>| 6.33 <br><sup>(d)</sup><br>| 7 |
| Year ended 08/31/25 | 10.91 | 0.67 | 0.77 | 1.44 | (0.67)<br>|  | (0.67)<br>| 11.68 | 13.69 | &nbsp;&nbsp; 1189 | 1.33 | 1.36 | 6.01 | 34 |
| Year ended 08/31/24 | 9.85 | 0.64 | 1.08 | 1.72 | (0.66)<br>|  | (0.66)<br>| 10.91 | 18.15 | &nbsp;&nbsp; 972 | 1.34 | 1.39 | 6.24 | 54 |
| Year ended 08/31/23 | 9.41 | 0.63 | 0.43 | 1.06 | (0.62)<br>|  | (0.62)<br>| 9.85 | 11.83 | &nbsp;&nbsp; 656 | 1.29 | 1.39 | 6.68 | 46 |
| Year ended 08/31/22 | 12.23 | 0.57 | (1.64)<br>| (1.07)<br>| (0.56)<br>| (1.19)<br>| (1.75)<br>| 9.41 | (10.13)<br>| &nbsp;&nbsp; 492 | 1.30 | 1.39 | 5.27 | 44 |
| Year ended 08/31/21 | 10.19 | 0.10 | 2.06 | 2.16 | (0.12)<br>|  | (0.12)<br>| 12.23 | 21.39 | &nbsp;&nbsp; 691 | 1.41 | 1.42 | 0.90 | 143 |
| **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 02/28/26 | 11.79 | 0.41 | 0.41 | 0.82 | (0.40)<br>|  | (0.40)<br>| 12.21 | 7.01 | &nbsp;&nbsp; 14979 | 0.82 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 6.83 <br><sup>(d)</sup><br>| 7 |
| Year ended 08/31/25 | 11.02 | 0.73 | 0.77 | 1.50 | (0.73)<br>|  | (0.73)<br>| 11.79 | 14.18 | &nbsp;&nbsp; 14519 | 0.83 | 0.86 | 6.51 | 34 |
| Year ended 08/31/24 | 9.94 | 0.70 | 1.10 | 1.80 | (0.72)<br>|  | (0.72)<br>| 11.02 | 18.85 | &nbsp;&nbsp; 9775 | 0.84 | 0.89 | 6.74 | 54 |
| Year ended 08/31/23 | 9.51 | 0.68 | 0.42 | 1.10 | (0.67)<br>|  | (0.67)<br>| 9.94 | 12.22 | &nbsp;&nbsp; 8856 | 0.79 | 0.89 | 7.18 | 46 |
| Year ended 08/31/22 | 12.35 | 0.62 | (1.64)<br>| (1.02)<br>| (0.63)<br>| (1.19)<br>| (1.82)<br>| 9.51 | (9.61)<br>| &nbsp;&nbsp; 8271 | 0.80 | 0.89 | 5.77 | 44 |
| Year ended 08/31/21 | 10.29 | 0.15 | 2.08 | 2.23 | (0.17)<br>|  | (0.17)<br>| 12.35 | 22.00 | &nbsp;&nbsp; 8370 | 0.91 | 0.92 | 1.40 | 143 |
| **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 02/28/26 | 11.79 | 0.40 | 0.39 | 0.79 | (0.38)<br>|  | (0.38)<br>| 12.20 | 6.79 | &nbsp;&nbsp; 33642 | 1.07 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| 6.58 <br><sup>(d)</sup><br>| 7 |
| Year ended 08/31/25 | 11.01 | 0.70 | 0.78 | 1.48 | (0.70)<br>|  | (0.70)<br>| 11.79 | 14.00 | &nbsp;&nbsp; 32638 | 1.08 | 1.11 | 6.26 | 34 |
| Year ended 08/31/24 | 9.93 | 0.67 | 1.10 | 1.77 | (0.69)<br>|  | (0.69)<br>| 11.01 | 18.56 | &nbsp;&nbsp; 34158 | 1.09 | 1.14 | 6.49 | 54 |
| Year ended 08/31/23 | 9.50 | 0.66 | 0.42 | 1.08 | (0.65)<br>|  | (0.65)<br>| 9.93 | 11.95 | &nbsp;&nbsp; 33187 | 1.04 | 1.14 | 6.93 | 46 |
| Year ended 08/31/22 | 12.33 | 0.60 | (1.64)<br>| (1.04)<br>| (0.60)<br>| (1.19)<br>| (1.79)<br>| 9.50 | (9.82)<br>| &nbsp;&nbsp; 30152 | 1.05 | 1.14 | 5.52 | 44 |
| Year ended 08/31/21 | 10.28 | 0.13 | 2.07 | 2.20 | (0.15)<br>|  | (0.15)<br>| 12.33 | 21.61 | &nbsp;&nbsp; 36982 | 1.16 | 1.17 | 1.15 | 143 |
| **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 02/28/26 | 11.80 | 0.42 | 0.39 | 0.81 | (0.40)<br>|  | (0.40)<br>| 12.21 | 6.95 | &nbsp;&nbsp; 62 | 0.77 <br><sup>(d)</sup><br>| 0.79 <br><sup>(d)</sup><br>| 6.88 <br><sup>(d)</sup><br>| 7 |
| Year ended 08/31/25 | 11.02 | 0.73 | 0.79 | 1.52 | (0.74)<br>|  | (0.74)<br>| 11.80 | 14.35 | &nbsp;&nbsp; 118 | 0.81 | 0.83 | 6.53 | 34 |
| Year ended 08/31/24 | 9.95 | 0.67 | 1.13 | 1.80 | (0.73)<br>|  | (0.73)<br>| 11.02 | 18.83 | &nbsp;&nbsp; 106 | 0.76 | 0.78 | 6.82 | 54 |
| Year ended 08/31/23 | 9.52 | 0.69 | 0.42 | 1.11 | (0.68)<br>|  | (0.68)<br>| 9.95 | 12.27 | &nbsp;&nbsp; 11550 | 0.75 | 0.77 | 7.22 | 46 |
| Year ended 08/31/22 | 12.36 | 0.63 | (1.64)<br>| (1.01)<br>| (0.64)<br>| (1.19)<br>| (1.83)<br>| 9.52 | (9.55)<br>| &nbsp;&nbsp; 10393 | 0.76 | 0.77 | 5.81 | 44 |
| Year ended 08/31/21 | 10.30 | 0.18 | 2.08 | 2.26 | (0.20)<br>|  | (0.20)<br>| 12.36 | 22.23 | &nbsp;&nbsp; 11702 | 0.72 | 0.72 | 1.59 | 143 |
| **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 02/28/26 | 11.79 | 0.42 | 0.41 | 0.83 | (0.40)<br>|  | (0.40)<br>| 12.22 | 7.15 | &nbsp;&nbsp; 1973 | 0.73 <br><sup>(d)</sup><br>| 0.75 <br><sup>(d)</sup><br>| 6.92 <br><sup>(d)</sup><br>| 7 |
| Year ended 08/31/25 | 11.01 | 0.73 | 0.79 | 1.52 | (0.74)<br>|  | (0.74)<br>| 11.79 | 14.39 | &nbsp;&nbsp; 1945 | 0.74 | 0.76 | 6.60 | 34 |
| Year ended 08/31/24 | 9.95 | 0.73 | 1.06 | 1.79 | (0.73)<br>|  | (0.73)<br>| 11.01 | 18.72 | &nbsp;&nbsp; 35143 | 0.76 | 0.78 | 6.82 | 54 |
| Year ended 08/31/23 | 9.51 | 0.69 | 0.43 | 1.12 | (0.68)<br>|  | (0.68)<br>| 9.95 | 12.39 | &nbsp;&nbsp; 49 | 0.75 | 0.77 | 7.22 | 46 |
| Year ended 08/31/22 | 12.36 | 0.63 | (1.65)<br>| (1.02)<br>| (0.64)<br>| (1.19)<br>| (1.83)<br>| 9.51 | (9.64)<br>| &nbsp;&nbsp; 29 | 0.75 | 0.77 | 5.82 | 44 |
| Year ended 08/31/21 | 10.30 | 0.17 | 2.09 | 2.26 | (0.20)<br>|  | (0.20)<br>| 12.36 | 22.23 | &nbsp;&nbsp; 37 | 0.72 | 0.72 | 1.59 | 143 |

---

<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.

**12**

**Invesco Income Advantage U.S. Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Income Advantage U.S. Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is income and long-term growth of capital.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y 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.

Investor Class and 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, as of the approximate official closing time of that exchange. 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.

Equity-linked notes are valued using an independent pricing service provider whose calculations are based on various data points that are included in the trade terms.

Private 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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**Invesco Income Advantage U.S. Fund**

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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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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.** **Equity-Linked Notes** – The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, or an index or basket of securities (underlying securities)) and one or more related equity derivatives, such as put or call options, or a combination thereof. Unlike a direct investment in equity securities, ELNs have a maturity date, potentially increasing the Fund's turnover rate, transaction costs and tax liability. Upon the maturity of an ELN, the Fund generally receives an interest coupon payment and the par value of the note plus or minus a return based on the performance of the underlying securities

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and the related equity derivatives. If the underlying securities have depreciated in value or if their price appreciates or depreciates outside of a preset range, depending on the type of ELN, the Fund may receive only the principal amount of the note or less than the principal amount of the note, or may even lose the entire principal invested in the ELN. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends.

ELNs utilized by the Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to the Fund and result in losses on the ELN that exceed the losses on the underlying securities. The economic leverage associated with investments in ELNs is distinguishable from indebtedness leverage in that it does not expose the Fund to losing more than the principal amount of the ELN. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund's entire principal investment. In addition, investments in ELNs allow for enhanced yield but are subject to limited upside appreciation potential based on movements of the underlying securities. Investing in ELNs may be more costly to the Fund than if the Fund had invested in the underlying securities directly.

**K.** **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 February 28, 2026, 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.

**L.** **Other Risks** - 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 $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.575% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.525% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.475% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |

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For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.60%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $20,503.

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**Invesco Income Advantage U.S. Fund**

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The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares, and 0.25% of the average daily net assets of Investor Class shares. Of the 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $5,894 in front-end sales commissions from the sale of Class A shares and $105 and $16 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $141 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $157711500 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $157711500 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11660295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11660295 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 39620131 | &nbsp;&nbsp;&nbsp;&nbsp; 330232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39950363 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $197331631 | &nbsp;&nbsp;&nbsp;&nbsp; $11990527 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $209322158 |

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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 February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $6,644.

**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. The Fund may have certain former Trustees who participated 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.

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**Invesco Income Advantage U.S. Fund**

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**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 August 31, 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; $32731736 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32731736 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $10,607,419 and $14,745,205, respectively. As of February 28, 2026, 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; $60504946 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2399079)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $58105867 |

---

Cost of investments for tax purposes is $151,216,291.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 554080 | &nbsp;&nbsp;&nbsp; $6722395 | &nbsp;&nbsp;&nbsp; 519380 | &nbsp;&nbsp;&nbsp; $5834053 |
| Class C | &nbsp;&nbsp;&nbsp; 29799 | &nbsp;&nbsp;&nbsp; 353472 | &nbsp;&nbsp;&nbsp; 37976 | &nbsp;&nbsp;&nbsp; 419306 |
| Class R | &nbsp;&nbsp;&nbsp; 20066 | &nbsp;&nbsp;&nbsp; 242114 | &nbsp;&nbsp;&nbsp; 20876 | &nbsp;&nbsp;&nbsp; 228882 |
| Class Y | &nbsp;&nbsp;&nbsp; 119001 | &nbsp;&nbsp;&nbsp; 1443385 | &nbsp;&nbsp;&nbsp; 827804 | &nbsp;&nbsp;&nbsp; 9198761 |
| Investor Class | &nbsp;&nbsp;&nbsp; 9478 | &nbsp;&nbsp;&nbsp; 115235 | &nbsp;&nbsp;&nbsp; 49996 | &nbsp;&nbsp;&nbsp; 561979 |
| Class R5 | &nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp; 10589 | &nbsp;&nbsp;&nbsp; 4542 | &nbsp;&nbsp;&nbsp; 52019 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5639 | &nbsp;&nbsp;&nbsp; 69134 | &nbsp;&nbsp;&nbsp; 148110 | &nbsp;&nbsp;&nbsp; 1626256 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 351698 | &nbsp;&nbsp;&nbsp; 4223825 | &nbsp;&nbsp;&nbsp; 706504 | &nbsp;&nbsp;&nbsp; 7905889 |
| Class C | &nbsp;&nbsp;&nbsp; 5607 | &nbsp;&nbsp;&nbsp; 66139 | &nbsp;&nbsp;&nbsp; 11885 | &nbsp;&nbsp;&nbsp; 130545 |
| Class R | &nbsp;&nbsp;&nbsp; 2971 | &nbsp;&nbsp;&nbsp; 35486 | &nbsp;&nbsp;&nbsp; 5649 | &nbsp;&nbsp;&nbsp; 62933 |
| Class Y | &nbsp;&nbsp;&nbsp; 20764 | &nbsp;&nbsp;&nbsp; 250440 | &nbsp;&nbsp;&nbsp; 49127 | &nbsp;&nbsp;&nbsp; 550492 |
| Investor Class | &nbsp;&nbsp;&nbsp; 83685 | &nbsp;&nbsp;&nbsp; 1008645 | &nbsp;&nbsp;&nbsp; 177301 | &nbsp;&nbsp;&nbsp; 1992001 |
| Class R5 | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 1499 | &nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 2311 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5148 | &nbsp;&nbsp;&nbsp; 62117 | &nbsp;&nbsp;&nbsp; 5870 | &nbsp;&nbsp;&nbsp; 65489 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12350 | &nbsp;&nbsp;&nbsp; 150503 | &nbsp;&nbsp;&nbsp; 27330 | &nbsp;&nbsp;&nbsp; 300930 |
| Class C | &nbsp;&nbsp;&nbsp; (12578)<br>| &nbsp;&nbsp;&nbsp; (150503)<br>| &nbsp;&nbsp;&nbsp; (27830)<br>| &nbsp;&nbsp;&nbsp; (300930)<br>|

---

**17**

**Invesco Income Advantage U.S. Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (743364)<br>| &nbsp;&nbsp;&nbsp; $(9002409)<br>| &nbsp;&nbsp;&nbsp; (1555091)<br>| &nbsp;&nbsp;&nbsp; $(17295172)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (37174)<br>| &nbsp;&nbsp;&nbsp; (444397)<br>| &nbsp;&nbsp;&nbsp; (35431)<br>| &nbsp;&nbsp;&nbsp; (389998)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (32607)<br>| &nbsp;&nbsp;&nbsp; (395151)<br>| &nbsp;&nbsp;&nbsp; (13895)<br>| &nbsp;&nbsp;&nbsp; (151343)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (144142)<br>| &nbsp;&nbsp;&nbsp; (1761561)<br>| &nbsp;&nbsp;&nbsp; (533022)<br>| &nbsp;&nbsp;&nbsp; (5884275)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (105429)<br>| &nbsp;&nbsp;&nbsp; (1287888)<br>| &nbsp;&nbsp;&nbsp; (560411)<br>| &nbsp;&nbsp;&nbsp; (6155685)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (5933)<br>| &nbsp;&nbsp;&nbsp; (72694)<br>| &nbsp;&nbsp;&nbsp; (4303)<br>| &nbsp;&nbsp;&nbsp; (47537)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (14189)<br>| &nbsp;&nbsp;&nbsp; (172352)<br>| &nbsp;&nbsp;&nbsp; (3179803)<br>| &nbsp;&nbsp;&nbsp; (34603049)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 125864 | &nbsp;&nbsp;&nbsp; $1468023 | &nbsp;&nbsp;&nbsp; (3317231)<br>| &nbsp;&nbsp;&nbsp; $(35896143)<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 11% 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.

**18**

**Invesco Income Advantage U.S. 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>**

Not applicable.

**19**

**Invesco Income Advantage U.S. Fund**

------

![](img44ed300c1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

LVEY-NCSRS

------

![](imgba389ead1.jpg)

------

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

**February 28, 2026**

**Invesco NASDAQ 100 Index Fund**

Nasdaq:

R6: IVNQX

------

---

| | |
|:---|:---|
| [2](#xx_3e28ff96-178e-4812-a5da-c60890948dfb_SOI-Continued-776_1) | Schedule of Investments |
| [5](#xx_3e28ff96-178e-4812-a5da-c60890948dfb_FS-Continued-776_1) | Financial Statements |
| [8](#xx_3e28ff96-178e-4812-a5da-c60890948dfb_FS-Continued-776_4) | Financial Highlights |
| [9](#xx_3e28ff96-178e-4812-a5da-c60890948dfb_NTF-Continued-776_1) | Notes to Financial Statements |
| [15](#xx_3e28ff96-178e-4812-a5da-c60890948dfb_OIRSR-Continued-776_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.32%** | **Common Stocks & Other Equity Interests–97.32%** | **Common Stocks & Other Equity Interests–97.32%** |
| **Aerospace & Defense–0.23%** | **Aerospace & Defense–0.23%** | **Aerospace & Defense–0.23%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 894 | &nbsp;&nbsp; $484906 |
| **Apparel Retail–0.35%** | **Apparel Retail–0.35%** | **Apparel Retail–0.35%** |
| Ross Stores, Inc. | 3643 | &nbsp;&nbsp; 749147 |
| **Application Software–5.41%** | **Application Software–5.41%** | **Application Software–5.41%** |
| Adobe, Inc.<sup>(b)</sup>  | 4693 | &nbsp;&nbsp; 1231490 |
| AppLovin Corp., Class A<sup>(b)</sup>  | 3476 | &nbsp;&nbsp; 1511260 |
| Atlassian Corp., Class A<sup>(b)</sup>  | 1904 | &nbsp;&nbsp; 143047 |
| Autodesk, Inc.<sup>(b)</sup>  | 2379 | &nbsp;&nbsp; 584925 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 3037 | &nbsp;&nbsp; 915352 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 3688 | &nbsp;&nbsp; 412908 |
| Intuit, Inc. | 3130 | &nbsp;&nbsp; 1280264 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 25578 | &nbsp;&nbsp; 3509046 |
| Roper Technologies, Inc. | 1220 | &nbsp;&nbsp; 426671 |
| Strategy, Inc., Class A<sup>(b)(c)</sup>  | 3034 | &nbsp;&nbsp; 392903 |
| Synopsys, Inc.<sup>(b)</sup>  | 2072 | &nbsp;&nbsp; 857808 |
| Workday, Inc., Class A<sup>(b)</sup>  | 2414 | &nbsp;&nbsp; 322897 |
|  |  | &nbsp;&nbsp; 11588571 |
| **Automobile Manufacturers–3.81%** | **Automobile Manufacturers–3.81%** | **Automobile Manufacturers–3.81%** |
| Tesla, Inc.<sup>(b)</sup>  | 20278 | &nbsp;&nbsp; 8162098 |
| **Automotive Retail–0.42%** | **Automotive Retail–0.42%** | **Automotive Retail–0.42%** |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 9469 | &nbsp;&nbsp; 888950 |
| **Biotechnology–3.55%** | **Biotechnology–3.55%** | **Biotechnology–3.55%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 1496 | &nbsp;&nbsp; 498048 |
| Amgen, Inc. | 6038 | &nbsp;&nbsp; 2343710 |
| Gilead Sciences, Inc. | 13920 | &nbsp;&nbsp; 2073384 |
| Insmed, Inc.<sup>(b)</sup>  | 2417 | &nbsp;&nbsp; 360931 |
| Regeneron Pharmaceuticals, Inc. | 1162 | &nbsp;&nbsp; 908300 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 2848 | &nbsp;&nbsp; 1414972 |
|  |  | &nbsp;&nbsp; 7599345 |
| **Broadline Retail–5.09%** | **Broadline Retail–5.09%** | **Broadline Retail–5.09%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 43462 | &nbsp;&nbsp; 9127020 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 569 | &nbsp;&nbsp; 1000063 |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup>  | 7453 | &nbsp;&nbsp; 773100 |
|  |  | &nbsp;&nbsp; 10900183 |
| **Cable & Satellite–0.75%** | **Cable & Satellite–0.75%** | **Cable & Satellite–0.75%** |
| Charter Communications, Inc., <br> Class A<sup>(b)</sup>  | 1466 | &nbsp;&nbsp; 343967 |
| Comcast Corp., Class A | 40553 | &nbsp;&nbsp; 1255521 |
|  |  | &nbsp;&nbsp; 1599488 |
| **Cargo Ground Transportation–0.23%** | **Cargo Ground Transportation–0.23%** | **Cargo Ground Transportation–0.23%** |
| Old Dominion Freight Line, Inc. | 2370 | &nbsp;&nbsp; 481228 |
| **Communications Equipment–1.64%** | **Communications Equipment–1.64%** | **Communications Equipment–1.64%** |
| Cisco Systems, Inc. | 44246 | &nbsp;&nbsp; 3515787 |
| **Construction & Engineering–0.29%** | **Construction & Engineering–0.29%** | **Construction & Engineering–0.29%** |
| Ferrovial SE<sup>(c)</sup>  | 8314 | &nbsp;&nbsp; 618395 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.35%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.35%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.35%** |
| PACCAR, Inc. | 5900 | &nbsp;&nbsp; $743931 |
| **Consumer Staples Merchandise Retail–5.63%** | **Consumer Staples Merchandise Retail–5.63%** | **Consumer Staples Merchandise Retail–5.63%** |
| Costco Wholesale Corp. | 4974 | &nbsp;&nbsp; 5027670 |
| Walmart, Inc. | 54834 | &nbsp;&nbsp; 7016010 |
|  |  | &nbsp;&nbsp; 12043680 |
| **Diversified Support Services–0.62%** | **Diversified Support Services–0.62%** | **Diversified Support Services–0.62%** |
| Cintas Corp. | 4484 | &nbsp;&nbsp; 901867 |
| Copart, Inc.<sup>(b)</sup>  | 10970 | &nbsp;&nbsp; 417847 |
|  |  | &nbsp;&nbsp; 1319714 |
| **Electric Utilities–1.52%** | **Electric Utilities–1.52%** | **Electric Utilities–1.52%** |
| American Electric Power Co., Inc. | 5990 | &nbsp;&nbsp; 801582 |
| Constellation Energy Corp. | 4049 | &nbsp;&nbsp; 1335684 |
| Exelon Corp. | 11448 | &nbsp;&nbsp; 566333 |
| Xcel Energy, Inc. | 6703 | &nbsp;&nbsp; 558762 |
|  |  | &nbsp;&nbsp; 3262361 |
| **Health Care Equipment–1.57%** | **Health Care Equipment–1.57%** | **Health Care Equipment–1.57%** |
| Dexcom, Inc.<sup>(b)</sup>  | 4420 | &nbsp;&nbsp; 324560 |
| GE HealthCare Technologies, Inc. | 5162 | &nbsp;&nbsp; 435002 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 904 | &nbsp;&nbsp; 593684 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 3975 | &nbsp;&nbsp; 2001452 |
|  |  | &nbsp;&nbsp; 3354698 |
| **Hotels, Resorts & Cruise Lines–1.50%** | **Hotels, Resorts & Cruise Lines–1.50%** | **Hotels, Resorts & Cruise Lines–1.50%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 4837 | &nbsp;&nbsp; 653527 |
| Booking Holdings, Inc. | 361 | &nbsp;&nbsp; 1530405 |
| Marriott International, Inc., Class A | 3008 | &nbsp;&nbsp; 1027924 |
|  |  | &nbsp;&nbsp; 3211856 |
| **Human Resource & Employment Services–0.63%** | **Human Resource & Employment Services–0.63%** | **Human Resource & Employment Services–0.63%** |
| Automatic Data Processing, Inc. | 4542 | &nbsp;&nbsp; 973623 |
| Paychex, Inc. | 4079 | &nbsp;&nbsp; 381998 |
|  |  | &nbsp;&nbsp; 1355621 |
| **Industrial Conglomerates–0.81%** | **Industrial Conglomerates–0.81%** | **Industrial Conglomerates–0.81%** |
| Honeywell International, Inc. | 7122 | &nbsp;&nbsp; 1734848 |
| **Industrial Gases–1.24%** | **Industrial Gases–1.24%** | **Industrial Gases–1.24%** |
| Linde PLC | 5237 | &nbsp;&nbsp; 2660815 |
| **Interactive Home Entertainment–0.47%** | **Interactive Home Entertainment–0.47%** | **Interactive Home Entertainment–0.47%** |
| Electronic Arts, Inc. | 2834 | &nbsp;&nbsp; 568415 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 2094 | &nbsp;&nbsp; 442839 |
|  |  | &nbsp;&nbsp; 1011254 |
| **Interactive Media & Services–10.26%** | **Interactive Media & Services–10.26%** | **Interactive Media & Services–10.26%** |
| Alphabet, Inc., Class A | 23655 | &nbsp;&nbsp; 7374683 |
| Alphabet, Inc., Class C | 21979 | &nbsp;&nbsp; 6844920 |
| Meta Platforms, Inc., Class A | 11938 | &nbsp;&nbsp; 7737973 |
|  |  | &nbsp;&nbsp; 21957576 |
| **Internet Services & Infrastructure–0.77%** | **Internet Services & Infrastructure–0.77%** | **Internet Services & Infrastructure–0.77%** |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 13724 | &nbsp;&nbsp; 1656899 |

---

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

**2**

**Invesco NASDAQ 100 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **IT Consulting & Other Services–0.16%** | **IT Consulting & Other Services–0.16%** | **IT Consulting & Other Services–0.16%** |
| Cognizant Technology Solutions Corp., <br> Class A | 5469 | &nbsp;&nbsp; $352368 |
| **Movies & Entertainment–2.50%** | **Movies & Entertainment–2.50%** | **Movies & Entertainment–2.50%** |
| Netflix, Inc.<sup>(b)</sup>  | 47478 | &nbsp;&nbsp; 4569283 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 27649 | &nbsp;&nbsp; 778872 |
|  |  | &nbsp;&nbsp; 5348155 |
| **Oil & Gas Equipment & Services–0.34%** | **Oil & Gas Equipment & Services–0.34%** | **Oil & Gas Equipment & Services–0.34%** |
| Baker Hughes Co., Class A | 11073 | &nbsp;&nbsp; 722624 |
| **Oil & Gas Exploration & Production–0.26%** | **Oil & Gas Exploration & Production–0.26%** | **Oil & Gas Exploration & Production–0.26%** |
| Diamondback Energy, Inc. | 3247 | &nbsp;&nbsp; 565238 |
| **Packaged Foods & Meats–0.57%** | **Packaged Foods & Meats–0.57%** | **Packaged Foods & Meats–0.57%** |
| Kraft Heinz Co. (The) | 13413 | &nbsp;&nbsp; 330094 |
| Mondelez International, Inc., Class A | 14398 | &nbsp;&nbsp; 886629 |
|  |  | &nbsp;&nbsp; 1216723 |
| **Rail Transportation–0.41%** | **Rail Transportation–0.41%** | **Rail Transportation–0.41%** |
| CSX Corp. | 20778 | &nbsp;&nbsp; 887013 |
| **Real Estate Services–0.10%** | **Real Estate Services–0.10%** | **Real Estate Services–0.10%** |
| CoStar Group, Inc.<sup>(b)</sup>  | 4803 | &nbsp;&nbsp; 214358 |
| **Research & Consulting Services–0.38%** | **Research & Consulting Services–0.38%** | **Research & Consulting Services–0.38%** |
| Thomson Reuters Corp. (Canada)<sup>(c)</sup>  | 5041 | &nbsp;&nbsp; 486003 |
| Verisk Analytics, Inc. | 1579 | &nbsp;&nbsp; 327753 |
|  |  | &nbsp;&nbsp; 813756 |
| **Restaurants–0.96%** | **Restaurants–0.96%** | **Restaurants–0.96%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 4559 | &nbsp;&nbsp; 804526 |
| Starbucks Corp. | 12688 | &nbsp;&nbsp; 1243678 |
|  |  | &nbsp;&nbsp; 2048204 |
| **Semiconductor Materials & Equipment–4.81%** | **Semiconductor Materials & Equipment–4.81%** | **Semiconductor Materials & Equipment–4.81%** |
| Applied Materials, Inc. | 8926 | &nbsp;&nbsp; 3323150 |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 988 | &nbsp;&nbsp; 1433153 |
| KLA Corp. | 1472 | &nbsp;&nbsp; 2244138 |
| Lam Research Corp. | 14092 | &nbsp;&nbsp; 3295978 |
|  |  | &nbsp;&nbsp; 10296419 |
| **Semiconductors–20.30%** | **Semiconductors–20.30%** | **Semiconductors–20.30%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 18228 | &nbsp;&nbsp; 3649428 |
| Analog Devices, Inc. | 5486 | &nbsp;&nbsp; 1951864 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup>  | 1567 | &nbsp;&nbsp; 199714 |
| Broadcom, Inc. | 19173 | &nbsp;&nbsp; 6126732 |
| Intel Corp.<sup>(b)</sup>  | 53443 | &nbsp;&nbsp; 2437535 |
| Marvell Technology, Inc. | 9619 | &nbsp;&nbsp; 785776 |
| Microchip Technology, Inc. | 6125 | &nbsp;&nbsp; 457170 |
| Micron Technology, Inc. | 12653 | &nbsp;&nbsp; 5217718 |
| Monolithic Power Systems, Inc. | 543 | &nbsp;&nbsp; 620508 |
| NVIDIA Corp. | 98747 | &nbsp;&nbsp; 17496981 |
| NXP Semiconductors N.V. (Netherlands) | 2827 | &nbsp;&nbsp; 641757 |
| QUALCOMM, Inc. | 12003 | &nbsp;&nbsp; 1708747 |
| Texas Instruments, Inc. | 10197 | &nbsp;&nbsp; 2162886 |
|  |  | &nbsp;&nbsp; 43456816 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages–2.14%** | **Soft Drinks & Non-alcoholic Beverages–2.14%** | **Soft Drinks & Non-alcoholic Beverages–2.14%** | **Soft Drinks & Non-alcoholic Beverages–2.14%** |
| Coca-Cola Europacific Partners PLC (United <br> Kingdom) | Coca-Cola Europacific Partners PLC (United <br> Kingdom) | 5192 | &nbsp;&nbsp; $573352 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 15395 | &nbsp;&nbsp; 466161 |
| Monster Beverage Corp.<sup>(b)</sup>  | Monster Beverage Corp.<sup>(b)</sup>  | 10962 | &nbsp;&nbsp; 935059 |
| PepsiCo, Inc. | PepsiCo, Inc. | 15329 | &nbsp;&nbsp; 2601944 |
|  |  |  | &nbsp;&nbsp; 4576516 |
| **Systems Software–7.10%** | **Systems Software–7.10%** | **Systems Software–7.10%** | **Systems Software–7.10%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 2822 | &nbsp;&nbsp; 1049728 |
| Fortinet, Inc.<sup>(b)</sup>  | Fortinet, Inc.<sup>(b)</sup>  | 8335 | &nbsp;&nbsp; 658715 |
| Microsoft Corp. | Microsoft Corp. | 30196 | &nbsp;&nbsp; 11859177 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | Palo Alto Networks, Inc.<sup>(b)</sup>  | 9174 | &nbsp;&nbsp; 1366192 |
| Zscaler, Inc.<sup>(b)</sup>  | Zscaler, Inc.<sup>(b)</sup>  | 1807 | &nbsp;&nbsp; 265611 |
|  |  |  | &nbsp;&nbsp; 15199423 |
| **Technology Hardware, Storage & Peripherals–8.37%** | **Technology Hardware, Storage & Peripherals–8.37%** | **Technology Hardware, Storage & Peripherals–8.37%** | **Technology Hardware, Storage & Peripherals–8.37%** |
| Apple, Inc.<sup>(d)</sup>  | Apple, Inc.<sup>(d)</sup>  | 60076 | &nbsp;&nbsp; 15870878 |
| Seagate Technology Holdings PLC | Seagate Technology Holdings PLC | 2395 | &nbsp;&nbsp; 976777 |
| Western Digital Corp. | Western Digital Corp. | 3815 | &nbsp;&nbsp; 1067055 |
|  |  |  | &nbsp;&nbsp; 17914710 |
| **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** | **Trading Companies & Distributors–0.28%** |
| Fastenal Co. | Fastenal Co. | 13010 | &nbsp;&nbsp; 598980 |
| **Transaction & Payment Processing Services–0.23%** | **Transaction & Payment Processing Services–0.23%** | **Transaction & Payment Processing Services–0.23%** | **Transaction & Payment Processing Services–0.23%** |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | 10603 | &nbsp;&nbsp; 489965 |
| **Wireless Telecommunication Services–1.27%** | **Wireless Telecommunication Services–1.27%** | **Wireless Telecommunication Services–1.27%** | **Wireless Telecommunication Services–1.27%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 12537 | &nbsp;&nbsp; 2721657 |
| Total Common Stocks & Other Equity Interests <br> (Cost $154,719,160) | Total Common Stocks & Other Equity Interests <br> (Cost $154,719,160) | Total Common Stocks & Other Equity Interests <br> (Cost $154,719,160) | &nbsp;&nbsp; 208324276 |
| **Money Market Funds–3.10%** | **Money Market Funds–3.10%** | **Money Market Funds–3.10%** | **Money Market Funds–3.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup>  | 2325267 | &nbsp;&nbsp; 2325267 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.56%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 3.56%<sup>(e)(f)</sup>  | 4318340 | &nbsp;&nbsp; 4318340 |
| Total Money Market Funds (Cost $6,643,607) | Total Money Market Funds (Cost $6,643,607) | Total Money Market Funds (Cost $6,643,607) | &nbsp;&nbsp; 6643607 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-100.42% <br> (Cost $161,362,767)<br>|  |  | &nbsp;&nbsp; 214967883 |
| **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–0.81%** | **Money Market Funds–0.81%** | **Money Market Funds–0.81%** | **Money Market Funds–0.81%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup>  | 482015 | &nbsp;&nbsp; 482015 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup>  | 1250529 | &nbsp;&nbsp; 1250904 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,732,919) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,732,919) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,732,919) | &nbsp;&nbsp; 1732919 |
| TOTAL INVESTMENTS IN SECURITIES–101.23% <br> (Cost $163,095,686) | TOTAL INVESTMENTS IN SECURITIES–101.23% <br> (Cost $163,095,686) | TOTAL INVESTMENTS IN SECURITIES–101.23% <br> (Cost $163,095,686) | &nbsp;&nbsp; 216700802 |
| OTHER ASSETS LESS LIABILITIES—(1.23)% | OTHER ASSETS LESS LIABILITIES—(1.23)% | OTHER ASSETS LESS LIABILITIES—(1.23)% | &nbsp;&nbsp; (2632804)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $214067998 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

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

**3**

**Invesco NASDAQ 100 Index 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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

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

<sup>(e)</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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $1547536 | &nbsp;&nbsp; $9413499 | &nbsp;&nbsp; $(8635768) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2325267 | &nbsp;&nbsp; $38527 |
| Invesco Treasury Portfolio, Institutional Class | 2873984 | &nbsp;&nbsp; 17482211 | &nbsp;&nbsp; (16037855) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4318340 | &nbsp;&nbsp; 70616 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 805300 | &nbsp;&nbsp; 10595243 | &nbsp;&nbsp; (10918528) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 482015 | &nbsp;&nbsp; 6,530\* |
| Invesco Private Prime Fund | 2093319 | &nbsp;&nbsp; 22106498 | &nbsp;&nbsp; (22948756) | (102) | (55) | &nbsp;&nbsp; 1250904 | &nbsp;&nbsp; 18,438\* |
| Total | $7320139 | &nbsp;&nbsp; $59597451 | &nbsp;&nbsp; $(58540907) | &nbsp;&nbsp; $(102) | &nbsp;&nbsp; $(55) | &nbsp;&nbsp; $8376526 | &nbsp;&nbsp; $134111 |

---

\* 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>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<sup>(g)</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 1I. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| Micro E-Mini Nasdaq 100 Index | &nbsp;&nbsp;&nbsp; 102 | March-2026 | &nbsp;&nbsp;&nbsp; $5100969 | &nbsp;&nbsp;&nbsp; $(128907)<br>| &nbsp;&nbsp;&nbsp; $(128907)<br>|

---

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

**4**

**Invesco NASDAQ 100 Index Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $154,719,160)\*<br>| &nbsp;&nbsp; $208324276 |
| Investments in affiliated money market funds, at value <br> (Cost $8,376,526)<br>| &nbsp;&nbsp; 8376526 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 882584 |
| Fund expenses absorbed | &nbsp;&nbsp; 276 |
| Dividends | &nbsp;&nbsp; 108815 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 26314 |
| Other assets | &nbsp;&nbsp; 16553 |
| Total assets | &nbsp;&nbsp; 217735344 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 15521 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1596573 |
| Fund shares reacquired | &nbsp;&nbsp; 205674 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1732919 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2670 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1770 |
| Accrued other operating expenses | &nbsp;&nbsp; 85905 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 26314 |
| Total liabilities | &nbsp;&nbsp; 3667346 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $214067998 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $161809568 |
| Distributable earnings | &nbsp;&nbsp; 52258430 |
|  | &nbsp;&nbsp; $214067998 |
| **Net Assets:** | **Net Assets:** |
| Class R6 | &nbsp;&nbsp; $214067998 |
| **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 R6 | &nbsp;&nbsp; 4201124 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $50.95 |

---

\* At February 28, 2026, securities with an aggregate value of $1,668,061 were on loan to brokers. 

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

**5**

**Invesco NASDAQ 100 Index Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $2,216) | &nbsp;&nbsp; $627624 |
| Dividends from affiliated money market funds (includes net securities lending income of $2,645) | &nbsp;&nbsp; 111788 |
| Total investment income | &nbsp;&nbsp; 739412 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 151220 |
| Administrative services fees | &nbsp;&nbsp; 13800 |
| Custodian fees | &nbsp;&nbsp; 6178 |
| Transfer agent fees | &nbsp;&nbsp; 26116 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11052 |
| Registration and filing fees | &nbsp;&nbsp; 11653 |
| Licensing fees | &nbsp;&nbsp; 53595 |
| Reports to shareholders | &nbsp;&nbsp; 4718 |
| Professional services fees | &nbsp;&nbsp; 28525 |
| Other | &nbsp;&nbsp; 1735 |
| Total expenses | &nbsp;&nbsp; 308592 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (19110)<br>|
| Net expenses | &nbsp;&nbsp; 289482 |
| Net investment income | &nbsp;&nbsp; 449930 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 763770 |
| Affiliated investment securities | &nbsp;&nbsp; (55)<br>|
| Futures contracts | &nbsp;&nbsp; 275884 |
|  | &nbsp;&nbsp; 1039599 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 10542891 |
| Affiliated investment securities | &nbsp;&nbsp; (102)<br>|
| Futures contracts | &nbsp;&nbsp; (105651)<br>|
|  | &nbsp;&nbsp; 10437138 |
| Net realized and unrealized gain | &nbsp;&nbsp; 11476737 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $11926667 |

---

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

**6**

**Invesco NASDAQ 100 Index Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $449930 | &nbsp;&nbsp; $716356 |
| Net realized gain | &nbsp;&nbsp; 1039599 | &nbsp;&nbsp; 527145 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 10437138 | &nbsp;&nbsp; 26039379 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 11926667 | &nbsp;&nbsp; 27282880 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class R6 | &nbsp;&nbsp; (2203608)<br>| &nbsp;&nbsp; (914977)<br>|
| **Share transactions–net:** |  |  |
| Class R6 | &nbsp;&nbsp; 27822559 | &nbsp;&nbsp; 51727872 |
| Net increase in net assets | &nbsp;&nbsp; 37545618 | &nbsp;&nbsp; 78095775 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 176522380 | &nbsp;&nbsp; 98426605 |
| End of period | &nbsp;&nbsp; $214067998 | &nbsp;&nbsp; $176522380 |

---

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

**7**

**Invesco NASDAQ 100 Index Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 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 02/28/26 | $48.24 | $0.11 | $3.15 | $3.26 | $(0.12)<br>| $(0.43)<br>| $(0.55)<br>| $50.95 | 6.74<br> %<br>| &nbsp;&nbsp; $214068 | 0.29 %<sup>(d)</sup><br>| 0.31 %<sup>(d)</sup><br>| 0.44 %<sup>(d)</sup><br>| 9<br> %<br>|
| Year ended 08/31/25 | 40.42 | 0.25 | 7.90 | 8.15 | (0.26)<br>| (0.07)<br>| (0.33)<br>| 48.24 | 20.26 | &nbsp;&nbsp; 176522 | 0.29 | 0.35 | 0.56 | 8 |
| Year ended 08/31/24 | 32.04 | 0.27 | 8.32 | 8.59 | (0.21)<br>|  | (0.21)<br>| 40.42 | 26.89 | &nbsp;&nbsp; 98427 | 0.29 | 0.48 | 0.72 | 7 |
| Year ended 08/31/23 | 25.23 | 0.19 | 6.80 | 6.99 | (0.18)<br>|  | (0.18)<br>| 32.04 | 27.88 | &nbsp;&nbsp; 24530 | 0.29 | 1.12 | 0.69 | 46 |
| Year ended 08/31/22 | 32.18 | 0.15 | (6.81)<br>| (6.66)<br>| (0.14)<br>| (0.15)<br>| (0.29)<br>| 25.23 | (20.86)<br>| &nbsp;&nbsp; 8796 | 0.29 | 1.71 | 0.52 | 21 |
| Period ended 08/31/21<sup>(e)</sup> <br>| 25.00 | 0.11 | 7.18 | 7.29 | (0.11)<br>|  | (0.11)<br>| 32.18 | 29.24 | &nbsp;&nbsp; 4396 | 0.29 <br><sup>(d)</sup><br>| 5.30 <br><sup>(d)</sup><br>| 0.46 <br><sup>(d)</sup><br>| 6 |

---

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

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

<sup>(c)</sup> Portfolio turnover is not annualized for periods less than one year, if applicable.

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

<sup>(e)</sup> Commencement date of October 13, 2020.

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

**8**

**Invesco NASDAQ 100 Index Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco NASDAQ 100 Index Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek to track the investment results (before fees and expenses) of the NASDAQ-100 Index® (the "Underlying Index").

The Fund currently consists of one class of shares, Class R6. Class R6 shares are sold at net asset value.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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, as of the approximate official closing time of that exchange. 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.

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**9**

**Invesco NASDAQ 100 Index Fund**

------

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

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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.** **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

**10**

**Invesco NASDAQ 100 Index Fund**

------

letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2026, 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.

**J.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying 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.

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

**L.** **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.

**M.** **Other Risks** - The Fund intends to be diversified in approximately the same proportion as the Underlying Index is diversified. The Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. To the extent the Fund becomes non-diversified, the Fund may invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund.

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

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.150% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.140% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.15%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 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 R6 shares to 0.29% of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $19,110.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund's shares. The Fund does not pay a distribution fee to IDI under the agreement.

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

**11**

**Invesco NASDAQ 100 Index Fund**

------

shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $377 in front-end sales commissions from the sale of Class A shares and $0 from Class A shares for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $273 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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; $208324276 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $208324276 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 6643607 | &nbsp;&nbsp;&nbsp;&nbsp; 1732919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8376526 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 214967883 | &nbsp;&nbsp;&nbsp;&nbsp; 1732919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216700802 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (128907)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (128907)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $214838976 | &nbsp;&nbsp;&nbsp;&nbsp; $1732919 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $216571895 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(128907)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 128907 |
| 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 February 28, 2026**

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; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $275884 |

---

**12**

**Invesco NASDAQ 100 Index Fund**

------

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on**<br> **Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity**<br> **Risk**<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(105651)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $170233 |

---

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; $5900007 |

---

**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 August 31, 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 February 28, 2026 was $42,780,663 and $18,478,654, respectively. As of February 28, 2026, 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; $57085471 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (5471959)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $51613512 |

---

Cost of investments for tax purposes is $164,958,383.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; 908660 | &nbsp;&nbsp;&nbsp; $46708007 | &nbsp;&nbsp;&nbsp; 1830542 | &nbsp;&nbsp;&nbsp; $78005757 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; 40508 | &nbsp;&nbsp;&nbsp; 2120504 | &nbsp;&nbsp;&nbsp; 20812 | &nbsp;&nbsp;&nbsp; 900762 |

---

**13**

**Invesco NASDAQ 100 Index Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Six months ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; (407405)<br>| &nbsp;&nbsp;&nbsp; $(21005952)<br>| &nbsp;&nbsp;&nbsp; (627301)<br>| &nbsp;&nbsp;&nbsp; $(27178647)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 541763 | &nbsp;&nbsp;&nbsp; $27822559 | &nbsp;&nbsp;&nbsp; 1224053 | &nbsp;&nbsp;&nbsp; $51727872 |

---

<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 68% 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 NASDAQ 100 Index 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>**

Not applicable.

**15**

**Invesco NASDAQ 100 Index Fund**

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![](imgba389ead1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

NDQ-NCSRS

------

![](imgec2dacee1.jpg)

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

**February 28, 2026**

**Invesco S&P 500 Index Fund**

Nasdaq:

A: SPIAX ■ C: SPICX ■ R: SPIRX ■ Y: SPIDX ■ R6: SPISX

------

---

| | |
|:---|:---|
| [2](#xx_4aa7204f-b54d-4c91-9a06-fb47bbde970f_SOI-Continued-95_1) | Schedule of Investments |
| [10](#xx_4aa7204f-b54d-4c91-9a06-fb47bbde970f_FS-Continued-95_1) | Financial Statements |
| [13](#xx_4aa7204f-b54d-4c91-9a06-fb47bbde970f_FS-Continued-95_4) | Financial Highlights |
| [14](#xx_4aa7204f-b54d-4c91-9a06-fb47bbde970f_NTF-Continued-95_1) | Notes to Financial Statements |
| [20](#xx_4aa7204f-b54d-4c91-9a06-fb47bbde970f_OIRSR-Continued-95_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*February 28, 2026*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.28%** | **Common Stocks & Other Equity Interests–97.28%** | **Common Stocks & Other Equity Interests–97.28%** |
| **Advertising–0.06%** | **Advertising–0.06%** | **Advertising–0.06%** |
| Omnicom Group, Inc. | 22644 | &nbsp;&nbsp; $1931307 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup>  | 31257 | &nbsp;&nbsp; 744541 |
|  |  | &nbsp;&nbsp; 2675848 |
| **Aerospace & Defense–2.41%** | **Aerospace & Defense–2.41%** | **Aerospace & Defense–2.41%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 5602 | &nbsp;&nbsp; 3038525 |
| Boeing Co. (The)<sup>(b)</sup>  | 55587 | &nbsp;&nbsp; 12647710 |
| General Dynamics Corp. | 17998 | &nbsp;&nbsp; 6426186 |
| General Electric Co. | 74879 | &nbsp;&nbsp; 25628087 |
| Howmet Aerospace, Inc. | 28541 | &nbsp;&nbsp; 7492869 |
| Huntington Ingalls Industries, Inc. | 2786 | &nbsp;&nbsp; 1238433 |
| L3Harris Technologies, Inc. | 13278 | &nbsp;&nbsp; 4840362 |
| Lockheed Martin Corp. | 14455 | &nbsp;&nbsp; 9512546 |
| Northrop Grumman Corp. | 9523 | &nbsp;&nbsp; 6898271 |
| RTX Corp. | 95178 | &nbsp;&nbsp; 19284966 |
| Textron, Inc. | 12510 | &nbsp;&nbsp; 1234111 |
| TransDigm Group, Inc. | 3998 | &nbsp;&nbsp; 5208554 |
|  |  | &nbsp;&nbsp; 103450620 |
| **Agricultural & Farm Machinery–0.26%** | **Agricultural & Farm Machinery–0.26%** | **Agricultural & Farm Machinery–0.26%** |
| Deere & Co. | 17847 | &nbsp;&nbsp; 11238434 |
| **Agricultural Products & Services–0.08%** | **Agricultural Products & Services–0.08%** | **Agricultural Products & Services–0.08%** |
| Archer-Daniels-Midland Co.<sup>(c)</sup>  | 34114 | &nbsp;&nbsp; 2355231 |
| Bunge Global S.A. | 9608 | &nbsp;&nbsp; 1159205 |
|  |  | &nbsp;&nbsp; 3514436 |
| **Air Freight & Logistics–0.35%** | **Air Freight & Logistics–0.35%** | **Air Freight & Logistics–0.35%** |
| C.H. Robinson Worldwide, Inc. | 8386 | &nbsp;&nbsp; 1553507 |
| Expeditors International of <br> Washington, Inc. | 9514 | &nbsp;&nbsp; 1379815 |
| FedEx Corp. | 15410 | &nbsp;&nbsp; 5963670 |
| United Parcel Service, Inc., Class B<sup>(c)</sup>  | 52459 | &nbsp;&nbsp; 6083146 |
|  |  | &nbsp;&nbsp; 14980138 |
| **Apparel Retail–0.41%** | **Apparel Retail–0.41%** | **Apparel Retail–0.41%** |
| Ross Stores, Inc. | 23087 | &nbsp;&nbsp; 4747611 |
| TJX Cos., Inc. (The) | 79005 | &nbsp;&nbsp; 12771948 |
|  |  | &nbsp;&nbsp; 17519559 |
| **Apparel, Accessories & Luxury Goods–0.11%** | **Apparel, Accessories & Luxury Goods–0.11%** | **Apparel, Accessories & Luxury Goods–0.11%** |
| lululemon athletica, Inc.<sup>(b)</sup>  | 7660 | &nbsp;&nbsp; 1418402 |
| Ralph Lauren Corp. | 2751 | &nbsp;&nbsp; 997513 |
| Tapestry, Inc. | 14528 | &nbsp;&nbsp; 2258668 |
|  |  | &nbsp;&nbsp; 4674583 |
| **Application Software–2.03%** | **Application Software–2.03%** | **Application Software–2.03%** |
| Adobe, Inc.<sup>(b)</sup>  | 29715 | &nbsp;&nbsp; 7797513 |
| AppLovin Corp., Class A<sup>(b)</sup>  | 19215 | &nbsp;&nbsp; 8354106 |
| Autodesk, Inc.<sup>(b)</sup>  | 15120 | &nbsp;&nbsp; 3717555 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 19323 | &nbsp;&nbsp; 5823952 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 23102 | &nbsp;&nbsp; 2586500 |
| Fair Isaac Corp.<sup>(b)</sup>  | 1683 | &nbsp;&nbsp; 2371953 |
| Intuit, Inc. | 19792 | &nbsp;&nbsp; 8095522 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 162159 | &nbsp;&nbsp; 22246593 |
| PTC, Inc.<sup>(b)</sup>  | 8504 | &nbsp;&nbsp; 1331641 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Roper Technologies, Inc. | 7641 | &nbsp;&nbsp; $2672287 |
| Salesforce, Inc. | 67580 | &nbsp;&nbsp; 13163908 |
| Synopsys, Inc.<sup>(b)</sup>  | 13186 | &nbsp;&nbsp; 5459004 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 3054 | &nbsp;&nbsp; 1083223 |
| Workday, Inc., Class A<sup>(b)</sup>  | 15404 | &nbsp;&nbsp; 2060439 |
|  |  | &nbsp;&nbsp; 86764196 |
| **Asset Management & Custody Banks–0.91%** | **Asset Management & Custody Banks–0.91%** | **Asset Management & Custody Banks–0.91%** |
| Ameriprise Financial, Inc. | 6595 | &nbsp;&nbsp; 3100442 |
| Ares Management Corp., Class A | 14624 | &nbsp;&nbsp; 1638034 |
| Bank of New York Mellon Corp. (The) | 49503 | &nbsp;&nbsp; 5895807 |
| BlackRock, Inc. | 10243 | &nbsp;&nbsp; 10890665 |
| Blackstone, Inc., Class A | 52421 | &nbsp;&nbsp; 5942969 |
| Franklin Resources, Inc. | 21820 | &nbsp;&nbsp; 579103 |
| Invesco Ltd.<sup>(d)</sup>  | 31596 | &nbsp;&nbsp; 829711 |
| KKR & Co., Inc., Class A | 48722 | &nbsp;&nbsp; 4271945 |
| Northern Trust Corp. | 13425 | &nbsp;&nbsp; 1920983 |
| State Street Corp. | 19828 | &nbsp;&nbsp; 2550277 |
| T. Rowe Price Group, Inc.<sup>(c)</sup>  | 15492 | &nbsp;&nbsp; 1466008 |
|  |  | &nbsp;&nbsp; 39085944 |
| **Automobile Manufacturers–2.08%** | **Automobile Manufacturers–2.08%** | **Automobile Manufacturers–2.08%** |
| Ford Motor Co. | 277820 | &nbsp;&nbsp; 3914484 |
| General Motors Co. | 66221 | &nbsp;&nbsp; 5212255 |
| Tesla, Inc.<sup>(b)</sup>  | 198860 | &nbsp;&nbsp; 80043138 |
|  |  | &nbsp;&nbsp; 89169877 |
| **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** |
| Aptiv PLC<sup>(b)</sup>  | 15339 | &nbsp;&nbsp; 1128030 |
| **Automotive Retail–0.31%** | **Automotive Retail–0.31%** | **Automotive Retail–0.31%** |
| AutoZone, Inc.<sup>(b)</sup>  | 1181 | &nbsp;&nbsp; 4435340 |
| Carvana Co.<sup>(b)(c)</sup>  | 10039 | &nbsp;&nbsp; 3354632 |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 59921 | &nbsp;&nbsp; 5625384 |
|  |  | &nbsp;&nbsp; 13415356 |
| **Biotechnology–1.78%** | **Biotechnology–1.78%** | **Biotechnology–1.78%** |
| AbbVie, Inc. | 125462 | &nbsp;&nbsp; 29117221 |
| Amgen, Inc. | 38225 | &nbsp;&nbsp; 14837416 |
| Biogen, Inc.<sup>(b)</sup>  | 10414 | &nbsp;&nbsp; 1997614 |
| Gilead Sciences, Inc. | 88073 | &nbsp;&nbsp; 13118473 |
| Incyte Corp.<sup>(b)</sup>  | 11707 | &nbsp;&nbsp; 1185568 |
| Moderna, Inc.<sup>(b)(c)</sup>  | 24683 | &nbsp;&nbsp; 1322268 |
| Regeneron Pharmaceuticals, Inc. | 7154 | &nbsp;&nbsp; 5592067 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 18011 | &nbsp;&nbsp; 8948405 |
|  |  | &nbsp;&nbsp; 76119032 |
| **Brewers–0.01%** | **Brewers–0.01%** | **Brewers–0.01%** |
| Molson Coors Beverage Co., Class B<sup>(c)</sup>  | 12019 | &nbsp;&nbsp; 588811 |
| **Broadcasting–0.04%** | **Broadcasting–0.04%** | **Broadcasting–0.04%** |
| Fox Corp., Class A<sup>(c)</sup>  | 14791 | &nbsp;&nbsp; 833325 |
| Fox Corp., Class B | 10536 | &nbsp;&nbsp; 545027 |
| Paramount Skydance Corp. | 22062 | &nbsp;&nbsp; 298058 |
|  |  | &nbsp;&nbsp; 1676410 |

---

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

**2**

**Invesco S&P 500 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Broadline Retail–3.45%** | **Broadline Retail–3.45%** | **Broadline Retail–3.45%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 689685 | &nbsp;&nbsp; $144833850 |
| eBay, Inc. | 32086 | &nbsp;&nbsp; 2915334 |
|  |  | &nbsp;&nbsp; 147749184 |
| **Building Products–0.51%** | **Building Products–0.51%** | **Building Products–0.51%** |
| A.O. Smith Corp.<sup>(c)</sup>  | 5771 | &nbsp;&nbsp; 450138 |
| Allegion PLC | 6107 | &nbsp;&nbsp; 984143 |
| Builders FirstSource, Inc.<sup>(b)</sup>  | 7850 | &nbsp;&nbsp; 818676 |
| Carrier Global Corp. | 56199 | &nbsp;&nbsp; 3619216 |
| Johnson Controls International PLC | 43383 | &nbsp;&nbsp; 6260167 |
| Lennox International, Inc. | 2266 | &nbsp;&nbsp; 1291484 |
| Masco Corp. | 14744 | &nbsp;&nbsp; 1055965 |
| Trane Technologies PLC | 15741 | &nbsp;&nbsp; 7277379 |
|  |  | &nbsp;&nbsp; 21757168 |
| **Cable & Satellite–0.22%** | **Cable & Satellite–0.22%** | **Cable & Satellite–0.22%** |
| Charter Communications, Inc., Class A<sup>(b)</sup>  | 6247 | &nbsp;&nbsp; 1465734 |
| Comcast Corp., Class A | 258001 | &nbsp;&nbsp; 7987711 |
|  |  | &nbsp;&nbsp; 9453445 |
| **Cargo Ground Transportation–0.09%** | **Cargo Ground Transportation–0.09%** | **Cargo Ground Transportation–0.09%** |
| J.B. Hunt Transport Services, Inc. | 5340 | &nbsp;&nbsp; 1246409 |
| Old Dominion Freight Line, Inc. | 13062 | &nbsp;&nbsp; 2652239 |
|  |  | &nbsp;&nbsp; 3898648 |
| **Casinos & Gaming–0.06%** | **Casinos & Gaming–0.06%** | **Casinos & Gaming–0.06%** |
| Las Vegas Sands Corp. | 21598 | &nbsp;&nbsp; 1225039 |
| MGM Resorts International<sup>(b)</sup>  | 14562 | &nbsp;&nbsp; 536755 |
| Wynn Resorts Ltd. | 5993 | &nbsp;&nbsp; 648383 |
|  |  | &nbsp;&nbsp; 2410177 |
| **Commodity Chemicals–0.06%** | **Commodity Chemicals–0.06%** | **Commodity Chemicals–0.06%** |
| Dow, Inc. | 50456 | &nbsp;&nbsp; 1550513 |
| LyondellBasell Industries N.V., Class A | 18279 | &nbsp;&nbsp; 1051408 |
|  |  | &nbsp;&nbsp; 2601921 |
| **Communications Equipment–0.98%** | **Communications Equipment–0.98%** | **Communications Equipment–0.98%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 73303 | &nbsp;&nbsp; 9785951 |
| Ciena Corp.<sup>(b)</sup>  | 9400 | &nbsp;&nbsp; 3277780 |
| Cisco Systems, Inc. | 279742 | &nbsp;&nbsp; 22228299 |
| F5, Inc.<sup>(b)</sup>  | 4095 | &nbsp;&nbsp; 1111219 |
| Motorola Solutions, Inc. | 11823 | &nbsp;&nbsp; 5701760 |
|  |  | &nbsp;&nbsp; 42105009 |
| **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** | **Computer & Electronics Retail–0.02%** |
| Best Buy Co., Inc.<sup>(c)</sup>  | 13871 | &nbsp;&nbsp; 859586 |
| **Construction & Engineering–0.28%** | **Construction & Engineering–0.28%** | **Construction & Engineering–0.28%** |
| Comfort Systems USA, Inc. | 2498 | &nbsp;&nbsp; 3570566 |
| EMCOR Group, Inc. | 3178 | &nbsp;&nbsp; 2302842 |
| Quanta Services, Inc. | 10585 | &nbsp;&nbsp; 5960202 |
|  |  | &nbsp;&nbsp; 11833610 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.89%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.89%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.89%** |
| Caterpillar, Inc. | 33221 | &nbsp;&nbsp; 24677555 |
| Cummins, Inc. | 9799 | &nbsp;&nbsp; 5721342 |
| PACCAR, Inc. | 37283 | &nbsp;&nbsp; 4701014 |
| Wabtec Corp. | 12136 | &nbsp;&nbsp; 3203297 |
|  |  | &nbsp;&nbsp; 38303208 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Materials–0.27%** | **Construction Materials–0.27%** | **Construction Materials–0.27%** |
| CRH PLC | 47581 | &nbsp;&nbsp; $5708769 |
| Martin Marietta Materials, Inc. | 4281 | &nbsp;&nbsp; 2896396 |
| Vulcan Materials Co. | 9380 | &nbsp;&nbsp; 2907800 |
|  |  | &nbsp;&nbsp; 11512965 |
| **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** |
| Garmin Ltd. | 11605 | &nbsp;&nbsp; 2934092 |
| **Consumer Finance–0.52%** | **Consumer Finance–0.52%** | **Consumer Finance–0.52%** |
| American Express Co. | 38142 | &nbsp;&nbsp; 11782064 |
| Capital One Financial Corp. | 45129 | &nbsp;&nbsp; 8829038 |
| Synchrony Financial | 25568 | &nbsp;&nbsp; 1767004 |
|  |  | &nbsp;&nbsp; 22378106 |
| **Consumer Staples Merchandise Retail–1.85%** | **Consumer Staples Merchandise Retail–1.85%** | **Consumer Staples Merchandise Retail–1.85%** |
| Costco Wholesale Corp. | 31460 | &nbsp;&nbsp; 31799453 |
| Dollar General Corp. | 15625 | &nbsp;&nbsp; 2441250 |
| Dollar Tree, Inc.<sup>(b)</sup>  | 13466 | &nbsp;&nbsp; 1703180 |
| Target Corp. | 32257 | &nbsp;&nbsp; 3670524 |
| Walmart, Inc. | 311285 | &nbsp;&nbsp; 39828916 |
|  |  | &nbsp;&nbsp; 79443323 |
| **Copper–0.16%** | **Copper–0.16%** | **Copper–0.16%** |
| Freeport-McMoRan, Inc. | 101933 | &nbsp;&nbsp; 6939599 |
| **Data Center REITs–0.25%** | **Data Center REITs–0.25%** | **Data Center REITs–0.25%** |
| Digital Realty Trust, Inc. | 22921 | &nbsp;&nbsp; 4061601 |
| Equinix, Inc. | 6970 | &nbsp;&nbsp; 6790592 |
|  |  | &nbsp;&nbsp; 10852193 |
| **Data Processing & Outsourced Services–0.04%** | **Data Processing & Outsourced Services–0.04%** | **Data Processing & Outsourced Services–0.04%** |
| Broadridge Financial Solutions, Inc. | 8286 | &nbsp;&nbsp; 1540119 |
| **Distillers & Vintners–0.05%** | **Distillers & Vintners–0.05%** | **Distillers & Vintners–0.05%** |
| Brown-Forman Corp., Class B | 12500 | &nbsp;&nbsp; 360750 |
| Constellation Brands, Inc., Class A | 10007 | &nbsp;&nbsp; 1579705 |
|  |  | &nbsp;&nbsp; 1940455 |
| **Distributors–0.04%** | **Distributors–0.04%** | **Distributors–0.04%** |
| Genuine Parts Co. | 9875 | &nbsp;&nbsp; 1177692 |
| Pool Corp. | 2327 | &nbsp;&nbsp; 528648 |
|  |  | &nbsp;&nbsp; 1706340 |
| **Diversified Banks–3.04%** | **Diversified Banks–3.04%** | **Diversified Banks–3.04%** |
| Bank of America Corp. | 476915 | &nbsp;&nbsp; 23764674 |
| Citigroup, Inc. | 127018 | &nbsp;&nbsp; 13996113 |
| Fifth Third Bancorp | 62767 | &nbsp;&nbsp; 3105084 |
| JPMorgan Chase & Co. | 192535 | &nbsp;&nbsp; 57818261 |
| KeyCorp | 65946 | &nbsp;&nbsp; 1367720 |
| PNC Financial Services Group, Inc. (The) | 27838 | &nbsp;&nbsp; 5911399 |
| U.S. Bancorp | 110345 | &nbsp;&nbsp; 6031458 |
| Wells Fargo & Co. | 222836 | &nbsp;&nbsp; 18149992 |
|  |  | &nbsp;&nbsp; 130144701 |
| **Diversified Financial Services–0.08%** | **Diversified Financial Services–0.08%** | **Diversified Financial Services–0.08%** |
| Apollo Global Management, Inc.<sup>(c)</sup>  | 32962 | &nbsp;&nbsp; 3447825 |
| **Diversified Support Services–0.17%** | **Diversified Support Services–0.17%** | **Diversified Support Services–0.17%** |
| Cintas Corp. | 24248 | &nbsp;&nbsp; 4877000 |
| Copart, Inc.<sup>(b)</sup>  | 63208 | &nbsp;&nbsp; 2407593 |
|  |  | &nbsp;&nbsp; 7284593 |

---

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

**3**

**Invesco S&P 500 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electric Utilities–1.60%** | **Electric Utilities–1.60%** | **Electric Utilities–1.60%** |
| Alliant Energy Corp.<sup>(c)</sup>  | 18248 | &nbsp;&nbsp; $1320060 |
| American Electric Power Co., Inc. | 37997 | &nbsp;&nbsp; 5084759 |
| Constellation Energy Corp. | 22169 | &nbsp;&nbsp; 7313110 |
| Duke Energy Corp. | 55204 | &nbsp;&nbsp; 7223443 |
| Edison International | 27315 | &nbsp;&nbsp; 2041523 |
| Entergy Corp. | 31703 | &nbsp;&nbsp; 3395708 |
| Evergy, Inc. | 16342 | &nbsp;&nbsp; 1367172 |
| Eversource Energy | 26634 | &nbsp;&nbsp; 2029777 |
| Exelon Corp. | 71718 | &nbsp;&nbsp; 3547889 |
| FirstEnergy Corp. | 36906 | &nbsp;&nbsp; 1888111 |
| NextEra Energy, Inc. | 147839 | &nbsp;&nbsp; 13862863 |
| NRG Energy, Inc. | 13604 | &nbsp;&nbsp; 2434572 |
| PG&E Corp. | 156024 | &nbsp;&nbsp; 2964456 |
| Pinnacle West Capital Corp.<sup>(c)</sup>  | 8496 | &nbsp;&nbsp; 852149 |
| PPL Corp. | 52512 | &nbsp;&nbsp; 2046918 |
| Southern Co. (The) | 78165 | &nbsp;&nbsp; 7611708 |
| Xcel Energy, Inc. | 41992 | &nbsp;&nbsp; 3500453 |
|  |  | &nbsp;&nbsp; 68484671 |
| **Electrical Components & Equipment–0.62%** | **Electrical Components & Equipment–0.62%** | **Electrical Components & Equipment–0.62%** |
| AMETEK, Inc. | 16342 | &nbsp;&nbsp; 3909333 |
| Eaton Corp. PLC | 27572 | &nbsp;&nbsp; 10364866 |
| Emerson Electric Co. | 39881 | &nbsp;&nbsp; 6012061 |
| Generac Holdings, Inc.<sup>(b)</sup>  | 4166 | &nbsp;&nbsp; 938891 |
| Hubbell, Inc. | 3773 | &nbsp;&nbsp; 1930380 |
| Rockwell Automation, Inc. | 7970 | &nbsp;&nbsp; 3247377 |
|  |  | &nbsp;&nbsp; 26402908 |
| **Electronic Components–0.49%** | **Electronic Components–0.49%** | **Electronic Components–0.49%** |
| Amphenol Corp., Class A | 86893 | &nbsp;&nbsp; 12691591 |
| Corning, Inc. | 55384 | &nbsp;&nbsp; 8328646 |
|  |  | &nbsp;&nbsp; 21020237 |
| **Electronic Equipment & Instruments–0.19%** | **Electronic Equipment & Instruments–0.19%** | **Electronic Equipment & Instruments–0.19%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 12200 | &nbsp;&nbsp; 3749426 |
| Teledyne Technologies, Inc.<sup>(b)</sup>  | 3333 | &nbsp;&nbsp; 2270106 |
| Trimble, Inc.<sup>(b)</sup>  | 16889 | &nbsp;&nbsp; 1129368 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 3596 | &nbsp;&nbsp; 805360 |
|  |  | &nbsp;&nbsp; 7954260 |
| **Electronic Manufacturing Services–0.16%** | **Electronic Manufacturing Services–0.16%** | **Electronic Manufacturing Services–0.16%** |
| Jabil, Inc. | 7584 | &nbsp;&nbsp; 2009684 |
| TE Connectivity PLC (Switzerland) | 20884 | &nbsp;&nbsp; 4806453 |
|  |  | &nbsp;&nbsp; 6816137 |
| **Environmental & Facilities Services–0.29%** | **Environmental & Facilities Services–0.29%** | **Environmental & Facilities Services–0.29%** |
| Republic Services, Inc. | 14284 | &nbsp;&nbsp; 3271036 |
| Rollins, Inc.<sup>(c)</sup>  | 20835 | &nbsp;&nbsp; 1268643 |
| Veralto Corp. | 17626 | &nbsp;&nbsp; 1717301 |
| Waste Management, Inc. | 26311 | &nbsp;&nbsp; 6336742 |
|  |  | &nbsp;&nbsp; 12593722 |
| **Fertilizers & Agricultural Chemicals–0.13%** | **Fertilizers & Agricultural Chemicals–0.13%** | **Fertilizers & Agricultural Chemicals–0.13%** |
| CF Industries Holdings, Inc. | 11072 | &nbsp;&nbsp; 1102107 |
| Corteva, Inc. | 47969 | &nbsp;&nbsp; 3843276 |
| Mosaic Co. (The) | 22532 | &nbsp;&nbsp; 627291 |
|  |  | &nbsp;&nbsp; 5572674 |
| **Financial Exchanges & Data–0.96%** | **Financial Exchanges & Data–0.96%** | **Financial Exchanges & Data–0.96%** |
| Cboe Global Markets, Inc. | 7428 | &nbsp;&nbsp; 2226320 |
| CME Group, Inc., Class A | 25598 | &nbsp;&nbsp; 8178561 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup>  | 16197 | &nbsp;&nbsp; $2848243 |
| FactSet Research Systems, Inc. | 2659 | &nbsp;&nbsp; 576498 |
| Intercontinental Exchange, Inc. | 40476 | &nbsp;&nbsp; 6643326 |
| Moody's Corp. | 10891 | &nbsp;&nbsp; 5201433 |
| MSCI, Inc. | 5334 | &nbsp;&nbsp; 3050141 |
| Nasdaq, Inc. | 32021 | &nbsp;&nbsp; 2804399 |
| S&P Global, Inc. | 22006 | &nbsp;&nbsp; 9724011 |
|  |  | &nbsp;&nbsp; 41252932 |
| **Food Distributors–0.07%** | **Food Distributors–0.07%** | **Food Distributors–0.07%** |
| Sysco Corp. | 33993 | &nbsp;&nbsp; 3098802 |
| **Food Retail–0.07%** | **Food Retail–0.07%** | **Food Retail–0.07%** |
| Kroger Co. (The) | 43279 | &nbsp;&nbsp; 2953359 |
| **Footwear–0.15%** | **Footwear–0.15%** | **Footwear–0.15%** |
| Deckers Outdoor Corp.<sup>(b)</sup>  | 10346 | &nbsp;&nbsp; 1213275 |
| NIKE, Inc., Class B | 84426 | &nbsp;&nbsp; 5249609 |
|  |  | &nbsp;&nbsp; 6462884 |
| **Gas Utilities–0.05%** | **Gas Utilities–0.05%** | **Gas Utilities–0.05%** |
| Atmos Energy Corp. | 11395 | &nbsp;&nbsp; 2128472 |
| **Gold–0.24%** | **Gold–0.24%** | **Gold–0.24%** |
| Newmont Corp. | 77466 | &nbsp;&nbsp; 10070580 |
| **Health Care Distributors–0.43%** | **Health Care Distributors–0.43%** | **Health Care Distributors–0.43%** |
| Cardinal Health, Inc. | 16866 | &nbsp;&nbsp; 3866193 |
| Cencora, Inc. | 13763 | &nbsp;&nbsp; 5121763 |
| Henry Schein, Inc.<sup>(b)</sup>  | 7103 | &nbsp;&nbsp; 585216 |
| McKesson Corp. | 8762 | &nbsp;&nbsp; 8651336 |
|  |  | &nbsp;&nbsp; 18224508 |
| **Health Care Equipment–1.82%** | **Health Care Equipment–1.82%** | **Health Care Equipment–1.82%** |
| Abbott Laboratories | 121801 | &nbsp;&nbsp; 14171546 |
| Baxter International, Inc.<sup>(c)</sup>  | 36492 | &nbsp;&nbsp; 743342 |
| Becton, Dickinson and Co. | 20347 | &nbsp;&nbsp; 3590839 |
| Boston Scientific Corp.<sup>(b)</sup>  | 105235 | &nbsp;&nbsp; 8087310 |
| Dexcom, Inc.<sup>(b)</sup>  | 27686 | &nbsp;&nbsp; 2032983 |
| Edwards Lifesciences Corp.<sup>(b)</sup>  | 41194 | &nbsp;&nbsp; 3562045 |
| GE HealthCare Technologies, Inc. | 32336 | &nbsp;&nbsp; 2724955 |
| Hologic, Inc.<sup>(b)</sup>  | 15799 | &nbsp;&nbsp; 1190613 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 5668 | &nbsp;&nbsp; 3722346 |
| Insulet Corp.<sup>(b)</sup>  | 4994 | &nbsp;&nbsp; 1231570 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 25165 | &nbsp;&nbsp; 12670829 |
| Medtronic PLC | 91050 | &nbsp;&nbsp; 8891943 |
| ResMed, Inc. | 10362 | &nbsp;&nbsp; 2655366 |
| STERIS PLC | 6967 | &nbsp;&nbsp; 1758122 |
| Stryker Corp. | 24433 | &nbsp;&nbsp; 9466810 |
| Zimmer Biomet Holdings, Inc. | 14068 | &nbsp;&nbsp; 1384854 |
|  |  | &nbsp;&nbsp; 77885473 |
| **Health Care Facilities–0.16%** | **Health Care Facilities–0.16%** | **Health Care Facilities–0.16%** |
| HCA Healthcare, Inc. | 11339 | &nbsp;&nbsp; 6006268 |
| Universal Health Services, Inc., Class B | 3921 | &nbsp;&nbsp; 808118 |
|  |  | &nbsp;&nbsp; 6814386 |
| **Health Care REITs–0.34%** | **Health Care REITs–0.34%** | **Health Care REITs–0.34%** |
| Alexandria Real Estate Equities, Inc. | 11042 | &nbsp;&nbsp; 596710 |
| Healthpeak Properties, Inc. | 49333 | &nbsp;&nbsp; 872207 |
| Ventas, Inc.<sup>(c)</sup>  | 33345 | &nbsp;&nbsp; 2873005 |

---

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

**4**

**Invesco S&P 500 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** |
| Welltower, Inc. | 48721 | &nbsp;&nbsp; $10091094 |
|  |  | &nbsp;&nbsp; 14433016 |
| **Health Care Services–0.38%** | **Health Care Services–0.38%** | **Health Care Services–0.38%** |
| Cigna Group (The) | 18963 | &nbsp;&nbsp; 5495857 |
| CVS Health Corp. | 90114 | &nbsp;&nbsp; 7200108 |
| DaVita, Inc.<sup>(b)(c)</sup>  | 2506 | &nbsp;&nbsp; 391688 |
| Labcorp Holdings, Inc. | 5885 | &nbsp;&nbsp; 1701471 |
| Quest Diagnostics, Inc. | 7897 | &nbsp;&nbsp; 1673453 |
|  |  | &nbsp;&nbsp; 16462577 |
| **Health Care Supplies–0.07%** | **Health Care Supplies–0.07%** | **Health Care Supplies–0.07%** |
| Align Technology, Inc.<sup>(b)</sup>  | 4737 | &nbsp;&nbsp; 900504 |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 14113 | &nbsp;&nbsp; 1180835 |
| Solventum Corp.<sup>(b)</sup>  | 10466 | &nbsp;&nbsp; 776577 |
|  |  | &nbsp;&nbsp; 2857916 |
| **Heavy Electrical Equipment–0.39%** | **Heavy Electrical Equipment–0.39%** | **Heavy Electrical Equipment–0.39%** |
| GE Vernova, Inc. | 19260 | &nbsp;&nbsp; 16825536 |
| **Home Improvement Retail–0.87%** | **Home Improvement Retail–0.87%** | **Home Improvement Retail–0.87%** |
| Home Depot, Inc. (The) | 70660 | &nbsp;&nbsp; 26901675 |
| Lowe's Cos., Inc. | 39812 | &nbsp;&nbsp; 10533061 |
|  |  | &nbsp;&nbsp; 37434736 |
| **Homebuilding–0.19%** | **Homebuilding–0.19%** | **Homebuilding–0.19%** |
| D.R. Horton, Inc. | 19441 | &nbsp;&nbsp; 3118142 |
| Lennar Corp., Class A | 15316 | &nbsp;&nbsp; 1751538 |
| NVR, Inc.<sup>(b)</sup>  | 202 | &nbsp;&nbsp; 1518594 |
| PulteGroup, Inc. | 13837 | &nbsp;&nbsp; 1898436 |
|  |  | &nbsp;&nbsp; 8286710 |
| **Homefurnishing Retail–0.04%** | **Homefurnishing Retail–0.04%** | **Homefurnishing Retail–0.04%** |
| Williams-Sonoma, Inc. | 8646 | &nbsp;&nbsp; 1778050 |
| **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** |
| Host Hotels & Resorts, Inc. | 45400 | &nbsp;&nbsp; 889386 |
| **Hotels, Resorts & Cruise Lines–0.82%** | **Hotels, Resorts & Cruise Lines–0.82%** | **Hotels, Resorts & Cruise Lines–0.82%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 30191 | &nbsp;&nbsp; 4079106 |
| Booking Holdings, Inc. | 2288 | &nbsp;&nbsp; 9699633 |
| Carnival Corp. | 77079 | &nbsp;&nbsp; 2431842 |
| Expedia Group, Inc. | 8306 | &nbsp;&nbsp; 1791521 |
| Hilton Worldwide Holdings, Inc. | 16500 | &nbsp;&nbsp; 5144370 |
| Marriott International, Inc., Class A | 15811 | &nbsp;&nbsp; 5403093 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup>  | 32318 | &nbsp;&nbsp; 801163 |
| Royal Caribbean Cruises Ltd. | 18004 | &nbsp;&nbsp; 5598524 |
|  |  | &nbsp;&nbsp; 34949252 |
| **Household Products–0.91%** | **Household Products–0.91%** | **Household Products–0.91%** |
| Church & Dwight Co., Inc. | 17046 | &nbsp;&nbsp; 1787444 |
| Clorox Co. (The) | 8659 | &nbsp;&nbsp; 1101078 |
| Colgate-Palmolive Co. | 57221 | &nbsp;&nbsp; 5672890 |
| Kimberly-Clark Corp. | 23558 | &nbsp;&nbsp; 2625303 |
| Procter & Gamble Co. (The) | 165879 | &nbsp;&nbsp; 27734969 |
|  |  | &nbsp;&nbsp; 38921684 |
| **Human Resource & Employment Services–0.20%** | **Human Resource & Employment Services–0.20%** | **Human Resource & Employment Services–0.20%** |
| Automatic Data Processing, Inc. | 28711 | &nbsp;&nbsp; 6154490 |
| Paychex, Inc.<sup>(c)</sup>  | 22993 | &nbsp;&nbsp; 2153295 |
| Paycom Software, Inc.<sup>(c)</sup>  | 3469 | &nbsp;&nbsp; 436504 |
|  |  | &nbsp;&nbsp; 8744289 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–0.11%** | **Independent Power Producers & Energy Traders–0.11%** | **Independent Power Producers & Energy Traders–0.11%** |
| AES Corp. (The) | 50552 | &nbsp;&nbsp; $873539 |
| Vistra Corp. | 22609 | &nbsp;&nbsp; 3931479 |
|  |  | &nbsp;&nbsp; 4805018 |
| **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** |
| 3M Co. | 36725 | &nbsp;&nbsp; 6071377 |
| Honeywell International, Inc. | 45069 | &nbsp;&nbsp; 10978358 |
|  |  | &nbsp;&nbsp; 17049735 |
| **Industrial Gases–0.49%** | **Industrial Gases–0.49%** | **Industrial Gases–0.49%** |
| Air Products and Chemicals, Inc. | 15799 | &nbsp;&nbsp; 4355310 |
| Linde PLC | 33148 | &nbsp;&nbsp; 16841836 |
|  |  | &nbsp;&nbsp; 21197146 |
| **Industrial Machinery & Supplies & Components–0.72%** | **Industrial Machinery & Supplies & Components–0.72%** | **Industrial Machinery & Supplies & Components–0.72%** |
| Dover Corp. | 9736 | &nbsp;&nbsp; 2195468 |
| Fortive Corp. | 22546 | &nbsp;&nbsp; 1334723 |
| IDEX Corp. | 5313 | &nbsp;&nbsp; 1112914 |
| Illinois Tool Works, Inc. | 18740 | &nbsp;&nbsp; 5446406 |
| Ingersoll Rand, Inc. | 25524 | &nbsp;&nbsp; 2402829 |
| Nordson Corp. | 3789 | &nbsp;&nbsp; 1111844 |
| Otis Worldwide Corp. | 27665 | &nbsp;&nbsp; 2560672 |
| Parker-Hannifin Corp. | 8958 | &nbsp;&nbsp; 9040235 |
| Pentair PLC | 11617 | &nbsp;&nbsp; 1152290 |
| Snap-on, Inc. | 3692 | &nbsp;&nbsp; 1422232 |
| Stanley Black & Decker, Inc. | 10995 | &nbsp;&nbsp; 950958 |
| Xylem, Inc. | 17283 | &nbsp;&nbsp; 2239186 |
|  |  | &nbsp;&nbsp; 30969757 |
| **Industrial REITs–0.22%** | **Industrial REITs–0.22%** | **Industrial REITs–0.22%** |
| Prologis, Inc. | 65938 | &nbsp;&nbsp; 9400781 |
| **Insurance Brokers–0.45%** | **Insurance Brokers–0.45%** | **Insurance Brokers–0.45%** |
| Aon PLC, Class A | 15258 | &nbsp;&nbsp; 5118601 |
| Arthur J. Gallagher & Co. | 18230 | &nbsp;&nbsp; 4160086 |
| Brown & Brown, Inc.<sup>(c)</sup>  | 20844 | &nbsp;&nbsp; 1497016 |
| Marsh & McLennan Cos., Inc. | 34778 | &nbsp;&nbsp; 6494444 |
| Willis Towers Watson PLC | 6797 | &nbsp;&nbsp; 2074240 |
|  |  | &nbsp;&nbsp; 19344387 |
| **Integrated Oil & Gas–1.71%** | **Integrated Oil & Gas–1.71%** | **Integrated Oil & Gas–1.71%** |
| Chevron Corp. | 134359 | &nbsp;&nbsp; 25092887 |
| Exxon Mobil Corp.<sup>(e)</sup>  | 297825 | &nbsp;&nbsp; 45418313 |
| Occidental Petroleum Corp. | 51054 | &nbsp;&nbsp; 2709946 |
|  |  | &nbsp;&nbsp; 73221146 |
| **Integrated Telecommunication Services–0.68%** | **Integrated Telecommunication Services–0.68%** | **Integrated Telecommunication Services–0.68%** |
| AT&T, Inc. | 503262 | &nbsp;&nbsp; 14096369 |
| Verizon Communications, Inc. | 299314 | &nbsp;&nbsp; 15007604 |
|  |  | &nbsp;&nbsp; 29103973 |
| **Interactive Home Entertainment–0.14%** | **Interactive Home Entertainment–0.14%** | **Interactive Home Entertainment–0.14%** |
| Electronic Arts, Inc. | 15934 | &nbsp;&nbsp; 3195882 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 12330 | &nbsp;&nbsp; 2607549 |
|  |  | &nbsp;&nbsp; 5803431 |
| **Interactive Media & Services–7.74%** | **Interactive Media & Services–7.74%** | **Interactive Media & Services–7.74%** |
| Alphabet, Inc., Class A | 412224 | &nbsp;&nbsp; 128514954 |
| Alphabet, Inc., Class C | 329314 | &nbsp;&nbsp; 102558259 |
| Match Group, Inc. | 16758 | &nbsp;&nbsp; 529553 |
| Meta Platforms, Inc., Class A | 154221 | &nbsp;&nbsp; 99962968 |
|  |  | &nbsp;&nbsp; 331565734 |

---

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

**5**

**Invesco S&P 500 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Internet Services & Infrastructure–0.07%** | **Internet Services & Infrastructure–0.07%** | **Internet Services & Infrastructure–0.07%** |
| Akamai Technologies, Inc.<sup>(b)</sup>  | 10213 | &nbsp;&nbsp; $1004857 |
| GoDaddy, Inc., Class A<sup>(b)</sup>  | 9593 | &nbsp;&nbsp; 836126 |
| VeriSign, Inc. | 5922 | &nbsp;&nbsp; 1349861 |
|  |  | &nbsp;&nbsp; 3190844 |
| **Investment Banking & Brokerage–1.22%** | **Investment Banking & Brokerage–1.22%** | **Investment Banking & Brokerage–1.22%** |
| Charles Schwab Corp. (The) | 118572 | &nbsp;&nbsp; 11288054 |
| Goldman Sachs Group, Inc. (The) | 21291 | &nbsp;&nbsp; 18301105 |
| Interactive Brokers Group, Inc., Class A | 31615 | &nbsp;&nbsp; 2250672 |
| Morgan Stanley | 85744 | &nbsp;&nbsp; 14277234 |
| Raymond James Financial, Inc.<sup>(c)</sup>  | 12516 | &nbsp;&nbsp; 1915949 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 55821 | &nbsp;&nbsp; 4234023 |
|  |  | &nbsp;&nbsp; 52267037 |
| **IT Consulting & Other Services–0.67%** | **IT Consulting & Other Services–0.67%** | **IT Consulting & Other Services–0.67%** |
| Accenture PLC, Class A | 44022 | &nbsp;&nbsp; 9188272 |
| Cognizant Technology Solutions Corp., <br> Class A | 34262 | &nbsp;&nbsp; 2207501 |
| EPAM Systems, Inc.<sup>(b)</sup>  | 3922 | &nbsp;&nbsp; 553002 |
| Gartner, Inc.<sup>(b)</sup>  | 5117 | &nbsp;&nbsp; 804392 |
| International Business Machines Corp. | 66355 | &nbsp;&nbsp; 15939134 |
|  |  | &nbsp;&nbsp; 28692301 |
| **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** |
| Hasbro, Inc. | 9464 | &nbsp;&nbsp; 942520 |
| **Life & Health Insurance–0.26%** | **Life & Health Insurance–0.26%** | **Life & Health Insurance–0.26%** |
| Aflac, Inc. | 33485 | &nbsp;&nbsp; 3781461 |
| Globe Life, Inc. | 5651 | &nbsp;&nbsp; 820864 |
| MetLife, Inc. | 39289 | &nbsp;&nbsp; 2831558 |
| Principal Financial Group, Inc. | 14192 | &nbsp;&nbsp; 1354201 |
| Prudential Financial, Inc. | 24846 | &nbsp;&nbsp; 2444350 |
|  |  | &nbsp;&nbsp; 11232434 |
| **Life Sciences Tools & Services–0.83%** | **Life Sciences Tools & Services–0.83%** | **Life Sciences Tools & Services–0.83%** |
| Agilent Technologies, Inc. | 20125 | &nbsp;&nbsp; 2442772 |
| Bio-Techne Corp.<sup>(c)</sup>  | 11061 | &nbsp;&nbsp; 652599 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup>  | 3494 | &nbsp;&nbsp; 623644 |
| Danaher Corp. | 44626 | &nbsp;&nbsp; 9400021 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 12089 | &nbsp;&nbsp; 2161634 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 1450 | &nbsp;&nbsp; 1981701 |
| Revvity, Inc.<sup>(c)</sup>  | 8048 | &nbsp;&nbsp; 791199 |
| Thermo Fisher Scientific, Inc. | 26671 | &nbsp;&nbsp; 13898525 |
| Waters Corp.<sup>(b)</sup>  | 6979 | &nbsp;&nbsp; 2228953 |
| West Pharmaceutical Services, Inc. | 5107 | &nbsp;&nbsp; 1298914 |
|  |  | &nbsp;&nbsp; 35479962 |
| **Managed Health Care–0.64%** | **Managed Health Care–0.64%** | **Managed Health Care–0.64%** |
| Centene Corp.<sup>(b)</sup>  | 33147 | &nbsp;&nbsp; 1487637 |
| Elevance Health, Inc. | 15776 | &nbsp;&nbsp; 5048320 |
| Humana, Inc. | 8538 | &nbsp;&nbsp; 1626831 |
| Molina Healthcare, Inc.<sup>(b)(c)</sup>  | 3649 | &nbsp;&nbsp; 562128 |
| UnitedHealth Group, Inc. | 64303 | &nbsp;&nbsp; 18858141 |
|  |  | &nbsp;&nbsp; 27583057 |
| **Metal, Glass & Plastic Containers–0.03%** | **Metal, Glass & Plastic Containers–0.03%** | **Metal, Glass & Plastic Containers–0.03%** |
| Ball Corp. | 19024 | &nbsp;&nbsp; 1277081 |
| **Movies & Entertainment–1.17%** | **Movies & Entertainment–1.17%** | **Movies & Entertainment–1.17%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup>  | 11209 | &nbsp;&nbsp; 1817427 |
| Netflix, Inc.<sup>(b)</sup>  | 300797 | &nbsp;&nbsp; 28948703 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| TKO Group Holdings, Inc. | 4706 | &nbsp;&nbsp; $1053532 |
| Walt Disney Co. (The) | 126733 | &nbsp;&nbsp; 13438768 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 175905 | &nbsp;&nbsp; 4955244 |
|  |  | &nbsp;&nbsp; 50213674 |
| **Multi-Family Residential REITs–0.17%** | **Multi-Family Residential REITs–0.17%** | **Multi-Family Residential REITs–0.17%** |
| AvalonBay Communities, Inc. | 10039 | &nbsp;&nbsp; 1779212 |
| Camden Property Trust | 7553 | &nbsp;&nbsp; 818292 |
| Equity Residential | 24578 | &nbsp;&nbsp; 1553575 |
| Essex Property Trust, Inc. | 4572 | &nbsp;&nbsp; 1166363 |
| Mid-America Apartment Communities, Inc. | 8311 | &nbsp;&nbsp; 1112510 |
| UDR, Inc. | 21349 | &nbsp;&nbsp; 800588 |
|  |  | &nbsp;&nbsp; 7230540 |
| **Multi-line Insurance–0.07%** | **Multi-line Insurance–0.07%** | **Multi-line Insurance–0.07%** |
| American International Group, Inc. | 38303 | &nbsp;&nbsp; 3083008 |
| **Multi-Sector Holdings–1.53%** | **Multi-Sector Holdings–1.53%** | **Multi-Sector Holdings–1.53%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 129675 | &nbsp;&nbsp; 65479391 |
| **Multi-Utilities–0.62%** | **Multi-Utilities–0.62%** | **Multi-Utilities–0.62%** |
| Ameren Corp. | 19202 | &nbsp;&nbsp; 2175203 |
| CenterPoint Energy, Inc. | 46345 | &nbsp;&nbsp; 2016008 |
| CMS Energy Corp. | 21603 | &nbsp;&nbsp; 1686546 |
| Consolidated Edison, Inc. | 25622 | &nbsp;&nbsp; 2882987 |
| Dominion Energy, Inc. | 60617 | &nbsp;&nbsp; 3827357 |
| DTE Energy Co. | 14743 | &nbsp;&nbsp; 2185502 |
| NiSource, Inc. | 33875 | &nbsp;&nbsp; 1602288 |
| Public Service Enterprise Group, Inc. | 35434 | &nbsp;&nbsp; 3049804 |
| Sempra | 46332 | &nbsp;&nbsp; 4460382 |
| WEC Energy Group, Inc.<sup>(c)</sup>  | 23092 | &nbsp;&nbsp; 2700840 |
|  |  | &nbsp;&nbsp; 26586917 |
| **Office REITs–0.01%** | **Office REITs–0.01%** | **Office REITs–0.01%** |
| BXP, Inc. | 10462 | &nbsp;&nbsp; 602402 |
| **Oil & Gas Equipment & Services–0.28%** | **Oil & Gas Equipment & Services–0.28%** | **Oil & Gas Equipment & Services–0.28%** |
| Baker Hughes Co., Class A | 70049 | &nbsp;&nbsp; 4571398 |
| Halliburton Co. | 59745 | &nbsp;&nbsp; 2150820 |
| SLB Ltd. | 106050 | &nbsp;&nbsp; 5444607 |
|  |  | &nbsp;&nbsp; 12166825 |
| **Oil & Gas Exploration & Production–0.66%** | **Oil & Gas Exploration & Production–0.66%** | **Oil & Gas Exploration & Production–0.66%** |
| APA Corp. | 25177 | &nbsp;&nbsp; 764626 |
| ConocoPhillips | 87721 | &nbsp;&nbsp; 9952825 |
| Coterra Energy, Inc. | 54048 | &nbsp;&nbsp; 1653328 |
| Devon Energy Corp. | 44530 | &nbsp;&nbsp; 1938391 |
| Diamondback Energy, Inc. | 13221 | &nbsp;&nbsp; 2301512 |
| EOG Resources, Inc. | 38518 | &nbsp;&nbsp; 4779313 |
| EQT Corp. | 44301 | &nbsp;&nbsp; 2720967 |
| Expand Energy Corp. | 16907 | &nbsp;&nbsp; 1824603 |
| Texas Pacific Land Corp.<sup>(c)</sup>  | 4110 | &nbsp;&nbsp; 2154832 |
|  |  | &nbsp;&nbsp; 28090397 |
| **Oil & Gas Refining & Marketing–0.31%** | **Oil & Gas Refining & Marketing–0.31%** | **Oil & Gas Refining & Marketing–0.31%** |
| Marathon Petroleum Corp. | 21339 | &nbsp;&nbsp; 4229603 |
| Phillips 66 | 28602 | &nbsp;&nbsp; 4414147 |
| Valero Energy Corp. | 21652 | &nbsp;&nbsp; 4430865 |
|  |  | &nbsp;&nbsp; 13074615 |
| **Oil & Gas Storage & Transportation–0.43%** | **Oil & Gas Storage & Transportation–0.43%** | **Oil & Gas Storage & Transportation–0.43%** |
| Kinder Morgan, Inc. | 138979 | &nbsp;&nbsp; 4623831 |

---

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

**6**

**Invesco S&P 500 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| ONEOK, Inc. | 44668 | &nbsp;&nbsp; $3697170 |
| Targa Resources Corp. | 15238 | &nbsp;&nbsp; 3593121 |
| Williams Cos., Inc. (The) | 86691 | &nbsp;&nbsp; 6477552 |
|  |  | &nbsp;&nbsp; 18391674 |
| **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** |
| Iron Mountain, Inc. | 20983 | &nbsp;&nbsp; 2273088 |
| VICI Properties, Inc. | 75872 | &nbsp;&nbsp; 2292093 |
|  |  | &nbsp;&nbsp; 4565181 |
| **Other Specialty Retail–0.10%** | **Other Specialty Retail–0.10%** | **Other Specialty Retail–0.10%** |
| Tractor Supply Co. | 37510 | &nbsp;&nbsp; 1944518 |
| Ulta Beauty, Inc.<sup>(b)</sup>  | 3183 | &nbsp;&nbsp; 2179687 |
|  |  | &nbsp;&nbsp; 4124205 |
| **Packaged Foods & Meats–0.39%** | **Packaged Foods & Meats–0.39%** | **Packaged Foods & Meats–0.39%** |
| Campbell's Co. (The) | 13948 | &nbsp;&nbsp; 375899 |
| Conagra Brands, Inc. | 33957 | &nbsp;&nbsp; 653672 |
| General Mills, Inc. | 37866 | &nbsp;&nbsp; 1712679 |
| Hershey Co. (The) | 10518 | &nbsp;&nbsp; 2485193 |
| Hormel Foods Corp. | 20693 | &nbsp;&nbsp; 529741 |
| J.M. Smucker Co. (The) | 7573 | &nbsp;&nbsp; 878089 |
| Kraft Heinz Co. (The) | 60498 | &nbsp;&nbsp; 1488856 |
| Lamb Weston Holdings, Inc. | 9892 | &nbsp;&nbsp; 476696 |
| McCormick & Co., Inc. | 17977 | &nbsp;&nbsp; 1277086 |
| Mondelez International, Inc., Class A | 91599 | &nbsp;&nbsp; 5640666 |
| Tyson Foods, Inc., Class A | 20093 | &nbsp;&nbsp; 1305844 |
|  |  | &nbsp;&nbsp; 16824421 |
| **Paper & Plastic Packaging Products & Materials–0.18%** | **Paper & Plastic Packaging Products & Materials–0.18%** | **Paper & Plastic Packaging Products & Materials–0.18%** |
| Amcor PLC | 32773 | &nbsp;&nbsp; 1587196 |
| Avery Dennison Corp. | 5487 | &nbsp;&nbsp; 1077373 |
| International Paper Co.<sup>(c)</sup>  | 37484 | &nbsp;&nbsp; 1632428 |
| Packaging Corp. of America | 6344 | &nbsp;&nbsp; 1472696 |
| Smurfit WestRock PLC | 37069 | &nbsp;&nbsp; 1742614 |
|  |  | &nbsp;&nbsp; 7512307 |
| **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** |
| Delta Air Lines, Inc. | 46045 | &nbsp;&nbsp; 3025157 |
| Southwest Airlines Co. | 36712 | &nbsp;&nbsp; 1808433 |
| United Airlines Holdings, Inc.<sup>(b)</sup>  | 22981 | &nbsp;&nbsp; 2442880 |
|  |  | &nbsp;&nbsp; 7276470 |
| **Passenger Ground Transportation–0.26%** | **Passenger Ground Transportation–0.26%** | **Passenger Ground Transportation–0.26%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 147500 | &nbsp;&nbsp; 11124450 |
| **Personal Care Products–0.11%** | **Personal Care Products–0.11%** | **Personal Care Products–0.11%** |
| Estee Lauder Cos., Inc. (The), Class A | 17452 | &nbsp;&nbsp; 1910470 |
| Kenvue, Inc. | 135998 | &nbsp;&nbsp; 2600282 |
|  |  | &nbsp;&nbsp; 4510752 |
| **Pharmaceuticals–3.47%** | **Pharmaceuticals–3.47%** | **Pharmaceuticals–3.47%** |
| Bristol-Myers Squibb Co. | 144513 | &nbsp;&nbsp; 9013276 |
| Eli Lilly and Co. | 56154 | &nbsp;&nbsp; 59073447 |
| Johnson & Johnson | 171030 | &nbsp;&nbsp; 42488983 |
| Merck & Co., Inc. | 176193 | &nbsp;&nbsp; 21816217 |
| Pfizer, Inc. | 403614 | &nbsp;&nbsp; 11159927 |
| Viatris, Inc. | 81761 | &nbsp;&nbsp; 1220692 |
| Zoetis, Inc. | 31284 | &nbsp;&nbsp; 4101332 |
|  |  | &nbsp;&nbsp; 148873874 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Property & Casualty Insurance–0.89%** | **Property & Casualty Insurance–0.89%** | **Property & Casualty Insurance–0.89%** |
| Allstate Corp. (The) | 18576 | &nbsp;&nbsp; $3984924 |
| Arch Capital Group Ltd.<sup>(b)</sup>  | 25633 | &nbsp;&nbsp; 2567145 |
| Assurant, Inc. | 3555 | &nbsp;&nbsp; 816192 |
| Chubb Ltd. | 25982 | &nbsp;&nbsp; 8856225 |
| Cincinnati Financial Corp. | 11075 | &nbsp;&nbsp; 1816079 |
| Erie Indemnity Co., Class A | 1803 | &nbsp;&nbsp; 485800 |
| Hartford Insurance Group, Inc. (The) | 19781 | &nbsp;&nbsp; 2785758 |
| Loews Corp. | 12030 | &nbsp;&nbsp; 1323541 |
| Progressive Corp. (The) | 41627 | &nbsp;&nbsp; 8894025 |
| Travelers Cos., Inc. (The) | 15835 | &nbsp;&nbsp; 4887314 |
| W.R. Berkley Corp.<sup>(c)</sup>  | 21312 | &nbsp;&nbsp; 1528070 |
|  |  | &nbsp;&nbsp; 37945073 |
| **Publishing–0.02%** | **Publishing–0.02%** | **Publishing–0.02%** |
| News Corp., Class A | 26583 | &nbsp;&nbsp; 645701 |
| News Corp., Class B | 8763 | &nbsp;&nbsp; 234673 |
|  |  | &nbsp;&nbsp; 880374 |
| **Rail Transportation–0.51%** | **Rail Transportation–0.51%** | **Rail Transportation–0.51%** |
| CSX Corp. | 132189 | &nbsp;&nbsp; 5643148 |
| Norfolk Southern Corp. | 15929 | &nbsp;&nbsp; 5013494 |
| Union Pacific Corp. | 42107 | &nbsp;&nbsp; 11157513 |
|  |  | &nbsp;&nbsp; 21814155 |
| **Real Estate Services–0.10%** | **Real Estate Services–0.10%** | **Real Estate Services–0.10%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 20809 | &nbsp;&nbsp; 3072657 |
| CoStar Group, Inc.<sup>(b)</sup>  | 30086 | &nbsp;&nbsp; 1342738 |
|  |  | &nbsp;&nbsp; 4415395 |
| **Regional Banks–0.30%** | **Regional Banks–0.30%** | **Regional Banks–0.30%** |
| Citizens Financial Group, Inc. | 30488 | &nbsp;&nbsp; 1835073 |
| Huntington Bancshares, Inc. | 144112 | &nbsp;&nbsp; 2421081 |
| M&T Bank Corp. | 10910 | &nbsp;&nbsp; 2367252 |
| Regions Financial Corp. | 62247 | &nbsp;&nbsp; 1732334 |
| Truist Financial Corp. | 90811 | &nbsp;&nbsp; 4477890 |
|  |  | &nbsp;&nbsp; 12833630 |
| **Reinsurance–0.02%** | **Reinsurance–0.02%** | **Reinsurance–0.02%** |
| Everest Group Ltd. | 2980 | &nbsp;&nbsp; 999760 |
| **Research & Consulting Services–0.16%** | **Research & Consulting Services–0.16%** | **Research & Consulting Services–0.16%** |
| Equifax, Inc. | 8688 | &nbsp;&nbsp; 1815444 |
| Jacobs Solutions, Inc. | 8486 | &nbsp;&nbsp; 1169880 |
| Leidos Holdings, Inc. | 9076 | &nbsp;&nbsp; 1589208 |
| Verisk Analytics, Inc. | 9894 | &nbsp;&nbsp; 2053698 |
|  |  | &nbsp;&nbsp; 6628230 |
| **Restaurants–0.92%** | **Restaurants–0.92%** | **Restaurants–0.92%** |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup>  | 93865 | &nbsp;&nbsp; 3493655 |
| Darden Restaurants, Inc.<sup>(c)</sup>  | 8257 | &nbsp;&nbsp; 1765760 |
| Domino's Pizza, Inc. | 2207 | &nbsp;&nbsp; 888340 |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 26537 | &nbsp;&nbsp; 4682984 |
| McDonald's Corp. | 50554 | &nbsp;&nbsp; 17241947 |
| Starbucks Corp. | 80706 | &nbsp;&nbsp; 7910802 |
| Yum! Brands, Inc. | 19710 | &nbsp;&nbsp; 3314434 |
|  |  | &nbsp;&nbsp; 39297922 |
| **Retail REITs–0.27%** | **Retail REITs–0.27%** | **Retail REITs–0.27%** |
| Federal Realty Investment Trust | 5573 | &nbsp;&nbsp; 606175 |
| Kimco Realty Corp. | 48072 | &nbsp;&nbsp; 1132096 |
| Realty Income Corp. | 65302 | &nbsp;&nbsp; 4375234 |

---

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

**7**

**Invesco S&P 500 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| Regency Centers Corp. | 11685 | &nbsp;&nbsp; $923115 |
| Simon Property Group, Inc. | 23175 | &nbsp;&nbsp; 4724224 |
|  |  | &nbsp;&nbsp; 11760844 |
| **Self-Storage REITs–0.13%** | **Self-Storage REITs–0.13%** | **Self-Storage REITs–0.13%** |
| Extra Space Storage, Inc. | 15067 | &nbsp;&nbsp; 2275569 |
| Public Storage | 11210 | &nbsp;&nbsp; 3442143 |
|  |  | &nbsp;&nbsp; 5717712 |
| **Semiconductor Materials & Equipment–1.44%** | **Semiconductor Materials & Equipment–1.44%** | **Semiconductor Materials & Equipment–1.44%** |
| Applied Materials, Inc. | 56552 | &nbsp;&nbsp; 21054310 |
| KLA Corp. | 9327 | &nbsp;&nbsp; 14219478 |
| Lam Research Corp. | 89162 | &nbsp;&nbsp; 20854100 |
| Qnity Electronics, Inc. | 14867 | &nbsp;&nbsp; 1884541 |
| Teradyne, Inc. | 11117 | &nbsp;&nbsp; 3557773 |
|  |  | &nbsp;&nbsp; 61570202 |
| **Semiconductors–12.47%** | **Semiconductors–12.47%** | **Semiconductors–12.47%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 115571 | &nbsp;&nbsp; 23138470 |
| Analog Devices, Inc. | 34923 | &nbsp;&nbsp; 12425254 |
| Broadcom, Inc. | 334468 | &nbsp;&nbsp; 106879249 |
| First Solar, Inc.<sup>(b)</sup>  | 7618 | &nbsp;&nbsp; 1502270 |
| Intel Corp.<sup>(b)</sup>  | 318294 | &nbsp;&nbsp; 14517389 |
| Microchip Technology, Inc. | 38365 | &nbsp;&nbsp; 2863564 |
| Micron Technology, Inc. | 79681 | &nbsp;&nbsp; 32858054 |
| Monolithic Power Systems, Inc. | 3401 | &nbsp;&nbsp; 3886459 |
| NVIDIA Corp. | 1722405 | &nbsp;&nbsp; 305192942 |
| NXP Semiconductors N.V. (Netherlands) | 17866 | &nbsp;&nbsp; 4055761 |
| ON Semiconductor Corp.<sup>(b)</sup>  | 28564 | &nbsp;&nbsp; 1898935 |
| QUALCOMM, Inc. | 76028 | &nbsp;&nbsp; 10823346 |
| Skyworks Solutions, Inc. | 10554 | &nbsp;&nbsp; 628807 |
| Texas Instruments, Inc. | 64501 | &nbsp;&nbsp; 13681307 |
|  |  | &nbsp;&nbsp; 534351807 |
| **Single-Family Residential REITs–0.02%** | **Single-Family Residential REITs–0.02%** | **Single-Family Residential REITs–0.02%** |
| Invitation Homes, Inc. | 40035 | &nbsp;&nbsp; 1054522 |
| **Soft Drinks & Non-alcoholic Beverages–1.08%** | **Soft Drinks & Non-alcoholic Beverages–1.08%** | **Soft Drinks & Non-alcoholic Beverages–1.08%** |
| Coca-Cola Co. (The) | 274825 | &nbsp;&nbsp; 22414727 |
| Keurig Dr Pepper, Inc. | 96442 | &nbsp;&nbsp; 2920264 |
| Monster Beverage Corp.<sup>(b)</sup>  | 50630 | &nbsp;&nbsp; 4318739 |
| PepsiCo, Inc. | 97064 | &nbsp;&nbsp; 16475643 |
|  |  | &nbsp;&nbsp; 46129373 |
| **Specialty Chemicals–0.42%** | **Specialty Chemicals–0.42%** | **Specialty Chemicals–0.42%** |
| Albemarle Corp. | 8355 | &nbsp;&nbsp; 1492788 |
| DuPont de Nemours, Inc. | 29742 | &nbsp;&nbsp; 1488290 |
| Ecolab, Inc. | 18096 | &nbsp;&nbsp; 5579902 |
| International Flavors & Fragrances, Inc. | 18180 | &nbsp;&nbsp; 1494941 |
| PPG Industries, Inc. | 15930 | &nbsp;&nbsp; 1963691 |
| Sherwin-Williams Co. (The) | 16366 | &nbsp;&nbsp; 5934148 |
|  |  | &nbsp;&nbsp; 17953760 |
| **Steel–0.11%** | **Steel–0.11%** | **Steel–0.11%** |
| Nucor Corp. | 16246 | &nbsp;&nbsp; 2873592 |
| Steel Dynamics, Inc. | 9745 | &nbsp;&nbsp; 1882052 |
|  |  | &nbsp;&nbsp; 4755644 |
| **Systems Software–5.87%** | **Systems Software–5.87%** | **Systems Software–5.87%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 17815 | &nbsp;&nbsp; 6626824 |
| Fortinet, Inc.<sup>(b)</sup>  | 44871 | &nbsp;&nbsp; 3546155 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Gen Digital, Inc. | 39839 | &nbsp;&nbsp; $899166 |
| Microsoft Corp. | 527052 | &nbsp;&nbsp; 206994403 |
| Oracle Corp. | 119399 | &nbsp;&nbsp; 17360615 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | 56125 | &nbsp;&nbsp; 8358135 |
| ServiceNow, Inc.<sup>(b)</sup>  | 73643 | &nbsp;&nbsp; 7954180 |
|  |  | &nbsp;&nbsp; 251739478 |
| **Technology Distributors–0.03%** | **Technology Distributors–0.03%** | **Technology Distributors–0.03%** |
| CDW Corp. | 9242 | &nbsp;&nbsp; 1133439 |
| **Technology Hardware, Storage & Peripherals–7.12%** | **Technology Hardware, Storage & Peripherals–7.12%** | **Technology Hardware, Storage & Peripherals–7.12%** |
| Apple, Inc. | 1048025 | &nbsp;&nbsp; 276867245 |
| Dell Technologies, Inc., Class C | 21395 | &nbsp;&nbsp; 3168172 |
| Hewlett Packard Enterprise Co. | 93664 | &nbsp;&nbsp; 2010966 |
| HP, Inc. | 66352 | &nbsp;&nbsp; 1260024 |
| NetApp, Inc. | 14170 | &nbsp;&nbsp; 1403255 |
| Sandisk Corp.<sup>(b)</sup>  | 9883 | &nbsp;&nbsp; 6279263 |
| Seagate Technology Holdings PLC | 15466 | &nbsp;&nbsp; 6307653 |
| Super Micro Computer, Inc.<sup>(b)</sup>  | 35597 | &nbsp;&nbsp; 1152987 |
| Western Digital Corp. | 24271 | &nbsp;&nbsp; 6788599 |
|  |  | &nbsp;&nbsp; 305238164 |
| **Telecom Tower REITs–0.25%** | **Telecom Tower REITs–0.25%** | **Telecom Tower REITs–0.25%** |
| American Tower Corp. | 33233 | &nbsp;&nbsp; 6376083 |
| Crown Castle, Inc. | 30914 | &nbsp;&nbsp; 2768040 |
| SBA Communications Corp., Class A | 7564 | &nbsp;&nbsp; 1521574 |
|  |  | &nbsp;&nbsp; 10665697 |
| **Timber REITs–0.03%** | **Timber REITs–0.03%** | **Timber REITs–0.03%** |
| Weyerhaeuser Co. | 51172 | &nbsp;&nbsp; 1255249 |
| **Tobacco–0.67%** | **Tobacco–0.67%** | **Tobacco–0.67%** |
| Altria Group, Inc. | 119165 | &nbsp;&nbsp; 8227151 |
| Philip Morris International, Inc. | 110502 | &nbsp;&nbsp; 20645089 |
|  |  | &nbsp;&nbsp; 28872240 |
| **Trading Companies & Distributors–0.26%** | **Trading Companies & Distributors–0.26%** | **Trading Companies & Distributors–0.26%** |
| Fastenal Co. | 81496 | &nbsp;&nbsp; 3752076 |
| United Rentals, Inc. | 4517 | &nbsp;&nbsp; 3794280 |
| W.W. Grainger, Inc. | 3105 | &nbsp;&nbsp; 3554386 |
|  |  | &nbsp;&nbsp; 11100742 |
| **Transaction & Payment Processing Services–1.91%** | **Transaction & Payment Processing Services–1.91%** | **Transaction & Payment Processing Services–1.91%** |
| Block, Inc., Class A<sup>(b)</sup>  | 38878 | &nbsp;&nbsp; 2476529 |
| Corpay, Inc.<sup>(b)</sup>  | 4966 | &nbsp;&nbsp; 1614447 |
| Fidelity National Information Services, <br> Inc. | 36761 | &nbsp;&nbsp; 1873341 |
| Fiserv, Inc.<sup>(b)</sup>  | 38181 | &nbsp;&nbsp; 2378294 |
| Global Payments, Inc. | 16806 | &nbsp;&nbsp; 1284987 |
| Jack Henry & Associates, Inc. | 5138 | &nbsp;&nbsp; 834719 |
| Mastercard, Inc., Class A | 58207 | &nbsp;&nbsp; 30105242 |
| PayPal Holdings, Inc. | 66420 | &nbsp;&nbsp; 3069268 |
| Visa, Inc., Class A | 119801 | &nbsp;&nbsp; 38353092 |
|  |  | &nbsp;&nbsp; 81989919 |
| **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** |
| American Water Works Co., Inc. | 13851 | &nbsp;&nbsp; 1884151 |
| **Wireless Telecommunication Services–0.17%** | **Wireless Telecommunication Services–0.17%** | **Wireless Telecommunication Services–0.17%** |
| T-Mobile US, Inc. | 34142 | &nbsp;&nbsp; 7411887 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,338,881,450) | Total Common Stocks & Other Equity Interests <br> (Cost $1,338,881,450) | &nbsp;&nbsp; 4168673514 |

---

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

**8**

**Invesco S&P 500 Index Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–2.69%** | **Money Market Funds–2.69%** | **Money Market Funds–2.69%** | **Money Market Funds–2.69%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(f)</sup>  | 41034803 | &nbsp;&nbsp; $41034803 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.56%<sup>(d)(f)</sup>  | 74282658 | &nbsp;&nbsp; 74282658 |
| Total Money Market Funds (Cost $115,317,461) | Total Money Market Funds (Cost $115,317,461) | Total Money Market Funds (Cost $115,317,461) | &nbsp;&nbsp; 115317461 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.97% <br> (Cost $1,454,198,911)<br>|  |  | &nbsp;&nbsp; 4283990975 |
| **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–1.17%** | **Money Market Funds–1.17%** | **Money Market Funds–1.17%** | **Money Market Funds–1.17%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(f)(g)</sup>  | Invesco Private Government Fund, <br> 3.64%<sup>(d)(f)(g)</sup>  | 13994538 | &nbsp;&nbsp; 13994538 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(d)(f)(g)</sup>  | 36236589 | &nbsp;&nbsp; $36247460 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $50,241,998) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $50,241,998) | &nbsp;&nbsp; 50241998 |
| TOTAL INVESTMENTS IN SECURITIES–101.14% <br> (Cost $1,504,440,909) | TOTAL INVESTMENTS IN SECURITIES–101.14% <br> (Cost $1,504,440,909) | &nbsp;&nbsp; 4334232973 |
| OTHER ASSETS LESS LIABILITIES—(1.14)% | OTHER ASSETS LESS LIABILITIES—(1.14)% | &nbsp;&nbsp; (48886351)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $4285346622 |

---

Investment Abbreviations:

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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at February 28, 2026.

<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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | $677933 | &nbsp;&nbsp; $21121 | &nbsp;&nbsp; $(3507) | &nbsp;&nbsp; $134681 | &nbsp;&nbsp; $(517) | &nbsp;&nbsp; $829711 | &nbsp;&nbsp; $13106 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 33877414 | &nbsp;&nbsp; 72370121 | &nbsp;&nbsp; (65212732) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 41034803 | &nbsp;&nbsp; 792700 |
| Invesco Treasury Portfolio, Institutional Class | 60990363 | &nbsp;&nbsp; 134401654 | &nbsp;&nbsp; (121109359) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 74282658 | &nbsp;&nbsp; 1416973 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 7977149 | &nbsp;&nbsp; 97506248 | &nbsp;&nbsp; (91488859) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13994538 | &nbsp;&nbsp; 142,418\* |
| Invesco Private Prime Fund | 20777139 | &nbsp;&nbsp; 191626528 | &nbsp;&nbsp; (176155429) | &nbsp;&nbsp; (1019) | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 36247460 | &nbsp;&nbsp; 387,094\* |
| Total | $124299998 | &nbsp;&nbsp; $495925672 | &nbsp;&nbsp; $(453969886) | &nbsp;&nbsp; $133662 | &nbsp;&nbsp; $(276) | &nbsp;&nbsp; $166389170 | &nbsp;&nbsp; $2752291 |

---

\* 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> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<sup>(g)</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>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 343 | March-2026 | &nbsp;&nbsp;&nbsp; $118146350 | &nbsp;&nbsp;&nbsp; $(1206295)<br>| &nbsp;&nbsp;&nbsp; $(1206295)<br>|

---

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

**9**

**Invesco S&P 500 Index Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,338,238,100)\*<br>| &nbsp;&nbsp; $4167843803 |
| Investments in affiliates, at value <br>(Cost $166,202,809)<br>| &nbsp;&nbsp; 166389170 |
| Cash | &nbsp;&nbsp; 264 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 2590422 |
| Dividends | &nbsp;&nbsp; 4161346 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 109374 |
| Other assets | &nbsp;&nbsp; 117343 |
| Total assets | &nbsp;&nbsp; 4341211722 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 540497 |
| Payable for: |  |
| Dividends | &nbsp;&nbsp; 23 |
| Fund shares reacquired | &nbsp;&nbsp; 3075070 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 50241998 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1536457 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3171 |
| Accrued other operating expenses | &nbsp;&nbsp; 351867 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 116017 |
| Total liabilities | &nbsp;&nbsp; 55865100 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $4285346622 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1469733400 |
| Distributable earnings | &nbsp;&nbsp; 2815613222 |
|  | &nbsp;&nbsp; $4285346622 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3111309008 |
| Class C | &nbsp;&nbsp; $445677370 |
| Class R | &nbsp;&nbsp; $6139513 |
| Class Y | &nbsp;&nbsp; $655449933 |
| Class R6 | &nbsp;&nbsp; $66770798 |
| **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; 43078187 |
| Class C | &nbsp;&nbsp; 6504381 |
| Class R | &nbsp;&nbsp; 84627 |
| Class Y | &nbsp;&nbsp; 8908557 |
| Class R6 | &nbsp;&nbsp; 905515 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $72.22 |
| Maximum offering price per share <br>(Net asset value of $72.22 ÷ 94.50%)<br>| &nbsp;&nbsp; $76.42 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $68.52 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $72.55 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $73.58 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $73.74 |

---

\* At February 28, 2026, securities with an aggregate value of $48,746,653 were on loan to brokers. 

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

**10**

**Invesco S&P 500 Index Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $5,311) | &nbsp;&nbsp; $24402151 |
| Dividends from affiliates (includes net securities lending income of $71,979) | &nbsp;&nbsp; 2294758 |
| Total investment income | &nbsp;&nbsp; 26696909 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2268114 |
| Administrative services fees | &nbsp;&nbsp; 282901 |
| Custodian fees | &nbsp;&nbsp; 9264 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3700645 |
| Class C | &nbsp;&nbsp; 2163561 |
| Class R | &nbsp;&nbsp; 6080 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 2317246 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 7399 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23846 |
| Registration and filing fees | &nbsp;&nbsp; 74188 |
| Licensing fees | &nbsp;&nbsp; 355289 |
| Reports to shareholders | &nbsp;&nbsp; 52906 |
| Professional services fees | &nbsp;&nbsp; 41736 |
| Other | &nbsp;&nbsp; 22079 |
| Total expenses | &nbsp;&nbsp; 11325254 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (99355)<br>|
| Net expenses | &nbsp;&nbsp; 11225899 |
| Net investment income | &nbsp;&nbsp; 15471010 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (696811)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (276)<br>|
| Futures contracts | &nbsp;&nbsp; 9744235 |
|  | &nbsp;&nbsp; 9047148 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 249076422 |
| Affiliated investment securities | &nbsp;&nbsp; 133662 |
| Futures contracts | &nbsp;&nbsp; (5057939)<br>|
|  | &nbsp;&nbsp; 244152145 |
| Net realized and unrealized gain | &nbsp;&nbsp; 253199293 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $268670303 |

---

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

**11**

**Invesco S&P 500 Index Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $15471010 | &nbsp;&nbsp; $27800015 |
| Net realized gain | &nbsp;&nbsp; 9047148 | &nbsp;&nbsp; 4941179 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 244152145 | &nbsp;&nbsp; 476066321 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 268670303 | &nbsp;&nbsp; 508807515 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (30886451)<br>| &nbsp;&nbsp; (26477522)<br>|
| Class C | &nbsp;&nbsp; (3836416)<br>| &nbsp;&nbsp; (1858868)<br>|
| Class R | &nbsp;&nbsp; (14600)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (7112261)<br>| &nbsp;&nbsp; (7145803)<br>|
| Class R6 | &nbsp;&nbsp; (719967)<br>| &nbsp;&nbsp; (1011583)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (42569695)<br>| &nbsp;&nbsp; (36493776)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 122996347 | &nbsp;&nbsp; 155557132 |
| Class C | &nbsp;&nbsp; (11780163)<br>| &nbsp;&nbsp; (14937222)<br>|
| Class R | &nbsp;&nbsp; 6109070 | &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; 36810730 | &nbsp;&nbsp; (29809569)<br>|
| Class R6 | &nbsp;&nbsp; 2900578 | &nbsp;&nbsp; (15505797)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 157036562 | &nbsp;&nbsp; 95304544 |
| Net increase in net assets | &nbsp;&nbsp; 383137170 | &nbsp;&nbsp; 567618283 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3902209452 | &nbsp;&nbsp; 3334591169 |
| End of period | &nbsp;&nbsp; $4285346622 | &nbsp;&nbsp; $3902209452 |

---

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

**12**

**Invesco S&P 500 Index Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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 02/28/26 | $68.28 | $0.28 | $4.39 | $4.67 | $(0.53)<br>| $(0.20)<br>| $(0.73)<br>| $72.22 | 6.86<br> %<br>| &nbsp;&nbsp; $3111309 | 0.51 %<sup>(d)</sup><br>| 0.51 %<sup>(d)</sup><br>| 0.78 %<sup>(d)</sup><br>| 2<br> %<br>|
| Year ended 08/31/25 | 59.89 | 0.52 | 8.54 | 9.06 | (0.48)<br>| (0.19)<br>| (0.67)<br>| 68.28 | 15.20 | &nbsp;&nbsp; 2825443 | 0.54 | 0.54 | 0.82 | 2 |
| Year ended 08/31/24 | 47.86 | 0.53 | 12.02 | 12.55 | (0.52)<br>|  | (0.52)<br>| 59.89 | 26.45 | &nbsp;&nbsp; 2328665 | 0.54 | 0.54 | 1.00 | 1 |
| Year ended 08/31/23 | 41.94 | 0.51 | 5.84 | 6.35 | (0.43)<br>|  | (0.43)<br>| 47.86 | 15.33 | &nbsp;&nbsp; 1681628 | 0.54 | 0.54 | 1.18 | 2 |
| Year ended 08/31/22 | 48.42 | 0.44 | (5.97)<br>| (5.53)<br>| (0.39)<br>| (0.56)<br>| (0.95)<br>| 41.94 | (11.70)<br>| &nbsp;&nbsp; 1392433 | 0.54 | 0.54 | 0.95 | 2 |
| Year ended 08/31/21 | 37.59 | 0.39 | 10.94 | 11.33 | (0.43)<br>| (0.07)<br>| (0.50)<br>| 48.42 | 30.46 | &nbsp;&nbsp; 1544523 | 0.54 | 0.54 | 0.93 | 5 |
| **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 02/28/26 | 64.90 | 0.02 | 4.17 | 4.19 | (0.37)<br>| (0.20)<br>| (0.57)<br>| 68.52 | 6.47 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 445677 | 1.22 <br><sup>(d)(e)</sup><br>| 1.22 <br><sup>(d)(e)</sup><br>| 0.07 <br><sup>(d)(e)</sup><br>| 2 |
| Year ended 08/31/25 | 57.00 | 0.05 | 8.12 | 8.17 | (0.08)<br>| (0.19)<br>| (0.27)<br>| 64.90 | 14.36 | &nbsp;&nbsp; 433106 | 1.29 | 1.29 | 0.07 | 2 |
| Year ended 08/31/24 | 45.60 | 0.13 | 11.46 | 11.59 | (0.19)<br>|  | (0.19)<br>| 57.00 | 25.50 | &nbsp;&nbsp; 394608 | 1.29 | 1.29 | 0.25 | 1 |
| Year ended 08/31/23 | 40.17 | 0.18 | 5.58 | 5.76 | (0.33)<br>|  | (0.33)<br>| 45.60 | 14.49 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 330698 | 1.28 <br><sup>(e)</sup><br>| 1.28 <br><sup>(e)</sup><br>| 0.44 <br><sup>(e)</sup><br>| 2 |
| Year ended 08/31/22 | 46.48 | 0.09 | (5.75)<br>| (5.66)<br>| (0.09)<br>| (0.56)<br>| (0.65)<br>| 40.17 | (12.38)<br>| &nbsp;&nbsp; 329140 | 1.29 | 1.29 | 0.20 | 2 |
| Year ended 08/31/21 | 36.09 | 0.12 | 10.52 | 10.64 | (0.18)<br>| (0.07)<br>| (0.25)<br>| 46.48 | 29.65 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 400963 | 1.18 <br><sup>(e)</sup><br>| 1.18 <br><sup>(e)</sup><br>| 0.29 <br><sup>(e)</sup><br>| 5 |
| **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** |
| Period ended 02/28/26<sup>(f)</sup> <br>| 70.45 | 0.16 | 2.28 | 2.44 | (0.14)<br>| (0.20)<br>| (0.34)<br>| 72.55 | 3.04 | &nbsp;&nbsp; 6140 | 0.76 <br><sup>(d)</sup><br>| 0.76 <br><sup>(d)</sup><br>| 0.53 <br><sup>(d)</sup><br>| 2 |
| **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 02/28/26 | 69.52 | 0.37 | 4.47 | 4.84 | (0.58)<br>| (0.20)<br>| (0.78)<br>| 73.58 | 6.99 | &nbsp;&nbsp; 655450 | 0.26 <br><sup>(d)</sup><br>| 0.26 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| 2 |
| Year ended 08/31/25 | 60.93 | 0.68 | 8.71 | 9.39 | (0.61)<br>| (0.19)<br>| (0.80)<br>| 69.52 | 15.51 | &nbsp;&nbsp; 583349 | 0.29 | 0.29 | 1.07 | 2 |
| Year ended 08/31/24 | 48.67 | 0.67 | 12.22 | 12.89 | (0.63)<br>|  | (0.63)<br>| 60.93 | 26.75 | &nbsp;&nbsp; 542736 | 0.29 | 0.29 | 1.25 | 1 |
| Year ended 08/31/23 | 42.57 | 0.63 | 5.94 | 6.57 | (0.47)<br>|  | (0.47)<br>| 48.67 | 15.63 | &nbsp;&nbsp; 450318 | 0.29 | 0.29 | 1.43 | 2 |
| Year ended 08/31/22 | 49.12 | 0.56 | (6.05)<br>| (5.49)<br>| (0.50)<br>| (0.56)<br>| (1.06)<br>| 42.57 | (11.48)<br>| &nbsp;&nbsp; 284424 | 0.29 | 0.29 | 1.20 | 2 |
| Year ended 08/31/21 | 38.11 | 0.50 | 11.10 | 11.60 | (0.52)<br>| (0.07)<br>| (0.59)<br>| 49.12 | 30.80 | &nbsp;&nbsp; 286102 | 0.29 | 0.29 | 1.18 | 5 |
| **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 02/28/26 | 69.66 | 0.40 | 4.48 | 4.88 | (0.60)<br>| (0.20)<br>| (0.80)<br>| 73.74 | 7.03 | &nbsp;&nbsp; 66771 | 0.17 <br><sup>(d)</sup><br>| 0.17 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| 2 |
| Year ended 08/31/25 | 61.04 | 0.75 | 8.72 | 9.47 | (0.66)<br>| (0.19)<br>| (0.85)<br>| 69.66 | 15.62 | &nbsp;&nbsp; 60312 | 0.19 | 0.19 | 1.17 | 2 |
| Year ended 08/31/24 | 48.75 | 0.74 | 12.22 | 12.96 | (0.67)<br>|  | (0.67)<br>| 61.04 | 26.87 | &nbsp;&nbsp; 68583 | 0.19 | 0.19 | 1.35 | 1 |
| Year ended 08/31/23 | 42.61 | 0.67 | 5.95 | 6.62 | (0.48)<br>|  | (0.48)<br>| 48.75 | 15.74 | &nbsp;&nbsp; 23920 | 0.20 | 0.20 | 1.52 | 2 |
| Year ended 08/31/22 | 49.15 | 0.60 | (6.05)<br>| (5.45)<br>| (0.53)<br>| (0.56)<br>| (1.09)<br>| 42.61 | (11.40)<br>| &nbsp;&nbsp; 16438 | 0.20 | 0.20 | 1.29 | 2 |
| Year ended 08/31/21 | 38.13 | 0.53 | 11.09 | 11.62 | (0.53)<br>| (0.07)<br>| (0.60)<br>| 49.15 | 30.86 | &nbsp;&nbsp; 12765 | 0.24 | 0.24 | 1.23 | 5 |

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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 to average net assets reflect actual 12b-1 fees of 0.96%, 0.99% and 0.89% for the six months ended February 28, 2026 and the years ended August 31, 2023 and 2021, respectively. 

<sup>(f)</sup> Commencement Date of September 30, 2025.

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

**13**

**Invesco S&P 500 Index Fund**

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**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco S&P 500 Index Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of five different classes of shares: Class A, Class C, Class R, Class Y and Class R6. On September 30, 2025, the Fund began offering Class R shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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, as of the approximate official closing time of that exchange. 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.

Private 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

**14**

**Invesco S&P 500 Index 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 and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

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

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

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

**I.** **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, portfolio managers and senior executives at the Adviser act 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

**15**

**Invesco S&P 500 Index 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 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 February 28, 2026, 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 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** - The Fund intends to be diversified in approximately the same proportion as the S&P 500<sup>®</sup> Index (the "Underlying Index") is diversified. The Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. To the extent the Fund becomes non-diversified, the Fund may invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund.

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

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.120% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.11%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $61,771.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, 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

**16**

**Invesco S&P 500 Index Fund**

------

("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, 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 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, up to 1.00% of the average daily net assets of Class C shares, and up to 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $306,053 in front-end sales commissions from the sale of Class A shares and $2,735 and $20,083 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2026, the Fund incurred $6,271 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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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; $4168673514 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4168673514 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 115317461 | &nbsp;&nbsp;&nbsp;&nbsp; 50241998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165559459 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 4283990975 | &nbsp;&nbsp;&nbsp;&nbsp; 50241998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4334232973 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1206295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1206295)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $4282784680 | &nbsp;&nbsp;&nbsp;&nbsp; $50241998 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4333026678 |

---

\* 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.

**17**

**Invesco S&P 500 Index Fund**

------

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1206295)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1206295 |
| 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 February 28, 2026**

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; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $9744235 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (5057939)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $4686296 |

---

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; $117483640 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $37,584.

**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. The Fund may have certain former Trustees who participated 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 did not have a capital loss carryforward as of August 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $179,119,355 and $64,859,332, respectively. As of February 28, 2026, the aggregate cost of

**18**

**Invesco S&P 500 Index Fund**

------

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; $2858299814 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (50678976)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2807620838 |

---

Cost of investments for tax purposes is $1,525,405,840.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3943117 | &nbsp;&nbsp;&nbsp; $283945301 | &nbsp;&nbsp;&nbsp; 6511081 | &nbsp;&nbsp;&nbsp; $404071225 |
| Class C | &nbsp;&nbsp;&nbsp; 780437 | &nbsp;&nbsp;&nbsp; 53078331 | &nbsp;&nbsp;&nbsp; 1731600 | &nbsp;&nbsp;&nbsp; 102771546 |
| Class R<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 85184 | &nbsp;&nbsp;&nbsp; 6149874 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 1360384 | &nbsp;&nbsp;&nbsp; 98539510 | &nbsp;&nbsp;&nbsp; 2937900 | &nbsp;&nbsp;&nbsp; 186453566 |
| Class R6 | &nbsp;&nbsp;&nbsp; 116533 | &nbsp;&nbsp;&nbsp; 8526880 | &nbsp;&nbsp;&nbsp; 289659 | &nbsp;&nbsp;&nbsp; 18235503 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 386670 | &nbsp;&nbsp;&nbsp; 27472920 | &nbsp;&nbsp;&nbsp; 369536 | &nbsp;&nbsp;&nbsp; 23613379 |
| Class C | &nbsp;&nbsp;&nbsp; 53196 | &nbsp;&nbsp;&nbsp; 3590734 | &nbsp;&nbsp;&nbsp; 28434 | &nbsp;&nbsp;&nbsp; 1735891 |
| Class R<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 14552 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 83605 | &nbsp;&nbsp;&nbsp; 6047948 | &nbsp;&nbsp;&nbsp; 93017 | &nbsp;&nbsp;&nbsp; 6040546 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9380 | &nbsp;&nbsp;&nbsp; 679954 | &nbsp;&nbsp;&nbsp; 15086 | &nbsp;&nbsp;&nbsp; 980886 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 400006 | &nbsp;&nbsp;&nbsp; 28725912 | &nbsp;&nbsp;&nbsp; 901636 | &nbsp;&nbsp;&nbsp; 56532370 |
| Class C | &nbsp;&nbsp;&nbsp; (421319)<br>| &nbsp;&nbsp;&nbsp; (28725912)<br>| &nbsp;&nbsp;&nbsp; (946621)<br>| &nbsp;&nbsp;&nbsp; (56532370)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3030370)<br>| &nbsp;&nbsp;&nbsp; (217147786)<br>| &nbsp;&nbsp;&nbsp; (5287162)<br>| &nbsp;&nbsp;&nbsp; (328659842)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (581652)<br>| &nbsp;&nbsp;&nbsp; (39723316)<br>| &nbsp;&nbsp;&nbsp; (1062520)<br>| &nbsp;&nbsp;&nbsp; (62912289)<br>|
| Class R<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; (761)<br>| &nbsp;&nbsp;&nbsp; (55356)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; (926979)<br>| &nbsp;&nbsp;&nbsp; (67776728)<br>| &nbsp;&nbsp;&nbsp; (3546565)<br>| &nbsp;&nbsp;&nbsp; (222303681)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (86232)<br>| &nbsp;&nbsp;&nbsp; (6306256)<br>| &nbsp;&nbsp;&nbsp; (562423)<br>| &nbsp;&nbsp;&nbsp; (34722186)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 2171403 | &nbsp;&nbsp;&nbsp; $157036562 | &nbsp;&nbsp;&nbsp; 1472658 | &nbsp;&nbsp;&nbsp; $95304544 |

---

<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 51% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

<sup>(b)</sup> Commencement Date of September 30, 2025.

**19**

**Invesco S&P 500 Index 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>**

Not applicable.

**20**

**Invesco S&P 500 Index Fund**

------

![](imgec2dacee1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

MS-SPI-NCSRS

------

![](img3c5ef0801.jpg)

------

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

**February 28, 2026**

**Invesco Senior Floating Rate Fund**

Nasdaq:

A: OOSAX ■ C: OOSCX ■ R: OOSNX ■ Y: OOSYX ■ R5: SFRRX ■ R6: OOSIX

------

---

| | |
|:---|:---|
| [2](#xx_d978d5e9-e4a8-4b85-9e30-5ca43b1e327a_SOI-Continued-732_1) | Schedule of Investments |
| [20](#xx_d978d5e9-e4a8-4b85-9e30-5ca43b1e327a_FS-Continued-732_1) | Financial Statements |
| [24](#xx_d978d5e9-e4a8-4b85-9e30-5ca43b1e327a_FS-Continued-732_5) | Financial Highlights |
| [25](#xx_d978d5e9-e4a8-4b85-9e30-5ca43b1e327a_NTF-Continued-732_1) | Notes to Financial Statements |
| [34](#xx_d978d5e9-e4a8-4b85-9e30-5ca43b1e327a_OIRSR-Continued-732_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Variable Rate Senior Loan Interests–85.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–85.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–85.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–85.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–85.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–85.03%**<sup>(b)(c)</sup>  |
| **Aerospace & Defense–3.31%** | **Aerospace & Defense–3.31%** | **Aerospace & Defense–3.31%** | **Aerospace & Defense–3.31%** |  |  |
| Arxis |  |  |  |  |  |
| Delayed Draw Term Loan (3 mo. Term SOFR + 2.50%) | 6.15% | 02/26/2032 |  | $41 | &nbsp;&nbsp; $40924 |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 02/26/2032 |  | 168 | &nbsp;&nbsp; 168281 |
| Term Loan (3 mo. Term SOFR + 2.75%) | 6.17% | 02/26/2032 |  | 2208 | &nbsp;&nbsp; 2207542 |
| AVS (Ramudden Global) (Germany) |  |  |  |  |  |
| Term Loan<sup>(e)</sup> <br>| – | 02/14/2033 | EUR | 1543 | &nbsp;&nbsp; 1825405 |
| Term Loan B-4 (3 mo. EURIBOR + 3.50%) | 5.43% | 12/10/2029 | EUR | 3000 | &nbsp;&nbsp; 3553432 |
| Brown Group Holding LLC (Signature Aviation US Holdings, Inc.) |  |  |  |  |  |
| Incremental Term Loan B-2 (1 mo. Term SOFR + 2.75%) | 6.17% | 07/01/2031 |  | 2032 | &nbsp;&nbsp; 2039319 |
| Term Loan (1 mo. Term SOFR + 2.50%) | 6.17% | 07/01/2031 |  | 3566 | &nbsp;&nbsp; 3576679 |
| CACI International, Inc., Term Loan B<sup>(e)</sup> <br>| – | 02/25/2033 |  | 4832 | &nbsp;&nbsp; 4835193 |
| Element Materials Tech Group, Inc., Term Loan (3 mo. Term SOFR + 4.25%) | 7.35% | 07/06/2029 |  | 2990 | &nbsp;&nbsp; 3007355 |
| Fairbanks Morse Defense (Arcline FM Holding LLC), Term Loan B<sup>(e)</sup> <br>| – | 06/23/2030 |  | 935 | &nbsp;&nbsp; 938406 |
| Gogo Intermediate Holdings LLC, Term Loan (1 mo. Term SOFR + 3.75%) | 7.54% | 04/30/2028 |  | 9644 | &nbsp;&nbsp; 8017932 |
| KKR Apple Bidco LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 09/23/2031 |  | 8319 | &nbsp;&nbsp; 8333504 |
| OneSky Flight LLC, Term Loan B (1 mo. Term SOFR + 2.75%)<sup>(f)</sup> <br>| 6.40% | 02/04/2033 |  | 2850 | &nbsp;&nbsp; 2844843 |
| PennAero (Takeoff Buyer, Inc.) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 02/04/2033 |  | 504 | &nbsp;&nbsp; 505787 |
| Term Loan B<sup>(e)</sup> <br>| – | 02/04/2033 |  | 3149 | &nbsp;&nbsp; 3161171 |
| Peraton Corp., First Lien Term Loan B (1 mo. Term SOFR + 3.75%) | 7.52% | 02/01/2028 |  | 14365 | &nbsp;&nbsp; 12353699 |
| Propulsion (BC) Newco LLC (aka ITP Aero) (Spain), Term Loan (3 mo. Term SOFR + <br> 2.50%)<br>| 8.50% | 11/30/2032 |  | 7283 | &nbsp;&nbsp; 7295254 |
| Rand Parent LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 03/17/2030 |  | 4965 | &nbsp;&nbsp; 4974324 |
| TransDigm, Inc. |  |  |  |  |  |
| Term Loan J (3 mo. Term SOFR + 3.25%) | 6.17% | 02/28/2031 |  | 2417 | &nbsp;&nbsp; 2419934 |
| Term Loan K (3 mo. Term SOFR + 2.25%) | 5.92% | 03/22/2030 |  | 12345 | &nbsp;&nbsp; 12347701 |
| Term Loan M (1 mo. Term SOFR + 2.50%) | 6.17% | 08/19/2032 |  | 1652 | &nbsp;&nbsp; 1653024 |
|  |  |  |  |  | &nbsp;&nbsp; 86099709 |
| **Air Transport–1.47%** | **Air Transport–1.47%** | **Air Transport–1.47%** | **Air Transport–1.47%** |  |  |
| AAdvantage Loyality IP Ltd. (American Airlines, Inc.) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 04/20/2028 |  | 17855 | &nbsp;&nbsp; 17855439 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 6.42% | 05/07/2032 |  | 1663 | &nbsp;&nbsp; 1666832 |
| American Airlines, Inc. |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 2.25%) | 6.26% | 06/04/2029 |  | 9643 | &nbsp;&nbsp; 9643047 |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 6.00% | 02/15/2028 |  | 54 | &nbsp;&nbsp; 54001 |
| Stonepeak Nile Parent LLC, Term Loan B-1 (3 mo. Term SOFR + 2.25%) | 5.92% | 04/11/2032 |  | 4540 | &nbsp;&nbsp; 4537452 |
| WestJet Airlines Ltd. (Canada), Term Loan (3 mo. Term SOFR + 3.25%) | 6.42% | 02/14/2031 |  | 4512 | &nbsp;&nbsp; 4512580 |
|  |  |  |  |  | &nbsp;&nbsp; 38269351 |
| **Automotive–3.02%** | **Automotive–3.02%** | **Automotive–3.02%** | **Automotive–3.02%** |  |  |
| American Axle & Manufacturing, Inc., Term Loan C (1 mo. Term SOFR + 3.25%) | 6.91% | 02/24/2032 |  | 3473 | &nbsp;&nbsp; 3466509 |
| Autokiniton US Holdings, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.79% | 04/06/2028 |  | 4034 | &nbsp;&nbsp; 4025126 |
| Belron Group S.A. (United Kingdom), Term Loan B (3 mo. Term SOFR + 2.00%) | 5.66% | 10/16/2031 |  | 5891 | &nbsp;&nbsp; 5900508 |
| DexKo Global, Inc. (Germany), Incremental First Lien Term Loan (1 mo. Term SOFR + <br> 4.25%)<br>| 7.92% | 10/04/2028 |  | 4652 | &nbsp;&nbsp; 4661434 |
| Highline Aftermarket Acquisition LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 02/15/2030 |  | 8895 | &nbsp;&nbsp; 8917951 |
| Lippert Components, Inc., Term Loan (1 mo. Term SOFR + 2.25%)<sup>(f)</sup> <br>| 5.92% | 03/25/2032 |  | 3936 | &nbsp;&nbsp; 3960615 |
| LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC), Term Loan B-1 (3 mo. <br> Term SOFR + 2.50%)<br>| 6.17% | 04/23/2031 |  | 4690 | &nbsp;&nbsp; 4694400 |
| Mavis Tire Express Services Topco Corp., Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 05/04/2028 |  | 12986 | &nbsp;&nbsp; 12975599 |
| OPENLANE, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.14% | 10/01/2032 |  | 5247 | &nbsp;&nbsp; 5253978 |
| Paint Intermediate III LLC (Wesco Group), Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/09/2031 |  | 6582 | &nbsp;&nbsp; 6587284 |
| Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL), Term Loan B (1 mo. <br> Term SOFR + 2.75%)<br>| 6.42% | 01/28/2032 |  | 10438 | &nbsp;&nbsp; 10427146 |

---

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

**2**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Automotive–(continued)** | **Automotive–(continued)** | **Automotive–(continued)** | **Automotive–(continued)** |  |  |
| Project Boost Purchaser LLC, Term Loan (3 mo. Term SOFR + 2.75%) | 6.42% | 07/16/2031 |  | $3479 | &nbsp;&nbsp; $3324878 |
| Wand NewCo 3, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 01/30/2031 |  | 4382 | &nbsp;&nbsp; 4363714 |
|  |  |  |  |  | &nbsp;&nbsp; 78559142 |
| **Beverage & Tobacco–0.45%** | **Beverage & Tobacco–0.45%** | **Beverage & Tobacco–0.45%** | **Beverage & Tobacco–0.45%** |  |  |
| AI Aqua Merger Sub, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 07/31/2028 |  | 10047 | &nbsp;&nbsp; 10015544 |
| City Brewing Co. LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 7.00%)<sup>(f)</sup> <br>| 10.67% | 09/30/2030 |  | 5320 | &nbsp;&nbsp; 798028 |
| Term Loan (3 mo. Term SOFR + 7.00%)<sup>(f)</sup> <br>| 10.67% | 09/30/2030 |  | 1757 | &nbsp;&nbsp; 790817 |
| Savor Acquisition, Inc. (Sauer Brands), Term Loan B (1 mo. Term SOFR + 3.25%) | 6.67% | 02/04/2032 |  | 143 | &nbsp;&nbsp; 142850 |
|  |  |  |  |  | &nbsp;&nbsp; 11747239 |
| **Brokers, Dealers & Investment Houses–0.84%** | **Brokers, Dealers & Investment Houses–0.84%** | **Brokers, Dealers & Investment Houses–0.84%** | **Brokers, Dealers & Investment Houses–0.84%** |  |  |
| Envestnet, Inc. (BCPE Pequod Buyer, Inc), Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 11/25/2031 |  | 2513 | &nbsp;&nbsp; 2438769 |
| EP Wealth Advisors LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/06/2032 |  | 1910 | &nbsp;&nbsp; 1900138 |
| GC Ferry Acquisition I, Inc. (First Eagle Investment Management LLC) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 08/16/2032 |  | 1990 | &nbsp;&nbsp; 1949877 |
| Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 08/16/2032 |  | 11657 | &nbsp;&nbsp; 11420709 |
| Orion US Finco (OSTTRA), Term Loan B (3 mo. Term SOFR + 3.50%) | 7.15% | 10/08/2032 |  | 4126 | &nbsp;&nbsp; 4063647 |
|  |  |  |  |  | &nbsp;&nbsp; 21773140 |
| **Building & Development–4.29%** | **Building & Development–4.29%** | **Building & Development–4.29%** | **Building & Development–4.29%** |  |  |
| Chariot Buyer LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 09/08/2032 |  | 12409 | &nbsp;&nbsp; 12383789 |
| Empire Today LLC |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 5.26%) <br>(Acquired 11/18/2024-06/25/2025; Cost $11,932,433)<sup>(f)(g)</sup> <br>| 8.93% | 08/03/2029 |  | 15804 | &nbsp;&nbsp; 9469814 |
| Term Loan A (3 mo. Term SOFR + 5.76%) <br>(Acquired 11/18/2024-06/25/2025; Cost $4,295,366)<sup>(f)(g)</sup> <br>| 9.43% | 08/03/2029 |  | 4710 | &nbsp;&nbsp; 4502046 |
| Term Loan B (3 mo. Term SOFR + 5.76%) <br>(Acquired 11/18/2024-06/25/2025; Cost $4,571,242)<sup>(f)(g)</sup> <br>| 9.43% | 08/03/2029 |  | 4647 | &nbsp;&nbsp; 4442032 |
| Gibraltar Industries, Term Loan B (1 mo. Term SOFR + 2.75%)<sup>(f)</sup> <br>| 8.00% | 01/29/2033 |  | 2331 | &nbsp;&nbsp; 2336726 |
| Green Infrastructure Partners (Canada), Term Loan (3 mo. Term SOFR + 2.75%) | 6.42% | 09/17/2032 |  | 3999 | &nbsp;&nbsp; 4001180 |
| Gulfside Supply, Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 06/17/2031 |  | 8017 | &nbsp;&nbsp; 7430953 |
| Icebox Holdco III, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.75%) | 6.92% | 12/22/2031 |  | 4620 | &nbsp;&nbsp; 4638640 |
| Interior Logic Group, Inc. (Signal Parent), Term Loan B (3 mo. Term SOFR + 3.50%) <br>(Acquired 09/19/2023-07/08/2024; Cost $10,725,175)<sup>(g)</sup> <br>| 7.27% | 04/01/2028 |  | 11573 | &nbsp;&nbsp; 8520652 |
| IPS Corp./CP Iris Holdco |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 10/27/2032 |  | 763 | &nbsp;&nbsp; 760927 |
| Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 10/18/2032 |  | 8258 | &nbsp;&nbsp; 8231850 |
| Janus International Group, LLC, Term Loan B (3 mo. Term SOFR + 2.00%) | 5.66% | 08/03/2030 |  | 1399 | &nbsp;&nbsp; 1396731 |
| MI Windows and Doors LLC, Incremental Term Loan B (1 mo. Term SOFR + 3.00%) | 6.42% | 03/28/2031 |  | 2035 | &nbsp;&nbsp; 2023978 |
| Modulaire (BCP-V Modular/Algeco) (United Kingdom), Term Loan (3 mo. EURIBOR + <br> 4.43%)<br>| 6.44% | 07/31/2031 | EUR | 1500 | &nbsp;&nbsp; 1674564 |
| Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.50%) | 7.92% | 04/29/2029 |  | 12413 | &nbsp;&nbsp; 8349771 |
| Pinnacle Buyer LLC (Summit Cos.) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 10/01/2032 |  | 542 | &nbsp;&nbsp; 543575 |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.16% | 10/15/2032 |  | 2813 | &nbsp;&nbsp; 2819522 |
| Pye-Barker Fire and Safety LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 12/16/2032 |  | 1227 | &nbsp;&nbsp; 1229266 |
| Term Loan B (1 mo. Term SOFR + 2.50%) | 6.20% | 12/09/2032 |  | 8209 | &nbsp;&nbsp; 8226628 |
| Quikrete Holdings, Inc. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 03/19/2029 |  | 3725 | &nbsp;&nbsp; 3729308 |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 02/15/2032 |  | 3223 | &nbsp;&nbsp; 3224527 |
| Term Loan B-1 (1 mo. Term SOFR + 2.25%) | 5.92% | 04/14/2031 |  | 4208 | &nbsp;&nbsp; 4210835 |
| TAMKO Building Products LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 6.42% | 09/20/2030 |  | 5603 | &nbsp;&nbsp; 5612766 |
| Tecta America Corp., Term Loan (1 mo. Term SOFR + 2.75%) | 6.42% | 02/18/2032 |  | 1686 | &nbsp;&nbsp; 1689478 |
|  |  |  |  |  | &nbsp;&nbsp; 111449558 |
| **Business Equipment & Services–7.69%** | **Business Equipment & Services–7.69%** | **Business Equipment & Services–7.69%** | **Business Equipment & Services–7.69%** |  |  |
| Allied Universal Holdco LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 08/20/2032 |  | 12560 | &nbsp;&nbsp; 12580990 |

---

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

**3**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Business Equipment & Services–(continued)** | **Business Equipment & Services–(continued)** | **Business Equipment & Services–(continued)** | **Business Equipment & Services–(continued)** |  |  |
| Azuria Water Solutions, Inc |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 01/27/2033 |  | $634 | &nbsp;&nbsp; $626810 |
| Term Loan<sup>(e)</sup> <br>| – | 01/27/2033 |  | 4755 | &nbsp;&nbsp; 4701073 |
| Azuria Water Solutions, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 05/17/2028 |  | 5691 | &nbsp;&nbsp; 5656275 |
| Cimpress USA, Inc., Term Loan S (1 mo. Term SOFR + 2.50%) | 6.17% | 05/17/2028 |  | 7141 | &nbsp;&nbsp; 7158814 |
| Cloud Software Group, Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 6.92% | 08/09/2032 |  | 2810 | &nbsp;&nbsp; 2615730 |
| Term Loan B-2 (3 mo. Term SOFR + 3.25%) | 6.92% | 03/21/2031 |  | 3834 | &nbsp;&nbsp; 3572960 |
| Constant Contact, Inc. |  |  |  |  |  |
| Second Lien Term Loan (3 mo. Term SOFR + 7.50%) | 11.43% | 02/12/2029 |  | 3742 | &nbsp;&nbsp; 3096359 |
| Term Loan (3 mo. Term SOFR + 4.00%) | 7.93% | 02/10/2028 |  | 15077 | &nbsp;&nbsp; 13142517 |
| Garda World Security Corp. (Canada), Term Loan (3 mo. Term SOFR + 2.75%) | 6.42% | 02/01/2029 |  | 13768 | &nbsp;&nbsp; 13764013 |
| GI Revelation Acquisition LLC, Term Loan B-4 (1 mo. Term SOFR + 3.75%) | 7.42% | 05/12/2028 |  | 13453 | &nbsp;&nbsp; 10750547 |
| Heron BidCo, LLC (Heidrick & Struggles International Inc), Term Loan B (3 mo. Term <br> SOFR + 4.00%)<br>| 7.74% | 12/10/2032 |  | 6202 | &nbsp;&nbsp; 6197184 |
| Kantar Media (United Kingdom), Delayed Draw Term Loan (3 mo. EURIBOR + 3.25%) | 6.28% | 07/30/2032 | EUR | 1000 | &nbsp;&nbsp; 1148001 |
| KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (6 mo. EURIBOR + 5.75%) | 7.85% | 10/25/2029 | EUR | 7138 | &nbsp;&nbsp; 5549472 |
| Learning Care Group (US) No. 2, Inc., Term Loan B (3 mo. Term SOFR + 4.00%) | 7.67% | 08/11/2028 |  | 7938 | &nbsp;&nbsp; 6299229 |
| Monitronics International, Inc., DIP Term Loan A (3 mo. Term SOFR + 7.50%) <br>(Acquired 06/30/2023-02/16/2024; Cost $22,562,605)<sup>(f)(g)</sup> <br>| 11.43% | 06/30/2028 |  | 22551 | &nbsp;&nbsp; 22540003 |
| Nuvei Tech Corp, Pivotal Refi L.P., Nuvei Tech, Inc., Term Loan B (1 mo. Term SOFR + <br> 2.50%)<br>| 6.17% | 11/17/2031 |  | 1790 | &nbsp;&nbsp; 1749462 |
| OCM System One Buyer CTB LLC, Term Loan B (3 mo. Term SOFR + 3.75%) | 7.17% | 03/02/2028 |  | 4542 | &nbsp;&nbsp; 4542474 |
| Orchid Merger Sub II LLC, Term Loan (3 mo. Term SOFR + 4.75%) <br>(Acquired 11/12/2021-01/05/2022; Cost $8,547,412)<sup>(g)</sup> <br>| 8.52% | 07/27/2027 |  | 8696 | &nbsp;&nbsp; 4203797 |
| Project Dragon (Voyix Digital Banking), Term Loan B (3 mo. Term SOFR + 3.25%) | 6.42% | 09/30/2031 |  | 5638 | &nbsp;&nbsp; 4989825 |
| Prometric Holdings, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 7.42% | 06/25/2032 |  | 7380 | &nbsp;&nbsp; 7380189 |
| Ryan LLC (Ryan Tax), Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 11/05/2032 |  | 14371 | &nbsp;&nbsp; 13927676 |
| Socotec (Holding SAS) (France), Term Loan (1 mo. Term SOFR + 2.75%) | 6.42% | 06/02/2031 |  | 1488 | &nbsp;&nbsp; 1493495 |
| Spin Holdco, Inc. |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 4.26%) | 7.93% | 09/04/2030 |  | 29323 | &nbsp;&nbsp; 22994398 |
| Term Loan B (3 mo. Term SOFR + 5.43%) | 9.10% | 09/28/2030 |  | 8228 | &nbsp;&nbsp; 8434428 |
| team.blue Finco S.a.r.l. (Netherlands), Term Loan (3 mo. Term SOFR + 3.25%)<sup>(f)</sup> <br>| 6.92% | 07/12/2032 |  | 2971 | &nbsp;&nbsp; 2569983 |
| Thermostat Purchaser III, Inc., Term Loan B (3 mo. Term SOFR + 4.25%) | 7.92% | 08/31/2028 |  | 1647 | &nbsp;&nbsp; 1627724 |
| VFS Global (Switzerland), Term Loan B (6 mo. Term SOFR + 2.50%) | 6.29% | 10/07/2032 |  | 6525 | &nbsp;&nbsp; 6528953 |
|  |  |  |  |  | &nbsp;&nbsp; 199842381 |
| **Cable & Satellite Television–2.40%** | **Cable & Satellite Television–2.40%** | **Cable & Satellite Television–2.40%** | **Cable & Satellite Television–2.40%** |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) |  |  |  |  |  |
| Incremental Term Loan (3 mo. EURIBOR + 5.00%) | 7.02% | 10/31/2027 | EUR | 1365 | &nbsp;&nbsp; 1205078 |
| Term Loan (3 mo. Term SOFR + 5.00%) | 8.67% | 10/31/2027 |  | 12189 | &nbsp;&nbsp; 9034786 |
| Term Loan B (3 mo. EURIBOR + 5.00%) | 7.02% | 10/31/2027 | EUR | 3264 | &nbsp;&nbsp; 2881697 |
| Atlantic Broadband Finance LLC (Cogeco) |  |  |  |  |  |
| Incremental Term Loan B-5 (1 mo. Term SOFR + 2.50%) | 6.29% | 09/01/2028 |  | 1084 | &nbsp;&nbsp; 1017873 |
| Term Loan B-1 (1 mo. Term SOFR + 2.75%) | 6.92% | 09/18/2030 |  | 8963 | &nbsp;&nbsp; 8358480 |
| SFR-Numericable (YPSO, Altice France) (France) |  |  |  |  |  |
| Term Loan B-11 (3 mo. Term SOFR + 4.13%) | 7.80% | 04/30/2028 |  | 1063 | &nbsp;&nbsp; 1059340 |
| Term Loan B-12 (3 mo. Term SOFR + 5.06%) | 8.74% | 10/30/2028 |  | 16785 | &nbsp;&nbsp; 16757427 |
| Term Loan B-13 (3 mo. Term SOFR + 5.38%) | 9.05% | 05/14/2029 |  | 7037 | &nbsp;&nbsp; 7024136 |
| Term Loan B-14 (3 mo. EURIBOR + 6.88%) | 8.89% | 05/31/2031 | EUR | 3632 | &nbsp;&nbsp; 4334577 |
| Versant Media Group, Inc., Term Loan B | 7.16% | 01/30/2031 |  | 7121 | &nbsp;&nbsp; 7128491 |
| Virgin Media 02 - LG (United Kingdom) |  |  |  |  |  |
| Term Loan Q (1 mo. Term SOFR + 3.25%) | 7.02% | 01/31/2029 |  | 29 | &nbsp;&nbsp; 28152 |
| Term Loan Y (6 mo. Term SOFR + 3.25%) | 7.05% | 03/31/2031 |  | 3881 | &nbsp;&nbsp; 3637300 |
|  |  |  |  |  | &nbsp;&nbsp; 62467337 |

---

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

**4**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Chemicals & Plastics–3.54%** | **Chemicals & Plastics–3.54%** | **Chemicals & Plastics–3.54%** | **Chemicals & Plastics–3.54%** |  |  |
| A&R Logistics Holdings, Inc. (Quantix) |  |  |  |  |  |
| Incremental Term Loan 12 (3 mo. Term SOFR + 6.90%)<sup>(f)</sup> <br>| 6.31% | 02/03/2028 |  | $5009 | &nbsp;&nbsp; $4222249 |
| Incremental Term Loan 13 (3 mo. Term SOFR + 6.90%)<sup>(f)</sup> <br>| 6.16% | 08/06/2026 |  | 77 | &nbsp;&nbsp; 64645 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 06/29/2026 |  | 178 | &nbsp;&nbsp; 177475 |
| A-Gas Finco, Inc., Term Loan (3 mo. Term SOFR + 5.25%) | 8.92% | 12/14/2029 |  | 7937 | &nbsp;&nbsp; 7134954 |
| Derby Buyer LLC (Delrin), Term Loan B (1 mo. Term SOFR + 3.00%) | 6.66% | 11/01/2030 |  | 4594 | &nbsp;&nbsp; 4605869 |
| Discovery Purchaser Corp. (BES), Second Lien Term Loan (3 mo. Term SOFR + 7.00%) | 10.65% | 10/04/2030 |  | 1420 | &nbsp;&nbsp; 1353678 |
| Eastman Tire Additives (River Buyer, Inc.) |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 6.25%) | 9.91% | 05/28/2026 |  | 6239 | &nbsp;&nbsp; 3839687 |
| First Lien Term Loan (3 mo. Term SOFR + 5.51%) | 9.17% | 08/01/2029 |  | 7677 | &nbsp;&nbsp; 733157 |
| Flint Group (ColourOz Inv) (Germany) |  |  |  |  |  |
| Term Loan (6 mo. EURIBOR + 4.25%) | 6.29% | 12/31/2026 | EUR | 8152 | &nbsp;&nbsp; 9271537 |
| Term Loan (6 mo. EURIBOR + 6.00%)<sup>(f)</sup> <br>| 8.03% | 12/31/2027 | EUR | 270 | &nbsp;&nbsp; 307837 |
| Term Loan (3 mo. Term SOFR + 5.00%) | 8.18% | 12/31/2026 |  | 4020 | &nbsp;&nbsp; 3863988 |
| Hasa Intermediate Holdings LLC |  |  |  |  |  |
| Incremental Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 01/10/2029 |  | 378 | &nbsp;&nbsp; 378457 |
| Incremental Term Loan (3 mo. Term SOFR + 4.50%)<sup>(f)</sup> <br>| 8.16% | 01/10/2029 |  | 3802 | &nbsp;&nbsp; 3801862 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 01/10/2029 |  | 661 | &nbsp;&nbsp; 660888 |
| Revolver Loan (3 mo. Term SOFR + 4.50%)<sup>(f)</sup> <br>| 8.24% | 01/10/2029 |  | 1175 | &nbsp;&nbsp; 1174911 |
| Ineos Quattro (STYRO), Term Loan B<sup>(e)</sup> <br>| – | 04/02/2029 |  | 1840 | &nbsp;&nbsp; 1506058 |
| Ineos US Finance LLC |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 3.25%) | 6.92% | 02/18/2030 |  | 4695 | &nbsp;&nbsp; 3970497 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 02/07/2031 |  | 6234 | &nbsp;&nbsp; 5330142 |
| Oxea Corp. (OQ Chemicals) (Oman) |  |  |  |  |  |
| Term Loan B-1 (3 mo. EURIBOR + 4.25%) | 6.28% | 04/07/2031 | EUR | 6586 | &nbsp;&nbsp; 5626503 |
| Term Loan B-2 (3 mo. Term SOFR + 3.50%) | 8.00% | 04/07/2031 |  | 15161 | &nbsp;&nbsp; 11165904 |
| Proampac PG Borrower LLC, Term Loan (1 mo. Term SOFR + 4.00%) | 7.67% | 09/15/2028 |  | 12653 | &nbsp;&nbsp; 12510208 |
| USALCO LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 09/30/2031 |  | 281 | &nbsp;&nbsp; 281430 |
| Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 09/30/2031 |  | 2698 | &nbsp;&nbsp; 2704278 |
| V Global Holdings LLC |  |  |  |  |  |
| Revolver Loan (1 mo. USD LIBOR + 5.75%)<sup>(f)</sup> <br>| 9.52% | 01/02/2029 |  | 325 | &nbsp;&nbsp; 303316 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 01/02/2029 |  | 565 | &nbsp;&nbsp; 526982 |
| Term Loan (3 mo. Term SOFR + 2.70%)<sup>(f)</sup> <br>| 9.55% | 01/02/2029 |  | 7123 | &nbsp;&nbsp; 6639056 |
|  |  |  |  |  | &nbsp;&nbsp; 92155568 |
| **Clothing & Textiles–0.65%** | **Clothing & Textiles–0.65%** | **Clothing & Textiles–0.65%** | **Clothing & Textiles–0.65%** |  |  |
| ABG Intermediate Holdings 2 LLC |  |  |  |  |  |
| Incremental Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 02/12/2032 |  | 3925 | &nbsp;&nbsp; 3897992 |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 12/21/2028 |  | 3005 | &nbsp;&nbsp; 3000292 |
| Beach Acquisition Bidco LLC (Skechers), Term Loan B (3 mo. Term SOFR + 3.25%) | 6.92% | 09/12/2032 |  | 4390 | &nbsp;&nbsp; 4410817 |
| Varsity Brands Holding Co., Inc., Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 08/26/2031 |  | 5695 | &nbsp;&nbsp; 5687981 |
|  |  |  |  |  | &nbsp;&nbsp; 16997082 |
| **Conglomerates–0.19%** | **Conglomerates–0.19%** | **Conglomerates–0.19%** | **Conglomerates–0.19%** |  |  |
| CoorsTek, Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/28/2032 |  | 4989 | &nbsp;&nbsp; 5021240 |
| **Containers & Glass Products–3.64%** | **Containers & Glass Products–3.64%** | **Containers & Glass Products–3.64%** | **Containers & Glass Products–3.64%** |  |  |
| Berlin Packaging LLC, Term Loan (1 mo. Term SOFR + 3.25%) | 6.92% | 06/07/2031 |  | 11559 | &nbsp;&nbsp; 11518424 |
| BradyPLUS Holdings LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 12/13/2032 |  | 8752 | &nbsp;&nbsp; 8700210 |
| Consolidated Container Co. LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 06/11/2031 |  | 6896 | &nbsp;&nbsp; 6677158 |
| Flex Acquisition Co., Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 04/30/2032 |  | 7764 | &nbsp;&nbsp; 7696331 |
| Iris Holding, Inc. (Intertape), First Lien Term Loan (3 mo. Term SOFR + 4.75%) | 8.52% | 06/28/2028 |  | 7240 | &nbsp;&nbsp; 7087858 |
| Libbey Glass LLC, Term Loan B (3 mo. Term SOFR + 6.65%)<sup>(f)</sup> <br>| 10.32% | 11/22/2027 |  | 16802 | &nbsp;&nbsp; 16235621 |
| Mold-Rite Plastics LLC (Valcour Packaging LLC) |  |  |  |  |  |
| Term Loan A-1 (1 mo. Term SOFR + 5.25%) | 8.92% | 10/04/2028 |  | 5412 | &nbsp;&nbsp; 5411508 |
| Term Loan A-2 (1 mo. Term SOFR + 3.86%) | 5.28% | 10/04/2028 |  | 8352 | &nbsp;&nbsp; 6333505 |
| Plastipak Packaging, Inc., Term Loan (1 mo. Term SOFR + 2.50%) | 6.17% | 09/24/2032 |  | 6525 | &nbsp;&nbsp; 6526772 |
| Pregis Corp., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 02/01/2029 |  | 5651 | &nbsp;&nbsp; 5672741 |
| Refresco (Pegasus Bidco B.V.) (Netherlands), Term Loan B (3 mo. Term SOFR + 2.75%) | 6.40% | 07/12/2029 |  | 5312 | &nbsp;&nbsp; 5320029 |

---

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

**5**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Containers & Glass Products–(continued)** | **Containers & Glass Products–(continued)** | **Containers & Glass Products–(continued)** | **Containers & Glass Products–(continued)** |  |  |
| Ring Container Technologies Group LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 09/10/2032 |  | $3674 | &nbsp;&nbsp; $3680890 |
| TricorBraun, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 03/03/2031 |  | 3968 | &nbsp;&nbsp; 3809758 |
|  |  |  |  |  | &nbsp;&nbsp; 94670805 |
| **Cosmetics & Toiletries–1.11%** | **Cosmetics & Toiletries–1.11%** | **Cosmetics & Toiletries–1.11%** | **Cosmetics & Toiletries–1.11%** |  |  |
| Bausch and Lomb, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 7.42% | 01/30/2031 |  | 15020 | &nbsp;&nbsp; 15053850 |
| KDC/ONE Development Corp., Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.50%) | 7.17% | 08/15/2028 |  | 3636 | &nbsp;&nbsp; 3610161 |
| Reckitt Essential Home (Lavender B.V./US Holdco), Term Loan (3 mo. Term SOFR + <br> 3.25%)<br>| 6.93% | 12/30/2032 |  | 4965 | &nbsp;&nbsp; 4971186 |
| Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%) | 6.78% | 06/29/2028 | EUR | 4800 | &nbsp;&nbsp; 5202349 |
|  |  |  |  |  | &nbsp;&nbsp; 28837546 |
| **Drugs–0.15%** | **Drugs–0.15%** | **Drugs–0.15%** | **Drugs–0.15%** |  |  |
| Alkermes, Inc., Term Loan (1 mo. Term SOFR + 2.75%) | 6.42% | 08/12/2031 |  | 2292 | &nbsp;&nbsp; 2292362 |
| Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. Term SOFR + 2.00%) | 5.77% | 11/15/2027 |  | 1615 | &nbsp;&nbsp; 1614604 |
|  |  |  |  |  | &nbsp;&nbsp; 3906966 |
| **Ecological Services & Equipment–1.63%** | **Ecological Services & Equipment–1.63%** | **Ecological Services & Equipment–1.63%** | **Ecological Services & Equipment–1.63%** |  |  |
| Anticimex Global AB (Sweden), Term Loan (3 mo. Term SOFR + 2.90%) | 6.56% | 11/17/2031 |  | 3787 | &nbsp;&nbsp; 3798153 |
| Arden University (BidCo Ltd.) (United Kingdom), Term Loan (3 mo. EURIBOR + 4.75%) | 6.76% | 10/13/2032 | EUR | 2802 | &nbsp;&nbsp; 3209208 |
| Deep Blue Midland Basin LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 10/01/2032 |  | 4064 | &nbsp;&nbsp; 4086716 |
| EnergySolutions LLC, Term Loan (1 mo. Term SOFR + 3.25%) | 6.92% | 09/20/2030 |  | 8660 | &nbsp;&nbsp; 8721150 |
| Erie US Merger Sub, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.27% | 03/03/2032 |  | 7717 | &nbsp;&nbsp; 7736714 |
| Groundworks LLC, Term Loan (1 mo. Term SOFR + 3.50%) | 6.67% | 03/14/2031 |  | 8140 | &nbsp;&nbsp; 8151513 |
| MIP V Waste LLC (GreenWaste), Term Loan B (3 mo. Term SOFR + 2.75%)<sup>(f)</sup> <br>| 6.42% | 08/13/2032 |  | 661 | &nbsp;&nbsp; 662018 |
| OGF (VESCAP/Obol France 3/PHM) (Netherlands), Term Loan B (3 mo. EURIBOR + <br> 5.00%)<br>| 7.10% | 12/29/2028 | EUR | 1500 | &nbsp;&nbsp; 1771301 |
| Tidal Waste & Recycling Holdings LLC (Coastal Waste & Recyling), Term Loan (3 mo. Term <br> SOFR + 3.50%)<br>| 6.42% | 10/24/2031 |  | 4221 | &nbsp;&nbsp; 4235882 |
|  |  |  |  |  | &nbsp;&nbsp; 42372655 |
| **Electronics & Electrical–7.07%** | **Electronics & Electrical–7.07%** | **Electronics & Electrical–7.07%** | **Electronics & Electrical–7.07%** |  |  |
| Allegro MicroSystems, Inc. (Japan), Term Loan B (1 mo. Term SOFR + 1.75%)<sup>(f)</sup> <br>| 5.42% | 01/28/2030 |  | 507 | &nbsp;&nbsp; 505294 |
| Boxer Parent Co., Inc., Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 07/30/2031 |  | 4426 | &nbsp;&nbsp; 4090995 |
| Delta Topco, Inc. (Infoblox, Inc.), Term Loan B (3 mo. Term SOFR + 2.75%) | 6.44% | 11/30/2029 |  | 4348 | &nbsp;&nbsp; 4075817 |
| Exclusive (Networks Everest/Etna French Bidco) (France) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(e)</sup> <br>| – | 12/10/2031 | EUR | 52 | &nbsp;&nbsp; 59229 |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 12/10/2031 |  | 69 | &nbsp;&nbsp; 77941 |
| Term Loan B-1 (3 mo. EURIBOR + 4.50%) | 0.00% | 12/14/2031 | EUR | 755 | &nbsp;&nbsp; 853970 |
| Term Loan B-2 (3 mo. EURIBOR + 4.50%) | 0.00% | 12/14/2031 | EUR | 373 | &nbsp;&nbsp; 422061 |
| Exclusive Group (France) |  |  |  |  |  |
| Term Loan B-1 (3 mo. Term SOFR + 4.50%)<sup>(f)</sup> <br>| 8.15% | 12/14/2031 |  | 3307 | &nbsp;&nbsp; 3133493 |
| Term Loan B-2 (3 mo. Term SOFR + 4.50%)<sup>(f)</sup> <br>| 8.15% | 12/05/2031 |  | 1647 | &nbsp;&nbsp; 1560878 |
| Gryphon Debt Merger Sub, Inc. (aka Altera) (United Kingdom), Term Loan B (6 mo. Term <br> SOFR + 3.00%)<br>| 6.88% | 09/10/2032 |  | 9044 | &nbsp;&nbsp; 9060841 |
| Idemia Group S.A.S. (Oberthur Tech/Morpho/OBETEC), Term Loan B-5 (3 mo. Term SOFR <br> + 4.25%)<br>| 7.92% | 09/30/2028 |  | 11505 | &nbsp;&nbsp; 11310825 |
| Inetum (Granite Fin Bidco SAS) (France), Term Loan B (3 mo. EURIBOR + 5.00%) | 7.00% | 10/17/2028 | EUR | 953 | &nbsp;&nbsp; 815909 |
| Infinite Electronics |  |  |  |  |  |
| First Lien Incremental Term Loan (1 mo. Term SOFR + 6.25%)<sup>(f)</sup> <br>| 9.91% | 03/02/2028 |  | 2180 | &nbsp;&nbsp; 2168896 |
| First Lien Term Loan (3 mo. Term SOFR + 3.25%) | 7.68% | 03/02/2028 |  | 8871 | &nbsp;&nbsp; 8593719 |
| Second Lien Term Loan (3 mo. Term SOFR + 7.00%) | 10.93% | 03/02/2029 |  | 1609 | &nbsp;&nbsp; 1512051 |
| ION Platform Finance US, Inc. |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 3.75%) | 7.42% | 09/30/2032 |  | 12440 | &nbsp;&nbsp; 10285958 |
| Term Loan B (3 mo. EURIBOR + 4.00%) | 0.00% | 09/30/2032 | EUR | 5000 | &nbsp;&nbsp; 4795081 |
| KnowBe4 (aka Oranje MidCo. LLC), Term Loan B (3 mo. Term SOFR + 3.75%) | 7.42% | 07/26/2032 |  | 5265 | &nbsp;&nbsp; 4567512 |
| Learning Pool (Brook Bidco Ltd.) (United Kingdom) |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 7.72%)<sup>(f)</sup> <br>| 10.75% | 08/17/2028 |  | 3814 | &nbsp;&nbsp; 3702984 |
| Term Loan B (6 mo. GBP SONIA + 6.78%)<sup>(f)</sup> <br>| 10.49% | 07/10/2028 | GBP | 2855 | &nbsp;&nbsp; 3735597 |
| Mavenir Systems, Inc., Second Lien Term Loan<sup>(f)</sup> <br>| 12.00% | 07/26/2030 |  | 1242 | &nbsp;&nbsp; 900424 |

---

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

**6**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Electronics & Electrical–(continued)** | **Electronics & Electrical–(continued)** | **Electronics & Electrical–(continued)** | **Electronics & Electrical–(continued)** |  |  |
| McAfee Enterprise, Term Loan (3 mo. Term SOFR + 6.25%) | 9.92% | 07/27/2028 |  | $7867 | &nbsp;&nbsp; $7814259 |
| McAfee LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 03/01/2029 |  | 7411 | &nbsp;&nbsp; 6497494 |
| Modena Buyer LLC (End User Computing), Term Loan (3 mo. Term SOFR + 4.50%) | 7.92% | 07/01/2031 |  | 7211 | &nbsp;&nbsp; 6384591 |
| Native Instruments (Music Creation Group GmbH/APTUS) (Germany), Term Loan B (3 mo. <br> EURIBOR + 7.00%) <br>(Acquired 01/14/2022-06/10/2025; Cost $6,280,953)<sup>(f)(g)</sup> <br>| 9.07% | 03/03/2028 | EUR | 5552 | &nbsp;&nbsp; 1646714 |
| Proofpoint, Inc., Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 08/31/2028 |  | 13322 | &nbsp;&nbsp; 12791614 |
| Quest Software US Holdings, Inc. |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 4.40%) | 8.07% | 02/01/2029 |  | 13531 | &nbsp;&nbsp; 9215342 |
| First Lien Term Loan (1 mo. Term SOFR + 6.00%) | 9.67% | 02/01/2029 |  | 7642 | &nbsp;&nbsp; 7626546 |
| RANGE RED OPER, Inc., Second Lien Term Loan<sup>(e)(f)</sup> <br>| – | 10/01/2029 |  | 3 | &nbsp;&nbsp; 0 |
| Renaissance Holding Corp., Term Loan (3 mo. Term SOFR + 4.00%) | 7.67% | 04/05/2030 |  | 17769 | &nbsp;&nbsp; 13468713 |
| SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 5.00%) <br>(Acquired 08/16/2023-09/11/2025; Cost $10,394,848)<sup>(g)</sup> <br>| 8.67% | 05/18/2028 |  | 10563 | &nbsp;&nbsp; 3455667 |
| STG-Fairway Acquisitions, Inc., First Lien Term Loan B-3 (1 mo. Term SOFR + 2.75%) | 6.42% | 10/31/2031 |  | 5986 | &nbsp;&nbsp; 5749651 |
| Storable, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 04/17/2031 |  | 3618 | &nbsp;&nbsp; 3471103 |
| Ultimate Software Group, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.00%) | 6.17% | 02/10/2031 |  | 3690 | &nbsp;&nbsp; 3502697 |
| UST Holdings Ltd., Term Loan B (1 mo. Term SOFR + 3.75%)<sup>(f)</sup> <br>| 6.68% | 11/20/2028 |  | 9313 | &nbsp;&nbsp; 9010118 |
| Utimaco (SGT Ultimate BidCo GmbH) (Germany) |  |  |  |  |  |
| Term Loan B-1 (6 mo. EURIBOR + 5.50%)<sup>(f)</sup> <br>| 7.62% | 05/31/2029 | EUR | 9727 | &nbsp;&nbsp; 11493152 |
| Term Loan B-2 (6 mo. Term SOFR + 5.93%)<sup>(f)</sup> <br>| 9.84% | 05/31/2029 |  | 5491 | &nbsp;&nbsp; 5491103 |
|  |  |  |  |  | &nbsp;&nbsp; 183848239 |
| **Farming/Agriculture–0.14%** | **Farming/Agriculture–0.14%** | **Farming/Agriculture–0.14%** | **Farming/Agriculture–0.14%** |  |  |
| Rovensa (Root Bidco S.a.r.l.) (Luxembourg), Term Loan (3 mo. EURIBOR + 5.00%) | 7.02% | 09/27/2030 | EUR | 3000 | &nbsp;&nbsp; 3528796 |
| **Financial Intermediaries–2.72%** | **Financial Intermediaries–2.72%** | **Financial Intermediaries–2.72%** | **Financial Intermediaries–2.72%** |  |  |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 10/01/2032 | EUR | 1079 | &nbsp;&nbsp; 1274389 |
| Term Loan (1 mo. EURIBOR + 10.50%)<sup>(f)</sup> <br>| 10.50% | 01/01/2030 | EUR | 821 | &nbsp;&nbsp; 969538 |
| Term Loan (3 mo. EURIBOR + 4.00%)<sup>(f)</sup> <br>| 6.02% | 01/15/2030 | EUR | 8021 | &nbsp;&nbsp; 8890562 |
| Term Loan (1 yr. EURIBOR + 0.02%)<sup>(f)</sup> <br>| 0.02% | 10/31/2031 | EUR | 6562 | &nbsp;&nbsp; 0 |
| AssetMark Financial Holdings, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.16% | 09/05/2031 |  | 3518 | &nbsp;&nbsp; 3460066 |
| Broadstreet Partners, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 06/13/2031 |  | 8324 | &nbsp;&nbsp; 7993120 |
| Citrin Cooperman Advisors LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 04/01/2032 |  | 951 | &nbsp;&nbsp; 922389 |
| Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 03/31/2032 |  | 8131 | &nbsp;&nbsp; 7805991 |
| Eisner Advisory Group LLC |  |  |  |  |  |
| Delayed Draw Term Loan (1 mo. Term SOFR + 4.00%)<sup>(f)</sup> <br>| 7.67% | 02/28/2031 |  | 1222 | &nbsp;&nbsp; 1219330 |
| Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 02/28/2031 |  | 1072 | &nbsp;&nbsp; 1069588 |
| Incremental Term Loan (1 mo. Term SOFR + 4.00%) | 7.67% | 02/28/2031 |  | 9914 | &nbsp;&nbsp; 9649289 |
| Grant Thornton Advisors LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 06/02/2031 |  | 15761 | &nbsp;&nbsp; 14691289 |
| Hightower Holding LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 6.41% | 02/03/2032 |  | 3229 | &nbsp;&nbsp; 3190580 |
| Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 7.67% | 01/14/2033 |  | 8085 | &nbsp;&nbsp; 7903331 |
| Tricor (Thevelia/Vistra-Virtue), Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 06/18/2029 |  | 1654 | &nbsp;&nbsp; 1637485 |
|  |  |  |  |  | &nbsp;&nbsp; 70676947 |
| **Food & Drug Retailers–0.04%** | **Food & Drug Retailers–0.04%** | **Food & Drug Retailers–0.04%** | **Food & Drug Retailers–0.04%** |  |  |
| Prosol (Helia Bidco/ZF Invest/ZF Bidco) (France), Term Loan B <sup>(e)</sup> <br>| – | 07/12/2033 | EUR | 806 | &nbsp;&nbsp; 956493 |
| **Food Products–2.59%** | **Food Products–2.59%** | **Food Products–2.59%** | **Food Products–2.59%** |  |  |
| Arnott's (Snacking Investments US LLC), Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 10/08/2032 |  | 4970 | &nbsp;&nbsp; 4975826 |
| Biscuit Holding S.A.S. (BISPOU/Cookie Acq) (France), Term Loan B (6 mo. EURIBOR + <br> 4.00%)<br>| 6.12% | 02/12/2027 | EUR | 6100 | &nbsp;&nbsp; 6420926 |
| Cerelia (France), Term Loan B<sup>(e)</sup> <br>| – | 06/24/2032 | EUR | 711 | &nbsp;&nbsp; 839601 |
| CHG PPC Parent LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.79% | 12/08/2028 |  | 1391 | &nbsp;&nbsp; 1395034 |
| Chobani, Inc., Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 10/22/2032 |  | 2798 | &nbsp;&nbsp; 2811071 |
| Flora Foods (Netherlands), Term Loan (3 mo. Term SOFR + 4.25%) | 7.90% | 10/31/2030 |  | 9897 | &nbsp;&nbsp; 9691373 |

---

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

**7**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Food Products–(continued)** | **Food Products–(continued)** | **Food Products–(continued)** | **Food Products–(continued)** |  |  |
| Florida Food Products LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 5.50%) | 9.15% | 10/15/2030 |  | $4131 | &nbsp;&nbsp; $4093633 |
| First Lien Term Loan B (3 mo. Term SOFR + 5.50%) | 9.15% | 10/15/2030 |  | 3025 | &nbsp;&nbsp; 2997099 |
| Second Lien Term Loan (3 mo. Term SOFR + 5.00%) | 8.65% | 10/15/2030 |  | 72 | &nbsp;&nbsp; 53031 |
| Second Lien Term Loan A (3 mo. Term SOFR + 5.11%) | 8.76% | 10/15/2030 |  | 15988 | &nbsp;&nbsp; 11736239 |
| Second Lien Term Loan B (3 mo. Term SOFR + 5.00%) | 8.65% | 10/15/2030 |  | 2509 | &nbsp;&nbsp; 1841829 |
| Second Lien Term Loan C (3 mo. Term SOFR + 5.11%) | 8.76% | 10/15/2030 |  | 664 | &nbsp;&nbsp; 487390 |
| Term Loan C (3 mo. Term SOFR + 5.50%) | 9.15% | 10/15/2030 |  | 475 | &nbsp;&nbsp; 470350 |
| Third Lien Term Loan (3 mo. Term SOFR + 8.11%) | 11.76% | 04/15/2031 |  | 3533 | &nbsp;&nbsp; 1236743 |
| Glacier/Iceberg Acquisitions UK Ltd. (United Kingdom), Term Loan<sup>(e)</sup> <br>| – | 02/11/2033 | EUR | 2000 | &nbsp;&nbsp; 2325779 |
| Shearer's Foods LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 02/12/2031 |  | 5739 | &nbsp;&nbsp; 5580099 |
| Solina Group Services (Powder Bidco) (France), Term Loan B (3 mo. Term SOFR + <br> 3.25%)<br>| 6.98% | 03/07/2029 |  | 2957 | &nbsp;&nbsp; 2979543 |
| TreeHouse Foods, Inc., Term Loan B<sup>(e)</sup> <br>| – | 02/03/2033 |  | 4972 | &nbsp;&nbsp; 4912014 |
| Valeo Foods (Platform Bidco Ltd) (Ireland), Term Loan<sup>(e)</sup> <br>| – | 09/29/2031 | EUR | 467 | &nbsp;&nbsp; 542282 |
| Valeo Foods (Platform Bidco Ltd.), Term Loan B<sup>(e)</sup> <br>| – | 09/29/2028 | EUR | 1736 | &nbsp;&nbsp; 2030490 |
|  |  |  |  |  | &nbsp;&nbsp; 67420352 |
| **Food Service–1.56%** | **Food Service–1.56%** | **Food Service–1.56%** | **Food Service–1.56%** |  |  |
| Areas (Pax Midco Spain) (Spain), Term Loan (6 mo. EURIBOR + 3.50%) | 5.64% | 12/31/2029 | EUR | 8000 | &nbsp;&nbsp; 9272016 |
| Gategroup (Switzerland), Term Loan (3 mo. Term SOFR + 3.50%) | 7.20% | 06/10/2032 |  | 3221 | &nbsp;&nbsp; 3233786 |
| IRB Holding Corp., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 12/15/2030 |  | 8817 | &nbsp;&nbsp; 8797229 |
| Selecta Group B.V. (Netherlands) |  |  |  |  |  |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 08/01/2030 |  | 2512 | &nbsp;&nbsp; 2890254 |
| Revolver Loan (6 mo. EURIBOR + 5.50%)<sup>(f)</sup> <br>| 7.66% | 08/01/2030 | EUR | 6716 | &nbsp;&nbsp; 7728014 |
| Upfield B.V. (Netherlands), Term Loan (6 mo. EURIBOR + 4.25%) | 6.35% | 04/02/2029 | EUR | 3000 | &nbsp;&nbsp; 3474932 |
| WW International, Inc., Term Loan (3 mo. Term SOFR + 6.80%) | 10.49% | 06/24/2030 |  | 6014 | &nbsp;&nbsp; 5164036 |
|  |  |  |  |  | &nbsp;&nbsp; 40560267 |
| **Forest Products–1.14%** | **Forest Products–1.14%** | **Forest Products–1.14%** | **Forest Products–1.14%** |  |  |
| Charter NEX US, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 11/29/2030 |  | 10047 | &nbsp;&nbsp; 10053418 |
| NewLife Forest Restoration LLC, Term Loan <br>(Acquired 01/29/2024-02/27/2026; Cost $5,887,931)<sup>(e)(f)(g)</sup> <br>| – | 04/10/2029 |  | 5678 | &nbsp;&nbsp; 5678099 |
| Proampac PG Borrower LLC, Term Loan<sup>(e)(f)</sup> <br>| – | 09/15/2028 |  | 14065 | &nbsp;&nbsp; 13906353 |
|  |  |  |  |  | &nbsp;&nbsp; 29637870 |
| **Health Care–6.53%** | **Health Care–6.53%** | **Health Care–6.53%** | **Health Care–6.53%** |  |  |
| Ascend Learning LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 12/10/2028 |  | 6651 | &nbsp;&nbsp; 6349233 |
| BioMarin Pharmaceutical, Inc., Term Loan<sup>(e)</sup> <br>| – | 01/28/2033 |  | 2293 | &nbsp;&nbsp; 2294003 |
| Boots Group Finco L.P. (United Kingdom), Term Loan B (3 mo. Term SOFR + 3.25%) | 6.96% | 08/30/2032 |  | 6276 | &nbsp;&nbsp; 6293105 |
| Cerba (Chrome Bidco) (France) |  |  |  |  |  |
| Incremental Term Loan C (6 mo. EURIBOR + 3.95%) | 6.09% | 02/16/2029 | EUR | 7125 | &nbsp;&nbsp; 6303652 |
| Incremental Term Loan D (6 mo. EURIBOR + 5.45%) | 7.59% | 02/16/2029 | EUR | 3500 | &nbsp;&nbsp; 3119504 |
| Term Loan B (6 mo. EURIBOR + 3.70%) | 5.84% | 06/30/2028 | EUR | 12494 | &nbsp;&nbsp; 11023366 |
| Certara Holdco, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)<sup>(f)</sup> <br>| 6.42% | 06/26/2031 |  | 499 | &nbsp;&nbsp; 500247 |
| Global Medical Response, Inc., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 10/01/2032 |  | 9850 | &nbsp;&nbsp; 9863037 |
| Hologic, Inc., Term Loan B<sup>(e)</sup> <br>| – | 01/14/2033 |  | 9486 | &nbsp;&nbsp; 9385418 |
| ImageFirst, Term Loan B (3 mo. Term SOFR + 3.25%) | 8.75% | 03/15/2032 |  | 5900 | &nbsp;&nbsp; 5884978 |
| International SOS L.P. (AEA International), Term Loan B (3 mo. Term SOFR + 2.75%)<sup>(f)</sup> <br>| 6.42% | 09/07/2028 |  | 4669 | &nbsp;&nbsp; 4663106 |
| MB2 Dental Solutions LLC |  |  |  |  |  |
| Delayed Draw Term Loan (3 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 9.17% | 02/13/2031 |  | 565 | &nbsp;&nbsp; 570898 |
| Delayed Draw Term Loan (1 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 9.17% | 02/15/2031 |  | 676 | &nbsp;&nbsp; 682748 |
| Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 02/13/2031 |  | 398 | &nbsp;&nbsp; 401800 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 02/13/2031 |  | 329 | &nbsp;&nbsp; 329034 |
| Term Loan (1 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 9.17% | 02/13/2031 |  | 4668 | &nbsp;&nbsp; 4714790 |
| MedAssets Software Intermediate Holdings, Inc. (nThrive TSG) |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 5.25%) | 8.94% | 12/17/2028 |  | 3601 | &nbsp;&nbsp; 3114783 |
| Term Loan (3 mo. Term SOFR + 4.00%) | 7.69% | 12/17/2028 |  | 9839 | &nbsp;&nbsp; 8309019 |
| Term Loan (1 mo. Term SOFR + 4.11%) | 7.79% | 12/17/2028 |  | 6315 | &nbsp;&nbsp; 2976097 |

---

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

**8**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Health Care–(continued)** | **Health Care–(continued)** | **Health Care–(continued)** | **Health Care–(continued)** |  |  |
| Median Kliniken (Median B.V, Remedco GER B.V) (Netherlands), Term Loan (3 mo. <br> EURIBOR + 4.93%)<br>| 6.94% | 10/14/2027 | EUR | 1939 | &nbsp;&nbsp; $2235856 |
| Opella (France), Term Loan (3 mo. Term SOFR + 3.00%) | 6.69% | 04/28/2032 |  | $10609 | &nbsp;&nbsp; 10609922 |
| Organon & Co., Term Loan (1 mo. Term SOFR + 2.25%) | 5.92% | 05/19/2031 |  | 5432 | &nbsp;&nbsp; 5265922 |
| PAREXEL International Corp., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 12/09/2031 |  | 3331 | &nbsp;&nbsp; 3296454 |
| Pathway Vet Alliance LLC, First Lien Term Loan (3 mo. Term SOFR + 5.00%) | 8.67% | 06/30/2028 |  | 4539 | &nbsp;&nbsp; 4543253 |
| Precision Medicine Group LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 08/13/2032 |  | 7032 | &nbsp;&nbsp; 7039020 |
| Quidel Ortho Corp., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.67% | 08/13/2032 |  | 6742 | &nbsp;&nbsp; 6748645 |
| Sharp Services LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 6.67% | 09/15/2032 |  | 1348 | &nbsp;&nbsp; 1352911 |
| Southern Veterinary Partners LLC, Term Loan B (3 mo. Term SOFR + 2.50%) | 6.18% | 12/04/2031 |  | 10448 | &nbsp;&nbsp; 10439261 |
| Summit Behavioral Healthcare LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 4.51%) | 8.18% | 12/31/2029 |  | 6152 | &nbsp;&nbsp; 5249354 |
| Term Loan (3 mo. Term SOFR + 6.01%) | 9.68% | 12/31/2029 |  | 719 | &nbsp;&nbsp; 741683 |
| TEAM Services Group LLC |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 5.25%) | 8.92% | 12/20/2027 |  | 7134 | &nbsp;&nbsp; 7136938 |
| Term Loan B (3 mo. Term SOFR + 5.00%) | 8.93% | 12/20/2027 |  | 1798 | &nbsp;&nbsp; 1798353 |
| TTF Holdings LLC (Soliant), Term Loan B (6 mo. Term SOFR + 3.75%) | 7.38% | 07/18/2031 |  | 14860 | &nbsp;&nbsp; 10996587 |
| US Fertility Enterprises LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 12/30/2032 |  | 727 | &nbsp;&nbsp; 729506 |
| Term Loan B (3 mo. Term SOFR + 3.50%) | 7.17% | 12/10/2032 |  | 4797 | &nbsp;&nbsp; 4814738 |
|  |  |  |  |  | &nbsp;&nbsp; 169777221 |
| **Home Furnishings–1.43%** | **Home Furnishings–1.43%** | **Home Furnishings–1.43%** | **Home Furnishings–1.43%** |  |  |
| Hunter Douglas Holding B.V. (Netherlands), Term Loan B-1 (3 mo. Term SOFR + 3.25%) | 6.67% | 01/17/2032 |  | 2934 | &nbsp;&nbsp; 2937356 |
| Kidde Global Solutions, Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 12/02/2031 |  | 9893 | &nbsp;&nbsp; 9905349 |
| Serta Simmons Bedding LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 7.61%)<sup>(f)</sup> <br>| 11.28% | 06/29/2028 |  | 748 | &nbsp;&nbsp; 749704 |
| Term Loan (3 mo. Term SOFR + 7.50%) | 11.29% | 06/29/2028 |  | 10583 | &nbsp;&nbsp; 9967148 |
| Tempur Sealy International, Inc., Term Loan B (1 mo. Term SOFR + 2.25%) | 5.91% | 10/24/2031 |  | 5808 | &nbsp;&nbsp; 5844507 |
| Weber-Stephen Products LLC, Term Loan (3 mo. Term SOFR + 3.75%) | 7.41% | 10/01/2032 |  | 7873 | &nbsp;&nbsp; 7888662 |
|  |  |  |  |  | &nbsp;&nbsp; 37292726 |
| **Industrial Equipment–4.17%** | **Industrial Equipment–4.17%** | **Industrial Equipment–4.17%** | **Industrial Equipment–4.17%** |  |  |
| Alliance Laundry Systems LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 5.92% | 08/19/2031 |  | 8278 | &nbsp;&nbsp; 8286385 |
| Chart Industries, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.16% | 03/15/2030 |  | 2518 | &nbsp;&nbsp; 2523844 |
| Columbus Mckinnon Corp., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.16% | 01/31/2033 |  | 3702 | &nbsp;&nbsp; 3695904 |
| CompoSecure Holdings L.L.C., Term Loan B (1 mo. Term SOFR + 2.25%) | 5.91% | 01/07/2033 |  | 1209 | &nbsp;&nbsp; 1204507 |
| Cooper Machinery/Astro Acquisition, Term Loan (6 mo. Term SOFR + 3.25%) | 7.12% | 08/13/2032 |  | 3422 | &nbsp;&nbsp; 3443094 |
| DXP Enterprises, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 10/11/2030 |  | 6573 | &nbsp;&nbsp; 6619518 |
| EMRLD Borrower L.P. (Copeland) |  |  |  |  |  |
| Incremental Term Loan B (3 mo. Term SOFR + 2.25%) | 6.12% | 08/04/2031 |  | 3983 | &nbsp;&nbsp; 3973244 |
| Term Loan B (1 mo. Term SOFR + 2.50%) | 5.92% | 05/31/2030 |  | 464 | &nbsp;&nbsp; 463094 |
| Flow Merger Sub., Inc., Term Loan B<sup>(e)</sup> <br>| – | 03/04/2033 |  | 976 | &nbsp;&nbsp; 973456 |
| Kantar (Summer BC Bidco/KANGRP) (Luxembourg) |  |  |  |  |  |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 06/04/2026 |  | 10250 | &nbsp;&nbsp; 9481250 |
| Term Loan B (3 mo. Term SOFR + 5.26%) | 8.93% | 02/15/2029 |  | 10399 | &nbsp;&nbsp; 9256941 |
| LSF12 Helix Parent LLC (Hillenbrand), Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 01/21/2033 |  | 1571 | &nbsp;&nbsp; 1571622 |
| Madison IAQ LLC |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 3.25%) | 6.13% | 06/21/2028 |  | 1758 | &nbsp;&nbsp; 1762062 |
| Term Loan (6 mo. Term SOFR + 2.75%) | 6.38% | 11/08/2032 |  | 11796 | &nbsp;&nbsp; 11837004 |
| Rehlko, Term Loan (3 mo. Term SOFR + 3.00%) | 6.66% | 05/01/2031 |  | 10350 | &nbsp;&nbsp; 10362598 |
| Sabre Industries, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.18% | 08/13/2032 |  | 3500 | &nbsp;&nbsp; 3501279 |
| SGB-SMIT MidCo GmbH (Netherlands), Term Loan<sup>(e)</sup> <br>| – | 02/11/2033 | EUR | 1673 | &nbsp;&nbsp; 1992207 |
| STS Operating, Inc. (Sunsource), Term Loan (1 mo. Term SOFR + 4.00%) | 7.77% | 03/25/2031 |  | 2464 | &nbsp;&nbsp; 2464740 |
| Tank Holding Corp. |  |  |  |  |  |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 03/31/2028 |  | 922 | &nbsp;&nbsp; 848742 |
| Term Loan (1 mo. Term SOFR + 6.00%) | 9.52% | 03/31/2028 |  | 6378 | &nbsp;&nbsp; 5816304 |

---

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

**9**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** |  |  |
| Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany) |  |  |  |  |  |
| Term Loan B<sup>(e)</sup> <br>| – | 04/30/2030 | EUR | 1864 | &nbsp;&nbsp; $2208822 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 6.38% | 04/30/2030 |  | $9311 | &nbsp;&nbsp; 9324289 |
| TKE Thyssenkrupp Elevators (Vertical Midco) (Germany), Term Loan B<sup>(e)</sup> <br>| – | 04/30/2030 |  | 2085 | &nbsp;&nbsp; 2087828 |
| Victory Buyer LLC (Vantage Elevator), Term Loan B (1 mo. Term SOFR + 3.00%)<sup>(f)</sup> <br>| 9.66% | 02/09/2033 |  | 4772 | &nbsp;&nbsp; 4792837 |
|  |  |  |  |  | &nbsp;&nbsp; 108491571 |
| **Insurance–2.25%** | **Insurance–2.25%** | **Insurance–2.25%** | **Insurance–2.25%** |  |  |
| Acrisure LLC |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 11/06/2030 |  | 13622 | &nbsp;&nbsp; 13230485 |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 06/04/2032 |  | 1776 | &nbsp;&nbsp; 1728008 |
| Alliant Holdings Intermediate LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 09/19/2031 |  | 9225 | &nbsp;&nbsp; 9036052 |
| AmWINS Group LLC, Term Loan B (1 mo. Term SOFR + 2.00%) | 5.67% | 01/30/2032 |  | 6444 | &nbsp;&nbsp; 6387899 |
| CRC Insurance Group LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 6.42% | 05/06/2031 |  | 9126 | &nbsp;&nbsp; 8979936 |
| HUB International Ltd., Term Loan B (3 mo. Term SOFR + 2.50%) | 5.92% | 06/20/2030 |  | 1818 | &nbsp;&nbsp; 1801007 |
| Sedgwick Claims Management Services, Inc., Term Loan (1 mo. Term SOFR + 3.00%) | 6.17% | 07/31/2031 |  | 10817 | &nbsp;&nbsp; 10508465 |
| USI, Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 11/23/2029 |  | 5428 | &nbsp;&nbsp; 5414839 |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 09/27/2030 |  | 1507 | &nbsp;&nbsp; 1502159 |
|  |  |  |  |  | &nbsp;&nbsp; 58588850 |
| **Leisure Goods, Activities & Movies–3.18%** | **Leisure Goods, Activities & Movies–3.18%** | **Leisure Goods, Activities & Movies–3.18%** | **Leisure Goods, Activities & Movies–3.18%** |  |  |
| Bombardier Recreational Products, Inc. (Canada) |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 2.75%) | 5.92% | 12/13/2029 |  | 1437 | &nbsp;&nbsp; 1443681 |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.92% | 01/22/2031 |  | 422 | &nbsp;&nbsp; 422593 |
| Breitling (Orbiter) (Luxembourg), Term Loan (6 mo. EURIBOR + 3.92%) | 6.02% | 10/25/2028 | EUR | 2000 | &nbsp;&nbsp; 1985584 |
| Crown Finance US, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 8.17% | 12/02/2031 |  | 20752 | &nbsp;&nbsp; 20225596 |
| Fitness International LLC, Term Loan B (1 mo. Term SOFR + 5.25%) | 8.17% | 02/05/2029 |  | 7276 | &nbsp;&nbsp; 7318345 |
| GAH Finco Ltd. (fka GUS) (United Kingdom), Term Loan (3 mo. EURIBOR + 5.00%) | 6.99% | 11/15/2032 | EUR | 1006 | &nbsp;&nbsp; 1112179 |
| GBT Group Servicers B.V. (fka Global Business Travel Holdings Limited), Term Loan B (3 <br> mo. Term SOFR + 2.00%)<br>| 5.67% | 07/25/2031 |  | 6102 | &nbsp;&nbsp; 5849835 |
| Herschend Entertainment Co. LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.17% | 05/27/2032 |  | 2400 | &nbsp;&nbsp; 2411368 |
| LC Ahab US Bidco LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 6.17% | 05/01/2031 |  | 4772 | &nbsp;&nbsp; 4771925 |
| Nord Anglia Education, Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 01/09/2032 |  | 10608 | &nbsp;&nbsp; 10554521 |
| Parques Reunidos (Piolin Bidco S.A.U.) (Spain), Revolver Loan<sup>(d)</sup> <br>| 0.00% | 03/16/2026 | EUR | 1642 | &nbsp;&nbsp; 1901948 |
| Spring Education Group, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 6.92% | 10/04/2030 |  | 1232 | &nbsp;&nbsp; 1233005 |
| VUE Cinemas (VUECIN) (United Kingdom), Second Lien Term Loan (6 mo. EURIBOR + <br> 8.50%) <br>(Acquired 02/20/2024-10/08/2025; Cost $3,429,292)<sup>(f)(g)</sup> <br>| 8.00% | 12/31/2027 | EUR | 4147 | &nbsp;&nbsp; 6612863 |
| Vue International Bidco PLC (United Kingdom) |  |  |  |  |  |
| Term Loan (6 mo. EURIBOR + 8.00%) <br>(Acquired 04/08/2025; Cost $2,050,953)<sup>(f)(g)</sup> <br>| 10.10% | 06/30/2027 | EUR | 1872 | &nbsp;&nbsp; 2211743 |
| Term Loan (6 mo. EURIBOR + 8.50%) <br>(Acquired 02/20/2024-10/08/2025; Cost $2,658,767)<sup>(f)(g)</sup> <br>| 8.40% | 06/30/2027 | EUR | 2481 | &nbsp;&nbsp; 3956907 |
| Term Loan (6 mo. EURIBOR + 8.00%) <br>(Acquired 02/20/2024-10/08/2025; Cost $1,186,957)<sup>(f)(g)</sup> <br>| 10.10% | 12/31/2027 | EUR | 1116 | &nbsp;&nbsp; 2017599 |
| World Choice Investments, Term Loan B (3 mo. Term SOFR + 4.75%) | 8.40% | 08/13/2031 |  | 8652 | &nbsp;&nbsp; 8598398 |
|  |  |  |  |  | &nbsp;&nbsp; 82628090 |
| **Lodging & Casinos–2.66%** | **Lodging & Casinos–2.66%** | **Lodging & Casinos–2.66%** | **Lodging & Casinos–2.66%** |  |  |
| Aimbridge Acquisition Co., Inc. |  |  |  |  |  |
| First Lien Term Loan (1 mo. Term SOFR + 5.50%) | 9.28% | 03/11/2030 |  | 1291 | &nbsp;&nbsp; 1283642 |
| Term Loan (1 mo. Term SOFR + 7.50%) | 6.00% | 03/11/2030 |  | 1208 | &nbsp;&nbsp; 1198595 |
| Betclic Everest Group S.A.S. (France), Term Loan<sup>(e)</sup> <br>| – | 12/31/2031 | EUR | 1444 | &nbsp;&nbsp; 1701521 |
| Caesars Entertainment, Inc., Term Loan (1 mo. Term SOFR + 2.75%) | 5.92% | 02/06/2031 |  | 8893 | &nbsp;&nbsp; 8840018 |
| ECG (European Camping Group) |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(e)</sup> <br>| – | 02/25/2033 | EUR | 151 | &nbsp;&nbsp; 176982 |
| Term Loan B<sup>(e)</sup> <br>| – | 02/25/2033 | EUR | 1676 | &nbsp;&nbsp; 1970394 |
| Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 3.75%) | 6.92% | 01/27/2029 |  | 14136 | &nbsp;&nbsp; 14083933 |

---

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

**10**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Lodging & Casinos–(continued)** | **Lodging & Casinos–(continued)** | **Lodging & Casinos–(continued)** | **Lodging & Casinos–(continued)** |  |  |
| GVC Finance LLC (United Kingdom) |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 2.25%) | 5.92% | 10/31/2029 |  | $5244 | &nbsp;&nbsp; $5232277 |
| Term Loan (3 mo. Term SOFR + 2.25%) | 5.92% | 07/30/2032 |  | 2014 | &nbsp;&nbsp; 2009084 |
| J&J Ventures Gaming LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 7.17% | 04/26/2030 |  | 7092 | &nbsp;&nbsp; 7010533 |
| PENN Entertainment, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.17% | 05/03/2029 |  | 5650 | &nbsp;&nbsp; 5670010 |
| Travel + Leisure Co., Term Loan (1 mo. Term SOFR + 2.00%) | 5.67% | 12/14/2029 |  | 2828 | &nbsp;&nbsp; 2827015 |
| Turquoise/TRQ Sales LLC, Term Loan B (3 mo. Term SOFR + 3.25%) | 9.00% | 12/30/2032 |  | 2311 | &nbsp;&nbsp; 2279459 |
| Voyager Parent LLC, Term Loan B (1 mo. Term SOFR + 4.25%) | 7.91% | 07/01/2032 |  | 14901 | &nbsp;&nbsp; 14869427 |
|  |  |  |  |  | &nbsp;&nbsp; 69152890 |
| **Nonferrous Metals & Minerals–1.42%** | **Nonferrous Metals & Minerals–1.42%** | **Nonferrous Metals & Minerals–1.42%** | **Nonferrous Metals & Minerals–1.42%** |  |  |
| ACNR Holdings, Inc., Term Loan | 13.00% | 12/11/2029 |  | 14280 | &nbsp;&nbsp; 14315381 |
| Covia Holdings Corp., Term Loan (3 mo. Term SOFR + 2.75%) | 6.40% | 02/26/2032 |  | 9627 | &nbsp;&nbsp; 9630999 |
| Form Technologies LLC, Term Loan (1 mo. Term SOFR + 5.75%) | 9.42% | 07/19/2030 |  | 7342 | &nbsp;&nbsp; 6743385 |
| SCIH Salt Holdings, Inc. (Kissner Group), Term Loan B (6 mo. Term SOFR + 2.75%) | 6.52% | 01/31/2029 |  | 6183 | &nbsp;&nbsp; 6178039 |
|  |  |  |  |  | &nbsp;&nbsp; 36867804 |
| **Oil & Gas–2.73%** | **Oil & Gas–2.73%** | **Oil & Gas–2.73%** | **Oil & Gas–2.73%** |  |  |
| Crescent Midstream, Term Loan (3 mo. Term SOFR + 3.75%) | 0.00% | 02/11/2033 |  | 2007 | &nbsp;&nbsp; 2014484 |
| ITT Holdings LLC (IMTT), Term Loan B (1 mo. Term SOFR + 1.98%) | 5.65% | 10/11/2030 |  | 3444 | &nbsp;&nbsp; 3444660 |
| McDermott International Ltd. |  |  |  |  |  |
| LOC (3 mo. Term SOFR + 4.26%)<sup>(f)</sup> <br>| 7.66% | 06/30/2027 |  | 4939 | &nbsp;&nbsp; 4272006 |
| PIK Term Loan, 3.00% PIK Rate, 4.79% Cash Rate (1 mo. Term SOFR + 1.00%)<sup>(h)</sup> <br>| 3.00% | 12/31/2027 |  | 5008 | &nbsp;&nbsp; 4186314 |
| Revolver Loan, LOC<sup>(d)</sup> <br>| 0.00% | 06/30/2027 |  | 9674 | &nbsp;&nbsp; 8706245 |
| Term Loan (1 mo. Term SOFR + 3.00%) | 6.79% | 06/30/2027 |  | 725 | &nbsp;&nbsp; 606172 |
| Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan (3 mo. <br> Term SOFR + 3.25%)<br>| 6.95% | 02/28/2030 |  | 6656 | &nbsp;&nbsp; 6674969 |
| PG Investment Co. 59 S.a.r.l./URSA Minor US Bidco LLC (Rosen), Term Loan B (3 mo. <br> Term SOFR + 2.25%)<br>| 5.92% | 03/26/2031 |  | 2143 | &nbsp;&nbsp; 2143015 |
| Prairie Acquiror L.P., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 08/01/2029 |  | 5343 | &nbsp;&nbsp; 5360354 |
| Rockpoint Gas Storage Partners L.P. (Canada), Term Loan (3 mo. Term SOFR + 2.50%) | 6.17% | 09/18/2031 |  | 7946 | &nbsp;&nbsp; 7978215 |
| Rockwood Service Corp., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 07/30/2031 |  | 3644 | &nbsp;&nbsp; 3653401 |
| Third Coast Super Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.75%) | 7.42% | 09/25/2030 |  | 16696 | &nbsp;&nbsp; 16779908 |
| TransMontaigne Partners LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 5.92% | 03/16/2030 |  | 2933 | &nbsp;&nbsp; 2934320 |
| WhiteWater Matterhorn, Term Loan B (3 mo. Term SOFR + 1.75%) | 5.42% | 06/16/2032 |  | 2213 | &nbsp;&nbsp; 2210642 |
|  |  |  |  |  | &nbsp;&nbsp; 70964705 |
| **Publishing–1.69%** | **Publishing–1.69%** | **Publishing–1.69%** | **Publishing–1.69%** |  |  |
| Adtalem Global Education, Inc. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 08/12/2028 |  | 423 | &nbsp;&nbsp; 423991 |
| Term Loan B<sup>(e)(f)</sup> <br>| – | 02/04/2033 |  | 6244 | &nbsp;&nbsp; 6240414 |
| Cengage Learning, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 03/24/2031 |  | 17139 | &nbsp;&nbsp; 16772660 |
| Century DE Buyer LLC (Simon & Schuster), Term Loan (3 mo. Term SOFR + 3.00%) | 6.67% | 10/30/2030 |  | 2771 | &nbsp;&nbsp; 2688121 |
| Harbor Purchaser, Inc. (Houghton Mifflin Harcourt), First Lien Term Loan B (1 mo. Term <br> SOFR + 5.25%)<br>| 9.02% | 04/09/2029 |  | 13178 | &nbsp;&nbsp; 11215407 |
| McGraw-Hill Education, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.42% | 08/06/2031 |  | 6635 | &nbsp;&nbsp; 6633900 |
|  |  |  |  |  | &nbsp;&nbsp; 43974493 |
| **Retailers (except Food & Drug)–1.38%** | **Retailers (except Food & Drug)–1.38%** | **Retailers (except Food & Drug)–1.38%** | **Retailers (except Food & Drug)–1.38%** |  |  |
| Action Holding B.V. (Peer Holdings) (Netherlands) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 09/27/2032 |  | 2840 | &nbsp;&nbsp; 2838851 |
| Term Loan B-4 (3 mo. Term SOFR + 2.50%) | 6.17% | 10/28/2030 |  | 5653 | &nbsp;&nbsp; 5656832 |
| Term Loan B-5 (3 mo. Term SOFR + 2.50%) | 6.17% | 07/01/2031 |  | 2716 | &nbsp;&nbsp; 2717920 |
| Bass Pro Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 01/31/2032 |  | 13013 | &nbsp;&nbsp; 13015497 |
| PetSmart, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 7.68% | 08/18/2032 |  | 2974 | &nbsp;&nbsp; 2961263 |
| Savers, Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 6.70% | 09/13/2032 |  | 8679 | &nbsp;&nbsp; 8705926 |
|  |  |  |  |  | &nbsp;&nbsp; 35896289 |

---

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

**11**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Surface Transport–1.93%** | **Surface Transport–1.93%** | **Surface Transport–1.93%** | **Surface Transport–1.93%** |  |  |
| Beacon Mobility Corp. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 08/06/2030 |  | $276 | &nbsp;&nbsp; $276867 |
| Term Loan (3 mo. Term SOFR + 2.75%) | 6.41% | 08/06/2030 |  | 5594 | &nbsp;&nbsp; 5615438 |
| First Student Bidco, Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 5.90% | 08/15/2030 |  | 15206 | &nbsp;&nbsp; 15211044 |
| Term Loan C (3 mo. Term SOFR + 2.25%) | 5.90% | 08/15/2030 |  | 2782 | &nbsp;&nbsp; 2783242 |
| Hurtigruten Group AS (Explorer II AS) (Norway) |  |  |  |  |  |
| Term Loan A (1 mo. EURIBOR + 7.50%) | 9.48% | 02/12/2030 | EUR | 5492 | &nbsp;&nbsp; 6683666 |
| Term Loan B (1 mo. EURIBOR + 8.00%) | 9.98% | 08/12/2030 | EUR | 1885 | &nbsp;&nbsp; 2063530 |
| Patriot Rail Co. LLC, Term Loan (3 mo. Term SOFR + 2.50%) | 6.16% | 03/08/2032 |  | 5957 | &nbsp;&nbsp; 5984332 |
| STG Distribution LLC |  |  |  |  |  |
| DIP Term Loan <br>(Acquired 01/16/2026-02/02/2026; Cost $1,273,449)<sup>(f)(g)(i)</sup> <br>| 8.00% | 04/15/2026 |  | 1443 | &nbsp;&nbsp; 1407253 |
| DIP Term Loan<sup>(f)(i)</sup> <br>| 11.65% | 07/13/2026 |  | 512 | &nbsp;&nbsp; 514476 |
| Term Loan <br>(Acquired 10/03/2024-01/08/2026; Cost $3,082,358)<sup>(f)(g)(i)(j)</sup> <br>| 0.00% | 10/03/2029 |  | 3215 | &nbsp;&nbsp; 3136162 |
| Student Transportation of America Holdings, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 06/24/2032 |  | 518 | &nbsp;&nbsp; 521225 |
| Term Loan (3 mo. Term SOFR + 2.75%) | 6.40% | 06/24/2032 |  | 5916 | &nbsp;&nbsp; 5948599 |
|  |  |  |  |  | &nbsp;&nbsp; 50145834 |
| **Telecommunications–3.33%** | **Telecommunications–3.33%** | **Telecommunications–3.33%** | **Telecommunications–3.33%** |  |  |
| Crown Subsea Communications Holding, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 6.67% | 01/30/2031 |  | 14228 | &nbsp;&nbsp; 14278900 |
| Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. Term SOFR + <br> 3.00%)<br>| 6.93% | 11/12/2027 |  | 8273 | &nbsp;&nbsp; 7856922 |
| Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 4.50%) | 8.17% | 09/27/2029 |  | 7520 | &nbsp;&nbsp; 7525164 |
| Level 3 Financing, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 6.92% | 03/29/2032 |  | 13602 | &nbsp;&nbsp; 13654362 |
| MLN US HoldCo LLC (dba Mitel) |  |  |  |  |  |
| Term Loan A-1 (1 mo. Term SOFR + 6.50%) <br>(Acquired 06/25/2025-02/26/2026; Cost $3,786,088)<sup>(f)(g)</sup> <br>| 7.68% | 06/20/2028 |  | 3843 | &nbsp;&nbsp; 3778473 |
| Term Loan A-2 (1 mo. Term SOFR + 8.00%) <br>(Acquired 06/20/2025-02/26/2026; Cost $13,109,006)<sup>(f)(g)</sup> <br>| 6.00% | 06/20/2030 |  | 14873 | &nbsp;&nbsp; 12814769 |
| ViaSat, Inc. |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 3.75%) | 8.29% | 03/02/2029 |  | 2747 | &nbsp;&nbsp; 2753709 |
| Term Loan B (1 mo. Term SOFR + 4.50%) | 8.29% | 05/30/2030 |  | 2849 | &nbsp;&nbsp; 2852695 |
| Voyage Digital (NC) Ltd. (New Zealand), Term Loan (3 mo. Term SOFR + 3.25%) | 6.90% | 05/11/2029 |  | 7183 | &nbsp;&nbsp; 7241553 |
| Windstream Services LLC, Term Loan B (1 mo. Term SOFR + 4.00%)<sup>(f)</sup> <br>| 7.67% | 10/06/2032 |  | 1415 | &nbsp;&nbsp; 1418950 |
| Zayo Group Holdings, Inc., Term Loan (1 mo. Term SOFR + 3.00%) | 6.79% | 03/11/2030 |  | 12743 | &nbsp;&nbsp; 12283645 |
|  |  |  |  |  | &nbsp;&nbsp; 86459142 |
| **Utilities–2.69%** | **Utilities–2.69%** | **Utilities–2.69%** | **Utilities–2.69%** |  |  |
| Astoria Energy LLC, Term Loan B (1 mo. Term SOFR + 2.25%) | 6.42% | 06/16/2032 |  | 3777 | &nbsp;&nbsp; 3793084 |
| Cornerstone Generation LLC, Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 08/11/2032 |  | 9455 | &nbsp;&nbsp; 9493664 |
| Covanta Holding Corp. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 5.93% | 01/15/2031 |  | 3161 | &nbsp;&nbsp; 3162185 |
| Term Loan B-1 (1 mo. Term SOFR + 2.25%) | 5.92% | 01/15/2031 |  | 2987 | &nbsp;&nbsp; 2987547 |
| Term Loan C-1 (1 mo. Term SOFR + 2.25%) | 5.92% | 01/15/2031 |  | 485 | &nbsp;&nbsp; 485476 |
| Eastern Power LLC, Term Loan (1 mo. Term SOFR + 5.25%) | 8.42% | 04/03/2029 |  | 9343 | &nbsp;&nbsp; 9391808 |
| Frontera Generation Holdings LLC, Second Lien Term Loan (1 mo. Term SOFR + 1.50%) | 5.43% | 07/28/2028 |  | 4043 | &nbsp;&nbsp; 3911197 |
| Hamilton Projects Acquiror LLC, Term Loan (1 mo. Term SOFR + 2.50%) | 6.17% | 05/30/2031 |  | 2818 | &nbsp;&nbsp; 2832023 |
| Lackawanna Energy Center LLC, Term Loan (1 mo. Term SOFR + 3.00%) | 6.67% | 08/05/2032 |  | 7057 | &nbsp;&nbsp; 7100920 |
| Lightning Power LLC, Term Loan B (3 mo. Term SOFR + 2.25%) | 5.92% | 08/16/2031 |  | 9774 | &nbsp;&nbsp; 9792685 |
| Resilience Parent, Term Loan B (6 mo. Term SOFR + 2.50%) | 0.00% | 01/31/2033 |  | 6419 | &nbsp;&nbsp; 6410954 |
| Talen Energy Supply LLC |  |  |  |  |  |
| Incremental Term Loan (1 mo. Term SOFR + 2.50%) | 6.15% | 12/15/2031 |  | 3378 | &nbsp;&nbsp; 3392164 |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.15% | 05/17/2030 |  | 7151 | &nbsp;&nbsp; 7181304 |
|  |  |  |  |  | &nbsp;&nbsp; 69935011 |
| Total Variable Rate Senior Loan Interests (Cost $2,295,700,638) | Total Variable Rate Senior Loan Interests (Cost $2,295,700,638) | Total Variable Rate Senior Loan Interests (Cost $2,295,700,638) | Total Variable Rate Senior Loan Interests (Cost $2,295,700,638) |  | &nbsp;&nbsp; 2210973309 |

---

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

**12**

**Invesco Senior Floating Rate Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–6.98%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.98%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.98%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.98%**<sup>(k)</sup>  |
| **Automotive–0.02%** | **Automotive–0.02%** |  |  |
| Cabonline, Class D (Acquired 10/30/2023; Cost $271,002) (Sweden)<sup>(f)(g)</sup> <br>|  | 301850286 | &nbsp;&nbsp; $451391 |
| Cabonline, Class D1 (Acquired 10/30/2023; Cost $10) (Sweden)<sup>(f)(g)</sup> <br>|  | 10623352 | &nbsp;&nbsp; 1183 |
| Cabonline, Class D2 (Acquired 10/31/2023; Cost $8) (Sweden)<sup>(f)(g)</sup> <br>|  | 9066619 | &nbsp;&nbsp; 507 |
|  |  |  | &nbsp;&nbsp; 453081 |
| **Beverage & Tobacco–0.00%** | **Beverage & Tobacco–0.00%** |  |  |
| BrewCo Borrower LLC<sup>(f)</sup> <br>|  | 34042 | &nbsp;&nbsp; 27536 |
| **Business Equipment & Services–2.93%** | **Business Equipment & Services–2.93%** |  |  |
| Bloom Parent, Inc.<sup>(f)</sup> <br>|  | 3285 | &nbsp;&nbsp; 3042287 |
| Monitronics International, Inc. (Acquired 06/30/2023-12/16/2025; <br> Cost $9,059,672)<sup>(f)(g)</sup> <br>|  | 466369 | &nbsp;&nbsp; 20795394 |
| My Alarm Center LLC, Class A (Acquired 03/09/2021-05/17/2024; <br> Cost $14,582,747)<sup>(f)(g)(l)</sup> <br>|  | 162068 | &nbsp;&nbsp; 52229702 |
|  |  |  | &nbsp;&nbsp; 76067383 |
| **Cable & Satellite Television–0.15%** | **Cable & Satellite Television–0.15%** |  |  |
| Altice France S.A. (France) |  | 204021 | &nbsp;&nbsp; 3824957 |
| **Chemicals & Plastics–0.07%** | **Chemicals & Plastics–0.07%** |  |  |
| Ascend Performance Materials Operations LLC (Acquired 12/19/2025; <br> Cost $2,723,067)<sup>(f)(g)</sup> <br>|  | 173665 | &nbsp;&nbsp; 347330 |
| Ascend Performance Materials Operations LLC, Litigation Trust Class A<sup>(f)(l)</sup> <br>|  | 784344117 | &nbsp;&nbsp; 588258 |
| Ascend Performance Materials Operations LLC, Litigation Trust Class C<sup>(f)</sup> <br>|  | 1517956700 | &nbsp;&nbsp; 758979 |
| Flint Group (ColourOz Inv), Class A (Germany)<sup>(f)</sup> <br>|  | 92542 | &nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp; 1694567 |
| **Containers & Glass Products–0.37%** | **Containers & Glass Products–0.37%** |  |  |
| Libbey Glass LLC (Acquired 11/13/2020-09/05/2025; Cost $3,995,428)<sup>(f)(g)</sup> <br>|  | 921496 | &nbsp;&nbsp; 9675708 |
| **Electronics & Electrical–0.02%** | **Electronics & Electrical–0.02%** |  |  |
| Internap Holding LLC (Acquired 02/06/2018-02/10/2023; Cost $7,928,094)<sup>(f)(g)(l)</sup> <br>|  | 2996076 | &nbsp;&nbsp; 629176 |
| Red Range Operating, Inc., Class A-1<sup>(f)</sup> <br>|  | 2 | &nbsp;&nbsp; 0 |
| Sandvine Corp.<sup>(f)</sup> <br>|  | 30037 | &nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp; 629176 |
| **Food Service–0.37%** | **Food Service–0.37%** |  |  |
| Selecta Group B.V., Class A1 (Acquired 07/31/2025; Cost $6,636,695) <br> (Switzerland)<sup>(f)(g)</sup> <br>|  | 57671 | &nbsp;&nbsp; 6871647 |
| Selecta Group B.V., Class A2 (Acquired 07/31/2025; Cost $1,756,789) <br> (Switzerland)<sup>(f)(g)</sup> <br>|  | 15266 | &nbsp;&nbsp; 1818983 |
| WW International, Inc. (Acquired 09/13/2024-11/15/2024; Cost $1,148,478)<sup>(g)(m)</sup> <br>|  | 45359 | &nbsp;&nbsp; 964332 |
|  |  |  | &nbsp;&nbsp; 9654962 |
| **Forest Products–0.26%** | **Forest Products–0.26%** |  |  |
| NewLife Forest Restoration LLC (Acquired 02/22/2022-04/17/2025; <br> Cost $30,730,128)<sup>(f)(g)(l)</sup> <br>|  | 207054 | &nbsp;&nbsp; 6727199 |
| **Home Furnishings–0.12%** | **Home Furnishings–0.12%** |  |  |
| Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $53,939)<sup>(g)</sup> <br>|  | 347996 | &nbsp;&nbsp; 3149364 |
| **Industrial Equipment–0.01%** | **Industrial Equipment–0.01%** |  |  |
| North American Lifting Holdings, Inc. (Acquired 02/05/2019-10/27/2021; <br> Cost $16,973,383)<sup>(g)(l)</sup> <br>|  | 679193 | &nbsp;&nbsp; 319900 |
| **Leisure Goods, Activities & Movies–0.64%** | **Leisure Goods, Activities & Movies–0.64%** |  |  |
| Crown Finance US, Inc. |  | 532808 | &nbsp;&nbsp; 8844613 |
| Hurtigruten Expedition (Acquired 02/12/2025; Cost $0)<sup>(f)(g)</sup> <br>|  | 29323 | &nbsp;&nbsp; 237103 |
| Hurtigruten Group AS (Acquired 02/12/2025; Cost $2,271,941) (Norway)<sup>(f)(g)</sup> <br>|  | 145586 | &nbsp;&nbsp; 7519307 |
| VUE Cinemas (VUECIN), Class A1 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(f)(g)</sup> <br>|  | 9996 | &nbsp;&nbsp; 0 |
| VUE Cinemas (VUECIN), Class A2 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(f)(g)</sup> <br>|  | 4982596 | &nbsp;&nbsp; 6 |

---

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

**13**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Shares** | **Shares** | **Value** |
| **Leisure Goods, Activities & Movies–(continued)** | **Leisure Goods, Activities & Movies–(continued)** | **Leisure Goods, Activities & Movies–(continued)** | **Leisure Goods, Activities & Movies–(continued)** |  |  |
| VUE Cinemas (VUECIN), Class A3 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(f)(g)</sup> <br>|  |  |  | 3004226 | &nbsp;&nbsp; $4 |
| VUE Cinemas (VUECIN), Class A4 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(f)(g)</sup> <br>|  |  |  | 2094370 | &nbsp;&nbsp; 2 |
|  |  |  |  |  | &nbsp;&nbsp; 16601035 |
| **Lodging & Casinos–0.20%** | **Lodging & Casinos–0.20%** | **Lodging & Casinos–0.20%** | **Lodging & Casinos–0.20%** |  |  |
| Aimbridge Acquisition Co., Inc. (Acquired 03/11/2025; Cost $7,180,988)<sup>(f)(g)</sup> <br>|  |  |  | 106385 | &nbsp;&nbsp; 5319250 |
| **Nonferrous Metals & Minerals–0.48%** | **Nonferrous Metals & Minerals–0.48%** | **Nonferrous Metals & Minerals–0.48%** | **Nonferrous Metals & Minerals–0.48%** |  |  |
| ACNR Holdings, Inc. |  |  |  | 115987 | &nbsp;&nbsp; 12425107 |
| **Oil & Gas–0.61%** | **Oil & Gas–0.61%** | **Oil & Gas–0.61%** | **Oil & Gas–0.61%** |  |  |
| McDermott International Ltd.<sup>(m)</sup> <br>|  |  |  | 442728 | &nbsp;&nbsp; 12396378 |
| Sabine Oil & Gas Holdings, Inc. (Acquired 01/16/2013-03/12/2021; <br> Cost $18,267,226)<sup>(f)(g)(m)</sup> <br>|  |  |  | 18025 | &nbsp;&nbsp; 1262 |
| Seadrill Ltd. (Norway)<sup>(m)</sup> <br>|  |  |  | 1 | &nbsp;&nbsp; 44 |
| Tribune Resources LLC (Acquired 03/30/2018; Cost $18,014,717)<sup>(f)(g)(l)</sup> <br>|  |  |  | 5811199 | &nbsp;&nbsp; 3486719 |
|  |  |  |  |  | &nbsp;&nbsp; 15884403 |
| **Surface Transport–0.30%** | **Surface Transport–0.30%** | **Surface Transport–0.30%** | **Surface Transport–0.30%** |  |  |
| Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; <br> Cost $1,838,610)<sup>(f)(g)</sup> <br>|  |  |  | 35397 | &nbsp;&nbsp; 3479171 |
| Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired <br> 02/23/2024-02/20/2026; Cost $500,575)<sup>(f)(g)(l)</sup> <br>|  |  |  | 901035 | &nbsp;&nbsp; 563147 |
| Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired <br> 01/31/2020-08/25/2020; Cost $1,932,877)<sup>(f)(g)(l)</sup> <br>|  |  |  | 37211 | &nbsp;&nbsp; 3657469 |
|  |  |  |  |  | &nbsp;&nbsp; 7699787 |
| **Telecommunications–0.43%** | **Telecommunications–0.43%** | **Telecommunications–0.43%** | **Telecommunications–0.43%** |  |  |
| MLN US HoldCo. LLC (dba Mitel) (Acquired 06/20/2025; Cost $6,558,758)<sup>(f)(g)(l)</sup> <br>|  |  |  | 1820133 | &nbsp;&nbsp; 11248422 |
| Total Common Stocks & Other Equity Interests (Cost $166,765,514) | Total Common Stocks & Other Equity Interests (Cost $166,765,514) | Total Common Stocks & Other Equity Interests (Cost $166,765,514) | Total Common Stocks & Other Equity Interests (Cost $166,765,514) |  | &nbsp;&nbsp; 181401837 |
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> |  |
| **U.S. Dollar Denominated Bonds & Notes–4.54%** | **U.S. Dollar Denominated Bonds & Notes–4.54%** | **U.S. Dollar Denominated Bonds & Notes–4.54%** | **U.S. Dollar Denominated Bonds & Notes–4.54%** | **U.S. Dollar Denominated Bonds & Notes–4.54%** | **U.S. Dollar Denominated Bonds & Notes–4.54%** |
| **Aerospace & Defense–0.35%** | **Aerospace & Defense–0.35%** | **Aerospace & Defense–0.35%** | **Aerospace & Defense–0.35%** |  |  |
| Rand Parent LLC <sup>(n)</sup> <br>| 8.50% | 02/15/2030 |  | $8729 | &nbsp;&nbsp; 9112997 |
| **Automotive–0.04%** | **Automotive–0.04%** | **Automotive–0.04%** | **Automotive–0.04%** |  |  |
| Clarios Global L.P./Clarios US Finance Co. <sup>(n)</sup> <br>| 6.75% | 02/15/2030 |  | 1078 | &nbsp;&nbsp; 1129701 |
| **Building & Development–0.69%** | **Building & Development–0.69%** | **Building & Development–0.69%** | **Building & Development–0.69%** |  |  |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(n)</sup> <br>| 5.75% | 05/15/2026 |  | 4527 | &nbsp;&nbsp; 4525631 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(n)</sup> <br>| 4.50% | 04/01/2027 |  | 6067 | &nbsp;&nbsp; 5991061 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC<sup>(n)</sup> <br>| 6.75% | 04/01/2032 |  | 911 | &nbsp;&nbsp; 919132 |
| Quikrete Holdings, Inc.<sup>(n)</sup> <br>| 6.38% | 03/01/2032 |  | 232 | &nbsp;&nbsp; 241268 |
| QXO Building Products, Inc.<sup>(n)</sup> <br>| 6.75% | 04/30/2032 |  | 2111 | &nbsp;&nbsp; 2188275 |
| Signal Parent, Inc. (Acquired 09/11/2023-07/11/2024; Cost $5,096,890)<sup>(f)(g)(n)</sup> <br>| 6.13% | 04/01/2029 |  | 6686 | &nbsp;&nbsp; 4008926 |
|  |  |  |  |  | &nbsp;&nbsp; 17874293 |
| **Business Equipment & Services–0.38%** | **Business Equipment & Services–0.38%** | **Business Equipment & Services–0.38%** | **Business Equipment & Services–0.38%** |  |  |
| Allied Universal Holdco LLC <sup>(n)</sup> <br>| 7.88% | 02/15/2031 |  | 6739 | &nbsp;&nbsp; 7123618 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(n)</sup> <br>| 6.88% | 06/15/2030 |  | 1021 | &nbsp;&nbsp; 1063328 |
| Cloud Software Group, Inc.<sup>(n)</sup> <br>| 6.63% | 08/15/2033 |  | 573 | &nbsp;&nbsp; 541067 |
| Garda World Security Corp. (Canada)<sup>(n)</sup> <br>| 6.50% | 01/15/2031 |  | 1109 | &nbsp;&nbsp; 1139962 |
|  |  |  |  |  | &nbsp;&nbsp; 9867975 |
| **Cable & Satellite Television–0.87%** | **Cable & Satellite Television–0.87%** | **Cable & Satellite Television–0.87%** | **Cable & Satellite Television–0.87%** |  |  |
| Altice Financing S.A. (Luxembourg) <sup>(n)</sup> <br>| 5.75% | 08/15/2029 |  | 1414 | &nbsp;&nbsp; 980944 |
| Altice Financing S.A. (Luxembourg)<sup>(n)</sup> <br>| 5.00% | 01/15/2028 |  | 18761 | &nbsp;&nbsp; 13238063 |
| Altice France S.A. (France)<sup>(n)</sup> <br>| 6.88% | 07/15/2032 |  | 5212 | &nbsp;&nbsp; 5009504 |

---

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

**14**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Cable & Satellite Television–(continued)** | **Cable & Satellite Television–(continued)** | **Cable & Satellite Television–(continued)** | **Cable & Satellite Television–(continued)** |  |  |
| Virgin Media Secured Finance PLC (United Kingdom)<sup>(n)</sup> <br>| 4.50% | 08/15/2030 |  | $3741 | &nbsp;&nbsp; $3413205 |
|  |  |  |  |  | &nbsp;&nbsp; 22641716 |
| **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** |  |  |
| Clydesdale Acquisition Holdings, Inc. <sup>(n)</sup> <br>| 6.75% | 04/15/2032 |  | 256 | &nbsp;&nbsp; 258134 |
| **Electronics & Electrical–0.12%** | **Electronics & Electrical–0.12%** | **Electronics & Electrical–0.12%** | **Electronics & Electrical–0.12%** |  |  |
| Diebold Nixdorf, Inc. <sup>(n)</sup> <br>| 7.75% | 03/31/2030 |  | 1031 | &nbsp;&nbsp; 1089994 |
| ION Platform Finance US, Inc./ION Platform Finance S.a.r.l.<sup>(n)</sup> <br>| 9.00% | 08/01/2029 |  | 2112 | &nbsp;&nbsp; 1964417 |
|  |  |  |  |  | &nbsp;&nbsp; 3054411 |
| **Food Products–0.40%** | **Food Products–0.40%** | **Food Products–0.40%** | **Food Products–0.40%** |  |  |
| Industrial F&B Investments III, Inc. <sup>(n)</sup> <br>| 7.75% | 02/11/2033 |  | 889 | &nbsp;&nbsp; 913113 |
| Viking Baked Goods Acquisition Corp.<sup>(n)</sup> <br>| 8.63% | 11/01/2031 |  | 9476 | &nbsp;&nbsp; 9616226 |
|  |  |  |  |  | &nbsp;&nbsp; 10529339 |
| **Health Care–0.19%** | **Health Care–0.19%** | **Health Care–0.19%** | **Health Care–0.19%** |  |  |
| Global Medical Response, Inc. <sup>(n)</sup> <br>| 7.38% | 10/01/2032 |  | 437 | &nbsp;&nbsp; 457771 |
| Opal Bidco SAS (France)<sup>(n)</sup> <br>| 6.50% | 03/31/2032 |  | 1912 | &nbsp;&nbsp; 1970597 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V.<sup>(n)</sup> <br>| 6.75% | 05/15/2034 |  | 2479 | &nbsp;&nbsp; 2407728 |
|  |  |  |  |  | &nbsp;&nbsp; 4836096 |
| **Industrial Equipment–0.20%** | **Industrial Equipment–0.20%** | **Industrial Equipment–0.20%** | **Industrial Equipment–0.20%** |  |  |
| Chart Industries, Inc. <sup>(n)</sup> <br>| 7.50% | 01/01/2030 |  | 669 | &nbsp;&nbsp; 695801 |
| Columbus McKinnon Corp.<sup>(n)</sup> <br>| 7.13% | 02/01/2033 |  | 2211 | &nbsp;&nbsp; 2274577 |
| CompoSecure Holdings L.L.C.<sup>(n)</sup> <br>| 5.63% | 02/01/2033 |  | 228 | &nbsp;&nbsp; 227007 |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc.<sup>(n)</sup> <br>| 6.63% | 12/15/2030 |  | 1966 | &nbsp;&nbsp; 2037258 |
|  |  |  |  |  | &nbsp;&nbsp; 5234643 |
| **Insurance–0.54%** | **Insurance–0.54%** | **Insurance–0.54%** | **Insurance–0.54%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc. <sup>(n)</sup> <br>| 6.75% | 07/01/2032 |  | 292 | &nbsp;&nbsp; 286613 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(n)</sup> <br>| 7.50% | 11/06/2030 |  | 909 | &nbsp;&nbsp; 925595 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(n)</sup> <br>| 6.50% | 10/01/2031 |  | 1707 | &nbsp;&nbsp; 1718503 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(n)</sup> <br>| 7.00% | 01/15/2031 |  | 3408 | &nbsp;&nbsp; 3472224 |
| HUB International Ltd.<sup>(n)</sup> <br>| 7.25% | 06/15/2030 |  | 1857 | &nbsp;&nbsp; 1916478 |
| Panther Escrow Issuer LLC<sup>(n)</sup> <br>| 7.13% | 06/01/2031 |  | 5520 | &nbsp;&nbsp; 5619752 |
|  |  |  |  |  | &nbsp;&nbsp; 13939165 |
| **Lodging & Casinos–0.12%** | **Lodging & Casinos–0.12%** | **Lodging & Casinos–0.12%** | **Lodging & Casinos–0.12%** |  |  |
| Travel + Leisure Co. <sup>(n)</sup> <br>| 6.13% | 09/01/2033 |  | 2982 | &nbsp;&nbsp; 3033189 |
| **Publishing–0.02%** | **Publishing–0.02%** | **Publishing–0.02%** | **Publishing–0.02%** |  |  |
| McGraw-Hill Education, Inc. <sup>(n)</sup> <br>| 7.38% | 09/01/2031 |  | 660 | &nbsp;&nbsp; 674961 |
| **Retailers (except Food & Drug)–0.17%** | **Retailers (except Food & Drug)–0.17%** | **Retailers (except Food & Drug)–0.17%** | **Retailers (except Food & Drug)–0.17%** |  |  |
| PetSmart LLC/PetSmart Finance Corp. <sup>(n)</sup> <br>| 7.50% | 09/15/2032 |  | 4274 | &nbsp;&nbsp; 4327981 |
| **Surface Transport–0.07%** | **Surface Transport–0.07%** | **Surface Transport–0.07%** | **Surface Transport–0.07%** |  |  |
| Beacon Mobility Corp. <sup>(n)</sup> <br>| 7.25% | 08/01/2030 |  | 1754 | &nbsp;&nbsp; 1838438 |
| **Telecommunications–0.37%** | **Telecommunications–0.37%** | **Telecommunications–0.37%** | **Telecommunications–0.37%** |  |  |
| Uniti Services LLC <sup>(n)</sup> <br>| 7.50% | 10/15/2033 |  | 5756 | &nbsp;&nbsp; 5992929 |
| Windstream Services LLC/Windstream Escrow Finance Corp.<sup>(n)</sup> <br>| 8.25% | 10/01/2031 |  | 3508 | &nbsp;&nbsp; 3696011 |
|  |  |  |  |  | &nbsp;&nbsp; 9688940 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $122,606,954) | Total U.S. Dollar Denominated Bonds & Notes (Cost $122,606,954) | Total U.S. Dollar Denominated Bonds & Notes (Cost $122,606,954) | Total U.S. Dollar Denominated Bonds & Notes (Cost $122,606,954) |  | &nbsp;&nbsp; 118041979 |
| **Non-U.S. Dollar Denominated Bonds & Notes–1.71%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–1.71%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–1.71%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–1.71%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–1.71%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–1.71%**<sup>(o)</sup>  |
| **Air Transport–0.30%** | **Air Transport–0.30%** | **Air Transport–0.30%** | **Air Transport–0.30%** |  |  |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.25%)<sup>(p)</sup> <br>| 6.27% | 02/24/2031 | EUR | 2977 | &nbsp;&nbsp; 3319101 |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.75%)<sup>(p)</sup> <br>| 6.78% | 04/22/2030 | EUR | 4174 | &nbsp;&nbsp; 4657995 |
|  |  |  |  |  | &nbsp;&nbsp; 7977096 |

---

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

**15**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | **Value** |
| **Automotive–0.19%** | **Automotive–0.19%** | **Automotive–0.19%** | **Automotive–0.19%** |  |  |
| Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $799,106)<sup>(g)(n)</sup> <br>| 10.00% | 03/19/2028 | SEK | 9067 | &nbsp;&nbsp; $961638 |
| Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; <br> Cost $1,648,768)<sup>(g)(j)(n)</sup> <br>| 12.00% | 03/19/2028 | SEK | 18133 | &nbsp;&nbsp; 1923277 |
| Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; <br> Cost $3,724,562)<sup>(g)(j)(n)</sup> <br>| 13.16% | 04/19/2029 | SEK | 35057 | &nbsp;&nbsp; 2004676 |
|  |  |  |  |  | &nbsp;&nbsp; 4889591 |
| **Business Equipment & Services–0.05%** | **Business Equipment & Services–0.05%** | **Business Equipment & Services–0.05%** | **Business Equipment & Services–0.05%** |  |  |
| Multiversity S.p.A. (Italy) (3 mo. EURIBOR + 4.25%)<sup>(n)(p)</sup> <br>| 6.28% | 05/17/2031 | EUR | 1136 | &nbsp;&nbsp; 1337721 |
| **Financial Intermediaries–0.50%** | **Financial Intermediaries–0.50%** | **Financial Intermediaries–0.50%** | **Financial Intermediaries–0.50%** |  |  |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(n)(p)</sup> <br>| 7.60% | 12/15/2029 | EUR | 6600 | &nbsp;&nbsp; 7772781 |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(n)(p)</sup> <br>| 7.60% | 12/15/2029 | EUR | 4400 | &nbsp;&nbsp; 5181854 |
|  |  |  |  |  | &nbsp;&nbsp; 12954635 |
| **Food Service–0.22%** | **Food Service–0.22%** | **Food Service–0.22%** | **Food Service–0.22%** |  |  |
| Selecta Group B.V. (Switzerland)<sup>(f)</sup> <br>| 15.00% | 10/01/2030 | EUR | 4786 | &nbsp;&nbsp; 5655489 |
| **Industrial Equipment–0.06%** | **Industrial Equipment–0.06%** | **Industrial Equipment–0.06%** | **Industrial Equipment–0.06%** |  |  |
| Summer (BC) Holdco B S.a.r.l. (Luxembourg) (3 mo. EURIBOR + 4.25%)<sup>(n)(p)</sup> <br>| 6.23% | 02/15/2030 | EUR | 1537 | &nbsp;&nbsp; 1586341 |
| **Surface Transport–0.39%** | **Surface Transport–0.39%** | **Surface Transport–0.39%** | **Surface Transport–0.39%** |  |  |
| Zenith Finco PLC (United Kingdom) (Acquired 01/20/2022-03/23/2022; <br> Cost $12,014,924)<sup>(g)(n)</sup> <br>| 6.50% | 06/30/2027 | GBP | 9042 | &nbsp;&nbsp; 9375107 |
| Zenith Finco PLC (United Kingdom) (Acquired 08/30/2022; Cost $832,150)<sup>(g)(n)</sup> <br>| 6.50% | 06/30/2027 | GBP | 752 | &nbsp;&nbsp; 779704 |
|  |  |  |  |  | &nbsp;&nbsp; 10154811 |
| Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $46,776,294) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $46,776,294) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $46,776,294) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $46,776,294) |  | &nbsp;&nbsp; 44555684 |
|  |  |  | **Shares** | **Shares** |  |
| **Preferred Stocks–0.92%**<sup>(k)</sup>  | **Preferred Stocks–0.92%**<sup>(k)</sup>  | **Preferred Stocks–0.92%**<sup>(k)</sup>  | **Preferred Stocks–0.92%**<sup>(k)</sup>  | **Preferred Stocks–0.92%**<sup>(k)</sup>  | **Preferred Stocks–0.92%**<sup>(k)</sup>  |
| **Oil & Gas–0.00%** | **Oil & Gas–0.00%** | **Oil & Gas–0.00%** | **Oil & Gas–0.00%** |  |  |
| Southcross Energy Partners L.P., Pfd. (Acquired 05/07/2019-10/31/2019; <br> Cost $11,607,048)<sup>(f)(g)</sup> <br>|  |  |  | 11609066 | &nbsp;&nbsp; 68494 |
| **Surface Transport–0.92%** | **Surface Transport–0.92%** | **Surface Transport–0.92%** | **Surface Transport–0.92%** |  |  |
| Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; <br> Cost $3,389,672)<sup>(f)(g)</sup> <br>|  |  |  | 142554 | &nbsp;&nbsp; 14011633 |
| Commercial Barge Line Co., Series B, Pfd.,Wts., expiring 04/27/2045 (Acquired <br> 02/05/2020-02/17/2021; Cost $2,380,533)<sup>(f)(g)(l)</sup> <br>|  |  |  | 100115 | &nbsp;&nbsp; 9840303 |
|  |  |  |  |  | &nbsp;&nbsp; 23851936 |
| Total Preferred Stocks (Cost $17,377,252) | Total Preferred Stocks (Cost $17,377,252) | Total Preferred Stocks (Cost $17,377,252) | Total Preferred Stocks (Cost $17,377,252) |  | &nbsp;&nbsp; 23920430 |
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)**<sup>(a)</sup> |  |
| **Asset-Backed Securities–0.51%** | **Asset-Backed Securities–0.51%** | **Asset-Backed Securities–0.51%** | **Asset-Backed Securities–0.51%** | **Asset-Backed Securities–0.51%** | **Asset-Backed Securities–0.51%** |
| **Structured Products–0.51%** | **Structured Products–0.51%** | **Structured Products–0.51%** | **Structured Products–0.51%** |  |  |
| AGL CLO 1 Ltd., Series 2019-1A, Class ERR (Cayman Islands) (3 mo. Term SOFR + <br> 6.50%) <sup>(n)(p)</sup> <br>| 10.17% | 10/20/2034 |  | $1675 | &nbsp;&nbsp; 1500755 |
| Ballyrock CLO 19 Ltd., Series 2022-19A, Class D (3 mo. Term SOFR + 7.11%)<sup>(n)(p)</sup> <br>| 10.78% | 04/20/2035 |  | 4175 | &nbsp;&nbsp; 4019535 |
| CIFC Funding Ltd., Series 2014-4RA, Class DRR (Cayman Islands) (3 mo. Term SOFR + <br> 5.80%)<sup>(n)(p)</sup> <br>| 9.47% | 01/17/2035 |  | 1250 | &nbsp;&nbsp; 1225954 |
| Empower CLO Ltd., Series 2023-1A, Class ER (Cayman Islands) (3 mo. Term SOFR + <br> 7.34%)<sup>(n)(p)</sup> <br>| 11.01% | 04/25/2038 |  | 3500 | &nbsp;&nbsp; 3560207 |
| Rad CLO 19 Ltd., Series 2023-19A, Class D2R (Cayman Islands) (3 mo. Term SOFR + <br> 5.00%)<sup>(n)(p)</sup> <br>| 8.67% | 03/20/2038 |  | 3000 | &nbsp;&nbsp; 3005613 |
| Total Asset-Backed Securities (Cost $13,523,391) | Total Asset-Backed Securities (Cost $13,523,391) | Total Asset-Backed Securities (Cost $13,523,391) | Total Asset-Backed Securities (Cost $13,523,391) |  | &nbsp;&nbsp; 13312064 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–1.78%** | **Money Market Funds–1.78%** | **Money Market Funds–1.78%** | **Money Market Funds–1.78%** | **Money Market Funds–1.78%** | **Money Market Funds–1.78%** |
| Invesco Government & Agency Portfolio,Institutional Class, 3.59%<sup>(l)(q)</sup>  | Invesco Government & Agency Portfolio,Institutional Class, 3.59%<sup>(l)(q)</sup>  | Invesco Government & Agency Portfolio,Institutional Class, 3.59%<sup>(l)(q)</sup>  |  | 27756269 | &nbsp;&nbsp; 27756269 |

---

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

**16**

**Invesco Senior Floating Rate Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| Invesco Treasury Portfolio,Institutional Class, 3.56%<sup>(l)(q)</sup>  |  | 18502281 | &nbsp;&nbsp; $18502281 |
| Total Money Market Funds (Cost $46,258,550) | Total Money Market Funds (Cost $46,258,550) |  | &nbsp;&nbsp; 46258550 |
| TOTAL INVESTMENTS IN SECURITIES–101.47% (Cost $2,709,008,593) | TOTAL INVESTMENTS IN SECURITIES–101.47% (Cost $2,709,008,593) |  | &nbsp;&nbsp; 2638463853 |
| OTHER ASSETS LESS LIABILITIES–(1.47)% | OTHER ASSETS LESS LIABILITIES–(1.47)% |  | &nbsp;&nbsp; (38112973)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2600350880 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| DIP | – Debtor-in-Possession |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| LIBOR | – London Interbank Offered Rate |
| LOC | – Letter of Credit |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| SEK | – Swedish Krona |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| Sub. | – Subordinated |
| USD | – U.S. Dollar |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal amounts are denominated in U.S. dollars unless otherwise noted.

<sup>(b)</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>(c)</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>(d)</sup> All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

<sup>(e)</sup> This variable rate interest will settle after February 28, 2026, at which time the interest rate will be determined.

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

<sup>(g)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $282,862,029, which represented 10.88% of the Fund's Net Assets.

<sup>(h)</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>(i)</sup> The borrower has filed for protection in federal bankruptcy court.

<sup>(j)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $7,064,115, which represented less than 1% of the Fund's Net Assets. 

<sup>(k)</sup> Securities acquired through the restructuring of senior loans.

<sup>(l)</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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $88967739 | &nbsp;&nbsp; $214467912 | &nbsp;&nbsp; $(275679382) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $27756269 | &nbsp;&nbsp; $826887 |
| Invesco Treasury Portfolio, Institutional Class | 59309927 | &nbsp;&nbsp; 142978608 | &nbsp;&nbsp; (183786254) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 18502281 | &nbsp;&nbsp; 689614 |

---

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

**17**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 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>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Ascend Performance Materials Operations LLC, <br> Litigation Trust Class A\*<br>| $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $588258 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $588258 | &nbsp;&nbsp; $- |
| Commercial Barge Line Co., Wts., expiring <br> 04/27/2045<br>| 3868456 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (210987) | &nbsp;&nbsp; - | &nbsp;&nbsp; 3657469 | &nbsp;&nbsp; - |
| Commercial Barge Line Co., Series B, Pfd.,Wts., <br> expiring 04/27/2045<br>| 10407955 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (567652) | &nbsp;&nbsp; - | &nbsp;&nbsp; 9840303 | &nbsp;&nbsp; 125144 |
| Commercial Barge Line Co., Series B, Wts., <br> expiring 04/30/2045<br>| 438003 | &nbsp;&nbsp; 125144 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 563147 | &nbsp;&nbsp; - |
| Internap Holding LLC | 3145880 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (2516704) | &nbsp;&nbsp; - | &nbsp;&nbsp; 629176 | &nbsp;&nbsp; - |
| MLN US HoldCo. LLC (dba Mitel) | 10502167 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 746255 | &nbsp;&nbsp; - | &nbsp;&nbsp; 11248422 | &nbsp;&nbsp; - |
| My Alarm Center LLC, Class A | 52503597 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (273895) | &nbsp;&nbsp; - | &nbsp;&nbsp; 52229702 | &nbsp;&nbsp; - |
| NewLife Forest Restoration LLC | 15120353 | &nbsp;&nbsp; 1030767 | &nbsp;&nbsp; - | &nbsp;&nbsp; (9423921) | &nbsp;&nbsp; - | &nbsp;&nbsp; 6727199 | &nbsp;&nbsp; - |
| North American Lifting Holdings, Inc. | 611274 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (291374) | &nbsp;&nbsp; - | &nbsp;&nbsp; 319900 | &nbsp;&nbsp; - |
| Tribune Resources LLC | 9010264 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (5523545) | &nbsp;&nbsp; - | &nbsp;&nbsp; 3486719 | &nbsp;&nbsp; 20048637 |
| Total | $253885615 | &nbsp;&nbsp; $358602431 | &nbsp;&nbsp; $(459465636) | &nbsp;&nbsp; $(17473565) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $135548845 | &nbsp;&nbsp; $21690282 |

---

\* As of August 31, 2025, this security was not considered as an affiliate of the Fund.

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

<sup>(n)</sup> Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $162,277,142, which represented 6.24% of the Fund's Net Assets. 

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

<sup>(p)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(q)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

The aggregate value of securities considered illiquid at February 28, 2026 was $364,460,290, which represented 14.02% of the Trust's Net Assets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 04/30/2026 | Bank of New York Mellon (The) | EUR | 62561081 | USD | 74162095 | &nbsp;&nbsp;&nbsp; $34870 |
| 03/30/2026 | Barclays Bank PLC | GBP | 113493 | USD | 155185 | &nbsp;&nbsp;&nbsp; 2225 |
| 03/30/2026 | BNP Paribas S.A. | EUR | 64087324 | USD | 76825032 | &nbsp;&nbsp;&nbsp; 1000867 |
| 03/30/2026 | BNP Paribas S.A. | SEK | 541053 | USD | 60034 | &nbsp;&nbsp;&nbsp; 15 |
| 04/30/2026 | BNP Paribas S.A. | SEK | 314138 | USD | 35063 | &nbsp;&nbsp;&nbsp; 159 |
| 03/30/2026 | Canadian Imperial Bank of Commerce | EUR | 64087324 | USD | 76840842 | &nbsp;&nbsp;&nbsp; 1016678 |
| 03/30/2026 | Canadian Imperial Bank of Commerce | GBP | 10437533 | USD | 14401611 | &nbsp;&nbsp;&nbsp; 334521 |
| 03/30/2026 | Citibank, N.A. | SEK | 769778 | USD | 85593 | &nbsp;&nbsp;&nbsp; 202 |
| 04/30/2026 | Citibank, N.A. | EUR | 62561081 | USD | 74139198 | &nbsp;&nbsp;&nbsp; 11973 |
| 03/30/2026 | Goldman Sachs International | EUR | 63395812 | USD | 75977218 | &nbsp;&nbsp;&nbsp; 971208 |
| 03/30/2026 | Royal Bank of Canada | SEK | 48365837 | USD | 5500939 | &nbsp;&nbsp;&nbsp; 135753 |
| 04/30/2026 | Royal Bank of Canada | USD | 2368036 | EUR | 2000000 | &nbsp;&nbsp;&nbsp; 1719 |
| 03/30/2026 | State Street Bank & Trust Co. | EUR | 1514683 | USD | 1815597 | &nbsp;&nbsp;&nbsp; 23518 |
| 03/30/2026 | State Street Bank & Trust Co. | SEK | 1119668 | USD | 125974 | &nbsp;&nbsp;&nbsp; 1770 |
| 04/30/2026 | State Street Bank & Trust Co. | EUR | 62551697 | USD | 74134145 | &nbsp;&nbsp;&nbsp; 18038 |
| 04/30/2026 | State Street Bank & Trust Co. | GBP | 10546033 | USD | 14293070 | &nbsp;&nbsp;&nbsp; 78071 |
| 04/30/2026 | State Street Bank & Trust Co. | USD | 3546235 | EUR | 3000000 | &nbsp;&nbsp;&nbsp; 8398 |
| 04/30/2026 | Toronto-Dominion Bank (The) | NOK | 70780762 | USD | 7455593 | &nbsp;&nbsp;&nbsp; 14094 |
| 04/30/2026 | Toronto-Dominion Bank (The) | SEK | 50300748 | USD | 5621515 | &nbsp;&nbsp;&nbsp; 32580 |
| 03/30/2026 | UBS AG | USD | 4728948 | EUR | 4000000 | &nbsp;&nbsp;&nbsp; 3605 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 3690264 |
| **Currency Risk** |  |  |  |  |  |  |
| 03/30/2026 | Bank of New York Mellon (The) | USD | 74053552 | EUR | 62561081 | &nbsp;&nbsp;&nbsp; (35143)<br>|

---

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

**18**

**Invesco Senior Floating Rate 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**<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)** |
| 03/30/2026 | Barclays Bank PLC | NOK | 7676372 | USD | 791234 | &nbsp;&nbsp;&nbsp; $(15987)<br>|
| 03/30/2026 | BNP Paribas S.A. | USD | 144739 | GBP | 105800 | &nbsp;&nbsp;&nbsp; (2148)<br>|
| 04/30/2026 | BNP Paribas S.A. | SEK | 1201940 | USD | 133174 | &nbsp;&nbsp;&nbsp; (373)<br>|
| 03/30/2026 | Canadian Imperial Bank of Commerce | USD | 1671510 | EUR | 1411283 | &nbsp;&nbsp;&nbsp; (1767)<br>|
| 03/30/2026 | Citibank, N.A. | USD | 74030404 | EUR | 62561081 | &nbsp;&nbsp;&nbsp; (11996)<br>|
| 03/30/2026 | Royal Bank of Canada | NOK | 63104390 | USD | 6598543 | &nbsp;&nbsp;&nbsp; (37299)<br>|
| 03/30/2026 | Royal Bank of Canada | USD | 55646 | SEK | 495588 | &nbsp;&nbsp;&nbsp; (671)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | USD | 74025555 | EUR | 62551697 | &nbsp;&nbsp;&nbsp; (18249)<br>|
| 03/30/2026 | State Street Bank & Trust Co. | USD | 14154903 | GBP | 10445227 | &nbsp;&nbsp;&nbsp; (77443)<br>|
| 04/30/2026 | State Street Bank & Trust Co. | SEK | 765114 | USD | 84621 | &nbsp;&nbsp;&nbsp; (391)<br>|
| 03/30/2026 | Toronto-Dominion Bank (The) | USD | 7457438 | NOK | 70780762 | &nbsp;&nbsp;&nbsp; (14376)<br>|
| 03/30/2026 | Toronto-Dominion Bank (The) | USD | 5612382 | SEK | 50300748 | &nbsp;&nbsp;&nbsp; (32558)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (248401)<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; $3441863 |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| NOK | – Norwegian Krone |
| SEK | – Swedish Krona |
| USD | – U.S. Dollar |

---

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

**19**

**Invesco Senior Floating Rate Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,562,117,464)<br>| &nbsp;&nbsp; $2502915008 |
| Investments in affiliates, at value <br>(Cost $146,891,129)<br>| &nbsp;&nbsp; 135548845 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 3690264 |
| Cash | &nbsp;&nbsp; 23563083 |
| Foreign currencies, at value (Cost $2,568,516) | &nbsp;&nbsp; 2569351 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 98080683 |
| Fund shares sold | &nbsp;&nbsp; 909291 |
| Dividends | &nbsp;&nbsp; 238736 |
| Interest | &nbsp;&nbsp; 24968825 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 327133 |
| Other assets | &nbsp;&nbsp; 808408 |
| Total assets | &nbsp;&nbsp; 2793619627 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 248401 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 143995983 |
| Dividends | &nbsp;&nbsp; 5281840 |
| Fund shares reacquired | &nbsp;&nbsp; 3191842 |
| Accrued fees to affiliates | &nbsp;&nbsp; 987847 |
| Accrued interest expense | &nbsp;&nbsp; 120080 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3660 |
| Accrued other operating expenses | &nbsp;&nbsp; 318363 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 327133 |
| Unfunded loan commitments | &nbsp;&nbsp; 38793598 |
| Total liabilities | &nbsp;&nbsp; 193268747 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2600350880 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $5418801079 |
| Distributable earnings (loss) | &nbsp;&nbsp; (2818450199)<br>|
|  | &nbsp;&nbsp; $2600350880 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1304002702 |
| Class C | &nbsp;&nbsp; $114270343 |
| Class R | &nbsp;&nbsp; $46549223 |
| Class Y | &nbsp;&nbsp; $1001464320 |
| Class R5 | &nbsp;&nbsp; $10734 |
| Class R6 | &nbsp;&nbsp; $134053558 |
| **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; 207323989 |
| Class C | &nbsp;&nbsp; 18157723 |
| Class R | &nbsp;&nbsp; 7404419 |
| Class Y | &nbsp;&nbsp; 159471848 |
| Class R5 | &nbsp;&nbsp; 1706 |
| Class R6 | &nbsp;&nbsp; 21346765 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.29 |
| Maximum offering price per share <br>(Net asset value of $6.29 ÷ 96.75%)<br>| &nbsp;&nbsp; $6.50 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.29 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.29 |
| 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; $6.29 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.28 |

---

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

**20**

**Invesco Senior Floating Rate Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $108020691 |
| Dividends | &nbsp;&nbsp; 823221 |
| Dividends from affiliates | &nbsp;&nbsp; 21690282 |
| Total investment income | &nbsp;&nbsp; 130534194 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8500600 |
| Administrative services fees | &nbsp;&nbsp; 196626 |
| Custodian fees | &nbsp;&nbsp; 113846 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1703423 |
| Class C | &nbsp;&nbsp; 625663 |
| Class R | &nbsp;&nbsp; 119064 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 719815 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1659225 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 19082 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 20457 |
| Registration and filing fees | &nbsp;&nbsp; 63808 |
| Reports to shareholders | &nbsp;&nbsp; 76918 |
| Professional services fees | &nbsp;&nbsp; 95295 |
| Other | &nbsp;&nbsp; 17765 |
| Total expenses | &nbsp;&nbsp; 13931589 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (86906)<br>|
| Net expenses | &nbsp;&nbsp; 13844683 |
| Net investment income | &nbsp;&nbsp; 116689511 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (82040697)<br>|
| Foreign currencies | &nbsp;&nbsp; (382334)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (987924)<br>|
|  | &nbsp;&nbsp; (83410955)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2430889)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (17473565)<br>|
| Foreign currencies | &nbsp;&nbsp; 347702 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1052869 |
|  | &nbsp;&nbsp; (18503883)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (101914838)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $14774673 |

---

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

**21**

**Invesco Senior Floating Rate Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $116689511 | &nbsp;&nbsp; $233069923 |
| Net realized gain (loss) | &nbsp;&nbsp; (83410955)<br>| &nbsp;&nbsp; (169751177)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (18503883)<br>| &nbsp;&nbsp; 116307967 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 14774673 | &nbsp;&nbsp; 179626713 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (51842489)<br>| &nbsp;&nbsp; (111447872)<br>|
| Class C | &nbsp;&nbsp; (4250610)<br>| &nbsp;&nbsp; (10454731)<br>|
| Class R | &nbsp;&nbsp; (1739714)<br>| &nbsp;&nbsp; (3628795)<br>|
| Class Y | &nbsp;&nbsp; (42121203)<br>| &nbsp;&nbsp; (84993402)<br>|
| Class R5 | &nbsp;&nbsp; (730)<br>| &nbsp;&nbsp; (1511)<br>|
| Class R6 | &nbsp;&nbsp; (5420669)<br>| &nbsp;&nbsp; (9307347)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (105375415)<br>| &nbsp;&nbsp; (219833658)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (12462474)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (1169083)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (405784)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (9504247)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (169)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1040779)<br>|
| Total return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (24582536)<br>|
| Total distributions | &nbsp;&nbsp; (105375415)<br>| &nbsp;&nbsp; (244416194)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (110091401)<br>| &nbsp;&nbsp; (46328635)<br>|
| Class C | &nbsp;&nbsp; (15732021)<br>| &nbsp;&nbsp; (33147230)<br>|
| Class R | &nbsp;&nbsp; (292895)<br>| &nbsp;&nbsp; (2079166)<br>|
| Class Y | &nbsp;&nbsp; (83489804)<br>| &nbsp;&nbsp; (12236278)<br>|
| Class R5 | &nbsp;&nbsp; (7946)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; 10526156 | &nbsp;&nbsp; 16064618 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (199087911)<br>| &nbsp;&nbsp; (77726691)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (289688653)<br>| &nbsp;&nbsp; (142516172)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2890039533 | &nbsp;&nbsp; 3032555705 |
| End of period | &nbsp;&nbsp; $2600350880 | &nbsp;&nbsp; $2890039533 |

---

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

**22**

**Invesco Senior Floating Rate Fund**

------

**Statement of Cash Flows**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Cash provided by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $14774673 |
| **Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:** |  |
| Purchases of investments | &nbsp;&nbsp; (601811828)<br>|
| Proceeds from sales of investments | &nbsp;&nbsp; 703237435 |
| Purchases of short-term investments, net | &nbsp;&nbsp; (13693391)<br>|
| Amortization (accretion) of premiums and discounts, net | &nbsp;&nbsp; (6496913)<br>|
| Net realized loss from investment securities | &nbsp;&nbsp; 82040697 |
| Net change in unrealized depreciation on investment securities | &nbsp;&nbsp; 19904454 |
| Net change in unrealized appreciation on forward foreign currency contracts and foreign currency | &nbsp;&nbsp; (1053247)<br>|
| Change in operating assets and liabilities: |  |
| Increase in receivables and other assets | &nbsp;&nbsp; (702100)<br>|
| Decrease in accrued expenses and other payables | &nbsp;&nbsp; (133826)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 196065954 |
| **Cash provided by (used in) financing activities:** |  |
| Dividends paid to shareholders from distributable earnings | &nbsp;&nbsp; (32921863)<br>|
| Proceeds from shares of beneficial interest sold | &nbsp;&nbsp; 258724048 |
| Disbursements from shares of beneficial interest reacquired | &nbsp;&nbsp; (528858866)<br>|
| Net cash provided by (used in) financing activities | &nbsp;&nbsp; (303056681)<br>|
| **Cash impact from foreign exchange fluctuations:** |  |
| Net change in appreciation on foreign currency | &nbsp;&nbsp; $378 |
| Net decrease in cash and cash equivalents | &nbsp;&nbsp; (106990349)<br>|
| Cash and cash equivalents at beginning of period | &nbsp;&nbsp; 179381333 |
| Cash and cash equivalents at end of period | &nbsp;&nbsp; $72390984 |
| **Non-cash financing activities:** |  |
| Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | &nbsp;&nbsp; $73071761 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid during the period for interest, facilities and maintenance fees | &nbsp;&nbsp; $745810 |

---

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

**23**

**Invesco Senior Floating Rate Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<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 02/28/26 | $6.50 | $0.27 | $(0.24)<br>| $0.03 | $(0.24)<br>| $— | $(0.24)<br>| $6.29 | 0.47<br> %<br>| $1304003 | 1.09 %<sup>(d)</sup><br>| 1.09 %<sup>(d)</sup><br>| 1.04 %<sup>(d)</sup><br>| 8.37 %<sup>(d)</sup><br>| 22<br> %<br>|
| Year ended 08/31/25 | 6.65 | 0.52 | (0.12)<br>| 0.40 | (0.49)<br>| (0.06)<br>| (0.55)<br>| 6.50 | 6.22 | 1459271 | 1.12 <br><sup>(e)</sup><br>| 1.12 <br><sup>(e)</sup><br>| 1.07 | 7.96 | 49 |
| Year ended 08/31/24 | 6.67 | 0.58 | 0.02 | 0.60 | (0.56)<br>| (0.06)<br>| (0.62)<br>| 6.65 | 9.35 | 1538561 | 1.08 | 1.10 | 1.03 | 8.68 | 48 |
| Year ended 08/31/23 | 6.79 | 0.60 | (0.05)<br>| 0.55 | (0.65)<br>| (0.02)<br>| (0.67)<br>| 6.67 | 8.72 | 1558451 | 1.06 | 1.09 | 1.01 | 9.04 | 31 |
| Year ended 08/31/22 | 7.10 | 0.35 | (0.32)<br>| 0.03 | (0.34)<br>|  | (0.34)<br>| 6.79 | 0.40 | 1639394 | 1.04 | 1.04 | 1.00 | 5.05 | 68 |
| Year ended 08/31/21 | 6.61 | 0.31 | 0.49 | 0.80 | (0.31)<br>|  | (0.31)<br>| 7.10 | 12.35 | 1666116 | 1.07 | 1.10 | 1.00 | 4.56 | 86 |
| **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 02/28/26 | 6.51 | 0.24 | (0.24)<br>| 0.00 | (0.22)<br>|  | (0.22)<br>| 6.29 | (0.06)<br>| 114270 | 1.84 <br><sup>(d)</sup><br>| 1.84 <br><sup>(d)</sup><br>| 1.79 <br><sup>(d)</sup><br>| 7.62 <br><sup>(d)</sup><br>| 22 |
| Year ended 08/31/25 | 6.65 | 0.47 | (0.11)<br>| 0.36 | (0.45)<br>| (0.05)<br>| (0.50)<br>| 6.51 | 5.59 | 134062 | 1.87 <br><sup>(e)</sup><br>| 1.87 <br><sup>(e)</sup><br>| 1.82 | 7.21 | 49 |
| Year ended 08/31/24 | 6.67 | 0.53 | 0.02 | 0.55 | (0.52)<br>| (0.05)<br>| (0.57)<br>| 6.65 | 8.53 | 170786 | 1.83 | 1.85 | 1.78 | 7.93 | 48 |
| Year ended 08/31/23 | 6.79 | 0.55 | (0.05)<br>| 0.50 | (0.60)<br>| (0.02)<br>| (0.62)<br>| 6.67 | 7.91 | 200489 | 1.81 | 1.84 | 1.76 | 8.29 | 31 |
| Year ended 08/31/22 | 7.11 | 0.30 | (0.33)<br>| (0.03)<br>| (0.29)<br>|  | (0.29)<br>| 6.79 | (0.49)<br>| 268127 | 1.79 | 1.79 | 1.75 | 4.30 | 68 |
| Year ended 08/31/21 | 6.62 | 0.26 | 0.49 | 0.75 | (0.26)<br>|  | (0.26)<br>| 7.11 | 11.50 | 398409 | 1.82 | 1.85 | 1.75 | 3.81 | 86 |
| **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 02/28/26 | 6.50 | 0.26 | (0.24)<br>| 0.02 | (0.23)<br>|  | (0.23)<br>| 6.29 | 0.34 | 46549 | 1.34 <br><sup>(d)</sup><br>| 1.34 <br><sup>(d)</sup><br>| 1.29 <br><sup>(d)</sup><br>| 8.12 <br><sup>(d)</sup><br>| 22 |
| Year ended 08/31/25 | 6.64 | 0.50 | (0.11)<br>| 0.39 | (0.48)<br>| (0.05)<br>| (0.53)<br>| 6.50 | 6.12 | 48430 | 1.37 <br><sup>(e)</sup><br>| 1.37 <br><sup>(e)</sup><br>| 1.32 | 7.71 | 49 |
| Year ended 08/31/24 | 6.66 | 0.56 | 0.02 | 0.58 | (0.54)<br>| (0.06)<br>| (0.60)<br>| 6.64 | 9.07 | 51616 | 1.33 | 1.35 | 1.28 | 8.43 | 48 |
| Year ended 08/31/23 | 6.79 | 0.58 | (0.05)<br>| 0.53 | (0.64)<br>| (0.02)<br>| (0.66)<br>| 6.66 | 8.29 | 53578 | 1.31 | 1.34 | 1.26 | 8.79 | 31 |
| Year ended 08/31/22 | 7.10 | 0.34 | (0.33)<br>| 0.01 | (0.32)<br>|  | (0.32)<br>| 6.79 | 0.14 | 55615 | 1.29 | 1.29 | 1.25 | 4.80 | 68 |
| Year ended 08/31/21 | 6.61 | 0.30 | 0.48 | 0.78 | (0.29)<br>|  | (0.29)<br>| 7.10 | 12.07 | 60060 | 1.32 | 1.35 | 1.25 | 4.31 | 86 |
| **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 02/28/26 | 6.49 | 0.28 | (0.24)<br>| 0.04 | (0.25)<br>|  | (0.25)<br>| 6.28 | 0.59 | 1001464 | 0.84 <br><sup>(d)</sup><br>| 0.84 <br><sup>(d)</sup><br>| 0.79 <br><sup>(d)</sup><br>| 8.62 <br><sup>(d)</sup><br>| 22 |
| Year ended 08/31/25 | 6.63 | 0.54 | (0.12)<br>| 0.42 | (0.50)<br>| (0.06)<br>| (0.56)<br>| 6.49 | 6.65 | 1120127 | 0.87 <br><sup>(e)</sup><br>| 0.87 <br><sup>(e)</sup><br>| 0.82 | 8.21 | 49 |
| Year ended 08/31/24 | 6.66 | 0.59 | 0.01 | 0.60 | (0.57)<br>| (0.06)<br>| (0.63)<br>| 6.63 | 9.45 | 1156908 | 0.83 | 0.85 | 0.78 | 8.93 | 48 |
| Year ended 08/31/23 | 6.78 | 0.61 | (0.04)<br>| 0.57 | (0.66)<br>| (0.03)<br>| (0.69)<br>| 6.66 | 8.99 | 1178319 | 0.81 | 0.84 | 0.76 | 9.29 | 31 |
| Year ended 08/31/22 | 7.09 | 0.37 | (0.33)<br>| 0.04 | (0.35)<br>|  | (0.35)<br>| 6.78 | 0.63 | 1450652 | 0.79 | 0.79 | 0.75 | 5.30 | 68 |
| Year ended 08/31/21 | 6.60 | 0.33 | 0.49 | 0.82 | (0.33)<br>|  | (0.33)<br>| 7.09 | 12.65 | 1323124 | 0.82 | 0.85 | 0.75 | 4.81 | 86 |
| **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 02/28/26 | 6.50 | 0.28 | (0.24)<br>| 0.04 | (0.25)<br>|  | (0.25)<br>| 6.29 | 0.63 | 11 | 0.74 <br><sup>(d)</sup><br>| 0.74 <br><sup>(d)</sup><br>| 0.69 <br><sup>(d)</sup><br>| 8.72 <br><sup>(d)</sup><br>| 22 |
| Year ended 08/31/25 | 6.65 | 0.54 | (0.12)<br>| 0.42 | (0.51)<br>| (0.06)<br>| (0.57)<br>| 6.50 | 6.56 | 19 | 0.82 <br><sup>(e)</sup><br>| 0.82 <br><sup>(e)</sup><br>| 0.77 | 8.26 | 49 |
| Year ended 08/31/24 | 6.67 | 0.60 | 0.02 | 0.62 | (0.58)<br>| (0.06)<br>| (0.64)<br>| 6.65 | 9.68 | 20 | 0.79 | 0.79 | 0.74 | 8.97 | 48 |
| Year ended 08/31/23 | 6.80 | 0.62 | (0.06)<br>| 0.56 | (0.66)<br>| (0.03)<br>| (0.69)<br>| 6.67 | 8.89 | 20 | 0.76 | 0.76 | 0.71 | 9.34 | 31 |
| Year ended 08/31/22 | 7.11 | 0.38 | (0.33)<br>| 0.05 | (0.36)<br>|  | (0.36)<br>| 6.80 | 0.74 | 12 | 0.70 | 0.70 | 0.66 | 5.39 | 68 |
| Year ended 08/31/21 | 6.62 | 0.34 | 0.48 | 0.82 | (0.33)<br>|  | (0.33)<br>| 7.11 | 12.65 | 12 | 0.73 | 0.74 | 0.66 | 4.90 | 86 |
| **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 02/28/26 | 6.49 | 0.28 | (0.24)<br>| 0.04 | (0.25)<br>|  | (0.25)<br>| 6.28 | 0.63 | 134054 | 0.74 <br><sup>(d)</sup><br>| 0.74 <br><sup>(d)</sup><br>| 0.69 <br><sup>(d)</sup><br>| 8.72 <br><sup>(d)</sup><br>| 22 |
| Year ended 08/31/25 | 6.63 | 0.54 | (0.11)<br>| 0.43 | (0.51)<br>| (0.06)<br>| (0.57)<br>| 6.49 | 6.74 | 128130 | 0.78 <br><sup>(e)</sup><br>| 0.78 <br><sup>(e)</sup><br>| 0.73 | 8.30 | 49 |
| Year ended 08/31/24 | 6.66 | 0.60 | 0.01 | 0.61 | (0.58)<br>| (0.06)<br>| (0.64)<br>| 6.63 | 9.55 | 114665 | 0.76 | 0.76 | 0.71 | 9.00 | 48 |
| Year ended 08/31/23 | 6.77 | 0.62 | (0.04)<br>| 0.58 | (0.66)<br>| (0.03)<br>| (0.69)<br>| 6.66 | 9.22 | 199550 | 0.74 | 0.74 | 0.69 | 9.36 | 31 |
| Year ended 08/31/22 | 7.08 | 0.37 | (0.32)<br>| 0.05 | (0.36)<br>|  | (0.36)<br>| 6.77 | 0.72 | 245252 | 0.70 | 0.70 | 0.66 | 5.39 | 68 |
| Year ended 08/31/21 | 6.60 | 0.34 | 0.47 | 0.81 | (0.33)<br>|  | (0.33)<br>| 7.08 | 12.60 | 196230 | 0.69 | 0.74 | 0.62 | 4.94 | 86 |

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

<sup>(b)</sup> Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 

<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 ended August 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $42,745,724 in connection with the acquisition of Invesco Senior Floating Rate Plus Fund into the Fund. 

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

<sup>(e)</sup> Ratio includes line of credit expense of 0.05% for the year ended August 31, 2025.

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

**24**

**Invesco Senior Floating Rate Fund**

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**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Senior Floating Rate Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek income.

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

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

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. 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.

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

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

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

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

Private 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.

**25**

**Invesco Senior Floating Rate Fund**

------

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. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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.** **Interest, Facilities and Maintenance Fees** — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining a line of credit.

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

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown

**26**

**Invesco Senior Floating Rate Fund**

------

as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **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, portfolio managers and senior executives at the Adviser act 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.

**K.** **Cash and Cash Equivalents –** For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), restricted cash, money market funds that qualify as a cash equivalent and other investments held in lieu of cash.

**L.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell 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.

**M.** **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.

**N.** **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.

**O.** **Industry Focus** — To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund's performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.

**P.** **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.

**Q.** **Leverage Risk** — The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund's leverage strategy will be successful.

**R.** **Other Risks** - The Fund may invest all or substantially all of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the "Borrowers"). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders ("Lenders") or one of the participants in the

**27**

**Invesco Senior Floating Rate Fund**

------

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".

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 $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $4.2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Next $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |
| Over $20 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |

---

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

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective January 1, 2026, the Adviser has contractually agreed, through at least December 31, 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 C, Class R Class Y, Class R5 and Class R6 shares to 1.03%, 1.78%, 1.28%, 0.78%, 0.73% and 0.69%, respectively, of the Fund's average daily net assets (the "expense limits"). Prior to January 1, 2026, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.03%, 1.78%, 1.28%, 0.78%, 0.78% and 0.78%, respectively. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended February 28, 2026, the Adviser waived advisory fees of $45,210 and reimbursed class level expenses of $1,111, $1,107, $498, $10,120, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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

**28**

**Invesco Senior Floating Rate Fund**

------

the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $28,488 in front-end sales commissions from the sale of Class A shares and $4,007 and $7,584 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 February 28, 2026. 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** |  |  |  |  |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1958471534 | &nbsp;&nbsp;&nbsp;&nbsp; $252501775 | &nbsp;&nbsp;&nbsp;&nbsp; $2210973309 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 13360754 | &nbsp;&nbsp;&nbsp;&nbsp; 28563941 | &nbsp;&nbsp;&nbsp;&nbsp; 139477142 | &nbsp;&nbsp;&nbsp;&nbsp; 181401837 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114033053 | &nbsp;&nbsp;&nbsp;&nbsp; 4008926 | &nbsp;&nbsp;&nbsp;&nbsp; 118041979 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38900195 | &nbsp;&nbsp;&nbsp;&nbsp; 5655489 | &nbsp;&nbsp;&nbsp;&nbsp; 44555684 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23920430 | &nbsp;&nbsp;&nbsp;&nbsp; 23920430 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13312064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13312064 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 46258550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46258550 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 59619304 | &nbsp;&nbsp;&nbsp;&nbsp; 2153280787 | &nbsp;&nbsp;&nbsp;&nbsp; 425563762 | &nbsp;&nbsp;&nbsp;&nbsp; 2638463853 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3690264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3690264 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (248401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (248401)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3441863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3441863 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $59619304 | &nbsp;&nbsp;&nbsp;&nbsp; $2156722650 | &nbsp;&nbsp;&nbsp;&nbsp; $425563762 | &nbsp;&nbsp;&nbsp;&nbsp; $2641905716 |

---

\* Unrealized appreciation (depreciation).

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended February 28, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**08/31/25**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Accrued** <br>**Discounts/** <br>**Premiums**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Transfers** <br>**into** <br>**Level 3\***<br>| **Transfers** <br>**out of** <br>**Level 3\***<br>| **Value** <br>**02/28/26**<br>|
| Variable Rate Senior Loan Interests | $220119577 | $57079951 | $(50484395)<br>| $1588773 | $(2466877)<br>| $(6072454)<br>| $63404823 | $(30667623)<br>| $252501775 |
| Common Stocks & Other Equity <br> Interests<br>| 143354562 | 4234074 | (6363289)<br>|  | 5327410 | (20032516)<br>| 12956901 |  | 139477142 |
| Preferred Stocks | 25296363 |  |  |  |  | (1375933)<br>|  |  | 23920430 |
| Non-U.S. Dollar Denominated Bonds & <br> Notes<br>| 14385725 |  | (8764797)<br>| 35172 | (7400576)<br>| 7399965 |  |  | 5655489 |
| U.S. Dollar Denominated Bonds & Notes |  |  |  | 191913 |  | 1376623 | 2440390 |  | 4008926 |
| Total | $403156227 | $61314025 | $(65612481)<br>| $1815858 | $(4540043)<br>| $(18704315)<br>| $78802114 | $(30667623)<br>| $425563762 |

---

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

**29**

**Invesco Senior Floating Rate Fund**

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The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value <br>at 02/28/26<br>| Valuation <br>Technique<br>| Unobservable <br>Inputs<br>| Range of <br>Unobservable <br>Inputs<br>| Weighted Average of <br>Unobservable Inputs <br>Based on Fair Value<br>|
| Variable Rate Senior Loan Interests | $&nbsp;&nbsp;&nbsp;&nbsp; 252501775 | Comparable Companies | Acquisition Cost | 97.38% of Par | - |
|  |  |  | EBITDA Multiple | 7.75x - 8.00x | 7.88x |
|  |  | Discounted Cash Flow Model | Discount Rate | 7.79% - 11.88% | 8.91% |
|  |  | Third-Party Pricing | Broker Quote | 92.50% - 98.88% of Par | 96.49% of Par |
|  |  | Transaction Value | Liquidation Value | 7.50x | - |
| Common Stocks & Other Equity Interests | 139477142 | Comparable Companies | EBITDA Multiple | 5.75x | - |
|  |  | Discounted Cash Flow Model | Discount Rate | 7.79% | - |
| Preferred Stocks | 23920430 | Comparable Companies | EBITDA Multiple | 8.50x | - |
| Non-U.S. Dollar Denominated Bonds & Notes | 5655489 | Comparable Companies | Acquisition Cost | 100.00% of Par | - |
| U.S. Dollar Denominated Bonds & Notes | 4008926 | Discounted Cash Flow Model | Discount Rate | 19.85% | - |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp; 425563762 |  |  |  |  |

---

**NOTE 4—Derivative Investments**

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

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

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $3690264 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $3690264 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(248401)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(248401)<br>|

---

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $34870 | &nbsp;&nbsp;&nbsp; $(35143)<br>| &nbsp;&nbsp;&nbsp; $(273)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(273)<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp;&nbsp; (15987)<br>| &nbsp;&nbsp;&nbsp; (13762)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13762)<br>|
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 1001041 | &nbsp;&nbsp;&nbsp; (2521)<br>| &nbsp;&nbsp;&nbsp; 998520 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 998520 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 1351199 | &nbsp;&nbsp;&nbsp; (1767)<br>| &nbsp;&nbsp;&nbsp; 1349432 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1349432 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 12175 | &nbsp;&nbsp;&nbsp; (11996)<br>| &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 179 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 971208 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 971208 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 971208 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 137472 | &nbsp;&nbsp;&nbsp; (37970)<br>| &nbsp;&nbsp;&nbsp; 99502 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99502 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 129795 | &nbsp;&nbsp;&nbsp; (96083)<br>| &nbsp;&nbsp;&nbsp; 33712 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33712 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp; 46674 | &nbsp;&nbsp;&nbsp; (46934)<br>| &nbsp;&nbsp;&nbsp; (260)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (260)<br>|
| UBS AG | &nbsp;&nbsp;&nbsp; 3605 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3605 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3605 |
| Total | &nbsp;&nbsp;&nbsp; $3690264 | &nbsp;&nbsp;&nbsp; $(248401)<br>| &nbsp;&nbsp;&nbsp; $3441863 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3441863 |

---

**30**

**Invesco Senior Floating Rate Fund**

------

**Effect of Derivative Investments for the six months ended February 28, 2026**

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; $(987924)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1052869 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $64945 |

---

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; $783090321 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $28,860.

**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. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

Effective February 13, 2026, the Fund has entered into a credit agreement, which enables the Fund to participate with another Invesco Fund in a committed secured borrowing facility that permits borrowings up to $850 million, collectively by certain Invesco Funds, and which will expire on February 12, 2027. Prior to February 13, 2026, the credit agreement permitted borrowings up to $900 million. The credit agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement. During the six months ended February 28, 2026, the Fund did not borrow under this agreement.

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

**31**

**Invesco Senior Floating Rate Fund**

------

**NOTE 8—Unfunded Loan Commitments**

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2026. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Type** | &nbsp;&nbsp;&nbsp;&nbsp; **Unfunded Loan** <br>**Commitment** | &nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| A&R Logistics Holdings, Inc. (Quantix) | Revolver Loan | $177475 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| AnaCap (AFE S.A. SICAV-RAIF) | Delayed Draw Term Loan | 1247479 | &nbsp;&nbsp;&nbsp;&nbsp; 26910 |
| Arxis | Delayed Draw Term Loan | 168083 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| Azuria Water Solutions, Inc | Delayed Draw Term Loan | 631341 | &nbsp;&nbsp;&nbsp;&nbsp; (4531)<br>|
| Beacon Mobility Corp. | Delayed Draw Term Loan | 276300 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| Citrin Cooperman Advisors LLC | Delayed Draw Term Loan | 941407 | &nbsp;&nbsp;&nbsp;&nbsp; (19018)<br>|
| Eisner Advisory Group LLC | Delayed Draw Term Loan | 1064227 | &nbsp;&nbsp;&nbsp;&nbsp; 5361 |
| Exclusive (Networks Everest/Etna French Bidco) | Delayed Draw Term Loan | 80925 | &nbsp;&nbsp;&nbsp;&nbsp; (2984)<br>|
| GC Ferry Acquisition I, Inc. (First Eagle Investment <br> Management LLC)<br>| Delayed Draw Term Loan | 1984460 | &nbsp;&nbsp;&nbsp;&nbsp; (34583)<br>|
| Hasa Intermediate Holdings LLC | Incremental Delayed Draw Term Loan | 376565 | &nbsp;&nbsp;&nbsp;&nbsp; 1892 |
| Hasa Intermediate Holdings LLC | Revolver Loan | 653952 | &nbsp;&nbsp;&nbsp;&nbsp; 6936 |
| IPS Corp./CP Iris Holdco | Delayed Draw Term Loan | 763313 | &nbsp;&nbsp;&nbsp;&nbsp; (2386)<br>|
| Kantar (Summer BC Bidco/KANGRP) | Revolver Loan | 10176100 | &nbsp;&nbsp;&nbsp;&nbsp; (694850)<br>|
| MB2 Dental Solutions LLC | Delayed Draw Term Loan | 397822 | &nbsp;&nbsp;&nbsp;&nbsp; 3978 |
| MB2 Dental Solutions LLC | Revolver Loan | 325744 | &nbsp;&nbsp;&nbsp;&nbsp; 3290 |
| McDermott International Ltd. | Revolver Loan, LOC | 9673606 | &nbsp;&nbsp;&nbsp;&nbsp; (967361)<br>|
| Parques Reunidos (Piolin Bidco S.A.U.) | Revolver Loan | 1764744 | &nbsp;&nbsp;&nbsp;&nbsp; 137204 |
| PennAero (Takeoff Buyer, Inc.) | Delayed Draw Term Loan | 505274 | &nbsp;&nbsp;&nbsp;&nbsp; 513 |
| Pinnacle Buyer LLC (Summit Cos.) | Delayed Draw Term Loan | 542330 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
| Pye-Barker Fire and Safety LLC | Delayed Draw Term Loan | 1226635 | &nbsp;&nbsp;&nbsp;&nbsp; 2631 |
| Selecta Group B.V. | Revolver Loan | 2813558 | &nbsp;&nbsp;&nbsp;&nbsp; 76696 |
| Student Transportation of America Holdings, Inc. | Delayed Draw Term Loan | 518374 | &nbsp;&nbsp;&nbsp;&nbsp; 2851 |
| Tank Holding Corp. | Revolver Loan | 915312 | &nbsp;&nbsp;&nbsp;&nbsp; (66570)<br>|
| US Fertility Enterprises LLC | Delayed Draw Term Loan | 726780 | &nbsp;&nbsp;&nbsp;&nbsp; 2726 |
| USALCO LLC | Delayed Draw Term Loan | 281383 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| V Global Holdings LLC | Revolver Loan | 560409 | &nbsp;&nbsp;&nbsp;&nbsp; (33427)<br>|
|  |  | $38793598 | &nbsp;&nbsp;&nbsp;&nbsp; $(1552665)<br>|

---

**NOTE 9—Tax Information**

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

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

The Fund had a capital loss carryforward as of August 31, 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; $210168866 | &nbsp;&nbsp;&nbsp;&nbsp; $2466942573 | &nbsp;&nbsp;&nbsp;&nbsp; $2677111439 |

---

\*

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

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $596,445,132 and $765,136,427, respectively. As of February 28, 2026, 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; $149438877 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (218357428)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(68918551)<br>|

---

**32**

**Invesco Senior Floating Rate Fund**

------

Cost of investments for tax purposes is $2,710,824,267.

**NOTE 11—Senior Loan Participation Commitments**

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

At the six months ended February 28, 2026, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

---

| | | |
|:---|:---|:---|
| **Selling Participant** | &nbsp;&nbsp;&nbsp;&nbsp; **Principal** <br>**Amount**<br>| **Value** |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp; $9673606 | &nbsp;&nbsp;&nbsp;&nbsp; $8706245 |
| JPMorgan Europe Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1967559 | &nbsp;&nbsp;&nbsp;&nbsp; 2581208 |

---

**NOTE 12—Dividends**

The Fund declared the following monthly dividends from net investment income subsequent to February 28, 2026:

---

| | | |
|:---|:---|:---|
|  |  | **Amount Per Share** |
| **Share Class** | **Record Date** | **Payable March 31, 2026** |
| Class A | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0386 |
| Class C | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0346 |
| Class R | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0373 |
| Class Y | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0399 |
| Class R5 | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0405 |
| Class R6 | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0404 |

---

**NOTE 13—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 7247896 | &nbsp;&nbsp;&nbsp; $46720282 | &nbsp;&nbsp;&nbsp; 22528015 | &nbsp;&nbsp;&nbsp; $147160307 |
| Class C | &nbsp;&nbsp;&nbsp; 1715136 | &nbsp;&nbsp;&nbsp; 11064769 | &nbsp;&nbsp;&nbsp; 4828490 | &nbsp;&nbsp;&nbsp; 31644851 |
| Class R | &nbsp;&nbsp;&nbsp; 369928 | &nbsp;&nbsp;&nbsp; 2382541 | &nbsp;&nbsp;&nbsp; 1031233 | &nbsp;&nbsp;&nbsp; 6755240 |
| Class Y | &nbsp;&nbsp;&nbsp; 27021401 | &nbsp;&nbsp;&nbsp; 173861096 | &nbsp;&nbsp;&nbsp; 57138530 | &nbsp;&nbsp;&nbsp; 373026817 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3696243 | &nbsp;&nbsp;&nbsp; 23901054 | &nbsp;&nbsp;&nbsp; 5105466 | &nbsp;&nbsp;&nbsp; 33374399 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5920115 | &nbsp;&nbsp;&nbsp; 38014141 | &nbsp;&nbsp;&nbsp; 13665587 | &nbsp;&nbsp;&nbsp; 89435828 |
| Class C | &nbsp;&nbsp;&nbsp; 511089 | &nbsp;&nbsp;&nbsp; 3284382 | &nbsp;&nbsp;&nbsp; 1375657 | &nbsp;&nbsp;&nbsp; 9012148 |
| Class R | &nbsp;&nbsp;&nbsp; 262683 | &nbsp;&nbsp;&nbsp; 1684964 | &nbsp;&nbsp;&nbsp; 593254 | &nbsp;&nbsp;&nbsp; 3880234 |
| Class Y | &nbsp;&nbsp;&nbsp; 4106584 | &nbsp;&nbsp;&nbsp; 26332396 | &nbsp;&nbsp;&nbsp; 8947500 | &nbsp;&nbsp;&nbsp; 58467386 |
| Class R6 | &nbsp;&nbsp;&nbsp; 586000 | &nbsp;&nbsp;&nbsp; 3755878 | &nbsp;&nbsp;&nbsp; 925078 | &nbsp;&nbsp;&nbsp; 6039697 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1486227 | &nbsp;&nbsp;&nbsp; 9504617 | &nbsp;&nbsp;&nbsp; 5757789 | &nbsp;&nbsp;&nbsp; 37596396 |
| Class C | &nbsp;&nbsp;&nbsp; (1485472)<br>| &nbsp;&nbsp;&nbsp; (9504617)<br>| &nbsp;&nbsp;&nbsp; (5754872)<br>| &nbsp;&nbsp;&nbsp; (37596396)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (31727650)<br>| &nbsp;&nbsp;&nbsp; (204330441)<br>| &nbsp;&nbsp;&nbsp; (49037851)<br>| &nbsp;&nbsp;&nbsp; (320521166)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3188725)<br>| &nbsp;&nbsp;&nbsp; (20576555)<br>| &nbsp;&nbsp;&nbsp; (5525246)<br>| &nbsp;&nbsp;&nbsp; (36207833)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (679372)<br>| &nbsp;&nbsp;&nbsp; (4360400)<br>| &nbsp;&nbsp;&nbsp; (1943447)<br>| &nbsp;&nbsp;&nbsp; (12714640)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (44177231)<br>| &nbsp;&nbsp;&nbsp; (283683296)<br>| &nbsp;&nbsp;&nbsp; (67930593)<br>| &nbsp;&nbsp;&nbsp; (443730481)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1256)<br>| &nbsp;&nbsp;&nbsp; (7946)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; (2668807)<br>| &nbsp;&nbsp;&nbsp; (17130776)<br>| &nbsp;&nbsp;&nbsp; (3579759)<br>| &nbsp;&nbsp;&nbsp; (23349478)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (31005211)<br>| &nbsp;&nbsp;&nbsp; $(199087911)<br>| &nbsp;&nbsp;&nbsp; (11875169)<br>| &nbsp;&nbsp;&nbsp; $(77726691)<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 57% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**33**

**Invesco Senior Floating Rate 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>**

Not applicable.

**34**

**Invesco Senior Floating Rate Fund**

------

![](img3c5ef0801.jpg)

SEC file number(s):

Invesco Distributors, Inc.

O-SFLR-NCSRS

------

![](img6dc2c4bd1.jpg)

------

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

**February 28, 2026**

**Invesco Short Duration High Yield Municipal Fund**

Nasdaq:

A: ISHAX ■ C: ISHCX ■ Y: ISHYX ■ R5: ISHFX ■ R6: ISHSX

------

---

| | |
|:---|:---|
| [2](#xx_a528f43a-121b-4b1b-8072-8bcc5f1c6606_SOI-Continued-96_1) | Schedule of Investments |
| [23](#xx_a528f43a-121b-4b1b-8072-8bcc5f1c6606_FS-Continued-96_1) | Financial Statements |
| [26](#xx_a528f43a-121b-4b1b-8072-8bcc5f1c6606_FS-Continued-96_4) | Financial Highlights |
| [27](#xx_a528f43a-121b-4b1b-8072-8bcc5f1c6606_NTF-Continued-96_1) | Notes to Financial Statements |
| [33](#xx_a528f43a-121b-4b1b-8072-8bcc5f1c6606_OIRSR-Continued-96_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026*

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–100.26%** | **Municipal Obligations–100.26%** | **Municipal Obligations–100.26%** | **Municipal Obligations–100.26%** | **Municipal Obligations–100.26%** |
| **Alabama–2.14%** | **Alabama–2.14%** | **Alabama–2.14%** | **Alabama–2.14%** | **Alabama–2.14%** |
| Baldwin (County of), AL Industrial Development Authority; Series 2026, RB<sup>(a)(b)(c)</sup> <br>| 4.30% | 03/01/2033 | $1000 | &nbsp;&nbsp; $1008681 |
| Black Belt Energy Gas District (The) (Gas); Series 2022 F, RB<sup>(c)</sup> <br>| 5.50% | 12/01/2028 | 2500 | &nbsp;&nbsp; 2667429 |
| Black Belt Energy Gas District (The) (No. 6); Series 2021 B, RB<sup>(c)</sup> <br>| 4.00% | 12/01/2026 | 3000 | &nbsp;&nbsp; 3027681 |
| Energy Southeast, A Cooperative District; Series 2024 B, RB<sup>(c)</sup> <br>| 5.25% | 06/01/2032 | 1500 | &nbsp;&nbsp; 1657308 |
| Fairfield (City of), AL; Series 2012, GO Wts. | 6.00% | 06/01/2031 | 2765 | &nbsp;&nbsp; 2488500 |
| Huntsville-Redstone Village Special Care Facilities Financing Authority; |  |  |  |  |
| Series 2007, Ref. RB | 6.00% | 01/01/2060 | 5112 | &nbsp;&nbsp; 4265175 |
| Series 2008, RB<sup>(d)</sup> <br>| 2.00% | 01/01/2060 | 2305 | &nbsp;&nbsp; 120664 |
| Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB | 5.25% | 08/01/2030 | 185 | &nbsp;&nbsp; 186089 |
| Mobile (County of), AL (Gomessa); Series 2020, Revenue Wts.<sup>(a)</sup> <br>| 4.00% | 11/01/2045 | 1335 | &nbsp;&nbsp; 1264284 |
| Southeast Energy Authority, A Cooperative District (No. 2); Series 2021 B, RB<sup>(c)</sup> <br>| 4.00% | 12/01/2031 | 5390 | &nbsp;&nbsp; 5640424 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(c)</sup> <br>| 5.50% | 12/01/2029 | 5000 | &nbsp;&nbsp; 5442365 |
| Talladega (County of), AL; Series 2002 D, Tax Anticipation Wts. (INS - NATL)<sup>(e)</sup> <br>| 5.25% | 01/01/2029 | 20 | &nbsp;&nbsp; 20043 |
| Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. <br> IDR<sup>(a)</sup> <br>| 5.25% | 05/01/2044 | 4000 | &nbsp;&nbsp; 4053453 |
|  |  |  |  | &nbsp;&nbsp; 31842096 |
| **Arizona–4.56%** | **Arizona–4.56%** | **Arizona–4.56%** | **Arizona–4.56%** | **Arizona–4.56%** |
| Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2025, <br> RB<sup>(a)(c)</sup> <br>| 4.88% | 07/01/2035 | 1000 | &nbsp;&nbsp; 1038259 |
| Arizona (State of) Industrial Development Authority (ACCEL Schools); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 4.63% | 08/01/2028 | 625 | &nbsp;&nbsp; 624666 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.00% | 08/01/2033 | 1955 | &nbsp;&nbsp; 1964722 |
| Arizona (State of) Industrial Development Authority (American Charter Schools Foundation); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 6.00% | 07/01/2047 | 2645 | &nbsp;&nbsp; 2681967 |
| Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2026 | 110 | &nbsp;&nbsp; 110400 |
| Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red <br> Rock Campus); Series 2019, RB<br>| 3.55% | 07/15/2029 | 395 | &nbsp;&nbsp; 391916 |
| Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, <br> RB<sup>(a)</sup> <br>| 5.75% | 07/01/2036 | 1275 | &nbsp;&nbsp; 1281412 |
| Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); <br> Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 4520 | &nbsp;&nbsp; 4524360 |
| Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2031 | 7045 | &nbsp;&nbsp; 7250257 |
| Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, <br> Inspirada and St. Rose Campus Projects); Series 2018 A, RB<sup>(a)</sup> <br>| 5.00% | 07/15/2028 | 475 | &nbsp;&nbsp; 477148 |
| Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone <br> Mountain Campus); Series 2019 A, IDR<sup>(a)</sup> <br>| 5.00% | 12/15/2039 | 400 | &nbsp;&nbsp; 403916 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022-1, RB<sup>(b)(c)</sup> <br>| 5.00% | 09/01/2027 | 2000 | &nbsp;&nbsp; 2042146 |
| Glendale (City of), AZ Industrial Development Authority (Midwestern University); Series 2025, RB | 5.00% | 05/15/2044 | 1625 | &nbsp;&nbsp; 1746471 |
| Greater Arizona Development Authority; Series 2007 A, RB (INS - NATL)<sup>(e)</sup> <br>| 4.38% | 08/01/2032 | 5 | &nbsp;&nbsp; 5007 |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/15/2034 | 1225 | &nbsp;&nbsp; 683392 |
| Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); <br> Series 2018, RB<sup>(a)</sup> <br>| 4.80% | 07/01/2028 | 2295 | &nbsp;&nbsp; 2345963 |
| Maricopa (County of), AZ Industrial Development Authority (Commercial Metals Co.); Series 2022, <br> RB<sup>(a)(b)</sup> <br>| 4.00% | 10/15/2047 | 2000 | &nbsp;&nbsp; 1773653 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); <br> Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 2250 | &nbsp;&nbsp; 2306631 |
| Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools); <br> Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2043 | 1885 | &nbsp;&nbsp; 1912877 |
| Phoenix (City of), AZ Industrial Development Authority (Basis Schools) (The); Series 2016 A, Ref. <br> RB<sup>(a)</sup> <br>| 5.00% | 07/01/2035 | 2900 | &nbsp;&nbsp; 2901375 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Legacy Traditional Schools); <br> Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2035 | 3365 | &nbsp;&nbsp; 3367538 |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2026 | 50 | &nbsp;&nbsp; 50174 |

---

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

**2**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** |
| Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); <br> Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.38% | 06/15/2035 | $3370 | &nbsp;&nbsp; $3372387 |
| Pima (County of), AZ Industrial Development Authority (The) (Arizona Charter Schools); <br> Series 2013 Q, Ref. RB<br>| 5.38% | 07/01/2031 | 5295 | &nbsp;&nbsp; 5298269 |
| Pima (County of), AZ Industrial Development Authority (The) (Career Success Schools); <br> Series 2020, Ref. RB<sup>(a)</sup> <br>| 4.75% | 05/01/2030 | 1300 | &nbsp;&nbsp; 1307981 |
| Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy); <br> Series 2018, RB<sup>(a)</sup> <br>| 4.13% | 07/01/2026 | 265 | &nbsp;&nbsp; 264933 |
| Pima (County of), AZ Industrial Development Authority (The) (Imagine East Mesa Charter Schools); |  |  |  |  |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2029 | 245 | &nbsp;&nbsp; 245960 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2034 | 400 | &nbsp;&nbsp; 401131 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 500 | &nbsp;&nbsp; 500482 |
| Pima (County of), AZ Industrial Development Authority (The) (Riverbend Prep); Series 2010, RB<sup>(a)</sup> <br>| 7.00% | 09/01/2037 | 1886 | &nbsp;&nbsp; 1887161 |
| Pinal (County of), AZ Industrial Development Authority (Green Bonds); Series 2021 C, RB<sup>(a)(b)</sup> <br>| 5.50% | 10/01/2033 | 4000 | &nbsp;&nbsp; 4256746 |
| Sierra (City of), AZ Vista Industrial Development Authority; |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.25% | 06/01/2034 | 1645 | &nbsp;&nbsp; 1711877 |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.88% | 06/01/2044 | 1500 | &nbsp;&nbsp; 1509030 |
| Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy); <br> Series 2025, RB<br>| 6.25% | 06/15/2045 | 5270 | &nbsp;&nbsp; 5471825 |
| Tempe (City of), AZ Industrial Development Authority (Friendship Village); |  |  |  |  |
| Series 2025, RB | 4.38% | 12/01/2036 | 1190 | &nbsp;&nbsp; 1241731 |
| Series 2025, RB | 5.38% | 12/01/2046 | 500 | &nbsp;&nbsp; 518060 |
|  |  |  |  | &nbsp;&nbsp; 67871823 |
| **Arkansas–1.09%** | **Arkansas–1.09%** | **Arkansas–1.09%** | **Arkansas–1.09%** | **Arkansas–1.09%** |
| Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB<sup>(a)(b)</sup> <br>| 4.50% | 09/01/2049 | 2000 | &nbsp;&nbsp; 2040005 |
| Arkansas (State of) Development Finance Authority (Big River Steel) (Green Bonds); Series 2020, <br> RB<sup>(a)(b)</sup> <br>| 4.75% | 09/01/2049 | 6000 | &nbsp;&nbsp; 6130804 |
| Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB<sup>(b)</sup> <br>| 5.45% | 09/01/2052 | 8000 | &nbsp;&nbsp; 8067915 |
|  |  |  |  | &nbsp;&nbsp; 16238724 |
| **California–5.34%** | **California–5.34%** | **California–5.34%** | **California–5.34%** | **California–5.34%** |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); |  |  |  |  |
| Series 2022 A-1, RB<sup>(c)</sup> <br>| 4.00% | 08/01/2028 | 16065 | &nbsp;&nbsp; 16450427 |
| Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 08/01/2032 | 5000 | &nbsp;&nbsp; 5273464 |
| California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset <br> Securitization Corp.); Series 2002, RB<br>| 6.00% | 06/01/2042 | 115 | &nbsp;&nbsp; 115876 |
| California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding <br> Corp.); Series 2002 A, RB<br>| 5.88% | 06/01/2043 | 610 | &nbsp;&nbsp; 610762 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB | 4.38% | 09/20/2036 | 2434 | &nbsp;&nbsp; 2589014 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup> <br>| 12.00% | 11/02/2026 | 4870 | &nbsp;&nbsp; 2629800 |
| California (State of) Municipal Finance Authority; Series 2025 A-1, RB | 3.44% | 02/20/2041 | 4959 | &nbsp;&nbsp; 4807816 |
| California (State of) Municipal Finance Authority (Ascent 613); |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2038 | 1000 | &nbsp;&nbsp; 1051902 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2040 | 500 | &nbsp;&nbsp; 523055 |
| California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 <br> A, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2038 | 3370 | &nbsp;&nbsp; 3410949 |
| California (State of) Municipal Finance Authority (California Baptist University); Series 2025 A, <br> Ref. RB<sup>(a)</sup> <br>| 5.13% | 11/01/2040 | 1650 | &nbsp;&nbsp; 1763034 |
| California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); |  |  |  |  |
| Series 2017, RB (Acquired 09/15/2017-02/12/2019; Cost $5,125,317)<sup>(a)(b)(g)(h)</sup> <br>| 7.50% | 07/01/2032 | 4950 | &nbsp;&nbsp; 55688 |
| Series 2020, RB (Acquired 10/06/2020; Cost $955,203)<sup>(a)(b)(g)(h)</sup> <br>| 7.50% | 07/01/2032 | 1000 | &nbsp;&nbsp; 11250 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); Series 2012, RB<sup>(a)(b)</sup> <br>| 5.00% | 07/01/2037 | 2000 | &nbsp;&nbsp; 2007645 |
| California (State of) Public Finance Authority (California University of Science and Medicine); <br> Series 2019 A, RB<sup>(a)</sup> <br>| 6.25% | 07/01/2054 | 6100 | &nbsp;&nbsp; 6306682 |
| California (State of) Public Finance Authority (Sunrise of Long Beach); Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 06/01/2035 | 1000 | &nbsp;&nbsp; 1075726 |
| California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 B, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2026 | 40 | &nbsp;&nbsp; 39884 |
| California (State of) School Finance Authority (Partnership to Uplift Communities) (Social Bonds); |  |  |  |  |
| Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2033 | 620 | &nbsp;&nbsp; 650136 |
| Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.25% | 08/01/2038 | 500 | &nbsp;&nbsp; 527586 |

---

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

**3**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center);<br>|  |  |  |  |
| Series 2014, RB | 5.50% | 12/01/2054 | $8988 | &nbsp;&nbsp; $9000520 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2056 | 3000 | &nbsp;&nbsp; 3001639 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.50% | 12/01/2058 | 3000 | &nbsp;&nbsp; 3054833 |
| Palomar Health; |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 11/01/2030 | 3000 | &nbsp;&nbsp; 3003135 |
| Series 2016, Ref. RB | 4.00% | 11/01/2039 | 1250 | &nbsp;&nbsp; 1061678 |
| Pomona Unified School District; Series 2021 F, GO Bonds (INS - BAM)<sup>(e)</sup> <br>| 3.00% | 08/01/2048 | 1000 | &nbsp;&nbsp; 794023 |
| Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)<sup>(e)</sup> <br>| 5.00% | 12/01/2034 | 5405 | &nbsp;&nbsp; 5415003 |
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization <br> Corp.); Series 2019, Ref. RB<br>| 5.00% | 06/01/2048 | 2220 | &nbsp;&nbsp; 2218352 |
| West Covina (City of), CA Public Financing Authority (Big League Dreams); Series 2006 A, RB | 5.00% | 06/01/2030 | 1965 | &nbsp;&nbsp; 1969573 |
|  |  |  |  | &nbsp;&nbsp; 79419452 |
| **Colorado–5.39%** | **Colorado–5.39%** | **Colorado–5.39%** | **Colorado–5.39%** | **Colorado–5.39%** |
| 3rd and Havana Metropolitan District; Series 2020 A, GO Bonds | 4.50% | 12/01/2030 | 2240 | &nbsp;&nbsp; 2183362 |
| Brighton Crossing Metropolitan District No. 6; |  |  |  |  |
| Series 2020 A, GO Bonds | 5.00% | 12/01/2035 | 525 | &nbsp;&nbsp; 537945 |
| Series 2020 A, GO Bonds | 5.00% | 12/01/2040 | 515 | &nbsp;&nbsp; 523225 |
| Canyon Pines Metropolitan District; Series 2024, GO Bonds<sup>(a)</sup> <br>| 8.25% | 12/01/2053 | 5000 | &nbsp;&nbsp; 5062743 |
| Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2020 A, Ref. GO Bonds | 4.00% | 12/01/2029 | 1115 | &nbsp;&nbsp; 1124536 |
| Colliers Hill Metropolitan District No. 2; Series 2022 B-2, GO Bonds | 7.63% | 12/15/2042 | 2000 | &nbsp;&nbsp; 2039071 |
| Colorado (State of) Educational & Cultural Facilities Authority (Ascent Classical Academy); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.25% | 04/01/2039 | 2500 | &nbsp;&nbsp; 2586608 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); |  |  |  |  |
| Series 2021 A, RB (Acquired 12/15/2021; Cost $4,205,050)<sup>(h)</sup> <br>| 5.00% | 05/15/2035 | 4035 | &nbsp;&nbsp; 3901361 |
| Series 2021 A, RB (Acquired 05/30/2023; Cost $914,729)<sup>(h)</sup> <br>| 5.00% | 05/15/2044 | 1170 | &nbsp;&nbsp; 989264 |
| Series 2021 B, RB (Acquired 12/15/2021; Cost $970,000)<sup>(h)</sup> <br>| 2.63% | 05/15/2029 | 970 | &nbsp;&nbsp; 970013 |
| Colorado (State of) International Center Metropolitan District No. 14; Series 2018, GO Bonds | 5.63% | 12/01/2032 | 994 | &nbsp;&nbsp; 1000148 |
| Colorado State University Research Foundation; Series 2025 A, RB<sup>(a)</sup> <br>| 5.25% | 03/01/2045 | 4000 | &nbsp;&nbsp; 4116412 |
| Copperleaf Metropolitan District No. 6; Series 2022 B, GO Bonds | 6.00% | 12/15/2041 | 1225 | &nbsp;&nbsp; 1257070 |
| Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB<sup>(b)</sup> <br>| 5.00% | 10/01/2032 | 1000 | &nbsp;&nbsp; 1001646 |
| Denver (City & County of), CO Health & Hospital Authority; Series 2025 A, RB | 5.00% | 12/01/2045 | 500 | &nbsp;&nbsp; 515068 |
| Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds | 5.50% | 12/01/2038 | 2673 | &nbsp;&nbsp; 2671853 |
| Dominion Water & Sanitation District; |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 12/01/2027 | 1166 | &nbsp;&nbsp; 1177294 |
| Series 2022, Ref. RB | 5.25% | 12/01/2032 | 3415 | &nbsp;&nbsp; 3564477 |
| Frisco (Town of), CO (Marina Enterprise); Series 2019, RB | 5.00% | 12/01/2036 | 600 | &nbsp;&nbsp; 604543 |
| Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds<sup>(a)</sup> <br>| 4.88% | 12/01/2028 | 335 | &nbsp;&nbsp; 337086 |
| Hess Ranch Metropolitan District No. 5; |  |  |  |  |
| Series 2024 A-1, RB | 6.00% | 12/01/2043 | 465 | &nbsp;&nbsp; 484423 |
| Series 2024 A-2, RB | 6.50% | 12/01/2043 | 294 | &nbsp;&nbsp; 306631 |
| Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB | 5.75% | 12/15/2050 | 5499 | &nbsp;&nbsp; 5508386 |
| Midtown Metropoltan District; |  |  |  |  |
| Series 2022 A-1, Ref. GO Bonds | 6.75% | 12/01/2033 | 1000 | &nbsp;&nbsp; 1000317 |
| Series 2022 A-1, Ref. GO Bonds | 6.75% | 12/01/2051 | 1000 | &nbsp;&nbsp; 1060501 |
| Morgan Hill Metropolitan District No. 3; |  |  |  |  |
| Series 2021 A, GO Bonds | 3.00% | 12/01/2031 | 980 | &nbsp;&nbsp; 922618 |
| Series 2021 A, GO Bonds | 3.50% | 12/01/2041 | 2940 | &nbsp;&nbsp; 2555526 |
| Mulberry Metropolitan District No. 2; Series 2022, RB | 7.00% | 12/01/2034 | 5787 | &nbsp;&nbsp; 6057446 |
| Parker Automotive Metropolitan District; Series 2023 B, Ref. GO Bonds | 8.25% | 12/15/2037 | 2225 | &nbsp;&nbsp; 2268909 |
| Parterre Metropolitan District No. 5; Series 2025 A, GO Bonds | 5.13% | 12/01/2035 | 885 | &nbsp;&nbsp; 952068 |
| Peak Metropolitan District No. 1; Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 5.00% | 12/01/2041 | 1670 | &nbsp;&nbsp; 1604276 |
| Plaza Metropolitan District No. 1; Series 2013, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/01/2040 | 1465 | &nbsp;&nbsp; 1465884 |
| Prairie Center Metropolitan District No. 7; Series 2021, GO Bonds | 6.38% | 06/15/2046 | 1330 | &nbsp;&nbsp; 1329958 |
| Redtail Ridge Metropolitan District; Series 2025, GO Bonds<sup>(f)</sup> <br>| 0.00% | 12/01/2032 | 4000 | &nbsp;&nbsp; 2584588 |
| Riverpark Metropolitan District (County of Arapahoe); Series 2024, GO Bonds | 6.00% | 12/01/2042 | 1900 | &nbsp;&nbsp; 1973190 |
| Riverwalk Metropolitan District No. 2; Series 2022 A, RB | 4.50% | 12/01/2032 | 4000 | &nbsp;&nbsp; 3857242 |

---

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

**4**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Rocky Mountain Rail Park Metropolitan District; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 5.00% | 12/01/2031 | $3445 | &nbsp;&nbsp; $3498095 |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 5.00% | 12/01/2041 | 2000 | &nbsp;&nbsp; 2007568 |
| Sterling Ranch Community Authority Board; |  |  |  |  |
| Series 2024 A, Ref. RB | 6.13% | 12/01/2039 | 550 | &nbsp;&nbsp; 581713 |
| Series 2024, RB | 5.63% | 12/01/2043 | 505 | &nbsp;&nbsp; 525866 |
| Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGI)<sup>(e)</sup> <br>| 3.25% | 12/15/2050 | 469 | &nbsp;&nbsp; 405838 |
| Verve Metropolitan District No. 1; Series 2023, GO Bonds | 5.75% | 12/01/2033 | 2895 | &nbsp;&nbsp; 2969762 |
| Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds<sup>(a)</sup> <br>| 5.70% | 12/01/2051 | 166 | &nbsp;&nbsp; 160498 |
|  |  |  |  | &nbsp;&nbsp; 80245028 |
| **Connecticut–0.82%** | **Connecticut–0.82%** | **Connecticut–0.82%** | **Connecticut–0.82%** | **Connecticut–0.82%** |
| Connecticut (State of) Health & Educational Facilities Authority; Series 2025 A, RB<sup>(a)</sup> <br>| 12.00% | 09/01/2030 | 1000 | &nbsp;&nbsp; 1155698 |
| State of Connecticut Special Tax Revenue; Series 2026, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2045 | 10000 | &nbsp;&nbsp; 11082665 |
|  |  |  |  | &nbsp;&nbsp; 12238363 |
| **Delaware–0.21%** | **Delaware–0.21%** | **Delaware–0.21%** | **Delaware–0.21%** | **Delaware–0.21%** |
| Delaware (State of) Economic Development Authority (NRG Energy); Series 2020 B, Ref. RB<sup>(c)</sup> <br>| 4.00% | 10/01/2035 | 1700 | &nbsp;&nbsp; 1755592 |
| Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2028 | 1336 | &nbsp;&nbsp; 1361210 |
|  |  |  |  | &nbsp;&nbsp; 3116802 |
| **District of Columbia–1.38%** | **District of Columbia–1.38%** | **District of Columbia–1.38%** | **District of Columbia–1.38%** | **District of Columbia–1.38%** |
| District of Columbia (Ingleside at Rock Creek); |  |  |  |  |
| Series 2017 A, RB | 4.13% | 07/01/2027 | 495 | &nbsp;&nbsp; 497331 |
| Series 2017 A, RB | 5.00% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1016509 |
| District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00% | 10/01/2035 | 1285 | &nbsp;&nbsp; 1285231 |
| District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB | 6.75% | 05/15/2040 | 17230 | &nbsp;&nbsp; 17763411 |
|  |  |  |  | &nbsp;&nbsp; 20562482 |
| **Florida–9.19%** | **Florida–9.19%** | **Florida–9.19%** | **Florida–9.19%** | **Florida–9.19%** |
| Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.); |  |  |  |  |
| Series 2014, RB (Acquired 12/04/2020; Cost $57,423)<sup>(g)(h)</sup> <br>| 5.63% | 11/15/2029 | 58 | &nbsp;&nbsp; 861 |
| Series 2014, RB (Acquired 06/04/2020; Cost $267,154)<sup>(g)(h)</sup> <br>| 6.00% | 11/15/2029 | 310 | &nbsp;&nbsp; 4653 |
| Series 2014, RB (Acquired 01/17/2020; Cost $438,044)<sup>(g)(h)</sup> <br>| 6.00% | 11/15/2034 | 465 | &nbsp;&nbsp; 6979 |
| Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2022 A, <br> Ref. RB<sup>(a)</sup> <br>| 5.00% | 11/15/2061 | 965 | &nbsp;&nbsp; 770461 |
| Ave Maria Stewardship Community District (Phase 5); Series 2025, RB | 5.30% | 05/01/2045 | 1215 | &nbsp;&nbsp; 1237622 |
| Babcock Ranch Community Independent Special District; Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 05/01/2044 | 500 | &nbsp;&nbsp; 513753 |
| Broward (County of), FL; Series 2015 A, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2045 | 10000 | &nbsp;&nbsp; 10005133 |
| Capital Projects Finance Authority (Kissimmee Charter Academy); Series 2024, RB<sup>(a)</sup> <br>| 6.13% | 06/15/2044 | 150 | &nbsp;&nbsp; 157509 |
| Capital Projects Finance Authority (Millenia Orlando); |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.00% | 01/01/2035 | 2250 | &nbsp;&nbsp; 2405931 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.38% | 01/01/2040 | 4310 | &nbsp;&nbsp; 4657432 |
| Capital Projects Finance Authority (Navigator Academy of Leadership Obligated Group); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/15/2044 | 1760 | &nbsp;&nbsp; 1731459 |
| Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019, RB | 5.00% | 12/15/2029 | 330 | &nbsp;&nbsp; 330959 |
| Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); Series 2017, RB<sup>(a)</sup> <br>| 5.38% | 08/01/2032 | 1000 | &nbsp;&nbsp; 1002165 |
| Capital Trust Agency, Inc. (Green Bonds); Series 2021, RB<sup>(a)</sup> <br>| 4.00% | 06/15/2031 | 700 | &nbsp;&nbsp; 693586 |
| Capital Trust Agency, Inc. (Imagine School at North Manatee); |  |  |  |  |
| Series 2021 C, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2041 | 465 | &nbsp;&nbsp; 460829 |
| Series 2021, RB<sup>(a)</sup> <br>| 3.25% | 06/01/2031 | 230 | &nbsp;&nbsp; 219157 |
| Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2041 | 1615 | &nbsp;&nbsp; 1600515 |
| Capital Trust Agency, Inc. (University Bridge LLC Student Housing); Series 2018 A, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2028 | 4815 | &nbsp;&nbsp; 4843297 |
| Capital Trust Authority (Academir Charter Schools, Inc.); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/01/2044 | 2000 | &nbsp;&nbsp; 1925553 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 07/01/2040 | 1785 | &nbsp;&nbsp; 1859802 |
| Capital Trust Authority (Central Florida Preparatory School Project); Series 2024, RB<sup>(a)</sup> <br>| 6.25% | 06/15/2040 | 3000 | &nbsp;&nbsp; 3156504 |
| Capital Trust Authority (Classical Academy of Sarasota (The)); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 1475 | &nbsp;&nbsp; 1492494 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2044 | 1140 | &nbsp;&nbsp; 1093192 |

---

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

**5**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Capital Trust Authority (Florida Institute of Technology); Series 2025, RB<sup>(a)</sup> <br>| 4.75% | 07/01/2040 | $1250 | &nbsp;&nbsp; $1281904 |
| Capital Trust Authority (Imagine School At West Pasco Project); Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 12/15/2043 | 2135 | &nbsp;&nbsp; 2030278 |
| Capital Trust Authority (KIPP Miami N Campus); Series 2024 A, RB<sup>(a)</sup> <br>| 5.63% | 06/15/2044 | 410 | &nbsp;&nbsp; 425272 |
| Capital Trust Authority (Plato Academy Schools); Series 2024, RB | 5.00% | 12/15/2044 | 3000 | &nbsp;&nbsp; 2972459 |
| Capital Trust Authority (St.Johns Classical Academy, Inc.); Series 2025, Ref. RB<sup>(a)</sup> <br>| 4.75% | 06/15/2040 | 815 | &nbsp;&nbsp; 819459 |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); |  |  |  |  |
| Series 2019, RB<sup>(a)(b)</sup> <br>| 5.00% | 10/01/2029 | 1115 | &nbsp;&nbsp; 1146426 |
| Series 2025, RB<sup>(b)</sup> <br>| 5.88% | 10/01/2045 | 1640 | &nbsp;&nbsp; 1729221 |
| Creekview Community Development District (Phase 2); Series 2024, RB | 5.38% | 05/01/2044 | 1990 | &nbsp;&nbsp; 2042167 |
| Cypress Reserve Community Development District; Series 2025, RB<sup>(a)</sup> <br>| 5.60% | 05/01/2045 | 1625 | &nbsp;&nbsp; 1672170 |
| Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group); <br> Series 2020, Ref. RB<br>| 4.00% | 08/15/2050 | 2100 | &nbsp;&nbsp; 1793433 |
| Florida (State of) Municipal Loan Council (Shingle Creek Transit & Utility Community Development <br> District); Series 2024, RB<sup>(b)</sup> <br>| 5.15% | 05/01/2044 | 405 | &nbsp;&nbsp; 422023 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)(b)(c)(g)</sup> <br>| 12.00% | 07/15/2028 | 3250 | &nbsp;&nbsp; 1137500 |
| Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/01/2035 | 5505 | &nbsp;&nbsp; 4101225 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail); Series 2024, RB<sup>(a)(b)(c)(g)</sup> <br>| 10.00% | 07/15/2028 | 2000 | &nbsp;&nbsp; 700000 |
| Florida Development Finance Corp. (Brightline West Passenger Rail); Series 2025, RB<sup>(a)(b)(c)(g)</sup> <br>| 10.00% | 06/15/2026 | 6000 | &nbsp;&nbsp; 4140000 |
| Florida Development Finance Corp. (Florida Charter Educational Foundation, Inc.); Series 2016, <br> RB<sup>(a)</sup> <br>| 6.25% | 06/15/2036 | 5000 | &nbsp;&nbsp; 5022696 |
| Florida Development Finance Corp. (GFL Solid Waste Southeast LLC); Series 2024, RB<sup>(a)(b)(c)</sup> <br>| 4.38% | 10/01/2031 | 2500 | &nbsp;&nbsp; 2539348 |
| Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB<sup>(a)</sup> <br>| 5.25% | 06/15/2029 | 1000 | &nbsp;&nbsp; 1007144 |
| Florida Development Finance Corp. (Mater Academy); Series 2020 A, RB | 5.00% | 06/15/2050 | 3000 | &nbsp;&nbsp; 2899222 |
| Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB<sup>(a)(c)</sup> <br>| 6.25% | 06/15/2028 | 3000 | &nbsp;&nbsp; 2992690 |
| Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2020, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/15/2040 | 1045 | &nbsp;&nbsp; 1045157 |
| Florida Development Finance Corp. (Waste); Series 2023, RB<sup>(a)(b)(c)</sup> <br>| 6.13% | 07/01/2026 | 3400 | &nbsp;&nbsp; 3405762 |
| Florida Local Government Finance Commission; Series 2025, RB<sup>(a)</sup> <br>| 11.00% | 12/22/2030 | 425 | &nbsp;&nbsp; 442746 |
| Florida Local Government Finance Commission (Bridgeprep Academy); Series 2025 A, RB<sup>(a)</sup> <br>| 5.50% | 06/15/2040 | 2000 | &nbsp;&nbsp; 2118834 |
| Gas Worx Community Development District; Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 05/01/2045 | 1000 | &nbsp;&nbsp; 1044935 |
| Greater Orlando Aviation Authority; |  |  |  |  |
| Series 2025, RB<sup>(b)</sup> <br>| 5.25% | 11/01/2034 | 1000 | &nbsp;&nbsp; 1098683 |
| Series 2025, RB<sup>(b)</sup> <br>| 5.25% | 11/01/2035 | 1000 | &nbsp;&nbsp; 1090020 |
| Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB | 5.50% | 08/15/2030 | 2885 | &nbsp;&nbsp; 3035911 |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.00% | 07/15/2028 | 265 | &nbsp;&nbsp; 268974 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.38% | 07/15/2038 | 1300 | &nbsp;&nbsp; 1305624 |
| Lakes of Sarasota Community Development District; Series 2024 B, RB | 5.25% | 05/01/2034 | 1915 | &nbsp;&nbsp; 2014590 |
| Lakewood Ranch Stewardship District (Palm Grove); Series 2024, RB | 4.50% | 05/01/2031 | 540 | &nbsp;&nbsp; 553440 |
| Lee (County of), FL; Series 2026 A-1, RB<sup>(b)</sup> <br>| 5.25% | 10/01/2043 | 3250 | &nbsp;&nbsp; 3607884 |
| Lee (County of), FL Housing Finance Authority (Aria Landings); Series 2023 B, RB<sup>(a)(c)</sup> <br>| 5.50% | 07/01/2026 | 6965 | &nbsp;&nbsp; 6972914 |
| Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group); Series 2024 <br> B-3, RB<br>| 4.13% | 11/15/2029 | 1500 | &nbsp;&nbsp; 1511122 |
| Lowery Hills Community Development District (Assessment Area One); Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 05/01/2045 | 725 | &nbsp;&nbsp; 742254 |
| Madeira Community Development District (Assessment Area No.2); Series 2025, RB | 4.70% | 05/01/2035 | 860 | &nbsp;&nbsp; 892140 |
| New Port Corners Community Development District; Series 2025, RB<sup>(a)</sup> <br>| 5.20% | 06/15/2045 | 500 | &nbsp;&nbsp; 509532 |
| Northridge Community Development District; Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 05/01/2045 | 1750 | &nbsp;&nbsp; 1828636 |
| Okaloosa (County of), FL (Air Force Enlisted Village); Series 2025, RB<sup>(a)</sup> <br>| 4.38% | 05/15/2035 | 645 | &nbsp;&nbsp; 662992 |
| Palm Beach (County of), FL; Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 10/01/2045 | 5500 | &nbsp;&nbsp; 5722775 |
| Parrish Lakes Community Development District; Series 2024, RB | 5.50% | 05/01/2044 | 835 | &nbsp;&nbsp; 863562 |
| Pembroke Harbor Community Development District; Series 2008 A, RB | 7.00% | 05/01/2038 | 900 | &nbsp;&nbsp; 902260 |
| Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global <br> Understanding); Series 2019, RB<br>| 5.00% | 07/01/2039 | 1750 | &nbsp;&nbsp; 1781326 |
| Polk (County of), FL Industrial Development Authority (Carpenter's Home Estates); Series 2019, <br> Ref. IDR<br>| 5.00% | 01/01/2049 | 2500 | &nbsp;&nbsp; 2452374 |
| Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB <br> (Acquired 10/23/2020; Cost $2,855,000)<sup>(a)(b)(g)(h)(j)</sup> <br>| 5.88% | 01/01/2033 | 2855 | &nbsp;&nbsp; 434221 |
| Ranches at Lake Mcleod Community Development District (Assessment Area Two); Series 2025, RB | 5.45% | 06/15/2045 | 600 | &nbsp;&nbsp; 618875 |
| Rivers Edge III Community Development District; Series 2025, RB | 5.75% | 05/01/2045 | 450 | &nbsp;&nbsp; 473428 |

---

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

**6**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| V-Dana Community Development District (Assessment Area Two - 2025 Project Area); |  |  |  |  |
| Series 2025, RB | 5.38% | 05/01/2045 | $865 | &nbsp;&nbsp; $888374 |
| Series 2025, RB | 5.55% | 05/01/2055 | 1240 | &nbsp;&nbsp; 1250494 |
| Venice (City of), FL (Village on the Isle); Series 2024, RB<sup>(a)</sup> <br>| 4.25% | 01/01/2030 | 900 | &nbsp;&nbsp; 902387 |
| West Villages Improvement District (Develepmont Unit No. 10); Series 2024, RB | 5.38% | 05/01/2044 | 500 | &nbsp;&nbsp; 517575 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 4.20% | 05/01/2039 | 1995 | &nbsp;&nbsp; 2022240 |
| Series 2024, RB<sup>(a)</sup> <br>| 4.55% | 05/01/2044 | 995 | &nbsp;&nbsp; 995609 |
| Wildwood (City of), FL Village Community Development Disctrict No. 16; Series 2025, RB | 4.88% | 05/01/2045 | 700 | &nbsp;&nbsp; 712758 |
| Wildwood (City of), FL Village Community Development District No. 16; Series 2025, RB | 4.50% | 05/01/2040 | 1000 | &nbsp;&nbsp; 1035119 |
|  |  |  |  | &nbsp;&nbsp; 136770010 |
| **Georgia–1.33%** | **Georgia–1.33%** | **Georgia–1.33%** | **Georgia–1.33%** | **Georgia–1.33%** |
| Albany (City of) & Dougherty (Country of), GA Payroll Development Authority (Procter & Gamble <br> Paper Products Co. (The)); Series 1998, RB<sup>(b)</sup> <br>| 5.30% | 05/15/2026 | 810 | &nbsp;&nbsp; 811629 |
| Atlanta Development Authority (The) (Westside Gulch Area); Series 2024 A, RB<sup>(a)</sup> <br>| 5.00% | 04/01/2034 | 1750 | &nbsp;&nbsp; 1824303 |
| Cobb (County of), GA Development Authority (The) (Northwest Classical Academy); Series 2023, <br> RB<sup>(a)</sup> <br>| 5.20% | 06/15/2033 | 1000 | &nbsp;&nbsp; 1043646 |
| Conyers (City of), GA (Salem Gate); Series 2024, RB | 5.38% | 03/01/2036 | 2820 | &nbsp;&nbsp; 2874466 |
| DeKalb (County of), GA Development Authority (The Globe Academy, Inc.); |  |  |  |  |
| Series 2024 A, RB | 5.00% | 06/01/2040 | 400 | &nbsp;&nbsp; 409110 |
| Series 2024 A, RB | 5.00% | 06/01/2045 | 415 | &nbsp;&nbsp; 416855 |
| Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB | 5.50% | 12/01/2028 | 1200 | &nbsp;&nbsp; 1202213 |
| Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); <br> Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2027 | 170 | &nbsp;&nbsp; 171450 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2023 B, RB<sup>(c)</sup> <br>| 5.00% | 03/01/2030 | 2000 | &nbsp;&nbsp; 2147634 |
| Series 2024 C, RB<sup>(c)</sup> <br>| 5.00% | 12/01/2031 | 2000 | &nbsp;&nbsp; 2177354 |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); <br> Series 2018 A-1, RB<br>| 5.75% | 12/01/2028 | 1425 | &nbsp;&nbsp; 1445751 |
| Rockdale (County of), GA Development Authority (Pratt Paper (GA), LLC); Series 2018, Ref. RB<sup>(a)(b)</sup> <br>| 4.00% | 01/01/2038 | 3000 | &nbsp;&nbsp; 3010547 |
| Savannah Georgia Convention Center Authority; |  |  |  |  |
| Series 2025, RB (INS - AGI)<sup>(e)</sup> <br>| 5.25% | 06/01/2041 | 600 | &nbsp;&nbsp; 683604 |
| Series 2025, RB (INS - AGI)<sup>(e)</sup> <br>| 5.25% | 06/01/2043 | 700 | &nbsp;&nbsp; 779978 |
| Series 2025, RB (INS - AGI)<sup>(e)</sup> <br>| 5.50% | 06/01/2045 | 750 | &nbsp;&nbsp; 831010 |
|  |  |  |  | &nbsp;&nbsp; 19829550 |
| **Guam–0.19%** | **Guam–0.19%** | **Guam–0.19%** | **Guam–0.19%** | **Guam–0.19%** |
| Guam (Territory of) Department of Education (John F. Kennedy); Series 2020, Ref. COP | 5.00% | 02/01/2040 | 2750 | &nbsp;&nbsp; 2811336 |
| **Idaho–0.59%** | **Idaho–0.59%** | **Idaho–0.59%** | **Idaho–0.59%** | **Idaho–0.59%** |
| Avimor Community Infrastructure District No. 1 (Assessment Area Five); Series 2024, RB<sup>(a)</sup> <br>| 5.88% | 09/01/2053 | 1214 | &nbsp;&nbsp; 1242285 |
| Idaho (State of) Health Facilities Authority (Trinity Health Credit Group); Series 2015 D, Ref. RB | 5.50% | 12/01/2027 | 1750 | &nbsp;&nbsp; 1759995 |
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB | 4.00% | 11/15/2027 | 430 | &nbsp;&nbsp; 428409 |
| Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); Series 2018 <br> A, RB<sup>(a)</sup> <br>| 4.63% | 07/01/2029 | 110 | &nbsp;&nbsp; 111157 |
| Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB<sup>(a)</sup> <br>| 4.00% | 05/01/2042 | 2280 | &nbsp;&nbsp; 1952158 |
| Idaho (State of) Housing & Finance Association (North Star Charter School); |  |  |  |  |
| Series 2014 A, Ref. RB | 6.75% | 07/01/2028 | 205 | &nbsp;&nbsp; 209364 |
| Series 2014 A, Ref. RB | 6.75% | 07/01/2036 | 526 | &nbsp;&nbsp; 535974 |
| Series 2014 A, Ref. RB | 6.75% | 07/01/2048 | 2384 | &nbsp;&nbsp; 2400022 |
| Power County Industrial Development Corp. (FMC Corp.); Series 1999, RB<sup>(b)</sup> <br>| 6.45% | 08/01/2032 | 130 | &nbsp;&nbsp; 130490 |
|  |  |  |  | &nbsp;&nbsp; 8769854 |
| **Illinois–3.85%** | **Illinois–3.85%** | **Illinois–3.85%** | **Illinois–3.85%** | **Illinois–3.85%** |
| Aurora (City of), IL (East River Area TIF No. 6); Series 2018 A, Ref. RB | 5.00% | 12/30/2027 | 395 | &nbsp;&nbsp; 400336 |
| Berwyn (City of), IL (South Berwyn Corridor); Series 2020, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2028 | 805 | &nbsp;&nbsp; 796454 |
| Bradley (Village of), IL (Bradley Commons); Series 2018 A, Ref. RB | 5.00% | 01/01/2027 | 530 | &nbsp;&nbsp; 535868 |
| Chicago (City of), IL; Series 2017 A, Ref. GO Bonds | 5.63% | 01/01/2029 | 1000 | &nbsp;&nbsp; 1016482 |

---

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

**7**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2024 C, Ref. RB<sup>(b)</sup> <br>| 5.25% | 01/01/2043 | $1700 | &nbsp;&nbsp; $1858048 |
| Series 2026 A, RB | 5.00% | 01/01/2045 | 1000 | &nbsp;&nbsp; 1084676 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2040 | 2500 | &nbsp;&nbsp; 2539526 |
| Series 2025 C, Ref. GO Bonds | 5.50% | 12/01/2045 | 2000 | &nbsp;&nbsp; 2025839 |
| Chicago (City of), IL Midway International Airport; |  |  |  |  |
| Series 2025 B, Ref. RB | 5.00% | 01/01/2042 | 2000 | &nbsp;&nbsp; 2229304 |
| Series 2025 B, Ref. RB | 5.00% | 01/01/2045 | 7000 | &nbsp;&nbsp; 7550098 |
| Cook (County of), IL School District No. 102 (La Grange); Series 2025, GO Bonds (INS - BAM)<sup>(e)</sup> <br>| 5.00% | 12/15/2044 | 1375 | &nbsp;&nbsp; 1462550 |
| Evanston (City of), IL (Roycemore School); |  |  |  |  |
| Series 2021, RB<sup>(a)</sup> <br>| 4.00% | 04/01/2032 | 245 | &nbsp;&nbsp; 238033 |
| Series 2021, RB<sup>(a)</sup> <br>| 4.38% | 04/01/2041 | 930 | &nbsp;&nbsp; 851504 |
| Hillside (Village of), IL (Mannheim Redevelopment); Series 2018, Ref. RB | 5.00% | 01/01/2030 | 1510 | &nbsp;&nbsp; 1522821 |
| Illinois (State of); Series 2025 E, GO Bonds (INS - BAM)<sup>(e)</sup> <br>| 5.00% | 09/01/2045 | 2500 | &nbsp;&nbsp; 2641184 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(b)</sup> <br>| 8.00% | 06/01/2032 | 11805 | &nbsp;&nbsp; 11824973 |
| Illinois (State of) Finance Authority; |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 09/01/2038 | 1000 | &nbsp;&nbsp; 1003216 |
| Series 2019, Ref. RB | 4.00% | 09/01/2039 | 1000 | &nbsp;&nbsp; 893532 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.88% | 09/01/2046 | 1500 | &nbsp;&nbsp; 1503051 |
| Illinois (State of) Finance Authority (Institute of Technology); Series 2019, Ref. RB | 5.00% | 09/01/2040 | 785 | &nbsp;&nbsp; 784744 |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |  |  |  |  |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $2,144,427)<sup>(h)</sup> <br>| 5.00% | 11/01/2027 | 2065 | &nbsp;&nbsp; 1430013 |
| Series 2019 A, Ref. RB (Acquired 09/08/2022; Cost $1,885,670)<sup>(h)</sup> <br>| 5.00% | 11/01/2035 | 2020 | &nbsp;&nbsp; 1398850 |
| Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB | 5.13% | 05/15/2060 | 1073 | &nbsp;&nbsp; 788623 |
| Illinois (State of) Medical District Commission; |  |  |  |  |
| Series 2002, COP (INS - NATL)<sup>(e)</sup> <br>| 5.13% | 06/01/2026 | 10 | &nbsp;&nbsp; 10014 |
| Series 2002, COP (INS - NATL)<sup>(e)</sup> <br>| 5.25% | 06/01/2032 | 140 | &nbsp;&nbsp; 140200 |
| Illinois (State of) Toll Highway Authority; Series 2016 B, RB | 5.00% | 01/01/2041 | 2375 | &nbsp;&nbsp; 2391104 |
| Marion (City of), IL (Star Bond District Project Area No. 1); Series 2025, RB | 6.38% | 06/01/2045 | 7745 | &nbsp;&nbsp; 7884805 |
| Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB | 4.25% | 01/01/2029 | 520 | &nbsp;&nbsp; 520110 |
|  |  |  |  | &nbsp;&nbsp; 57325958 |
| **Indiana–1.79%** | **Indiana–1.79%** | **Indiana–1.79%** | **Indiana–1.79%** | **Indiana–1.79%** |
| Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB | 4.80% | 01/01/2028 | 135 | &nbsp;&nbsp; 133596 |
| Indiana (State of) Finance Authority; Series 2025, RB | 5.25% | 07/01/2040 | 1895 | &nbsp;&nbsp; 1971047 |
| Indiana (State of) Finance Authority (Good Samaritan Hospital); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 04/01/2037 | 200 | &nbsp;&nbsp; 200133 |
| Series 2016 A, RB | 5.50% | 04/01/2046 | 5785 | &nbsp;&nbsp; 5787062 |
| Indiana (State of) Finance Authority (Irvington Community School); Series 2018 A, Ref. RB<sup>(a)</sup> <br>| 5.50% | 07/01/2028 | 400 | &nbsp;&nbsp; 400232 |
| Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB | 5.25% | 09/01/2037 | 1865 | &nbsp;&nbsp; 1971885 |
| Indiana Finance Authority; Series 2025, RB<sup>(i)</sup> <br>| 5.00% | 11/15/2043 | 12950 | &nbsp;&nbsp; 14267159 |
| Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB<sup>(a)</sup> <br>| 5.10% | 01/01/2032 | 810 | &nbsp;&nbsp; 809107 |
| Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB<sup>(b)(c)</sup> <br>| 4.40% | 06/10/2031 | 1000 | &nbsp;&nbsp; 1063489 |
|  |  |  |  | &nbsp;&nbsp; 26603710 |
| **Iowa–1.62%** | **Iowa–1.62%** | **Iowa–1.62%** | **Iowa–1.62%** | **Iowa–1.62%** |
| Ackley (City of), IA (Grand Jivante); Series 2018 A, RB | 4.50% | 08/01/2033 | 600 | &nbsp;&nbsp; 367509 |
| Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB | 4.30% | 10/01/2028 | 660 | &nbsp;&nbsp; 655929 |
| Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB | 4.75% | 08/01/2042 | 4500 | &nbsp;&nbsp; 4501559 |
| Iowa (State of) Finance Authority (Green Bonds); Series 2025, RB | 4.50% | 10/01/2035 | 750 | &nbsp;&nbsp; 775273 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(c)(k)</sup> <br>| 5.00% | 12/01/2032 | 5410 | &nbsp;&nbsp; 6316565 |
| Iowa (State of) Finance Authority (Union at the Marina); Series 2024 A-1, RB<sup>(a)</sup> <br>| 6.00% | 11/01/2027 | 1345 | &nbsp;&nbsp; 1363697 |
| PEFA, Inc.; Series 2019, RB<sup>(c)</sup> <br>| 5.00% | 09/01/2026 | 10000 | &nbsp;&nbsp; 10116360 |
|  |  |  |  | &nbsp;&nbsp; 24096892 |
| **Kansas–1.04%** | **Kansas–1.04%** | **Kansas–1.04%** | **Kansas–1.04%** | **Kansas–1.04%** |
| Garden (City of), KS (Sports of the World Star Bond – Phase II); Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 06/01/2039 | 4500 | &nbsp;&nbsp; 4607407 |

---

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

**8**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** |
| Wichita (City of), KS (Presbyterian Manors, Inc.); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 05/15/2027 | $1165 | &nbsp;&nbsp; $1173412 |
| Series 2019, Ref. RB | 5.00% | 05/15/2029 | 1280 | &nbsp;&nbsp; 1303043 |
| Series 2019, Ref. RB | 5.00% | 05/15/2034 | 2950 | &nbsp;&nbsp; 2999025 |
| Series 2024 VIII, Ref. RB | 5.25% | 05/15/2039 | 2000 | &nbsp;&nbsp; 2058715 |
| Series 2024 VIII, Ref. RB | 5.75% | 05/15/2045 | 2000 | &nbsp;&nbsp; 2014279 |
| Wyandotte County-Kansas City Unified Government; Series 2026, RB<sup>(a)</sup> <br>| 4.75% | 03/01/2041 | 1250 | &nbsp;&nbsp; 1254503 |
|  |  |  |  | &nbsp;&nbsp; 15410384 |
| **Kentucky–1.22%** | **Kentucky–1.22%** | **Kentucky–1.22%** | **Kentucky–1.22%** | **Kentucky–1.22%** |
| Christian (County of), KY (Jennie Stuart Medical Center, Inc.); |  |  |  |  |
| Series 2016, Ref. RB | 5.38% | 02/01/2036 | 5000 | &nbsp;&nbsp; 5006320 |
| Series 2016, Ref. RB | 5.50% | 02/01/2044 | 2170 | &nbsp;&nbsp; 2171180 |
| Henderson (City of), KY (Pratt Paper LLC); Series 2022, RB<sup>(a)(b)</sup> <br>| 4.45% | 01/01/2042 | 3500 | &nbsp;&nbsp; 3539999 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care <br> Communities); Series 2021, Ref. RB<br>| 4.25% | 07/01/2031 | 2665 | &nbsp;&nbsp; 2638965 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care <br> Communities, Inc.); Series 2021, Ref. RB<br>| 4.75% | 07/01/2040 | 3985 | &nbsp;&nbsp; 3788667 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway); Series 2015 A, RB<br>| 5.00% | 07/01/2030 | 1000 | &nbsp;&nbsp; 1001679 |
|  |  |  |  | &nbsp;&nbsp; 18146810 |
| **Louisiana–1.29%** | **Louisiana–1.29%** | **Louisiana–1.29%** | **Louisiana–1.29%** | **Louisiana–1.29%** |
| Juban Crossing Community Development District; Series 2024 B, RB | 6.25% | 06/01/2034 | 1000 | &nbsp;&nbsp; 1064785 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Christwood);<br>|  |  |  |  |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 4.25% | 11/15/2030 | 940 | &nbsp;&nbsp; 955713 |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 11/15/2037 | 1900 | &nbsp;&nbsp; 2020849 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB<sup>(a)</sup> <br>| 5.38% | 11/01/2038 | 2695 | &nbsp;&nbsp; 2816308 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB<sup>(a)</sup> <br>| 4.63% | 11/01/2038 | 1275 | &nbsp;&nbsp; 1308311 |
| Louisiana (State of) Public Facilities Authority (Waste Pro USA, Inc.); Series 2025, RB<sup>(a)(b)(c)</sup> <br>| 4.38% | 10/02/2028 | 5000 | &nbsp;&nbsp; 5064215 |
| Plaquemines Port Harbor & Terminal District (NOLA Terminal LLC); Series 2024 A, RB<sup>(a)</sup> <br>| 9.00% | 12/01/2044 | 5000 | &nbsp;&nbsp; 4426322 |
| St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB<sup>(c)</sup> <br>| 3.70% | 06/01/2030 | 1500 | &nbsp;&nbsp; 1543910 |
|  |  |  |  | &nbsp;&nbsp; 19200413 |
| **Maryland–0.24%** | **Maryland–0.24%** | **Maryland–0.24%** | **Maryland–0.24%** | **Maryland–0.24%** |
| Baltimore (City of), MD (Convention Center Hotel); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 09/01/2026 | 2160 | &nbsp;&nbsp; 2175157 |
| Series 2017, Ref. RB | 5.00% | 09/01/2027 | 1100 | &nbsp;&nbsp; 1122816 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); <br> Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2027 | 215 | &nbsp;&nbsp; 216702 |
| Maryland (State of) Health & Higher Educational Facilities Authority (John Hopkins Health); <br> Series 1996, RB (INS - AMBAC)<sup>(e)</sup> <br>| 5.50% | 07/01/2026 | 10 | &nbsp;&nbsp; 10078 |
|  |  |  |  | &nbsp;&nbsp; 3524753 |
| **Massachusetts–2.13%** | **Massachusetts–2.13%** | **Massachusetts–2.13%** | **Massachusetts–2.13%** | **Massachusetts–2.13%** |
| Ashland (Town of), MA; Series 2022, GO Bonds | 4.00% | 08/01/2042 | 1000 | &nbsp;&nbsp; 1025609 |
| Lynn Housing Authority & Neighborhood Development; |  |  |  |  |
| Series 2018, Ref. RB | 4.00% | 10/01/2026 | 100 | &nbsp;&nbsp; 100019 |
| Series 2018, Ref. RB | 4.00% | 10/01/2027 | 150 | &nbsp;&nbsp; 150031 |
| Series 2018, Ref. RB | 4.25% | 10/01/2028 | 320 | &nbsp;&nbsp; 320091 |
| Series 2018, Ref. RB | 4.38% | 10/01/2029 | 385 | &nbsp;&nbsp; 385120 |
| Series 2018, Ref. RB | 4.50% | 10/01/2030 | 690 | &nbsp;&nbsp; 690228 |
| Massachusetts (Commonwealth of) Development Finance Agency; Series 2025, RB | 5.00% | 07/01/2040 | 4000 | &nbsp;&nbsp; 4327329 |
| Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music); <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2039 | 4000 | &nbsp;&nbsp; 4036805 |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University); Series 2025, <br> RB<br>| 5.25% | 08/15/2041 | 5475 | &nbsp;&nbsp; 6025636 |

---

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

**9**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** |
| Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 01/01/2047 | $7010 | &nbsp;&nbsp; $6968389 |
| Series 2025, Ref. RB | 5.25% | 01/01/2040 | 1070 | &nbsp;&nbsp; 1161498 |
| Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2047 | 4000 | &nbsp;&nbsp; 4006591 |
| Massachusetts (Commonwealth of) Development Finance Agency (Western New England <br> University); Series 2018, Ref. RB<br>| 5.00% | 09/01/2043 | 2445 | &nbsp;&nbsp; 2448419 |
|  |  |  |  | &nbsp;&nbsp; 31645765 |
| **Michigan–1.51%** | **Michigan–1.51%** | **Michigan–1.51%** | **Michigan–1.51%** | **Michigan–1.51%** |
| Advanced Technology Academy; Series 2019, Ref. RB | 5.00% | 11/01/2034 | 1600 | &nbsp;&nbsp; 1656061 |
| Ivywood Classical Academy; Series 2023, RB | 5.00% | 01/01/2034 | 1830 | &nbsp;&nbsp; 1901327 |
| MBS International Airport Revenue; |  |  |  |  |
| Series 2025, RB<sup>(b)</sup> <br>| 5.75% | 06/01/2040 | 1000 | &nbsp;&nbsp; 1084208 |
| Series 2025, RB<sup>(b)</sup> <br>| 6.00% | 06/01/2045 | 1010 | &nbsp;&nbsp; 1059025 |
| Michigan (State of) Finance Authority (Henry Ford Health System) (Green Bonds); Series 2024, RB | 5.25% | 02/29/2040 | 1000 | &nbsp;&nbsp; 1110632 |
| Michigan (State of) Finance Authority (Huron Academy); Series 2024, Ref. RB | 4.50% | 10/01/2034 | 2345 | &nbsp;&nbsp; 2403485 |
| Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB | 4.25% | 12/01/2039 | 2050 | &nbsp;&nbsp; 1870447 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2019 A, Ref. RB | 4.00% | 12/01/2049 | 1145 | &nbsp;&nbsp; 1034139 |
| Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB | 5.50% | 06/01/2047 | 2820 | &nbsp;&nbsp; 2285158 |
| Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB<sup>(b)(c)</sup> <br>| 4.00% | 10/01/2026 | 5610 | &nbsp;&nbsp; 5618144 |
| Waterford Township Economic Development Corp.; Series 2016 A, RB<sup>(f)</sup> <br>| 0.00% | 07/01/2026 | 980 | &nbsp;&nbsp; 218540 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); Series 2025, Ref. RB | 5.00% | 12/01/2043 | 2000 | &nbsp;&nbsp; 2224928 |
|  |  |  |  | &nbsp;&nbsp; 22466094 |
| **Minnesota–2.82%** | **Minnesota–2.82%** | **Minnesota–2.82%** | **Minnesota–2.82%** | **Minnesota–2.82%** |
| Bethel (City of), MN (Ecumen Obligated Group); |  |  |  |  |
| Series 2024, Ref. RB | 5.25% | 03/01/2034 | 750 | &nbsp;&nbsp; 787521 |
| Series 2024, Ref. RB | 6.13% | 03/01/2044 | 1500 | &nbsp;&nbsp; 1552044 |
| Brainerd (City of), MN; Series 2025, RB | 5.50% | 05/01/2045 | 4700 | &nbsp;&nbsp; 4829350 |
| Brooklyn Park (City of), MN (Prairie Seeds Academy); Series 2024, Ref. RB | 5.00% | 06/15/2044 | 2835 | &nbsp;&nbsp; 2785728 |
| Carlton (City of), MN; |  |  |  |  |
| Series 2025, Ref. RB | 5.25% | 09/01/2035 | 1030 | &nbsp;&nbsp; 1065569 |
| Series 2025, Ref. RB | 6.38% | 09/01/2045 | 2445 | &nbsp;&nbsp; 2539766 |
| Chisago (City of), MN (CDL Homes LLC); Series 2013 B, RB | 6.00% | 08/01/2043 | 1000 | &nbsp;&nbsp; 1000396 |
| Coon Rapids (City of), MN (Athlos Leadership Academy); Series 2025, Ref. RB | 6.50% | 06/15/2047 | 2000 | &nbsp;&nbsp; 2080692 |
| Dakota (County of), MN Community Development Agency (Quill); Series 2021, RB<sup>(a)</sup> <br>| 3.55% | 04/01/2039 | 5000 | &nbsp;&nbsp; 4358428 |
| Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); <br> Series 2015, RB<br>| 5.75% | 08/01/2030 | 695 | &nbsp;&nbsp; 670113 |
| Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy); |  |  |  |  |
| Series 2018 A, Ref. RB | 4.25% | 11/01/2028 | 1055 | &nbsp;&nbsp; 1034954 |
| Series 2018 A, Ref. RB | 5.00% | 11/01/2033 | 1070 | &nbsp;&nbsp; 1062696 |
| Lakes Area Economic Development Authority; Series 2026, RB | 5.50% | 11/01/2046 | 1250 | &nbsp;&nbsp; 1266212 |
| Minneapolis (City of), MN (Spero Academy); |  |  |  |  |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.50% | 07/01/2027 | 350 | &nbsp;&nbsp; 353172 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2032 | 1080 | &nbsp;&nbsp; 1098619 |
| Oakdale (City of), MN; Series 2025, Ref. RB | 5.50% | 12/01/2045 | 3000 | &nbsp;&nbsp; 3043992 |
| Ramsey (City of), MN (Pact Charter School); Series 2022 A, Ref. RB | 5.00% | 06/01/2032 | 2000 | &nbsp;&nbsp; 2036655 |
| Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB | 6.88% | 12/01/2048 | 5000 | &nbsp;&nbsp; 5003356 |
| Shakopee (City of), MN; Series 2025, Ref. RB | 5.13% | 11/01/2040 | 1800 | &nbsp;&nbsp; 1868900 |
| St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; <br> Cost $1,927,397)<sup>(a)(c)(g)(h)</sup> <br>| 6.00% | 07/01/2027 | 1927 | &nbsp;&nbsp; 192740 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A, <br> RB<sup>(a)</sup> <br>| 5.25% | 07/01/2033 | 140 | &nbsp;&nbsp; 142036 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, <br> Ref. RB<br>| 4.25% | 12/01/2032 | 970 | &nbsp;&nbsp; 1013641 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); <br> Series 2016, Ref. RB<br>| 5.00% | 09/01/2026 | 215 | &nbsp;&nbsp; 216139 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Hmong Prep Academy); Series 2020, <br> Ref. RB<br>| 5.00% | 09/01/2040 | 1500 | &nbsp;&nbsp; 1525149 |

---

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

**10**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** |
| St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom <br> East Campus);<br>|  |  |  |  |
| Series 2018, Ref. RB | 4.00% | 10/01/2031 | $250 | &nbsp;&nbsp; $244442 |
| Series 2018, Ref. RB | 4.13% | 10/01/2033 | 250 | &nbsp;&nbsp; 243698 |
|  |  |  |  | &nbsp;&nbsp; 42016008 |
| **Mississippi–0.19%** | **Mississippi–0.19%** | **Mississippi–0.19%** | **Mississippi–0.19%** | **Mississippi–0.19%** |
| Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB<sup>(a)</sup> <br>| 3.63% | 11/01/2036 | 2820 | &nbsp;&nbsp; 2783764 |
| **Missouri–1.26%** | **Missouri–1.26%** | **Missouri–1.26%** | **Missouri–1.26%** | **Missouri–1.26%** |
| Cape Girardeau (County of), MO Industrial Development Authority (Procter & Gamble Paper <br> Products Co. (The)); Series 1998, RB<sup>(b)</sup> <br>| 5.30% | 05/15/2028 | 30 | &nbsp;&nbsp; 30078 |
| I-470 Western Gateway Transportation Development District; Series 2019 A, RB<sup>(a)</sup> <br>| 4.50% | 12/01/2029 | 30 | &nbsp;&nbsp; 30123 |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District);<br>|  |  |  |  |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 4.25% | 04/01/2026 | 100 | &nbsp;&nbsp; 99997 |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2036 | 2000 | &nbsp;&nbsp; 2001532 |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2037 | 2955 | &nbsp;&nbsp; 2975922 |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2042 | 750 | &nbsp;&nbsp; 751107 |
| Maryland Heights (City of), MO (Westport Plaza Redevelopment); Series 2020, RB | 4.13% | 11/01/2038 | 2180 | &nbsp;&nbsp; 2051332 |
| Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist University); <br> Series 2025, Ref. RB<sup>(a)</sup> <br>| 6.00% | 10/01/2045 | 3000 | &nbsp;&nbsp; 3061660 |
| Missouri Development Finance Board; Series 2025, Ref. VRD RB<sup>(l)</sup> <br>| 0.90% | 12/01/2037 | 5000 | &nbsp;&nbsp; 5000000 |
| St Louis County Industrial Development Authority; Series 2017, Ref. RB | 5.00% | 09/01/2037 | 1195 | &nbsp;&nbsp; 1216081 |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); <br> Series 2018 A, RB<br>| 5.00% | 09/01/2038 | 1500 | &nbsp;&nbsp; 1539302 |
|  |  |  |  | &nbsp;&nbsp; 18757134 |
| **Montana–0.17%** | **Montana–0.17%** | **Montana–0.17%** | **Montana–0.17%** | **Montana–0.17%** |
| Montana (State of) Facility Finance Authority (Franklin School Apartments); Series 2025, RB<sup>(c)</sup> <br>| 5.15% | 12/01/2026 | 2500 | &nbsp;&nbsp; 2517365 |
| **Nevada–0.17%** | **Nevada–0.17%** | **Nevada–0.17%** | **Nevada–0.17%** | **Nevada–0.17%** |
| Las Vegas (City of), NV Special Improvement District No. 613; Series 2024, RB | 5.00% | 12/01/2039 | 400 | &nbsp;&nbsp; 423018 |
| Nevada (State of) Department of Business & Industry (Doral Academy of Nevada); Series 2017 A, <br> RB<br>| 5.00% | 07/15/2037 | 500 | &nbsp;&nbsp; 500141 |
| North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village <br> 1); Series 2022, RB<sup>(a)</sup> <br>| 5.50% | 06/01/2037 | 730 | &nbsp;&nbsp; 778033 |
| Reno (City of), NV; Series 2025, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2041 | 825 | &nbsp;&nbsp; 876751 |
|  |  |  |  | &nbsp;&nbsp; 2577943 |
| **New Hampshire–2.44%** | **New Hampshire–2.44%** | **New Hampshire–2.44%** | **New Hampshire–2.44%** | **New Hampshire–2.44%** |
| New Hampshire (State of) Business Finance Authority; Series 2025 B-1, RB | 5.15% | 09/28/2037 | 2000 | &nbsp;&nbsp; 2073125 |
| New Hampshire (State of) Business Finance Authority (Canyon Ranch); Series 2025, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/01/2035 | 7700 | &nbsp;&nbsp; 3996739 |
| New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB<sup>(a)(c)</sup> <br>| 3.63% | 07/02/2040 | 3455 | &nbsp;&nbsp; 2894785 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School); Series 2025, RB | 5.13% | 08/01/2040 | 1500 | &nbsp;&nbsp; 1548148 |
| New Hampshire (State of) Business Finance Authority (Megatel); Series 2025, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/15/2033 | 5000 | &nbsp;&nbsp; 3158883 |
| New Hampshire (State of) Business Finance Authority (River Ranch); Series 2025, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/01/2031 | 9012 | &nbsp;&nbsp; 6300519 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); |  |  |  |  |
| Series 2022-1A, RB | 4.38% | 09/20/2036 | 1522 | &nbsp;&nbsp; 1586940 |
| Series 2022-2A, RB | 4.00% | 10/20/2036 | 3813 | &nbsp;&nbsp; 3895292 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); Series 2024-1A, RB | 4.25% | 07/20/2041 | 2912 | &nbsp;&nbsp; 2995264 |
| New Hampshire (State of) Business Finance Authority (The Attwater); Series 2024, RB<sup>(a)(f)</sup> <br>| 0.00% | 04/01/2032 | 3000 | &nbsp;&nbsp; 2042922 |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/01/2034 | 7500 | &nbsp;&nbsp; 4175102 |
| New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, <br> Inc.);<br>|  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/15/2033 | 775 | &nbsp;&nbsp; 804489 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.25% | 12/15/2038 | 715 | &nbsp;&nbsp; 762922 |
|  |  |  |  | &nbsp;&nbsp; 36235130 |

---

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

**11**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–0.27%** | **New Jersey–0.27%** | **New Jersey–0.27%** | **New Jersey–0.27%** | **New Jersey–0.27%** |
| New Jersey (State of) Economic Development Authority (Golden Door Charter School); <br> Series 2018 A, RB<sup>(a)</sup> <br>| 5.13% | 11/01/2029 | $165 | &nbsp;&nbsp; $168105 |
| New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter <br> School); Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2027 | 170 | &nbsp;&nbsp; 171694 |
| New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); <br> Series 2018 A, RB<sup>(a)</sup> <br>| 4.75% | 10/01/2028 | 645 | &nbsp;&nbsp; 647107 |
| New Jersey (State of) Economic Development Authority (North Star Academy Charter School of <br> Newark, Inc.); Series 2017, RB<br>| 5.00% | 07/15/2047 | 1075 | &nbsp;&nbsp; 1076121 |
| New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); <br> Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 4.25% | 09/01/2027 | 115 | &nbsp;&nbsp; 115973 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2008 A, RB<sup>(f)</sup> <br>| 0.00% | 12/15/2028 | 715 | &nbsp;&nbsp; 667839 |
| Series 2009 A, RB<sup>(f)</sup> <br>| 0.00% | 12/15/2032 | 1465 | &nbsp;&nbsp; 1216583 |
|  |  |  |  | &nbsp;&nbsp; 4063422 |
| **New Mexico–0.08%** | **New Mexico–0.08%** | **New Mexico–0.08%** | **New Mexico–0.08%** | **New Mexico–0.08%** |
| Winrock Town Center Tax Increment Development District No. 1; Series 2022, Ref. RB<sup>(a)</sup> <br>| 4.00% | 05/01/2033 | 1250 | &nbsp;&nbsp; 1244748 |
| **New York–6.69%** | **New York–6.69%** | **New York–6.69%** | **New York–6.69%** | **New York–6.69%** |
| Buffalo & Erie County Industrial Land Development Corp. (Medaille College); |  |  |  |  |
| Series 2018, Ref. RB (Acquired 08/16/2018; Cost $220,094)<sup>(a)(g)(h)</sup> <br>| 5.00% | 10/01/2028 | 213 | &nbsp;&nbsp; 2875 |
| Series 2018, Ref. RB (Acquired 08/16/2018; Cost $1,403,843)<sup>(a)(g)(h)</sup> <br>| 5.00% | 10/01/2038 | 1389 | &nbsp;&nbsp; 18746 |
| Build NYC Resource Corp. (Brooklyn Navy Yard); |  |  |  |  |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(a)(b)(m)</sup> <br>| 5.25% | 12/31/2033 | 3000 | &nbsp;&nbsp; 3066035 |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(a)(b)(m)</sup> <br>| 5.50% | 12/31/2040 | 7155 | &nbsp;&nbsp; 7203779 |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); Series 2025, RB<sup>(a)</sup> <br>| 5.13% | 10/15/2045 | 2000 | &nbsp;&nbsp; 2011928 |
| Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB | 5.00% | 07/01/2030 | 2365 | &nbsp;&nbsp; 2366694 |
| Build NYC Resource Corp. (Shefa School); Series 2021 A, RB<sup>(a)</sup> <br>| 2.50% | 06/15/2031 | 375 | &nbsp;&nbsp; 355572 |
| Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn); Series 2023, RB<sup>(a)</sup> <br>| 5.25% | 06/15/2043 | 525 | &nbsp;&nbsp; 538009 |
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 3210 | &nbsp;&nbsp; 2683889 |
| Metropolitan Transportation Authority; Series 2025, Ref. RB | 5.00% | 11/15/2042 | 1600 | &nbsp;&nbsp; 1775055 |
| Nassau (County of), NY Industrial Development Agency; Series 2021, RB<sup>(f)(j)</sup> <br>| 0.00% | 01/01/2058 | 967 | &nbsp;&nbsp; 0 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2026, RB | 5.00% | 11/01/2043 | 1295 | &nbsp;&nbsp; 1450494 |
| Series 2026, RB | 5.00% | 11/01/2045 | 1500 | &nbsp;&nbsp; 1637675 |
| Series 2026, RB | 5.00% | 11/01/2046 | 2000 | &nbsp;&nbsp; 2160078 |
| Series 2026, VRD RB<sup>(l)</sup> <br>| 0.95% | 02/01/2056 | 6000 | &nbsp;&nbsp; 6000000 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 08/01/2035 | 1250 | &nbsp;&nbsp; 1285880 |
| Series 2024, RB | 5.25% | 11/01/2043 | 1500 | &nbsp;&nbsp; 1605469 |
| New York Counties Tobacco Trust IV; Series 2010 A, RB<sup>(a)</sup> <br>| 6.25% | 06/01/2041 | 2849 | &nbsp;&nbsp; 2833704 |
| New York Counties Tobacco Trust VI; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.63% | 06/01/2035 | 720 | &nbsp;&nbsp; 735139 |
| Series 2016 A, Ref. RB | 6.00% | 06/01/2043 | 2640 | &nbsp;&nbsp; 2645396 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-3, Ref. RB<sup>(a)</sup> <br>| 7.25% | 11/15/2044 | 5400 | &nbsp;&nbsp; 5412776 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(b)</sup> <br>| 5.00% | 08/01/2026 | 2400 | &nbsp;&nbsp; 2402779 |
| Series 2016, Ref. RB<sup>(b)</sup> <br>| 5.00% | 08/01/2031 | 8680 | &nbsp;&nbsp; 8693523 |
| Series 2020, Ref. RB<sup>(b)</sup> <br>| 5.25% | 08/01/2031 | 2170 | &nbsp;&nbsp; 2271782 |
| Series 2021, Ref. RB<sup>(b)</sup> <br>| 3.00% | 08/01/2031 | 1545 | &nbsp;&nbsp; 1490564 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment);<br>|  |  |  |  |
| Series 2020, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2035 | 5000 | &nbsp;&nbsp; 5307162 |
| Series 2020, RB<sup>(b)</sup> <br>| 4.38% | 10/01/2045 | 11000 | &nbsp;&nbsp; 10614928 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds);<br>|  |  |  |  |
| Series 2023, RB<sup>(b)</sup> <br>| 5.50% | 06/30/2038 | 2000 | &nbsp;&nbsp; 2176759 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.50% | 06/30/2039 | 1000 | &nbsp;&nbsp; 1083711 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.50% | 06/30/2040 | 875 | &nbsp;&nbsp; 943061 |

---

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

**12**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |
| Series 2016 A, RB<sup>(b)</sup> <br>| 5.25% | 01/01/2050 | $1000 | &nbsp;&nbsp; $1000359 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.63% | 04/01/2040 | 2500 | &nbsp;&nbsp; 2676939 |
| Oneida Indian Nation; Series 2024 B, RB<sup>(a)</sup> <br>| 6.00% | 09/01/2043 | 2400 | &nbsp;&nbsp; 2623923 |
| Suffolk Regional Off-Track Betting Corp.; |  |  |  |  |
| Series 2024, RB | 5.00% | 12/01/2034 | 1600 | &nbsp;&nbsp; 1666988 |
| Series 2024, RB | 5.75% | 12/01/2044 | 1500 | &nbsp;&nbsp; 1549563 |
| Tompkins County Development Corp. (Ithaca College); Series 2015, Ref. RB | 5.00% | 07/01/2034 | 750 | &nbsp;&nbsp; 751200 |
| Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); |  |  |  |  |
| Series 2013 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2027 | 1000 | &nbsp;&nbsp; 200000 |
| Series 2013 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2032 | 1000 | &nbsp;&nbsp; 200000 |
| Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation <br> Facilities); Series 2017 A, RB<sup>(a)(b)</sup> <br>| 7.00% | 06/01/2046 | 3500 | &nbsp;&nbsp; 3644534 |
| Westchester County Local Development Corp. (Westchester County Health Care Corp.); <br> Series 2025, RB<br>| 6.50% | 11/01/2030 | 4150 | &nbsp;&nbsp; 4413214 |
|  |  |  |  | &nbsp;&nbsp; 99500182 |
| **North Carolina–0.82%** | **North Carolina–0.82%** | **North Carolina–0.82%** | **North Carolina–0.82%** | **North Carolina–0.82%** |
| Greater Asheville Regional Airport Authority; Series 2023, RB (INS - AGI)<sup>(b)(e)</sup> <br>| 5.25% | 07/01/2048 | 3625 | &nbsp;&nbsp; 3763982 |
| North Carolina (State of) Medical Care Commission; |  |  |  |  |
| Series 2025, Ref. RB | 5.38% | 10/01/2045 | 810 | &nbsp;&nbsp; 833539 |
| Series 2026, RB | 5.25% | 11/01/2046 | 4700 | &nbsp;&nbsp; 4921905 |
| North Carolina (State of) Medical Care Commission (Southminster); Series 2016, Ref. RB | 5.00% | 10/01/2037 | 2590 | &nbsp;&nbsp; 2606011 |
|  |  |  |  | &nbsp;&nbsp; 12125437 |
| **North Dakota–0.38%** | **North Dakota–0.38%** | **North Dakota–0.38%** | **North Dakota–0.38%** | **North Dakota–0.38%** |
| Burleigh (County of), ND (University of Mary); Series 2016, RB | 4.38% | 04/15/2026 | 220 | &nbsp;&nbsp; 220045 |
| Grand Forks (City of), ND (Altru Health System); Series 2021, Ref. RB | 4.00% | 12/01/2040 | 3375 | &nbsp;&nbsp; 3252041 |
| Horace (City of), ND; Series 2024 C, Ref. GO Bonds | 4.75% | 05/01/2044 | 1100 | &nbsp;&nbsp; 1120163 |
| North Dakota (State of) Housing Finance Agency (Social Bonds); Series 2024 C, RB | 6.25% | 01/01/2055 | 965 | &nbsp;&nbsp; 1096232 |
|  |  |  |  | &nbsp;&nbsp; 5688481 |
| **Ohio–4.69%** | **Ohio–4.69%** | **Ohio–4.69%** | **Ohio–4.69%** | **Ohio–4.69%** |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| Series 2020 A-2, Ref. RB | 3.00% | 06/01/2048 | 2755 | &nbsp;&nbsp; 2002274 |
| Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 1470 | &nbsp;&nbsp; 1215724 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.25% | 01/01/2034 | 1000 | &nbsp;&nbsp; 1065200 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB | 6.00% | 11/15/2035 | 1000 | &nbsp;&nbsp; 1002534 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Pinecrest Public Improvement); <br> Series 2017, RB<sup>(a)</sup> <br>| 7.00% | 11/15/2048 | 4915 | &nbsp;&nbsp; 5077461 |
| Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB<sup>(b)</sup> <br>| 5.38% | 09/15/2027 | 485 | &nbsp;&nbsp; 485992 |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Silver Birch of Columbus); <br> Series 2025, RB<sup>(a)</sup> <br>| 6.05% | 01/01/2046 | 1000 | &nbsp;&nbsp; 1023762 |
| Cuyahoga (County of), OH (MetroHealth System); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 02/15/2037 | 6220 | &nbsp;&nbsp; 6273277 |
| Series 2017, Ref. RB | 5.00% | 02/15/2042 | 3500 | &nbsp;&nbsp; 3512170 |
| Dayton-Montgomery County Port Authority (Liberty Assisted Living - Springfield); Series 2025 A, <br> RB<sup>(a)</sup> <br>| 6.63% | 01/01/2045 | 3640 | &nbsp;&nbsp; 3886831 |
| Franklin (County of), OH; Series 2015, RB | 5.00% | 05/15/2040 | 5800 | &nbsp;&nbsp; 5813060 |
| Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB | 5.25% | 11/15/2040 | 1500 | &nbsp;&nbsp; 1542049 |
| Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB<sup>(c)</sup> <br>| 4.38% | 06/15/2026 | 1800 | &nbsp;&nbsp; 1793828 |
| Hamilton (County of), OH (Life Enriching Communities); |  |  |  |  |
| Series 2025, Ref. RB | 5.25% | 01/01/2041 | 525 | &nbsp;&nbsp; 565114 |
| Series 2025, Ref. RB | 5.13% | 01/01/2044 | 1050 | &nbsp;&nbsp; 1090106 |
| Muskingum (County of), OH (Genesis Healthcare System); |  |  |  |  |
| Series 2013, RB | 5.00% | 02/15/2033 | 2000 | &nbsp;&nbsp; 2002259 |
| Series 2013, RB | 5.00% | 02/15/2044 | 4880 | &nbsp;&nbsp; 4880646 |
| Series 2013, RB | 5.00% | 02/15/2048 | 5300 | &nbsp;&nbsp; 5171383 |
| Ohio (State of) (Portsmouth Bypass); Series 2015, RB<sup>(b)</sup> <br>| 5.00% | 12/31/2039 | 3665 | &nbsp;&nbsp; 3666175 |

---

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

**13**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| Ohio (State of) Higher Educational Facility Commission; Series 2016, Ref. RB | 5.00% | 11/01/2041 | $1000 | &nbsp;&nbsp; $1008095 |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University); Series 2025, RB | 5.38% | 10/01/2045 | 3425 | &nbsp;&nbsp; 3488498 |
| Ohio (State of) Housing Finance Agency; |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 01/01/2045 | 1000 | &nbsp;&nbsp; 1052200 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 01/01/2045 | 4625 | &nbsp;&nbsp; 4866423 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 01/01/2045 | 3890 | &nbsp;&nbsp; 4093056 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.10% | 01/01/2046 | 1500 | &nbsp;&nbsp; 1541221 |
| Ohio (State of) Housing Finance Agency (Haven's Edge Apartments); Series 2025, RB<sup>(a)</sup> <br>| 5.70% | 08/01/2043 | 1200 | &nbsp;&nbsp; 1276420 |
| RiverSouth Authority; Series 2007 A, RB | 5.75% | 12/01/2027 | 310 | &nbsp;&nbsp; 310208 |
|  |  |  |  | &nbsp;&nbsp; 69705966 |
| **Oklahoma–0.59%** | **Oklahoma–0.59%** | **Oklahoma–0.59%** | **Oklahoma–0.59%** | **Oklahoma–0.59%** |
| Oklahoma (County of), OK Finance Authority (Astec); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 06/15/2034 | 1200 | &nbsp;&nbsp; 1245186 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2044 | 1500 | &nbsp;&nbsp; 1512402 |
| Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB (INS - AGI)<sup>(e)</sup> <br>| 4.00% | 08/15/2048 | 2430 | &nbsp;&nbsp; 2213975 |
| Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB<sup>(b)</sup> <br>| 5.50% | 12/01/2035 | 2000 | &nbsp;&nbsp; 2004980 |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.); Series 2025, Ref. RB<sup>(b)</sup> <br>| 6.25% | 12/01/2035 | 1500 | &nbsp;&nbsp; 1764796 |
|  |  |  |  | &nbsp;&nbsp; 8741339 |
| **Oregon–0.52%** | **Oregon–0.52%** | **Oregon–0.52%** | **Oregon–0.52%** | **Oregon–0.52%** |
| Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB | 5.25% | 11/15/2050 | 2000 | &nbsp;&nbsp; 2001753 |
| Local Oregon Capital Assets Program; Series 2011 C, COP | 4.60% | 06/01/2031 | 35 | &nbsp;&nbsp; 35021 |
| Morrow (Port of), OR; Series 2024 A, GO Bonds<sup>(a)</sup> <br>| 5.15% | 10/01/2026 | 5000 | &nbsp;&nbsp; 5001543 |
| Oregon (State of) Facilities Authority; |  |  |  |  |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 4.63% | 06/15/2035 | 270 | &nbsp;&nbsp; 283298 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.50% | 06/15/2045 | 475 | &nbsp;&nbsp; 486997 |
|  |  |  |  | &nbsp;&nbsp; 7808612 |
| **Pennsylvania–1.06%** | **Pennsylvania–1.06%** | **Pennsylvania–1.06%** | **Pennsylvania–1.06%** | **Pennsylvania–1.06%** |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 <br> Waterfront); Series 2021, RB<sup>(a)</sup> <br>| 6.00% | 05/01/2042 | 620 | &nbsp;&nbsp; 658908 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); <br> Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 05/01/2028 | 620 | &nbsp;&nbsp; 645299 |
| Commonwealth Financing Authority; Series 2015 A, RB | 5.00% | 06/01/2034 | 500 | &nbsp;&nbsp; 502383 |
| Crawford (County of), PA Hospital Authority Meadville Medical Center); |  |  |  |  |
| Series 2016 A, Ref. RB | 6.00% | 06/01/2046 | 5505 | &nbsp;&nbsp; 5513164 |
| Series 2016, Ref. RB | 6.00% | 06/01/2036 | 1915 | &nbsp;&nbsp; 1920211 |
| Northampton (County of), PA Industrial Development Authority (Northampton Generating Co. L.P.); |  |  |  |  |
| Series 2013 A, RB (Acquired 04/03/2013; Cost $308,057)<sup>(g)(h)</sup> <br>| 5.00% | 06/30/2027 | 350 | &nbsp;&nbsp; 154062 |
| Series 2013, RB<sup>(g)</sup> <br>| 5.00% | 06/30/2027 | 193 | &nbsp;&nbsp; 34713 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2026, RB | 4.50% | 10/01/2046 | 2000 | &nbsp;&nbsp; 2014478 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); <br> Series 2016, Ref. RB<br>| 5.00% | 06/01/2036 | 1000 | &nbsp;&nbsp; 1015280 |
| Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter <br> School, Inc.); Series 2019 A, RB<br>| 5.00% | 06/15/2039 | 1840 | &nbsp;&nbsp; 1840510 |
| Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated <br> Group);<br>|  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 07/01/2031 | 500 | &nbsp;&nbsp; 506734 |
| Series 2017, Ref. RB | 5.00% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1012740 |
|  |  |  |  | &nbsp;&nbsp; 15818482 |
| **Puerto Rico–4.45%** | **Puerto Rico–4.45%** | **Puerto Rico–4.45%** | **Puerto Rico–4.45%** | **Puerto Rico–4.45%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | 8375 | &nbsp;&nbsp; 8512437 |
| Series 2002, RB | 5.63% | 05/15/2043 | 7645 | &nbsp;&nbsp; 7762249 |
| PRHTA Custodial Trust; Series 2023, RB<sup>(f)(g)</sup> <br>| 0.00% | 12/06/2049 | 183 | &nbsp;&nbsp; 53504 |
| PRPBA Custodial Trust; Series 2022, RB<sup>(f)</sup> <br>| 0.00% | 03/15/2049 | 278 | &nbsp;&nbsp; 3676 |

---

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

**14**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(f)</sup> <br>| 0.00% | 07/01/2033 | $2035 | &nbsp;&nbsp; $1506453 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 10510 | &nbsp;&nbsp; 10756326 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 3300 | &nbsp;&nbsp; 3379791 |
| Subseries 2022, RN<sup>(f)</sup> <br>| 0.00% | 11/01/2043 | 3618 | &nbsp;&nbsp; 2474050 |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| Series 2005 RR, RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 07/01/2026 | 155 | &nbsp;&nbsp; 155635 |
| Series 2007 TT, RB (INS - NATL)<sup>(e)</sup> <br>| 5.00% | 07/01/2026 | 165 | &nbsp;&nbsp; 165067 |
| Series 2007 TT, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2037 | 65 | &nbsp;&nbsp; 43388 |
| Series 2007 UU, Ref. RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 07/01/2026 | 1435 | &nbsp;&nbsp; 1440875 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(e)</sup> <br>| 5.25% | 07/01/2030 | 1000 | &nbsp;&nbsp; 1022742 |
| Series 2010 CCC, RB<sup>(g)</sup> <br>| 5.25% | 07/01/2026 | 1765 | &nbsp;&nbsp; 1178137 |
| Series 2010 XX, RB<sup>(g)</sup> <br>| 5.25% | 07/01/2027 | 250 | &nbsp;&nbsp; 166875 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 | 3540 | &nbsp;&nbsp; 3466784 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |
| Series 2023 A, RB (Acquired 08/06/2009-03/25/2024; Cost $644,682)<sup>(h)</sup> <br>| 6.63% | 01/01/2027 | 596 | &nbsp;&nbsp; 596147 |
| Series 2023 A, RB (Acquired 08/06/2009-01/08/2020; Cost $5,158,412)<sup>(h)</sup> <br>| 6.63% | 01/01/2028 | 4548 | &nbsp;&nbsp; 4556091 |
| Puerto Rico (Commonwealth of) Municipal Finance Agency; |  |  |  |  |
| Series 2002 A, RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 08/01/2027 | 440 | &nbsp;&nbsp; 441311 |
| Series 2005 A, RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 08/01/2030 | 305 | &nbsp;&nbsp; 305958 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB<sup>(f)</sup> <br>| 0.00% | 07/01/2029 | 1003 | &nbsp;&nbsp; 904489 |
| Series 2018 A-1, RB | 4.50% | 07/01/2034 | 8408 | &nbsp;&nbsp; 8409913 |
| Series 2018 A-1, RB | 4.55% | 07/01/2040 | 538 | &nbsp;&nbsp; 541605 |
| Series 2018 A-1, RB<sup>(f)</sup> <br>| 0.00% | 07/01/2046 | 8831 | &nbsp;&nbsp; 3176604 |
| Series 2018 A-1, RB<sup>(f)</sup> <br>| 0.00% | 07/01/2051 | 11268 | &nbsp;&nbsp; 2964694 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 | 163 | &nbsp;&nbsp; 152940 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 | 2196 | &nbsp;&nbsp; 2127731 |
|  |  |  |  | &nbsp;&nbsp; 66265472 |
| **Rhode Island–1.02%** | **Rhode Island–1.02%** | **Rhode Island–1.02%** | **Rhode Island–1.02%** | **Rhode Island–1.02%** |
| Pawtucket (City of), RI Housing Authority; Series 2010, RB | 5.50% | 09/01/2028 | 195 | &nbsp;&nbsp; 195491 |
| Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB | 6.50% | 04/01/2027 | 80 | &nbsp;&nbsp; 80211 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 4445 | &nbsp;&nbsp; 4445875 |
| Series 2015 B, Ref. RB | 4.50% | 06/01/2045 | 3610 | &nbsp;&nbsp; 3609903 |
| Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 6905 | &nbsp;&nbsp; 6904490 |
|  |  |  |  | &nbsp;&nbsp; 15235970 |
| **South Carolina–1.62%** | **South Carolina–1.62%** | **South Carolina–1.62%** | **South Carolina–1.62%** | **South Carolina–1.62%** |
| Patriots Energy Group Financing Agency; Series 2023 A-1, RB<sup>(c)</sup> <br>| 5.25% | 08/01/2031 | 2500 | &nbsp;&nbsp; 2749112 |
| South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & <br> South of Broad Healthcare); Series 2024, RB<br>| 5.50% | 11/15/2044 | 1400 | &nbsp;&nbsp; 1473067 |
| South Carolina (State of) Jobs-Economic Development Authority (Greer Preparatory Academy <br> Project);<br>|  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2035 | 1310 | &nbsp;&nbsp; 1379254 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.38% | 06/15/2045 | 1375 | &nbsp;&nbsp; 1401588 |
| South Carolina (State of) Jobs-Economic Development Authority (Oceanside Collegiate Academy); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/15/2044 | 2790 | &nbsp;&nbsp; 2767618 |
| South Carolina (State of) Jobs-Economic Development Authority (Rolling Green Village); <br> Series 2025, RB<br>| 5.50% | 12/01/2045 | 1000 | &nbsp;&nbsp; 1028060 |
| South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at <br> Still Hopes); Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2048 | 2000 | &nbsp;&nbsp; 1934937 |
| South Carolina (State of) Jobs-Economic Development Authority (South Carolina SAVES Green <br> Community Program - AAC East LLC) (Green Bonds); Series 2019, RB<sup>(a)</sup> <br>| 7.00% | 05/01/2026 | 385 | &nbsp;&nbsp; 383817 |
| South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2025 <br> A, RB<br>| 5.50% | 10/01/2045 | 850 | &nbsp;&nbsp; 871983 |
| South Carolina (State of) Jobs-Economic Development Authority (Midlands Stem Chartered <br> School); Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 06/15/2034 | 5000 | &nbsp;&nbsp; 4978376 |
| South Carolina (State of) Public Service Authority; Series 2026 A, RB | 5.00% | 12/01/2046 | 2400 | &nbsp;&nbsp; 2582827 |

---

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

**15**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** |
| South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB (INS - <br> AGI)<sup>(e)</sup> <br>| 5.00% | 12/01/2042 | $2250 | &nbsp;&nbsp; $2518474 |
|  |  |  |  | &nbsp;&nbsp; 24069113 |
| **South Dakota–0.19%** | **South Dakota–0.19%** | **South Dakota–0.19%** | **South Dakota–0.19%** | **South Dakota–0.19%** |
| South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); <br> Series 2015, Ref. RB<br>| 5.00% | 11/01/2045 | 2810 | &nbsp;&nbsp; 2816845 |
| **Tennessee–2.37%** | **Tennessee–2.37%** | **Tennessee–2.37%** | **Tennessee–2.37%** | **Tennessee–2.37%** |
| Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB | 5.00% | 06/01/2027 | 2590 | &nbsp;&nbsp; 2533524 |
| Jackson (City of), TN; Series 2015, Ref. RB | 5.00% | 04/01/2030 | 2890 | &nbsp;&nbsp; 2892567 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University Health); <br> Series 2017, Ref. RB<br>| 5.00% | 04/01/2036 | 2605 | &nbsp;&nbsp; 2632682 |
| Knoxville (City of), TN Industrial Development Board (Maplehurst Park Apartments); Series 2025, <br> RB<sup>(a)</sup> <br>| 4.25% | 11/01/2030 | 2000 | &nbsp;&nbsp; 2007077 |
| Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial <br> Development Board (Graceland); Series 2017 A, Ref. RB<br>| 5.50% | 07/01/2037 | 350 | &nbsp;&nbsp; 267030 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Trousdale Foundation Properties); Series 2018 A, RB (Acquired <br> 08/29/2018-01/31/2019; Cost $1,583,774)<sup>(a)(g)(h)</sup> <br>| 5.25% | 04/01/2028 | 1588 | &nbsp;&nbsp; 19845 |
| Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway <br> Development); Series 2018, RB<sup>(a)</sup> <br>| 5.13% | 06/01/2036 | 1700 | &nbsp;&nbsp; 1737091 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); |  |  |  |  |
| Series 2013 A, Ref. RB<sup>(a)</sup> <br>| 5.38% | 09/01/2041 | 705 | &nbsp;&nbsp; 620829 |
| Series 2013 A, Ref. RB<sup>(a)</sup> <br>| 5.50% | 09/01/2047 | 200 | &nbsp;&nbsp; 172459 |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2031 | 3000 | &nbsp;&nbsp; 2845131 |
| Tennergy Corp.; |  |  |  |  |
| Series 2021 A, RB<sup>(c)</sup> <br>| 4.00% | 09/01/2028 | 3610 | &nbsp;&nbsp; 3722578 |
| Series 2022 A, RB<sup>(c)</sup> <br>| 5.50% | 12/01/2030 | 5950 | &nbsp;&nbsp; 6485340 |
| Tennessee Energy Acquisition Corp.; Series 2006 B, RB | 5.63% | 09/01/2026 | 9150 | &nbsp;&nbsp; 9264778 |
|  |  |  |  | &nbsp;&nbsp; 35200931 |
| **Texas–9.52%** | **Texas–9.52%** | **Texas–9.52%** | **Texas–9.52%** | **Texas–9.52%** |
| Anna (City of), TX; Series 2025, RB | 4.25% | 09/15/2035 | 810 | &nbsp;&nbsp; 825235 |
| Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1); Series 2017, RB | 4.25% | 09/01/2027 | 135 | &nbsp;&nbsp; 135948 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 4.50% | 06/15/2044 | 1660 | &nbsp;&nbsp; 1578915 |
| Series 2024, RB<sup>(a)</sup> <br>| 4.75% | 06/15/2049 | 1830 | &nbsp;&nbsp; 1697739 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.63% | 06/15/2045 | 2000 | &nbsp;&nbsp; 2069106 |
| Arlington Higher Education Finance Corp. (Cypress Christian School); Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2033 | 3790 | &nbsp;&nbsp; 3974112 |
| Arlington Higher Education Finance Corp. (Great Hearts America - Texas); Series 2024, RB | 4.50% | 08/15/2039 | 1500 | &nbsp;&nbsp; 1505271 |
| Arlington Higher Education Finance Corp. (Legacy Traditional Schools); |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 02/15/2031 | 2060 | &nbsp;&nbsp; 1985325 |
| Series 2021, Ref. RB | 4.13% | 02/15/2041 | 3325 | &nbsp;&nbsp; 2799545 |
| Arlington Higher Education Finance Corp. (Newman International Academy); |  |  |  |  |
| Series 2016, RB | 5.38% | 08/15/2036 | 3835 | &nbsp;&nbsp; 3540317 |
| Series 2021, RB | 5.00% | 08/15/2041 | 900 | &nbsp;&nbsp; 742979 |
| Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.); Series 2023 A, RB<sup>(a)</sup> <br>| 5.25% | 02/15/2033 | 1680 | &nbsp;&nbsp; 1654749 |
| Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 4.55% | 08/15/2028 | 315 | &nbsp;&nbsp; 317465 |
| Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB | 5.15% | 08/15/2029 | 1140 | &nbsp;&nbsp; 1153530 |
| Aubrey (City of), TX (Duck Point Public Improvement Disctrict); Series 2025, RB<sup>(a)</sup> <br>| 4.63% | 12/31/2035 | 500 | &nbsp;&nbsp; 519976 |
| Austin (City of), TX; Series 2025, Ref. RB | 5.00% | 11/15/2044 | 8000 | &nbsp;&nbsp; 8841250 |
| Bastrop (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 09/01/2045 | 500 | &nbsp;&nbsp; 511572 |
| Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 07/15/2041 | 3500 | &nbsp;&nbsp; 3502862 |
| Series 2018, Ref. RB | 5.00% | 07/15/2026 | 1170 | &nbsp;&nbsp; 1175395 |
| Series 2018, Ref. RB | 5.00% | 07/15/2033 | 2630 | &nbsp;&nbsp; 2696304 |
| Boyd (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 09/15/2045 | 700 | &nbsp;&nbsp; 729539 |
| Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); |  |  |  |  |
| Series 2019, RB (Acquired 02/23/2022; Cost $28,116)<sup>(b)(g)(h)</sup> <br>| 7.00% | 03/01/2039 | 27 | &nbsp;&nbsp; 1350 |
| Series 2019, RB (Acquired 02/17/2022-02/23/2022; Cost $149,800)<sup>(a)(b)(g)(h)</sup> <br>| 9.00% | 03/01/2039 | 141 | &nbsp;&nbsp; 7050 |

---

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

**16**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Brooks Development Authority; |  |  |  |  |
| Series 2025 B, Ref. RB<sup>(a)(c)</sup> <br>| 5.00% | 08/15/2032 | $4500 | &nbsp;&nbsp; $4790420 |
| Series 2025 C, Ref. RB<sup>(a)(c)</sup> <br>| 5.00% | 08/15/2028 | 1000 | &nbsp;&nbsp; 1030094 |
| Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); <br> Series 2021, RN<sup>(a)(b)</sup> <br>| 3.63% | 07/01/2026 | 3800 | &nbsp;&nbsp; 3756292 |
| Celina (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 09/01/2045 | 500 | &nbsp;&nbsp; 506829 |
| Celina (City of), TX (Mosaic Public Improvement District Improvement Area No. 2); Series 2024, <br> RB<sup>(a)</sup> <br>| 5.13% | 09/01/2044 | 1250 | &nbsp;&nbsp; 1281557 |
| Crandall (City of), TX; |  |  |  |  |
| Series 2021, RB<sup>(a)</sup> <br>| 4.13% | 09/15/2026 | 50 | &nbsp;&nbsp; 50132 |
| Series 2021, RB<sup>(a)</sup> <br>| 4.75% | 09/15/2031 | 200 | &nbsp;&nbsp; 203653 |
| Series 2021, RB<sup>(a)</sup> <br>| 5.25% | 09/15/2051 | 1000 | &nbsp;&nbsp; 959761 |
| Crandall (City of), TX (River Ridge Public Improvement Disctrict Improvement Area #3); <br> Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 09/15/2045 | 545 | &nbsp;&nbsp; 549875 |
| Dallas (City of), TX Independent School District; Series 2026 A, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2045 | 5000 | &nbsp;&nbsp; 5484631 |
| Decatur (City of), TX (Paloma Trails Public Improvement District Area No. 1); Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2045 | 560 | &nbsp;&nbsp; 576012 |
| Gulf Coast Industrial Development Authority; Series 1998, RB<sup>(b)</sup> <br>| 8.00% | 04/01/2028 | 340 | &nbsp;&nbsp; 340563 |
| Houston (City of), TX; |  |  |  |  |
| Series 2014 D, Ref. RB | 5.00% | 11/15/2044 | 2000 | &nbsp;&nbsp; 2002004 |
| Series 2024 B, RB<sup>(b)</sup> <br>| 5.50% | 07/15/2036 | 1000 | &nbsp;&nbsp; 1111453 |
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/01/2029 | 1230 | &nbsp;&nbsp; 1232179 |
| Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB<sup>(b)</sup> <br>| 5.00% | 07/15/2028 | 1000 | &nbsp;&nbsp; 1037662 |
| Houston Higher Education Finance Corp. (Houston Baptist University); Series 2021, RB | 3.38% | 10/01/2037 | 700 | &nbsp;&nbsp; 644964 |
| Joshua Farms Municipal Management District No 1; Series 2026, RB<sup>(a)</sup> <br>| 5.25% | 09/01/2046 | 2220 | &nbsp;&nbsp; 2198061 |
| Laredo (City of), TX; Series 2024, RB | 5.00% | 03/01/2040 | 1000 | &nbsp;&nbsp; 1098503 |
| Lavon (City of), TX (Trails of Lavon Public Improvements District Projetcs); Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 09/15/2045 | 875 | &nbsp;&nbsp; 914816 |
| Mesquite (City of), TX; |  |  |  |  |
| Series 2025, RB | 4.25% | 09/01/2035 | 833 | &nbsp;&nbsp; 845802 |
| Series 2025, RB | 4.38% | 09/01/2035 | 1050 | &nbsp;&nbsp; 1067740 |
| Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2016, Ref. <br> RB<sup>(g)</sup> <br>| 5.00% | 02/15/2035 | 220 | &nbsp;&nbsp; 2200 |
| Mission Economic Development Corp. (Green Bonds); Series 2025, RB<sup>(b)(c)</sup> <br>| 5.00% | 06/01/2030 | 2125 | &nbsp;&nbsp; 2228233 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(a)(b)</sup> <br>| 4.63% | 10/01/2031 | 7000 | &nbsp;&nbsp; 7028893 |
| New Hope Cultural Education Facilities Finance Corp.; Series 2025 A, RB | 6.25% | 10/01/2045 | 7125 | &nbsp;&nbsp; 7495118 |
| New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living); Series 2025, <br> Ref. RB<br>| 4.25% | 10/01/2030 | 3000 | &nbsp;&nbsp; 3003975 |
| New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); |  |  |  |  |
| Series 2016, Ref. RB | 4.00% | 07/01/2028 | 1815 | &nbsp;&nbsp; 1817626 |
| Series 2016, Ref. RB | 5.00% | 07/01/2036 | 3950 | &nbsp;&nbsp; 3962619 |
| New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); Series 2020 A, RB<sup>(a)</sup> <br>| 4.00% | 08/15/2030 | 4085 | &nbsp;&nbsp; 3962949 |
| New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2025, RB | 5.25% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1026054 |
| New Hope Cultural Education Facilities Finance Corp. (Legacy Preparatory Charter Academy); <br> Series 2018 A, RB<sup>(a)</sup> <br>| 6.00% | 08/15/2037 | 1000 | &nbsp;&nbsp; 859146 |
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2022, Ref. <br> RB<br>| 4.00% | 01/01/2032 | 1500 | &nbsp;&nbsp; 1443159 |
| New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); <br> Series 2016 A, RB<br>| 5.38% | 11/15/2036 | 1565 | &nbsp;&nbsp; 1556985 |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, <br> Ref. RB<br>| 5.00% | 10/01/2039 | 1000 | &nbsp;&nbsp; 1007190 |
| North East Texas Regional Mobility Authority; |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 01/01/2039 | 750 | &nbsp;&nbsp; 844805 |
| Series 2025 A, Ref. RB | 5.00% | 01/01/2040 | 650 | &nbsp;&nbsp; 721092 |
| Port Beaumont Navigation District (Jefferson Gulf Coast Energy); |  |  |  |  |
| Series 2021, RB<sup>(a)(b)</sup> <br>| 2.50% | 01/01/2030 | 2150 | &nbsp;&nbsp; 2039083 |
| Series 2021, RB<sup>(a)(b)</sup> <br>| 2.63% | 01/01/2031 | 800 | &nbsp;&nbsp; 751711 |
| Princeton (City of), TX (Eastridge Public Improvement District); Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 09/01/2045 | 420 | &nbsp;&nbsp; 428931 |
| Princeton (City of), TX (Westridge Public Improvement District); Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 09/01/2045 | 500 | &nbsp;&nbsp; 510632 |
| Providence Village (Town of), TX (Foree Ranch Public Improvement District Improvement Area No. <br> 2); Series 2025, RB<sup>(a)</sup> <br>| 5.35% | 09/01/2045 | 750 | &nbsp;&nbsp; 757328 |

---

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

**17**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Seagoville (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 4.75% | 09/15/2035 | $645 | &nbsp;&nbsp; $679463 |
| Tarrant County Cultural Education Facilities Finance Corp.; |  |  |  |  |
| Series 2008, Ref. VRD RB (LOC - TD Bank, N.A.)<sup>(l)(m)</sup> <br>| 1.05% | 10/01/2041 | 3000 | &nbsp;&nbsp; 3000000 |
| Series 2026, Ref. RB | 5.00% | 11/15/2044 | 3625 | &nbsp;&nbsp; 3983611 |
| Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |  |  |  |  |
| Series 2017 A, RB<sup>(g)</sup> <br>| 6.00% | 02/15/2031 | 1000 | &nbsp;&nbsp; 812500 |
| Series 2017, RB<sup>(g)</sup> <br>| 6.38% | 02/15/2041 | 3000 | &nbsp;&nbsp; 2437500 |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center); <br> Series 2025, RB<sup>(i)</sup> <br>| 5.25% | 12/01/2049 | 10000 | &nbsp;&nbsp; 10695162 |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); Series 2020, <br> Ref. RB<br>| 6.25% | 11/15/2031 | 1000 | &nbsp;&nbsp; 1026375 |
| Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way (The)); <br> Series 2024 A, RB<br>| 5.75% | 12/01/2054 | 1699 | &nbsp;&nbsp; 1491276 |
| Travis County Development Authority (Longview 71 Public Improvement District Improvement <br> Area No. 1); Series 2024, RB<sup>(a)</sup> <br>| 4.25% | 09/01/2032 | 474 | &nbsp;&nbsp; 481862 |
| Travis County Development Authority (Turner's Crossing Public Improvement District Improvement <br> Area No. 1);<br>|  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2044 | 700 | &nbsp;&nbsp; 711249 |
| Series 2025, RB | 5.25% | 09/01/2054 | 1175 | &nbsp;&nbsp; 1164417 |
|  |  |  |  | &nbsp;&nbsp; 141579681 |
| **Utah–2.69%** | **Utah–2.69%** | **Utah–2.69%** | **Utah–2.69%** | **Utah–2.69%** |
| Black Desert Public Infrastructure District; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 3.25% | 03/01/2031 | 1050 | &nbsp;&nbsp; 1016765 |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 3.50% | 03/01/2036 | 1750 | &nbsp;&nbsp; 1636931 |
| Firefly Public Infrastructure District No. 1 (Firefly Assessment Area No.1); Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2043 | 1849 | &nbsp;&nbsp; 1907752 |
| Mida Golf and Equestrian Center Public Infrastructure District; |  |  |  |  |
| Series 2021, GO Bonds<sup>(a)</sup> <br>| 4.25% | 06/01/2041 | 2205 | &nbsp;&nbsp; 2076042 |
| Series 2021, GO Bonds<sup>(a)</sup> <br>| 4.50% | 06/01/2051 | 2500 | &nbsp;&nbsp; 2176825 |
| Mida Mountain Village Public Infrastructure District; |  |  |  |  |
| Series 2020 A, RB<sup>(a)</sup> <br>| 4.25% | 08/01/2035 | 1645 | &nbsp;&nbsp; 1678379 |
| Series 2020 A, RB<sup>(a)</sup> <br>| 4.50% | 08/01/2040 | 1205 | &nbsp;&nbsp; 1225153 |
| Series 2024-2, RB<sup>(a)</sup> <br>| 5.50% | 06/15/2039 | 2250 | &nbsp;&nbsp; 2355523 |
| Military Installation Development Authority; Series 2021 A-2, RB | 4.00% | 06/01/2041 | 1250 | &nbsp;&nbsp; 1196896 |
| Olympia Public Infrastructure District No. 1; Series 2024 A-2, RB<sup>(a)</sup> <br>| 5.13% | 12/01/2029 | 2500 | &nbsp;&nbsp; 2555002 |
| Peaks Public Infrastructure District (Peaks Assessment Area); Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2053 | 1409 | &nbsp;&nbsp; 1364140 |
| Point Phase 1 Public Infrastructure District No. 1; Series 2025 A-1, RB | 5.88% | 03/01/2045 | 5500 | &nbsp;&nbsp; 5772487 |
| Sienna Hills Public Infrastructure District No. 1; Series 2023 A, GO Bonds<sup>(a)</sup> <br>| 6.75% | 07/01/2035 | 2500 | &nbsp;&nbsp; 2653399 |
| Utah (State of) Charter School Finance Authority (Ascent Academies of Utah); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 4.25% | 06/15/2027 | 960 | &nbsp;&nbsp; 958337 |
| Series 2022, RB<sup>(a)</sup> <br>| 4.50% | 06/15/2032 | 2000 | &nbsp;&nbsp; 1991323 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2037 | 3515 | &nbsp;&nbsp; 3517695 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2042 | 1365 | &nbsp;&nbsp; 1302186 |
| Utah (State of) Charter School Finance Authority (Freedom Academy Foundation (The)); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 4.50% | 06/15/2027 | 100 | &nbsp;&nbsp; 100052 |
| Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); |  |  |  |  |
| Series 2019 A, RB<sup>(a)</sup> <br>| 4.50% | 06/15/2029 | 685 | &nbsp;&nbsp; 685033 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2034 | 1270 | &nbsp;&nbsp; 1270284 |
| Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 12/01/2042 | 3000 | &nbsp;&nbsp; 2551348 |
|  |  |  |  | &nbsp;&nbsp; 39991552 |
| **Vermont–0.10%** | **Vermont–0.10%** | **Vermont–0.10%** | **Vermont–0.10%** | **Vermont–0.10%** |
| East Central Vermont Telecommunications District; Series 2020 A, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2030 | 1495 | &nbsp;&nbsp; 1493978 |
| **Virgin Islands–0.10%** | **Virgin Islands–0.10%** | **Virgin Islands–0.10%** | **Virgin Islands–0.10%** | **Virgin Islands–0.10%** |
| Virgin Islands Hotel Development Financing Corp.; Series 2026, RB | 5.75% | 02/01/2045 | 1500 | &nbsp;&nbsp; 1517944 |
| **Virginia–0.41%** | **Virginia–0.41%** | **Virginia–0.41%** | **Virginia–0.41%** | **Virginia–0.41%** |
| Peninsula Town Center Community Development Authority; Series 2018, Ref. RB<sup>(a)</sup> <br>| 4.50% | 09/01/2028 | 960 | &nbsp;&nbsp; 971493 |

---

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

**18**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); |  |  |  |  |
| Series 2023 B-3, RB | 5.38% | 09/01/2029 | $4000 | &nbsp;&nbsp; $4042766 |
| Series 2023, RB | 7.00% | 09/01/2059 | 1000 | &nbsp;&nbsp; 1097698 |
|  |  |  |  | &nbsp;&nbsp; 6111957 |
| **Washington–1.47%** | **Washington–1.47%** | **Washington–1.47%** | **Washington–1.47%** | **Washington–1.47%** |
| Kalispel Tribe of Indians; Series 2018 B, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2032 | 600 | &nbsp;&nbsp; 614073 |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 45 | &nbsp;&nbsp; 45025 |
| King (County of), WA Housing Authority (Rural Preservation); Series 1997, RB<sup>(b)</sup> <br>| 5.75% | 01/01/2028 | 5 | &nbsp;&nbsp; 5025 |
| Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB<sup>(b)</sup> <br>| 5.00% | 04/01/2030 | 6475 | &nbsp;&nbsp; 6484773 |
| Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, <br> RB<sup>(a)(b)</sup> <br>| 5.63% | 12/01/2040 | 1000 | &nbsp;&nbsp; 1039124 |
| Washington (State of) Health Care Facilities Authority; Series 2025 A, Ref. RB | 5.00% | 09/01/2044 | 1900 | &nbsp;&nbsp; 2040379 |
| Washington (State of) Health Care Facilities Authority (CommonSpirit Health); Series 2025 A, Ref. <br> RB<br>| 5.00% | 09/01/2043 | 1000 | &nbsp;&nbsp; 1089388 |
| Washington (State of) Housing Finance Commission; Series 2025, RB (INS - BAM)<sup>(a)(e)</sup> <br>| 5.00% | 07/01/2045 | 2750 | &nbsp;&nbsp; 2867064 |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. <br> RB<sup>(a)</sup> <br>| 4.00% | 07/01/2026 | 125 | &nbsp;&nbsp; 124996 |
| Washington (State of) Housing Finance Commission (Horizon House); Series 2025 A, Ref. RB | 6.00% | 01/01/2046 | 3000 | &nbsp;&nbsp; 3046615 |
| Washington (State of) Housing Finance Commission (Spokane International Academy); <br> Series 2021 A, RB<sup>(a)</sup> <br>| 4.00% | 07/01/2040 | 1640 | &nbsp;&nbsp; 1474697 |
| Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB<sup>(a)</sup> <br>| 4.50% | 07/01/2028 | 575 | &nbsp;&nbsp; 557144 |
| Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2039 | 2500 | &nbsp;&nbsp; 2554130 |
|  |  |  |  | &nbsp;&nbsp; 21942433 |
| **West Virginia–0.85%** | **West Virginia–0.85%** | **West Virginia–0.85%** | **West Virginia–0.85%** | **West Virginia–0.85%** |
| Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development <br> District); Series 2019 A, RB<sup>(a)(g)(j)</sup> <br>| 5.75% | 06/01/2042 | 1000 | &nbsp;&nbsp; 762087 |
| Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, <br> Ref. RB<sup>(a)</sup> <br>| 5.75% | 06/01/2043 | 875 | &nbsp;&nbsp; 943390 |
| Monongalia (County of), WV Building Commission (Monongalia Health System Obligated Group); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 07/01/2026 | 1000 | &nbsp;&nbsp; 1001096 |
| Series 2015, Ref. RB | 4.00% | 07/01/2035 | 190 | &nbsp;&nbsp; 177929 |
| Monongalia (County of), WV Commission Special District (University Town Centre Economic <br> Opportunity Development District); Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 4.50% | 06/01/2027 | 1340 | &nbsp;&nbsp; 1348522 |
| West Virginia (State of) Economic Development Authority (Commercial Metals Co.); Series 2025, <br> RB<sup>(b)(c)</sup> <br>| 4.63% | 05/15/2032 | 8030 | &nbsp;&nbsp; 8270874 |
| West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); <br> Series 2018, RB<sup>(a)(b)(g)</sup> <br>| 8.75% | 02/01/2036 | 320 | &nbsp;&nbsp; 76800 |
|  |  |  |  | &nbsp;&nbsp; 12580698 |
| **Wisconsin–6.40%** | **Wisconsin–6.40%** | **Wisconsin–6.40%** | **Wisconsin–6.40%** | **Wisconsin–6.40%** |
| Lomira (Village of), WI Community Development Authority; |  |  |  |  |
| Series 2018 B, Ref. RB | 3.65% | 10/01/2028 | 540 | &nbsp;&nbsp; 540100 |
| Series 2018 B, Ref. RB | 3.75% | 10/01/2029 | 175 | &nbsp;&nbsp; 175002 |
| Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 11/01/2039 | 1000 | &nbsp;&nbsp; 1020121 |
| Series 2019, Ref. RB | 5.00% | 11/01/2046 | 1650 | &nbsp;&nbsp; 1577099 |
| Wisconsin (State of) Health & Educational Facilities Authority (Capitol Lakes, Inc.); |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 11/15/2035 | 1770 | &nbsp;&nbsp; 1798167 |
| Series 2025 A, Ref. RB | 6.00% | 11/15/2045 | 2000 | &nbsp;&nbsp; 2024552 |
| Wisconsin (State of) Health & Educational Facilities Authority (Dickson Hollow Phase II); <br> Series 2024, RB<br>| 6.00% | 10/01/2044 | 300 | &nbsp;&nbsp; 323547 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Corp.); |  |  |  |  |
| Series 2026, Ref. RB | 5.00% | 12/01/2040 | 2485 | &nbsp;&nbsp; 2782611 |
| Series 2026, Ref. RB | 5.00% | 12/01/2042 | 2195 | &nbsp;&nbsp; 2426643 |
| Series 2026, Ref. RB | 5.00% | 12/01/2044 | 1000 | &nbsp;&nbsp; 1077926 |

---

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

**19**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| Wisconsin (State of) Public Finance Authority; |  |  |  |  |
| Series 2022 B, RB<sup>(a)</sup> <br>| 7.00% | 02/01/2028 | $420 | &nbsp;&nbsp; $420220 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.38% | 06/01/2037 | 670 | &nbsp;&nbsp; 681068 |
| Series 2023 A, Ref. RB<sup>(a)</sup> <br>| 5.75% | 10/01/2043 | 1775 | &nbsp;&nbsp; 1837250 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2035 | 545 | &nbsp;&nbsp; 568478 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.25% | 12/01/2045 | 825 | &nbsp;&nbsp; 854839 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 07/01/2035 | 1810 | &nbsp;&nbsp; 1857572 |
| Series 2025, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/15/2039 | 719 | &nbsp;&nbsp; 300132 |
| Series 2025, RB<sup>(f)</sup> <br>| 0.00% | 12/15/2039 | 26000 | &nbsp;&nbsp; 9316762 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 06/01/2045 | 505 | &nbsp;&nbsp; 511366 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.75% | 06/15/2055 | 500 | &nbsp;&nbsp; 503014 |
| Series 2026, RB<sup>(a)(b)(c)</sup> <br>| 6.00% | 01/01/2031 | 2500 | &nbsp;&nbsp; 2560988 |
| Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB <br> (Acquired 12/01/2017; Cost $2,000,000)<sup>(a)(g)(h)</sup> <br>| 6.25% | 10/01/2031 | 2000 | &nbsp;&nbsp; 200000 |
| Wisconsin (State of) Public Finance Authority (Alamance Community School); Series 2021 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2041 | 1020 | &nbsp;&nbsp; 1014425 |
| Wisconsin (State of) Public Finance Authority (Alpha Ranch); Series 2024, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/15/2038 | 5000 | &nbsp;&nbsp; 2341099 |
| Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); |  |  |  |  |
| Series 2017, RB<sup>(a)(g)</sup> <br>| 6.25% | 08/01/2027 | 500 | &nbsp;&nbsp; 365000 |
| Series 2017, RB<sup>(a)(g)</sup> <br>| 6.75% | 08/01/2031 | 500 | &nbsp;&nbsp; 350000 |
| Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy); |  |  |  |  |
| Series 2021 A, RB<sup>(a)</sup> <br>| 4.25% | 06/15/2031 | 550 | &nbsp;&nbsp; 536892 |
| Series 2021 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2041 | 615 | &nbsp;&nbsp; 576719 |
| Wisconsin (State of) Public Finance Authority (Campo Del Sol); Series 2025, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/15/2033 | 4590 | &nbsp;&nbsp; 2822665 |
| Wisconsin (State of) Public Finance Authority (Campus Real Estate Holdings); Series 2025, Ref. RB | 5.25% | 06/01/2045 | 350 | &nbsp;&nbsp; 358988 |
| Wisconsin (State of) Public Finance Authority (Cincinnati Classical Academy); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.38% | 06/15/2039 | 250 | &nbsp;&nbsp; 256740 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.70% | 06/15/2044 | 400 | &nbsp;&nbsp; 406021 |
| Wisconsin (State of) Public Finance Authority (Explore Academy); |  |  |  |  |
| Series 2020 A, RB<sup>(a)</sup> <br>| 6.13% | 02/01/2039 | 4005 | &nbsp;&nbsp; 4006395 |
| Series 2022 A, RB<sup>(a)</sup> <br>| 6.13% | 02/01/2039 | 4175 | &nbsp;&nbsp; 4176455 |
| Wisconsin (State of) Public Finance Authority (Indigo); Series 2023, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/01/2028 | 4745 | &nbsp;&nbsp; 3802399 |
| Wisconsin (State of) Public Finance Authority (KSU Bixby Real Estate Foundation, LLC); <br> Series 2025, RB<br>| 5.25% | 06/15/2045 | 550 | &nbsp;&nbsp; 564303 |
| Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB<sup>(a)(f)</sup> <br>| 0.00% | 09/01/2029 | 1022 | &nbsp;&nbsp; 791358 |
| Wisconsin (State of) Public Finance Authority (Mary's Woods at Marylhurst); Series 2017 A, Ref. <br> RB<sup>(a)</sup> <br>| 5.25% | 05/15/2052 | 2600 | &nbsp;&nbsp; 2548272 |
| Wisconsin (State of) Public Finance Authority (Mater Academy of Nevada - East Las Vegas Campus); <br> Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2039 | 700 | &nbsp;&nbsp; 721050 |
| Wisconsin (State of) Public Finance Authority (Miami Worldcenter); Series 2024 A, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2041 | 2300 | &nbsp;&nbsp; 2354164 |
| Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); |  |  |  |  |
| Series 2017 A, RB<sup>(b)</sup> <br>| 7.25% | 06/01/2035 | 3800 | &nbsp;&nbsp; 4005052 |
| Series 2017, Ref. RB<sup>(a)(b)</sup> <br>| 7.13% | 06/01/2041 | 145 | &nbsp;&nbsp; 151046 |
| Wisconsin (State of) Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(a)(f)</sup> <br>| 0.00% | 12/15/2039 | 5000 | &nbsp;&nbsp; 1803478 |
| Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.); Series 2021 A, Ref. RB | 3.75% | 07/01/2031 | 2965 | &nbsp;&nbsp; 2906340 |
| Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); |  |  |  |  |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2039 | 540 | &nbsp;&nbsp; 540350 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2049 | 540 | &nbsp;&nbsp; 507911 |
| Wisconsin (State of) Public Finance Authority (Pinecrest Academy of Nevada - Sloan Canyon <br> Campus); Series 2024, Ref. RB<sup>(a)</sup> <br>| 4.00% | 07/15/2039 | 750 | &nbsp;&nbsp; 733376 |
| Wisconsin (State of) Public Finance Authority (Proton International); |  |  |  |  |
| Series 2021 A, RB<sup>(a)</sup> <br>| 5.50% | 01/01/2031 | 5375 | &nbsp;&nbsp; 4601186 |
| Series 2021 A, RB<sup>(a)</sup> <br>| 6.50% | 01/01/2041 | 3110 | &nbsp;&nbsp; 2287069 |
| Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 07/15/2043 | 1150 | &nbsp;&nbsp; 1220446 |
| Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/15/2030 | 3099 | &nbsp;&nbsp; 3112317 |
| Wisconsin (State of) Public Finance Authority (Rans-Elevon); Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 07/15/2030 | 1762 | &nbsp;&nbsp; 1766227 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2016, Ref. <br> RB<br>| 5.00% | 06/01/2040 | 3500 | &nbsp;&nbsp; 3509768 |
| Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); <br> Series 2022, RB<sup>(a)(k)</sup> <br>| 4.00% | 04/01/2032 | 10 | &nbsp;&nbsp; 10404 |
| Wisconsin (State of) Public Finance Authority (Southminster); Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2043 | 1560 | &nbsp;&nbsp; 1575695 |

---

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

**20**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| Wisconsin (State of) Public Finance Authority (Town of Scarborough - The Downs); Series 2024, RB | 5.00% | 08/01/2039 |  | $1525 | &nbsp;&nbsp; $1581914 |
| Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB<sup>(a)</sup> <br>| 4.50% | 06/15/2032 |  | 500 | &nbsp;&nbsp; 516019 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 |  | 3000 | &nbsp;&nbsp; 3073174 |
|  |  |  |  |  | &nbsp;&nbsp; 95252174 |
| Total Municipal Obligations (Cost $1,492,294,076) | Total Municipal Obligations (Cost $1,492,294,076) | Total Municipal Obligations (Cost $1,492,294,076) | Total Municipal Obligations (Cost $1,492,294,076) |  | &nbsp;&nbsp; 1491779060 |
| **U.S. Dollar Denominated Bonds & Notes–0.16%** | **U.S. Dollar Denominated Bonds & Notes–0.16%** | **U.S. Dollar Denominated Bonds & Notes–0.16%** | **U.S. Dollar Denominated Bonds & Notes–0.16%** | **U.S. Dollar Denominated Bonds & Notes–0.16%** | **U.S. Dollar Denominated Bonds & Notes–0.16%** |
| **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** |
| CalPlant I LLC; Exit Facility<sup>(a)(j)</sup> <br>| 15.00% | 02/28/2027 |  | 770 | &nbsp;&nbsp; 151086 |
| **Texas–0.15%** | **Texas–0.15%** | **Texas–0.15%** | **Texas–0.15%** | **Texas–0.15%** | **Texas–0.15%** |
| AM BidCo Holdings LLC<sup>(j)</sup> <br>| 3.65% | 10/21/2027 |  | 2215 | &nbsp;&nbsp; 2215413 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $2,985,413) | Total U.S. Dollar Denominated Bonds & Notes (Cost $2,985,413) | Total U.S. Dollar Denominated Bonds & Notes (Cost $2,985,413) | Total U.S. Dollar Denominated Bonds & Notes (Cost $2,985,413) |  | &nbsp;&nbsp; 2366499 |
|  |  |  | **Shares** | **Shares** |  |
| **Exchange-Traded Funds–0.06%** | **Exchange-Traded Funds–0.06%** | **Exchange-Traded Funds–0.06%** | **Exchange-Traded Funds–0.06%** | **Exchange-Traded Funds–0.06%** | **Exchange-Traded Funds–0.06%** |
| Invesco Rochester High Yield Municipal ETF <br>(Cost $872,610)<sup>(n)</sup> <br>|  |  |  | 17000 | &nbsp;&nbsp; 874990 |
| **Common Stocks & Other Equity Interests–0.09%** | **Common Stocks & Other Equity Interests–0.09%** | **Common Stocks & Other Equity Interests–0.09%** | **Common Stocks & Other Equity Interests–0.09%** | **Common Stocks & Other Equity Interests–0.09%** | **Common Stocks & Other Equity Interests–0.09%** |
| AM BidCo Holdings LLC<sup>(j)</sup> <br>|  |  |  | 122 | &nbsp;&nbsp; 1222794 |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025<sup>(j)</sup> <br>|  |  |  | 40500 | &nbsp;&nbsp; 60750 |
| Resolute Forest Products, Inc.<sup>(j)</sup> <br>|  |  |  | 6757 | &nbsp;&nbsp; 0 |
| Total Common Stocks & Other Equity Interests (Cost $1,225,744) | Total Common Stocks & Other Equity Interests (Cost $1,225,744) | Total Common Stocks & Other Equity Interests (Cost $1,225,744) | Total Common Stocks & Other Equity Interests (Cost $1,225,744) |  | &nbsp;&nbsp; 1283544 |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| AES Puerto Rico, Inc.; Pfd. <br>(Cost $0)<sup>(j)</sup> <br>|  |  |  | 105416 | &nbsp;&nbsp; 0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–100.57% (Cost $1,497,377,843) | TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–100.57% (Cost $1,497,377,843) | TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–100.57% (Cost $1,497,377,843) | TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–100.57% (Cost $1,497,377,843) |  | &nbsp;&nbsp; 1496304093 |
| FLOATING RATE NOTE OBLIGATIONS–(1.68)% | FLOATING RATE NOTE OBLIGATIONS–(1.68)% | FLOATING RATE NOTE OBLIGATIONS–(1.68)% | FLOATING RATE NOTE OBLIGATIONS–(1.68)% |  |  |
| Notes with interest and fee rates ranging from 2.43% to 2.44% at 02/28/2026 and <br>contractual maturities of collateral ranging from 11/15/2043 to 12/01/2049 (See <br> Note 1K)<sup>(p)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (24940000)<br>|
| OTHER ASSETS LESS LIABILITIES–1.11% | OTHER ASSETS LESS LIABILITIES–1.11% | OTHER ASSETS LESS LIABILITIES–1.11% | OTHER ASSETS LESS LIABILITIES–1.11% |  | &nbsp;&nbsp; 16509407 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1487873500 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| ETF | – Exchange-Traded Fund |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

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

**21**

**Invesco Short Duration High Yield Municipal Fund**

------

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 February 28, 2026 was $517,831,306, which represented 34.80% of the Fund's Net Assets. 

<sup>(b)</sup> Security subject to the alternative minimum tax.

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

<sup>(d)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(e)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

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

<sup>(g)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $13,770,524, which represented less than 1% of the Fund's Net Assets. 

<sup>(h)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $14,952,059, which represented less than 1% of the Fund's Net Assets.

<sup>(i)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1L.

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

<sup>(k)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(l)</sup> Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2026. 

<sup>(m)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(n)</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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Rochester High Yield Municipal ETF | $844625 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30365 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $874990 | &nbsp;&nbsp; $22185 |

---

<sup>(o)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's obligations but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each. 

<sup>(p)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $36,044,986 are held by TOB Trusts and serve as collateral for the $24,940,000 in the floating rate note obligations outstanding at that date. 

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

**22**

**Invesco Short Duration High Yield Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,496,505,233)<br>| &nbsp;&nbsp; $1495429103 |
| Investments in affiliates, at value <br>(Cost $872,610)<br>| &nbsp;&nbsp; 874990 |
| Cash | &nbsp;&nbsp; 1474917 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2067590 |
| Fund shares sold | &nbsp;&nbsp; 1539439 |
| Interest | &nbsp;&nbsp; 23897811 |
| Investments matured, at value (Cost $18,661,230) | &nbsp;&nbsp; 9196862 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 105043 |
| Other assets | &nbsp;&nbsp; 445235 |
| Total assets | &nbsp;&nbsp; 1535030990 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 24940000 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 18711882 |
| Dividends | &nbsp;&nbsp; 372398 |
| Fund shares reacquired | &nbsp;&nbsp; 2608927 |
| Accrued fees to affiliates | &nbsp;&nbsp; 328257 |
| Accrued interest expense | &nbsp;&nbsp; 20443 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2395 |
| Accrued other operating expenses | &nbsp;&nbsp; 68145 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 105043 |
| Total liabilities | &nbsp;&nbsp; 47157490 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1487873500 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2017927900 |
| Distributable earnings (loss) | &nbsp;&nbsp; (530054400)<br>|
|  | &nbsp;&nbsp; $1487873500 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $785197276 |
| Class C | &nbsp;&nbsp; $26836483 |
| Class Y | &nbsp;&nbsp; $638844010 |
| Class R5 | &nbsp;&nbsp; $9606 |
| Class R6 | &nbsp;&nbsp; $36986125 |
| **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; 82508526 |
| Class C | &nbsp;&nbsp; 2823204 |
| Class Y | &nbsp;&nbsp; 67094870 |
| Class R5 | &nbsp;&nbsp; 1001 |
| Class R6 | &nbsp;&nbsp; 3884352 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.52 |
| Maximum offering price per share <br>(Net asset value of $9.52 ÷ 97.50%)<br>| &nbsp;&nbsp; $9.76 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.51 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.52 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.60 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.52 |

---

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

**23**

**Invesco Short Duration High Yield Municipal Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $37239754 |
| Dividends from affiliates | &nbsp;&nbsp; 22185 |
| Total investment income | &nbsp;&nbsp; 37261939 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2824908 |
| Administrative services fees | &nbsp;&nbsp; 93381 |
| Custodian fees | &nbsp;&nbsp; 5759 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 953923 |
| Class C | &nbsp;&nbsp; 135595 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 531372 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 469054 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2409 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15043 |
| Registration and filing fees | &nbsp;&nbsp; 76744 |
| Reports to shareholders | &nbsp;&nbsp; 18428 |
| Professional services fees | &nbsp;&nbsp; 98292 |
| Other | &nbsp;&nbsp; 9248 |
| Total expenses | &nbsp;&nbsp; 5234156 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (3216)<br>|
| Net expenses | &nbsp;&nbsp; 5230940 |
| Net investment income | &nbsp;&nbsp; 32030999 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(78915)) | &nbsp;&nbsp; (1135865)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 43145644 |
| Affiliated investment securities | &nbsp;&nbsp; 30365 |
|  | &nbsp;&nbsp; 43176009 |
| Net realized and unrealized gain | &nbsp;&nbsp; 42040144 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $74071143 |

---

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

**24**

**Invesco Short Duration High Yield Municipal Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $32030999 | &nbsp;&nbsp; $54120345 |
| Net realized gain (loss) | &nbsp;&nbsp; (1135865)<br>| &nbsp;&nbsp; (12530585)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 43176009 | &nbsp;&nbsp; (26309153)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 74071143 | &nbsp;&nbsp; 15280607 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (17116912)<br>| &nbsp;&nbsp; (31980099)<br>|
| Class C | &nbsp;&nbsp; (501736)<br>| &nbsp;&nbsp; (1155325)<br>|
| Class Y | &nbsp;&nbsp; (13778632)<br>| &nbsp;&nbsp; (21454831)<br>|
| Class R5 | &nbsp;&nbsp; (224)<br>| &nbsp;&nbsp; (449)<br>|
| Class R6 | &nbsp;&nbsp; (799061)<br>| &nbsp;&nbsp; (1663928)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (32196565)<br>| &nbsp;&nbsp; (56254632)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 23607866 | &nbsp;&nbsp; 47878993 |
| Class C | &nbsp;&nbsp; (1596670)<br>| &nbsp;&nbsp; (7881616)<br>|
| Class Y | &nbsp;&nbsp; 77743053 | &nbsp;&nbsp; 142438636 |
| Class R6 | &nbsp;&nbsp; 1602874 | &nbsp;&nbsp; 2781213 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 101357123 | &nbsp;&nbsp; 185217226 |
| Net increase in net assets | &nbsp;&nbsp; 143231701 | &nbsp;&nbsp; 144243201 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1344641799 | &nbsp;&nbsp; 1200398598 |
| End of period | &nbsp;&nbsp; $1487873500 | &nbsp;&nbsp; $1344641799 |

---

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

**25**

**Invesco Short Duration High Yield Municipal Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<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** |
| Six months ended 02/28/26 | $9.24 | $0.21 | $0.28 | $0.49 | $(0.21)<br>| $9.52 | 5.32<br> %<br>| $785197 | 0.84 %<sup>(d)</sup><br>| 0.84 %<sup>(d)</sup><br>| 0.77 %<sup>(d)</sup><br>| 4.42 %<sup>(d)</sup><br>| 14<br> %<br>|
| Year ended 08/31/25 | 9.55 | 0.40 | (0.30)<br>| 0.10 | (0.41)<br>| 9.24 | 1.10 | 738875 | 0.85 | 0.85 | 0.77 | 4.23 | 29 |
| Year ended 08/31/24 | 9.18 | 0.40 | 0.35 | 0.75 | (0.38)<br>| 9.55 | 8.33 | 714628 | 0.90 | 0.90 | 0.81 | 4.32 | 29 |
| Year ended 08/31/23 | 9.58 | 0.36 | (0.41)<br>| (0.05)<br>| (0.35)<br>| 9.18 | (0.54)<br>| 784122 | 0.91 | 0.91 | 0.81 | 3.86 | 33 |
| Year ended 08/31/22 | 10.67 | 0.32 | (1.06)<br>| (0.74)<br>| (0.35)<br>| 9.58 | (7.07)<br>| 914354 | 0.84 | 0.84 | 0.77 | 3.13 | 26 |
| Year ended 08/31/21 | 10.17 | 0.34 | 0.51 | 0.85 | (0.35)<br>| 10.67 | 8.50 | 933441 | 0.86 | 0.86 | 0.79 | 3.25 | 19 |
| **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 02/28/26 | 9.23 | 0.17 | 0.28 | 0.45 | (0.17)<br>| 9.51 | 4.94 | 26836 | 1.59 <br><sup>(d)</sup><br>| 1.59 <br><sup>(d)</sup><br>| 1.52 <br><sup>(d)</sup><br>| 3.67 <br><sup>(d)</sup><br>| 14 |
| Year ended 08/31/25 | 9.54 | 0.33 | (0.30)<br>| 0.03 | (0.34)<br>| 9.23 | 0.34 | 27621 | 1.60 | 1.60 | 1.52 | 3.48 | 29 |
| Year ended 08/31/24 | 9.17 | 0.33 | 0.35 | 0.68 | (0.31)<br>| 9.54 | 7.53 | 36507 | 1.65 | 1.65 | 1.56 | 3.57 | 29 |
| Year ended 08/31/23 | 9.56 | 0.29 | (0.40)<br>| (0.11)<br>| (0.28)<br>| 9.17 | (1.19)<br>| 55464 | 1.66 | 1.66 | 1.56 | 3.11 | 33 |
| Year ended 08/31/22 | 10.65 | 0.24 | (1.06)<br>| (0.82)<br>| (0.27)<br>| 9.56 | (7.79)<br>| 76878 | 1.59 | 1.59 | 1.52 | 2.38 | 26 |
| Year ended 08/31/21 | 10.16 | 0.26 | 0.50 | 0.76 | (0.27)<br>| 10.65 | 7.60 | 92982 | 1.61 | 1.61 | 1.54 | 2.50 | 19 |
| **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 02/28/26 | 9.24 | 0.22 | 0.28 | 0.50 | (0.22)<br>| 9.52 | 5.45 | 638844 | 0.59 <br><sup>(d)</sup><br>| 0.59 <br><sup>(d)</sup><br>| 0.52 <br><sup>(d)</sup><br>| 4.67 <br><sup>(d)</sup><br>| 14 |
| Year ended 08/31/25 | 9.55 | 0.42 | (0.29)<br>| 0.13 | (0.44)<br>| 9.24 | 1.36 | 543770 | 0.60 | 0.60 | 0.52 | 4.48 | 29 |
| Year ended 08/31/24 | 9.19 | 0.42 | 0.34 | 0.76 | (0.40)<br>| 9.55 | 8.48 | 416348 | 0.65 | 0.65 | 0.56 | 4.57 | 29 |
| Year ended 08/31/23 | 9.58 | 0.38 | (0.40)<br>| (0.02)<br>| (0.37)<br>| 9.19 | (0.18)<br>| 414180 | 0.66 | 0.66 | 0.56 | 4.11 | 33 |
| Year ended 08/31/22 | 10.67 | 0.34 | (1.06)<br>| (0.72)<br>| (0.37)<br>| 9.58 | (6.84)<br>| 497651 | 0.59 | 0.59 | 0.52 | 3.38 | 26 |
| Year ended 08/31/21 | 10.18 | 0.37 | 0.50 | 0.87 | (0.38)<br>| 10.67 | 8.66 | 365892 | 0.61 | 0.61 | 0.54 | 3.50 | 19 |
| **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 02/28/26 | 9.32 | 0.22 | 0.28 | 0.50 | (0.22)<br>| 9.60 | 5.45 | 10 | 0.53 <br><sup>(d)</sup><br>| 0.53 <br><sup>(d)</sup><br>| 0.46 <br><sup>(d)</sup><br>| 4.73 <br><sup>(d)</sup><br>| 14 |
| Year ended 08/31/25 | 9.63 | 0.43 | (0.29)<br>| 0.14 | (0.45)<br>| 9.32 | 1.46 | 9 | 0.55 | 0.55 | 0.47 | 4.53 | 29 |
| Year ended 08/31/24 | 9.25 | 0.44 | 0.35 | 0.79 | (0.41)<br>| 9.63 | 8.73 | 10 | 0.58 | 0.58 | 0.49 | 4.64 | 29 |
| Year ended 08/31/23 | 9.60 | 0.39 | (0.37)<br>| 0.02 | (0.37)<br>| 9.25 | 0.25 | 9 | 0.68 | 0.68 | 0.58 | 4.10 | 33 |
| Year ended 08/31/22 | 10.70 | 0.35 | (1.08)<br>| (0.73)<br>| (0.37)<br>| 9.60 | (6.93)<br>| 9800 | 0.62 | 0.62 | 0.55 | 3.35 | 26 |
| Year ended 08/31/21 | 10.20 | 0.37 | 0.51 | 0.88 | (0.38)<br>| 10.70 | 8.78 | 14437 | 0.61 | 0.61 | 0.54 | 3.50 | 19 |
| **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 02/28/26 | 9.25 | 0.22 | 0.27 | 0.49 | (0.22)<br>| 9.52 | 5.37 | 36986 | 0.53 <br><sup>(d)</sup><br>| 0.53 <br><sup>(d)</sup><br>| 0.46 <br><sup>(d)</sup><br>| 4.73 <br><sup>(d)</sup><br>| 14 |
| Year ended 08/31/25 | 9.56 | 0.43 | (0.29)<br>| 0.14 | (0.45)<br>| 9.25 | 1.44 | 34366 | 0.55 | 0.55 | 0.47 | 4.53 | 29 |
| Year ended 08/31/24 | 9.19 | 0.43 | 0.35 | 0.78 | (0.41)<br>| 9.56 | 8.68 | 32907 | 0.58 | 0.58 | 0.50 | 4.64 | 29 |
| Year ended 08/31/23 | 9.59 | 0.39 | (0.41)<br>| (0.02)<br>| (0.38)<br>| 9.19 | (0.22)<br>| 35077 | 0.60 | 0.60 | 0.50 | 4.18 | 33 |
| Year ended 08/31/22 | 10.68 | 0.35 | (1.06)<br>| (0.71)<br>| (0.38)<br>| 9.59 | (6.77)<br>| 30929 | 0.53 | 0.53 | 0.46 | 3.44 | 26 |
| Year ended 08/31/21 | 10.19 | 0.37 | 0.51 | 0.88 | (0.39)<br>| 10.68 | 8.73 | 20121 | 0.54 | 0.54 | 0.47 | 3.57 | 19 |

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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.

**26**

**Invesco Short Duration High Yield Municipal Fund**

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**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Short Duration High Yield Municipal Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

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

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, as of the approximate official closing time of that exchange. 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.

Private 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

**27**

**Invesco Short Duration High Yield Municipal 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 realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

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

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

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

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

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

**J.** **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, portfolio managers and senior executives at the Adviser act 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.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell securities on a when-issued and delayed

**28**

**Invesco Short Duration High Yield Municipal Fund**

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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.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**M.** **Other Risks** - 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.

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

**29**

**Invesco Short Duration High Yield Municipal Fund**

------

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 municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

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

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.4825% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.4325% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.4075% |
| Next $4.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3825% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3725% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3525% |

---

For the six months ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "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, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the 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 February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $11,909 in front-end sales commissions from the sale of Class A shares and $34,343 and $1,561 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.

**30**

**Invesco Short Duration High Yield Municipal Fund**

------

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 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 February 28, 2026. 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** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1490582752 | &nbsp;&nbsp;&nbsp;&nbsp; $1196308 | &nbsp;&nbsp;&nbsp;&nbsp; $1491779060 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2366499 | &nbsp;&nbsp;&nbsp;&nbsp; 2366499 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1283544 | &nbsp;&nbsp;&nbsp;&nbsp; 1283544 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 874990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 874990 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 874990 | &nbsp;&nbsp;&nbsp;&nbsp; 1490582752 | &nbsp;&nbsp;&nbsp;&nbsp; 4846351 | &nbsp;&nbsp;&nbsp;&nbsp; 1496304093 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9146827 | &nbsp;&nbsp;&nbsp;&nbsp; 50035 | &nbsp;&nbsp;&nbsp;&nbsp; 9196862 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $874990 | &nbsp;&nbsp;&nbsp;&nbsp; $1499729579 | &nbsp;&nbsp;&nbsp;&nbsp; $4896386 | &nbsp;&nbsp;&nbsp;&nbsp; $1505500955 |

---

**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2026, the Fund engaged in securities purchases of $109,726,033 and securities sales of $129,550,187, which resulted in net realized gains (losses) of $(78,915).

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $3,216.

**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. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement. During the six months ended February 28, 2026, the Fund did not borrow under this agreement.

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

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended February 28, 2026 were $12,885,000 and 4.49%, respectively.

**NOTE 8—Tax Information**

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

**31**

**Invesco Short Duration High Yield Municipal 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 August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $70069521 | &nbsp;&nbsp;&nbsp;&nbsp; $455687244 | &nbsp;&nbsp;&nbsp;&nbsp; $525756765 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $353,162,080 and $189,564,062, respectively. As of February 28, 2026, 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; $44101240 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (57714059)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(13612819)<br>|

---

Cost of investments for tax purposes is $1,519,113,774.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 19243355 | &nbsp;&nbsp;&nbsp; $180744751 | &nbsp;&nbsp;&nbsp; 26818790 | &nbsp;&nbsp;&nbsp; $251600022 |
| Class C | &nbsp;&nbsp;&nbsp; 562475 | &nbsp;&nbsp;&nbsp; 5277572 | &nbsp;&nbsp;&nbsp; 1017600 | &nbsp;&nbsp;&nbsp; 9523299 |
| Class Y | &nbsp;&nbsp;&nbsp; 21283629 | &nbsp;&nbsp;&nbsp; 200029415 | &nbsp;&nbsp;&nbsp; 32348710 | &nbsp;&nbsp;&nbsp; 302717908 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1390459 | &nbsp;&nbsp;&nbsp; 13076355 | &nbsp;&nbsp;&nbsp; 3410051 | &nbsp;&nbsp;&nbsp; 31935595 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1197848 | &nbsp;&nbsp;&nbsp; 11282730 | &nbsp;&nbsp;&nbsp; 2187559 | &nbsp;&nbsp;&nbsp; 20579004 |
| Class C | &nbsp;&nbsp;&nbsp; 39757 | &nbsp;&nbsp;&nbsp; 374081 | &nbsp;&nbsp;&nbsp; 86004 | &nbsp;&nbsp;&nbsp; 809132 |
| Class Y | &nbsp;&nbsp;&nbsp; 907372 | &nbsp;&nbsp;&nbsp; 8552000 | &nbsp;&nbsp;&nbsp; 1460676 | &nbsp;&nbsp;&nbsp; 13736667 |
| Class R6 | &nbsp;&nbsp;&nbsp; 60286 | &nbsp;&nbsp;&nbsp; 568096 | &nbsp;&nbsp;&nbsp; 123410 | &nbsp;&nbsp;&nbsp; 1163157 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 264143 | &nbsp;&nbsp;&nbsp; 2485734 | &nbsp;&nbsp;&nbsp; 898025 | &nbsp;&nbsp;&nbsp; 8456636 |
| Class C | &nbsp;&nbsp;&nbsp; (264498)<br>| &nbsp;&nbsp;&nbsp; (2485734)<br>| &nbsp;&nbsp;&nbsp; (899145)<br>| &nbsp;&nbsp;&nbsp; (8456636)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (18166723)<br>| &nbsp;&nbsp;&nbsp; (170905349)<br>| &nbsp;&nbsp;&nbsp; (24773979)<br>| &nbsp;&nbsp;&nbsp; (232756669)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (507508)<br>| &nbsp;&nbsp;&nbsp; (4762589)<br>| &nbsp;&nbsp;&nbsp; (1039425)<br>| &nbsp;&nbsp;&nbsp; (9757411)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (13918048)<br>| &nbsp;&nbsp;&nbsp; (130838362)<br>| &nbsp;&nbsp;&nbsp; (18563250)<br>| &nbsp;&nbsp;&nbsp; (174015939)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1283694)<br>| &nbsp;&nbsp;&nbsp; (12041577)<br>| &nbsp;&nbsp;&nbsp; (3258530)<br>| &nbsp;&nbsp;&nbsp; (30317539)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 10808853 | &nbsp;&nbsp;&nbsp; $101357123 | &nbsp;&nbsp;&nbsp; 19816496 | &nbsp;&nbsp;&nbsp; $185217226 |

---

<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 66% 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.

**32**

**Invesco Short Duration High Yield Municipal 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>**

Not applicable.

**33**

**Invesco Short Duration High Yield Municipal Fund**

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![](img6dc2c4bd1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

SDHYM-NCSRS

------

![](img3110a43b1.jpg)

------

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

**February 28, 2026**

**Invesco Short Term Municipal Fund**

Nasdaq:

A: ORSTX ■ Y: ORSYX ■ R6: STMUX

------

---

| | |
|:---|:---|
| [2](#xx_1f475259-22d0-4afc-b0f5-ef17759ab6d9_SOI-Continued-753_1) | Schedule of Investments |
| [20](#xx_1f475259-22d0-4afc-b0f5-ef17759ab6d9_FS-Continued-753_1) | Financial Statements |
| [23](#xx_1f475259-22d0-4afc-b0f5-ef17759ab6d9_FS-Continued-753_4) | Financial Highlights |
| [24](#xx_1f475259-22d0-4afc-b0f5-ef17759ab6d9_NTF-Continued-753_1) | Notes to Financial Statements |
| [29](#xx_1f475259-22d0-4afc-b0f5-ef17759ab6d9_OIRSR-Continued-753_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026*

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–96.95%** | **Municipal Obligations–96.95%** | **Municipal Obligations–96.95%** | **Municipal Obligations–96.95%** | **Municipal Obligations–96.95%** |
| **Alabama–2.78%** | **Alabama–2.78%** | **Alabama–2.78%** | **Alabama–2.78%** | **Alabama–2.78%** |
| Alabama Highway Authority; Series 2025, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2027 | $1335 | &nbsp;&nbsp; $1391580 |
| Baldwin (County of), AL Industrial Development Authority; Series 2026, RB<sup>(b)(c)(d)</sup> <br>| 4.30% | 03/01/2033 | 2000 | &nbsp;&nbsp; 2017363 |
| Baldwin (County of), AL Public Building Authority (DHR); Series 2007 A, Revenue Wts. (INS <br> - SGI)<sup>(a)</sup> <br>| 4.38% | 06/01/2028 | 10 | &nbsp;&nbsp; 10011 |
| Black Belt Energy Gas District (The); Series 2024 A, RB<sup>(d)</sup> <br>| 5.25% | 09/01/2032 | 1585 | &nbsp;&nbsp; 1720933 |
| Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB<sup>(d)</sup> <br>| 4.00% | 10/01/2026 | 5000 | &nbsp;&nbsp; 5039444 |
| Black Belt Energy Gas District (The) (No. 6); Series 2021 B, RB<sup>(d)</sup> <br>| 4.00% | 12/01/2026 | 5000 | &nbsp;&nbsp; 5046135 |
| Black Belt Energy Gas District (The) (No. 7); Series 2021, RB<sup>(d)</sup> <br>| 4.00% | 12/01/2026 | 8820 | &nbsp;&nbsp; 8901383 |
| Mobile (City of), AL Industrial Development Board (Alabama Power Co. Barry Plant); <br> Series 2008, RB<sup>(d)</sup> <br>| 3.30% | 03/12/2026 | 3500 | &nbsp;&nbsp; 3500674 |
| Southeast Energy Authority A Cooperative District; |  |  |  |  |
| Series 2025 D, RB | 5.00% | 09/01/2029 | 685 | &nbsp;&nbsp; 730175 |
| Series 2025 D, RB | 5.00% | 09/01/2030 | 685 | &nbsp;&nbsp; 741638 |
| Series 2025 E, RB | 5.00% | 10/01/2030 | 10000 | &nbsp;&nbsp; 10903759 |
| Tender Option Bond Trust Receipts/Certificates; Series 2022, VRD RB<sup>(b)(e)</sup> <br>| 1.40% | 02/01/2028 | 5000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; 45003095 |
| **Alaska–0.22%** | **Alaska–0.22%** | **Alaska–0.22%** | **Alaska–0.22%** | **Alaska–0.22%** |
| Alaska (State of); Series 2025 A, Ref. RB | 5.00% | 10/01/2026 | 510 | &nbsp;&nbsp; 518008 |
| Alaska Housing Finance Corp.; Series 2025 A, Ref. RB | 5.00% | 12/01/2029 | 2000 | &nbsp;&nbsp; 2180528 |
| Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2050 | 930 | &nbsp;&nbsp; 913222 |
|  |  |  |  | &nbsp;&nbsp; 3611758 |
| **Arizona–2.61%** | **Arizona–2.61%** | **Arizona–2.61%** | **Arizona–2.61%** | **Arizona–2.61%** |
| Arizona (State of) Game & Fish Department & Commission (AGF Administration Building); <br> Series 2006, RB<br>| 5.00% | 07/01/2032 | 105 | &nbsp;&nbsp; 106376 |
| Arizona (State of) Industrial Development Authority; Series 2024, RB<sup>(d)</sup> <br>| 5.00% | 09/01/2026 | 1000 | &nbsp;&nbsp; 1011465 |
| Arizona (State of) Industrial Development Authority (Academies of Math & Science); <br> Series 2025, RB<sup>(b)(d)</sup> <br>| 4.88% | 07/01/2035 | 500 | &nbsp;&nbsp; 519130 |
| Arizona (State of) Industrial Development Authority (Social Bonds); Series 2023, RB | 5.00% | 11/01/2028 | 1500 | &nbsp;&nbsp; 1580584 |
| Arizona (State of) Industrial Development Authority (Unity at West Glendale); Series 2024, <br> RB<sup>(d)</sup> <br>| 5.00% | 09/01/2026 | 1100 | &nbsp;&nbsp; 1104392 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022-1, RB<sup>(c)(d)</sup> <br>| 5.00% | 09/01/2027 | 10000 | &nbsp;&nbsp; 10210731 |
| Glendale (City of), AZ; |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 07/01/2026 | 1500 | &nbsp;&nbsp; 1514178 |
| Series 2025, Ref. RB | 5.00% | 07/01/2031 | 2000 | &nbsp;&nbsp; 2282331 |
| Glendale (City of), AZ Industrial Development Authority (Midwestern University); Series 2025, <br> RB<br>| 5.00% | 05/15/2027 | 500 | &nbsp;&nbsp; 515964 |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(b)(f)</sup> <br>| 0.00% | 12/15/2034 | 1000 | &nbsp;&nbsp; 557871 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group); <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2034 | 4935 | &nbsp;&nbsp; 5042846 |
| Maricopa County Unified School District No. 69 Paradise Valley; Series 2025 A, GO Bonds | 5.00% | 07/01/2026 | 1000 | &nbsp;&nbsp; 1009418 |
| Maricopa County Union High School District No. 210-Phoenix (2023); Series 2025 B, GO <br> Bonds<br>| 5.00% | 07/01/2027 | 1000 | &nbsp;&nbsp; 1038630 |
| Phoenix (City of), AZ Industrial Development Authority (Broadway Farms); Series 2025, RB<sup>(d)</sup> <br>| 3.10% | 02/01/2028 | 4000 | &nbsp;&nbsp; 4031238 |
| Phoenix Civic Improvement Corp.; |  |  |  |  |
| Series 2014 B, Ref. RB | 5.00% | 07/01/2027 | 2565 | &nbsp;&nbsp; 2574872 |
| Series 2017, Ref. RB | 5.00% | 07/01/2038 | 5145 | &nbsp;&nbsp; 5183869 |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(b)</sup> <br>| 5.00% | 09/01/2026 | 25 | &nbsp;&nbsp; 25087 |
| Pinal (county of), AZ; Series 2025, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/01/2031 | 1100 | &nbsp;&nbsp; 1251919 |
| Pinal County Electric District No. 3; Series 2016, Ref. RB | 5.00% | 07/01/2035 | 1100 | &nbsp;&nbsp; 1106774 |
| Queen Creek (Town of), AZ; Series 2026, COP | 5.00% | 10/01/2040 | 855 | &nbsp;&nbsp; 982051 |
| Sun Devil Energy Center LLC (Arizona State University); |  |  |  |  |
| Series 2008, Ref. RB | 5.00% | 07/01/2027 | 100 | &nbsp;&nbsp; 100532 |
| Series 2008, Ref. RB | 5.00% | 07/01/2030 | 155 | &nbsp;&nbsp; 155827 |

---

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

**2**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** |
| Yuma County Library District; Series 2025, Ref. GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2027 | $285 | &nbsp;&nbsp; $295017 |
|  |  |  |  | &nbsp;&nbsp; 42201102 |
| **Arkansas–0.07%** | **Arkansas–0.07%** | **Arkansas–0.07%** | **Arkansas–0.07%** | **Arkansas–0.07%** |
| Fort Smith (City of), AR; Series 2015, Ref. RB | 5.00% | 10/01/2030 | 1130 | &nbsp;&nbsp; 1131903 |
| **California–1.89%** | **California–1.89%** | **California–1.89%** | **California–1.89%** | **California–1.89%** |
| California (State of); |  |  |  |  |
| Series 2013, Ref. GO Bonds | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5012 |
| Series 2014, Ref. GO Bonds | 5.00% | 10/01/2034 | 145 | &nbsp;&nbsp; 145307 |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); |  |  |  |  |
| Series 2023, RB<sup>(d)</sup> <br>| 5.25% | 04/01/2030 | 2945 | &nbsp;&nbsp; 3177347 |
| Series 2025, RB | 5.00% | 04/01/2029 | 500 | &nbsp;&nbsp; 531560 |
| Series 2025, RB | 5.00% | 10/01/2029 | 1000 | &nbsp;&nbsp; 1072300 |
| Series 2025, RB | 5.00% | 04/01/2030 | 1000 | &nbsp;&nbsp; 1079451 |
| Series 2025, RB | 5.00% | 10/01/2030 | 1750 | &nbsp;&nbsp; 1903091 |
| California (State of) Health Facilities Financing Authority (Episcopal Communities & Services); <br> Series 2024 A, RB<br>| 3.85% | 11/15/2027 | 1850 | &nbsp;&nbsp; 1850823 |
| California (State of) Health Facilities Financing Authority (Sutter Health); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 1285 | &nbsp;&nbsp; 1345170 |
| Series 2018 A, RB | 5.00% | 11/15/2032 | 1630 | &nbsp;&nbsp; 1706324 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB | 4.38% | 09/20/2036 | 2434 | &nbsp;&nbsp; 2589014 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger <br> Rail) (Green Bonds); Series 2025 B, Ref. RB<sup>(b)(c)(d)</sup> <br>| 12.00% | 11/02/2026 | 1445 | &nbsp;&nbsp; 780300 |
| California (State of) Public Works Board (California Community Colleges); Series 2005 E, RB <br> (INS - NATL)<sup>(a)</sup> <br>| 4.50% | 10/01/2026 | 170 | &nbsp;&nbsp; 170313 |
| East Side Union High School District (Election of 2016); Series 2025 D, GO Bonds | 5.00% | 08/01/2027 | 4000 | &nbsp;&nbsp; 4181294 |
| Howell Mountain Elementary School District (Election of 2005); Series 2007, GO Bonds (INS - <br> AGI)<sup>(a)(f)</sup> <br>| 0.00% | 08/01/2027 | 345 | &nbsp;&nbsp; 330291 |
| Long Beach Unified School District; |  |  |  |  |
| Series 2012, Ref. GO Bonds | 5.00% | 08/01/2028 | 775 | &nbsp;&nbsp; 783243 |
| Series 2012, Ref. GO Bonds | 5.00% | 08/01/2029 | 100 | &nbsp;&nbsp; 101064 |
| Los Angeles (City of), CA; Series 2025, RN | 5.00% | 06/25/2026 | 2000 | &nbsp;&nbsp; 2017442 |
| Northern California Energy Authority; Series 2024, Ref. RB<sup>(d)</sup> <br>| 5.00% | 08/01/2030 | 3600 | &nbsp;&nbsp; 3880683 |
| Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 | 590 | &nbsp;&nbsp; 581945 |
| Pasadena (City of), CA; Series 2015 A, Ref. COP | 5.00% | 02/01/2031 | 1000 | &nbsp;&nbsp; 1001732 |
| Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 1285 | &nbsp;&nbsp; 1295878 |
| Riverside Community College District; Series 2023, COP | 5.00% | 06/01/2037 | 120 | &nbsp;&nbsp; 120153 |
|  |  |  |  | &nbsp;&nbsp; 30649737 |
| **Colorado–1.91%** | **Colorado–1.91%** | **Colorado–1.91%** | **Colorado–1.91%** | **Colorado–1.91%** |
| Adams & Arapahoe Joint School District No. 28J Aurora; Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2032 | 2700 | &nbsp;&nbsp; 2756206 |
| Broomfield (City & County of), CO; Series 2026, Ref. RB | 5.00% | 12/01/2039 | 1000 | &nbsp;&nbsp; 1171741 |
| Colorado (State of); Series 2025, COP | 5.00% | 03/15/2027 | 500 | &nbsp;&nbsp; 514356 |
| Colorado (State of) Department of Transportation; Series 2016, COP | 5.00% | 06/15/2035 | 1330 | &nbsp;&nbsp; 1338992 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB (Acquired <br> 12/15/2021; Cost $40,000)<sup>(g)</sup> <br>| 2.13% | 05/15/2028 | 40 | &nbsp;&nbsp; 39997 |
| Colorado (State of) Regional Transportation District (Fastracks); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 11/01/2036 | 2715 | &nbsp;&nbsp; 2758028 |
| Series 2017 A, RB | 5.00% | 11/01/2033 | 1000 | &nbsp;&nbsp; 1018112 |
| Series 2017 A, RB | 5.00% | 11/01/2036 | 2940 | &nbsp;&nbsp; 2986593 |
| Colorado Springs (City of), CO; Series 2006 B, VRD RB<sup>(e)</sup> <br>| 1.92% | 11/01/2036 | 6940 | &nbsp;&nbsp; 6940000 |
| Denver City & County School District No. 1; |  |  |  |  |
| Series 2025 A, GO Bonds | 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1021865 |
| Series 2025 A, GO Bonds | 5.25% | 12/01/2036 | 1500 | &nbsp;&nbsp; 1808719 |
| El Paso County School District No 14 Manitou Springs; Series 2026, GO Bonds | 5.00% | 12/01/2032 | 250 | &nbsp;&nbsp; 290198 |
| Fort Collins Urban Renewal Authority; |  |  |  |  |
| Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2026 | 765 | &nbsp;&nbsp; 778456 |
| Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2028 | 1180 | &nbsp;&nbsp; 1253527 |
| Fort Collins-Loveland Water District; Series 2025, RB | 5.00% | 12/01/2027 | 1000 | &nbsp;&nbsp; 1048789 |

---

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

**3**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Larimer County School District No. R-1 Poudre; Series 2018, GO Bonds | 5.00% | 12/15/2040 | $2660 | &nbsp;&nbsp; $2798943 |
| Park Creek Metropolitan District; Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2032 | 775 | &nbsp;&nbsp; 894394 |
| Weld County School District No. Re-1; Series 2017, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/15/2031 | 1500 | &nbsp;&nbsp; 1527165 |
|  |  |  |  | &nbsp;&nbsp; 30946081 |
| **Connecticut–1.53%** | **Connecticut–1.53%** | **Connecticut–1.53%** | **Connecticut–1.53%** | **Connecticut–1.53%** |
| Connecticut (State of); |  |  |  |  |
| Series 2016 E, GO Bonds | 5.00% | 10/15/2034 | 3280 | &nbsp;&nbsp; 3330925 |
| Series 2025 A, GO Bonds | 5.00% | 03/15/2026 | 2000 | &nbsp;&nbsp; 2002075 |
| Series 2025 A, GO Bonds | 5.00% | 03/15/2027 | 3125 | &nbsp;&nbsp; 3219610 |
| Connecticut (State of) (Transportation Infrastructure); Series 2025, Ref. RB | 5.00% | 07/01/2027 | 5000 | &nbsp;&nbsp; 5193150 |
| Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University); <br> Series 2025 O, Ref. RB<br>| 5.00% | 07/01/2031 | 3000 | &nbsp;&nbsp; 3388020 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2025 <br> B-1, RB<sup>(d)</sup> <br>| 5.00% | 07/01/2030 | 5000 | &nbsp;&nbsp; 5563776 |
| Connecticut (State of) Housing Finance Authority (Green Bonds); Series 2024, RB<sup>(d)</sup> <br>| 3.35% | 05/15/2027 | 1500 | &nbsp;&nbsp; 1500923 |
| South Central Connecticut Regional Water Authority; Thirty Second Series 2016 B, Ref. RB | 5.00% | 08/01/2037 | 595 | &nbsp;&nbsp; 600690 |
|  |  |  |  | &nbsp;&nbsp; 24799169 |
| **Delaware–0.33%** | **Delaware–0.33%** | **Delaware–0.33%** | **Delaware–0.33%** | **Delaware–0.33%** |
| Delaware (State of) Economic Development Authority (NRG Energy); |  |  |  |  |
| Series 2020 A, Ref. RB<sup>(d)</sup> <br>| 4.00% | 10/01/2035 | 3000 | &nbsp;&nbsp; 3098104 |
| Series 2020 B, Ref. RB<sup>(d)</sup> <br>| 4.00% | 10/01/2035 | 2100 | &nbsp;&nbsp; 2168673 |
|  |  |  |  | &nbsp;&nbsp; 5266777 |
| **District of Columbia–1.60%** | **District of Columbia–1.60%** | **District of Columbia–1.60%** | **District of Columbia–1.60%** | **District of Columbia–1.60%** |
| District of Columbia; |  |  |  |  |
| Series 2012, RB | 5.00% | 12/01/2026 | 100 | &nbsp;&nbsp; 100210 |
| Series 2025 A, Ref. RB | 5.00% | 06/01/2027 | 3000 | &nbsp;&nbsp; 3109071 |
| District of Columbia (Children's Hospital Obligated Group); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 07/15/2032 | 1000 | &nbsp;&nbsp; 1001202 |
| Series 2015, Ref. RB | 5.00% | 07/15/2040 | 3190 | &nbsp;&nbsp; 3192397 |
| District of Columbia Housing Finance Agency; Series 2025 A-2, RB (CEP - Federal Housing <br> Administration)<sup>(d)</sup> <br>| 3.60% | 09/01/2030 | 2000 | &nbsp;&nbsp; 2043371 |
| Metropolitan Washington Airports Authority; Series 2010 D, VRD RB (LOC - TD Bank, N.A.)<sup>(e)(h)</sup> <br>| 1.88% | 10/01/2040 | 10000 | &nbsp;&nbsp; 10000000 |
| Washington Metropolitan Area Transit Authority; |  |  |  |  |
| Series 2017 B, RB | 5.00% | 07/01/2031 | 1110 | &nbsp;&nbsp; 1147873 |
| Series 2017 B, RB | 5.00% | 07/01/2035 | 1400 | &nbsp;&nbsp; 1441185 |
| Series 2017 B, RB | 5.00% | 07/01/2042 | 3750 | &nbsp;&nbsp; 3819796 |
|  |  |  |  | &nbsp;&nbsp; 25855105 |
| **Florida–7.85%** | **Florida–7.85%** | **Florida–7.85%** | **Florida–7.85%** | **Florida–7.85%** |
| Alachua (County of), FL Housing Finance Authority (Woodland Park II); Series 2025 B, RB<sup>(b)(d)</sup> <br>| 4.90% | 07/01/2028 | 500 | &nbsp;&nbsp; 506687 |
| Board of Governors of Florida Atlantic University; Series 2016 A, Ref. RB | 5.00% | 07/01/2031 | 1000 | &nbsp;&nbsp; 1007760 |
| Broward (County of), FL; Series 2013 B, RB | 5.00% | 10/01/2026 | 260 | &nbsp;&nbsp; 260471 |
| Broward (County of), FL School District; Series 2016 A, Ref. COP | 5.00% | 07/01/2032 | 4135 | &nbsp;&nbsp; 4166652 |
| Capital Trust Authority (UF Health); Series 2025 A, Ref. RB | 5.00% | 12/01/2030 | 7700 | &nbsp;&nbsp; 8526540 |
| Central Florida Expressway Authority; |  |  |  |  |
| Series 2016 B, Ref. RB<sup>(d)(i)</sup> <br>| 5.00% | 07/01/2026 | 3005 | &nbsp;&nbsp; 3033403 |
| Series 2017, Ref. RB<sup>(d)(i)</sup> <br>| 5.00% | 07/01/2027 | 2020 | &nbsp;&nbsp; 2096677 |
| Series 2017, Ref. RB<sup>(d)(i)</sup> <br>| 5.00% | 07/01/2027 | 1535 | &nbsp;&nbsp; 1593267 |
| Duval County (County of), FL School Board; Series 2025 A, Ref. COP (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2028 | 1250 | &nbsp;&nbsp; 1328878 |
| Escambia (County of), FL School Board; |  |  |  |  |
| Series 2025 A, COP (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 02/01/2028 | 250 | &nbsp;&nbsp; 262815 |
| Series 2025 A, COP (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 02/01/2030 | 675 | &nbsp;&nbsp; 746444 |
| Florida (State of) Municipal Loan Council (Shingle Creek Transit & Utility Community <br> Development District); Series 2024, RB<sup>(c)</sup> <br>| 4.50% | 05/01/2031 | 230 | &nbsp;&nbsp; 235652 |
| Florida (State of) Municipal Power Agency; Series 2016 A, Ref. RB | 5.00% | 10/01/2027 | 2385 | &nbsp;&nbsp; 2419949 |
| Florida (State of) Municipal Power Agency (All-Requirements Power Supply); Series 2025, Ref. <br> RB<br>| 5.00% | 10/01/2030 | 1500 | &nbsp;&nbsp; 1676897 |

---

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

**4**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2024, <br> Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2035 | $1000 | &nbsp;&nbsp; $745000 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail); Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2037 | 3000 | &nbsp;&nbsp; 2235000 |
| Florida Housing Finance Corp. (Social Bonds); Series 2022-3, RB (CEP - GNMA) | 5.50% | 01/01/2054 | 3350 | &nbsp;&nbsp; 3528266 |
| Gainesville (City of), FL; Series 2017 A, RB | 5.00% | 10/01/2031 | 1265 | &nbsp;&nbsp; 1318264 |
| Greater Orlando Aviation Authority; Series 2016 B, RB<sup>(d)(i)</sup> <br>| 5.00% | 10/01/2026 | 210 | &nbsp;&nbsp; 213359 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 F, <br> RB<br>| 5.00% | 10/01/2043 | 1305 | &nbsp;&nbsp; 1352219 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); <br> Series 2024 C, Ref. RB<br>| 5.00% | 11/15/2034 | 6000 | &nbsp;&nbsp; 7095079 |
| Hillsborough (County of), FL School Board (Master Lease Program); Series 2015 A, Ref. COP | 5.00% | 07/01/2030 | 2330 | &nbsp;&nbsp; 2335126 |
| JEA Electric System; |  |  |  |  |
| Series 2017 B, Ref. RB | 5.00% | 10/01/2032 | 3410 | &nbsp;&nbsp; 3542978 |
| Series 2017 B, Ref. RB | 5.00% | 10/01/2033 | 4000 | &nbsp;&nbsp; 4148084 |
| Lee (County of), FL; Series 2026 A-2, RB<sup>(c)(d)</sup> <br>| 5.00% | 10/01/2031 | 1000 | &nbsp;&nbsp; 1143935 |
| Lee (County of), FL Housing Finance Authority; Series 2025 B, RB<sup>(d)</sup> <br>| 3.13% | 10/01/2028 | 1000 | &nbsp;&nbsp; 1009827 |
| Lee (County of), FL Housing Finance Authority (Aria Landings); Series 2023 B, RB<sup>(b)(d)</sup> <br>| 5.50% | 07/01/2026 | 4150 | &nbsp;&nbsp; 4154716 |
| Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group); <br> Series 2024 B-3, RB<br>| 4.13% | 11/15/2029 | 1155 | &nbsp;&nbsp; 1163564 |
| Lee County School Board (The); Series 2016 A, COP | 5.00% | 08/01/2035 | 1000 | &nbsp;&nbsp; 1009028 |
| Miami (City of) & Dade (County of), FL School Board (The); |  |  |  |  |
| Series 2015 D, Ref. COP | 5.00% | 02/01/2034 | 2220 | &nbsp;&nbsp; 2224003 |
| Series 2016 A, Ref. COP | 5.00% | 05/01/2032 | 3295 | &nbsp;&nbsp; 3308649 |
| Series 2025 A, Ref. COP | 5.00% | 05/01/2028 | 5000 | &nbsp;&nbsp; 5297766 |
| Series 2025, Ref. COP | 5.00% | 05/01/2026 | 3000 | &nbsp;&nbsp; 3013679 |
| Miami-Dade (County of), FL; |  |  |  |  |
| Series 2014, RB | 5.00% | 10/01/2032 | 1160 | &nbsp;&nbsp; 1161854 |
| Series 2025 A, RB | 5.00% | 10/01/2027 | 1000 | &nbsp;&nbsp; 1045807 |
| Miami-Dade (County of), FL Expressway Authority; |  |  |  |  |
| Series 2010 A, RB | 5.00% | 07/01/2040 | 13750 | &nbsp;&nbsp; 13770100 |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2032 | 2000 | &nbsp;&nbsp; 2013978 |
| Miami-Dade (County of), FL Housing Finance Authority (Amber Station); Series 2025 A, RB<sup>(d)</sup> <br>| 3.25% | 08/01/2029 | 3000 | &nbsp;&nbsp; 3043291 |
| Orlando (City of), FL Utilities Commission; Series 2025 A, RB | 5.00% | 10/01/2036 | 1000 | &nbsp;&nbsp; 1177197 |
| Osceola (County of), FL; Series 2016 A, Ref. RB | 5.00% | 10/01/2030 | 1000 | &nbsp;&nbsp; 1001827 |
| Osceola County Housing Finance Authority; Series 2026, RB<sup>(d)</sup> <br>| 2.65% | 09/01/2028 | 1850 | &nbsp;&nbsp; 1851364 |
| Palm Beach County School District; Series 2025 A, Ref. COP | 5.00% | 08/01/2029 | 1250 | &nbsp;&nbsp; 1363682 |
| Peace River Manasota Regional Water Supply Authority; Series 2025 A, RB | 5.00% | 10/01/2037 | 1725 | &nbsp;&nbsp; 2027503 |
| Seminole (County of), FL; |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 10/01/2030 | 1000 | &nbsp;&nbsp; 1124886 |
| Series 2025, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2027 | 1300 | &nbsp;&nbsp; 1358927 |
| Series 2025, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2028 | 1500 | &nbsp;&nbsp; 1604973 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); <br> Series 2025 B, RB<sup>(d)</sup> <br>| 5.00% | 08/15/2030 | 7000 | &nbsp;&nbsp; 7690714 |
| St. Johns (County of), FL Housing Finance Authority (Oaks at St. John); Series 2023 B, RB<sup>(b)(d)</sup> <br>| 5.50% | 12/01/2026 | 6000 | &nbsp;&nbsp; 6014139 |
| USF Financing Corp.; Series 2025, Ref. RB | 5.00% | 07/01/2027 | 1000 | &nbsp;&nbsp; 1035415 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University); |  |  |  |  |
| Series 2025, RB | 5.00% | 10/15/2028 | 800 | &nbsp;&nbsp; 853640 |
| Series 2025, RB | 5.00% | 10/15/2030 | 2000 | &nbsp;&nbsp; 2227348 |
|  |  |  |  | &nbsp;&nbsp; 127067279 |
| **Georgia–4.30%** | **Georgia–4.30%** | **Georgia–4.30%** | **Georgia–4.30%** | **Georgia–4.30%** |
| Atlanta (City of), GA; Series 2015, Ref. RB | 5.00% | 11/01/2040 | 3460 | &nbsp;&nbsp; 3470708 |
| Burke (County of), GA Development Authority (Georgia Power Company); |  |  |  |  |
| Series 2009, VRD RB<sup>(e)</sup> <br>| 1.10% | 07/01/2049 | 5000 | &nbsp;&nbsp; 5000000 |
| Series 2018, Ref. VRD RB<sup>(e)</sup> <br>| 1.05% | 11/01/2052 | 5000 | &nbsp;&nbsp; 5000000 |
| Burke (County of), GA Development Authority (The) (Georgia Power Co. Plant Vogtle); <br> Series 2012, Ref. RB<sup>(d)</sup> <br>| 2.90% | 08/21/2029 | 5000 | &nbsp;&nbsp; 5008306 |
| Carroll (County of), GA; Series 2021, GO Bonds | 5.00% | 06/01/2026 | 1250 | &nbsp;&nbsp; 1258122 |
| Cartersville (City of), GA; Series 2026, RB | 5.00% | 06/01/2032 | 1000 | &nbsp;&nbsp; 1156713 |
| Columbus Medical Center Hospital Authority; Series 2019, RB<sup>(d)</sup> <br>| 5.00% | 07/01/2026 | 11000 | &nbsp;&nbsp; 11022242 |

---

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

**5**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia–(continued)** | **Georgia–(continued)** | **Georgia–(continued)** | **Georgia–(continued)** | **Georgia–(continued)** |
| DeKalb (County of), GA Development Authority (The Globe Academy, Inc.); Series 2024 A, RB | 4.00% | 06/01/2035 | $690 | &nbsp;&nbsp; $695524 |
| DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB | 4.00% | 03/01/2034 | 3250 | &nbsp;&nbsp; 3324690 |
| Fulton (County of), GA; Series 2013, Ref. RB<sup>(d)(i)</sup> <br>| 5.00% | 03/09/2026 | 1605 | &nbsp;&nbsp; 1605916 |
| Macon-Bibb County Housing Authority; Series 2025, RB<sup>(d)</sup> <br>| 3.15% | 02/01/2028 | 3500 | &nbsp;&nbsp; 3519560 |
| Main Street Energy, Inc.; Series 2025, RB | 5.00% | 12/01/2029 | 1500 | &nbsp;&nbsp; 1604277 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2019 C, RB<sup>(d)</sup> <br>| 4.00% | 09/01/2026 | 7000 | &nbsp;&nbsp; 7041782 |
| Series 2021 A, RB<sup>(d)</sup> <br>| 4.00% | 09/01/2027 | 5120 | &nbsp;&nbsp; 5222930 |
| Series 2022 C, RB<sup>(b)(d)</sup> <br>| 4.00% | 11/01/2027 | 12200 | &nbsp;&nbsp; 12305295 |
| Richmond (County of), GA Board of Education; Series 2025, GO Bonds | 5.00% | 10/01/2032 | 1000 | &nbsp;&nbsp; 1164659 |
| Toombs County School District; Series 2026, GO Bonds | 5.50% | 12/01/2032 | 1000 | &nbsp;&nbsp; 1195198 |
|  |  |  |  | &nbsp;&nbsp; 69595922 |
| **Hawaii–0.49%** | **Hawaii–0.49%** | **Hawaii–0.49%** | **Hawaii–0.49%** | **Hawaii–0.49%** |
| Hawaii (State of); |  |  |  |  |
| Series 2014 EO, GO Bonds | 5.00% | 08/01/2028 | 1880 | &nbsp;&nbsp; 1884300 |
| Series 2016 FG, GO Bonds | 5.00% | 10/01/2030 | 2890 | &nbsp;&nbsp; 2939043 |
| Honolulu (City & County of), HI; |  |  |  |  |
| Series 2016 A, RB | 5.00% | 07/01/2036 | 1000 | &nbsp;&nbsp; 1007555 |
| Series 2023, RB<sup>(d)</sup> <br>| 5.00% | 06/01/2026 | 2125 | &nbsp;&nbsp; 2138169 |
|  |  |  |  | &nbsp;&nbsp; 7969067 |
| **Idaho–0.23%** | **Idaho–0.23%** | **Idaho–0.23%** | **Idaho–0.23%** | **Idaho–0.23%** |
| Boise State University; Series 2016 A, Ref. RB | 5.00% | 04/01/2033 | 2000 | &nbsp;&nbsp; 2003923 |
| Idaho (State of) Housing & Finance Association; Series 2024 A, RB (CEP - GNMA) | 6.00% | 07/01/2054 | 1565 | &nbsp;&nbsp; 1758609 |
|  |  |  |  | &nbsp;&nbsp; 3762532 |
| **Illinois–5.89%** | **Illinois–5.89%** | **Illinois–5.89%** | **Illinois–5.89%** | **Illinois–5.89%** |
| Aurora (City of), IL; Series 2025 C, GO Bonds | 5.00% | 12/30/2036 | 1195 | &nbsp;&nbsp; 1380531 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2017 B, Ref. RB | 5.00% | 01/01/2038 | 1710 | &nbsp;&nbsp; 1738929 |
| Series 2024 B, RB | 5.00% | 01/01/2036 | 1000 | &nbsp;&nbsp; 1157321 |
| Series 2024 D, Ref. RB | 5.00% | 01/01/2027 | 5110 | &nbsp;&nbsp; 5224043 |
| Series 2025 D, Ref. RB | 5.00% | 01/01/2027 | 1120 | &nbsp;&nbsp; 1144996 |
| Chicago (City of), IL Midway International Airport; Series 2025 B, Ref. RB | 5.00% | 01/01/2037 | 2000 | &nbsp;&nbsp; 2327410 |
| Collinsville (City of), IL Area Recreation District; |  |  |  |  |
| Series 2004, GO Bonds (INS - NATL)<sup>(a)</sup> <br>| 4.65% | 12/01/2026 | 450 | &nbsp;&nbsp; 450655 |
| Series 2007, Ref. GO Bonds (INS - AMBAC)<sup>(a)</sup> <br>| 4.00% | 12/01/2027 | 65 | &nbsp;&nbsp; 65033 |
| Cook & DuPage (Counties of), IL (Elmhurst Park District); |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 12/15/2026 | 250 | &nbsp;&nbsp; 255338 |
| Series 2025, GO Bonds | 5.00% | 12/15/2035 | 400 | &nbsp;&nbsp; 472018 |
| Cook (County of), IL; |  |  |  |  |
| Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2029 | 1000 | &nbsp;&nbsp; 1017612 |
| Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2030 | 3950 | &nbsp;&nbsp; 4017063 |
| Series 2018, Ref. GO Bonds | 5.00% | 11/15/2034 | 1150 | &nbsp;&nbsp; 1163883 |
| Cook (County of), IL School District No. 102 (La Grange); Series 2025, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 12/15/2032 | 260 | &nbsp;&nbsp; 297417 |
| Cook County High School District No.203 New Trier Township; Series 2021 A, GO Bonds | 5.00% | 12/15/2027 | 1255 | &nbsp;&nbsp; 1316669 |
| DuPage County Community High School District No. 99 Downers Grove; Series 2025, GO Bonds | 5.00% | 12/15/2027 | 630 | &nbsp;&nbsp; 659147 |
| DuPage County Forest Preserve District; Series 2025, GO Bonds | 5.00% | 11/01/2026 | 1000 | &nbsp;&nbsp; 1018014 |
| Elk Grove Village (Village of), IL; Series 2017, GO Bonds | 5.00% | 01/01/2035 | 1000 | &nbsp;&nbsp; 1018965 |
| Grundy Kendall & Will Counties Community High School District No. 111 (Minooka); <br> Series 2025, GO Bonds<br>| 5.00% | 12/01/2026 | 200 | &nbsp;&nbsp; 203892 |
| Illinois (State of); |  |  |  |  |
| Series 2016, GO Bonds | 5.00% | 01/01/2027 | 3510 | &nbsp;&nbsp; 3519882 |
| Series 2019 A, GO Bonds | 5.00% | 11/01/2026 | 2935 | &nbsp;&nbsp; 2985887 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(c)</sup> <br>| 8.00% | 06/01/2032 | 560 | &nbsp;&nbsp; 560947 |
| Illinois (State of) Development Finance Authority (Vincent De Paul Center); Series 2000, RB<sup>(d)</sup> <br>| 2.85% | 03/01/2030 | 3000 | &nbsp;&nbsp; 3003211 |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |  |  |  |  |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $465,088)<sup>(g)</sup> <br>| 5.00% | 11/01/2026 | 460 | &nbsp;&nbsp; 318550 |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $440,000)<sup>(g)</sup> <br>| 5.00% | 11/01/2049 | 440 | &nbsp;&nbsp; 304700 |

---

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

**6**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Illinois (State of) Finance Authority (Rosalind Franklin University); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2027 | $425 | &nbsp;&nbsp; $436969 |
| Series 2017, Ref. RB | 5.00% | 08/01/2028 | 500 | &nbsp;&nbsp; 512711 |
| Series 2017, Ref. RB | 5.00% | 08/01/2029 | 325 | &nbsp;&nbsp; 333067 |
| Illinois (State of) Finance Authority (The University of Chicago); Series 2025, Ref. RB | 5.00% | 04/01/2027 | 2210 | &nbsp;&nbsp; 2276128 |
| Illinois (State of) Finance Authority (Uchicago Medicine); Series 2022 B-2, RB<sup>(d)</sup> <br>| 5.00% | 08/15/2027 | 9850 | &nbsp;&nbsp; 10132427 |
| Illinois (State of) Housing Development Authority (Green Bonds); Series 2024 E, Ref. VRD RB <br> (CEP - Federal Housing Administration)<sup>(e)</sup> <br>| 1.91% | 01/01/2065 | 3450 | &nbsp;&nbsp; 3450000 |
| Illinois (State of) Toll Highway Authority; |  |  |  |  |
| Series 2015 A, RB | 5.00% | 01/01/2036 | 4955 | &nbsp;&nbsp; 4963892 |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 9115 | &nbsp;&nbsp; 9139009 |
| Series 2024 A, Ref. RB | 5.00% | 01/01/2036 | 1275 | &nbsp;&nbsp; 1491294 |
| Illinois Housing Development Authority; Series 2023, RB<sup>(d)</sup> <br>| 2.80% | 04/01/2028 | 3100 | &nbsp;&nbsp; 3108260 |
| Kane Cook & DuPage Counties School District No. U-46 Elgin; Series 2025, GO Bonds | 5.00% | 01/01/2036 | 1115 | &nbsp;&nbsp; 1283762 |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300; Series 2015, Ref. GO <br> Bonds<br>| 5.00% | 01/01/2028 | 1000 | &nbsp;&nbsp; 1004353 |
| Madison-Macoupin Etc Counties Community College District No. 536; Series 2015 A, Ref. GO <br> Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 11/01/2027 | 1335 | &nbsp;&nbsp; 1340715 |
| Rock Island County Community Unit School District No 40 Moline; Series 2025, GO Bonds | 5.00% | 12/01/2027 | 135 | &nbsp;&nbsp; 141254 |
| Tender Option Bond Trust Receipts/Certificates; Series 2023, VRD RB (INS - AGI)<sup>(a)(b)(e)</sup> <br>| 1.27% | 05/01/2031 | 11530 | &nbsp;&nbsp; 11530000 |
| University of Illinois; |  |  |  |  |
| Series 2008 A, Ref. COP (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 10/01/2026 | 1020 | &nbsp;&nbsp; 1022369 |
| Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 3050 | &nbsp;&nbsp; 3435197 |
| West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)<sup>(a)</sup> <br>| 4.75% | 01/01/2029 | 15 | &nbsp;&nbsp; 15016 |
| Will (County of), IL; Series 2025 B, Ref. GO Bonds | 5.00% | 11/15/2032 | 1000 | &nbsp;&nbsp; 1160045 |
| Winnebago, Ogle, Boone, Stephenson, DeKalb & McHenry (Counties of), IL Community College <br> District No. 511 (Rock Valley College); Series 2025 B, Ref. GO Bonds<br>| 5.00% | 01/01/2030 | 2715 | &nbsp;&nbsp; 2976641 |
|  |  |  |  | &nbsp;&nbsp; 95375222 |
| **Indiana–0.79%** | **Indiana–0.79%** | **Indiana–0.79%** | **Indiana–0.79%** | **Indiana–0.79%** |
| Indiana (State of) Finance Authority; Series 2016, Ref. RB | 5.00% | 09/01/2028 | 1280 | &nbsp;&nbsp; 1296440 |
| Indiana (State of) Finance Authority (CWA Authority); Series 2014 A, RB | 5.00% | 10/01/2026 | 1750 | &nbsp;&nbsp; 1753937 |
| Indiana (State of) Finance Authority (Greenwood Village South); Series 2025, RB | 3.75% | 05/15/2032 | 1000 | &nbsp;&nbsp; 1004302 |
| Indiana (State of) Housing & Community Development Authority (Social Bonds); Series 2023 <br> A-1, RB (CEP - GNMA)<br>| 5.75% | 07/01/2053 | 2310 | &nbsp;&nbsp; 2464975 |
| Indiana (State of) Municipal Power Agency; Series 2016 C, Ref. RB | 5.00% | 01/01/2039 | 1000 | &nbsp;&nbsp; 1006790 |
| Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB | 5.05% | 04/01/2026 | 100 | &nbsp;&nbsp; 100008 |
| Rockport (City of), IN (Indiana Michigan Power Co.); Series 2025 A, Ref. RB<sup>(d)</sup> <br>| 3.70% | 06/01/2029 | 5000 | &nbsp;&nbsp; 5123596 |
|  |  |  |  | &nbsp;&nbsp; 12750048 |
| **Iowa–2.07%** | **Iowa–2.07%** | **Iowa–2.07%** | **Iowa–2.07%** | **Iowa–2.07%** |
| Ames (City of), IA (Mary Greely Medical Center); Series 2016, Ref. RB | 5.00% | 06/15/2032 | 4430 | &nbsp;&nbsp; 4457554 |
| Iowa (State of) Finance Authority (Unitypoint Health); |  |  |  |  |
| Series 2014 C, RB | 5.00% | 02/15/2031 | 810 | &nbsp;&nbsp; 812016 |
| Series 2014 C, RB | 5.00% | 02/15/2032 | 3405 | &nbsp;&nbsp; 3413704 |
| Iowa (State of) Higher Education Loan Authority (Grinnell College); Series 2014, Ref. RB | 5.00% | 12/01/2032 | 1675 | &nbsp;&nbsp; 1681979 |
| Le Mars Community School District; Series 2025, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/01/2029 | 1410 | &nbsp;&nbsp; 1525351 |
| Muscatine Power and Water Electric Revenue; Series 2026 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2039 | 500 | &nbsp;&nbsp; 561033 |
| PEFA, Inc.; Series 2019, RB<sup>(d)</sup> <br>| 5.00% | 09/01/2026 | 19695 | &nbsp;&nbsp; 19924171 |
| Waukee Community School District; Series 2025 A, GO Bonds | 5.00% | 06/01/2032 | 960 | &nbsp;&nbsp; 1096034 |
|  |  |  |  | &nbsp;&nbsp; 33471842 |
| **Kansas–1.53%** | **Kansas–1.53%** | **Kansas–1.53%** | **Kansas–1.53%** | **Kansas–1.53%** |
| Garden (City of), KS (Sports of the World Star Bond – Phase II); Series 2025, RB<sup>(b)</sup> <br>| 4.25% | 06/01/2033 | 1000 | &nbsp;&nbsp; 1011801 |
| Kansas (State of) Department of Transportation; Series 2025 A, Ref. RB | 5.00% | 09/01/2028 | 7000 | &nbsp;&nbsp; 7492190 |
| Kansas (State of) Development Finance Authority; Series 2025 F, RB<sup>(d)</sup> <br>| 2.95% | 09/01/2027 | 3300 | &nbsp;&nbsp; 3311089 |
| Kansas (State of) Development Finance Authority (Green Bonds); Series 2025 J, RB<sup>(d)</sup> <br>| 2.70% | 10/01/2028 | 3000 | &nbsp;&nbsp; 3001117 |

---

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

**7**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** |
| University of Kansas Hospital Authority (KU Health System); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 09/01/2030 | $2655 | &nbsp;&nbsp; $2663128 |
| Series 2015, Ref. RB | 5.00% | 09/01/2032 | 3090 | &nbsp;&nbsp; 3099566 |
| Series 2015, Ref. RB | 5.00% | 09/01/2035 | 2120 | &nbsp;&nbsp; 2126601 |
| Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2024 VIII, Ref. RB | 5.25% | 05/15/2039 | 1000 | &nbsp;&nbsp; 1029358 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2016 C, RB | 5.00% | 09/01/2030 | 1000 | &nbsp;&nbsp; 1013263 |
|  |  |  |  | &nbsp;&nbsp; 24748113 |
| **Kentucky–1.41%** | **Kentucky–1.41%** | **Kentucky–1.41%** | **Kentucky–1.41%** | **Kentucky–1.41%** |
| Jefferson County Capital Projects Corp.; Series 2007 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 4.38% | 06/01/2028 | 25 | &nbsp;&nbsp; 25041 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation <br> Kentucky Information Highway); Series 2015 A, RB<br>| 5.00% | 07/01/2028 | 1000 | &nbsp;&nbsp; 1001694 |
| Kentucky (Commonwealth of) Municipal Power Agency; Series 2015 A, Ref. RB (INS - NATL)<sup>(a)</sup> <br>| 5.00% | 09/01/2026 | 2000 | &nbsp;&nbsp; 2002594 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132); Series 2025 A, RB | 5.00% | 04/01/2026 | 1000 | &nbsp;&nbsp; 1002259 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133); Series 2025 A, RB | 5.00% | 09/01/2037 | 2000 | &nbsp;&nbsp; 2357065 |
| Kentucky (Commonwealth of) Public Energy Authority; Series 2025 A, Ref. RB<sup>(d)</sup> <br>| 5.25% | 12/01/2029 | 8500 | &nbsp;&nbsp; 9189706 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization); Series 2016, RB | 5.00% | 07/01/2031 | 1715 | &nbsp;&nbsp; 1727214 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, <br> Inc.);<br>|  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2031 | 2835 | &nbsp;&nbsp; 2873532 |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2032 | 2660 | &nbsp;&nbsp; 2695319 |
|  |  |  |  | &nbsp;&nbsp; 22874424 |
| **Louisiana–1.78%** | **Louisiana–1.78%** | **Louisiana–1.78%** | **Louisiana–1.78%** | **Louisiana–1.78%** |
| East Baton Rouge (Parish of), LA School Board; Series 2025, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 03/01/2027 | 250 | &nbsp;&nbsp; 256438 |
| Louisiana (State of); |  |  |  |  |
| Series 2023 A-1, Ref. VRD RB (LOC - Toronto-dominion Bank)<sup>(e)(h)</sup> <br>| 1.05% | 05/01/2043 | 4000 | &nbsp;&nbsp; 4000000 |
| Series 2025 B, RB | 5.00% | 05/01/2027 | 3200 | &nbsp;&nbsp; 3308651 |
| Series 2025 B, RB | 5.00% | 05/01/2028 | 3000 | &nbsp;&nbsp; 3185872 |
| New Orleans (City of), LA Aviation Board (Consolidated Rental Car); |  |  |  |  |
| Series 2018, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 01/01/2036 | 1250 | &nbsp;&nbsp; 1297275 |
| Series 2018, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 01/01/2037 | 1440 | &nbsp;&nbsp; 1491230 |
| St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB<sup>(d)</sup> <br>| 3.70% | 06/01/2030 | 2000 | &nbsp;&nbsp; 2058547 |
| St. John the Baptist (Parish of), LA (Marathon Oil Corp.); |  |  |  |  |
| Series 2017, Ref. RB<sup>(d)</sup> <br>| 3.30% | 07/03/2028 | 5200 | &nbsp;&nbsp; 5291707 |
| Subseries 2017 A-3, Ref. RB<sup>(d)</sup> <br>| 2.20% | 07/01/2026 | 8000 | &nbsp;&nbsp; 7988814 |
|  |  |  |  | &nbsp;&nbsp; 28878534 |
| **Maine–0.17%** | **Maine–0.17%** | **Maine–0.17%** | **Maine–0.17%** | **Maine–0.17%** |
| Maine (State of) Turnpike Authority; Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2028 | 1680 | &nbsp;&nbsp; 1786802 |
| Portland (City of), ME; Series 2016, Ref. RB | 5.00% | 01/01/2032 | 1000 | &nbsp;&nbsp; 1001198 |
|  |  |  |  | &nbsp;&nbsp; 2788000 |
| **Maryland–1.46%** | **Maryland–1.46%** | **Maryland–1.46%** | **Maryland–1.46%** | **Maryland–1.46%** |
| Maryland (State of) Health & Higher Educational Facilities Authority; Series 2017, Ref. RB | 5.00% | 07/01/2031 | 3000 | &nbsp;&nbsp; 3069653 |
| Maryland Economic Development Corp. (Core Natural Resources, Inc.); Series 2025, Ref. <br> RB<sup>(b)(d)</sup> <br>| 5.00% | 03/27/2035 | 2155 | &nbsp;&nbsp; 2334230 |
| Montgomery (County of), MD; Series 2017 E, VRD GO Bonds<sup>(e)</sup> <br>| 0.80% | 11/01/2037 | 14130 | &nbsp;&nbsp; 14130000 |
| Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB<sup>(e)</sup> <br>| 1.15% | 06/01/2027 | 4085 | &nbsp;&nbsp; 4085000 |
|  |  |  |  | &nbsp;&nbsp; 23618883 |
| **Massachusetts–0.99%** | **Massachusetts–0.99%** | **Massachusetts–0.99%** | **Massachusetts–0.99%** | **Massachusetts–0.99%** |
| Hudson (Town of), MA; Series 2025, GO Notes | 5.00% | 06/11/2026 | 1000 | &nbsp;&nbsp; 1003965 |
| Massachusetts (Commonwealth of); Series 2025 E, GO Bonds | 5.00% | 08/01/2032 | 2500 | &nbsp;&nbsp; 2925315 |
| Massachusetts (Commonwealth of) Bay Transportation Authority; |  |  |  |  |
| Series 2025 B, RB | 5.00% | 07/01/2029 | 2255 | &nbsp;&nbsp; 2476640 |
| Series 2025 B, RB | 5.00% | 07/01/2030 | 2500 | &nbsp;&nbsp; 2813792 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds); Series 2026, Ref. <br> RB<br>| 5.00% | 02/01/2033 | 2000 | &nbsp;&nbsp; 2367555 |
| Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.); <br> Series 2025, RB<br>| 5.00% | 07/01/2029 | 1800 | &nbsp;&nbsp; 1915094 |

---

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

**8**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority; Series 2007 C, <br> RB (SIFMA Municipal Swap Index + 0.90%)<sup>(j)</sup> <br>| 2.78% | 11/15/2032 | $1890 | &nbsp;&nbsp; $1887119 |
| Massachusetts (Commonwealth of) School Building Authority; Series 2025, Ref. RB | 5.00% | 02/15/2031 | 600 | &nbsp;&nbsp; 684708 |
| Waltham (City of), MA; Series 2008, GO Bonds | 4.20% | 09/15/2027 | 15 | &nbsp;&nbsp; 15020 |
|  |  |  |  | &nbsp;&nbsp; 16089208 |
| **Michigan–4.95%** | **Michigan–4.95%** | **Michigan–4.95%** | **Michigan–4.95%** | **Michigan–4.95%** |
| Ann Arbor School District; Series 2025, Ref. GO Bonds | 5.00% | 05/01/2029 | 2885 | &nbsp;&nbsp; 3129064 |
| Chippewa Valley Schools; Series 2025, Ref. GO Bonds | 5.00% | 05/01/2030 | 1000 | &nbsp;&nbsp; 1111056 |
| Detroit (City of), MI; Series 2006, Ref. RB (INS - AGI) (3 mo. Term SOFR + 0.60%)<sup>(j)</sup> <br>| 3.23% | 07/01/2032 | 7825 | &nbsp;&nbsp; 7821368 |
| Great Lakes Water Authority; |  |  |  |  |
| Series 2016 C, Ref. RB | 5.00% | 07/01/2036 | 1885 | &nbsp;&nbsp; 1899333 |
| Series 2016 D, Ref. RB | 5.00% | 07/01/2036 | 5000 | &nbsp;&nbsp; 5038018 |
| Grosse Pointe Public School System; Series 2025, GO Bonds | 5.00% | 05/01/2027 | 1000 | &nbsp;&nbsp; 1032078 |
| Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo); Series 2026, RB<sup>(b)</sup> <br>| 5.00% | 08/15/2036 | 1000 | &nbsp;&nbsp; 1050078 |
| L'Anse Creuse Public Schools; Series 2025 I, GO Bonds | 5.00% | 05/01/2036 | 1000 | &nbsp;&nbsp; 1180885 |
| Lansing (City of), MI Board of Water & Light; Series 2026 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 07/01/2031 | 1480 | &nbsp;&nbsp; 1645883 |
| Michigan (State of) Building Authority (Facilities Program); |  |  |  |  |
| Series 2020, Ref. VRD RB<sup>(e)</sup> <br>| 1.98% | 10/15/2042 | 3100 | &nbsp;&nbsp; 3100000 |
| Series 2023 I-M, VRD RB<sup>(e)</sup> <br>| 1.98% | 04/15/2058 | 5000 | &nbsp;&nbsp; 5000000 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2022, Ref. RB | 5.00% | 04/15/2036 | 2000 | &nbsp;&nbsp; 2236564 |
| Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2020 A, Ref. RB<sup>(d)(i)</sup> <br>| 5.00% | 05/15/2026 | 7000 | &nbsp;&nbsp; 7037499 |
| Michigan (State of) Finance Authority (McLaren Health Care); Series 2015, Ref. RB | 5.00% | 05/15/2034 | 1340 | &nbsp;&nbsp; 1345120 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group); |  |  |  |  |
| Series 2015, Ref. RB | 5.50% | 12/01/2028 | 2245 | &nbsp;&nbsp; 2268538 |
| Series 2015, Ref. RB | 5.50% | 12/01/2029 | 3075 | &nbsp;&nbsp; 3107253 |
| Series 2016, Ref. RB | 5.00% | 12/01/2030 | 225 | &nbsp;&nbsp; 226447 |
| Michigan (State of) Housing Development Authority (Social Bonds); Series 2024 A, RB | 6.00% | 06/01/2054 | 3620 | &nbsp;&nbsp; 3977765 |
| Michigan State University; Series 2025 A, Ref. RB | 5.00% | 02/15/2029 | 2385 | &nbsp;&nbsp; 2583163 |
| Muskegon Heights (City of), MI; Series 2006, Ref. RB (INS - NATL)<sup>(a)</sup> <br>| 4.00% | 11/01/2026 | 185 | &nbsp;&nbsp; 185168 |
| Rib Floater Trust; Series 2022-047, VRD RB<sup>(b)(e)</sup> <br>| 1.08% | 12/01/2045 | 10000 | &nbsp;&nbsp; 10000000 |
| Rockford Public Schools; |  |  |  |  |
| Series 2016, Ref. GO Bonds | 5.00% | 05/01/2038 | 1025 | &nbsp;&nbsp; 1026928 |
| Series 2016, Ref. GO Bonds | 5.00% | 05/01/2039 | 1025 | &nbsp;&nbsp; 1026690 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, VRD RB<sup>(b)(e)</sup> <br>| 1.08% | 10/15/2050 | 7995 | &nbsp;&nbsp; 7995000 |
| Utica Community Schools; Series 2016, Ref. GO Bonds<sup>(d)(i)</sup> <br>| 5.00% | 05/01/2026 | 1990 | &nbsp;&nbsp; 1998941 |
| Wayne (County of), MI; Series 2017 C, Ref. RB | 5.00% | 12/01/2026 | 2495 | &nbsp;&nbsp; 2545427 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); Series 2025, Ref. RB | 5.00% | 12/01/2036 | 485 | &nbsp;&nbsp; 575644 |
|  |  |  |  | &nbsp;&nbsp; 80143910 |
| **Minnesota–0.54%** | **Minnesota–0.54%** | **Minnesota–0.54%** | **Minnesota–0.54%** | **Minnesota–0.54%** |
| Elk River Independent School District No. 728; Series 2024 A, Ref. GO Bonds (CEP - Ohio <br> School District)<br>| 5.00% | 02/01/2031 | 2000 | &nbsp;&nbsp; 2265418 |
| Minnesota (State of) Governmental Agency Finance Group (Flexible Term Program); <br> Series 2007 A-1, RB (INS - AGI)<sup>(a)</sup> <br>| 4.13% | 03/01/2027 | 10 | &nbsp;&nbsp; 10005 |
| Minnesota (State of) Health & Education Facilities Authority (ST. OLAF College); Series 2025, <br> Ref. RB<br>| 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1018337 |
| Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); <br> Series 2017 A, Ref. RB<br>| 5.00% | 10/01/2029 | 1400 | &nbsp;&nbsp; 1454403 |
| Shakopee (City of), MN; Series 2025, Ref. RB | 4.45% | 11/01/2035 | 1300 | &nbsp;&nbsp; 1331351 |
| St. Paul (City of), MN Housing & Redevelopment Authority (St. Paul City School); Series 2016 <br> A, Ref. RB<sup>(d)(i)</sup> <br>| 4.50% | 07/01/2026 | 175 | &nbsp;&nbsp; 176222 |
| St. Paul (City of), MN Port Authority; Series 2007-1, RB | 5.00% | 08/01/2036 | 1105 | &nbsp;&nbsp; 1106035 |
| Stillwater (City of), MN (Orleans Homes); |  |  |  |  |
| Series 2007, RB<sup>(c)</sup> <br>| 5.38% | 02/01/2032 | 900 | &nbsp;&nbsp; 900313 |
| Series 2007, RB<sup>(c)</sup> <br>| 5.50% | 02/01/2042 | 510 | &nbsp;&nbsp; 509991 |
|  |  |  |  | &nbsp;&nbsp; 8772075 |
| **Mississippi–0.10%** | **Mississippi–0.10%** | **Mississippi–0.10%** | **Mississippi–0.10%** | **Mississippi–0.10%** |
| Mississippi (State of); Series 2015 C, Ref. GO Bonds | 5.00% | 10/01/2026 | 1500 | &nbsp;&nbsp; 1508554 |

---

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

**9**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Mississippi–(continued)** | **Mississippi–(continued)** | **Mississippi–(continued)** | **Mississippi–(continued)** | **Mississippi–(continued)** |
| Mississippi Business Finance Corp. (Northrop Grumman Corp.); Series 2006, RB | 4.55% | 12/01/2028 | $25 | &nbsp;&nbsp; $25015 |
|  |  |  |  | &nbsp;&nbsp; 1533569 |
| **Missouri–1.70%** | **Missouri–1.70%** | **Missouri–1.70%** | **Missouri–1.70%** | **Missouri–1.70%** |
| Cassville School District No. R-IV; Series 2023, GO Bonds | 5.25% | 03/01/2039 | 2220 | &nbsp;&nbsp; 2314783 |
| Jackson County Consolidated School District No. 4; |  |  |  |  |
| Series 2022, GO Bonds | 5.00% | 03/01/2038 | 1825 | &nbsp;&nbsp; 1859391 |
| Series 2022, GO Bonds | 5.00% | 03/01/2039 | 3005 | &nbsp;&nbsp; 3058843 |
| Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); <br> Series 2011 A, Ref. RB<br>| 5.50% | 09/01/2027 | 3905 | &nbsp;&nbsp; 3921519 |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District); Series 2016 A, Ref. RB<sup>(b)</sup> <br>| 4.25% | 04/01/2026 | 100 | &nbsp;&nbsp; 99998 |
| Maryland Heights (City of), MO (Westport Plaza Redevelopment); Series 2020, RB | 4.13% | 11/01/2038 | 870 | &nbsp;&nbsp; 818651 |
| Metropolitan St Louis Sewer District; Series 2025 C, Ref. RB | 5.00% | 05/01/2039 | 1000 | &nbsp;&nbsp; 1154344 |
| Missouri (State of) Health & Educational Facilities Authority (St. Anthony's Medical Center); <br> Series 2015 B, Ref. RB<br>| 5.00% | 02/01/2036 | 6245 | &nbsp;&nbsp; 6253929 |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2015 <br> A, RB<br>| 5.00% | 10/01/2038 | 4500 | &nbsp;&nbsp; 4504544 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.); <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2030 | 1215 | &nbsp;&nbsp; 1221437 |
| St. Charles (County of), MO Public Water Supply District No. 2; Series 2016, Ref. COP<sup>(d)(i)</sup> <br>| 5.00% | 03/18/2026 | 2255 | &nbsp;&nbsp; 2257736 |
|  |  |  |  | &nbsp;&nbsp; 27465175 |
| **Nebraska–0.80%** | **Nebraska–0.80%** | **Nebraska–0.80%** | **Nebraska–0.80%** | **Nebraska–0.80%** |
| Douglas (County of), NE (Creighton University); Series 2025, Ref. RB | 5.00% | 07/01/2027 | 1000 | &nbsp;&nbsp; 1034346 |
| Gretna Public Schools; Series 2022 B, GO Bonds | 5.00% | 12/15/2027 | 1150 | &nbsp;&nbsp; 1153247 |
| Nebraska (State of) Municipal Energy Agency; Series 2022 A, Ref. RB | 5.00% | 04/01/2026 | 1250 | &nbsp;&nbsp; 1252680 |
| Omaha Public Power District Nebraska City Station Unit 2; Series 2026 A, Ref. RB | 5.00% | 02/01/2040 | 1250 | &nbsp;&nbsp; 1448721 |
| Omaha School District; Series 2016, GO Bonds | 5.00% | 12/15/2032 | 5000 | &nbsp;&nbsp; 5093695 |
| Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016, Ref. RB | 5.00% | 01/01/2032 | 2980 | &nbsp;&nbsp; 3005393 |
|  |  |  |  | &nbsp;&nbsp; 12988082 |
| **Nevada–1.57%** | **Nevada–1.57%** | **Nevada–1.57%** | **Nevada–1.57%** | **Nevada–1.57%** |
| Clark (County of), NV; Series 2015 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 2125 | &nbsp;&nbsp; 2129504 |
| Clark (County of), NV Water Reclamation District; Series 2015, Ref. GO Bonds | 5.00% | 07/01/2032 | 2000 | &nbsp;&nbsp; 2008333 |
| Clark County School District; |  |  |  |  |
| Series 2015 D, GO Bonds | 5.00% | 06/15/2029 | 1755 | &nbsp;&nbsp; 1758750 |
| Series 2021 A, GO Bonds | 5.00% | 06/15/2026 | 2000 | &nbsp;&nbsp; 2016107 |
| Series 2026 A, Ref. GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/15/2040 | 3000 | &nbsp;&nbsp; 3431805 |
| Las Vegas Valley Water District; Series 2016 B, Ref. GO Bonds<sup>(d)(i)</sup> <br>| 5.00% | 06/01/2026 | 2805 | &nbsp;&nbsp; 2824070 |
| Nevada (State of) (Casa Grande); Series 2024, Ref. COP | 5.00% | 04/01/2026 | 1030 | &nbsp;&nbsp; 1032293 |
| Sparks Tourism Improvement District No. 1; Series 2025, RB | 3.88% | 06/15/2028 | 1500 | &nbsp;&nbsp; 1513140 |
| Truckee Meadows Water Authority; Series 2016, Ref. RB | 5.00% | 07/01/2032 | 2000 | &nbsp;&nbsp; 2018645 |
| Washoe (County of), NV (Sierra Pacific Power Corp.); |  |  |  |  |
| Series 2016, Ref. RB<sup>(d)</sup> <br>| 3.63% | 10/01/2029 | 1500 | &nbsp;&nbsp; 1540728 |
| Series 2016, Ref. RB<sup>(c)(d)</sup> <br>| 4.13% | 10/01/2029 | 5000 | &nbsp;&nbsp; 5168561 |
|  |  |  |  | &nbsp;&nbsp; 25441936 |
| **New Hampshire–1.14%** | **New Hampshire–1.14%** | **New Hampshire–1.14%** | **New Hampshire–1.14%** | **New Hampshire–1.14%** |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB | 4.00% | 10/20/2036 | 5172 | &nbsp;&nbsp; 5282989 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); |  |  |  |  |
| Series 2024-1A, RB | 4.25% | 07/20/2041 | 3869 | &nbsp;&nbsp; 3980284 |
| Series 2024-3, Revenue Ctfs. | 4.16% | 10/01/2051 | 4951 | &nbsp;&nbsp; 5108470 |
| New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB | 5.50% | 06/01/2031 | 4000 | &nbsp;&nbsp; 4026275 |
|  |  |  |  | &nbsp;&nbsp; 18398018 |
| **New Jersey–3.32%** | **New Jersey–3.32%** | **New Jersey–3.32%** | **New Jersey–3.32%** | **New Jersey–3.32%** |
| Camden (County of), NJ Improvement Authority (The) (County Capital Program); Series 2024, <br> RB<sup>(d)</sup> <br>| 5.00% | 03/01/2026 | 4000 | &nbsp;&nbsp; 4000000 |
| Essex (County of), NJ Improvement Authority (Family Court Building Project); Series 2025, RN | 5.00% | 03/17/2026 | 2500 | &nbsp;&nbsp; 2502481 |

---

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

**10**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group); Series 2017, Ref. RB<br>| 5.00% | 07/01/2032 | $815 | &nbsp;&nbsp; $842854 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated <br> Group); Series 2016, Ref. RB<br>| 5.00% | 07/01/2031 | 5100 | &nbsp;&nbsp; 5141108 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health <br> Obligated Group); Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2031 | 9110 | &nbsp;&nbsp; 9185964 |
| New Jersey (State of) Housing & Mortgage Finance Agency; Series 2024 B, RB | 3.50% | 05/01/2029 | 3625 | &nbsp;&nbsp; 3709453 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); |  |  |  |  |
| Series 2022 I, RB | 5.00% | 10/01/2053 | 2270 | &nbsp;&nbsp; 2373009 |
| Subseries 2024 D, RB (CEP - GNMA) | 2.90% | 11/01/2027 | 2500 | &nbsp;&nbsp; 2507273 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2016 A-1, RN | 5.00% | 06/15/2028 | 1140 | &nbsp;&nbsp; 1148777 |
| Series 2018 A, Ref. RN | 5.00% | 06/15/2029 | 5000 | &nbsp;&nbsp; 5037563 |
| Series 2024 A, Ref. RB | 5.00% | 06/15/2036 | 1000 | &nbsp;&nbsp; 1172685 |
| Series 2025 AA, RB | 5.00% | 06/15/2037 | 3000 | &nbsp;&nbsp; 3528010 |
| New Jersey (State of) Turnpike Authority; |  |  |  |  |
| Series 2014 A, RB | 5.00% | 01/01/2027 | 3090 | &nbsp;&nbsp; 3096708 |
| Series 2025 B, RB | 5.00% | 01/01/2028 | 4000 | &nbsp;&nbsp; 4209504 |
| Series 2027 A, Ref. RB | 5.00% | 01/01/2029 | 5000 | &nbsp;&nbsp; 5240314 |
|  |  |  |  | &nbsp;&nbsp; 53695703 |
| **New Mexico–0.81%** | **New Mexico–0.81%** | **New Mexico–0.81%** | **New Mexico–0.81%** | **New Mexico–0.81%** |
| Albuquerque Municipal School District No. 12; |  |  |  |  |
| Series 2017, GO Bonds | 5.00% | 08/01/2029 | 2575 | &nbsp;&nbsp; 2603917 |
| Series 2017, GO Bonds | 5.00% | 08/01/2031 | 1700 | &nbsp;&nbsp; 1718737 |
| Series 2017, GO Bonds | 5.00% | 08/01/2032 | 2910 | &nbsp;&nbsp; 2941347 |
| Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB<sup>(d)</sup> <br>| 3.90% | 06/01/2028 | 3700 | &nbsp;&nbsp; 3780922 |
| New Mexico Mortgage Finance Authority; Series 2023, RB<sup>(d)</sup> <br>| 2.92% | 09/01/2026 | 2100 | &nbsp;&nbsp; 2100994 |
|  |  |  |  | &nbsp;&nbsp; 13145917 |
| **New York–8.61%** | **New York–8.61%** | **New York–8.61%** | **New York–8.61%** | **New York–8.61%** |
| Long Island (City of), NY Power Authority; Series 2025 B, RB<sup>(d)</sup> <br>| 3.00% | 09/01/2028 | 5000 | &nbsp;&nbsp; 5044744 |
| Metropolitan Transportation Authority (Green Bonds); Series 2017 C-1, Ref. RB | 5.00% | 11/15/2026 | 605 | &nbsp;&nbsp; 616967 |
| Monroe County Industrial Development Corp. (Andrews Terrace Community); Series 2024, <br> RB<sup>(d)</sup> <br>| 5.00% | 07/01/2027 | 5000 | &nbsp;&nbsp; 5156415 |
| Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island <br> Obligated Group); Series 2014, RB<br>| 5.00% | 07/01/2032 | 1500 | &nbsp;&nbsp; 1504946 |
| Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB | 5.25% | 06/01/2026 | 2414 | &nbsp;&nbsp; 2122099 |
| New York & New Jersey (States of) Port Authority; One Hundred Seventy Fifth Series 2012, RB | 4.00% | 12/01/2026 | 470 | &nbsp;&nbsp; 470680 |
| New York (City of), NY; |  |  |  |  |
| Series 2012, VRD GO Bonds<sup>(e)</sup> <br>| 1.05% | 04/01/2042 | 12885 | &nbsp;&nbsp; 12885000 |
| Series 2021-3, VRD GO Bonds<sup>(e)</sup> <br>| 1.05% | 04/01/2042 | 16000 | &nbsp;&nbsp; 16000000 |
| New York (City of), NY Municipal Water Finance Authority; |  |  |  |  |
| Series 2010, VRD RB<sup>(e)</sup> <br>| 1.05% | 06/15/2043 | 5725 | &nbsp;&nbsp; 5725000 |
| Series 2014, VRD RB<sup>(e)</sup> <br>| 0.02% | 06/15/2049 | 4000 | &nbsp;&nbsp; 4000000 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2016, RB | 5.00% | 05/01/2032 | 3940 | &nbsp;&nbsp; 3956781 |
| Series 2018, VRD RB<sup>(e)</sup> <br>| 1.10% | 08/01/2042 | 2000 | &nbsp;&nbsp; 2000000 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| Series 2016 D, Ref. RB<sup>(d)(i)</sup> <br>| 5.00% | 08/15/2026 | 3965 | &nbsp;&nbsp; 4018146 |
| Series 2025, RB | 3.05% | 11/15/2030 | 2625 | &nbsp;&nbsp; 2628088 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2025, Ref. <br> RB<br>| 5.00% | 05/01/2034 | 3000 | &nbsp;&nbsp; 3531356 |
| New York (State of) Dormitory Authority (St. John's University); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 07/01/2027 | 450 | &nbsp;&nbsp; 466178 |
| Series 2025, Ref. RB | 5.00% | 07/01/2028 | 1000 | &nbsp;&nbsp; 1062398 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.00% | 10/01/2029 | 750 | &nbsp;&nbsp; 802641 |
| Series 2024, RB | 5.00% | 10/01/2030 | 750 | &nbsp;&nbsp; 814270 |
| Series 2024, RB | 5.00% | 10/01/2031 | 1000 | &nbsp;&nbsp; 1098706 |
| Series 2024, RB | 5.00% | 10/01/2033 | 1100 | &nbsp;&nbsp; 1228783 |

---

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

**11**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York (State of) Housing Finance Agency (Green Bonds); |  |  |  |  |
| Series 2023 E-2, RB<sup>(d)</sup> <br>| 3.80% | 05/01/2027 | $4000 | &nbsp;&nbsp; $4002203 |
| Series 2023 E-2, RB<sup>(d)</sup> <br>| 3.88% | 05/01/2028 | 4380 | &nbsp;&nbsp; 4382728 |
| Series 2024, RB<sup>(d)</sup> <br>| 3.45% | 11/01/2029 | 7200 | &nbsp;&nbsp; 7213043 |
| New York City Housing Development Corp. (Green Bonds); |  |  |  |  |
| Series 2022 B-2, RB (CEP - Federal Housing Administration)<sup>(d)</sup> <br>| 3.40% | 12/22/2026 | 12495 | &nbsp;&nbsp; 12499669 |
| Series 2022 C-3, VRD RB<sup>(e)</sup> <br>| 1.85% | 05/01/2062 | 5000 | &nbsp;&nbsp; 5000000 |
| New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.); Series 2020, <br> RB<sup>(b)(c)(d)</sup> <br>| 4.25% | 09/03/2030 | 1000 | &nbsp;&nbsp; 1021676 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(c)</sup> <br>| 5.00% | 08/01/2026 | 3090 | &nbsp;&nbsp; 3093578 |
| Series 2016, Ref. RB<sup>(c)</sup> <br>| 5.00% | 08/01/2031 | 19070 | &nbsp;&nbsp; 19099709 |
| Series 2020, Ref. RB<sup>(c)</sup> <br>| 5.25% | 08/01/2031 | 7145 | &nbsp;&nbsp; 7480130 |
| Yonkers (City of), NY; Series 2026 A, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 02/01/2033 | 400 | &nbsp;&nbsp; 469019 |
|  |  |  |  | &nbsp;&nbsp; 139394953 |
| **North Carolina–1.66%** | **North Carolina–1.66%** | **North Carolina–1.66%** | **North Carolina–1.66%** | **North Carolina–1.66%** |
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2016, <br> Ref. RB<br>| 5.00% | 01/15/2034 | 1500 | &nbsp;&nbsp; 1502818 |
| East Carolina University; Series 2016 A, RB | 5.00% | 10/01/2028 | 1030 | &nbsp;&nbsp; 1032203 |
| North Carolina (State of) (Garvee); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 03/01/2027 | 10000 | &nbsp;&nbsp; 10289553 |
| Series 2025, Ref. RB | 5.00% | 03/01/2028 | 6000 | &nbsp;&nbsp; 6340139 |
| North Carolina (State of) Medical Care Commission; Series 2025, RB | 3.90% | 01/01/2029 | 680 | &nbsp;&nbsp; 680499 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2015 A, Ref. RB | 5.00% | 01/01/2031 | 1610 | &nbsp;&nbsp; 1621093 |
| Raleigh (City of), NC Combined Enterprise System; Series 2026, Ref. RB | 5.00% | 12/01/2032 | 1000 | &nbsp;&nbsp; 1174399 |
| Raleigh (City of), NC Housing Authority (Tryon Flats); Series 2025, RB<sup>(d)</sup> <br>| 2.95% | 03/01/2029 | 2240 | &nbsp;&nbsp; 2255399 |
| University of North Carolina; Series 2008 A, RB (INS - AGI)<sup>(a)</sup> <br>| 4.75% | 10/01/2028 | 10 | &nbsp;&nbsp; 10018 |
| Wilmington Housing Authority; Series 2025, RB<sup>(d)</sup> <br>| 2.95% | 05/01/2028 | 2000 | &nbsp;&nbsp; 2010877 |
|  |  |  |  | &nbsp;&nbsp; 26916998 |
| **North Dakota–0.52%** | **North Dakota–0.52%** | **North Dakota–0.52%** | **North Dakota–0.52%** | **North Dakota–0.52%** |
| Horace (City of), ND; |  |  |  |  |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2030 | 520 | &nbsp;&nbsp; 559365 |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2031 | 550 | &nbsp;&nbsp; 599611 |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2032 | 580 | &nbsp;&nbsp; 639406 |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2033 | 610 | &nbsp;&nbsp; 678226 |
| North Dakota (State of) Housing Finance Agency; Series 2015, VRD RB<sup>(e)</sup> <br>| 1.88% | 07/01/2036 | 5935 | &nbsp;&nbsp; 5935000 |
|  |  |  |  | &nbsp;&nbsp; 8411608 |
| **Ohio–3.33%** | **Ohio–3.33%** | **Ohio–3.33%** | **Ohio–3.33%** | **Ohio–3.33%** |
| American Municipal Power, Inc. (Combined Hydroelectric); Series 2025, Ref. RB | 5.00% | 02/15/2033 | 250 | &nbsp;&nbsp; 289470 |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2023, RB<sup>(d)</sup> <br>| 5.00% | 02/01/2027 | 3000 | &nbsp;&nbsp; 3039558 |
| Columbus (City of), OH; Series 2015, Ref. RB | 5.00% | 06/01/2030 | 1575 | &nbsp;&nbsp; 1585413 |
| Columbus City School District (Construction and Improvement); Series 2016 A, Ref. GO <br> Bonds<sup>(d)(i)</sup> <br>| 5.00% | 06/01/2026 | 6260 | &nbsp;&nbsp; 6302559 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport); <br> Series 2025, Ref. RB<br>| 5.00% | 01/01/2036 | 850 | &nbsp;&nbsp; 997379 |
| Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGI)<sup>(a)(c)</sup> <br>| 5.00% | 12/01/2026 | 1335 | &nbsp;&nbsp; 1336887 |
| Franklin (County of), OH; Series 2015, RB | 5.00% | 05/15/2031 | 880 | &nbsp;&nbsp; 883091 |
| Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB<sup>(d)</sup> <br>| 4.38% | 06/15/2026 | 2500 | &nbsp;&nbsp; 2491429 |
| Hamilton (County of), OH; Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 3430 | &nbsp;&nbsp; 3503983 |
| Huber Heights (City of), OH; Series 2025, GO Notes | 5.00% | 06/25/2026 | 1500 | &nbsp;&nbsp; 1510679 |
| Ohio (State of); Series 2026 A, GO Bonds | 5.00% | 03/01/2039 | 3000 | &nbsp;&nbsp; 3528939 |
| Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); |  |  |  |  |
| Series 2026, RB | 3.88% | 01/01/2036 | 2500 | &nbsp;&nbsp; 2568744 |
| Series 2026, RB<sup>(c)</sup> <br>| 4.13% | 01/01/2036 | 1260 | &nbsp;&nbsp; 1285057 |
| Ohio (State of) Higher Educational Facility Commission (University of Dayton 2025); <br> Series 2025, Ref. RB<br>| 5.00% | 02/01/2036 | 780 | &nbsp;&nbsp; 911699 |

---

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

**12**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2018, <br> Ref. RB<br>| 5.00% | 12/01/2035 | $2000 | &nbsp;&nbsp; $2094304 |
| Ohio State University (The); |  |  |  |  |
| Series 2023, Ref. VRD RB<sup>(e)</sup> <br>| 1.50% | 06/01/2035 | 9160 | &nbsp;&nbsp; 9160000 |
| Series 2023, VRD Ref. RB<sup>(e)</sup> <br>| 1.60% | 06/01/2043 | 3000 | &nbsp;&nbsp; 3000000 |
| Pickerington Local School District; Series 2025, Ref. GO Bonds | 5.00% | 12/01/2032 | 1000 | &nbsp;&nbsp; 1150707 |
| RiverSouth Authority; Series 2007 A, RB | 5.75% | 12/01/2027 | 305 | &nbsp;&nbsp; 305205 |
| Scioto (County of), OH (Southern Ohio Medical Center); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 02/15/2032 | 2550 | &nbsp;&nbsp; 2553024 |
| Series 2016, Ref. RB | 5.00% | 02/15/2033 | 2855 | &nbsp;&nbsp; 2858134 |
| Westerville City School District; Series 2018, COP | 5.00% | 12/01/2039 | 2450 | &nbsp;&nbsp; 2505429 |
|  |  |  |  | &nbsp;&nbsp; 53861690 |
| **Oklahoma–0.82%** | **Oklahoma–0.82%** | **Oklahoma–0.82%** | **Oklahoma–0.82%** | **Oklahoma–0.82%** |
| Oklahoma (State of) Capitol Improvement Authority (Capitol Repair); Series 2018 C, RB | 5.00% | 01/01/2038 | 2320 | &nbsp;&nbsp; 2383659 |
| Oklahoma (State of) Development Finance Authority; |  |  |  |  |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2027 | 430 | &nbsp;&nbsp; 444338 |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2028 | 325 | &nbsp;&nbsp; 344421 |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2029 | 595 | &nbsp;&nbsp; 645230 |
| Oklahoma (State of) Municipal Power Authority; Series 2025 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 01/01/2033 | 300 | &nbsp;&nbsp; 344978 |
| Oklahoma Water Resources Board; Series 2025, RB | 5.00% | 10/01/2027 | 530 | &nbsp;&nbsp; 553940 |
| Tulsa County Independent School District No. 1 Tulsa; Series 2025 B, GO Bonds | 5.00% | 08/01/2028 | 5000 | &nbsp;&nbsp; 5305970 |
| Tulsa County Independent School District No. 4 Bixby; Series 2025, GO Bonds | 5.00% | 06/01/2027 | 1000 | &nbsp;&nbsp; 1032467 |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.); Series 2025, Ref. RB<sup>(c)</sup> <br>| 6.25% | 12/01/2035 | 1000 | &nbsp;&nbsp; 1176531 |
| University of Oklahoma (The); Series 2025 A, Ref. RB | 5.00% | 07/01/2027 | 1000 | &nbsp;&nbsp; 1036485 |
|  |  |  |  | &nbsp;&nbsp; 13268019 |
| **Oregon–0.90%** | **Oregon–0.90%** | **Oregon–0.90%** | **Oregon–0.90%** | **Oregon–0.90%** |
| Morrow (Port of), OR; Series 2024 A, GO Bonds<sup>(b)</sup> <br>| 5.15% | 10/01/2026 | 5000 | &nbsp;&nbsp; 5001542 |
| Oregon (State of); Series 2020 J, Ref. VRD GO Bonds<sup>(e)</sup> <br>| 0.90% | 06/01/2039 | 600 | &nbsp;&nbsp; 600000 |
| Oregon (State of) Housing & Community Services Department (Verde Pines); Series 2025 O, <br> RB<sup>(d)</sup> <br>| 3.10% | 02/01/2028 | 1875 | &nbsp;&nbsp; 1884447 |
| Oregon Health & Science University; |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 07/01/2033 | 1275 | &nbsp;&nbsp; 1285099 |
| Series 2016 B, Ref. RB | 5.00% | 07/01/2036 | 3270 | &nbsp;&nbsp; 3292311 |
| Series 2016 B, Ref. RB | 5.00% | 07/01/2039 | 1390 | &nbsp;&nbsp; 1397961 |
| State of Oregon Department of Transportation; Series 2026 A, RB | 5.00% | 11/15/2039 | 1000 | &nbsp;&nbsp; 1163161 |
|  |  |  |  | &nbsp;&nbsp; 14624521 |
| **Pennsylvania–3.14%** | **Pennsylvania–3.14%** | **Pennsylvania–3.14%** | **Pennsylvania–3.14%** | **Pennsylvania–3.14%** |
| Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); <br> Series 2017, RB<sup>(i)</sup> <br>| 5.00% | 10/15/2026 | 85 | &nbsp;&nbsp; 86423 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue); Series 2018, Ref. RB<br>| 5.00% | 04/01/2033 | 3800 | &nbsp;&nbsp; 3984191 |
| Chester (County of), PA Health & Education Facilities Authority (Main Line Health System); <br> Series 2017 A, Ref. RB<br>| 5.00% | 10/01/2035 | 2025 | &nbsp;&nbsp; 2087734 |
| Chester (County of), PA Industrial Development Authority (Renaissance Academy Charter <br> School);<br>|  |  |  |  |
| Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.00% | 10/01/2029 | 350 | &nbsp;&nbsp; 365572 |
| Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.00% | 10/01/2034 | 705 | &nbsp;&nbsp; 758618 |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy <br> Generation, LLC); Series 2023 A, Ref. RB<sup>(d)</sup> <br>| 4.10% | 04/03/2028 | 3000 | &nbsp;&nbsp; 3077645 |
| Pennsylvania (Commonwealth of); Series 2025 B, Ref. GO Bonds | 5.00% | 08/15/2026 | 3000 | &nbsp;&nbsp; 3040106 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority; |  |  |  |  |
| Series 2016 AT-1, RB | 5.00% | 06/15/2031 | 1965 | &nbsp;&nbsp; 1976697 |
| Series 2016 AT-1, RB<sup>(i)</sup> <br>| 5.00% | 06/15/2031 | 355 | &nbsp;&nbsp; 395773 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University); Series 2015 B, VRD Ref. RB<sup>(e)</sup> <br>| 2.69% | 09/01/2045 | 10095 | &nbsp;&nbsp; 10095000 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 9990 | &nbsp;&nbsp; 10183694 |
| Series 2023 B, VRD Ref. RB (LOC - TD Bank, N.A.)<sup>(e)(h)</sup> <br>| 1.88% | 12/01/2043 | 6320 | &nbsp;&nbsp; 6320000 |

---

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

**13**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |
| Philadelphia (City of), PA; |  |  |  |  |
| Fourteenth Series 2016, Ref. RB | 5.00% | 10/01/2031 | $3270 | &nbsp;&nbsp; $3321294 |
| Fourteenth Series 2016, Ref. RB | 5.00% | 10/01/2032 | 1400 | &nbsp;&nbsp; 1421716 |
| Series 2017 A, Ref. RB | 5.00% | 07/01/2042 | 1740 | &nbsp;&nbsp; 1776519 |
| Philadelphia (City of), PA Housing Authority (PHADC Acquition Program); Series 2025, RB | 5.00% | 03/01/2027 | 1400 | &nbsp;&nbsp; 1433957 |
| Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00% | 07/01/2028 | 530 | &nbsp;&nbsp; 534308 |
|  |  |  |  | &nbsp;&nbsp; 50859247 |
| **Puerto Rico–0.37%** | **Puerto Rico–0.37%** | **Puerto Rico–0.37%** | **Puerto Rico–0.37%** | **Puerto Rico–0.37%** |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| Series 2005 RR, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2026 | 100 | &nbsp;&nbsp; 100409 |
| Series 2005 RR, RB (INS - SGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2026 | 3905 | &nbsp;&nbsp; 3920987 |
| Series 2005 RR, RB (INS - SGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2027 | 1505 | &nbsp;&nbsp; 1505488 |
| Series 2008 WW, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 07/01/2033 | 500 | &nbsp;&nbsp; 500212 |
|  |  |  |  | &nbsp;&nbsp; 6027096 |
| **Rhode Island–1.87%** | **Rhode Island–1.87%** | **Rhode Island–1.87%** | **Rhode Island–1.87%** | **Rhode Island–1.87%** |
| Bristol Warren Regional School District; Series 2025-1, GO Notes | 5.00% | 06/04/2026 | 12400 | &nbsp;&nbsp; 12479197 |
| Rhode Island Health & Educational Building Corp. (Higher Education Facilities- Brown); <br> Series 2005 A, VRD RB<sup>(e)</sup> <br>| 1.90% | 05/01/2035 | 7500 | &nbsp;&nbsp; 7500000 |
| Rhode Island Housing & Mortgage Finance Corp. (Green Bonds); Series 2024 1-A, RB (CEP - <br> Federal Housing Administration)<sup>(d)</sup> <br>| 3.60% | 10/01/2027 | 3000 | &nbsp;&nbsp; 3002330 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2026 | 1145 | &nbsp;&nbsp; 1147067 |
| Series 2015 B, Ref. RB | 4.50% | 06/01/2045 | 6085 | &nbsp;&nbsp; 6084837 |
|  |  |  |  | &nbsp;&nbsp; 30213431 |
| **South Carolina–1.20%** | **South Carolina–1.20%** | **South Carolina–1.20%** | **South Carolina–1.20%** | **South Carolina–1.20%** |
| Corp ForGreer (City Improvement); Series 2025, RB | 5.00% | 09/01/2028 | 150 | &nbsp;&nbsp; 160093 |
| Florence & Darlington (Counties of), SC Commission for Technical Education; Series 2014, Ref. <br> RB<br>| 5.00% | 03/01/2028 | 620 | &nbsp;&nbsp; 621253 |
| Piedmont Municipal Power Agency; Series 2021 C, Ref. RB | 5.00% | 01/01/2032 | 4000 | &nbsp;&nbsp; 4077109 |
| South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & <br> South of Broad Healthcare);<br>|  |  |  |  |
| Series 2024, RB | 5.00% | 11/15/2027 | 250 | &nbsp;&nbsp; 257436 |
| Series 2024, RB | 5.00% | 11/15/2028 | 275 | &nbsp;&nbsp; 287455 |
| Series 2024, RB | 5.00% | 11/15/2029 | 250 | &nbsp;&nbsp; 264759 |
| Series 2024, RB | 5.00% | 11/15/2030 | 250 | &nbsp;&nbsp; 267462 |
| Series 2024, RB | 5.00% | 11/15/2031 | 280 | &nbsp;&nbsp; 302614 |
| South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health); <br> Series 2025, Ref. RB<sup>(d)</sup> <br>| 5.00% | 11/01/2030 | 3140 | &nbsp;&nbsp; 3467925 |
| South Carolina (State of) Public Service Authority; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 1885 | &nbsp;&nbsp; 1897365 |
| Series 2016 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2032 | 5000 | &nbsp;&nbsp; 5031281 |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2035 | 1750 | &nbsp;&nbsp; 1759464 |
| Series 2025 B, Ref. RB | 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1020888 |
|  |  |  |  | &nbsp;&nbsp; 19415104 |
| **Tennessee–1.74%** | **Tennessee–1.74%** | **Tennessee–1.74%** | **Tennessee–1.74%** | **Tennessee–1.74%** |
| Clarksville (City of), TN; |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 09/01/2026 | 1000 | &nbsp;&nbsp; 1014203 |
| Series 2025, Ref. RB | 5.00% | 09/01/2027 | 1220 | &nbsp;&nbsp; 1271154 |
| Knoxville (City of), TN Industrial Development Board (Maplehurst Park Apartments); <br> Series 2025, RB<sup>(b)</sup> <br>| 4.25% | 11/01/2030 | 1500 | &nbsp;&nbsp; 1505308 |
| Metropolitan Nashville Airport Authority (The); Series 2026 B, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2040 | 1375 | &nbsp;&nbsp; 1540488 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The); Series 2022, RB<br>| 3.35% | 04/01/2026 | 2000 | &nbsp;&nbsp; 2000853 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Parkwood Villa Apts); Series 2025, RB<sup>(d)</sup> <br>| 3.15% | 12/01/2027 | 2700 | &nbsp;&nbsp; 2717909 |
| Shelby (County of), TN; Series 2022 A, GO Bonds | 5.00% | 04/01/2031 | 1980 | &nbsp;&nbsp; 2246307 |
| Tennessee Energy Acquisition Corp.; Series 2006 C, RB | 5.00% | 02/01/2027 | 1130 | &nbsp;&nbsp; 1144014 |

---

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

**14**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** |
| Tennessee Energy Acquisition Corp. (Gas); Series 2023 A-1, Ref. RB<sup>(d)</sup> <br>| 5.00% | 05/01/2028 | $7415 | &nbsp;&nbsp; $7746272 |
| Tennessee Housing Development Agency (Social Bonds); Series 2022, RB | 5.50% | 01/01/2053 | 2620 | &nbsp;&nbsp; 2763839 |
| Williamson (County of), TN Industrial Development Board; Series 2023, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2027 | 4125 | &nbsp;&nbsp; 4189847 |
|  |  |  |  | &nbsp;&nbsp; 28140194 |
| **Texas–9.82%** | **Texas–9.82%** | **Texas–9.82%** | **Texas–9.82%** | **Texas–9.82%** |
| Abilene (City of), TX; Series 2025, Ref. GO Bonds | 5.00% | 02/15/2027 | 1000 | &nbsp;&nbsp; 1026503 |
| Alvin College; Series 2025, Ref. GO Bonds | 5.00% | 02/15/2027 | 1440 | &nbsp;&nbsp; 1475549 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2025, <br> Ref. RB<sup>(b)</sup> <br>| 5.00% | 06/15/2030 | 2500 | &nbsp;&nbsp; 2594811 |
| Austin (City of), TX; Series 2025, Ref. GO Bonds | 5.00% | 09/01/2031 | 2500 | &nbsp;&nbsp; 2860797 |
| Austin Independent School District; Series 2017, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 08/01/2035 | 1160 | &nbsp;&nbsp; 1168983 |
| Board of Regents of the University of Texas System; Series 2025 A, RB | 5.00% | 08/15/2026 | 500 | &nbsp;&nbsp; 506593 |
| Boerne Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(d)</sup> <br>| 3.85% | 12/01/2027 | 2405 | &nbsp;&nbsp; 2458095 |
| Brooks Development Authority; Series 2025 B, Ref. RB<sup>(b)(d)</sup> <br>| 5.00% | 08/15/2032 | 1500 | &nbsp;&nbsp; 1596807 |
| Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream <br> Texas LLC); Series 2021, RN<sup>(b)(c)</sup> <br>| 3.63% | 07/01/2026 | 2200 | &nbsp;&nbsp; 2174695 |
| Central Texas Regional Mobility Authority; Series 2021 C, RB | 5.00% | 01/01/2027 | 5700 | &nbsp;&nbsp; 5731504 |
| Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2025, Ref. RB (CEP - Texas <br> Permanent School Fund)<br>| 5.00% | 08/15/2026 | 775 | &nbsp;&nbsp; 783951 |
| Conroe Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2037 | 2000 | &nbsp;&nbsp; 2340741 |
| Crowley Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/01/2027 | 965 | &nbsp;&nbsp; 989785 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2025 A-2, <br> RB<sup>(c)(d)</sup> <br>| 5.00% | 11/01/2029 | 3000 | &nbsp;&nbsp; 3219612 |
| Dallas (City of), TX; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 10/01/2032 | 3940 | &nbsp;&nbsp; 3947479 |
| Series 2017, RB | 5.00% | 10/01/2031 | 1745 | &nbsp;&nbsp; 1818968 |
| Dallas (City of), TX (Palladium Bucker Station); Series 2025, RB<sup>(d)</sup> <br>| 3.05% | 08/01/2028 | 4000 | &nbsp;&nbsp; 4038463 |
| Dallas College; Series 2022, GO Bonds | 5.00% | 02/15/2035 | 3250 | &nbsp;&nbsp; 3255730 |
| Denton (City of), TX; |  |  |  |  |
| Series 2017, RB | 5.00% | 12/01/2030 | 1320 | &nbsp;&nbsp; 1347476 |
| Series 2017, RB | 5.00% | 12/01/2035 | 3240 | &nbsp;&nbsp; 3299278 |
| DeSoto Independent School District; Series 2015 B, Ref. GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/15/2032 | 2000 | &nbsp;&nbsp; 2003858 |
| Dripping Springs Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2031 | 1000 | &nbsp;&nbsp; 1127586 |
| Ector County Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/15/2027 | 2015 | &nbsp;&nbsp; 2098466 |
| Forney Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/15/2028 | 750 | &nbsp;&nbsp; 801437 |
| Fort Bend (County of), TX; Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 03/01/2028 | 1000 | &nbsp;&nbsp; 1053872 |
| Friendswood Independent School District; Series 2024, GO Notes | 5.00% | 02/15/2031 | 1280 | &nbsp;&nbsp; 1282775 |
| Garland (City of), TX; |  |  |  |  |
| Series 2016 B, RB<sup>(d)(i)</sup> <br>| 5.00% | 03/01/2026 | 1000 | &nbsp;&nbsp; 1000000 |
| Series 2016 B, RB<sup>(d)(i)</sup> <br>| 5.00% | 03/01/2026 | 1000 | &nbsp;&nbsp; 1000000 |
| Series 2016 B, RB<sup>(d)(i)</sup> <br>| 5.00% | 03/01/2026 | 1000 | &nbsp;&nbsp; 1000000 |
| Series 2026, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 03/01/2041 | 375 | &nbsp;&nbsp; 425270 |
| Series 2026, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 03/01/2042 | 475 | &nbsp;&nbsp; 534317 |
| Grapevine-Colleyville Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas <br> Permanent School Fund)<br>| 5.00% | 08/15/2030 | 3500 | &nbsp;&nbsp; 3924875 |
| Greenville Independent School District; Series 2026, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2040 | 1500 | &nbsp;&nbsp; 1731679 |
| Harris & Montgomery (Counties of), TX Municipal Utility District No. 386; Series 2014, GO <br> Bonds (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 09/01/2030 | 620 | &nbsp;&nbsp; 620553 |
| Harris (County of), TX; Series 2016 A, Ref. RB | 5.00% | 08/15/2034 | 1685 | &nbsp;&nbsp; 1702427 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); <br> Series 2016, RB<br>| 5.00% | 07/01/2038 | 1605 | &nbsp;&nbsp; 1614904 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project); Series 2017, Ref. RB | 5.00% | 11/15/2033 | 3675 | &nbsp;&nbsp; 3820225 |

---

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

**15**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Irving Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2028 | $425 | &nbsp;&nbsp; $448897 |
| Katy Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 1500 | &nbsp;&nbsp; 1542200 |
| Klein Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 08/01/2029 | 2000 | &nbsp;&nbsp; 2183959 |
| La Porte (County of), TX; Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 2720 | &nbsp;&nbsp; 3069756 |
| La Vernia (City of), TX; Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 1000 | &nbsp;&nbsp; 1104032 |
| Lamar Consolidated Independent School District; Series 2018, GO Bonds (CEP - Texas <br> Permanent School Fund)<br>| 5.00% | 02/15/2043 | 1000 | &nbsp;&nbsp; 1013961 |
| Leander Independent School District; |  |  |  |  |
| Series 2025 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)<sup>(f)</sup> <br>| 0.00% | 08/15/2026 | 800 | &nbsp;&nbsp; 791415 |
| Series 2025 B, Ref. GO Bonds<sup>(f)</sup> <br>| 0.00% | 08/15/2026 | 1400 | &nbsp;&nbsp; 1384543 |
| Lower Colorado River Authority; Series 2016, Ref. RB | 5.00% | 05/15/2032 | 350 | &nbsp;&nbsp; 351825 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2025, Ref. RB | 5.00% | 05/15/2026 | 1000 | &nbsp;&nbsp; 1005815 |
| Lubbock (City of), TX; Series 2025, RB | 5.00% | 02/15/2036 | 1160 | &nbsp;&nbsp; 1362486 |
| Lubbock Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2031 | 1540 | &nbsp;&nbsp; 1734944 |
| Mansfield Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2028 | 1725 | &nbsp;&nbsp; 1821314 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(b)(c)</sup> <br>| 4.63% | 10/01/2031 | 935 | &nbsp;&nbsp; 938859 |
| Mission Economic Development Corp. (Republic Services, Inc.); Series 2020 A, VRD RB<sup>(c)(e)</sup> <br>| 3.00% | 05/01/2050 | 2885 | &nbsp;&nbsp; 2885588 |
| Mueller Local Government Corp.; Series 2009, RB | 4.25% | 09/01/2029 | 30 | &nbsp;&nbsp; 30040 |
| New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, <br> Ref. RB<sup>(b)</sup> <br>| 4.00% | 08/15/2027 | 1040 | &nbsp;&nbsp; 1040521 |
| North East Texas Regional Mobility Authority; Series 2025 A, Ref. RB | 5.00% | 01/01/2033 | 500 | &nbsp;&nbsp; 570928 |
| North Harris (County of), TX Regional Water Authority; Series 2013, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 12/15/2030 | 205 | &nbsp;&nbsp; 205435 |
| North Texas Municipal Water District; Series 2025, Ref. RB | 5.00% | 09/01/2030 | 1750 | &nbsp;&nbsp; 1959815 |
| North Texas Tollway Authority; Series 2017 A, Ref. RB | 5.00% | 01/01/2032 | 4265 | &nbsp;&nbsp; 4358363 |
| Pearland Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2037 | 1250 | &nbsp;&nbsp; 1465121 |
| Pecos Barstow Toyah Independent School District; |  |  |  |  |
| Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 1350 | &nbsp;&nbsp; 1351427 |
| Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 1885 | &nbsp;&nbsp; 1886545 |
| Permanent University Fund - University of Texas System; Series 2025 A, Ref. RB | 5.00% | 07/01/2036 | 6695 | &nbsp;&nbsp; 8099326 |
| Plano (City of), TX; Series 2023, Ref. GO Bonds | 5.00% | 09/01/2036 | 3370 | &nbsp;&nbsp; 3843690 |
| Prosper Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2037 | 1750 | &nbsp;&nbsp; 2062690 |
| Round Rock Independent School District; Series 2025 C, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/01/2027 | 2500 | &nbsp;&nbsp; 2602581 |
| San Antonio (City of), TX; |  |  |  |  |
| Series 2024 A, VRD GO Bonds<sup>(e)</sup> <br>| 1.10% | 05/01/2054 | 8000 | &nbsp;&nbsp; 8000000 |
| Series 2026 A, RB<sup>(d)</sup> <br>| 2.90% | 12/01/2027 | 1000 | &nbsp;&nbsp; 1001867 |
| San Antonio Independent School District; Series 2016, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/15/2031 | 1615 | &nbsp;&nbsp; 1632801 |
| Sherman Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2028 | 800 | &nbsp;&nbsp; 844667 |
| Tarrant (County of), TX Regional Water District; Series 2015, Ref. RB | 5.00% | 03/01/2028 | 1055 | &nbsp;&nbsp; 1057065 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health); <br> Series 2016, Ref. RB<sup>(d)(i)</sup> <br>| 5.00% | 05/15/2026 | 1020 | &nbsp;&nbsp; 1025359 |
| Texas (State of) Water Development Board; Series 2025, RB | 5.00% | 04/15/2032 | 2000 | &nbsp;&nbsp; 2316161 |
| Texas (State of) Water Development Board (State Water Implementation Fund); Series 2015 A, <br> RB<br>| 5.00% | 10/15/2031 | 2875 | &nbsp;&nbsp; 2879956 |
| Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap <br> Index + 0.55%)<sup>(j)</sup> <br>| 2.43% | 09/15/2027 | 6305 | &nbsp;&nbsp; 6294495 |
| Texas Municipal Gas Acquisition & Supply Corp. VI; |  |  |  |  |
| Series 2025, RB | 5.00% | 01/01/2027 | 400 | &nbsp;&nbsp; 407032 |
| Series 2025, RB | 5.00% | 01/01/2028 | 275 | &nbsp;&nbsp; 285223 |
| Series 2025, RB | 5.00% | 01/01/2029 | 500 | &nbsp;&nbsp; 526728 |
| Tomball Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2030 | 1300 | &nbsp;&nbsp; 1436279 |

---

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

**16**

**Invesco Short Term Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| University of Houston; |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 02/15/2033 | $2275 | &nbsp;&nbsp; $2278127 |
| Series 2017 A, Ref. RB | 5.00% | 02/15/2034 | 5000 | &nbsp;&nbsp; 5006397 |
| West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/15/2030 | 45 | &nbsp;&nbsp; 46809 |
| Wink-Loving Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2034 | 500 | &nbsp;&nbsp; 506420 |
|  |  |  |  | &nbsp;&nbsp; 159039526 |
| **Utah–0.58%** | **Utah–0.58%** | **Utah–0.58%** | **Utah–0.58%** | **Utah–0.58%** |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment); Series 2025, RB <br> (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/01/2027 | 1000 | &nbsp;&nbsp; 1032466 |
| Local Building Authority of Alpine School District (West School District); |  |  |  |  |
| Series 2025, RB | 5.00% | 03/15/2029 | 1000 | &nbsp;&nbsp; 1084734 |
| Series 2025, RB | 5.00% | 03/15/2030 | 1000 | &nbsp;&nbsp; 1110927 |
| Ogden City School District; Series 2020, GO Bonds (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2029 | 1000 | &nbsp;&nbsp; 1091353 |
| Utah Housing Corp. (Liberty Corner); Series 2025, RB<sup>(d)</sup> <br>| 3.00% | 09/01/2029 | 3300 | &nbsp;&nbsp; 3324088 |
| Utah Transit Authority; Series 2025, Ref. RB | 5.00% | 12/15/2028 | 1600 | &nbsp;&nbsp; 1725592 |
|  |  |  |  | &nbsp;&nbsp; 9369160 |
| **Vermont–0.14%** | **Vermont–0.14%** | **Vermont–0.14%** | **Vermont–0.14%** | **Vermont–0.14%** |
| Vermont Municipal Bond Bank; Series 2025, Ref. RB | 5.00% | 12/01/2031 | 2000 | &nbsp;&nbsp; 2294914 |
| **Virginia–0.32%** | **Virginia–0.32%** | **Virginia–0.32%** | **Virginia–0.32%** | **Virginia–0.32%** |
| Virginia (Commonwealth of) Port Authority; |  |  |  |  |
| Series 2025, RB | 5.00% | 07/01/2027 | 675 | &nbsp;&nbsp; 699266 |
| Series 2025, RB | 5.00% | 07/01/2030 | 510 | &nbsp;&nbsp; 567728 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); <br> Series 2023 B-3, RB<br>| 5.38% | 09/01/2029 | 1850 | &nbsp;&nbsp; 1869779 |
| Wise County Industrial Development Authority; Series 2009, RB<sup>(d)</sup> <br>| 3.13% | 10/01/2030 | 2000 | &nbsp;&nbsp; 2038622 |
|  |  |  |  | &nbsp;&nbsp; 5175395 |
| **Washington–2.24%** | **Washington–2.24%** | **Washington–2.24%** | **Washington–2.24%** | **Washington–2.24%** |
| Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)<sup>(a)</sup> <br>| 4.75% | 02/01/2028 | 640 | &nbsp;&nbsp; 644072 |
| Energy Northwest; Series 2025 A, Ref. RB | 5.00% | 07/01/2027 | 5000 | &nbsp;&nbsp; 5193150 |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 5 | &nbsp;&nbsp; 5003 |
| King (County of), WA; Series 2025, VRD RB<sup>(e)</sup> <br>| 1.00% | 01/01/2065 | 2000 | &nbsp;&nbsp; 2000000 |
| King County School District No. 401 Highline; Series 2025, GO Bonds (CEP - Oregon School <br> Bond Guaranty)<br>| 5.00% | 12/01/2036 | 700 | &nbsp;&nbsp; 828071 |
| Lewis (County of), WA Public Utility District No. 1; Series 2013, Ref. RB | 5.25% | 04/01/2032 | 5000 | &nbsp;&nbsp; 5035513 |
| Seattle (City of), WA; Series 2025, Ref. RB | 5.00% | 02/01/2030 | 1000 | &nbsp;&nbsp; 1107033 |
| Seattle (Port of), WA; Series 2017, GO Bonds | 5.00% | 01/01/2036 | 4000 | &nbsp;&nbsp; 4082830 |
| Snohomish County Public Utility District No.1 Generation System Revenue; Series 2025 B, Ref. <br> RB<br>| 5.00% | 12/01/2036 | 1000 | &nbsp;&nbsp; 1194433 |
| Vancouver Housing Authority; Series 2026, RB | 5.00% | 08/01/2029 | 800 | &nbsp;&nbsp; 844927 |
| Washington (State of); |  |  |  |  |
| Series 2016 B, GO Bonds | 5.00% | 08/01/2031 | 1205 | &nbsp;&nbsp; 1219637 |
| Series 2025 A, GO Bonds | 5.00% | 08/01/2032 | 2690 | &nbsp;&nbsp; 3128378 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services); |  |  |  |  |
| Series 2012 A, RB | 5.00% | 10/01/2026 | 2540 | &nbsp;&nbsp; 2542276 |
| Series 2012 A, RB | 5.00% | 10/01/2027 | 2415 | &nbsp;&nbsp; 2421947 |
| Series 2012 A, RB | 5.00% | 10/01/2028 | 165 | &nbsp;&nbsp; 165516 |
| Series 2012 A, RB | 4.25% | 10/01/2040 | 2800 | &nbsp;&nbsp; 2800023 |
| Washington State University; Series 2025, Ref. RB | 5.00% | 04/01/2035 | 2490 | &nbsp;&nbsp; 2962785 |
|  |  |  |  | &nbsp;&nbsp; 36175594 |
| **West Virginia–0.26%** | **West Virginia–0.26%** | **West Virginia–0.26%** | **West Virginia–0.26%** | **West Virginia–0.26%** |
| West Virginia (State of) Economic Development Authority (Commercial Metals Co.); <br> Series 2025, RB<sup>(c)(d)</sup> <br>| 4.63% | 05/15/2032 | 1000 | &nbsp;&nbsp; 1029997 |
| West Virginia (State of) Economic Development Authority (Appalachain Power Company- AMOS <br> Project); Series 2011 A, RB<sup>(c)(d)</sup> <br>| 3.30% | 09/01/2028 | 2000 | &nbsp;&nbsp; 2029545 |

---

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

**17**

**Invesco Short Term Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group); Series 2017, RB<br>| 5.00% | 06/01/2035 |  | $1100 | &nbsp;&nbsp; $1126518 |
|  |  |  |  |  | &nbsp;&nbsp; 4186060 |
| **Wisconsin–2.60%** | **Wisconsin–2.60%** | **Wisconsin–2.60%** | **Wisconsin–2.60%** | **Wisconsin–2.60%** | **Wisconsin–2.60%** |
| Central Brown (County of), WI Water Authority; Series 2024 A, Ref. RB | 5.00% | 11/01/2026 |  | 1455 | &nbsp;&nbsp; 1480822 |
| Somers (Village of), WI; Series 2018 B, Ref. RB | 4.85% | 06/01/2036 |  | 1235 | &nbsp;&nbsp; 1236190 |
| University of Wisconsin Hospitals & Clinics; Series 2024 C, Ref. VRD RB<sup>(e)</sup> <br>| 1.05% | 04/01/2054 |  | 4500 | &nbsp;&nbsp; 4500000 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group); <br> Series 2016 A, Ref. RB<br>| 5.00% | 11/15/2039 |  | 1350 | &nbsp;&nbsp; 1354208 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); |  |  |  |  |  |
| Series 2013, RB | 5.00% | 08/15/2026 |  | 100 | &nbsp;&nbsp; 100271 |
| Series 2013, RB | 5.00% | 08/15/2027 |  | 800 | &nbsp;&nbsp; 802099 |
| Wisconsin (State of) Health & Educational Facilities Authority (Forensic Science and Protective <br> Medicine Facility); Series 2024, RB<sup>(b)</sup> <br>| 5.00% | 08/01/2027 |  | 7770 | &nbsp;&nbsp; 7822547 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Corp.); <br> Series 2026, Ref. RB<sup>(d)</sup> <br>| 5.00% | 12/01/2033 |  | 5000 | &nbsp;&nbsp; 5652973 |
| Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health); |  |  |  |  |  |
| Series 2014 A, RB | 5.00% | 12/01/2028 |  | 980 | &nbsp;&nbsp; 983112 |
| Series 2014 A, RB | 5.00% | 12/01/2029 |  | 1475 | &nbsp;&nbsp; 1478640 |
| Wisconsin (State of) Housing & Economic Development Authority; Series 2023 E, RB<sup>(d)</sup> <br>| 3.88% | 05/01/2027 |  | 1705 | &nbsp;&nbsp; 1706106 |
| Wisconsin (State of) Public Finance Authority; Series 2026, RB<sup>(b)(c)(d)</sup> <br>| 6.00% | 01/01/2031 |  | 1000 | &nbsp;&nbsp; 1024395 |
| Wisconsin (State of) Public Finance Authority (Campo Del Sol); Series 2025, RB<sup>(b)(f)</sup> <br>| 0.00% | 12/15/2033 |  | 1528 | &nbsp;&nbsp; 939658 |
| Wisconsin (State of) Public Finance Authority (Cincinnati Classical Academy); Series 2024, <br> RB<sup>(b)</sup> <br>| 5.25% | 06/15/2035 |  | 1070 | &nbsp;&nbsp; 1070546 |
| Wisconsin (State of) Public Finance Authority (Duke Energy Progress); Series 2022, Ref. RB<sup>(d)</sup> <br>| 3.30% | 10/01/2026 |  | 1745 | &nbsp;&nbsp; 1750874 |
| Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development);<br>|  |  |  |  |  |
| Series 2016, RB | 5.00% | 03/01/2030 |  | 2375 | &nbsp;&nbsp; 2379301 |
| Series 2016, RB | 5.00% | 03/01/2032 |  | 4315 | &nbsp;&nbsp; 4322438 |
| Series 2016, RB | 5.00% | 03/01/2035 |  | 2000 | &nbsp;&nbsp; 2002828 |
| Wisconsin (State of) Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(b)(f)</sup> <br>| 0.00% | 12/15/2039 |  | 3000 | &nbsp;&nbsp; 1082087 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 <br> A, RB<br>| 5.00% | 12/01/2027 |  | 450 | &nbsp;&nbsp; 457612 |
|  |  |  |  |  | &nbsp;&nbsp; 42146707 |
| Total Municipal Obligations (Cost $1,553,969,145) | Total Municipal Obligations (Cost $1,553,969,145) | Total Municipal Obligations (Cost $1,553,969,145) | Total Municipal Obligations (Cost $1,553,969,145) |  | &nbsp;&nbsp; 1569558403 |
|  |  |  | **Shares** | **Shares** |  |
| **Exchange-Traded Funds–0.05%** | **Exchange-Traded Funds–0.05%** | **Exchange-Traded Funds–0.05%** | **Exchange-Traded Funds–0.05%** | **Exchange-Traded Funds–0.05%** | **Exchange-Traded Funds–0.05%** |
| Invesco Rochester High Yield Municipal ETF <br>(Cost $872,950)<sup>(k)</sup> <br>|  |  |  | 17000 | &nbsp;&nbsp; 874990 |
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** |  |
| **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** |
| **California–0.00%** | **California–0.00%** | **California–0.00%** | **California–0.00%** | **California–0.00%** | **California–0.00%** |
| CalPlant I LLC; Exit Facility <br>(Cost $75,000)<sup>(b)(l)</sup> <br>| 15.00% | 02/28/2027 |  | $75 | &nbsp;&nbsp; 14716 |
|  |  |  | **Shares** | **Shares** |  |
| **MuniFund Preferred Shares–1.17%** | **MuniFund Preferred Shares–1.17%** | **MuniFund Preferred Shares–1.17%** | **MuniFund Preferred Shares–1.17%** | **MuniFund Preferred Shares–1.17%** | **MuniFund Preferred Shares–1.17%** |
| Nuveen AMT-Free Quality Municipal Income Fund; MFP, Series D | 2.33% |  |  | 10000000 | &nbsp;&nbsp; 10000000 |
| Nuveen AMT-Free Quality Municipal Income Fund<sup>(b)</sup> <br>| 2.33% |  |  | 8880000 | &nbsp;&nbsp; 8880000 |
| Total MuniFund Preferred Shares (Cost $18,880,000) | Total MuniFund Preferred Shares (Cost $18,880,000) | Total MuniFund Preferred Shares (Cost $18,880,000) | Total MuniFund Preferred Shares (Cost $18,880,000) |  | &nbsp;&nbsp; 18880000 |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025 <br>(Cost $0)<sup>(l)</sup> <br>|  |  |  | 12000 | &nbsp;&nbsp; 18000 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–98.17% (Cost $1,573,797,095) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–98.17% (Cost $1,573,797,095) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–98.17% (Cost $1,573,797,095) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–98.17% (Cost $1,573,797,095) |  | &nbsp;&nbsp; 1589346109 |
| OTHER ASSETS LESS LIABILITIES–1.83% | OTHER ASSETS LESS LIABILITIES–1.83% | OTHER ASSETS LESS LIABILITIES–1.83% | OTHER ASSETS LESS LIABILITIES–1.83% |  | &nbsp;&nbsp; 29636731 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1618982840 |

---

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

**18**

**Invesco Short Term Municipal Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| LOC | – Letter of Credit |
| MFP | – MuniFund Preferred Shares |
| NATL | – National Public Finance Guarantee Corp. |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| SGI | – Syncora Guarantee, Inc. |
| SIFMA | – Securities Industry and Financial Markets Association |
| SOFR | – Secured Overnight Financing Rate |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<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 February 28, 2026 was $103,734,053, which represented 6.41% of the Fund's Net Assets. 

<sup>(c)</sup> Security subject to the alternative minimum tax.

<sup>(d)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(e)</sup> Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2026. 

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

<sup>(g)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $663,247, which represented less than 1% of the Fund's Net Assets.

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

<sup>(i)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(j)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<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 February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Rochester High Yield Municipal ETF | $844625 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30365 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $874990 | &nbsp;&nbsp; $22185 |

---

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

<sup>(m)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's obligations but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each. 

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

**19**

**Invesco Short Term Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,572,924,145)<br>| &nbsp;&nbsp; $1588471119 |
| Investments in affiliates, at value <br>(Cost $872,950)<br>| &nbsp;&nbsp; 874990 |
| Cash | &nbsp;&nbsp; 37712284 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 6023338 |
| Fund shares sold | &nbsp;&nbsp; 2226710 |
| Interest | &nbsp;&nbsp; 16925168 |
| Investments matured, at value (Cost $926,990) | &nbsp;&nbsp; 11318 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 69100 |
| Other assets | &nbsp;&nbsp; 82725 |
| Total assets | &nbsp;&nbsp; 1652396752 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 29698831 |
| Dividends | &nbsp;&nbsp; 1447167 |
| Fund shares reacquired | &nbsp;&nbsp; 1767443 |
| Accrued fees to affiliates | &nbsp;&nbsp; 360840 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2690 |
| Accrued other operating expenses | &nbsp;&nbsp; 67841 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 69100 |
| Total liabilities | &nbsp;&nbsp; 33413912 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1618982840 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1646729370 |
| Distributable earnings (loss) | &nbsp;&nbsp; (27746530)<br>|
|  | &nbsp;&nbsp; $1618982840 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $520631443 |
| Class Y | &nbsp;&nbsp; $998699879 |
| Class R6 | &nbsp;&nbsp; $99651518 |
| **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; 139380914 |
| Class Y | &nbsp;&nbsp; 267372508 |
| Class R6 | &nbsp;&nbsp; 26597573 |
| Class A: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.74 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.74 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.75 |

---

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

**20**

**Invesco Short Term Municipal Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $28119112 |
| Dividends from affiliates | &nbsp;&nbsp; 22185 |
| Total investment income | &nbsp;&nbsp; 28141297 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3063899 |
| Administrative services fees | &nbsp;&nbsp; 112264 |
| Custodian fees | &nbsp;&nbsp; 3724 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 606472 |
| Transfer agent fees — A and Y | &nbsp;&nbsp; 636221 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 7852 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15959 |
| Registration and filing fees | &nbsp;&nbsp; 69780 |
| Reports to shareholders | &nbsp;&nbsp; 26710 |
| Professional services fees | &nbsp;&nbsp; 58012 |
| Other | &nbsp;&nbsp; 8955 |
| Total expenses | &nbsp;&nbsp; 4609848 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (1397)<br>|
| Net expenses | &nbsp;&nbsp; 4608451 |
| Net investment income | &nbsp;&nbsp; 23532846 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(79247)) | &nbsp;&nbsp; 1201629 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 9335158 |
| Affiliated investment securities | &nbsp;&nbsp; 30365 |
|  | &nbsp;&nbsp; 9365523 |
| Net realized and unrealized gain | &nbsp;&nbsp; 10567152 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $34099998 |

---

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

**21**

**Invesco Short Term Municipal Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $23532846 | &nbsp;&nbsp; $48098285 |
| Net realized gain (loss) | &nbsp;&nbsp; 1201629 | &nbsp;&nbsp; (1464424)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 9365523 | &nbsp;&nbsp; (4539025)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 34099998 | &nbsp;&nbsp; 42094836 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (6981137)<br>| &nbsp;&nbsp; (14436044)<br>|
| Class Y | &nbsp;&nbsp; (15457501)<br>| &nbsp;&nbsp; (34218730)<br>|
| Class R6 | &nbsp;&nbsp; (1568538)<br>| &nbsp;&nbsp; (3203952)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (24007176)<br>| &nbsp;&nbsp; (51858726)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 58948016 | &nbsp;&nbsp; (8126574)<br>|
| Class Y | &nbsp;&nbsp; (14049520)<br>| &nbsp;&nbsp; (10103887)<br>|
| Class R6 | &nbsp;&nbsp; (6655336)<br>| &nbsp;&nbsp; 23421325 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 38243160 | &nbsp;&nbsp; 5190864 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 48335982 | &nbsp;&nbsp; (4573026)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1570646858 | &nbsp;&nbsp; 1575219884 |
| End of period | &nbsp;&nbsp; $1618982840 | &nbsp;&nbsp; $1570646858 |

---

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

**22**

**Invesco Short Term Municipal Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <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>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<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** |
| Six months ended 02/28/26 | $3.71 | $0.05 | $0.03 | $0.08 | $(0.05)<br>| $3.74 | 2.25<br> %<br>| $520631 | 0.77 %<sup>(d)</sup><br>| 0.77 %<sup>(d)</sup><br>| 0.77 %<sup>(d)</sup><br>| 2.81 %<sup>(d)</sup><br>| 20<br> %<br>|
| Year ended 08/31/25 | 3.73 | 0.11 | (0.01)<br>| 0.10 | (0.12)<br>| 3.71 | 2.66 | 458528 | 0.76 | 0.76 | 0.76 | 2.93 | 56 |
| Year ended 08/31/24 | 3.72 | 0.11 | 0.02 | 0.13 | (0.12)<br>| 3.73 | 3.53 | 469454 | 0.77 | 0.77 | 0.77 | 3.00 | 91 |
| Year ended 08/31/23 | 3.73 | 0.09 | (0.01)<br>| 0.08 | (0.09)<br>| 3.72 | 2.05 | 612000 | 0.74 | 0.74 | 0.74 | 2.51 | 92 |
| Year ended 08/31/22 | 3.79 | 0.02 | (0.06)<br>| (0.04)<br>| (0.02)<br>| 3.73 | (1.08)<br>| 1001761 | 0.75 | 0.75 | 0.74 | 0.57 | 114 |
| Year ended 08/31/21 | 3.79 | 0.02 | 0.01 | 0.03 | (0.03)<br>| 3.79 | 0.72 | 1581245 | 0.78 | 0.78 | 0.75 | 0.59 | 24 |
| **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 02/28/26 | 3.71 | 0.06 | 0.03 | 0.09 | (0.06)<br>| 3.74 | 2.38 | 998700 | 0.52 <br><sup>(d)</sup><br>| 0.52 <br><sup>(d)</sup><br>| 0.52 <br><sup>(d)</sup><br>| 3.06 <br><sup>(d)</sup><br>| 20 |
| Year ended 08/31/25 | 3.73 | 0.12 | (0.01)<br>| 0.11 | (0.13)<br>| 3.71 | 2.92 | 1006464 | 0.51 | 0.51 | 0.51 | 3.18 | 56 |
| Year ended 08/31/24 | 3.72 | 0.12 | 0.02 | 0.14 | (0.13)<br>| 3.73 | 3.80 | 1023037 | 0.52 | 0.52 | 0.52 | 3.25 | 91 |
| Year ended 08/31/23 | 3.73 | 0.10 | (0.01)<br>| 0.09 | (0.10)<br>| 3.72 | 2.30 | 1144013 | 0.49 | 0.49 | 0.49 | 2.76 | 92 |
| Year ended 08/31/22 | 3.80 | 0.03 | (0.07)<br>| (0.04)<br>| (0.03)<br>| 3.73 | (1.08)<br>| 1538307 | 0.50 | 0.50 | 0.49 | 0.82 | 114 |
| Year ended 08/31/21 | 3.79 | 0.03 | 0.02 | 0.05 | (0.04)<br>| 3.80 | 1.24 | 1764272 | 0.53 | 0.53 | 0.50 | 0.84 | 24 |
| **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 02/28/26 | 3.72 | 0.06 | 0.03 | 0.09 | (0.06)<br>| 3.75 | 2.41 | 99652 | 0.45 <br><sup>(d)</sup><br>| 0.45 <br><sup>(d)</sup><br>| 0.45 <br><sup>(d)</sup><br>| 3.13 <br><sup>(d)</sup><br>| 20 |
| Year ended 08/31/25 | 3.75 | 0.12 | (0.02)<br>| 0.10 | (0.13)<br>| 3.72 | 2.73 | 105654 | 0.43 | 0.43 | 0.43 | 3.26 | 56 |
| Year ended 08/31/24 | 3.73 | 0.12 | 0.03 | 0.15 | (0.13)<br>| 3.75 | 4.15 | 82729 | 0.45 | 0.45 | 0.45 | 3.32 | 91 |
| Year ended 08/31/23 | 3.75 | 0.11 | (0.03)<br>| 0.08 | (0.10)<br>| 3.73 | 2.10 | 62833 | 0.42 | 0.42 | 0.42 | 2.83 | 92 |
| Year ended 08/31/22 | 3.81 | 0.03 | (0.06)<br>| (0.03)<br>| (0.03)<br>| 3.75 | (0.75)<br>| 45727 | 0.44 | 0.44 | 0.43 | 0.88 | 114 |
| Year ended 08/31/21 | 3.80 | 0.03 | 0.02 | 0.05 | (0.04)<br>| 3.81 | 1.32 | 25405 | 0.44 | 0.44 | 0.41 | 0.93 | 24 |

---

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

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

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

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

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

**23**

**Invesco Short Term Municipal Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Short Term Municipal Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of three different classes of shares: Class A, Class Y and Class R6. Class Y shares are available only to certain investors. Class A, Class Y and Class R6 shares are sold at net asset value.

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

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, 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

**24**

**Invesco Short Term Municipal Fund**

------

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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 the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining a line of credit.

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

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

**J.** **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, portfolio managers and senior executives at the Adviser act 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.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell 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.** **Other Risks** - 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.

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.

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

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**25**

**Invesco Short Term Municipal 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 $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.370% |
| Over $5 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 February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.39%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

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 Y and Class R6 shares to 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, 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 Y and Class R6 shares of the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A shares (the "Plan"). The Fund, pursuant to the Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A shares. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by Class A shares of the Fund. For the six months ended February 28, 2026, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2026, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $0 from Class A shares for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

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

**26**

**Invesco Short Term Municipal Fund**

------

assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1569558403 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1569558403 |
| MuniFund Preferred Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18880000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18880000 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 874990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 874990 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14716 | &nbsp;&nbsp;&nbsp;&nbsp; 14716 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 874990 | &nbsp;&nbsp;&nbsp;&nbsp; 1588438403 | &nbsp;&nbsp;&nbsp;&nbsp; 32716 | &nbsp;&nbsp;&nbsp;&nbsp; 1589346109 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6413 | &nbsp;&nbsp;&nbsp;&nbsp; 4905 | &nbsp;&nbsp;&nbsp;&nbsp; 11318 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $874990 | &nbsp;&nbsp;&nbsp;&nbsp; $1588444816 | &nbsp;&nbsp;&nbsp;&nbsp; $37621 | &nbsp;&nbsp;&nbsp;&nbsp; $1589357427 |

---

**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2026, the Fund engaged in securities purchases of $58,300,726 and securities sales of $7,005,269, which resulted in net realized gains (losses) of $(79,247).

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,397.

**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. The Fund may have certain former Trustees who participated 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 August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $25684701 | &nbsp;&nbsp;&nbsp;&nbsp; $20170651 | &nbsp;&nbsp;&nbsp;&nbsp; $45855352 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $362,591,589 and $305,725,191, respectively. As of February 28, 2026, the aggregate cost of

**27**

**Invesco Short Term Municipal Fund**

------

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; $18883255 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3898960)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $14984295 |

---

Cost of investments for tax purposes is $1,574,373,132.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 38794387 | &nbsp;&nbsp;&nbsp; $144410046 | &nbsp;&nbsp;&nbsp; 36500673 | &nbsp;&nbsp;&nbsp; $135445347 |
| Class Y | &nbsp;&nbsp;&nbsp; 60474459 | &nbsp;&nbsp;&nbsp; 225123977 | &nbsp;&nbsp;&nbsp; 136086370 | &nbsp;&nbsp;&nbsp; 505203808 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4893594 | &nbsp;&nbsp;&nbsp; 18269480 | &nbsp;&nbsp;&nbsp; 17788742 | &nbsp;&nbsp;&nbsp; 66252436 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1422362 | &nbsp;&nbsp;&nbsp; 5298264 | &nbsp;&nbsp;&nbsp; 2846019 | &nbsp;&nbsp;&nbsp; 10573557 |
| Class Y | &nbsp;&nbsp;&nbsp; 2683916 | &nbsp;&nbsp;&nbsp; 9996300 | &nbsp;&nbsp;&nbsp; 5840533 | &nbsp;&nbsp;&nbsp; 21699366 |
| Class R6 | &nbsp;&nbsp;&nbsp; 98368 | &nbsp;&nbsp;&nbsp; 367330 | &nbsp;&nbsp;&nbsp; 166081 | &nbsp;&nbsp;&nbsp; 618553 |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (24381797)<br>| &nbsp;&nbsp;&nbsp; (90760294)<br>| &nbsp;&nbsp;&nbsp; (41511863)<br>| &nbsp;&nbsp;&nbsp; (154145478)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (66931543)<br>| &nbsp;&nbsp;&nbsp; (249169797)<br>| &nbsp;&nbsp;&nbsp; (144687708)<br>| &nbsp;&nbsp;&nbsp; (537007061)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6773922)<br>| &nbsp;&nbsp;&nbsp; (25292146)<br>| &nbsp;&nbsp;&nbsp; (11652725)<br>| &nbsp;&nbsp;&nbsp; (43449664)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 10279824 | &nbsp;&nbsp;&nbsp; $38243160 | &nbsp;&nbsp;&nbsp; 1376122 | &nbsp;&nbsp;&nbsp; $5190864 |

---

<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 66% 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.

**28**

**Invesco Short Term Municipal 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>**

Not applicable.

**29**

**Invesco Short Term Municipal Fund**

------

![](img3110a43b1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

O-STM-NCSRS

------

![](img1ab05c591.jpg)

------

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

**February 28, 2026**

**Invesco SMA Municipal Bond Fund**

Nasdaq:

SMBMX

------

---

| | |
|:---|:---|
| [2](#xx_3fdb8d38-def8-4038-a92e-9b31fc79e9be_SOI-Continued-901_1) | Schedule of Investments |
| [7](#xx_3fdb8d38-def8-4038-a92e-9b31fc79e9be_FS-Continued-901_1) | Financial Statements |
| [10](#xx_3fdb8d38-def8-4038-a92e-9b31fc79e9be_FS-Continued-901_4) | Financial Highlights |
| [11](#xx_3fdb8d38-def8-4038-a92e-9b31fc79e9be_NTF-Continued-901_1) | Notes to Financial Statements |
| [15](#xx_3fdb8d38-def8-4038-a92e-9b31fc79e9be_OIRSR-Continued-901_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026*

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–100.86%** | **Municipal Obligations–100.86%** | **Municipal Obligations–100.86%** | **Municipal Obligations–100.86%** | **Municipal Obligations–100.86%** |
| **Alabama–1.48%** | **Alabama–1.48%** | **Alabama–1.48%** | **Alabama–1.48%** | **Alabama–1.48%** |
| Baldwin (County of), AL Industrial Development Authority; Series 2026, RB<sup>(a)(b)(c)</sup> <br>| 4.30% | 03/01/2033 | $500 | &nbsp;&nbsp; $504341 |
| Black Belt Energy Gas District (Gas); Series 2025 C, RB<sup>(a)(c)</sup> <br>| 5.50% | 08/01/2034 | 1000 | &nbsp;&nbsp; 1094148 |
|  |  |  |  | &nbsp;&nbsp; 1598489 |
| **Arizona–8.60%** | **Arizona–8.60%** | **Arizona–8.60%** | **Arizona–8.60%** | **Arizona–8.60%** |
| Arizona (State of) Industrial Development Authority (American Charter Schools Foundation); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 6.00% | 07/01/2047 | 1200 | &nbsp;&nbsp; 1216772 |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(a)(d)</sup> <br>| 0.00% | 12/15/2034 | 1000 | &nbsp;&nbsp; 557871 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); |  |  |  |  |
| Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 250 | &nbsp;&nbsp; 256292 |
| Series 2025 A, RB | 5.00% | 07/01/2035 | 965 | &nbsp;&nbsp; 1045881 |
| Phoenix (City of), AZ Industrial Development Authority (Basis Schools) (The); Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2045 | 1500 | &nbsp;&nbsp; 1467724 |
| Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2016, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 | 1000 | &nbsp;&nbsp; 976027 |
| Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); <br> Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.63% | 06/15/2045 | 1250 | &nbsp;&nbsp; 1250033 |
| Pima (County of), AZ Industrial Development Authority (The) (Riverbend Prep); Series 2010, RB<sup>(a)</sup> <br>| 7.00% | 09/01/2037 | 954 | &nbsp;&nbsp; 954587 |
| Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy); Series 2025, <br> RB<br>| 6.25% | 06/15/2045 | 1500 | &nbsp;&nbsp; 1557445 |
|  |  |  |  | &nbsp;&nbsp; 9282632 |
| **California–3.24%** | **California–3.24%** | **California–3.24%** | **California–3.24%** | **California–3.24%** |
| California (State of) Housing Finance Agency; Series 2019 A-2, RB | 4.00% | 03/20/2033 | 213 | &nbsp;&nbsp; 221399 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup> <br>| 12.00% | 11/02/2026 | 545 | &nbsp;&nbsp; 294300 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 B, Ref. RB | 5.00% | 07/01/2037 | 1105 | &nbsp;&nbsp; 1124674 |
| California (State of) Public Finance Authority (Sunrise of Long Beach); Series 2025 A, RB<sup>(a)</sup> <br>| 6.00% | 06/01/2040 | 1250 | &nbsp;&nbsp; 1352696 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center); Series 2014, RB<br>| 5.50% | 12/01/2054 | 500 | &nbsp;&nbsp; 500697 |
|  |  |  |  | &nbsp;&nbsp; 3493766 |
| **Delaware–0.96%** | **Delaware–0.96%** | **Delaware–0.96%** | **Delaware–0.96%** | **Delaware–0.96%** |
| Delaware (State of) Economic Development Authority (NRG Energy); Series 2020 B, Ref. RB<sup>(c)</sup> <br>| 4.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1032701 |
| **District of Columbia–0.96%** | **District of Columbia–0.96%** | **District of Columbia–0.96%** | **District of Columbia–0.96%** | **District of Columbia–0.96%** |
| District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB | 6.75% | 05/15/2040 | 1000 | &nbsp;&nbsp; 1030958 |
| **Florida–7.56%** | **Florida–7.56%** | **Florida–7.56%** | **Florida–7.56%** | **Florida–7.56%** |
| Alachua (County of), FL Housing Finance Authority (Woodland Park II); Series 2025 B, RB<sup>(a)(c)</sup> <br>| 4.90% | 07/01/2028 | 1350 | &nbsp;&nbsp; 1368054 |
| Capital Projects Finance Authority (Kissimmee Charter Academy); Series 2024, RB<sup>(a)</sup> <br>| 6.13% | 06/15/2044 | 250 | &nbsp;&nbsp; 262515 |
| Capital Projects Finance Authority (Millenia Orlando); Series 2025 A, RB<sup>(a)</sup> <br>| 6.00% | 01/01/2035 | 500 | &nbsp;&nbsp; 534651 |
| Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019, RB | 5.00% | 12/15/2029 | 1320 | &nbsp;&nbsp; 1323835 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2024, Ref. RB <br> (INS - AGI)<sup>(b)(e)</sup> <br>| 5.00% | 07/01/2044 | 500 | &nbsp;&nbsp; 496442 |
| Florida Local Government Finance Commission (Bridgeprep Academy); Series 2025 A, RB<sup>(a)</sup> <br>| 5.50% | 06/15/2040 | 1290 | &nbsp;&nbsp; 1366648 |
| Miami Beach (City of), FL; Series 2017, Ref. RB | 5.00% | 09/01/2047 | 250 | &nbsp;&nbsp; 250173 |
| Polk (County of), FL Industrial Development Authority (Carpenter's Home Estates); Series 2019, Ref. <br> IDR<br>| 5.00% | 01/01/2039 | 2000 | &nbsp;&nbsp; 2030494 |
| Two Ridges Community Development District; Series 2025, RB | 5.75% | 05/01/2045 | 500 | &nbsp;&nbsp; 526031 |
|  |  |  |  | &nbsp;&nbsp; 8158843 |
| **Georgia–1.34%** | **Georgia–1.34%** | **Georgia–1.34%** | **Georgia–1.34%** | **Georgia–1.34%** |
| Main Street Natural Gas, Inc.; Series 2023 A, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2030 | 475 | &nbsp;&nbsp; 508558 |
| Savannah Georgia Convention Center Authority; Series 2025 A, RB | 5.25% | 06/01/2040 | 850 | &nbsp;&nbsp; 934697 |
|  |  |  |  | &nbsp;&nbsp; 1443255 |
| **Idaho–1.40%** | **Idaho–1.40%** | **Idaho–1.40%** | **Idaho–1.40%** | **Idaho–1.40%** |
| Idaho (State of) Health Facilities Authority (Trinity Health Credit Group); Series 2015 D, Ref. RB | 5.50% | 12/01/2027 | 1500 | &nbsp;&nbsp; 1508568 |

---

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

**2**

**Invesco SMA Municipal Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–6.31%** | **Illinois–6.31%** | **Illinois–6.31%** | **Illinois–6.31%** | **Illinois–6.31%** |
| Chicago (City of), IL (O'Hare International Airport); Series 2026 A, RB | 5.00% | 01/01/2045 | $1000 | &nbsp;&nbsp; $1084676 |
| Chicago (City of), IL Midway International Airport; Series 2025 B, Ref. RB | 5.00% | 01/01/2043 | 1000 | &nbsp;&nbsp; 1104279 |
| Cook (County of), IL School District No. 102 (La Grange); Series 2025, GO Bonds (INS - BAM)<sup>(e)</sup> <br>| 5.00% | 12/15/2043 | 1220 | &nbsp;&nbsp; 1313522 |
| Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB | 5.00% | 11/15/2035 | 1135 | &nbsp;&nbsp; 1138752 |
| Illinois (State of) Toll Highway Authority; Series 2016 B, RB | 5.00% | 01/01/2041 | 1250 | &nbsp;&nbsp; 1258476 |
| Marion (City of), IL (Star Bond District Project Area No. 1); Series 2025, RB | 6.38% | 06/01/2045 | 895 | &nbsp;&nbsp; 911156 |
|  |  |  |  | &nbsp;&nbsp; 6810861 |
| **Indiana–2.02%** | **Indiana–2.02%** | **Indiana–2.02%** | **Indiana–2.02%** | **Indiana–2.02%** |
| Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB | 4.80% | 01/01/2028 | 245 | &nbsp;&nbsp; 242452 |
| Fort Wayne (City of), IN (Silver Birch of Fort Wayne); Series 2017, RB | 5.13% | 01/01/2032 | 440 | &nbsp;&nbsp; 435699 |
| Indiana (State of) Finance Authority (Unidy Properties LLC); Series 2025, RB | 5.25% | 07/01/2037 | 1000 | &nbsp;&nbsp; 1063079 |
| Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB<sup>(a)</sup> <br>| 5.10% | 01/01/2032 | 175 | &nbsp;&nbsp; 174807 |
| Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB<sup>(b)(c)</sup> <br>| 4.40% | 06/10/2031 | 250 | &nbsp;&nbsp; 265872 |
|  |  |  |  | &nbsp;&nbsp; 2181909 |
| **Iowa–0.33%** | **Iowa–0.33%** | **Iowa–0.33%** | **Iowa–0.33%** | **Iowa–0.33%** |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(c)(f)</sup> <br>| 5.00% | 12/01/2032 | 300 | &nbsp;&nbsp; 350272 |
| **Kentucky–2.88%** | **Kentucky–2.88%** | **Kentucky–2.88%** | **Kentucky–2.88%** | **Kentucky–2.88%** |
| Christian (County of), KY (Jennie Stuart Medical Center, Inc.); Series 2016, Ref. RB | 5.38% | 02/01/2036 | 1500 | &nbsp;&nbsp; 1501896 |
| Kentucky (Commonwealth of) Public Energy Authority; Series 2024 A, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2030 | 1500 | &nbsp;&nbsp; 1607848 |
|  |  |  |  | &nbsp;&nbsp; 3109744 |
| **Louisiana–0.57%** | **Louisiana–0.57%** | **Louisiana–0.57%** | **Louisiana–0.57%** | **Louisiana–0.57%** |
| St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB<sup>(c)</sup> <br>| 3.70% | 06/01/2030 | 600 | &nbsp;&nbsp; 617564 |
| **Maine–1.00%** | **Maine–1.00%** | **Maine–1.00%** | **Maine–1.00%** | **Maine–1.00%** |
| Maine (State of) Finance Authority (Casella Waste Systems, Inc.); Series 2015, RB<sup>(a)(b)</sup> <br>| 5.00% | 08/01/2035 | 1000 | &nbsp;&nbsp; 1083643 |
| **Massachusetts–5.97%** | **Massachusetts–5.97%** | **Massachusetts–5.97%** | **Massachusetts–5.97%** | **Massachusetts–5.97%** |
| Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music); <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2039 | 1000 | &nbsp;&nbsp; 1009201 |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University Health Obligated <br> Group); Series 2025 A, RB<br>| 5.25% | 08/15/2044 | 1500 | &nbsp;&nbsp; 1600159 |
| Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2016 A, RB | 5.00% | 01/01/2047 | 1000 | &nbsp;&nbsp; 994064 |
| Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2047 | 1310 | &nbsp;&nbsp; 1312158 |
| Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2025, Ref. <br> RB<br>| 5.50% | 07/01/2045 | 500 | &nbsp;&nbsp; 526923 |
| Massachusetts (Commonwealth of) Development Finance Agency (Western New England University); <br> Series 2018, Ref. RB<br>| 5.00% | 09/01/2043 | 1000 | &nbsp;&nbsp; 1001399 |
|  |  |  |  | &nbsp;&nbsp; 6443904 |
| **Minnesota–1.63%** | **Minnesota–1.63%** | **Minnesota–1.63%** | **Minnesota–1.63%** | **Minnesota–1.63%** |
| Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB | 5.00% | 05/01/2032 | 1750 | &nbsp;&nbsp; 1763313 |
| **Missouri–2.73%** | **Missouri–2.73%** | **Missouri–2.73%** | **Missouri–2.73%** | **Missouri–2.73%** |
| Missouri (State of) Health & Educational Facilities Authority (Medical Research Lutheran Services); <br> Series 2016 A, RB<br>| 5.00% | 02/01/2036 | 1000 | &nbsp;&nbsp; 1001002 |
| Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist University); Series 2025, <br> Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1032176 |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); <br> Series 2012, RB<br>| 5.00% | 09/01/2032 | 915 | &nbsp;&nbsp; 916093 |
|  |  |  |  | &nbsp;&nbsp; 2949271 |
| **New Hampshire–5.00%** | **New Hampshire–5.00%** | **New Hampshire–5.00%** | **New Hampshire–5.00%** | **New Hampshire–5.00%** |
| New Hampshire (State of) Business Finance Authority; Series 2025 B-1, RB | 5.15% | 09/28/2037 | 1000 | &nbsp;&nbsp; 1036562 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School); Series 2025, RB | 5.13% | 08/01/2040 | 1000 | &nbsp;&nbsp; 1032099 |
| New Hampshire (State of) Business Finance Authority (Vista (The)); Series 2019 A, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2039 | 1550 | &nbsp;&nbsp; 1571097 |
| New Hampshire (State of) Health and Education Facilities Authority; Series 2015, Ref. RB | 5.00% | 07/01/2036 | 1750 | &nbsp;&nbsp; 1752530 |
|  |  |  |  | &nbsp;&nbsp; 5392288 |

---

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

**3**

**Invesco SMA Municipal Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–7.47%** | **New York–7.47%** | **New York–7.47%** | **New York–7.47%** | **New York–7.47%** |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); Series 2025, RB<sup>(a)</sup> <br>| 5.13% | 10/15/2045 | $1000 | &nbsp;&nbsp; $1005964 |
| Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB | 5.00% | 07/01/2030 | 1500 | &nbsp;&nbsp; 1501074 |
| Metropolitan Transportation Authority (Green Bonds); Series 2025 B, Ref. RB | 5.00% | 11/15/2043 | 1000 | &nbsp;&nbsp; 1094891 |
| New York (City of), NY; Subseries 2013 D-4, VRD GO Bonds (LOC - TD Bank, N.A.)<sup>(g)(h)</sup> <br>| 1.05% | 08/01/2040 | 200 | &nbsp;&nbsp; 200000 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2018 A-4, VRD RB<sup>(g)</sup> <br>| 1.10% | 08/01/2045 | 1000 | &nbsp;&nbsp; 1000000 |
| Series 2026, VRD RB<sup>(g)</sup> <br>| 0.95% | 02/01/2056 | 800 | &nbsp;&nbsp; 800000 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(b)</sup> <br>| 5.00% | 08/01/2031 | 250 | &nbsp;&nbsp; 250390 |
| Series 2020, Ref. RB<sup>(b)</sup> <br>| 5.25% | 08/01/2031 | 1090 | &nbsp;&nbsp; 1141125 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); <br> Series 2023, RB<sup>(b)</sup> <br>| 5.63% | 04/01/2040 | 1000 | &nbsp;&nbsp; 1070776 |
|  |  |  |  | &nbsp;&nbsp; 8064220 |
| **North Dakota–0.24%** | **North Dakota–0.24%** | **North Dakota–0.24%** | **North Dakota–0.24%** | **North Dakota–0.24%** |
| Horace (City of), ND; Series 2024 C, Ref. GO Bonds | 4.50% | 05/01/2039 | 250 | &nbsp;&nbsp; 260755 |
| **Ohio–7.67%** | **Ohio–7.67%** | **Ohio–7.67%** | **Ohio–7.67%** | **Ohio–7.67%** |
| Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB | 5.00% | 02/15/2037 | 1250 | &nbsp;&nbsp; 1260707 |
| Dayton-Montgomery County Port Authority (Liberty Assisted Living - Springfield); Series 2025 A, RB<sup>(a)</sup> <br>| 6.63% | 01/01/2045 | 1000 | &nbsp;&nbsp; 1067810 |
| Franklin (County of), OH; Series 2015, RB | 5.00% | 05/15/2040 | 1250 | &nbsp;&nbsp; 1252815 |
| Hamilton (County of), OH (Life Enriching Communities); Series 2025, Ref. RB | 5.00% | 01/01/2043 | 1100 | &nbsp;&nbsp; 1137630 |
| Ohio (State of) (Portsmouth Bypass); Series 2015, RB<sup>(b)</sup> <br>| 5.00% | 12/31/2039 | 1375 | &nbsp;&nbsp; 1375441 |
| Ohio (State of) Higher Educational Facility Commission; Series 2016, Ref. RB | 5.00% | 11/01/2041 | 1410 | &nbsp;&nbsp; 1421414 |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University); Series 2025, RB | 5.38% | 10/01/2045 | 500 | &nbsp;&nbsp; 509270 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College); Series 2015, Ref. RB | 5.00% | 07/01/2041 | 250 | &nbsp;&nbsp; 250068 |
|  |  |  |  | &nbsp;&nbsp; 8275155 |
| **Oregon–1.47%** | **Oregon–1.47%** | **Oregon–1.47%** | **Oregon–1.47%** | **Oregon–1.47%** |
| Morrow (Port of), OR; Series 2024 A, GO Bonds<sup>(a)</sup> <br>| 5.15% | 10/01/2026 | 1250 | &nbsp;&nbsp; 1250385 |
| Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB<sup>(b)</sup> <br>| 5.25% | 07/01/2039 | 300 | &nbsp;&nbsp; 335921 |
|  |  |  |  | &nbsp;&nbsp; 1586306 |
| **Pennsylvania–7.30%** | **Pennsylvania–7.30%** | **Pennsylvania–7.30%** | **Pennsylvania–7.30%** | **Pennsylvania–7.30%** |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); <br> Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 05/01/2028 | 155 | &nbsp;&nbsp; 161325 |
| Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The)); Series 2017 A, <br> Ref. RB<br>| 5.00% | 05/15/2037 | 1365 | &nbsp;&nbsp; 1383976 |
| Commonwealth Financing Authority; Series 2015 A, RB | 5.00% | 06/01/2034 | 1250 | &nbsp;&nbsp; 1255956 |
| Crawford (County of), PA Hospital Authority Meadville Medical Center); Series 2016 A, Ref. RB | 6.00% | 06/01/2046 | 1000 | &nbsp;&nbsp; 1001483 |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, LLC); <br> Series 2023 B, Ref. RB<br>| 4.10% | 06/01/2029 | 250 | &nbsp;&nbsp; 262376 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Eastern University); <br> Series 2026, RB<br>| 5.00% | 10/01/2045 | 1000 | &nbsp;&nbsp; 1010593 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid <br> Bridge Replacement); Series 2015, RB<sup>(b)</sup> <br>| 5.00% | 12/31/2038 | 1250 | &nbsp;&nbsp; 1254458 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); <br> Series 2016, Ref. RB<br>| 5.00% | 06/01/2036 | 1520 | &nbsp;&nbsp; 1543226 |
|  |  |  |  | &nbsp;&nbsp; 7873393 |
| **Rhode Island–1.30%** | **Rhode Island–1.30%** | **Rhode Island–1.30%** | **Rhode Island–1.30%** | **Rhode Island–1.30%** |
| Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 1400 | &nbsp;&nbsp; 1400276 |
| **South Carolina–1.41%** | **South Carolina–1.41%** | **South Carolina–1.41%** | **South Carolina–1.41%** | **South Carolina–1.41%** |
| South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & South of <br> Broad Healthcare); Series 2024, RB<br>| 5.50% | 11/15/2044 | 250 | &nbsp;&nbsp; 263048 |
| South Carolina (State of) Public Service Authority; Series 2016 A, Ref. RB | 5.00% | 12/01/2035 | 1250 | &nbsp;&nbsp; 1256760 |
|  |  |  |  | &nbsp;&nbsp; 1519808 |

---

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

**4**

**Invesco SMA Municipal Bond Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee–2.33%** | **Tennessee–2.33%** | **Tennessee–2.33%** | **Tennessee–2.33%** | **Tennessee–2.33%** | **Tennessee–2.33%** |
| Jackson (City of), TN; Series 2015, Ref. RB | 5.00% | 04/01/2030 |  | $1500 | &nbsp;&nbsp; $1501332 |
| Tennessee Energy Acquisition Corp.; Series 2006 B, RB | 5.63% | 09/01/2026 |  | 1000 | &nbsp;&nbsp; 1012544 |
|  |  |  |  |  | &nbsp;&nbsp; 2513876 |
| **Texas–8.71%** | **Texas–8.71%** | **Texas–8.71%** | **Texas–8.71%** | **Texas–8.71%** | **Texas–8.71%** |
| Arlington Higher Education Finance Corp. (Great Hearts America - Texas); Series 2024, RB | 5.00% | 08/15/2049 |  | 1100 | &nbsp;&nbsp; 1063015 |
| Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB | 5.00% | 10/01/2041 |  | 1000 | &nbsp;&nbsp; 1009428 |
| Harris (County of), TX Municipal Utility District No. 489; Series 2023 A, GO Bonds (INS - AGI)<sup>(e)</sup> <br>| 6.50% | 09/01/2029 |  | 505 | &nbsp;&nbsp; 545212 |
| Harris County Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.); <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2037 |  | 430 | &nbsp;&nbsp; 431656 |
| Houston (City of), TX; Series 2024 B, RB<sup>(b)</sup> <br>| 5.50% | 07/15/2036 |  | 1000 | &nbsp;&nbsp; 1111453 |
| Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB<sup>(b)</sup> <br>| 5.00% | 07/15/2028 |  | 500 | &nbsp;&nbsp; 518831 |
| Mission Economic Development Corp. (Green Bonds); Series 2025, RB<sup>(b)(c)</sup> <br>| 5.00% | 06/01/2030 |  | 500 | &nbsp;&nbsp; 524290 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(a)(b)</sup> <br>| 4.63% | 10/01/2031 |  | 1360 | &nbsp;&nbsp; 1365614 |
| New Hope Cultural Education Facilities Finance Corp.; Series 2025 A, RB | 6.25% | 10/01/2045 |  | 1000 | &nbsp;&nbsp; 1051946 |
| North East Texas Regional Mobility Authority; Series 2025 A, Ref. RB | 5.00% | 01/01/2041 |  | 600 | &nbsp;&nbsp; 660949 |
| Texas Transportation Finance Corp.; Series 2025 A, RB | 5.00% | 10/01/2043 |  | 1000 | &nbsp;&nbsp; 1115112 |
|  |  |  |  |  | &nbsp;&nbsp; 9397506 |
| **Utah–1.46%** | **Utah–1.46%** | **Utah–1.46%** | **Utah–1.46%** | **Utah–1.46%** | **Utah–1.46%** |
| Point Phase 1 Public Infrastructure District No. 1; Series 2025 A-1, RB | 5.88% | 03/01/2045 |  | 1500 | &nbsp;&nbsp; 1574315 |
| **Washington–2.15%** | **Washington–2.15%** | **Washington–2.15%** | **Washington–2.15%** | **Washington–2.15%** | **Washington–2.15%** |
| Washington (State of) Health Care Facilities Authority (CommonSpirit Health); Series 2025 A, Ref. RB | 5.00% | 09/01/2043 |  | 1200 | &nbsp;&nbsp; 1307265 |
| Washington (State of) Housing Finance Commission (Horizon House); Series 2025 A, Ref. RB | 6.00% | 01/01/2046 |  | 1000 | &nbsp;&nbsp; 1015538 |
|  |  |  |  |  | &nbsp;&nbsp; 2322803 |
| **Wisconsin–5.37%** | **Wisconsin–5.37%** | **Wisconsin–5.37%** | **Wisconsin–5.37%** | **Wisconsin–5.37%** | **Wisconsin–5.37%** |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Corp.); Series 2026, Ref. RB | 5.00% | 12/01/2044 |  | 1025 | &nbsp;&nbsp; 1104874 |
| Wisconsin (State of) Public Finance Authority (Campo Del Sol); Series 2025, RB<sup>(a)(d)</sup> <br>| 0.00% | 12/15/2033 |  | 1527 | &nbsp;&nbsp; 939043 |
| Wisconsin (State of) Public Finance Authority (Cherokee Classical Academy); |  |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2035 |  | 250 | &nbsp;&nbsp; 263959 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.50% | 06/15/2045 |  | 400 | &nbsp;&nbsp; 405947 |
| Wisconsin (State of) Public Finance Authority (Explore Academy Rio Rancho); Series 2025 A, RB<sup>(a)</sup> <br>| 6.75% | 07/01/2045 |  | 1000 | &nbsp;&nbsp; 1026305 |
| Wisconsin (State of) Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(a)(d)</sup> <br>| 0.00% | 12/15/2039 |  | 1500 | &nbsp;&nbsp; 541043 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB | 5.00% | 12/01/2027 |  | 110 | &nbsp;&nbsp; 111861 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2016, Ref. RB | 5.00% | 06/01/2040 |  | 1400 | &nbsp;&nbsp; 1403908 |
|  |  |  |  |  | &nbsp;&nbsp; 5796940 |
| Total Municipal Obligations (Cost $106,194,204) | Total Municipal Obligations (Cost $106,194,204) | Total Municipal Obligations (Cost $106,194,204) | Total Municipal Obligations (Cost $106,194,204) |  | &nbsp;&nbsp; 108837334 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025 <br>(Cost $0)<sup>(i)</sup> <br>|  |  |  | 4500 | &nbsp;&nbsp; 6750 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>–100.86% (Cost $106,194,204) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>–100.86% (Cost $106,194,204) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>–100.86% (Cost $106,194,204) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>–100.86% (Cost $106,194,204) |  | &nbsp;&nbsp; 108844084 |
| OTHER ASSETS LESS LIABILITIES–(0.86)% | OTHER ASSETS LESS LIABILITIES–(0.86)% | OTHER ASSETS LESS LIABILITIES–(0.86)% | OTHER ASSETS LESS LIABILITIES–(0.86)% |  | &nbsp;&nbsp; (931884)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $107912200 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

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

**5**

**Invesco SMA Municipal Bond Fund**

------

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 February 28, 2026 was $26,657,935, which represented 24.70% of the Fund's Net Assets. 

<sup>(b)</sup> Security subject to the alternative minimum tax.

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

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

<sup>(e)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(f)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(g)</sup> Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2026. 

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

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

<sup>(j)</sup> Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's obligations but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each. 

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

**6**

**Invesco SMA Municipal Bond Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $106,194,204)<br>| &nbsp;&nbsp; $108844084 |
| Cash | &nbsp;&nbsp; 1204146 |
| Receivable for: |  |
| Fund expenses absorbed | &nbsp;&nbsp; 9479 |
| Interest | &nbsp;&nbsp; 1300584 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 13467 |
| Other assets | &nbsp;&nbsp; 21783 |
| Total assets | &nbsp;&nbsp; 111393543 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2632028 |
| Dividends | &nbsp;&nbsp; 421276 |
| Fund shares reacquired | &nbsp;&nbsp; 383298 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1710 |
| Accrued other operating expenses | &nbsp;&nbsp; 29564 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 13467 |
| Total liabilities | &nbsp;&nbsp; 3481343 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $107912200 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $105161431 |
| Distributable earnings | &nbsp;&nbsp; 2750769 |
|  | &nbsp;&nbsp; $107912200 |
| **Shares outstanding, no par value, with an** <br> **unlimited number of shares authorized:**<br>|  |
| Shares outstanding | &nbsp;&nbsp; 10464875 |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.31 |

---

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

**7**

**Invesco SMA Municipal Bond Fund**

------

**Statement of Operations**

*For the six months ended February 28, 2026*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $2637568 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 8206 |
| Custodian fees | &nbsp;&nbsp; 248 |
| Transfer agent fees | &nbsp;&nbsp; 8437 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10745 |
| Registration and filing fees | &nbsp;&nbsp; 11579 |
| Reports to shareholders | &nbsp;&nbsp; 3685 |
| Professional services fees | &nbsp;&nbsp; 34880 |
| Other | &nbsp;&nbsp; 1286 |
| Total expenses | &nbsp;&nbsp; 79066 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (79066)<br>|
| Net expenses | &nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp; 2637568 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from unaffiliated investment securities (includes net gains from securities sold to affiliates of $36,990) | &nbsp;&nbsp; 76543 |
| Change in net unrealized appreciation of unaffiliated investment securities | &nbsp;&nbsp; 2502479 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2579022 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $5216590 |

---

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

**8**

**Invesco SMA Municipal Bond Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended February 28, 2026 and the year ended August 31, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **February 28,** <br>**2026**<br>| **August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $2637568 | &nbsp;&nbsp; $1464051 |
| Net realized gain (loss) | &nbsp;&nbsp; 76543 | &nbsp;&nbsp; (107260)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2502479 | &nbsp;&nbsp; (81943)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 5216590 | &nbsp;&nbsp; 1274848 |
| Distributions to shareholders from distributable earnings | &nbsp;&nbsp; (2530375)<br>| &nbsp;&nbsp; (1537119)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (651146)<br>| &nbsp;&nbsp; 94579627 |
| Net increase in net assets | &nbsp;&nbsp; 2035069 | &nbsp;&nbsp; 94317356 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 105877131 | &nbsp;&nbsp; 11559775 |
| End of period | &nbsp;&nbsp; $107912200 | &nbsp;&nbsp; $105877131 |

---

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

**9**

**Invesco SMA Municipal Bond Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**February 28,** <br>**2026** | **Years Ended** <br>**August 31,** | **Years Ended** <br>**August 31,** | &nbsp;&nbsp; **Period Ended** <br>**August 31,** <br>**2023**<sup>(a)</sup>  |  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**February 28,** <br>**2026** |  | **2025** | &nbsp;&nbsp; **Period Ended** <br>**August 31,** <br>**2023**<sup>(a)</sup>  | **2024** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp; $10.31 | &nbsp;&nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp; $10.00 |  |
| Net investment income<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |  |
| Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (0.02)<br>|  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |  |
| Less: Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $10.31 | &nbsp;&nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp; $10.31 | &nbsp;&nbsp;&nbsp; $10.06 |  |
| Total return<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>|  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $107912 | &nbsp;&nbsp;&nbsp; $105877 | &nbsp;&nbsp;&nbsp; $11560 | &nbsp;&nbsp;&nbsp; $10059 |  |
| Portfolio turnover rate<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 166<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; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(e)</sup><br>|  |
| Without fee waivers and/or expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46 %<sup>(e)</sup><br>|  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.94 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11 %<sup>(e)</sup><br>|  |

---

<sup>(a)</sup> Commencement date of February 21, 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.

**10**

**Invesco SMA Municipal Bond Fund**

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**Notes to Financial Statements**

*February 28, 2026*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco SMA Municipal Bond Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund will be voted on exclusively by the shareholders of the Fund.

The Fund's investment objective is to provide high current income exempt from regular federal income taxes with taxable capital appreciation as a secondary objective.

Shares of the Fund may be purchased and held by or on behalf of wrap fee, separately managed and other discretionary accounts (SMAs) for which Invesco Advisers, Inc (Invesco or the Adviser) or its affiliates have an agreement with a program sponsor or directly with the client, to provide management or advisory services to the account.

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

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, 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.

**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

**11**

**Invesco SMA Municipal Bond Fund**

------

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**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, portfolio managers and senior executives at the Adviser act 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.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**J.** **Other Risks** - 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.

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.

Medium- and lower-grade municipal securities generally involve more volatility and greater risks, including credit, market, liquidity and management risks, than higher- grade securities. Furthermore, many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations. As such, the Fund's portfolio may consist of a higher portion of unrated securities than an investment company investing solely in higher-grade securities. Unrated securities may not be as attractive to as many buyers as are rated securities, which may have the effect of limiting the Fund's ability to sell such securities at the desired price.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

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.

**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.

**12**

**Invesco SMA Municipal Bond Fund**

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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.

For the six months ended February 28, 2026, the Adviser reimbursed expenses of $79,066.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended February 28, 2026, 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 February 28, 2026. 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** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $108837334 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $108837334 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $108837334 | &nbsp;&nbsp;&nbsp;&nbsp; $6750 | &nbsp;&nbsp;&nbsp;&nbsp; $108844084 |

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**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2026, the Fund engaged in securities sales of $5,610,996, which resulted in net realized gains of $36,990.

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

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances and Borrowings**

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

**13**

**Invesco SMA Municipal Bond Fund**

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**NOTE 7—Tax Information**

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

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

The Fund had a capital loss carryforward as of August 31, 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; $122233 | &nbsp;&nbsp;&nbsp;&nbsp; $19119 | &nbsp;&nbsp;&nbsp;&nbsp; $141352 |

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\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2026 was $34,124,777 and $32,210,091, respectively. As of February 28, 2026, 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:

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| | |
|:---|:---|
| **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; $2900822 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (250848)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2649974 |

---

Cost of investments for tax purposes is $106,194,110.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Six months ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Sold | &nbsp;&nbsp;&nbsp; 675527 | &nbsp;&nbsp;&nbsp; $6881222 | &nbsp;&nbsp;&nbsp; 9515427 | &nbsp;&nbsp;&nbsp; $95688510 |
| Reacquired | &nbsp;&nbsp;&nbsp; (737551)<br>| &nbsp;&nbsp;&nbsp; (7532368)<br>| &nbsp;&nbsp;&nbsp; (110077)<br>| &nbsp;&nbsp;&nbsp; (1108883)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (62024)<br>| &nbsp;&nbsp;&nbsp; $(651146)<br>| &nbsp;&nbsp;&nbsp; 9405350 | &nbsp;&nbsp;&nbsp; $94579627 |

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| | |
|:---|:---|
| <sup>(a)</sup> | There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 91% of the outstanding shares of the Fund. IDI has an <br> agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to <br> 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 <br> party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also <br> owned beneficially.<br>|
|  | In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

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**14**

**Invesco SMA Municipal Bond 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>**

Not applicable.

**15**

**Invesco SMA Municipal Bond Fund**

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![](img1ab05c591.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

SMAMB-NCSRS

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

Not applicable.

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

Not applicable.

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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.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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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.

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Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

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Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

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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 Counselor Series Trust (Invesco Counselor Series Trust)</u>

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

Name: Glenn Brightman

Title: Principal Executive Officer

Date: May 7, 2026

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: May 7, 2026

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: May 7, 2026

------

## 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 Counselor Series Trust (Invesco Counselor Series Trust);

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

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

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

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

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

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

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

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

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

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

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; May 7, 2026</u>&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>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &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;&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 Counselor Series Trust (Invesco Counselor Series Trust);

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

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

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

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

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

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

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

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

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

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

Date:<u>May 7, 2026</u>&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;&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>/s/ Adrien Deberghes</u>

&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;&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; &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;Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

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

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

In connection with the Certified Shareholder Report of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Company") on Form N-CSR for the period ended February 28, 2026, 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: May 7, 2026  | /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 Counselor Series Trust (Invesco Counselor Series Trust) (the "Company") on Form N-CSR for the period ended February 28, 2026, 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: May 7, 2026  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------