# EDGAR Filing Document

**Accession Number:** 0001112996
**File Stem:** 0001193125-25-271069
**Filing Date:** 2025-11
**Character Count:** 3190031
**Document Hash:** 9b02d870e524098d254c7483f980cfba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271069.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271069

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 181

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM 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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09913
- **FILM NUMBER:** 251460550

**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     |  |

### 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 |  |

?xml version='1.0' encoding='ASCII'? 4a3cb58c-2bb4-4e37-bf52-846609380842

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-09913

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

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### August 31

#### Date of reporting period:

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

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

![TSR_logo](images_2587.jpg)

### Invesco American Franchise Fund

### Class A: VAFAX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco American Franchise Fund<br>(Class A) | $102 | 0.93% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 20.08%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed the Benchmark, due to a combination of portfolio sector allocation and stock selection. In particular, stock selection in the financials and information technology sectors were relative detractors. An underweight exposure in the information technology and consumer discretionary sectors, as well as minimal ancillary cash, also detracted from relative performance. These results were partially offset by stock selection in industrials, health care, consumer staples and communication services sectors, as well as an overweight exposure in the financials sector.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Amazon.com, Inc. \|** The company's strong growth in its cloud computing division, Amazon Web Services (AWS), has been a significant contributor, benefiting from increased demand for cloud solutions across various industries. Additionally, Amazon's focus on expanding its advertising business has yielded positive results, with higher ad revenues boosting overall profitability. The company's strategic investments in AI and automation have also enhanced operational efficiency, further supporting its stock performance.

**Netflix, Inc. \|** The company benefited from the successful launch of their ad-supported model which keeps subscribers and earns them incremental revenue that is expected to exceed the reduced subscription cost.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with drug store chain CVS. We believe the market is contending with overall GLP1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The investment team sold the position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. The Trump tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

**Regeneron Pharmaceuticals, Inc. \|** Regeneron is a large cap biotech firm with a successful revenue generating ocular drug, several promising oncology products and a potential new agent to help reduce muscle loss when taken in conjunction with GLP1s for weight loss. The investment team sold the stock during the period as a high dose sequel to their ocular drug, meant to replace the existing drug facing a patent cliff, was going to be released much later than expected. Additionally, Regeneron was facing competitive pressure associated with their drug to combat muscle loss while taking GLP1s.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581276.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco American Franchise Fund (Class A) —including sales charge** | 13.52% | 10.35% | 14.54% |
| **Invesco American Franchise Fund (Class A) —excluding sales charge** | 20.08% | 11.61% | 15.19% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$17720710294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$92067676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581281.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco American Franchise Fund

### Class C: VAFCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco American Franchise Fund<br>(Class C) | $184 | 1.68% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 19.19%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed the Benchmark, due to a combination of portfolio sector allocation and stock selection. In particular, stock selection in the financials and information technology sectors were relative detractors. An underweight exposure in the information technology and consumer discretionary sectors, as well as minimal ancillary cash, also detracted from relative performance. These results were partially offset by stock selection in industrials, health care, consumer staples and communication services sectors, as well as an overweight exposure in the financials sector.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Amazon.com, Inc. \|** The company's strong growth in its cloud computing division, Amazon Web Services (AWS), has been a significant contributor, benefiting from increased demand for cloud solutions across various industries. Additionally, Amazon's focus on expanding its advertising business has yielded positive results, with higher ad revenues boosting overall profitability. The company's strategic investments in AI and automation have also enhanced operational efficiency, further supporting its stock performance.

**Netflix, Inc. \|** The company benefited from the successful launch of their ad-supported model which keeps subscribers and earns them incremental revenue that is expected to exceed the reduced subscription cost.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with drug store chain CVS. We believe the market is contending with overall GLP1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The investment team sold the position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. The Trump tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

**Regeneron Pharmaceuticals, Inc. \|** Regeneron is a large cap biotech firm with a successful revenue generating ocular drug, several promising oncology products and a potential new agent to help reduce muscle loss when taken in conjunction with GLP1s for weight loss. The investment team sold the stock during the period as a high dose sequel to their ocular drug, meant to replace the existing drug facing a patent cliff, was going to be released much later than expected. Additionally, Regeneron was facing competitive pressure associated with their drug to combat muscle loss while taking GLP1s.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581340.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco American Franchise Fund (Class C) —including sales charge** | 18.24% | 10.77% | 14.50% |
| **Invesco American Franchise Fund (Class C) —excluding sales charge** | 19.19% | 10.77% | 14.50% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$17720710294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$92067676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581345.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco American Franchise Fund

### Class R: VAFRX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco American Franchise Fund<br>(Class R) | $130 | 1.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 19.83%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed the Benchmark, due to a combination of portfolio sector allocation and stock selection. In particular, stock selection in the financials and information technology sectors were relative detractors. An underweight exposure in the information technology and consumer discretionary sectors, as well as minimal ancillary cash, also detracted from relative performance. These results were partially offset by stock selection in industrials, health care, consumer staples and communication services sectors, as well as an overweight exposure in the financials sector.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Amazon.com, Inc. \|** The company's strong growth in its cloud computing division, Amazon Web Services (AWS), has been a significant contributor, benefiting from increased demand for cloud solutions across various industries. Additionally, Amazon's focus on expanding its advertising business has yielded positive results, with higher ad revenues boosting overall profitability. The company's strategic investments in AI and automation have also enhanced operational efficiency, further supporting its stock performance.

**Netflix, Inc. \|** The company benefited from the successful launch of their ad-supported model which keeps subscribers and earns them incremental revenue that is expected to exceed the reduced subscription cost.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with drug store chain CVS. We believe the market is contending with overall GLP1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The investment team sold the position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. The Trump tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

**Regeneron Pharmaceuticals, Inc. \|** Regeneron is a large cap biotech firm with a successful revenue generating ocular drug, several promising oncology products and a potential new agent to help reduce muscle loss when taken in conjunction with GLP1s for weight loss. The investment team sold the stock during the period as a high dose sequel to their ocular drug, meant to replace the existing drug facing a patent cliff, was going to be released much later than expected. Additionally, Regeneron was facing competitive pressure associated with their drug to combat muscle loss while taking GLP1s.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581376.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco American Franchise Fund (Class R)** | 19.83% | 11.33% | 14.90% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$17720710294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$92067676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581381.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco American Franchise Fund

### Class Y: VAFIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco American Franchise Fund<br>(Class Y) | $75 | 0.68% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 20.39%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed the Benchmark, due to a combination of portfolio sector allocation and stock selection. In particular, stock selection in the financials and information technology sectors were relative detractors. An underweight exposure in the information technology and consumer discretionary sectors, as well as minimal ancillary cash, also detracted from relative performance. These results were partially offset by stock selection in industrials, health care, consumer staples and communication services sectors, as well as an overweight exposure in the financials sector.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Amazon.com, Inc. \|** The company's strong growth in its cloud computing division, Amazon Web Services (AWS), has been a significant contributor, benefiting from increased demand for cloud solutions across various industries. Additionally, Amazon's focus on expanding its advertising business has yielded positive results, with higher ad revenues boosting overall profitability. The company's strategic investments in AI and automation have also enhanced operational efficiency, further supporting its stock performance.

**Netflix, Inc. \|** The company benefited from the successful launch of their ad-supported model which keeps subscribers and earns them incremental revenue that is expected to exceed the reduced subscription cost.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with drug store chain CVS. We believe the market is contending with overall GLP1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The investment team sold the position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. The Trump tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

**Regeneron Pharmaceuticals, Inc. \|** Regeneron is a large cap biotech firm with a successful revenue generating ocular drug, several promising oncology products and a potential new agent to help reduce muscle loss when taken in conjunction with GLP1s for weight loss. The investment team sold the stock during the period as a high dose sequel to their ocular drug, meant to replace the existing drug facing a patent cliff, was going to be released much later than expected. Additionally, Regeneron was facing competitive pressure associated with their drug to combat muscle loss while taking GLP1s.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581412.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco American Franchise Fund (Class Y)** | 20.39% | 11.88% | 15.47% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$17720710294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$92067676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581417.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco American Franchise Fund

### Class R5: VAFNX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco American Franchise Fund<br>(Class R5) | $75 | 0.68% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund returned 20.40%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed the Benchmark, due to a combination of portfolio sector allocation and stock selection. In particular, stock selection in the financials and information technology sectors were relative detractors. An underweight exposure in the information technology and consumer discretionary sectors, as well as minimal ancillary cash, also detracted from relative performance. These results were partially offset by stock selection in industrials, health care, consumer staples and communication services sectors, as well as an overweight exposure in the financials sector.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Amazon.com, Inc. \|** The company's strong growth in its cloud computing division, Amazon Web Services (AWS), has been a significant contributor, benefiting from increased demand for cloud solutions across various industries. Additionally, Amazon's focus on expanding its advertising business has yielded positive results, with higher ad revenues boosting overall profitability. The company's strategic investments in AI and automation have also enhanced operational efficiency, further supporting its stock performance.

**Netflix, Inc. \|** The company benefited from the successful launch of their ad-supported model which keeps subscribers and earns them incremental revenue that is expected to exceed the reduced subscription cost.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with drug store chain CVS. We believe the market is contending with overall GLP1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The investment team sold the position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. The Trump tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

**Regeneron Pharmaceuticals, Inc. \|** Regeneron is a large cap biotech firm with a successful revenue generating ocular drug, several promising oncology products and a potential new agent to help reduce muscle loss when taken in conjunction with GLP1s for weight loss. The investment team sold the stock during the period as a high dose sequel to their ocular drug, meant to replace the existing drug facing a patent cliff, was going to be released much later than expected. Additionally, Regeneron was facing competitive pressure associated with their drug to combat muscle loss while taking GLP1s.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581448.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco American Franchise Fund (Class R5)** | 20.40% | 11.90% | 15.53% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$17720710294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$92067676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581453.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco American Franchise Fund

### Class R6: VAFFX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco American Franchise Fund<br>(Class R6) | $67 | 0.61% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 20.49%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed the Benchmark, due to a combination of portfolio sector allocation and stock selection. In particular, stock selection in the financials and information technology sectors were relative detractors. An underweight exposure in the information technology and consumer discretionary sectors, as well as minimal ancillary cash, also detracted from relative performance. These results were partially offset by stock selection in industrials, health care, consumer staples and communication services sectors, as well as an overweight exposure in the financials sector.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Amazon.com, Inc. \|** The company's strong growth in its cloud computing division, Amazon Web Services (AWS), has been a significant contributor, benefiting from increased demand for cloud solutions across various industries. Additionally, Amazon's focus on expanding its advertising business has yielded positive results, with higher ad revenues boosting overall profitability. The company's strategic investments in AI and automation have also enhanced operational efficiency, further supporting its stock performance.

**Netflix, Inc. \|** The company benefited from the successful launch of their ad-supported model which keeps subscribers and earns them incremental revenue that is expected to exceed the reduced subscription cost.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with drug store chain CVS. We believe the market is contending with overall GLP1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The investment team sold the position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. The Trump tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

**Regeneron Pharmaceuticals, Inc. \|** Regeneron is a large cap biotech firm with a successful revenue generating ocular drug, several promising oncology products and a potential new agent to help reduce muscle loss when taken in conjunction with GLP1s for weight loss. The investment team sold the stock during the period as a high dose sequel to their ocular drug, meant to replace the existing drug facing a patent cliff, was going to be released much later than expected. Additionally, Regeneron was facing competitive pressure associated with their drug to combat muscle loss while taking GLP1s.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco American Franchise Fund (Class R6)** | 20.49% | 11.98% | 15.62% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$17720710294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$92067676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581489.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Core Plus Bond Fund

### Class A: ACPSX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Plus Bond Fund<br>(Class A) | $750.74%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and tightening credit spreads. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 3.32%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 3.14%.

#### What contributed to performance?
**Investment grade corporates \|** Security selection in the financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities and enhanced downside protection for bondholders.

**Emerging market corporates \|** Sector allocation to emerging market corporates contributed to relative performance, driven by supportive market technicals and attractive yields thoughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**High yield retailers \|** An overweight allocation in the high yield retailers sub-sector detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581520.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Plus Bond Fund (Class A) —including sales charge** | -1.11% | -0.97% | 2.00% |
| **Invesco Core Plus Bond Fund (Class A) —excluding sales charge** | 3.32% | -0.09% | 2.44% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5313439274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18832176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;531% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.65% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581525.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Core Plus Bond Fund

### Class C: CPCFX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Plus Bond Fund<br>(Class C) | $1511.49%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and tightening credit spreads. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 2.55%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 3.14%.

#### What contributed to performance?
**Investment grade corporates \|** Security selection in the financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities and enhanced downside protection for bondholders.

**Emerging market corporates \|** Sector allocation to emerging market corporates contributed to relative performance, driven by supportive market technicals and attractive yields thoughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**High yield retailers \|** An overweight allocation in the high yield retailers sub-sector detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581556.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Plus Bond Fund (Class C) —including sales charge** | 1.56% | -0.84% | 1.83% |
| **Invesco Core Plus Bond Fund (Class C) —excluding sales charge** | 2.55% | -0.84% | 1.83% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5313439274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18832176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;531% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.65% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581561.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Core Plus Bond Fund

### Class R: CPBRX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Plus Bond Fund<br>(Class R) | $1010.99%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and tightening credit spreads. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 3.06%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 3.14%.

#### What contributed to performance?
**Investment grade corporates \|** Security selection in the financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities and enhanced downside protection for bondholders.

**Emerging market corporates \|** Sector allocation to emerging market corporates contributed to relative performance, driven by supportive market technicals and attractive yields thoughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**High yield retailers \|** An overweight allocation in the high yield retailers sub-sector detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581592.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Plus Bond Fund (Class R)** | 3.06% | -0.34% | 2.18% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5313439274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18832176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;531% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.65% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581597.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Core Plus Bond Fund

### Class Y: CPBYX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Plus Bond Fund<br>(Class Y) | $500.49%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and tightening credit spreads. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 3.58%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 3.14%.

#### What contributed to performance?
**Investment grade corporates \|** Security selection in the financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities and enhanced downside protection for bondholders.

**Emerging market corporates \|** Sector allocation to emerging market corporates contributed to relative performance, driven by supportive market technicals and attractive yields thoughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**High yield retailers \|** An overweight allocation in the high yield retailers sub-sector detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581628.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Plus Bond Fund (Class Y)** | 3.58% | 0.16% | 2.70% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5313439274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18832176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;531% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.65% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581633.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Core Plus Bond Fund

### Class R5: CPIIX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Plus Bond Fund<br>(Class R5) | $500.49%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and tightening credit spreads. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund returned 3.57%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 3.14%.

#### What contributed to performance?
**Investment grade corporates \|** Security selection in the financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities and enhanced downside protection for bondholders.

**Emerging market corporates \|** Sector allocation to emerging market corporates contributed to relative performance, driven by supportive market technicals and attractive yields thoughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**High yield retailers \|** An overweight allocation in the high yield retailers sub-sector detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581647.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Plus Bond Fund (Class R5)** | 3.57% | 0.16% | 2.70% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5313439274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18832176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;531% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.65% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581652.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Core Plus Bond Fund

### Class R6: CPBFX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Core Plus Bond Fund<br>(Class R6) | $450.44%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the global economic outlook shifted markedly as widespread US-imposed tariffs and broader policy uncertainty provoked market volatility, sell-offs, and tightening credit spreads. Elevated yields continued to attract buyers and we believe stability in interest rates can be a positive factor further supporting demand for investment grade credit.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 3.63%. For the same time period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 3.14%.

#### What contributed to performance?
**Investment grade corporates \|** Security selection in the financial institutions sub-sector contributed to relative performance. Strong corporate fundamentals anchored US investment grade credit, the yield backdrop appeared attractive, and a lower average dollar price of bonds across the Benchmark presented discounted buying opportunities and enhanced downside protection for bondholders.

**Emerging market corporates \|** Sector allocation to emerging market corporates contributed to relative performance, driven by supportive market technicals and attractive yields thoughout the year.

#### What detracted from performance?
**Treasuries \|** Selection in treasuries, particularly in longer-maturity treasury bonds, detracted from relative performance due to an elevated rates environment.

**High yield retailers \|** An overweight allocation in the high yield retailers sub-sector detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581700.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Core Plus Bond Fund (Class R6)** | 3.63% | 0.21% | 2.75% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5313439274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$18832176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;531% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 4.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.65% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581705.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Discovery Fund

### Class A: OPOCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Fund<br>(Class A) | $109 | 1.03% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, US small-cap growth equity markets were volatile but rebounded to end the fiscal year with solid gains.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 11.38%. For the same time period, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark") returned 10.48%. The Fund outperformed its Benchmark mainly as a result of stock selection in the health care, information technology, and materials sectors. Weaker stock selection in the consumer staples and consumer discretionary sectors partially offset these results.

#### What contributed to performance?
**Celestica, Inc. \|** Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment, especially from its largest customer, Google (not a fund holding).

**Duolingo, Inc. \|** Duolingo is a language-learning website and mobile application. We believe a shift in product mix to its most premium product, Max, should provide a tailwind for ARPU (average revenue per user) in 2025. In our view, the intersection of gaming, education and subscription makes Duolingo a durable investment in this period of policy and economic uncertainty.

#### What detracted from performance?
**TransMedics Group, Inc \|** TransMedics creates devices and systems to improve organ transplants. The stock declined as management reported revenue and earnings that reflected reduced transport volumes due to competitive pressures and some of its transportation capacity being out of service. The Fund exited its position during the fiscal year.

**Sweetgreen, Inc \|** Sweetgreen is a leader in the fast casual category of made-to-order salads, bowls and protein plates. Comparable store sales have slowed year-to-date versus 2024 due to difficult weather in the first quarter as well as menu changes by which the company pivoted toward proteins and moved away from its traditional seasonal offerings, which appeared to be a favorite among loyal customers. The Fund exited its position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583536.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Fund (Class A) —including sales charge** | 5.26% | 6.86% | 11.50% |
| **Invesco Discovery Fund (Class A) —excluding sales charge** | 11.38% | 8.08% | 12.14% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Discovery Fund (the predecessor fund), were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5288859970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$28812728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;1.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583541.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Discovery Fund

### Class C: ODICX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Fund<br>(Class C) | $188 | 1.79% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, US small-cap growth equity markets were volatile but rebounded to end the fiscal year with solid gains.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 10.53%. For the same time period, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark") returned 10.48%. The Fund outperformed its Benchmark mainly as a result of stock selection in the health care, information technology, and materials sectors. Weaker stock selection in the consumer staples and consumer discretionary sectors partially offset these results.

#### What contributed to performance?
**Celestica, Inc. \|** Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment, especially from its largest customer, Google (not a fund holding).

**Duolingo, Inc. \|** Duolingo is a language-learning website and mobile application. We believe a shift in product mix to its most premium product, Max, should provide a tailwind for ARPU (average revenue per user) in 2025. In our view, the intersection of gaming, education and subscription makes Duolingo a durable investment in this period of policy and economic uncertainty.

#### What detracted from performance?
**TransMedics Group, Inc \|** TransMedics creates devices and systems to improve organ transplants. The stock declined as management reported revenue and earnings that reflected reduced transport volumes due to competitive pressures and some of its transportation capacity being out of service. The Fund exited its position during the fiscal year.

**Sweetgreen, Inc \|** Sweetgreen is a leader in the fast casual category of made-to-order salads, bowls and protein plates. Comparable store sales have slowed year-to-date versus 2024 due to difficult weather in the first quarter as well as menu changes by which the company pivoted toward proteins and moved away from its traditional seasonal offerings, which appeared to be a favorite among loyal customers. The Fund exited its position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583572.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Fund (Class C) —including sales charge** | 9.56% | 7.26% | 11.46% |
| **Invesco Discovery Fund (Class C) —excluding sales charge** | 10.53% | 7.26% | 11.46% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Discovery Fund (the predecessor fund), were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5288859970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$28812728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;1.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583577.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Discovery Fund

### Class R: ODINX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Fund<br>(Class R) | $136 | 1.29% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, US small-cap growth equity markets were volatile but rebounded to end the fiscal year with solid gains.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 11.09%. For the same time period, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark") returned 10.48%. The Fund outperformed its Benchmark mainly as a result of stock selection in the health care, information technology, and materials sectors. Weaker stock selection in the consumer staples and consumer discretionary sectors partially offset these results.

#### What contributed to performance?
**Celestica, Inc. \|** Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment, especially from its largest customer, Google (not a fund holding).

**Duolingo, Inc. \|** Duolingo is a language-learning website and mobile application. We believe a shift in product mix to its most premium product, Max, should provide a tailwind for ARPU (average revenue per user) in 2025. In our view, the intersection of gaming, education and subscription makes Duolingo a durable investment in this period of policy and economic uncertainty.

#### What detracted from performance?
**TransMedics Group, Inc \|** TransMedics creates devices and systems to improve organ transplants. The stock declined as management reported revenue and earnings that reflected reduced transport volumes due to competitive pressures and some of its transportation capacity being out of service. The Fund exited its position during the fiscal year.

**Sweetgreen, Inc \|** Sweetgreen is a leader in the fast casual category of made-to-order salads, bowls and protein plates. Comparable store sales have slowed year-to-date versus 2024 due to difficult weather in the first quarter as well as menu changes by which the company pivoted toward proteins and moved away from its traditional seasonal offerings, which appeared to be a favorite among loyal customers. The Fund exited its position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583608.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Fund (Class R)** | 11.09% | 7.80% | 11.84% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Discovery Fund (the predecessor fund), were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5288859970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$28812728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;1.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583613.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Discovery Fund

### Class Y: ODIYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Fund<br>(Class Y) | $84 | 0.79% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, US small-cap growth equity markets were volatile but rebounded to end the fiscal year with solid gains.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 11.64%. For the same time period, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark") returned 10.48%. The Fund outperformed its Benchmark mainly as a result of stock selection in the health care, information technology, and materials sectors. Weaker stock selection in the consumer staples and consumer discretionary sectors partially offset these results.

#### What contributed to performance?
**Celestica, Inc. \|** Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment, especially from its largest customer, Google (not a fund holding).

**Duolingo, Inc. \|** Duolingo is a language-learning website and mobile application. We believe a shift in product mix to its most premium product, Max, should provide a tailwind for ARPU (average revenue per user) in 2025. In our view, the intersection of gaming, education and subscription makes Duolingo a durable investment in this period of policy and economic uncertainty.

#### What detracted from performance?
**TransMedics Group, Inc \|** TransMedics creates devices and systems to improve organ transplants. The stock declined as management reported revenue and earnings that reflected reduced transport volumes due to competitive pressures and some of its transportation capacity being out of service. The Fund exited its position during the fiscal year.

**Sweetgreen, Inc \|** Sweetgreen is a leader in the fast casual category of made-to-order salads, bowls and protein plates. Comparable store sales have slowed year-to-date versus 2024 due to difficult weather in the first quarter as well as menu changes by which the company pivoted toward proteins and moved away from its traditional seasonal offerings, which appeared to be a favorite among loyal customers. The Fund exited its position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583644.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Fund (Class Y)** | 11.64% | 8.34% | 12.40% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Discovery Fund (the predecessor fund), were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5288859970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$28812728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;1.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583649.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Discovery Fund

### Class R5: DIGGX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Fund<br>(Class R5) | $76 | 0.72% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, US small-cap growth equity markets were volatile but rebounded to end the fiscal year with solid gains.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund returned 11.72%. For the same time period, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark") returned 10.48%. The Fund outperformed its Benchmark mainly as a result of stock selection in the health care, information technology, and materials sectors. Weaker stock selection in the consumer staples and consumer discretionary sectors partially offset these results.

#### What contributed to performance?
**Celestica, Inc. \|** Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment, especially from its largest customer, Google (not a fund holding).

**Duolingo, Inc. \|** Duolingo is a language-learning website and mobile application. We believe a shift in product mix to its most premium product, Max, should provide a tailwind for ARPU (average revenue per user) in 2025. In our view, the intersection of gaming, education and subscription makes Duolingo a durable investment in this period of policy and economic uncertainty.

#### What detracted from performance?
**TransMedics Group, Inc \|** TransMedics creates devices and systems to improve organ transplants. The stock declined as management reported revenue and earnings that reflected reduced transport volumes due to competitive pressures and some of its transportation capacity being out of service. The Fund exited its position during the fiscal year.

**Sweetgreen, Inc \|** Sweetgreen is a leader in the fast casual category of made-to-order salads, bowls and protein plates. Comparable store sales have slowed year-to-date versus 2024 due to difficult weather in the first quarter as well as menu changes by which the company pivoted toward proteins and moved away from its traditional seasonal offerings, which appeared to be a favorite among loyal customers. The Fund exited its position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583680.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Fund (Class R5)** | 11.72% | 8.42% | 12.37% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Discovery Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5288859970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$28812728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;1.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583685.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Discovery Fund

### Class R6: ODIIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Fund<br>(Class R6) | $69 | 0.65% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, US small-cap growth equity markets were volatile but rebounded to end the fiscal year with solid gains.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 11.79%. For the same time period, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark") returned 10.48%. The Fund outperformed its Benchmark mainly as a result of stock selection in the health care, information technology, and materials sectors. Weaker stock selection in the consumer staples and consumer discretionary sectors partially offset these results.

#### What contributed to performance?
**Celestica, Inc. \|** Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment, especially from its largest customer, Google (not a fund holding).

**Duolingo, Inc. \|** Duolingo is a language-learning website and mobile application. We believe a shift in product mix to its most premium product, Max, should provide a tailwind for ARPU (average revenue per user) in 2025. In our view, the intersection of gaming, education and subscription makes Duolingo a durable investment in this period of policy and economic uncertainty.

#### What detracted from performance?
**TransMedics Group, Inc \|** TransMedics creates devices and systems to improve organ transplants. The stock declined as management reported revenue and earnings that reflected reduced transport volumes due to competitive pressures and some of its transportation capacity being out of service. The Fund exited its position during the fiscal year.

**Sweetgreen, Inc \|** Sweetgreen is a leader in the fast casual category of made-to-order salads, bowls and protein plates. Comparable store sales have slowed year-to-date versus 2024 due to difficult weather in the first quarter as well as menu changes by which the company pivoted toward proteins and moved away from its traditional seasonal offerings, which appeared to be a favorite among loyal customers. The Fund exited its position during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583716.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Fund (Class R6)** | 11.79% | 8.48% | 12.58% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.07% | 8.75% |
| **Russell 2000<sup>®</sup> Index** | 8.17% | 10.13% | 8.88% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Discovery Fund (the predecessor fund), were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5288859970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$28812728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;87% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;1.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583721.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Discovery Large Cap Fund

### Class A: OPTFX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Large Cap Fund <br>(Class A) | $101 | 0.93% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 18.12%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed its Benchmark mainly as a result of weaker stock selection in the information technology, financials, and consumer discretionary sectors. Strong stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Broadcom, Inc. \|** Broadcom continued its AI-driven momentum with strong custom chip sales and VMware integration, delivering record revenue and providing guidance that exceeded expectations.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP-1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with the drug store chain CVS. We believe the market is contending with overall GLP-1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The Fund exited its position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. Anticipated expenses from recent tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583320.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Large Cap Fund (Class A) —including sales charge** | 11.62% | 11.18% | 13.43% |
| **Invesco Discovery Large Cap Fund (Class A) —excluding sales charge** | 18.12% | 12.45% | 14.08% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Capital Appreciation Fund (the predecessor fund), were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6042184175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$32360586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583325.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

O-CAPA-AR-A **Invesco Discovery Large Cap Fund**![TSR_logo](images_2587.jpg)

### Invesco Discovery Large Cap Fund

### Class C: OTFCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Large Cap Fund <br>(Class C) | $185 | 1.70% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 17.21%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed its Benchmark mainly as a result of weaker stock selection in the information technology, financials, and consumer discretionary sectors. Strong stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Broadcom, Inc. \|** Broadcom continued its AI-driven momentum with strong custom chip sales and VMware integration, delivering record revenue and providing guidance that exceeded expectations.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP-1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with the drug store chain CVS. We believe the market is contending with overall GLP-1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The Fund exited its position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. Anticipated expenses from recent tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583356.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Large Cap Fund (Class C) —including sales charge** | 16.21% | 11.58% | 13.38% |
| **Invesco Discovery Large Cap Fund (Class C) —excluding sales charge** | 17.21% | 11.58% | 13.38% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Capital Appreciation Fund (the predecessor fund), were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6042184175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$32360586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583361.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

O-CAPA-AR-C **Invesco Discovery Large Cap Fund**![TSR_logo](images_2587.jpg)

### Invesco Discovery Large Cap Fund

### Class R: OTCNX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Large Cap Fund <br>(Class R) | $131 | 1.20% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 17.79%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed its Benchmark mainly as a result of weaker stock selection in the information technology, financials, and consumer discretionary sectors. Strong stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Broadcom, Inc. \|** Broadcom continued its AI-driven momentum with strong custom chip sales and VMware integration, delivering record revenue and providing guidance that exceeded expectations.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP-1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with the drug store chain CVS. We believe the market is contending with overall GLP-1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The Fund exited its position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. Anticipated expenses from recent tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583392.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Large Cap Fund (Class R)** | 17.79% | 12.14% | 13.77% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Capital Appreciation Fund (the predecessor fund), were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6042184175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$32360586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583397.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

O-CAPA-AR-R **Invesco Discovery Large Cap Fund**![TSR_logo](images_2587.jpg)

### Invesco Discovery Large Cap Fund

### Class Y: OTCYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Large Cap Fund <br>(Class Y) | $76 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 18.38%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed its Benchmark mainly as a result of weaker stock selection in the information technology, financials, and consumer discretionary sectors. Strong stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Broadcom, Inc. \|** Broadcom continued its AI-driven momentum with strong custom chip sales and VMware integration, delivering record revenue and providing guidance that exceeded expectations.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP-1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with the drug store chain CVS. We believe the market is contending with overall GLP-1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The Fund exited its position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. Anticipated expenses from recent tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583428.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Large Cap Fund (Class Y)** | 18.38% | 12.70% | 14.33% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Capital Appreciation Fund (the predecessor fund), were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6042184175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$32360586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583433.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

O-CAPA-AR-Y **Invesco Discovery Large Cap Fund**![TSR_logo](images_2587.jpg)

### Invesco Discovery Large Cap Fund

### Class R5: CPTUX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Large Cap Fund <br>(Class R5) | $76 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund returned 18.41%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed its Benchmark mainly as a result of weaker stock selection in the information technology, financials, and consumer discretionary sectors. Strong stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Broadcom, Inc. \|** Broadcom continued its AI-driven momentum with strong custom chip sales and VMware integration, delivering record revenue and providing guidance that exceeded expectations.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP-1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with the drug store chain CVS. We believe the market is contending with overall GLP-1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The Fund exited its position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. Anticipated expenses from recent tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583464.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Large Cap Fund (Class R5)** | 18.41% | 12.73% | 14.27% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Capital Appreciation Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6042184175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$32360586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583469.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

O-CAPA-AR-R5 **Invesco Discovery Large Cap Fund**![TSR_logo](images_2587.jpg)

### Invesco Discovery Large Cap Fund

### Class R6: OPTIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Discovery Large Cap Fund <br>(Class R6) | $69 | 0.63% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. large-cap growth equities posted robust gains, buoyed by continued enthusiasm for artificial intelligence (AI) and other secular growth themes, as well as a supportive macroeconomic backdrop marked by easing interest rates and resilient consumer spending.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 18.46%. For the same time period, the Russell 1000<sup>®</sup> Growth Index (the "Benchmark") returned 22.58%. The Fund underperformed its Benchmark mainly as a result of weaker stock selection in the information technology, financials, and consumer discretionary sectors. Strong stock selection in the industrials sector partially offset these results.

#### What contributed to performance?
**NVIDIA Corp. \|** NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs) with sustainable demand to support the proliferation of the AI industry. NVIDIA's most advanced GPU, the Blackwell B100, is already sold out until the end of 2025.

**Broadcom, Inc. \|** Broadcom continued its AI-driven momentum with strong custom chip sales and VMware integration, delivering record revenue and providing guidance that exceeded expectations.

#### What detracted from performance?
**Eli Lilly and Co. \|** Eli Lilly saw volatile stock performance as prices for its GLP-1 obesity drug came down due to competition. A competitor also signed an exclusive agreement with the drug store chain CVS. We believe the market is contending with overall GLP-1 sales that may not be as substantial as early indications unless pharma firms can resolve issues with muscle loss while taking the drugs. The Fund exited its position during the period.

**Apple, Inc. \|** Apple postponed major AI features, including a significant Siri revamp, and has fallen behind in the AI race. Anticipated expenses from recent tariffs and overall economic uncertainty also have weighed heavily on the stock. The position was reduced during the period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583500.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Discovery Large Cap Fund (Class R6)** | 18.46% | 12.79% | 14.51% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 15.25% | 17.92% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Capital Appreciation Fund (the predecessor fund), were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6042184175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$32360586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583505.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

O-CAPA-AR-R6 **Invesco Discovery Large Cap Fund**![TSR_logo](images_2587.jpg)

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

### Class A: VADAX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Equally-Weighted S&P 500 Fund<br>(Class A) | $55 | 0.53% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the S&P 500<sup>®</sup> Index due to its significant underweight allocation to information technology and communication services companies, which were among the best performers during the period.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 8.62%, which differed from the return of the Index, 9.16%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Industrials sector, followed by the financials sector.

**Positions \|** Palantir Technologies, Inc., an information technology company, and GE Vernova, Inc., an industrials company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** Enphase Energy, Inc., an information technology company, and Moderna, Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581736.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equally-Weighted S&P 500 Fund (Class A) —including sales charge** | 2.62% | 11.26% | 10.41% |
| **Invesco Equally-Weighted S&P 500 Fund (Class A) —excluding sales charge** | 8.62% | 12.52% | 11.04% |
| **S&P 500<sup>®</sup> Equal Weight Index** | 9.16% | 13.14% | 11.62% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6844557154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7155784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;0.26% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581741.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

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

### Class C: VADCX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Equally-Weighted S&P 500 Fund<br>(Class C) | $132 | 1.27% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the S&P 500<sup>®</sup> Index due to its significant underweight allocation to information technology and communication services companies, which were among the best performers during the period.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 7.81%, which differed from the return of the Index, 9.16%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Industrials sector, followed by the financials sector.

**Positions \|** Palantir Technologies, Inc., an information technology company, and GE Vernova, Inc., an industrials company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** Enphase Energy, Inc., an information technology company, and Moderna, Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581772.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equally-Weighted S&P 500 Fund (Class C) —including sales charge** | 6.78% | 11.69% | 10.39% |
| **Invesco Equally-Weighted S&P 500 Fund (Class C) —excluding sales charge** | 7.81% | 11.69% | 10.39% |
| **S&P 500<sup>®</sup> Equal Weight Index** | 9.16% | 13.14% | 11.62% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6844557154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7155784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;0.26% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581777.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

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

### Class R: VADRX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Equally-Weighted S&P 500 Fund<br>(Class R) | $81 | 0.78% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the S&P 500<sup>®</sup> Index due to its significant underweight allocation to information technology and communication services companies, which were among the best performers during the period.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 8.34%, which differed from the return of the Index, 9.16%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Industrials sector, followed by the financials sector.

**Positions \|** Palantir Technologies, Inc., an information technology company, and GE Vernova, Inc., an industrials company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** Enphase Energy, Inc., an information technology company, and Moderna, Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581808.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equally-Weighted S&P 500 Fund (Class R)** | 8.34% | 12.24% | 10.76% |
| **S&P 500<sup>®</sup> Equal Weight Index** | 9.16% | 13.14% | 11.62% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6844557154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7155784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;0.26% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581813.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

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

### Class Y: VADDX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Equally-Weighted S&P 500 Fund<br>(Class Y) | $29 | 0.28% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the S&P 500<sup>®</sup> Index due to its significant underweight allocation to information technology and communication services companies, which were among the best performers during the period.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 8.89%, which differed from the return of the Index, 9.16%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Industrials sector, followed by the financials sector.

**Positions \|** Palantir Technologies, Inc., an information technology company, and GE Vernova, Inc., an industrials company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** Enphase Energy, Inc., an information technology company, and Moderna, Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581844.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equally-Weighted S&P 500 Fund (Class Y)** | 8.89% | 12.80% | 11.31% |
| **S&P 500<sup>®</sup> Equal Weight Index** | 9.16% | 13.14% | 11.62% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6844557154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7155784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;0.26% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581849.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

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

### Class R6: VADFX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Equally-Weighted S&P 500 Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Equally-Weighted S&P 500 Fund<br>(Class R6) | $19 | 0.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the S&P 500<sup>®</sup> Index due to its significant underweight allocation to information technology and communication services companies, which were among the best performers during the period.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Equal Weight Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 9.00%, which differed from the return of the Index, 9.16%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Industrials sector, followed by the financials sector.

**Positions \|** Palantir Technologies, Inc., an information technology company, and GE Vernova, Inc., an industrials company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** Enphase Energy, Inc., an information technology company, and Moderna, Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581880.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equally-Weighted S&P 500 Fund (Class R6)** | 9.00% | 12.91% | 11.44% |
| **S&P 500<sup>®</sup> Equal Weight Index** | 9.16% | 13.14% | 11.62% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6844557154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7155784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;0.26% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581885.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Equity and Income Fund

### Class A: ACEIX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Equity and Income Fund<br>(Class A) | $780.75%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 9.16%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund performed fairly consistent with the Benchmark for the period. From an equity perspective, drivers of relative Fund performance were mainly stock specific. Strong stock selection in the information technology sector was the largest contributor to relative performance for the period. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in the industrials sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

**Convertible securities and fixed income instruments \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581916.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equity and Income Fund (Class A) —including sales charge** | 3.18% | 9.28% | 7.60% |
| **Invesco Equity and Income Fund (Class A) —excluding sales charge** | 9.16% | 10.51% | 8.21% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **Bloomberg U.S. Government/Credit Index** | 3.00% | -0.83% | 1.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12611566863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43173566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581921.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Equity and Income Fund

### Class C: ACERX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Equity and Income Fund<br>(Class C) | $1551.49%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 8.33%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund performed fairly consistent with the Benchmark for the period. From an equity perspective, drivers of relative Fund performance were mainly stock specific. Strong stock selection in the information technology sector was the largest contributor to relative performance for the period. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in the industrials sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

**Convertible securities and fixed income instruments \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581952.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equity and Income Fund (Class C) —including sales charge** | 7.33% | 9.68% | 7.58% |
| **Invesco Equity and Income Fund (Class C) —excluding sales charge** | 8.33% | 9.68% | 7.58% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **Bloomberg U.S. Government/Credit Index** | 3.00% | -0.83% | 1.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12611566863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43173566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581957.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Equity and Income Fund

### Class R: ACESX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Equity and Income Fund<br>(Class R) | $1041.00%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 8.82%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund performed fairly consistent with the Benchmark for the period. From an equity perspective, drivers of relative Fund performance were mainly stock specific. Strong stock selection in the information technology sector was the largest contributor to relative performance for the period. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in the industrials sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

**Convertible securities and fixed income instruments \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9581988.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equity and Income Fund (Class R)** | 8.82% | 10.23% | 7.94% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **Bloomberg U.S. Government/Credit Index** | 3.00% | -0.83% | 1.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12611566863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43173566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9581993.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Equity and Income Fund

### Class Y: ACETX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Equity and Income Fund<br>(Class Y) | $520.50%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 9.43%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund performed fairly consistent with the Benchmark for the period. From an equity perspective, drivers of relative Fund performance were mainly stock specific. Strong stock selection in the information technology sector was the largest contributor to relative performance for the period. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in the industrials sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

**Convertible securities and fixed income instruments \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equity and Income Fund (Class Y)** | 9.43% | 10.75% | 8.48% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **Bloomberg U.S. Government/Credit Index** | 3.00% | -0.83% | 1.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12611566863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43173566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582029.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Equity and Income Fund

### Class R5: ACEKX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Equity and Income Fund<br>(Class R5) | $490.47%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund returned 9.38%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund performed fairly consistent with the Benchmark for the period. From an equity perspective, drivers of relative Fund performance were mainly stock specific. Strong stock selection in the information technology sector was the largest contributor to relative performance for the period. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in the industrials sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

**Convertible securities and fixed income instruments \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582060.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equity and Income Fund (Class R5)** | 9.38% | 10.82% | 8.54% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **Bloomberg U.S. Government/Credit Index** | 3.00% | -0.83% | 1.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12611566863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43173566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582065.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Equity and Income Fund

### Class R6: IEIFX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Equity and Income Fund<br>(Class R6) | $420.40%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 9.46%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund performed fairly consistent with the Benchmark for the period. From an equity perspective, drivers of relative Fund performance were mainly stock specific. Strong stock selection in the information technology sector was the largest contributor to relative performance for the period. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in the industrials sector was the largest detractor from the Fund's relative return. The Fund's exposure to convertible securities and high-grade fixed income also detracted from performance relative to the Benchmark.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. We exited the position during the period.

**Convertible securities and fixed income instruments \|** The Fund holds high grade bonds and convertible securities as a source of income and to help provide a measure of stability in volatile markets. The Fund's holdings in these securities lagged the Benchmark and detracted from relative returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582096.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Equity and Income Fund (Class R6)** | 9.46% | 10.90% | 8.63% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **Bloomberg U.S. Government/Credit Index** | 3.00% | -0.83% | 1.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12611566863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43173566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582101.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Floating Rate ESG Fund

### Class A: AFRAX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Floating Rate ESG Fund<br>(Class A) | $118 | 1.14% |

---

**How Did The Fund Perform During The Period?**

**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 6.33%. During the same period, the S&P UBS Leveraged Loan Index returned 7.36%.

#### What contributed to relative performance?
• On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, transportation and consumer durables sectors were the largest contributors.

**•** On an individual issuer basis, Monitronics International, Inc., Vue International Bidco plc and My Alarm Center LLC were the largest contributors.

#### What detracted from relative performance?
**•** On a credit rating basis, individual credit selections within the BB ratings category were the largest detractors, while on an industry basis, the healthcare, manufacturing and forest products/containers sectors were the largest detractors.

**•** On an individual issuer basis, Ascend Performance Materials Operations LLC, Robertshaw US Holding Corp. (not held at fiscal year-end) and NewLife Forest Restoration, LLC were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583104.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Floating Rate ESG Fund (Class A) —including sales charge** | 3.56% | 5.61% | 4.27% |
| **Invesco Floating Rate ESG Fund (Class A) —excluding sales charge** | 6.33% | 6.16% | 4.53% |
| **S&P UBS Leveraged Loan Index** | 7.36% | 6.93% | 5.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2348403818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15009555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 10.14%, 12/22/2027 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc., Term Loan B, 6.71%, 08/21/2030 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., Term Loan B, 7.32%, 08/31/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.67% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.6% |
| BB+ | 2.1% |
| BB | 4.8% |
| BB- | 9.9% |
| B+ | 13.9% |
| B | 26.8% |
| B- | 17.7% |
| CCC+ | 5.0% |
| CCC | 3.3% |
| CCC- | 0.8% |
| CC | 0.3% |
| C | 0.1% |
| D | 1.5% |
| Non-Rated | 8.0% |
| Equity | 5.2% |
| \*\* 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Floating Rate ESG Fund

### Class C: AFRCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Floating Rate ESG Fund<br>(Class C) | $169 | 1.64% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

• For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 5.79%. During the same period, the S&P UBS Leveraged Loan Index returned 7.36%.

#### What contributed to relative performance?
• On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, transportation and consumer durables sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., Vue International Bidco plc and My Alarm Center LLC were the largest contributors.

#### What detracted from relative performance?
• On a credit rating basis, individual credit selections within the BB ratings category were the largest detractors, while on an industry basis, the healthcare, manufacturing and forest products/containers sectors were the largest detractors.

• On an individual issuer basis, Ascend Performance Materials Operations LLC, Robertshaw US Holding Corp. (not held at fiscal year-end) and NewLife Forest Restoration, LLC were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583140.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Floating Rate ESG Fund (Class C) —including sales charge** | 4.65% | 5.62% | 4.12% |
| **Invesco Floating Rate ESG Fund (Class C) —excluding sales charge** | 5.79% | 5.62% | 4.12% |
| **S&P UBS Leveraged Loan Index** | 7.36% | 6.93% | 5.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2348403818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15009555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 10.14%, 12/22/2027 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc., Term Loan B, 6.71%, 08/21/2030 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., Term Loan B, 7.32%, 08/31/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.67% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.6% |
| BB+ | 2.1% |
| BB | 4.8% |
| BB- | 9.9% |
| B+ | 13.9% |
| B | 26.8% |
| B- | 17.7% |
| CCC+ | 5.0% |
| CCC | 3.3% |
| CCC- | 0.8% |
| CC | 0.3% |
| C | 0.1% |
| D | 1.5% |
| Non-Rated | 8.0% |
| Equity | 5.2% |
| \*\* 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Floating Rate ESG Fund

### Class R: AFRRX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Floating Rate ESG Fund<br>(Class R) | $143 | 1.39% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund, returned 6.07%. During the same period, the S&P UBS Leveraged Loan Index returned 7.36%.

#### What contributed to relative performance?
• On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, transportation and consumer durables sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., Vue International Bidco plc and My Alarm Center LLC were the largest contributors.

#### What detracted from relative performance?
• On a credit rating basis, individual credit selections within the BB ratings category were the largest detractors, while on an industry basis, the healthcare, manufacturing and forest products/containers sectors were the largest detractors.

• On an individual issuer basis, Ascend Performance Materials Operations LLC, Robertshaw US Holding Corp. (not held at fiscal year-end) and NewLife Forest Restoration, LLC were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583176.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Floating Rate ESG Fund (Class R)** | 6.07% | 5.89% | 4.29% |
| **S&P UBS Leveraged Loan Index** | 7.36% | 6.93% | 5.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2348403818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15009555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 10.14%, 12/22/2027 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc., Term Loan B, 6.71%, 08/21/2030 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., Term Loan B, 7.32%, 08/31/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.67% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.6% |
| BB+ | 2.1% |
| BB | 4.8% |
| BB- | 9.9% |
| B+ | 13.9% |
| B | 26.8% |
| B- | 17.7% |
| CCC+ | 5.0% |
| CCC | 3.3% |
| CCC- | 0.8% |
| CC | 0.3% |
| C | 0.1% |
| D | 1.5% |
| Non-Rated | 8.0% |
| Equity | 5.2% |
| \*\* 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Floating Rate ESG Fund

### Class Y: AFRYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Floating Rate ESG Fund<br>(Class Y) | $92 | 0.89% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund, returned 6.59%. During the same period, the S&P UBS Leveraged Loan Index returned 7.36%.

#### What contributed to relative performance?
• On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, transportation and consumer durables sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., Vue International Bidco plc and My Alarm Center LLC were the largest contributors.

#### What detracted from relative performance?
• On a credit rating basis, individual credit selections within the BB ratings category were the largest detractors, while on an industry basis, the healthcare, manufacturing and forest products/containers sectors were the largest detractors.

• On an individual issuer basis, Ascend Performance Materials Operations LLC, Robertshaw US Holding Corp. (not held at fiscal year-end) and NewLife Forest Restoration, LLC were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583212.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Floating Rate ESG Fund (Class Y)** | 6.59% | 6.42% | 4.80% |
| **S&P UBS Leveraged Loan Index** | 7.36% | 6.93% | 5.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2348403818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15009555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 10.14%, 12/22/2027 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc., Term Loan B, 6.71%, 08/21/2030 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., Term Loan B, 7.32%, 08/31/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.67% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.6% |
| BB+ | 2.1% |
| BB | 4.8% |
| BB- | 9.9% |
| B+ | 13.9% |
| B | 26.8% |
| B- | 17.7% |
| CCC+ | 5.0% |
| CCC | 3.3% |
| CCC- | 0.8% |
| CC | 0.3% |
| C | 0.1% |
| D | 1.5% |
| Non-Rated | 8.0% |
| Equity | 5.2% |
| \*\* 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Floating Rate ESG Fund

### Class R5: AFRIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Floating Rate ESG Fund<br>(Class R5) | $91 | 0.88% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund, returned 6.61%. During the same period, the S&P UBS Leveraged Loan Index returned 7.36%.

#### What contributed to relative performance?
• On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, transportation and consumer durables sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., Vue International Bidco plc and My Alarm Center LLC were the largest contributors.

#### What detracted from relative performance?
• On a credit rating basis, individual credit selections within the BB ratings category were the largest detractors, while on an industry basis, the healthcare, manufacturing and forest products/containers sectors were the largest detractors.

• On an individual issuer basis, Ascend Performance Materials Operations LLC, Robertshaw US Holding Corp. (not held at fiscal year-end) and NewLife Forest Restoration, LLC were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583248.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Floating Rate ESG Fund (Class R5)** | 6.61% | 6.41% | 4.81% |
| **S&P UBS Leveraged Loan Index** | 7.36% | 6.93% | 5.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2348403818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15009555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 10.14%, 12/22/2027 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc., Term Loan B, 6.71%, 08/21/2030 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., Term Loan B, 7.32%, 08/31/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.67% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.6% |
| BB+ | 2.1% |
| BB | 4.8% |
| BB- | 9.9% |
| B+ | 13.9% |
| B | 26.8% |
| B- | 17.7% |
| CCC+ | 5.0% |
| CCC | 3.3% |
| CCC- | 0.8% |
| CC | 0.3% |
| C | 0.1% |
| D | 1.5% |
| Non-Rated | 8.0% |
| Equity | 5.2% |
| \*\* 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Floating Rate ESG Fund

### Class R6: AFRFX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Floating Rate ESG Fund<br>(Class R6) | $84 | 0.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund, returned 6.67%. During the same period, the S&P UBS Leveraged Loan Index returned 7.36%.

#### What contributed to relative performance?
• On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, transportation and consumer durables sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., Vue International Bidco plc and My Alarm Center LLC were the largest contributors.

#### What detracted from relative performance?
• On a credit rating basis, individual credit selections within the BB ratings category were the largest detractors, while on an industry basis, the healthcare, manufacturing and forest products/containers sectors were the largest detractors.

• On an individual issuer basis, Ascend Performance Materials Operations LLC, Robertshaw US Holding Corp. (not held at fiscal year-end) and NewLife Forest Restoration, LLC were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583284.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Floating Rate ESG Fund (Class R6)** | 6.67% | 6.47% | 4.87% |
| **S&P UBS Leveraged Loan Index** | 7.36% | 6.93% | 5.33% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2348403818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15009555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;V Global Holdings LLC, Term Loan, 10.14%, 12/22/2027 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc., Term Loan B, 6.71%, 08/21/2030 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc., Term Loan B, 7.32%, 08/31/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.67% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.6% |
| BB+ | 2.1% |
| BB | 4.8% |
| BB- | 9.9% |
| B+ | 13.9% |
| B | 26.8% |
| B- | 17.7% |
| CCC+ | 5.0% |
| CCC | 3.3% |
| CCC- | 0.8% |
| CC | 0.3% |
| C | 0.1% |
| D | 1.5% |
| Non-Rated | 8.0% |
| Equity | 5.2% |
| \*\* 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_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Income Fund

### Class A: ASRAX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Real Estate Income Fund<br> (Class A) | $126 | 1.26% |

---

### How Did The Fund Perform During The Period?
 **•** The global real estate market was shaped by a volatile macro environment, driven by political uncertainty, shifting interest rate expectations, and mixed economic signals during the fiscal year ended August 31, 2025. Tariff announcements and policy shifts under the new US presidential administration added further uncertainty, contributing to market volatility.

 **•** During the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned -0.50%. For the same time period, the FTSE EPRA/NAREIT Developed Index (Net) (the "Benchmark") returned 1.78%. The Fund underperformed the Benchmark primarily due to sector allocation during a period of extreme sector return variability. These results were partially offset by stock selection among Data Center REITs and Lodging/Resort REITs as well as an underweight exposure to Residential REITs and to Self Storage REITs.

#### What contributed to performance?
 **Data Center REITs \|** The Fund's allocation to Data Center REITs was one of the top contributors to absolute returns. Data Center demand continues to benefit from artificial intelligence adoption, cloud computing and mobile data usage.

#### What detracted from performance?
 **Industrial REITs \|** The Fund's Industrial REITs exposure was one of the largest detractors from absolute returns. Fund holding Rexford Industrial's regional exposure to Southern California was disproportionately affected by tariffs given regional demand is tied to port activity and international trade. The Fund has exited its position in Rexford. The sector has also been weighed down by elevated operating costs from higher interest rates.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582132.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Real Estate Income Fund (Class A) —including sales charge** | -5.94% | 2.20% | 2.74% |
| **Invesco Global Real Estate Income Fund (Class A) —excluding sales charge** | -0.50% | 3.36% | 3.32% |
| **FTSE EPRA/NAREIT Developed Index (Net)** | 1.78% | 4.66% | 3.78% |
| **MSCI World Index<sup>SM</sup> (Net)** | 15.68% | 12.89% | 11.65% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$414806991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3328532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;105% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582137.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Income Fund

### Class C: ASRCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Real Estate Income Fund<br> (Class C) | $200 | 2.01% |

---

### How Did The Fund Perform During The Period?
 **•** The global real estate market was shaped by a volatile macro environment, driven by political uncertainty, shifting interest rate expectations, and mixed economic signals during the fiscal year ended August 31, 2025. Tariff announcements and policy shifts under the new US presidential administration added further uncertainty, contributing to market volatility.

 **•** During the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned -1.15%. For the same time period, the FTSE EPRA/NAREIT Developed Index (Net) (the "Benchmark") returned 1.78%. The Fund underperformed the Benchmark primarily due to sector allocation during a period of extreme sector return variability. These results were partially offset by stock selection among Data Center REITs and Lodging/Resort REITs as well as an underweight exposure to Residential REITs and to Self Storage REITs.

#### What contributed to performance?
 **Data Center REITs \|** The Fund's allocation to Data Center REITs was one of the top contributors to absolute returns. Data Center demand continues to benefit from artificial intelligence adoption, cloud computing and mobile data usage.

#### What detracted from performance?
 **Industrial REITs \|** The Fund's Industrial REITs exposure was one of the largest detractors from absolute returns. Fund holding Rexford Industrial's regional exposure to Southern California was disproportionately affected by tariffs given regional demand is tied to port activity and international trade. The Fund has exited its position in Rexford. The sector has also been weighed down by elevated operating costs from higher interest rates.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582168.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Real Estate Income Fund (Class C) —including sales charge** | -2.11% | 2.61% | 2.70% |
| **Invesco Global Real Estate Income Fund (Class C) —excluding sales charge** | -1.15% | 2.61% | 2.70% |
| **FTSE EPRA/NAREIT Developed Index (Net)** | 1.78% | 4.66% | 3.78% |
| **MSCI World Index<sup>SM</sup> (Net)** | 15.68% | 12.89% | 11.65% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$414806991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3328532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;105% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582173.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Income Fund

### Class Y: ASRYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Real Estate Income Fund<br> (Class Y) | $101 | 1.01% |

---

### How Did The Fund Perform During The Period?
 **•** The global real estate market was shaped by a volatile macro environment, driven by political uncertainty, shifting interest rate expectations, and mixed economic signals during the fiscal year ended August 31, 2025. Tariff announcements and policy shifts under the new US presidential administration added further uncertainty, contributing to market volatility.

 **•** During the fiscal year ended August 31, 2025, Class Y shares of the Fund, returned -0.15%. For the same time period, the FTSE EPRA/NAREIT Developed Index (Net) (the "Benchmark") returned 1.78%. The Fund underperformed the Benchmark primarily due to sector allocation during a period of extreme sector return variability. These results were partially offset by stock selection among Data Center REITs and Lodging/Resort REITs as well as an underweight exposure to Residential REITs and to Self Storage REITs.

#### What contributed to performance?
 **Data Center REITs \|** The Fund's allocation to Data Center REITs was one of the top contributors to absolute returns. Data Center demand continues to benefit from artificial intelligence adoption, cloud computing and mobile data usage.

#### What detracted from performance?
 **Industrial REITs \|** The Fund's Industrial REITs exposure was one of the largest detractors from absolute returns. Fund holding Rexford Industrial's regional exposure to Southern California was disproportionately affected by tariffs given regional demand is tied to port activity and international trade. The Fund has exited its position in Rexford. The sector has also been weighed down by elevated operating costs from higher interest rates.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582204.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Real Estate Income Fund (Class Y)** | -0.15% | 3.65% | 3.58% |
| **FTSE EPRA/NAREIT Developed Index (Net)** | 1.78% | 4.66% | 3.78% |
| **MSCI World Index<sup>SM</sup> (Net)** | 15.68% | 12.89% | 11.65% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$414806991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3328532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;105% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582209.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Income Fund

### Class R5: ASRIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Real Estate Income Fund<br> (Class R5) | $91 | 0.91% |

---

### How Did The Fund Perform During The Period?
 **•** The global real estate market was shaped by a volatile macro environment, driven by political uncertainty, shifting interest rate expectations, and mixed economic signals during the fiscal year ended August 31, 2025. Tariff announcements and policy shifts under the new US presidential administration added further uncertainty, contributing to market volatility.

 **•** During the fiscal year ended August 31, 2025, Class R5 shares of the Fund, returned -0.10%. For the same time period, the FTSE EPRA/NAREIT Developed Index (Net) (the "Benchmark") returned 1.78%. The Fund underperformed the Benchmark primarily due to sector allocation during a period of extreme sector return variability. These results were partially offset by stock selection among Data Center REITs and Lodging/Resort REITs as well as an underweight exposure to Residential REITs and to Self Storage REITs.

#### What contributed to performance?
 **Data Center REITs \|** The Fund's allocation to Data Center REITs was one of the top contributors to absolute returns. Data Center demand continues to benefit from artificial intelligence adoption, cloud computing and mobile data usage.

#### What detracted from performance?
 **Industrial REITs \|** The Fund's Industrial REITs exposure was one of the largest detractors from absolute returns. Fund holding Rexford Industrial's regional exposure to Southern California was disproportionately affected by tariffs given regional demand is tied to port activity and international trade. The Fund has exited its position in Rexford. The sector has also been weighed down by elevated operating costs from higher interest rates.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582240.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Real Estate Income Fund (Class R5)** | -0.10% | 3.70% | 3.65% |
| **FTSE EPRA/NAREIT Developed Index (Net)** | 1.78% | 4.66% | 3.78% |
| **MSCI World Index<sup>SM</sup> (Net)** | 15.68% | 12.89% | 11.65% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$414806991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3328532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;105% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582245.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Income Fund

### Class R6: ASRFX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Global Real Estate Income Fund<br> (Class R6) | $84 | 0.84% |

---

### How Did The Fund Perform During The Period?
 **•** The global real estate market was shaped by a volatile macro environment, driven by political uncertainty, shifting interest rate expectations, and mixed economic signals during the fiscal year ended August 31, 2025. Tariff announcements and policy shifts under the new US presidential administration added further uncertainty, contributing to market volatility.

 **•** During the fiscal year ended August 31, 2025, Class R6 shares of the Fund, returned -0.14%. For the same time period, the FTSE EPRA/NAREIT Developed Index (Net) (the "Benchmark") returned 1.78%. The Fund underperformed the Benchmark primarily due to sector allocation during a period of extreme sector return variability. These results were partially offset by stock selection among Data Center REITs and Lodging/Resort REITs as well as an underweight exposure to Residential REITs and to Self Storage REITs.

#### What contributed to performance?
 **Data Center REITs \|** The Fund's allocation to Data Center REITs was one of the top contributors to absolute returns. Data Center demand continues to benefit from artificial intelligence adoption, cloud computing and mobile data usage.

#### What detracted from performance?
 **Industrial REITs \|** The Fund's Industrial REITs exposure was one of the largest detractors from absolute returns. Fund holding Rexford Industrial's regional exposure to Southern California was disproportionately affected by tariffs given regional demand is tied to port activity and international trade. The Fund has exited its position in Rexford. The sector has also been weighed down by elevated operating costs from higher interest rates.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582276.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Global Real Estate Income Fund (Class R6)** | -0.14% | 3.80% | 3.75% |
| **FTSE EPRA/NAREIT Developed Index (Net)** | 1.78% | 4.66% | 3.78% |
| **MSCI World Index<sup>SM</sup> (Net)** | 15.68% | 12.89% | 11.65% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$414806991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3328532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;105% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582281.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Growth and Income Fund

### Class A: ACGIX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Growth and Income Fund<br>(Class A) | $82 | 0.78% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 11.11%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund outperformed the Benchmark primarily due to strong stock selection in the information technology sector. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in industrials was the largest detractor from the Fund's relative return. Stock selection in the healthcare sector and an overweight exposure in the energy sector also detracted from relative returns.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns.

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. The Fund exited the position during the period.

**Elevance Health, Inc. \|** The company faced rising medical costs due to increased utilization, particularly among ACA and Medicaid members. At the same time, the company has seen a decline in membership, largely driven by Medicaid redeterminations following the end of pandemic-era eligibility expansions. These pressures have weighed on earnings and contributed to a significant drop in its stock price.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582312.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Growth and Income Fund (Class A) —including sales charge** | 5.00% | 14.20% | 9.56% |
| **Invesco Growth and Income Fund (Class A) —excluding sales charge** | 11.11% | 15.50% | 10.18% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4177223857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14570383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582317.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Growth and Income Fund

### Class C: ACGKX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Growth and Income Fund<br>(Class C) | $160 | 1.52% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 10.33%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund outperformed the Benchmark primarily due to strong stock selection in the information technology sector. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in industrials was the largest detractor from the Fund's relative return. Stock selection in the healthcare sector and an overweight exposure in the energy sector also detracted from relative returns.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns.

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. The Fund exited the position during the period.

**Elevance Health, Inc. \|** The company faced rising medical costs due to increased utilization, particularly among ACA and Medicaid members. At the same time, the company has seen a decline in membership, largely driven by Medicaid redeterminations following the end of pandemic-era eligibility expansions. These pressures have weighed on earnings and contributed to a significant drop in its stock price.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582348.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Growth and Income Fund (Class C) —including sales charge** | 9.33% | 14.66% | 9.55% |
| **Invesco Growth and Income Fund (Class C) —excluding sales charge** | 10.33% | 14.66% | 9.55% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4177223857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14570383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582353.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Growth and Income Fund

### Class R: ACGLX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Growth and Income Fund<br>(Class R) | $109 | 1.03% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 10.85%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund outperformed the Benchmark primarily due to strong stock selection in the information technology sector. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in industrials was the largest detractor from the Fund's relative return. Stock selection in the healthcare sector and an overweight exposure in the energy sector also detracted from relative returns.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns.

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. The Fund exited the position during the period.

**Elevance Health, Inc. \|** The company faced rising medical costs due to increased utilization, particularly among ACA and Medicaid members. At the same time, the company has seen a decline in membership, largely driven by Medicaid redeterminations following the end of pandemic-era eligibility expansions. These pressures have weighed on earnings and contributed to a significant drop in its stock price.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582384.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Growth and Income Fund (Class R)** | 10.85% | 15.20% | 9.91% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4177223857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14570383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582389.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Growth and Income Fund

### Class Y: ACGMX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Growth and Income Fund<br>(Class Y) | $56 | 0.53% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 11.38%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund outperformed the Benchmark primarily due to strong stock selection in the information technology sector. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in industrials was the largest detractor from the Fund's relative return. Stock selection in the healthcare sector and an overweight exposure in the energy sector also detracted from relative returns.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns.

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. The Fund exited the position during the period.

**Elevance Health, Inc. \|** The company faced rising medical costs due to increased utilization, particularly among ACA and Medicaid members. At the same time, the company has seen a decline in membership, largely driven by Medicaid redeterminations following the end of pandemic-era eligibility expansions. These pressures have weighed on earnings and contributed to a significant drop in its stock price.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582420.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Growth and Income Fund (Class Y)** | 11.38% | 15.78% | 10.46% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4177223857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14570383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582425.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Growth and Income Fund

### Class R5: ACGQX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Growth and Income Fund<br>(Class R5) | $52 | 0.49% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund returned 11.46%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund outperformed the Benchmark primarily due to strong stock selection in the information technology sector. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in industrials was the largest detractor from the Fund's relative return. Stock selection in the healthcare sector and an overweight exposure in the energy sector also detracted from relative returns.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns.

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. The Fund exited the position during the period.

**Elevance Health, Inc. \|** The company faced rising medical costs due to increased utilization, particularly among ACA and Medicaid members. At the same time, the company has seen a decline in membership, largely driven by Medicaid redeterminations following the end of pandemic-era eligibility expansions. These pressures have weighed on earnings and contributed to a significant drop in its stock price.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582456.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Growth and Income Fund (Class R5)** | 11.46% | 15.84% | 10.53% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4177223857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14570383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582461.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Growth and Income Fund

### Class R6: GIFFX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Growth and Income Fund<br>(Class R6) | $44 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, U.S. equity indices posted strong returns, even amid uncertainty due to tariff policy and weakening employment and other economic data. Continued enthusiasm for artificial intelligence related investment themes led to concentrated market leadership in the large cap technology space during the period.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 11.53%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the "Benchmark") returned 9.33%. The Fund outperformed the Benchmark primarily due to strong stock selection in the information technology sector. Stock selection and an underweight exposure in the real estate sector also aided relative performance. Conversely, stock selection in industrials was the largest detractor from the Fund's relative return. Stock selection in the healthcare sector and an overweight exposure in the energy sector also detracted from relative returns.

#### What contributed to performance?
**Wells Fargo & Co. \|** The bank reported better than expected earnings and non-interest income remained strong, despite ongoing regulatory constraints. The stock also performed well amid optimism that lower interest rates would boost loan growth.

**Johnson Controls International PLC \|** The multinational conglomerate company's stock rose over the past year, driven by strong earnings, solid organic sales growth, and sustained demand for smart building technology and energy-efficient solutions.

**Bank of America Corp. \|** The bank's stock performance was driven by higher net interest income from higher rates, improved profitability, and strong capital returns, supported by resilient consumer and wealth management businesses.

#### What detracted from performance?
**UnitedHealth Group, Inc. \|** The health insurer reported weaker earnings, driven by unexpectedly high Medicare Advantage utilization and a less favorable member mix that strained margins. The July passage of the "One Big Beautiful Bill Act," which threatens up to $1 trillion in Medicaid cuts, added further pressure to the stock amid growing regulatory and reimbursement concerns.

**Centene Corp. \|** The healthcare company's stock declined sharply after the company withdrew its 2025 earnings guidance, citing slower growth in the healthcare exchange market and rising medical costs. The Fund exited the position during the period.

**Elevance Health, Inc. \|** The company faced rising medical costs due to increased utilization, particularly among ACA and Medicaid members. At the same time, the company has seen a decline in membership, largely driven by Medicaid redeterminations following the end of pandemic-era eligibility expansions. These pressures have weighed on earnings and contributed to a significant drop in its stock price.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582492.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Growth and Income Fund (Class R6)** | 11.53% | 15.92% | 10.63% |
| **Russell 1000<sup>®</sup> Value Index** | 9.33% | 12.97% | 10.22% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4177223857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14570383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582497.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Income Advantage U.S. Fund

### Class A: SCAUX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Advantage U.S. Fund<br> (Class A) | $1161.08%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, US large-cap equities benefited from investment themes centered on artificial intelligence innovation, easing monetary policy from the Federal Reserve, and resilient economic growth that supported strong corporate earnings.

 **•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 13.93%. For the same time period, the S&P 500<sup>®</sup> Index (the "Benchmark") returned 15.88%.

#### What contributed to performance?
 **Diversified US Stock Portfolio \|** The Fund's exposure to a diversified portfolio of US stocks, designed to have low tracking error to the Benchmark, provided growth over the prior 12 months and performed in-line with the Benchmark.

#### What detracted from performance?
 **Equity-Linked Notes \|** The defensive and income-producing options component of the Fund's investments in equity-linked notes (ELNs) helped mitigate heightened market volatility, particularly in early 2025 amid uncertainty surrounding US trade policies ahead of President Trump's April "Liberation Day" tariff announcement. However, the defensive nature of the Fund's ELNs (which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents) detracted from overall portfolio performance when markets generally trended upwards during the fiscal year. Note that although ELNs detracted from overall Fund performance, the options component of the ELNs increased the Fund's yield during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582528.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Advantage U.S. Fund (Class A) —including sales charge** | 7.65% | 9.41% | 6.77% |
| **Invesco Income Advantage U.S. Fund (Class A) —excluding sales charge** | 13.93% | 10.66% | 7.38% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$199061167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1102361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582533.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Income Advantage U.S. Fund

### Class C: SCCUX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Advantage U.S. Fund<br> (Class C) | $1951.83%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, US large-cap equities benefited from investment themes centered on artificial intelligence innovation, easing monetary policy from the Federal Reserve, and resilient economic growth that supported strong corporate earnings.

 **•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 13.12%. For the same time period, the S&P 500<sup>®</sup> Index (the "Benchmark") returned 15.88%.

#### What contributed to performance?
 **Diversified US Stock Portfolio \|** The Fund's exposure to a diversified portfolio of US stocks, designed to have low tracking error to the Benchmark, provided growth over the prior 12 months and performed in-line with the Benchmark.

#### What detracted from performance?
 **Equity-Linked Notes \|** The defensive and income-producing options component of the Fund's investments in equity-linked notes (ELNs) helped mitigate heightened market volatility, particularly in early 2025 amid uncertainty surrounding US trade policies ahead of President Trump's April "Liberation Day" tariff announcement. However, the defensive nature of the Fund's ELNs (which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents) detracted from overall portfolio performance when markets generally trended upwards during the fiscal year. Note that although ELNs detracted from overall Fund performance, the options component of the ELNs increased the Fund's yield during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582564.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Advantage U.S. Fund (Class C) —including sales charge** | 12.12% | 9.84% | 6.73% |
| **Invesco Income Advantage U.S. Fund (Class C) —excluding sales charge** | 13.12% | 9.84% | 6.73% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$199061167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1102361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582569.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Income Advantage U.S. Fund

### Class R: SCRUX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Advantage U.S. Fund<br> (Class R) | $1421.33%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, US large-cap equities benefited from investment themes centered on artificial intelligence innovation, easing monetary policy from the Federal Reserve, and resilient economic growth that supported strong corporate earnings.

 **•** For the fiscal year ended August 31, 2025, Class R shares of the Fund, returned 13.69%. For the same time period, the S&P 500<sup>®</sup> Index (the "Benchmark") returned 15.88%.

#### What contributed to performance?
 **Diversified US Stock Portfolio \|** The Fund's exposure to a diversified portfolio of US stocks, designed to have low tracking error to the Benchmark, provided growth over the prior 12 months and performed in-line with the Benchmark.

#### What detracted from performance?
 **Equity-Linked Notes \|** The defensive and income-producing options component of the Fund's investments in equity-linked notes (ELNs) helped mitigate heightened market volatility, particularly in early 2025 amid uncertainty surrounding US trade policies ahead of President Trump's April "Liberation Day" tariff announcement. However, the defensive nature of the Fund's ELNs (which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents) detracted from overall portfolio performance when markets generally trended upwards during the fiscal year. Note that although ELNs detracted from overall Fund performance, the options component of the ELNs increased the Fund's yield during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582600.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Advantage U.S. Fund (Class R)** | 13.69% | 10.38% | 7.12% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$199061167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1102361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582605.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Income Advantage U.S. Fund

### Class Y: SCAYX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Advantage U.S. Fund<br> (Class Y) | $890.83%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, US large-cap equities benefited from investment themes centered on artificial intelligence innovation, easing monetary policy from the Federal Reserve, and resilient economic growth that supported strong corporate earnings.

 **•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund, returned 14.18%. For the same time period, the S&P 500<sup>®</sup> Index (the "Benchmark") returned 15.88%.

#### What contributed to performance?
 **Diversified US Stock Portfolio \|** The Fund's exposure to a diversified portfolio of US stocks, designed to have low tracking error to the Benchmark, provided growth over the prior 12 months and performed in-line with the Benchmark.

#### What detracted from performance?
 **Equity-Linked Notes \|** The defensive and income-producing options component of the Fund's investments in equity-linked notes (ELNs) helped mitigate heightened market volatility, particularly in early 2025 amid uncertainty surrounding US trade policies ahead of President Trump's April "Liberation Day" tariff announcement. However, the defensive nature of the Fund's ELNs (which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents) detracted from overall portfolio performance when markets generally trended upwards during the fiscal year. Note that although ELNs detracted from overall Fund performance, the options component of the ELNs increased the Fund's yield during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582636.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Advantage U.S. Fund (Class Y)** | 14.18% | 10.92% | 7.64% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$199061167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1102361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582641.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Income Advantage U.S. Fund

### Investor Class: SCNUX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Advantage U.S. Fund<br> (Investor Class) | $1161.08%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, US large-cap equities benefited from investment themes centered on artificial intelligence innovation, easing monetary policy from the Federal Reserve, and resilient economic growth that supported strong corporate earnings.

 **•** For the fiscal year ended August 31, 2025, Investor Class shares of the Fund, returned 14.00%. For the same time period, the S&P 500<sup>®</sup> Index (the "Benchmark") returned 15.88%.

#### What contributed to performance?
 **Diversified US Stock Portfolio \|** The Fund's exposure to a diversified portfolio of US stocks, designed to have low tracking error to the Benchmark, provided growth over the prior 12 months and performed in-line with the Benchmark.

#### What detracted from performance?
 **Equity-Linked Notes \|** The defensive and income-producing options component of the Fund's investments in equity-linked notes (ELNs) helped mitigate heightened market volatility, particularly in early 2025 amid uncertainty surrounding US trade policies ahead of President Trump's April "Liberation Day" tariff announcement. However, the defensive nature of the Fund's ELNs (which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents) detracted from overall portfolio performance when markets generally trended upwards during the fiscal year. Note that although ELNs detracted from overall Fund performance, the options component of the ELNs increased the Fund's yield during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582672.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Advantage U.S. Fund (Investor Class)** | 14.00% | 10.66% | 7.39% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$199061167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1102361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582677.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Income Advantage U.S. Fund

### Class R5: SCIUX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Advantage U.S. Fund<br> (Class R5) | $870.81%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, US large-cap equities benefited from investment themes centered on artificial intelligence innovation, easing monetary policy from the Federal Reserve, and resilient economic growth that supported strong corporate earnings.

 **•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund, returned 14.35%. For the same time period, the S&P 500<sup>®</sup> Index (the "Benchmark") returned 15.88%.

#### What contributed to performance?
 **Diversified US Stock Portfolio \|** The Fund's exposure to a diversified portfolio of US stocks, designed to have low tracking error to the Benchmark, provided growth over the prior 12 months and performed in-line with the Benchmark.

#### What detracted from performance?
 **Equity-Linked Notes \|** The defensive and income-producing options component of the Fund's investments in equity-linked notes (ELNs) helped mitigate heightened market volatility, particularly in early 2025 amid uncertainty surrounding US trade policies ahead of President Trump's April "Liberation Day" tariff announcement. However, the defensive nature of the Fund's ELNs (which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents) detracted from overall portfolio performance when markets generally trended upwards during the fiscal year. Note that although ELNs detracted from overall Fund performance, the options component of the ELNs increased the Fund's yield during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582708.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Advantage U.S. Fund (Class R5)** | 14.35% | 11.02% | 7.78% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$199061167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1102361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582713.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Income Advantage U.S. Fund

### Class R6: SLESX

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

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Advantage U.S. Fund<br> (Class R6) | $790.74%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, US large-cap equities benefited from investment themes centered on artificial intelligence innovation, easing monetary policy from the Federal Reserve, and resilient economic growth that supported strong corporate earnings.

 **•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund, returned 14.39%. For the same time period, the S&P 500<sup>®</sup> Index (the "Benchmark") returned 15.88%.

#### What contributed to performance?
 **Diversified US Stock Portfolio \|** The Fund's exposure to a diversified portfolio of US stocks, designed to have low tracking error to the Benchmark, provided growth over the prior 12 months and performed in-line with the Benchmark.

#### What detracted from performance?
 **Equity-Linked Notes \|** The defensive and income-producing options component of the Fund's investments in equity-linked notes (ELNs) helped mitigate heightened market volatility, particularly in early 2025 amid uncertainty surrounding US trade policies ahead of President Trump's April "Liberation Day" tariff announcement. However, the defensive nature of the Fund's ELNs (which are comprised primarily of returns attributable to coupon income received from selling embedded options and returns attributable to price changes in referenced equities, and cash or cash equivalents) detracted from overall portfolio performance when markets generally trended upwards during the fiscal year. Note that although ELNs detracted from overall Fund performance, the options component of the ELNs increased the Fund's yield during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582744.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Advantage U.S. Fund (Class R6)** | 14.39% | 11.03% | 7.72% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$199061167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1102361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582749.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco NASDAQ 100 Index Fund

### Class R6: IVNQX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco NASDAQ 100 Index Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco NASDAQ 100 Index Fund<br>(Class R6) | $320.29%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the NASDAQ<sup>®</sup> Composite Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. The Fund underperformed the NASDAQ<sup>®</sup> Composite Index due to its overweight position and differentiated holdings in the industrials and consumer staples sectors.

**•** The Fund's investment objective is to seek to track the investment results (before fees and expenses) of the Nasdaq-100 Index<sup>®</sup> (the "Index").

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 20.26%, which differed from the return of the Index, 20.52%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Technology sector, followed by the consumer discretionary sector.

**Positions \|** Broadcom Inc., a technology company, and NVIDIA Corp., a technology company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the consumer staples sector.

**Positions \|** Adobe Inc., a technology company, and Regeneron Pharmaceuticals Inc., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9584076.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(10/13/20)** |
| **Invesco NASDAQ 100 Index Fund (Class R6)** | 20.26% | 15.21% |
| **Nasdaq-100<sup>®</sup> Index** | 20.52% | 15.42% |
| **NASDAQ<sup>®</sup> Composite Index** | 21.95% | 13.75% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$176522380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$104868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.62% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584081.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco S&P 500 Index Fund

### Class A: SPIAX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P 500 Index Fund<br>(Class A) | $58 | 0.54% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. Because the Fund holds a large proportion of US large-cap equities, it benefited from this broader market environment.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 15.20%, which differed from the return of the Index, 15.88%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology sector, followed by the communication services sector.

**Positions \|** NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** UnitedHealth Group Inc., a health care company, and Eli Lilly and Co., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582780.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco S&P 500 Index Fund (Class A) —including sales charge** | 8.86% | 12.83% | 13.32% |
| **Invesco S&P 500 Index Fund (Class A) —excluding sales charge** | 15.20% | 14.12% | 13.97% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3902209452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3852784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582785.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco S&P 500 Index Fund

### Class C: SPICX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P 500 Index Fund<br>(Class C) | $138 | 1.29% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. Because the Fund holds a large proportion of US large-cap equities, it benefited from this broader market environment.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 14.36%, which differed from the return of the Index, 15.88%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology sector, followed by the communication services sector.

**Positions \|** NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** UnitedHealth Group Inc., a health care company, and Eli Lilly and Co., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582816.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco S&P 500 Index Fund (Class C) —including sales charge** | 13.36% | 13.30% | 13.31% |
| **Invesco S&P 500 Index Fund (Class C) —excluding sales charge** | 14.36% | 13.30% | 13.31% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3902209452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3852784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582821.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco S&P 500 Index Fund

### Class Y: SPIDX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P 500 Index Fund<br>(Class Y) | $31 | 0.29% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. Because the Fund holds a large proportion of US large-cap equities, it benefited from this broader market environment.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 15.51%, which differed from the return of the Index, 15.88%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology sector, followed by the communication services sector.

**Positions \|** NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** UnitedHealth Group Inc., a health care company, and Eli Lilly and Co., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582852.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco S&P 500 Index Fund (Class Y)** | 15.51% | 14.41% | 14.25% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3902209452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3852784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582857.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco S&P 500 Index Fund

### Class R6: SPISX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco S&P 500 Index Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco S&P 500 Index Fund<br>(Class R6) | $20 | 0.19% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the S&P 500<sup>®</sup> Index rose despite elevated geopolitical and policy uncertainty, as mega-cap technology companies and other securities tied to the artificial intelligence theme remained supportive. Because the Fund holds a large proportion of US large-cap equities, it benefited from this broader market environment.

**•** The Fund seeks to track the investment results (before fees and expenses) of the S&P 500<sup>®</sup> Index (the "Index").

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 15.62%, which differed from the return of the Index, 15.88%, primarily due to fees and expenses incurred by the Fund during the period.

#### What contributed to performance?
**Sector Allocations \|** Information technology sector, followed by the communication services sector.

**Positions \|** NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.

#### What detracted from performance?
**Sector Allocations \|** Health care sector, followed by the materials sector.

**Positions \|** UnitedHealth Group Inc., a health care company, and Eli Lilly and Co., a health care company.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582888.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco S&P 500 Index Fund (Class R6)** | 15.62% | 14.50% | 14.28% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 14.60% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3902209452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3852784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582893.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Senior Floating Rate Fund

### Class A: OOSAX

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

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Senior Floating Rate Fund<br>(Class A) | $115 | 1.12% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 6.22%. During the same period, the JP Morgan Leveraged Loan Index returned 7.34%.

#### What contributed to relative performance?
**•** On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, energy and cable and satellite sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., My Alarm Center LLC and McDermott International Ltd. were the largest contributors.

#### What detracted from relative performance?
**•** On a credit rating basis, individual credit selections within the B ratings category were the largest detractors, while on an industry basis, the food and beverages, health care and industrials sectors were the largest detractors.

• On an individual issuer basis, City Brewing Co. LLC, Ascend Performance Materials Operations LLC and Robertshaw US Holding Corp. (no longer held at fiscal-year end) were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583752.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Senior Floating Rate Fund (Class A) —including sales charge** | 2.98% | 6.66% | 3.70% |
| **Invesco Senior Floating Rate Fund (Class A) —excluding sales charge** | 6.22% | 7.36% | 4.04% |
| **JP Morgan Leveraged Loan Index** | 7.34% | 7.26% | 5.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Senior Floating Rate Fund (the predecessor fund), were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2890039533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17680594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 6.58%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR S.A., Term Loan B-12, 10.19%, 01/31/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding Corp., First Lien Term Loan, 8.05%, 04/09/2027 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.5% |
| BB+ | 2.2% |
| BB | 4.7% |
| BB- | 9.8% |
| B+ | 12.3% |
| B | 26.4% |
| B- | 17.8% |
| CCC+ | 5.6% |
| CCC | 2.8% |
| CCC- | 0.9% |
| CC | 0.6% |
| C | 0.1% |
| D | 2.0% |
| Non-Rated | 6.7% |
| Equity | 7.6% |
| \*\* 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. |  |

---

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective January 1, 2025, the expense limitation for Class A shares changed from 1.02% to 1.03% of the Fund's average daily net assets. Unless Invesco continues the expense limitation agreement, it will terminate on December 31, 2025.

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Senior Floating Rate Fund

### Class C: OOSCX

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

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Senior Floating Rate Fund<br>(Class C) | $192 | 1.87% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 5.59%. During the same period, the JP Morgan Leveraged Loan Index returned 7.34%.

#### What contributed to relative performance?
**•** On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, energy and cable and satellite sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., My Alarm Center LLC and McDermott International Ltd. were the largest contributors.

#### What detracted from relative performance?
**•** On a credit rating basis, individual credit selections within the B ratings category were the largest detractors, while on an industry basis, the food and beverages, health care and industrials sectors were the largest detractors.

• On an individual issuer basis, City Brewing Co. LLC, Ascend Performance Materials Operations LLC and Robertshaw US Holding Corp. (no longer held at fiscal-year end) were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583788.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Senior Floating Rate Fund (Class C) —including sales charge** | 4.46% | 6.53% | 3.41% |
| **Invesco Senior Floating Rate Fund (Class C) —excluding sales charge** | 5.59% | 6.53% | 3.41% |
| **JP Morgan Leveraged Loan Index** | 7.34% | 7.26% | 5.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Senior Floating Rate Fund (the predecessor fund), were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2890039533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17680594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 6.58%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR S.A., Term Loan B-12, 10.19%, 01/31/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding Corp., First Lien Term Loan, 8.05%, 04/09/2027 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.5% |
| BB+ | 2.2% |
| BB | 4.7% |
| BB- | 9.8% |
| B+ | 12.3% |
| B | 26.4% |
| B- | 17.8% |
| CCC+ | 5.6% |
| CCC | 2.8% |
| CCC- | 0.9% |
| CC | 0.6% |
| C | 0.1% |
| D | 2.0% |
| Non-Rated | 6.7% |
| Equity | 7.6% |
| \*\* 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. |  |

---

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective January 1, 2025, the expense limitation for Class C shares changed from 1.77% to 1.78% of the Fund's average daily net assets. Unless Invesco continues the expense limitation agreement, it will terminate on December 31, 2025.

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Senior Floating Rate Fund

### Class R: OOSNX

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

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Senior Floating Rate Fund<br>(Class R) | $141 | 1.37% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class R shares of the Fund returned 6.12%. During the same period, the JP Morgan Leveraged Loan Index returned 7.34%.

#### What contributed to relative performance?
**•** On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, energy and cable and satellite sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., My Alarm Center LLC and McDermott International Ltd. were the largest contributors.

#### What detracted from relative performance?
**•** On a credit rating basis, individual credit selections within the B ratings category were the largest detractors, while on an industry basis, the food and beverages, health care and industrials sectors were the largest detractors.

• On an individual issuer basis, City Brewing Co. LLC, Ascend Performance Materials Operations LLC and Robertshaw US Holding Corp. (no longer held at fiscal-year end) were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583824.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Senior Floating Rate Fund (Class R)** | 6.12% | 7.06% | 3.78% |
| **JP Morgan Leveraged Loan Index** | 7.34% | 7.26% | 5.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Senior Floating Rate Fund (the predecessor fund), were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2890039533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17680594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 6.58%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR S.A., Term Loan B-12, 10.19%, 01/31/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding Corp., First Lien Term Loan, 8.05%, 04/09/2027 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.5% |
| BB+ | 2.2% |
| BB | 4.7% |
| BB- | 9.8% |
| B+ | 12.3% |
| B | 26.4% |
| B- | 17.8% |
| CCC+ | 5.6% |
| CCC | 2.8% |
| CCC- | 0.9% |
| CC | 0.6% |
| C | 0.1% |
| D | 2.0% |
| Non-Rated | 6.7% |
| Equity | 7.6% |
| \*\* 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. |  |

---

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective January 1, 2025, the expense limitation for Class R shares changed from 1.27% to 1.28% of the Fund's average daily net assets. Unless Invesco continues the expense limitation agreement, it will terminate on December 31, 2025.

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Senior Floating Rate Fund

### Class Y: OOSYX

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

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Senior Floating Rate Fund<br>(Class Y) | $90 | 0.87% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 6.65%. During the same period, the JP Morgan Leveraged Loan Index returned 7.34%.

#### What contributed to relative performance?
**•** On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, energy and cable and satellite sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., My Alarm Center LLC and McDermott International Ltd. were the largest contributors.

#### What detracted from relative performance?
**•** On a credit rating basis, individual credit selections within the B ratings category were the largest detractors, while on an industry basis, the food and beverages, health care and industrials sectors were the largest detractors.

• On an individual issuer basis, City Brewing Co. LLC, Ascend Performance Materials Operations LLC and Robertshaw US Holding Corp. (no longer held at fiscal-year end) were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583860.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Senior Floating Rate Fund (Class Y)** | 6.65% | 7.63% | 4.31% |
| **JP Morgan Leveraged Loan Index** | 7.34% | 7.26% | 5.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Senior Floating Rate Fund (the predecessor fund), were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2890039533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17680594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 6.58%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR S.A., Term Loan B-12, 10.19%, 01/31/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding Corp., First Lien Term Loan, 8.05%, 04/09/2027 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.5% |
| BB+ | 2.2% |
| BB | 4.7% |
| BB- | 9.8% |
| B+ | 12.3% |
| B | 26.4% |
| B- | 17.8% |
| CCC+ | 5.6% |
| CCC | 2.8% |
| CCC- | 0.9% |
| CC | 0.6% |
| C | 0.1% |
| D | 2.0% |
| Non-Rated | 6.7% |
| Equity | 7.6% |
| \*\* 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. |  |

---

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective January 1, 2025, the expense limitation for Class Y shares changed from 0.77% to 0.78% of the Fund's average daily net assets. Unless Invesco continues the expense limitation agreement, it will terminate on December 31, 2025.

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Senior Floating Rate Fund

### Class R5: SFRRX

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

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Senior Floating Rate Fund<br>(Class R5) | $85 | 0.82% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund returned 6.56%. During the same period, the JP Morgan Leveraged Loan Index returned 7.34%.

#### What contributed to relative performance?
**•** On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, energy and cable and satellite sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., My Alarm Center LLC and McDermott International Ltd. were the largest contributors.

#### What detracted from relative performance?
**•** On a credit rating basis, individual credit selections within the B ratings category were the largest detractors, while on an industry basis, the food and beverages, health care and industrials sectors were the largest detractors.

• On an individual issuer basis, City Brewing Co. LLC, Ascend Performance Materials Operations LLC and Robertshaw US Holding Corp. (no longer held at fiscal-year end) were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583896.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Senior Floating Rate Fund (Class R5)** | 6.56% | 7.66% | 4.24% |
| **JP Morgan Leveraged Loan Index** | 7.34% | 7.26% | 5.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Senior Floating Rate Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2890039533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17680594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 6.58%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR S.A., Term Loan B-12, 10.19%, 01/31/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding Corp., First Lien Term Loan, 8.05%, 04/09/2027 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.5% |
| BB+ | 2.2% |
| BB | 4.7% |
| BB- | 9.8% |
| B+ | 12.3% |
| B | 26.4% |
| B- | 17.8% |
| CCC+ | 5.6% |
| CCC | 2.8% |
| CCC- | 0.9% |
| CC | 0.6% |
| C | 0.1% |
| D | 2.0% |
| Non-Rated | 6.7% |
| Equity | 7.6% |
| \*\* 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. |  |

---

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective January 1, 2025, the expense limitation for Class R5 shares changed from 0.77% to 0.78% of the Fund's average daily net assets. Unless Invesco continues the expense limitation agreement, it will terminate on December 31, 2025.

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Senior Floating Rate Fund

### Class R6: OOSIX

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

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Senior Floating Rate Fund<br>(Class R6) | $81 | 0.78% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, senior loans benefited from a continuation of the historically elevated base rates, along with a continued relatively low default environment. The Fund holds the vast majority of its portfolio in senior loans and benefited from this broader market environment.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 6.74%. During the same period, the JP Morgan Leveraged Loan Index returned 7.34%.

#### What contributed to relative performance?
**•** On a credit rating basis, Non-Rated (NR) issues (those issues that do not have a rating for a number of reasons) were the largest contributor, while on an industry basis, the service, energy and cable and satellite sectors were the largest contributors.

• On an individual issuer basis, Monitronics International, Inc., My Alarm Center LLC and McDermott International Ltd. were the largest contributors.

#### What detracted from relative performance?
**•** On a credit rating basis, individual credit selections within the B ratings category were the largest detractors, while on an industry basis, the food and beverages, health care and industrials sectors were the largest detractors.

• On an individual issuer basis, City Brewing Co. LLC, Ascend Performance Materials Operations LLC and Robertshaw US Holding Corp. (no longer held at fiscal-year end) were the largest detractors.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583932.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Senior Floating Rate Fund (Class R6)** | 6.74% | 7.72% | 4.41% |
| **JP Morgan Leveraged Loan Index** | 7.34% | 7.26% | 5.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Senior Floating Rate Fund (the predecessor fund), were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2890039533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17680594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;My Alarm Center LLC, Class A | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc., DIP Term Loan A, 12.06%, 06/30/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Term Loan, 8.58%, 03/04/2028 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Lien Term Loan, 8.85%, 12/02/2031 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monitronics International, Inc. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B, 6.58%, 04/20/2028 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Numericable-SFR S.A., Term Loan B-12, 10.19%, 01/31/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating S.C.A., Term Loan B, 12.82%, 05/03/2028 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding Corp., First Lien Term Loan, 8.05%, 04/09/2027 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc., Term Loan B, 7.82%, 03/22/2031 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

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

**(% of total investments)**

---

| | |
|:---|:---|
| BBB- | 0.5% |
| BB+ | 2.2% |
| BB | 4.7% |
| BB- | 9.8% |
| B+ | 12.3% |
| B | 26.4% |
| B- | 17.8% |
| CCC+ | 5.6% |
| CCC | 2.8% |
| CCC- | 0.9% |
| CC | 0.6% |
| C | 0.1% |
| D | 2.0% |
| Non-Rated | 6.7% |
| Equity | 7.6% |
| \*\* 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. |  |

---

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective January 1, 2025, the expense limitation for Class R6 shares changed from 0.77% to 0.78% of the Fund's average daily net assets. Unless Invesco continues the expense limitation agreement, it will terminate on December 31, 2025.

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class A: ISHAX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Duration High Yield Municipal Fund<br>(Class A) | $85 | 0.85% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, excluding sales charge, returned 1.10%. For the same time period, the Custom Invesco Short Duration High Yield Municipal Index (the "Benchmark") returned 0.85%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds in the industrial development revenue/pollution control revenue and tobacco Master Settlement Agreement (MSA) sectors contributed to the Fund's performance relative to its Benchmark. Security selection among non-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Puerto Rico contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. Underweight exposure to and security selection among AAA- and AA-rated bonds also detracted from relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Louisiana slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Non-Rated or NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582924.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(9/30/15)** |
| **Invesco Short Duration High Yield Municipal Fund (Class A) —including sales charge** | -1.38% | 1.38% | 2.46% |
| **Invesco Short Duration High Yield Municipal Fund (Class A) —excluding sales charge** | 1.10% | 1.89% | 2.73% |
| **Custom Invesco Short Duration High Yield Municipal Index** | 0.85% | 1.94% | 3.08% |
| **S&P Municipal Bond High Yield Index** | -0.84% | 2.19% | 4.05% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.23% |

---

The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1344641799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5030858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**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;1.32% |
| &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;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.81% |
| &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;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2008 A, VRD RB, 2.20%, 10/01/2041 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD RB, 2.45%, 08/01/2034 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.73% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582929.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class C: ISHCX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Duration High Yield Municipal Fund<br>(Class C) | $160 | 1.60% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, Class C shares of the Fund, excluding sales charge, returned 0.34%. For the same time period, the Custom Invesco Short Duration High Yield Municipal Index (the "Benchmark") returned 0.85%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds in the industrial development revenue/pollution control revenue and tobacco Master Settlement Agreement (MSA) sectors contributed to the Fund's performance relative to its Benchmark. Security selection among non-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Puerto Rico contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. Underweight exposure to and security selection among AAA- and AA-rated bonds also detracted from relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Louisiana slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Non-Rated or NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582960.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(9/30/15)** |
| **Invesco Short Duration High Yield Municipal Fund (Class C) —including sales charge** | -0.63% | 1.13% | 2.11% |
| **Invesco Short Duration High Yield Municipal Fund (Class C) —excluding sales charge** | 0.34% | 1.13% | 2.11% |
| **Custom Invesco Short Duration High Yield Municipal Index** | 0.85% | 1.94% | 3.08% |
| **S&P Municipal Bond High Yield Index** | -0.84% | 2.19% | 4.05% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.23% |

---

The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1344641799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5030858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**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;1.32% |
| &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;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.81% |
| &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;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2008 A, VRD RB, 2.20%, 10/01/2041 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD RB, 2.45%, 08/01/2034 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.73% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9582965.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class Y: ISHYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Duration High Yield Municipal Fund<br>(Class Y) | $60 | 0.60% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund, returned 1.36%. For the same time period, the Custom Invesco Short Duration High Yield Municipal Index (the "Benchmark") returned 0.85%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds in the industrial development revenue/pollution control revenue and tobacco Master Settlement Agreement (MSA) sectors contributed to the Fund's performance relative to its Benchmark. Security selection among non-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Puerto Rico contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. Underweight exposure to and security selection among AAA- and AA-rated bonds also detracted from relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Louisiana slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Non-Rated or NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9582996.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(9/30/15)** |
| **Invesco Short Duration High Yield Municipal Fund (Class Y)** | 1.36% | 2.13% | 2.98% |
| **Custom Invesco Short Duration High Yield Municipal Index** | 0.85% | 1.94% | 3.08% |
| **S&P Municipal Bond High Yield Index** | -0.84% | 2.19% | 4.05% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.23% |

---

The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1344641799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5030858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**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;1.32% |
| &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;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.81% |
| &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;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2008 A, VRD RB, 2.20%, 10/01/2041 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD RB, 2.45%, 08/01/2034 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.73% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583001.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class R5: ISHFX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Duration High Yield Municipal Fund<br>(Class R5) | $55 | 0.55% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, Class R5 shares of the Fund, returned 1.46%. For the same time period, the Custom Invesco Short Duration High Yield Municipal Index (the "Benchmark") returned 0.85%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds in the industrial development revenue/pollution control revenue and tobacco Master Settlement Agreement (MSA) sectors contributed to the Fund's performance relative to its Benchmark. Security selection among non-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Puerto Rico contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. Underweight exposure to and security selection among AAA- and AA-rated bonds also detracted from relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Louisiana slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Non-Rated or NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583032.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(9/30/15)** |
| **Invesco Short Duration High Yield Municipal Fund (Class R5)** | 1.46% | 2.29% | 3.08% |
| **Custom Invesco Short Duration High Yield Municipal Index** | 0.85% | 1.94% | 3.08% |
| **S&P Municipal Bond High Yield Index** | -0.84% | 2.19% | 4.05% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.23% |

---

The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1344641799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5030858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**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;1.32% |
| &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;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.81% |
| &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;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2008 A, VRD RB, 2.20%, 10/01/2041 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD RB, 2.45%, 08/01/2034 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.73% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583037.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Duration High Yield Municipal Fund

### Class R6: ISHSX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Duration High Yield Municipal Fund<br>(Class R6) | $55 | 0.55% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund, returned 1.44%. For the same time period, the Custom Invesco Short Duration High Yield Municipal Index (the "Benchmark") returned 0.85%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds in the industrial development revenue/pollution control revenue and tobacco Master Settlement Agreement (MSA) sectors contributed to the Fund's performance relative to its Benchmark. Security selection among non-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Puerto Rico contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. Underweight exposure to and security selection among AAA- and AA-rated bonds also detracted from relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Louisiana slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Non-Rated or NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583068.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since<br>Inception<br>(9/30/15)** |
| **Invesco Short Duration High Yield Municipal Fund (Class R6)** | 1.44% | 2.20% | 2.99% |
| **Custom Invesco Short Duration High Yield Municipal Index** | 0.85% | 1.94% | 3.08% |
| **S&P Municipal Bond High Yield Index** | -0.84% | 2.19% | 4.05% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.23% |

---

The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1344641799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5030858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

**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;1.32% |
| &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;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB, 8.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds, 5.63%, 07/01/2027 | &nbsp;&nbsp;&nbsp;0.81% |
| &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;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2008 A, VRD RB, 2.20%, 10/01/2041 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, VRD RB, 2.45%, 08/01/2034 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL, Series 2015 A, RB, 5.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.73% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583073.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Term Municipal Fund

### Class A: ORSTX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Term Municipal Fund<br>(Class A) | $77 | 0.76% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund, returned 2.66%. For the same time period, the S&P Municipal Bond Short Index (the "Benchmark") returned 3.37%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds in the higher education sector contributed to the Fund's performance relative to its Benchmark. Security selection among short duration bonds (1.99 years and less specifically) also added to relative performance. On a state level, security selection among bonds domiciled in Iowa and North Carolina slightly contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. An overweight exposure among intermediate bonds (6.00 - 14.99 years duration specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in New Hampshire slightly detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9583968.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Short Term Municipal Fund (Class A)** | 2.66% | 1.56% | 1.82% |
| **S&P Municipal Bond Short Index** | 3.37% | 1.51% | 1.62% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.28% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Short Term Municipal Fund (the predecessor fund), were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1570646858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6040321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 4), Series 2019 A-1, RB, 4.00%, 12/01/2025 | &nbsp;&nbsp;&nbsp;1.32% |
| &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;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Series 2018, RB, 4.00%, 11/01/2025 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2012, VRD GO Bonds, 2.30%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol Warren Regional School District, Series 2025, GO Notes, 5.00%, 06/04/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of), NY Housing Development Corp. (Green Bonds), Series 2022 B-2, RB, 3.40%, 12/22/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2023, VRD RB, 2.67%, 05/01/2031 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2016 BB, VRD RB, 4.00%, 06/15/2049 | &nbsp;&nbsp;&nbsp;0.73% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9583973.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Term Municipal Fund

### Class Y: ORSYX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Short Term Municipal Fund<br> (Class Y) | $52 | 0.51% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

 **•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund, returned 2.92%. For the same time period, the S&P Municipal Bond Short Index (the "Benchmark") returned 3.37%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among bonds in the higher education sector contributed to the Fund's performance relative to its Benchmark. Security selection among short duration bonds (1.99 years and less specifically) also added to relative performance. On a state level, security selection among bonds domiciled in Iowa and North Carolina slightly contributed to relative performance.

#### What detracted from relative performance?
 **•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. An overweight exposure among intermediate bonds (6.00 - 14.99 years duration specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in New Hampshire slightly detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9584004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Short Term Municipal Fund (Class Y)** | 2.92% | 1.82% | 2.07% |
| **S&P Municipal Bond Short Index** | 3.37% | 1.51% | 1.62% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.28% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Short Term Municipal Fund (the predecessor fund), were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1570646858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6040321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 4), Series 2019 A-1, RB, 4.00%, 12/01/2025 | &nbsp;&nbsp;&nbsp;1.32% |
| &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;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Series 2018, RB, 4.00%, 11/01/2025 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2012, VRD GO Bonds, 2.30%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol Warren Regional School District, Series 2025, GO Notes, 5.00%, 06/04/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of), NY Housing Development Corp. (Green Bonds), Series 2022 B-2, RB, 3.40%, 12/22/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2023, VRD RB, 2.67%, 05/01/2031 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2016 BB, VRD RB, 4.00%, 06/15/2049 | &nbsp;&nbsp;&nbsp;0.73% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584009.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco Short Term Municipal Fund

### Class R6: STMUX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Short Term Municipal Fund<br>(Class R6) | $44 | 0.43% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund, returned 2.73%. For the same time period, the S&P Municipal Bond Short Index (the "Benchmark") returned 3.37%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds in the higher education sector contributed to the Fund's performance relative to its Benchmark. Security selection among short duration bonds (1.99 years and less specifically) also added to relative performance. On a state level, security selection among bonds domiciled in Iowa and North Carolina slightly contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the transportation sector detracted from the Fund's performance relative to its Benchmark during the fiscal year. An overweight exposure among intermediate bonds (6.00 - 14.99 years duration specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in New Hampshire slightly detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9584040.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Short Term Municipal Fund (Class R6)** | 2.73% | 1.90% | 2.05% |
| **S&P Municipal Bond Short Index** | 3.37% | 1.51% | 1.62% |
| **S&P Municipal Bond Index** | 0.44% | 0.65% | 2.28% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Short Term Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1570646858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6040321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

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

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 4), Series 2019 A-1, RB, 4.00%, 12/01/2025 | &nbsp;&nbsp;&nbsp;1.32% |
| &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;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Series 2018, RB, 4.00%, 11/01/2025 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2012, VRD GO Bonds, 2.30%, 04/01/2042 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol Warren Regional School District, Series 2025, GO Notes, 5.00%, 06/04/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of), NY Housing Development Corp. (Green Bonds), Series 2022 B-2, RB, 3.40%, 12/22/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2022 C, RB, 4.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2023, VRD RB, 2.67%, 05/01/2031 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2016 BB, VRD RB, 4.00%, 06/15/2049 | &nbsp;&nbsp;&nbsp;0.73% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584045.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

![TSR_logo](images_2587.jpg)

### Invesco SMA Municipal Bond Fund

### SMBMX

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

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

---

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

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended August 31, 2025, the municipal bond market experienced elevated supply, inflows and strong credit fundamentals.

**•** For the fiscal year ended August 31, 2025, the Fund returned 2.07%. For the same time period, the Custom Invesco Short Duration High Yield Municipal Index (the "Benchmark") returned 0.85%.

#### What contributed to relative performance?
**•** During the fiscal year, an underweight exposure to and security selection among bonds in the industrial development revenue/pollution control revenue sector contributed to the Fund's performance relative to its Benchmark. An underweight allocation and security selection among non-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Florida contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among bonds in the airport sector detracted from the Fund's performance relative to its Benchmark over the fiscal year. An underweight exposure and security selection among AAA and AA-rated bonds also detracted from relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in South Carolina slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Non-Rated or NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9584112.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since<br>Inception<br>(2/21/23)** |
| **Invesco SMA Municipal Bond Fund** | 2.07% | 4.33% |
| **Custom Invesco Short Duration High Yield Municipal Index** | 0.85% | 4.38% |
| **S&P Municipal Bond High Yield Index** | -0.84% | 4.87% |
| **S&P Municipal Bond Index** | 0.44% | 3.12% |

---

The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$105877131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;204% |

---

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

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2007, Ref. VRD RB, 3.95%, 01/15/2037 | &nbsp;&nbsp;&nbsp;1.89% |
| &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;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton (County of), OH (TriHealth, Inc. Obligated), Series 2021, Ref. VRD RB, 3.95%, 08/15/2051 | &nbsp;&nbsp;&nbsp;1.83% |
| &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;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act, Series 2015, Ref. RB, 5.00%, 07/01/2036 | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Inc. (Advantage Academy of Hillsborough), Series 2019, RB, 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kentucky (Commonwealth of) Public Energy Authority, Series 2024 A, RB, 5.00%, 07/01/2030 | &nbsp;&nbsp;&nbsp;1.50% |
| &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;1.45% |
| &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;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of) Development Finance Agency (Brown University), Series 2025, RB, 5.25%, 08/15/2044 | &nbsp;&nbsp;&nbsp;1.44% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584117.jpg)

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

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2586.jpg)

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

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

------

(b) Not applicable.

------

Item 2. Code of Ethics.

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

------

Item 3. Audit Committee Financial Expert.

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

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

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

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 755351  | $658126  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tax Fees<sup>(</sup><sup>2</sup><sup>)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$243824 | $&nbsp;&nbsp;&nbsp;&nbsp; 256026  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</u>  |
| Total Fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1006171  | $914152  |

---

(1) Audit-Related Fees for fiscal year ended 2025 includes fees billed for reviewing regulatory filings. 

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

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

---

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

---

------

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

#### (e)(1)

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

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

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

I. **Statement of Principles** 

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

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

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

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

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

------

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

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

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

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

IV. **Non-Audit Service Types** 

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

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

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

b. <u>Tax Services</u> 

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

------

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

c. <u>Other Services</u> 

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

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

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

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

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

------

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

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

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

VII. **Delegation** 

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

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

VIII. **Compliance with Procedures** 

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

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

IX. **Amendments to Procedures** 

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

------

#### Appendix I

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

· Management functions; 

· Human resources; 

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

· Legal services; 

· Expert services unrelated to the audit; 

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

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

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

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

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

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

· Financial information systems design and implementation; 

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

· Actuarial services; and 

· Internal audit outsourcing services. 

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

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,681,000 for the fiscal year ended August 31, 2025 and $6,608,000 for the fiscal year ended August 31, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,101,824 for the fiscal year ended August 31, 2025 and $7,985,026 for the fiscal year ended August 31, 2024.

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

------

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

(i) Not applicable.

(j) Not applicable.

---

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

---

------

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.

------

![](imgabd4ebea1.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco American Franchise Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_SOI-Continued-86_1) | Schedule of Investments |
| [4](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_FS-Continued-86_1) | Financial Statements |
| [7](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_FS-Continued-86_4) | Financial Highlights |
| [8](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_NTF-Continued-86_1) | Notes to Financial Statements |
| [14](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_ARS-Continued-86_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_AOC-Continued-86_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_TI-Continued-86_1) | Tax Information |
| [19](#xx_6fbd3802-a00e-4e75-8cc6-35bdff0d9f1c_OIRSR-Continued-86_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.78%** | **Common Stocks & Other Equity Interests–99.78%** | **Common Stocks & Other Equity Interests–99.78%** |
| **Aerospace & Defense–2.28%** | **Aerospace & Defense–2.28%** | **Aerospace & Defense–2.28%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 141139 | &nbsp;&nbsp; $105471763 |
| BAE Systems PLC (United Kingdom) | 7011495 | &nbsp;&nbsp; 166178366 |
| Howmet Aerospace, Inc. | 759594 | &nbsp;&nbsp; 132245316 |
|  |  | &nbsp;&nbsp; 403895445 |
| **Application Software–2.82%** | **Application Software–2.82%** | **Application Software–2.82%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 884658 | &nbsp;&nbsp; 423388472 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 484979 | &nbsp;&nbsp; 76001059 |
|  |  | &nbsp;&nbsp; 499389531 |
| **Asset Management & Custody Banks–3.34%** | **Asset Management & Custody Banks–3.34%** | **Asset Management & Custody Banks–3.34%** |
| Blackstone, Inc., Class A | 1403848 | &nbsp;&nbsp; 240619547 |
| KKR & Co., Inc., Class A | 2516030 | &nbsp;&nbsp; 350961025 |
|  |  | &nbsp;&nbsp; 591580572 |
| **Automobile Manufacturers–1.96%** | **Automobile Manufacturers–1.96%** | **Automobile Manufacturers–1.96%** |
| Tesla, Inc.<sup>(b)</sup>  | 1042020 | &nbsp;&nbsp; 347899217 |
| **Automotive Retail–0.51%** | **Automotive Retail–0.51%** | **Automotive Retail–0.51%** |
| Carvana Co.<sup>(b)</sup>  | 244480 | &nbsp;&nbsp; 90927002 |
| **Biotechnology–1.62%** | **Biotechnology–1.62%** | **Biotechnology–1.62%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 641201 | &nbsp;&nbsp; 286302659 |
| **Broadline Retail–7.40%** | **Broadline Retail–7.40%** | **Broadline Retail–7.40%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 4917108 | &nbsp;&nbsp; 1126017732 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 74717 | &nbsp;&nbsp; 184768416 |
|  |  | &nbsp;&nbsp; 1310786148 |
| **Building Products–1.48%** | **Building Products–1.48%** | **Building Products–1.48%** |
| Johnson Controls International PLC | 2447384 | &nbsp;&nbsp; 261600876 |
| **Casinos & Gaming–1.64%** | **Casinos & Gaming–1.64%** | **Casinos & Gaming–1.64%** |
| DraftKings, Inc., Class A<sup>(b)</sup>  | 1746924 | &nbsp;&nbsp; 83817413 |
| Flutter Entertainment PLC (United <br> Kingdom)<sup>(b)</sup>  | 672158 | &nbsp;&nbsp; 206466773 |
|  |  | &nbsp;&nbsp; 290284186 |
| **Communications Equipment–2.40%** | **Communications Equipment–2.40%** | **Communications Equipment–2.40%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 3118328 | &nbsp;&nbsp; 425807688 |
| **Construction Materials–0.30%** | **Construction Materials–0.30%** | **Construction Materials–0.30%** |
| Martin Marietta Materials, Inc. | 87718 | &nbsp;&nbsp; 54069375 |
| **Diversified Financial Services–0.41%** | **Diversified Financial Services–0.41%** | **Diversified Financial Services–0.41%** |
| Apollo Global Management, Inc.<sup>(c)</sup>  | 528532 | &nbsp;&nbsp; 72001914 |
| **Diversified Support Services–0.68%** | **Diversified Support Services–0.68%** | **Diversified Support Services–0.68%** |
| Cintas Corp. | 577195 | &nbsp;&nbsp; 121228266 |
| **Electrical Components & Equipment–1.50%** | **Electrical Components & Equipment–1.50%** | **Electrical Components & Equipment–1.50%** |
| Eaton Corp. PLC | 440674 | &nbsp;&nbsp; 153856920 |
| Vertiv Holdings Co., Class A | 883229 | &nbsp;&nbsp; 112655859 |
|  |  | &nbsp;&nbsp; 266512779 |
| **Financial Exchanges & Data–0.34%** | **Financial Exchanges & Data–0.34%** | **Financial Exchanges & Data–0.34%** |
| Coinbase Global, Inc., Class A<sup>(b)</sup>  | 195349 | &nbsp;&nbsp; 59491584 |
| **Food Distributors–0.51%** | **Food Distributors–0.51%** | **Food Distributors–0.51%** |
| US Foods Holding Corp.<sup>(b)</sup>  | 1168549 | &nbsp;&nbsp; 90679402 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Equipment–2.39%** | **Health Care Equipment–2.39%** | **Health Care Equipment–2.39%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 2397681 | &nbsp;&nbsp; $252955346 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 360651 | &nbsp;&nbsp; 170694315 |
|  |  | &nbsp;&nbsp; 423649661 |
| **Heavy Electrical Equipment–0.66%** | **Heavy Electrical Equipment–0.66%** | **Heavy Electrical Equipment–0.66%** |
| GE Vernova, Inc. | 190174 | &nbsp;&nbsp; 116570957 |
| **Hotels, Resorts & Cruise Lines–1.96%** | **Hotels, Resorts & Cruise Lines–1.96%** | **Hotels, Resorts & Cruise Lines–1.96%** |
| Booking Holdings, Inc. | 62148 | &nbsp;&nbsp; 347969759 |
| **Independent Power Producers & Energy Traders–1.01%** | **Independent Power Producers & Energy Traders–1.01%** | **Independent Power Producers & Energy Traders–1.01%** |
| Vistra Corp. | 944790 | &nbsp;&nbsp; 178669237 |
| **Industrial Machinery & Supplies & Components–0.73%** | **Industrial Machinery & Supplies & Components–0.73%** | **Industrial Machinery & Supplies & Components–0.73%** |
| Parker-Hannifin Corp. | 171020 | &nbsp;&nbsp; 129864037 |
| **Integrated Oil & Gas–0.75%** | **Integrated Oil & Gas–0.75%** | **Integrated Oil & Gas–0.75%** |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup>  | 3204784 | &nbsp;&nbsp; 132357579 |
| **Interactive Home Entertainment–1.09%** | **Interactive Home Entertainment–1.09%** | **Interactive Home Entertainment–1.09%** |
| Nintendo Co. Ltd. (Japan) | 1198400 | &nbsp;&nbsp; 106883990 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 370511 | &nbsp;&nbsp; 86429101 |
|  |  | &nbsp;&nbsp; 193313091 |
| **Interactive Media & Services–9.96%** | **Interactive Media & Services–9.96%** | **Interactive Media & Services–9.96%** |
| Alphabet, Inc., Class A | 2946327 | &nbsp;&nbsp; 627302482 |
| Meta Platforms, Inc., Class A | 1539709 | &nbsp;&nbsp; 1137383038 |
|  |  | &nbsp;&nbsp; 1764685520 |
| **Internet Services & Infrastructure–3.91%** | **Internet Services & Infrastructure–3.91%** | **Internet Services & Infrastructure–3.91%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 1298307 | &nbsp;&nbsp; 270969654 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 813150 | &nbsp;&nbsp; 114881832 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 1284654 | &nbsp;&nbsp; 306595524 |
|  |  | &nbsp;&nbsp; 692447010 |
| **Investment Banking & Brokerage–1.85%** | **Investment Banking & Brokerage–1.85%** | **Investment Banking & Brokerage–1.85%** |
| Goldman Sachs Group, Inc. (The) | 301366 | &nbsp;&nbsp; 224593012 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 987816 | &nbsp;&nbsp; 102762498 |
|  |  | &nbsp;&nbsp; 327355510 |
| **Movies & Entertainment–4.18%** | **Movies & Entertainment–4.18%** | **Movies & Entertainment–4.18%** |
| Netflix, Inc.<sup>(b)</sup>  | 421607 | &nbsp;&nbsp; 509406658 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 340393 | &nbsp;&nbsp; 232107179 |
|  |  | &nbsp;&nbsp; 741513837 |
| **Real Estate Services–0.69%** | **Real Estate Services–0.69%** | **Real Estate Services–0.69%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 754624 | &nbsp;&nbsp; 122339643 |
| **Restaurants–0.91%** | **Restaurants–0.91%** | **Restaurants–0.91%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 661258 | &nbsp;&nbsp; 162173525 |
| **Semiconductors–20.24%** | **Semiconductors–20.24%** | **Semiconductors–20.24%** |
| Broadcom, Inc. | 2620062 | &nbsp;&nbsp; 779180238 |
| Microchip Technology, Inc. | 2291748 | &nbsp;&nbsp; 148963620 |
| Monolithic Power Systems, Inc. | 285368 | &nbsp;&nbsp; 238499160 |
| NVIDIA Corp. | 12292774 | &nbsp;&nbsp; 2141155375 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., ADR (Taiwan) | 1209110 | &nbsp;&nbsp; 279147226 |
|  |  | &nbsp;&nbsp; 3586945619 |

---

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–11.49%** | **Systems Software–11.49%** | **Systems Software–11.49%** |
| Microsoft Corp. | 3197431 | &nbsp;&nbsp; $1620106313 |
| Oracle Corp. | 1215452 | &nbsp;&nbsp; 274850161 |
| ServiceNow, Inc.<sup>(b)</sup>  | 154543 | &nbsp;&nbsp; 141787021 |
|  |  | &nbsp;&nbsp; 2036743495 |
| **Technology Hardware, Storage & Peripherals–3.81%** | **Technology Hardware, Storage & Peripherals–3.81%** | **Technology Hardware, Storage & Peripherals–3.81%** |
| Apple, Inc. | 2905439 | &nbsp;&nbsp; 674468609 |
| **Tobacco–1.14%** | **Tobacco–1.14%** | **Tobacco–1.14%** |
| Philip Morris International, Inc. | 1207892 | &nbsp;&nbsp; 201874990 |
| **Trading Companies & Distributors–0.95%** | **Trading Companies & Distributors–0.95%** | **Trading Companies & Distributors–0.95%** |
| United Rentals, Inc. | 175520 | &nbsp;&nbsp; 167856797 |
| **Transaction & Payment Processing Services–2.87%** | **Transaction & Payment Processing Services–2.87%** | **Transaction & Payment Processing Services–2.87%** |
| Affirm Holdings, Inc.<sup>(b)</sup>  | 899998 | &nbsp;&nbsp; 79613823 |
| Visa, Inc., Class A | 1220814 | &nbsp;&nbsp; 429457949 |
|  |  | &nbsp;&nbsp; 509071772 |
| Total Common Stocks & Other Equity Interests <br> (Cost $7,686,993,605) | Total Common Stocks & Other Equity Interests <br> (Cost $7,686,993,605) | &nbsp;&nbsp; 17682327292 |
| **Money Market Funds–0.26%** | **Money Market Funds–0.26%** | **Money Market Funds–0.26%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup>  | 16154748 | &nbsp;&nbsp; 16154748 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(e)</sup>  | 29992556 | &nbsp;&nbsp; $29992556 |
| Total Money Market Funds (Cost $46,147,304) | Total Money Market Funds (Cost $46,147,304) | Total Money Market Funds (Cost $46,147,304) | &nbsp;&nbsp; 46147304 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-100.04% <br> (Cost $7,733,140,909)<br>|  |  | &nbsp;&nbsp; 17728474596 |
| **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–0.20%** | **Money Market Funds–0.20%** | **Money Market Funds–0.20%** | **Money Market Funds–0.20%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup>  | 9805882 | &nbsp;&nbsp; 9805882 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 25378304 | &nbsp;&nbsp; 25385918 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $35,190,674) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $35,190,674) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $35,190,674) | &nbsp;&nbsp; 35191800 |
| TOTAL INVESTMENTS IN SECURITIES–100.24% <br> (Cost $7,768,331,583) | TOTAL INVESTMENTS IN SECURITIES–100.24% <br> (Cost $7,768,331,583) | TOTAL INVESTMENTS IN SECURITIES–100.24% <br> (Cost $7,768,331,583) | &nbsp;&nbsp; 17763666396 |
| OTHER ASSETS LESS LIABILITIES—(0.24)% | OTHER ASSETS LESS LIABILITIES—(0.24)% | OTHER ASSETS LESS LIABILITIES—(0.24)% | &nbsp;&nbsp; (42956102)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $17720710294 |

---

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 August 31, 2025.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $21282864 | &nbsp;&nbsp; $645175283 | &nbsp;&nbsp; $(650303399) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16154748 | &nbsp;&nbsp; $1286160 |
| Invesco Treasury Portfolio, Institutional Class | 39516202 | &nbsp;&nbsp; 1198182669 | &nbsp;&nbsp; (1207706315) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29992556 | &nbsp;&nbsp; 2368664 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 42294645 | &nbsp;&nbsp; 675632833 | &nbsp;&nbsp; (708121596) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9805882 | &nbsp;&nbsp; 744,226\* |
| Invesco Private Prime Fund | 110360267 | &nbsp;&nbsp; 1600807853 | &nbsp;&nbsp; (1685793819) | &nbsp;&nbsp; (3774) | &nbsp;&nbsp; 15391 | &nbsp;&nbsp; 25385918 | &nbsp;&nbsp; 2,104,701\* |
| Total | $213453978 | &nbsp;&nbsp; $4119798638 | &nbsp;&nbsp; $(4251925129) | &nbsp;&nbsp; $(3774) | &nbsp;&nbsp; $15391 | &nbsp;&nbsp; $81339104 | &nbsp;&nbsp; $6503751 |

---

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

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

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

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

**3**

**Invesco American Franchise Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $7,686,993,605)\*<br>| &nbsp;&nbsp; $17682327292 |
| Investments in affiliated money market funds, at value <br> (Cost $81,337,978)<br>| &nbsp;&nbsp; 81339104 |
| Foreign currencies, at value (Cost $1,324) | &nbsp;&nbsp; 1374 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 79657220 |
| Fund shares sold | &nbsp;&nbsp; 2098665 |
| Dividends | &nbsp;&nbsp; 7624064 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 2216553 |
| Other assets | &nbsp;&nbsp; 188035 |
| Total assets | &nbsp;&nbsp; 17855452307 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 83782794 |
| Dividends | &nbsp;&nbsp; 69 |
| Fund shares reacquired | &nbsp;&nbsp; 5304194 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 35190674 |
| Accrued fees to affiliates | &nbsp;&nbsp; 7687821 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 24450 |
| Accrued other operating expenses | &nbsp;&nbsp; 446265 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 2305746 |
| Total liabilities | &nbsp;&nbsp; 134742013 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $17720710294 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $6305113503 |
| Distributable earnings | &nbsp;&nbsp; 11415596791 |
|  | &nbsp;&nbsp; $17720710294 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $16586919488 |
| Class C | &nbsp;&nbsp; $120979590 |
| Class R | &nbsp;&nbsp; $129016514 |
| Class Y | &nbsp;&nbsp; $666747330 |
| Class R5 | &nbsp;&nbsp; $58779277 |
| Class R6 | &nbsp;&nbsp; $158268095 |
| **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; 516438244 |
| Class C | &nbsp;&nbsp; 4759094 |
| Class R | &nbsp;&nbsp; 4268509 |
| Class Y | &nbsp;&nbsp; 19503239 |
| Class R5 | &nbsp;&nbsp; 1708285 |
| Class R6 | &nbsp;&nbsp; 4523685 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $32.12 |
| Maximum offering price per share <br>(Net asset value of $32.12 ÷ 94.50%)<br>| &nbsp;&nbsp; $33.99 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.42 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $30.23 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.19 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.41 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.99 |

---

\* At August 31, 2025, securities with an aggregate value of $34,323,030 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,614,758) | &nbsp;&nbsp; $81392679 |
| Dividends from affiliated money market funds (includes net securities lending income of $221,519) | &nbsp;&nbsp; 3876343 |
| Total investment income | &nbsp;&nbsp; 85269022 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 92162721 |
| Administrative services fees | &nbsp;&nbsp; 2248669 |
| Custodian fees | &nbsp;&nbsp; 53535 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 38598642 |
| Class C | &nbsp;&nbsp; 1173627 |
| Class R | &nbsp;&nbsp; 560400 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 16726131 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 60869 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 38211 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 161948 |
| Registration and filing fees | &nbsp;&nbsp; 154499 |
| Reports to shareholders | &nbsp;&nbsp; 652375 |
| Professional services fees | &nbsp;&nbsp; 172621 |
| Other | &nbsp;&nbsp; 202410 |
| Total expenses | &nbsp;&nbsp; 152966658 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (416245)<br>|
| Net expenses | &nbsp;&nbsp; 152550413 |
| Net investment income (loss) | &nbsp;&nbsp; (67281391)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1736555838 |
| Affiliated investment securities | &nbsp;&nbsp; 15391 |
| Foreign currencies | &nbsp;&nbsp; (369685)<br>|
|  | &nbsp;&nbsp; 1736201544 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1376446194 |
| Affiliated investment securities | &nbsp;&nbsp; (3774)<br>|
| Foreign currencies | &nbsp;&nbsp; 58471 |
|  | &nbsp;&nbsp; 1376500891 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3112702435 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $3045421044 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(67281391)<br>| &nbsp;&nbsp; $(55479653)<br>|
| Net realized gain | &nbsp;&nbsp; 1736201544 | &nbsp;&nbsp; 950898003 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 1376500891 | &nbsp;&nbsp; 2998410128 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3045421044 | &nbsp;&nbsp; 3893828478 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (576153028)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (5541134)<br>| &nbsp;&nbsp; — |
| Class R | &nbsp;&nbsp; (4244915)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (21391066)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (2260847)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (3908076)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (613499066)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (507602597)<br>| &nbsp;&nbsp; (894603528)<br>|
| Class C | &nbsp;&nbsp; (10717895)<br>| &nbsp;&nbsp; (19042514)<br>|
| Class R | &nbsp;&nbsp; 10682456 | &nbsp;&nbsp; 9016167 |
| Class Y | &nbsp;&nbsp; 6359251 | &nbsp;&nbsp; 10323529 |
| Class R5 | &nbsp;&nbsp; (10444523)<br>| &nbsp;&nbsp; 4994144 |
| Class R6 | &nbsp;&nbsp; 28946621 | &nbsp;&nbsp; 2916723 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (482776687)<br>| &nbsp;&nbsp; (886395479)<br>|
| Net increase in net assets | &nbsp;&nbsp; 1949145291 | &nbsp;&nbsp; 3007432999 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 15771565003 | &nbsp;&nbsp; 12764132004 |
| End of year | &nbsp;&nbsp; $17720710294 | &nbsp;&nbsp; $15771565003 |

---

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

**6**

**Invesco American Franchise Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <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** |
| Year ended 08/31/25 | $27.70 | $(0.12)<br>| $5.64 | $5.52 | $(1.10)<br>| $32.12 | 20.08<br> %<br>| $16586919 | 0.93<br> %<br>| 0.93<br> %<br>| (0.41)%<br>| 54<br> %<br>|
| 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** |
| 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** |
| 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** |
| 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** |
| 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** |
| 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 |

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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.

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

**7**

**Invesco American Franchise Fund**

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**Notes to Financial Statements**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco American Franchise 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.

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

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

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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

**9**

**Invesco American Franchise 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 year ended August 31, 2025, the Fund paid the Adviser $16,007 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.

**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% |

---

**10**

**Invesco American Franchise Fund**

------

For the year ended August 31, 2025, 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 offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $95,045.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $1,450,468 in front-end sales commissions from the sale of Class A shares and $15,180 and $7,524 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $58,922 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 August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $17409264936 | &nbsp;&nbsp;&nbsp;&nbsp; $273062356 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17682327292 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 46147304 | &nbsp;&nbsp;&nbsp;&nbsp; 35191800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81339104 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $17455412240 | &nbsp;&nbsp;&nbsp;&nbsp; $308254156 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17763666396 |

---

**11**

**Invesco American Franchise Fund**

------

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $321,200.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $613499066 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $1492821041 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 9977069599 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 100759 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (1292534)<br>|
| Late-Year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp; (53102074)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 6305113503 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $17720710294 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does 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 year ended August 31, 2025 was $8,843,157,286 and $9,975,177,158, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10036817000 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (59747401)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $9977069599 |

---

Cost of investments for tax purposes is $7,786,596,797.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on August 31, 2025, undistributed net investment income (loss) was increased by $56,091,088, undistributed net realized gain was increased by $346,865 and shares of beneficial interest was decreased by $56,437,953. This reclassification had no effect on the net assets of the Fund.

**12**

**Invesco American Franchise Fund**

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 18437072 | &nbsp;&nbsp;&nbsp; $534363367 | &nbsp;&nbsp;&nbsp; 18423749 | &nbsp;&nbsp;&nbsp; $444361079 |
| Class C | &nbsp;&nbsp;&nbsp; 878928 | &nbsp;&nbsp;&nbsp; 20126708 | &nbsp;&nbsp;&nbsp; 1099505 | &nbsp;&nbsp;&nbsp; 21027858 |
| Class R | &nbsp;&nbsp;&nbsp; 1229756 | &nbsp;&nbsp;&nbsp; 32791122 | &nbsp;&nbsp;&nbsp; 1059939 | &nbsp;&nbsp;&nbsp; 24449051 |
| Class Y | &nbsp;&nbsp;&nbsp; 4065948 | &nbsp;&nbsp;&nbsp; 124269884 | &nbsp;&nbsp;&nbsp; 4759033 | &nbsp;&nbsp;&nbsp; 122828021 |
| Class R5 | &nbsp;&nbsp;&nbsp; 156099 | &nbsp;&nbsp;&nbsp; 4901305 | &nbsp;&nbsp;&nbsp; 491515 | &nbsp;&nbsp;&nbsp; 12265920 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1588248 | &nbsp;&nbsp;&nbsp; 49422881 | &nbsp;&nbsp;&nbsp; 1081882 | &nbsp;&nbsp;&nbsp; 28104972 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 17427572 | &nbsp;&nbsp;&nbsp; 537117780 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 219859 | &nbsp;&nbsp;&nbsp; 5393142 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R | &nbsp;&nbsp;&nbsp; 145717 | &nbsp;&nbsp;&nbsp; 4234518 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 478078 | &nbsp;&nbsp;&nbsp; 15657070 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R5 | &nbsp;&nbsp;&nbsp; 68075 | &nbsp;&nbsp;&nbsp; 2243761 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 103297 | &nbsp;&nbsp;&nbsp; 3460443 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 532075 | &nbsp;&nbsp;&nbsp; 15621545 | &nbsp;&nbsp;&nbsp; 664463 | &nbsp;&nbsp;&nbsp; 16147412 |
| Class C | &nbsp;&nbsp;&nbsp; (668271)<br>| &nbsp;&nbsp;&nbsp; (15621545)<br>| &nbsp;&nbsp;&nbsp; (823034)<br>| &nbsp;&nbsp;&nbsp; (16147412)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (55068328)<br>| &nbsp;&nbsp;&nbsp; (1594705289)<br>| &nbsp;&nbsp;&nbsp; (56073505)<br>| &nbsp;&nbsp;&nbsp; (1355112019)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (905964)<br>| &nbsp;&nbsp;&nbsp; (20616200)<br>| &nbsp;&nbsp;&nbsp; (1210385)<br>| &nbsp;&nbsp;&nbsp; (23922960)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (948835)<br>| &nbsp;&nbsp;&nbsp; (26343184)<br>| &nbsp;&nbsp;&nbsp; (666102)<br>| &nbsp;&nbsp;&nbsp; (15432884)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (4303013)<br>| &nbsp;&nbsp;&nbsp; (133567703)<br>| &nbsp;&nbsp;&nbsp; (4449984)<br>| &nbsp;&nbsp;&nbsp; (112504492)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (595929)<br>| &nbsp;&nbsp;&nbsp; (17589589)<br>| &nbsp;&nbsp;&nbsp; (285515)<br>| &nbsp;&nbsp;&nbsp; (7271776)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (756507)<br>| &nbsp;&nbsp;&nbsp; (23936703)<br>| &nbsp;&nbsp;&nbsp; (978673)<br>| &nbsp;&nbsp;&nbsp; (25188249)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (17916123)<br>| &nbsp;&nbsp;&nbsp; $(482776687)<br>| &nbsp;&nbsp;&nbsp; (36907112)<br>| &nbsp;&nbsp;&nbsp; $(886395479)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco American Franchise Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco American Franchise Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco American Franchise Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**14**

**Invesco American Franchise Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco American Franchise Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the first quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

**15**

**Invesco American Franchise Fund**

------

performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was amended effective July 1, 2024 to add additional breakpoints for assets over $15 billion and $20 billion. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees and total expense ratio were each in the fourth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent,

**16**

**Invesco American Franchise Fund**

------

including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**17**

**Invesco American Franchise Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $613499066 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**18**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco American Franchise Fund**

------

![](imgabd4ebea1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

VK-AMFR-NCSR

------

![](img4508caa11.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Core Plus Bond Fund**

Nasdaq:

A: ACPSX ■ C: CPCFX ■ R: CPBRX ■ Y: CPBYX ■ R5: CPIIX ■ R6: CPBFX

------

---

| | |
|:---|:---|
| [2](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_SOI-Continued-88_1) | Schedule of Investments |
| [36](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_FS-Continued-88_1) | Financial Statements |
| [39](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_FS-Continued-88_4) | Financial Highlights |
| [40](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_NTF-Continued-88_1) | Notes to Financial Statements |
| [49](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_ARS-Continued-88_1) | Report of Independent Registered Public Accounting Firm |
| [50](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_AOC-Continued-88_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [53](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_TI-Continued-88_1) | Tax Information |
| [54](#xx_0d073e6b-ecc5-483b-8fcf-27c0d09a3c29_OIRSR-Continued-88_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–47.59%** | **U.S. Dollar Denominated Bonds & Notes–47.59%** | **U.S. Dollar Denominated Bonds & Notes–47.59%** | **U.S. Dollar Denominated Bonds & Notes–47.59%** |
| **Advertising–0.01%** | **Advertising–0.01%** | **Advertising–0.01%** | **Advertising–0.01%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.13%, 02/15/2031<sup>(b)</sup> <br>|  | $125000 | &nbsp;&nbsp; $127085 |
| 7.50%, 03/15/2033<sup>(b)</sup> <br>|  | 125000 | &nbsp;&nbsp; 127315 |
| Lamar Media Corp., 4.88%, <br> 01/15/2029<br>|  | 250000 | &nbsp;&nbsp; 246818 |
|  |  |  | &nbsp;&nbsp; 501218 |
| **Aerospace & Defense–0.76%** | **Aerospace & Defense–0.76%** | **Aerospace & Defense–0.76%** | **Aerospace & Defense–0.76%** |
| BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |  |
| 5.13%, 03/26/2029<sup>(b)</sup> <br>|  | 805000 | &nbsp;&nbsp; 830525 |
| 5.50%, 03/26/2054<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 733413 |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.26%, 05/01/2027 |  | 159000 | &nbsp;&nbsp; 163686 |
| 6.30%, 05/01/2029 |  | 232000 | &nbsp;&nbsp; 246469 |
| 6.53%, 05/01/2034 |  | 968000 | &nbsp;&nbsp; 1060708 |
| 5.81%, 05/01/2050 |  | 293000 | &nbsp;&nbsp; 281956 |
| General Dynamics Corp., <br> 4.95%, 08/15/2035<br>|  | 1506000 | &nbsp;&nbsp; 1522596 |
| Hexcel Corp., 5.88%, <br> 02/26/2035<br>|  | 281000 | &nbsp;&nbsp; 286710 |
| Howmet Aerospace, Inc., <br> 4.85%, 10/15/2031<sup>(c)</sup> <br>|  | 313000 | &nbsp;&nbsp; 320733 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 01/15/2030 |  | 328000 | &nbsp;&nbsp; 338248 |
| 5.75%, 01/15/2035<sup>(c)</sup> <br>|  | 591000 | &nbsp;&nbsp; 613392 |
| L3Harris Technologies, Inc., <br> 5.40%, 07/31/2033<br>|  | 49000 | &nbsp;&nbsp; 50639 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.15%, 08/15/2028 |  | 1792000 | &nbsp;&nbsp; 1801930 |
| 4.50%, 02/15/2029 |  | 318000 | &nbsp;&nbsp; 322663 |
| 4.40%, 08/15/2030<sup>(c)</sup> <br>|  | 3285000 | &nbsp;&nbsp; 3312632 |
| 4.80%, 08/15/2034<sup>(c)</sup> <br>|  | 426000 | &nbsp;&nbsp; 427590 |
| 5.00%, 08/15/2035<sup>(c)</sup> <br>|  | 6683000 | &nbsp;&nbsp; 6728090 |
| 5.90%, 11/15/2063 |  | 47000 | &nbsp;&nbsp; 48168 |
| RTX Corp., | RTX Corp., |  |  |
| 5.75%, 01/15/2029 |  | 187000 | &nbsp;&nbsp; 196398 |
| 6.00%, 03/15/2031 |  | 177000 | &nbsp;&nbsp; 191240 |
| 5.15%, 02/27/2033 |  | 156000 | &nbsp;&nbsp; 160322 |
| 6.40%, 03/15/2054 |  | 125000 | &nbsp;&nbsp; 135382 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 3436000 | &nbsp;&nbsp; 3536631 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 4037000 | &nbsp;&nbsp; 4138260 |
| 6.38%, 05/31/2033<sup>(b)</sup> <br>|  | 11473000 | &nbsp;&nbsp; 11654147 |
| 6.25%, 01/31/2034<sup>(b)(c)</sup> <br>|  | 1448000 | &nbsp;&nbsp; 1486815 |
|  |  |  | &nbsp;&nbsp; 40589343 |
| **Agricultural & Farm Machinery–0.30%** | **Agricultural & Farm Machinery–0.30%** | **Agricultural & Farm Machinery–0.30%** | **Agricultural & Farm Machinery–0.30%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 152000 | &nbsp;&nbsp; 154060 |
| 5.80%, 03/21/2034<sup>(c)</sup> <br>|  | 287000 | &nbsp;&nbsp; 295666 |
| CNH Industrial Capital LLC, <br> 4.75%, 03/21/2028<sup>(c)</sup> <br>|  | 785000 | &nbsp;&nbsp; 794022 |
| Imperial Brands Finance PLC (United <br> Kingdom), | Imperial Brands Finance PLC (United <br> Kingdom), |  |  |
| 4.50%, 06/30/2028<sup>(b)</sup> <br>|  | 2442000 | &nbsp;&nbsp; 2458313 |
| 5.63%, 07/01/2035<sup>(b)</sup> <br>|  | 3796000 | &nbsp;&nbsp; 3836131 |
| 6.38%, 07/01/2055<sup>(b)</sup> <br>|  | 3776000 | &nbsp;&nbsp; 3792894 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** | **Agricultural & Farm Machinery–(continued)** |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.38%, 10/15/2030 |  | $4126000 | &nbsp;&nbsp; $4160981 |
| 5.10%, 04/11/2034 |  | 504000 | &nbsp;&nbsp; 516918 |
|  |  |  | &nbsp;&nbsp; 16008985 |
| **Agricultural Products & Services–0.29%** | **Agricultural Products & Services–0.29%** | **Agricultural Products & Services–0.29%** | **Agricultural Products & Services–0.29%** |
| Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |  |  |
| 4.55%, 08/04/2030<sup>(c)</sup> <br>|  | 9062000 | &nbsp;&nbsp; 9113926 |
| 5.15%, 08/04/2035 |  | 6117000 | &nbsp;&nbsp; 6135744 |
|  |  |  | &nbsp;&nbsp; 15249670 |
| **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| 6.25%, 05/06/2029 |  | 541000 | &nbsp;&nbsp; 567653 |
| 6.50%, 05/06/2034 |  | 367000 | &nbsp;&nbsp; 388424 |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| 4.65%, 10/15/2030<sup>(c)</sup> <br>|  | 1834000 | &nbsp;&nbsp; 1875205 |
| 5.15%, 05/22/2034 |  | 352000 | &nbsp;&nbsp; 362870 |
| 5.25%, 05/14/2035<sup>(c)</sup> <br>|  | 1904000 | &nbsp;&nbsp; 1952761 |
| 5.50%, 05/22/2054<sup>(c)</sup> <br>|  | 681000 | &nbsp;&nbsp; 654079 |
|  |  |  | &nbsp;&nbsp; 5800992 |
| **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; 318284 |
| **Apparel Retail–0.00%** | **Apparel Retail–0.00%** | **Apparel Retail–0.00%** | **Apparel Retail–0.00%** |
| Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 151980 | &nbsp;&nbsp; 61537 |
| **Application Software–0.37%** | **Application Software–0.37%** | **Application Software–0.37%** | **Application Software–0.37%** |
| Autodesk, Inc., 5.30%, <br> 06/15/2035<br>|  | 1555000 | &nbsp;&nbsp; 1583305 |
| Cadence Design Systems, Inc., <br> 4.70%, 09/10/2034<br>|  | 278000 | &nbsp;&nbsp; 275324 |
| Cloud Software Group, Inc., <br> 6.50%, 03/31/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 505896 |
| Fair Isaac Corp., 6.00%, <br> 05/15/2033<sup>(b)(c)</sup> <br>|  | 2698000 | &nbsp;&nbsp; 2740947 |
| Intuit, Inc., 5.20%, <br> 09/15/2033<br>|  | 231000 | &nbsp;&nbsp; 239657 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.25%, 09/15/2028 |  | 1838000 | &nbsp;&nbsp; 1845361 |
| 4.50%, 10/15/2029 |  | 377000 | &nbsp;&nbsp; 380240 |
| 4.45%, 09/15/2030<sup>(c)</sup> <br>|  | 2297000 | &nbsp;&nbsp; 2302768 |
| 4.75%, 02/15/2032 |  | 303000 | &nbsp;&nbsp; 305295 |
| 4.90%, 10/15/2034<sup>(c)</sup> <br>|  | 805000 | &nbsp;&nbsp; 797211 |
| 5.10%, 09/15/2035 |  | 5767000 | &nbsp;&nbsp; 5755218 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 1984000 | &nbsp;&nbsp; 1986014 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 434000 | &nbsp;&nbsp; 450688 |
| Synopsys, Inc., 5.70%, <br> 04/01/2055<sup>(c)</sup> <br>|  | 467000 | &nbsp;&nbsp; 458951 |
|  |  |  | &nbsp;&nbsp; 19626875 |
| **Asset Management & Custody Banks–0.42%** | **Asset Management & Custody Banks–0.42%** | **Asset Management & Custody Banks–0.42%** | **Asset Management & Custody Banks–0.42%** |
| Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<sup>(c)</sup> <br>|  | 1129000 | &nbsp;&nbsp; 1145862 |

---

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** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | $272000 | &nbsp;&nbsp; $285195 |
| 5.15%, 05/15/2033 |  | 172000 | &nbsp;&nbsp; 176898 |
| 5.20%, 04/15/2035 |  | 2255000 | &nbsp;&nbsp; 2282820 |
| Ares Capital Corp., | Ares Capital Corp., |  |  |
| 5.88%, 03/01/2029 |  | 21000 | &nbsp;&nbsp; 21619 |
| 5.50%, 09/01/2030 |  | 141000 | &nbsp;&nbsp; 142866 |
| 5.80%, 03/08/2032 |  | 29000 | &nbsp;&nbsp; 29502 |
| Ares Strategic Income Fund, | Ares Strategic Income Fund, |  |  |
| 5.70%, 03/15/2028 |  | 59000 | &nbsp;&nbsp; 59827 |
| 5.45%, 09/09/2028<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 70447 |
| 6.20%, 03/21/2032 |  | 45000 | &nbsp;&nbsp; 46314 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 5.04% (SOFR + 0.68%), <br> 06/09/2028<sup>(d)</sup> <br>|  | 5611000 | &nbsp;&nbsp; 5629169 |
| 4.89%, 07/21/2028<sup>(e)</sup> <br>|  | 693000 | &nbsp;&nbsp; 704359 |
| 4.98%, 03/14/2030<sup>(e)</sup> <br>|  | 96000 | &nbsp;&nbsp; 98686 |
| 5.06%, 07/22/2032<sup>(e)</sup> <br>|  | 406000 | &nbsp;&nbsp; 418370 |
| 5.19%, 03/14/2035<sup>(e)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10205 |
| 5.32%, 06/06/2036<sup>(e)</sup> <br>|  | 192000 | &nbsp;&nbsp; 196978 |
| Series J, 4.97%, <br> 04/26/2034<sup>(e)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20202 |
| Blackstone Secured Lending Fund, | Blackstone Secured Lending Fund, |  |  |
| 2.13%, 02/15/2027 |  | 4923000 | &nbsp;&nbsp; 4750524 |
| 5.88%, 11/15/2027 |  | 15000 | &nbsp;&nbsp; 15358 |
| Brookfield Asset Management <br> Ltd. (Canada), 5.80%, <br> 04/24/2035<br>|  | 2946000 | &nbsp;&nbsp; 3054595 |
| Citadel L.P., | Citadel L.P., |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 254322 |
| 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 380000 | &nbsp;&nbsp; 400373 |
| Golub Capital Private Credit <br> Fund, 5.45%, <br> 08/15/2028<sup>(b)</sup> <br>|  | 2129000 | &nbsp;&nbsp; 2138130 |
| Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 7000 | &nbsp;&nbsp; 7626 |
| State Street Corp., | State Street Corp., |  |  |
| 5.34% (SOFR + 0.95%), <br> 04/24/2028<sup>(d)</sup> <br>|  | 51000 | &nbsp;&nbsp; 51345 |
| 5.68%, 11/21/2029<sup>(c)(e)</sup> <br>|  | 36000 | &nbsp;&nbsp; 37791 |
| 4.73%, 02/28/2030 |  | 91000 | &nbsp;&nbsp; 93069 |
| 4.83%, 04/24/2030 |  | 78000 | &nbsp;&nbsp; 80130 |
| 6.12%, 11/21/2034<sup>(c)(e)</sup> <br>|  | 24000 | &nbsp;&nbsp; 25781 |
| 5.15%, 02/28/2036<sup>(e)</sup> <br>|  | 97000 | &nbsp;&nbsp; 98265 |
|  |  |  | &nbsp;&nbsp; 22346628 |
| **Automobile Manufacturers–1.26%** | **Automobile Manufacturers–1.26%** | **Automobile Manufacturers–1.26%** | **Automobile Manufacturers–1.26%** |
| Allison Transmission, Inc., <br> 4.75%, 10/01/2027<sup>(b)(c)</sup> <br>|  | 775000 | &nbsp;&nbsp; 768863 |
| American Honda Finance Corp., <br> 4.90%, 01/10/2034<br>|  | 11000 | &nbsp;&nbsp; 10982 |
| Daimler Truck Finance North <br> America LLC (Germany), | Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| 5.00%, 01/15/2027<sup>(b)</sup> <br>|  | 662000 | &nbsp;&nbsp; 668567 |
| 4.65%, 10/12/2030<sup>(b)</sup> <br>|  | 4455000 | &nbsp;&nbsp; 4464988 |
| 5.00%, 10/12/2032<sup>(b)</sup> <br>|  | 13744000 | &nbsp;&nbsp; 13756413 |
| 5.38%, 01/18/2034<sup>(b)(c)</sup> <br>|  | 655000 | &nbsp;&nbsp; 665882 |
| 5.63%, 01/13/2035<sup>(b)(c)</sup> <br>|  | 1356000 | &nbsp;&nbsp; 1394516 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 6.95%, 06/10/2026<sup>(c)</sup> <br>|  | $970000 | &nbsp;&nbsp; $982889 |
| 7.35%, 11/04/2027 |  | 198000 | &nbsp;&nbsp; 206204 |
| 5.92%, 03/20/2028<sup>(c)</sup> <br>|  | 1323000 | &nbsp;&nbsp; 1343091 |
| 6.80%, 05/12/2028 |  | 1160000 | &nbsp;&nbsp; 1205026 |
| 6.80%, 11/07/2028 |  | 1033000 | &nbsp;&nbsp; 1075488 |
| 7.20%, 06/10/2030<sup>(c)</sup> <br>|  | 886000 | &nbsp;&nbsp; 941762 |
| 7.12%, 11/07/2033 |  | 141000 | &nbsp;&nbsp; 147489 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| 4.44%, 07/08/2028 |  | 5765000 | &nbsp;&nbsp; 5802731 |
| 4.69%, 07/08/2030 |  | 5094000 | &nbsp;&nbsp; 5143072 |
| 5.34%, 07/08/2035 |  | 6406000 | &nbsp;&nbsp; 6443600 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 4.88%, 06/23/2027<sup>(b)</sup> <br>|  | 3670000 | &nbsp;&nbsp; 3703267 |
| 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 3060000 | &nbsp;&nbsp; 3102678 |
| 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 181000 | &nbsp;&nbsp; 186381 |
| 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 179714 |
| 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 2681000 | &nbsp;&nbsp; 2761947 |
| 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39830 |
| Hyundai Capital Services, Inc. <br> (South Korea), 5.25%, <br> 01/22/2028<sup>(b)</sup> <br>|  | 4005000 | &nbsp;&nbsp; 4087695 |
| 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; 820003 |
| 4.85%, 01/11/2029<sup>(b)(c)</sup> <br>|  | 595000 | &nbsp;&nbsp; 606902 |
| 5.13%, 08/01/2034<sup>(b)(c)</sup> <br>|  | 1131000 | &nbsp;&nbsp; 1135848 |
| PACCAR Financial Corp., 4.00%, <br> 09/26/2029<sup>(c)</sup> <br>|  | 963000 | &nbsp;&nbsp; 964697 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/09/2029 |  | 415000 | &nbsp;&nbsp; 422290 |
| 5.10%, 03/21/2031 |  | 143000 | &nbsp;&nbsp; 148338 |
| 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>|  | 886000 | &nbsp;&nbsp; 891002 |
| 5.25%, 03/22/2029<sup>(b)(c)</sup> <br>|  | 1134000 | &nbsp;&nbsp; 1156831 |
| 4.95%, 08/15/2029<sup>(b)</sup> <br>|  | 851000 | &nbsp;&nbsp; 862288 |
| 5.60%, 03/22/2034<sup>(b)(c)</sup> <br>|  | 1089000 | &nbsp;&nbsp; 1107690 |
|  |  |  | &nbsp;&nbsp; 67198964 |
| **Automotive Parts & Equipment–0.43%** | **Automotive Parts & Equipment–0.43%** | **Automotive Parts & Equipment–0.43%** | **Automotive Parts & Equipment–0.43%** |
| BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), |  |  |
| 4.50%, 08/11/2030<sup>(b)</sup> <br>|  | 1697000 | &nbsp;&nbsp; 1699120 |
| 5.20%, 08/11/2035<sup>(b)</sup> <br>|  | 4556000 | &nbsp;&nbsp; 4533258 |
| Clarios Global L.P./Clarios US <br> Finance Co., 6.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 2566000 | &nbsp;&nbsp; 2660544 |
| Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)</sup> <br>|  | 247000 | &nbsp;&nbsp; 262052 |
| Dana, Inc., 5.63%, <br> 06/15/2028<br>|  | 48000 | &nbsp;&nbsp; 48006 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 240000 | &nbsp;&nbsp; 245854 |
| 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 187088 |
| Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 196000 | &nbsp;&nbsp; 206933 |
| Magna International, Inc. <br> (Canada), 5.88%, <br> 06/01/2035<br>|  | 714000 | &nbsp;&nbsp; 743263 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 277000 | &nbsp;&nbsp; 270429 |

---

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–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | $522000 | &nbsp;&nbsp; $539488 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16446 |
| ZF North America Capital, Inc. <br> (Germany), | ZF North America Capital, Inc. <br> (Germany), |  |  |
| 6.88%, 04/14/2028<sup>(b)</sup> <br>|  | 3282000 | &nbsp;&nbsp; 3326750 |
| 7.13%, 04/14/2030<sup>(b)</sup> <br>|  | 3134000 | &nbsp;&nbsp; 3122615 |
| 6.75%, 04/23/2030<sup>(b)(c)</sup> <br>|  | 1283000 | &nbsp;&nbsp; 1252214 |
| 6.88%, 04/23/2032<sup>(b)(c)</sup> <br>|  | 3984000 | &nbsp;&nbsp; 3823172 |
|  |  |  | &nbsp;&nbsp; 22937232 |
| **Automotive Retail–0.15%** | **Automotive Retail–0.15%** | **Automotive Retail–0.15%** | **Automotive Retail–0.15%** |
| Advance Auto Parts, Inc., | Advance Auto Parts, Inc., |  |  |
| 5.95%, 03/09/2028<sup>(c)</sup> <br>|  | 286000 | &nbsp;&nbsp; 291425 |
| 7.00%, 08/01/2030<sup>(b)(c)</sup> <br>|  | 2283000 | &nbsp;&nbsp; 2344248 |
| 7.38%, 08/01/2033<sup>(b)(c)</sup> <br>|  | 3009000 | &nbsp;&nbsp; 3086647 |
| AutoZone, Inc., 5.20%, <br> 08/01/2033<br>|  | 140000 | &nbsp;&nbsp; 142903 |
| Group 1 Automotive, Inc., <br> 4.00%, 08/15/2028<sup>(b)(c)</sup> <br>|  | 275000 | &nbsp;&nbsp; 267025 |
| LCM Investments Holdings II LLC, <br> 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 786113 |
| Lithia Motors, Inc., 4.63%, <br> 12/15/2027<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 495778 |
| O'Reilly Automotive, Inc., <br> 5.00%, 08/19/2034<br>|  | 740000 | &nbsp;&nbsp; 740797 |
|  |  |  | &nbsp;&nbsp; 8154936 |
| **Biotechnology–0.04%** | **Biotechnology–0.04%** | **Biotechnology–0.04%** | **Biotechnology–0.04%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2029<sup>(c)</sup> <br>|  | 434000 | &nbsp;&nbsp; 444445 |
| 5.05%, 03/15/2034 |  | 497000 | &nbsp;&nbsp; 506504 |
| 5.40%, 03/15/2054 |  | 414000 | &nbsp;&nbsp; 397706 |
| 5.50%, 03/15/2064<sup>(c)</sup> <br>|  | 418000 | &nbsp;&nbsp; 401941 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| 5.15%, 03/02/2028 |  | 194000 | &nbsp;&nbsp; 198557 |
| 5.25%, 03/02/2030 |  | 57000 | &nbsp;&nbsp; 59060 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 5.25%, 10/15/2033 |  | 142000 | &nbsp;&nbsp; 147564 |
| 5.55%, 10/15/2053 |  | 99000 | &nbsp;&nbsp; 96924 |
|  |  |  | &nbsp;&nbsp; 2252701 |
| **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; 391104 |
| Cia Cervecerias Unidas S.A. <br> (Chile), 3.35%, <br> 01/19/2032<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 224185 |
|  |  |  | &nbsp;&nbsp; 615289 |
| **Broadcasting–0.03%** | **Broadcasting–0.03%** | **Broadcasting–0.03%** | **Broadcasting–0.03%** |
| Gray Media, Inc., 9.63%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 75442 |
| Paramount Global, | Paramount Global, |  |  |
| 5.85%, 09/01/2043 |  | 471000 | &nbsp;&nbsp; 424024 |
| 4.95%, 05/19/2050<sup>(c)</sup> <br>|  | 471000 | &nbsp;&nbsp; 368009 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 146000 | &nbsp;&nbsp; 151650 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 698000 | &nbsp;&nbsp; 735494 |
|  |  |  | &nbsp;&nbsp; 1754619 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Broadline Retail–0.14%** | **Broadline Retail–0.14%** | **Broadline Retail–0.14%** | **Broadline Retail–0.14%** |
| El Puerto de Liverpool S.A.B. de <br> C.V. (Mexico), 6.66%, <br> 01/22/2037<sup>(b)(c)</sup> <br>|  | $4483000 | &nbsp;&nbsp; $4759601 |
| Macy's Retail Holdings LLC, <br> 7.38%, 08/01/2033<sup>(b)</sup> <br>|  | 2578000 | &nbsp;&nbsp; 2650264 |
| Prosus N.V. (China), 4.19%, <br> 01/19/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 190263 |
|  |  |  | &nbsp;&nbsp; 7600128 |
| **Building Products–0.14%** | **Building Products–0.14%** | **Building Products–0.14%** | **Building Products–0.14%** |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| 4.60%, 04/07/2027<sup>(b)</sup> <br>|  | 1620000 | &nbsp;&nbsp; 1629050 |
| 4.70%, 04/07/2028<sup>(b)</sup> <br>|  | 1946000 | &nbsp;&nbsp; 1970618 |
| 4.95%, 04/07/2030<sup>(b)(c)</sup> <br>|  | 531000 | &nbsp;&nbsp; 542182 |
| 5.40%, 04/07/2035<sup>(b)</sup> <br>|  | 2905000 | &nbsp;&nbsp; 2948990 |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 79000 | &nbsp;&nbsp; 84263 |
| Lennox International, Inc., <br> 5.50%, 09/15/2028<br>|  | 218000 | &nbsp;&nbsp; 225951 |
| New Enterprise Stone & Lime <br> Co., Inc., 5.25%, <br> 07/15/2028<sup>(b)</sup> <br>|  | 266000 | &nbsp;&nbsp; 263160 |
|  |  |  | &nbsp;&nbsp; 7664214 |
| **Cable & Satellite–0.41%** | **Cable & Satellite–0.41%** | **Cable & Satellite–0.41%** | **Cable & Satellite–0.41%** |
| CCO Holdings LLC/CCO Holdings <br> Capital Corp., | CCO Holdings LLC/CCO Holdings <br> Capital Corp., |  |  |
| 5.38%, 06/01/2029<sup>(b)(c)</sup> <br>|  | 1093000 | &nbsp;&nbsp; 1085195 |
| 6.38%, 09/01/2029<sup>(b)</sup> <br>|  | 3207000 | &nbsp;&nbsp; 3257995 |
| 7.38%, 03/01/2031<sup>(b)(c)</sup> <br>|  | 1478000 | &nbsp;&nbsp; 1530205 |
| 4.50%, 06/01/2033<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 242831 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., |  |  |
| 6.65%, 02/01/2034<sup>(c)</sup> <br>|  | 361000 | &nbsp;&nbsp; 385210 |
| 5.85%, 12/01/2035 |  | 4634000 | &nbsp;&nbsp; 4643958 |
| 6.70%, 12/01/2055 |  | 3995000 | &nbsp;&nbsp; 3949566 |
| Comcast Corp., | Comcast Corp., |  |  |
| 5.50%, 11/15/2032 |  | 132000 | &nbsp;&nbsp; 139199 |
| 6.05%, 05/15/2055<sup>(c)</sup> <br>|  | 5395000 | &nbsp;&nbsp; 5461907 |
| Cox Communications, Inc., <br> 5.70%, 06/15/2033<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 60741 |
| Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 132000 | &nbsp;&nbsp; 131306 |
| Virgin Media Secured Finance <br> PLC (United Kingdom), <br> 4.50%, 08/15/2030<sup>(b)</sup> <br>|  | 1100000 | &nbsp;&nbsp; 1033360 |
|  |  |  | &nbsp;&nbsp; 21921473 |
| **Cargo Ground Transportation–0.06%** | **Cargo Ground Transportation–0.06%** | **Cargo Ground Transportation–0.06%** | **Cargo Ground Transportation–0.06%** |
| 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>|  | 52000 | &nbsp;&nbsp; 52401 |
| 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 51622 |
| 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 80335 |
| 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 141000 | &nbsp;&nbsp; 145447 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 147000 | &nbsp;&nbsp; 153871 |
| 5.25%, 02/01/2030<sup>(b)(c)</sup> <br>|  | 1946000 | &nbsp;&nbsp; 2008641 |
| Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 614000 | &nbsp;&nbsp; 627373 |
|  |  |  | &nbsp;&nbsp; 3119690 |

---

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** |
| **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** | **Casinos & Gaming–0.02%** |
| Studio City Finance Ltd. (Macau), <br> 5.00%, 01/15/2029<sup>(b)(c)</sup> <br>|  | $550000 | &nbsp;&nbsp; $521670 |
| Wynn Macau Ltd. (Macau), <br> 5.13%, 12/15/2029<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 385979 |
|  |  |  | &nbsp;&nbsp; 907649 |
| **Coal & Consumable Fuels–0.01%** | **Coal & Consumable Fuels–0.01%** | **Coal & Consumable Fuels–0.01%** | **Coal & Consumable Fuels–0.01%** |
| FS Luxembourg S.a.r.l. (Brazil), <br> 8.63%, 06/25/2033<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 613158 |
| **Commercial & Residential Mortgage Finance–0.33%** | **Commercial & Residential Mortgage Finance–0.33%** | **Commercial & Residential Mortgage Finance–0.33%** | **Commercial & Residential Mortgage Finance–0.33%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 6.25%, 04/15/2028<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 111806 |
| 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 277000 | &nbsp;&nbsp; 295338 |
| 4.80%, 10/24/2030<sup>(b)</sup> <br>|  | 8656000 | &nbsp;&nbsp; 8655489 |
| Nationstar Mortgage Holdings, <br> Inc., 6.50%, <br> 08/01/2029<sup>(b)(c)</sup> <br>|  | 518000 | &nbsp;&nbsp; 531928 |
| Nationwide Building Society <br> (United Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(e)</sup> <br>|  | 800000 | &nbsp;&nbsp; 818949 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 290000 | &nbsp;&nbsp; 303928 |
| Rocket Cos., Inc., | Rocket Cos., Inc., |  |  |
| 6.13%, 08/01/2030<sup>(b)</sup> <br>|  | 1696000 | &nbsp;&nbsp; 1746244 |
| 6.38%, 08/01/2033<sup>(b)(c)</sup> <br>|  | 4006000 | &nbsp;&nbsp; 4162134 |
| Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 2.88%, 10/15/2026<sup>(b)(c)</sup> <br>|  | 445000 | &nbsp;&nbsp; 435870 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 258000 | &nbsp;&nbsp; 268617 |
|  |  |  | &nbsp;&nbsp; 17330303 |
| **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** |
| Cerdia Finanz GmbH (Germany), <br> 9.38%, 10/03/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 212156 |
| Orbia Advance Corp. S.A.B. de <br> CV (Mexico), 7.50%, <br> 05/13/2035<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 722491 |
|  |  |  | &nbsp;&nbsp; 934647 |
| **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** |
| Dell International LLC/EMC <br> Corp., 5.50%, <br> 04/01/2035<sup>(c)</sup> <br>|  | 4835000 | &nbsp;&nbsp; 4927171 |
| Leidos, Inc., 5.75%, <br> 03/15/2033<br>|  | 97000 | &nbsp;&nbsp; 101715 |
|  |  |  | &nbsp;&nbsp; 5028886 |
| **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 8885000 | &nbsp;&nbsp; 9074695 |
| Bioceanico Sovereign Certificate <br> Ltd. (Paraguay), 0.00%, <br> 06/05/2034<sup>(b)(f)</sup> <br>|  | 110990 | &nbsp;&nbsp; 89679 |
|  |  |  | &nbsp;&nbsp; 9164374 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.44%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.44%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.44%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.44%** |
| Caterpillar, Inc., | Caterpillar, Inc., |  |  |
| 5.20%, 05/15/2035<sup>(c)</sup> <br>|  | 1628000 | &nbsp;&nbsp; 1668938 |
| 5.50%, 05/15/2055 |  | 595000 | &nbsp;&nbsp; 590775 |
| Cummins, Inc., | Cummins, Inc., |  |  |
| 4.70%, 02/15/2031 |  | 6064000 | &nbsp;&nbsp; 6163873 |
| 5.30%, 05/09/2035 |  | 4760000 | &nbsp;&nbsp; 4865809 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** | **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** | **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** | **Construction Machinery & Heavy Transportation Equipment–**<br> **(continued)** |
| Northriver Midstream Finance <br> L.P. (Canada), 6.75%, <br> 07/15/2032<sup>(b)</sup> <br>|  | $1080000 | &nbsp;&nbsp; $1111421 |
| Westinghouse Air Brake Technologies <br> Corp., | Westinghouse Air Brake Technologies <br> Corp., |  |  |
| 4.90%, 05/29/2030<sup>(c)</sup> <br>|  | 2517000 | &nbsp;&nbsp; 2575803 |
| 5.50%, 05/29/2035 |  | 6362000 | &nbsp;&nbsp; 6530269 |
|  |  |  | &nbsp;&nbsp; 23506888 |
| **Construction Materials–0.08%** | **Construction Materials–0.08%** | **Construction Materials–0.08%** | **Construction Materials–0.08%** |
| JH North America Holdings, Inc., | JH North America Holdings, Inc., |  |  |
| 5.88%, 01/31/2031<sup>(b)(c)</sup> <br>|  | 2680000 | &nbsp;&nbsp; 2711262 |
| 6.13%, 07/31/2032<sup>(b)</sup> <br>|  | 1533000 | &nbsp;&nbsp; 1556938 |
|  |  |  | &nbsp;&nbsp; 4268200 |
| **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** |
| LG Electronics, Inc. (South Korea), | LG Electronics, Inc. (South Korea), |  |  |
| 5.63%, 04/24/2027<sup>(b)</sup> <br>|  | 1070000 | &nbsp;&nbsp; 1090935 |
| 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | 2167500 | &nbsp;&nbsp; 2257818 |
| Sensata Technologies B.V., <br> 4.00%, 04/15/2029<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 263661 |
| Telecommunications Co. <br> Telekom Srbija Akcionarsko <br> drustvo, Belgrade (Serbia), <br> 7.00%, 10/28/2029<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 277422 |
|  |  |  | &nbsp;&nbsp; 3889836 |
| **Consumer Finance–1.18%** | **Consumer Finance–1.18%** | **Consumer Finance–1.18%** | **Consumer Finance–1.18%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(e)</sup> <br>|  | 585000 | &nbsp;&nbsp; 589828 |
| 4.73%, 04/25/2029<sup>(e)</sup> <br>|  | 2024000 | &nbsp;&nbsp; 2057507 |
| 5.65% (SOFR + 1.26%), <br> 04/25/2029<sup>(d)</sup> <br>|  | 6240000 | &nbsp;&nbsp; 6329808 |
| 4.35%, 07/20/2029<sup>(c)(e)</sup> <br>|  | 9374000 | &nbsp;&nbsp; 9423932 |
| 5.20% (SOFR + 0.81%), <br> 07/20/2029<sup>(c)(d)</sup> <br>|  | 13966000 | &nbsp;&nbsp; 13995963 |
| 5.53%, 04/25/2030<sup>(c)(e)</sup> <br>|  | 525000 | &nbsp;&nbsp; 548366 |
| 5.02%, 04/25/2031<sup>(e)</sup> <br>|  | 4477000 | &nbsp;&nbsp; 4601457 |
| 4.92%, 07/20/2033<sup>(c)(e)</sup> <br>|  | 6381000 | &nbsp;&nbsp; 6465118 |
| 5.44%, 01/30/2036<sup>(e)</sup> <br>|  | 115000 | &nbsp;&nbsp; 118258 |
| 5.67%, 04/25/2036<sup>(e)</sup> <br>|  | 294000 | &nbsp;&nbsp; 307328 |
| Capital One Financial Corp., <br> 7.15%, 10/29/2027<sup>(e)</sup> <br>|  | 110000 | &nbsp;&nbsp; 113384 |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)(c)</sup> <br>|  | 502000 | &nbsp;&nbsp; 530554 |
| FirstCash, Inc., | FirstCash, Inc., |  |  |
| 4.63%, 09/01/2028<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 638696 |
| 6.88%, 03/01/2032<sup>(b)(c)</sup> <br>|  | 7045000 | &nbsp;&nbsp; 7319297 |
| General Motors Financial Co., <br> Inc., 5.40%, 04/06/2026<br>|  | 35000 | &nbsp;&nbsp; 35171 |
| goeasy Ltd. (Canada), 6.88%, <br> 02/15/2031<sup>(b)(c)</sup> <br>|  | 2019000 | &nbsp;&nbsp; 2020317 |
| Navient Corp., 5.00%, <br> 03/15/2027<br>|  | 250000 | &nbsp;&nbsp; 248344 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 3.50%, 01/15/2027 |  | 275000 | &nbsp;&nbsp; 269303 |
| 6.63%, 05/15/2029 |  | 265000 | &nbsp;&nbsp; 272827 |
| 6.75%, 03/15/2032 |  | 90000 | &nbsp;&nbsp; 92248 |
| 7.13%, 09/15/2032 |  | 3891000 | &nbsp;&nbsp; 4056408 |

---

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 Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** |
| Synchrony Financial, | Synchrony Financial, |  |  |
| 5.02%, 07/29/2029<sup>(e)</sup> <br>|  | $1020000 | &nbsp;&nbsp; $1027465 |
| 6.00%, 07/29/2036<sup>(e)</sup> <br>|  | 1380000 | &nbsp;&nbsp; 1395761 |
|  |  |  | &nbsp;&nbsp; 62457340 |
| **Consumer Staples Merchandise Retail–0.13%** | **Consumer Staples Merchandise Retail–0.13%** | **Consumer Staples Merchandise Retail–0.13%** | **Consumer Staples Merchandise Retail–0.13%** |
| Cencosud S.A. (Chile), 5.95%, <br> 05/28/2031<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 833952 |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 75000 | &nbsp;&nbsp; 70036 |
| Walmart, Inc., 4.90%, <br> 04/28/2035<br>|  | 5778000 | &nbsp;&nbsp; 5871791 |
|  |  |  | &nbsp;&nbsp; 6775779 |
| **Copper–0.01%** | **Copper–0.01%** | **Copper–0.01%** | **Copper–0.01%** |
| First Quantum Minerals Ltd. <br> (Zambia), 8.63%, <br> 06/01/2031<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 261464 |
| **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<sup>(c)</sup> <br>|  | 538000 | &nbsp;&nbsp; 546502 |
| 4.90%, 05/01/2033 |  | 32000 | &nbsp;&nbsp; 31939 |
|  |  |  | &nbsp;&nbsp; 578441 |
| **Distributors–0.03%** | **Distributors–0.03%** | **Distributors–0.03%** | **Distributors–0.03%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 4.95%, 08/15/2029 |  | 1089000 | &nbsp;&nbsp; 1112079 |
| 6.88%, 11/01/2033 |  | 270000 | &nbsp;&nbsp; 303372 |
|  |  |  | &nbsp;&nbsp; 1415451 |
| **Diversified Banks–6.49%** | **Diversified Banks–6.49%** | **Diversified Banks–6.49%** | **Diversified Banks–6.49%** |
| Africa Finance Corp. (Supranational), | Africa Finance Corp. (Supranational), |  |  |
| 4.38%, 04/17/2026<sup>(b)</sup> <br>|  | 20285000 | &nbsp;&nbsp; 20209186 |
| 7.50%<sup>(b)(e)(g)</sup> <br>|  | 4791000 | &nbsp;&nbsp; 4712657 |
| Akbank Turk A.S. (Turkey), <br> 7.88%, 09/04/2035<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204549 |
| 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; 690741 |
| 5.20%, 09/30/2035<sup>(b)(c)(e)</sup> <br>|  | 610000 | &nbsp;&nbsp; 606172 |
| 6.75%<sup>(b)(e)(g)</sup> <br>|  | 624000 | &nbsp;&nbsp; 632769 |
| Banco Bilbao Vizcaya Argentaria <br> S.A. (Spain), 9.38%<sup>(e)(g)</sup> <br>|  | 1807000 | &nbsp;&nbsp; 2001818 |
| Banco de Bogota S.A. <br> (Colombia), 4.38%, <br> 08/03/2027<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 395747 |
| Banco de Credito e Inversiones <br> S.A. (Chile), 8.75%<sup>(b)(e)(g)</sup> <br>|  | 430000 | &nbsp;&nbsp; 465013 |
| Banco do Brasil S.A. (Brazil), <br> 6.00%, 03/18/2031<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 817194 |
| Banco GNB Sudameris S.A. <br> (Colombia), 7.50%, <br> 04/16/2031<sup>(b)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200289 |
| Banco Macro S.A. (Argentina), <br> 8.00%, 06/23/2029<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 794800 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 5.55%, 03/14/2028<sup>(c)(e)</sup> <br>|  | 800000 | &nbsp;&nbsp; 814443 |
| 8.00%<sup>(c)(e)(g)</sup> <br>|  | 466667 | &nbsp;&nbsp; 507722 |
| 9.63%<sup>(e)(g)</sup> <br>|  | 2400000 | &nbsp;&nbsp; 2662750 |
| 9.63%<sup>(e)(g)</sup> <br>|  | 2600000 | &nbsp;&nbsp; 3071312 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Bank Gospodarstwa Krajowego <br> (Poland), | Bank Gospodarstwa Krajowego <br> (Poland), |  |  |
| 6.25%, 10/31/2028<sup>(b)</sup> <br>|  | $550000 | &nbsp;&nbsp; $584000 |
| 5.38%, 05/22/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205396 |
| 5.75%, 07/09/2034<sup>(b)</sup> <br>|  | 445000 | &nbsp;&nbsp; 465110 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 5.45% (SOFR + 1.05%), <br> 02/04/2028<sup>(d)</sup> <br>|  | 92000 | &nbsp;&nbsp; 92866 |
| 4.95%, 07/22/2028<sup>(e)</sup> <br>|  | 33000 | &nbsp;&nbsp; 33442 |
| 5.23% (SOFR + 0.83%), <br> 01/24/2029<sup>(d)</sup> <br>|  | 1037000 | &nbsp;&nbsp; 1038783 |
| 5.20%, 04/25/2029<sup>(e)</sup> <br>|  | 199000 | &nbsp;&nbsp; 204081 |
| 4.62%, 05/09/2029<sup>(c)(e)</sup> <br>|  | 2495000 | &nbsp;&nbsp; 2523507 |
| 5.16%, 01/24/2031<sup>(c)(e)</sup> <br>|  | 475000 | &nbsp;&nbsp; 490371 |
| 5.41% (SOFR + 1.01%), <br> 01/24/2031<sup>(c)(d)</sup> <br>|  | 918000 | &nbsp;&nbsp; 918428 |
| 5.43%, 08/15/2035<sup>(e)</sup> <br>|  | 98000 | &nbsp;&nbsp; 98678 |
| 5.51%, 01/24/2036<sup>(e)</sup> <br>|  | 2700000 | &nbsp;&nbsp; 2782822 |
| 5.46%, 05/09/2036<sup>(e)</sup> <br>|  | 380000 | &nbsp;&nbsp; 390484 |
| 6.63%<sup>(e)(g)</sup> <br>|  | 2908000 | &nbsp;&nbsp; 3001079 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| 7.70%, 05/26/2084<sup>(e)</sup> <br>|  | 1037000 | &nbsp;&nbsp; 1083811 |
| 7.30%, 11/26/2084<sup>(e)</sup> <br>|  | 965000 | &nbsp;&nbsp; 1013594 |
| Bank of New York Mellon (The), | Bank of New York Mellon (The), |  |  |
| 4.59%, 04/20/2027<sup>(e)</sup> <br>|  | 1503000 | &nbsp;&nbsp; 1506529 |
| 5.07% (SOFR + 0.71%), <br> 04/20/2027<sup>(d)</sup> <br>|  | 1899000 | &nbsp;&nbsp; 1903673 |
| 4.73%, 04/20/2029<sup>(e)</sup> <br>|  | 1435000 | &nbsp;&nbsp; 1458920 |
| Bank of New Zealand (New <br> Zealand), 5.70%, <br> 01/28/2035<sup>(b)(e)</sup> <br>|  | 1056000 | &nbsp;&nbsp; 1090167 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(e)</sup> <br>|  | 810000 | &nbsp;&nbsp; 859909 |
| 8.00%, 01/27/2084<sup>(e)</sup> <br>|  | 859000 | &nbsp;&nbsp; 917464 |
| Banque Federative du Credit <br> Mutuel (France), 4.59%, <br> 10/16/2028<sup>(b)</sup> <br>|  | 10216000 | &nbsp;&nbsp; 10312303 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| 5.37%, 02/25/2031<sup>(e)</sup> <br>|  | 867000 | &nbsp;&nbsp; 894501 |
| 6.69%, 09/13/2034<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 219173 |
| 5.86%, 08/11/2046<sup>(e)</sup> <br>|  | 4411000 | &nbsp;&nbsp; 4384782 |
| BBVA Bancomer S.A. (Mexico), | BBVA Bancomer S.A. (Mexico), |  |  |
| 5.25%, 09/10/2029<sup>(b)</sup> <br>|  | 285000 | &nbsp;&nbsp; 292880 |
| 8.45%, 06/29/2038<sup>(b)(e)</sup> <br>|  | 300000 | &nbsp;&nbsp; 326430 |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 4.79%, 05/09/2029<sup>(b)(e)</sup> <br>|  | 1434000 | &nbsp;&nbsp; 1447871 |
| 5.83% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(c)(d)</sup> <br>|  | 5529000 | &nbsp;&nbsp; 5595706 |
| 5.09%, 05/09/2031<sup>(b)(e)</sup> <br>|  | 5267000 | &nbsp;&nbsp; 5352892 |
| 7.45%<sup>(b)(e)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204612 |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| 6.29%, 01/14/2036<sup>(b)(e)</sup> <br>|  | 330000 | &nbsp;&nbsp; 347413 |
| 6.92%, 01/14/2046<sup>(b)(e)</sup> <br>|  | 957000 | &nbsp;&nbsp; 998721 |
| CaixaBank S.A. (Spain), 4.89%, <br> 07/03/2031<sup>(b)(c)(e)</sup> <br>|  | 3259000 | &nbsp;&nbsp; 3298222 |

---

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)** |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 5.55% (SOFR + 1.14%), <br> 05/07/2028<sup>(d)</sup> <br>|  | $4717000 | &nbsp;&nbsp; $4750378 |
| 5.17%, 02/13/2030<sup>(e)</sup> <br>|  | 182000 | &nbsp;&nbsp; 186798 |
| 4.54%, 09/19/2030<sup>(e)</sup> <br>|  | 1214000 | &nbsp;&nbsp; 1219967 |
| 4.95%, 05/07/2031<sup>(c)(e)</sup> <br>|  | 5173000 | &nbsp;&nbsp; 5271951 |
| 5.87% (SOFR + 1.46%), <br> 05/07/2031<sup>(d)</sup> <br>|  | 5456000 | &nbsp;&nbsp; 5547409 |
| 6.17%, 05/25/2034<sup>(e)</sup> <br>|  | 51000 | &nbsp;&nbsp; 53748 |
| 5.83%, 02/13/2035<sup>(e)</sup> <br>|  | 76000 | &nbsp;&nbsp; 78161 |
| 5.41%, 09/19/2039<sup>(c)(e)</sup> <br>|  | 1006000 | &nbsp;&nbsp; 996424 |
| 5.61%, 03/04/2056<sup>(c)(e)</sup> <br>|  | 3251000 | &nbsp;&nbsp; 3175885 |
| Series AA, 7.63%<sup>(e)(g)</sup> <br>|  | 5457000 | &nbsp;&nbsp; 5721392 |
| Series BB, 7.20%<sup>(c)(e)(g)</sup> <br>|  | 5272000 | &nbsp;&nbsp; 5440678 |
| Series DD, 7.00%<sup>(c)(e)(g)</sup> <br>|  | 6536000 | &nbsp;&nbsp; 6876480 |
| Series W, 4.00%<sup>(c)(e)(g)</sup> <br>|  | 5850000 | &nbsp;&nbsp; 5809743 |
| Series Y, 4.15%<sup>(e)(g)</sup> <br>|  | 270000 | &nbsp;&nbsp; 264199 |
| Series Z, 7.38%<sup>(c)(e)(g)</sup> <br>|  | 5754000 | &nbsp;&nbsp; 5992803 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(e)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6226 |
| Corporacion Financiera de <br> Desarrollo S.A. (Peru), <br> 5.95%, 04/30/2029<sup>(b)</sup> <br>|  | 3865000 | &nbsp;&nbsp; 3999463 |
| Credit Agricole S.A. (France), <br> 5.22%, 05/27/2031<sup>(b)(e)</sup> <br>|  | 3511000 | &nbsp;&nbsp; 3593222 |
| Federation des caisses <br> Desjardins du Quebec <br> (Canada), 4.55%, <br> 08/23/2027<sup>(b)(c)</sup> <br>|  | 758000 | &nbsp;&nbsp; 765418 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 1.71%, 11/01/2027<sup>(e)</sup> <br>|  | 39000 | &nbsp;&nbsp; 37851 |
| 6.34%, 07/27/2029<sup>(e)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28505 |
| 4.77%, 07/28/2030<sup>(e)</sup> <br>|  | 132000 | &nbsp;&nbsp; 133661 |
| 5.63%, 01/29/2032<sup>(e)</sup> <br>|  | 62000 | &nbsp;&nbsp; 64951 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.89%, 08/14/2027<sup>(e)</sup> <br>|  | 897000 | &nbsp;&nbsp; 909307 |
| 5.60%, 05/17/2028<sup>(e)</sup> <br>|  | 913000 | &nbsp;&nbsp; 932366 |
| 5.21%, 08/11/2028<sup>(e)</sup> <br>|  | 511000 | &nbsp;&nbsp; 519279 |
| 5.29%, 11/19/2030<sup>(e)</sup> <br>|  | 1357000 | &nbsp;&nbsp; 1399791 |
| 5.13%, 03/03/2031<sup>(e)</sup> <br>|  | 1162000 | &nbsp;&nbsp; 1190692 |
| 5.24%, 05/13/2031<sup>(e)</sup> <br>|  | 3538000 | &nbsp;&nbsp; 3638031 |
| 5.97% (SOFR + 1.57%), <br> 05/13/2031<sup>(d)</sup> <br>|  | 5988000 | &nbsp;&nbsp; 6095620 |
| 7.40%, 11/13/2034<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 225438 |
| 5.79%, 05/13/2036<sup>(e)</sup> <br>|  | 417000 | &nbsp;&nbsp; 434010 |
| 6.33%, 03/09/2044<sup>(e)</sup> <br>|  | 723000 | &nbsp;&nbsp; 776179 |
| 6.88%<sup>(e)(g)</sup> <br>|  | 722000 | &nbsp;&nbsp; 746431 |
| 7.05%<sup>(e)(g)</sup> <br>|  | 6051000 | &nbsp;&nbsp; 6257454 |
| ING Groep N.V. (Netherlands), <br> 5.34%, 03/19/2030<sup>(c)(e)</sup> <br>|  | 885000 | &nbsp;&nbsp; 913828 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 5.57%, 04/22/2028<sup>(e)</sup> <br>|  | 427000 | &nbsp;&nbsp; 436215 |
| 4.85%, 07/25/2028<sup>(e)</sup> <br>|  | 42000 | &nbsp;&nbsp; 42528 |
| 4.92%, 01/24/2029<sup>(c)(e)</sup> <br>|  | 424000 | &nbsp;&nbsp; 431605 |
| 5.30%, 07/24/2029<sup>(e)</sup> <br>|  | 162000 | &nbsp;&nbsp; 166902 |
| 6.09%, 10/23/2029<sup>(e)</sup> <br>|  | 189000 | &nbsp;&nbsp; 199426 |
| 5.01%, 01/23/2030<sup>(e)</sup> <br>|  | 114000 | &nbsp;&nbsp; 116790 |
| 5.58%, 04/22/2030<sup>(e)</sup> <br>|  | 337000 | &nbsp;&nbsp; 351911 |
| 5.00%, 07/22/2030<sup>(e)</sup> <br>|  | 693000 | &nbsp;&nbsp; 710920 |
| 4.60%, 10/22/2030<sup>(e)</sup> <br>|  | 1219000 | &nbsp;&nbsp; 1232656 |
| 5.14%, 01/24/2031<sup>(e)</sup> <br>|  | 1001000 | &nbsp;&nbsp; 1031855 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| 5.10%, 04/22/2031<sup>(c)(e)</sup> <br>|  | $2412000 | &nbsp;&nbsp; $2489156 |
| 5.72%, 09/14/2033<sup>(e)</sup> <br>|  | 101000 | &nbsp;&nbsp; 106069 |
| 5.34%, 01/23/2035<sup>(e)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15413 |
| 5.50%, 01/24/2036<sup>(e)</sup> <br>|  | 118000 | &nbsp;&nbsp; 121894 |
| 5.57%, 04/22/2036<sup>(e)</sup> <br>|  | 219000 | &nbsp;&nbsp; 227772 |
| 5.58%, 07/23/2036<sup>(c)(e)</sup> <br>|  | 362000 | &nbsp;&nbsp; 370148 |
| 5.53%, 11/29/2045<sup>(e)</sup> <br>|  | 2249000 | &nbsp;&nbsp; 2259924 |
| Series W, 5.47% (3 mo. Term <br> SOFR + 1.26%), <br> 05/15/2047<sup>(d)</sup> <br>|  | 48000 | &nbsp;&nbsp; 42709 |
| Series NN, 6.88%<sup>(c)(e)(g)</sup> <br>|  | 306000 | &nbsp;&nbsp; 322302 |
| Series OO, 6.50%<sup>(c)(e)(g)</sup> <br>|  | 1043000 | &nbsp;&nbsp; 1073845 |
| KeyBank N.A., 5.85%, <br> 11/15/2027<br>|  | 818000 | &nbsp;&nbsp; 843962 |
| KeyCorp, 2.55%, 10/01/2029 |  | 34000 | &nbsp;&nbsp; 31811 |
| Magyar Export-Import Bank <br> Zartkoruen Mukodo <br> Reszvenytarsasag (Hungary), <br> 6.13%, 12/04/2027<sup>(b)</sup> <br>|  | 325000 | &nbsp;&nbsp; 335948 |
| Manufacturers & Traders <br> Trust Co., 4.70%, <br> 01/27/2028<br>|  | 799000 | &nbsp;&nbsp; 809189 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), | Mitsubishi UFJ Financial Group, Inc. <br> (Japan), |  |  |
| 5.26%, 04/17/2030<sup>(c)(e)</sup> <br>|  | 985000 | &nbsp;&nbsp; 1017354 |
| 5.16%, 04/24/2031<sup>(e)</sup> <br>|  | 2868000 | &nbsp;&nbsp; 2959347 |
| 5.87% (SOFR + 1.48%), <br> 04/24/2031<sup>(d)</sup> <br>|  | 2156000 | &nbsp;&nbsp; 2197486 |
| 5.43%, 04/17/2035<sup>(e)</sup> <br>|  | 225000 | &nbsp;&nbsp; 232070 |
| 5.57%, 01/16/2036<sup>(e)</sup> <br>|  | 279000 | &nbsp;&nbsp; 290389 |
| 5.62%, 04/24/2036<sup>(e)</sup> <br>|  | 774000 | &nbsp;&nbsp; 807206 |
| 8.20%<sup>(c)(e)(g)</sup> <br>|  | 5145000 | &nbsp;&nbsp; 5631599 |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 5.78%, 07/06/2029<sup>(e)</sup> <br>|  | 790000 | &nbsp;&nbsp; 823199 |
| 5.38%, 07/10/2030<sup>(c)(e)</sup> <br>|  | 980000 | &nbsp;&nbsp; 1015575 |
| 4.71%, 07/08/2031<sup>(e)</sup> <br>|  | 5212000 | &nbsp;&nbsp; 5274635 |
| 5.63% (SOFR + 1.25%), <br> 07/08/2031<sup>(d)</sup> <br>|  | 5342000 | &nbsp;&nbsp; 5388452 |
| 5.59%, 07/10/2035<sup>(c)(e)</sup> <br>|  | 1211000 | &nbsp;&nbsp; 1261029 |
| 5.32%, 07/08/2036<sup>(e)</sup> <br>|  | 7567000 | &nbsp;&nbsp; 7688771 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 4.95%, 01/14/2028<sup>(e)</sup> <br>|  | 749000 | &nbsp;&nbsp; 756165 |
| 5.02%, 01/12/2029<sup>(e)</sup> <br>|  | 1034000 | &nbsp;&nbsp; 1051905 |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| 4.47%, 07/06/2028<sup>(e)</sup> <br>|  | 5030000 | &nbsp;&nbsp; 5054018 |
| 4.73%, 07/18/2031<sup>(e)</sup> <br>|  | 4467000 | &nbsp;&nbsp; 4531142 |
| Multibank, Inc. (Panama), <br> 7.75%, 02/03/2028<sup>(b)</sup> <br>|  | 1701000 | &nbsp;&nbsp; 1771132 |
| National Australia Bank Ltd. <br> (Australia), 5.90%, <br> 01/14/2036<sup>(b)(c)(e)</sup> <br>|  | 362000 | &nbsp;&nbsp; 376690 |
| National Securities Clearing Corp., | National Securities Clearing Corp., |  |  |
| 5.10%, 11/21/2027<sup>(b)</sup> <br>|  | 771000 | &nbsp;&nbsp; 788139 |
| 5.00%, 05/30/2028<sup>(b)(c)</sup> <br>|  | 764000 | &nbsp;&nbsp; 784374 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| 4.25%, 08/28/2030<sup>(b)</sup> <br>|  | 12583000 | &nbsp;&nbsp; 12606648 |
| 6.30%<sup>(b)(c)(e)(g)</sup> <br>|  | 745000 | &nbsp;&nbsp; 746777 |
| Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)(c)</sup> <br>|  | 706000 | &nbsp;&nbsp; 721629 |

---

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)** |
| Panama Infrastructure <br> Receivable Purchaser PLC <br> (United Kingdom), 0.00%, <br> 04/05/2032<sup>(b)(f)</sup> <br>|  | $4414000 | &nbsp;&nbsp; $3300701 |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 6.62%, 10/20/2027<sup>(e)</sup> <br>|  | 209000 | &nbsp;&nbsp; 214290 |
| 5.58%, 06/12/2029<sup>(e)</sup> <br>|  | 184000 | &nbsp;&nbsp; 190903 |
| 4.90%, 05/13/2031<sup>(c)(e)</sup> <br>|  | 4783000 | &nbsp;&nbsp; 4882469 |
| 6.04%, 10/28/2033<sup>(e)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9643 |
| 5.07%, 01/24/2034<sup>(e)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13157 |
| 5.37%, 07/21/2036<sup>(e)</sup> <br>|  | 4055000 | &nbsp;&nbsp; 4122312 |
| Series V, 6.20%<sup>(e)(g)</sup> <br>|  | 106000 | &nbsp;&nbsp; 107962 |
| Series W, 6.25%<sup>(e)(g)</sup> <br>|  | 160000 | &nbsp;&nbsp; 162230 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 5.10% (SOFR + 0.71%), <br> 01/21/2027<sup>(d)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49169 |
| 4.95%, 02/01/2029 |  | 93000 | &nbsp;&nbsp; 95758 |
| 7.50%, 05/02/2084<sup>(e)</sup> <br>|  | 1149000 | &nbsp;&nbsp; 1204200 |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(e)</sup> <br>|  | 740000 | &nbsp;&nbsp; 750744 |
| 6.75%, 02/08/2028<sup>(b)(e)</sup> <br>|  | 750000 | &nbsp;&nbsp; 774339 |
| 7.02%, 02/08/2030<sup>(b)(e)</sup> <br>|  | 758000 | &nbsp;&nbsp; 819384 |
| 5.01%, 10/15/2030<sup>(b)(e)</sup> <br>|  | 1165000 | &nbsp;&nbsp; 1186319 |
| 5.24%, 05/13/2031<sup>(b)(e)</sup> <br>|  | 2563000 | &nbsp;&nbsp; 2629044 |
| 6.08% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(d)</sup> <br>|  | 2356000 | &nbsp;&nbsp; 2402872 |
| 2.68%, 06/29/2032<sup>(b)(e)</sup> <br>|  | 3298000 | &nbsp;&nbsp; 2934005 |
| 5.40%, 08/12/2036<sup>(b)(e)</sup> <br>|  | 11445000 | &nbsp;&nbsp; 11438638 |
| 7.75%<sup>(b)(e)(g)</sup> <br>|  | 3864000 | &nbsp;&nbsp; 4016048 |
| Sumitomo Mitsui Financial <br> Group, Inc. (Japan), <br> 6.60%<sup>(c)(e)(g)</sup> <br>|  | 4929000 | &nbsp;&nbsp; 5135954 |
| 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; 542579 |
| 5.65%, 09/14/2026<sup>(b)(c)</sup> <br>|  | 770000 | &nbsp;&nbsp; 781177 |
| 5.55%, 09/14/2028<sup>(b)(c)</sup> <br>|  | 1094000 | &nbsp;&nbsp; 1139458 |
| 5.20%, 03/07/2029<sup>(b)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 1092192 |
| 5.35%, 03/07/2034<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 58857 |
| Synovus Bank, 5.63%, <br> 02/15/2028<sup>(c)</sup> <br>|  | 774000 | &nbsp;&nbsp; 790301 |
| Toronto-Dominion Bank (The) <br> (Canada), | Toronto-Dominion Bank (The) <br> (Canada), |  |  |
| 4.78%, 12/17/2029<sup>(c)</sup> <br>|  | 1298000 | &nbsp;&nbsp; 1326936 |
| 8.13%, 10/31/2082<sup>(e)</sup> <br>|  | 773000 | &nbsp;&nbsp; 816010 |
| Truist Bank, | Truist Bank, |  |  |
| 4.42%, 07/24/2028<sup>(e)</sup> <br>|  | 9987000 | &nbsp;&nbsp; 10018996 |
| 5.14% (SOFR + 0.77%), <br> 07/24/2028<sup>(d)</sup> <br>|  | 12473000 | &nbsp;&nbsp; 12480306 |
| Turkiye Ihracat Kredi Bankasi <br> A.S. (Turkey), 7.50%, <br> 02/06/2028<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 311278 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.78%, 06/12/2029<sup>(e)</sup> <br>|  | 152000 | &nbsp;&nbsp; 158409 |
| 5.38%, 01/23/2030<sup>(e)</sup> <br>|  | 231000 | &nbsp;&nbsp; 239018 |
| UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>|  | 728000 | &nbsp;&nbsp; 760933 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 5.71%, 04/22/2028<sup>(e)</sup> <br>|  | $264000 | &nbsp;&nbsp; $270065 |
| 4.81%, 07/25/2028<sup>(e)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21228 |
| 5.76% (SOFR + 1.37%), <br> 04/23/2029<sup>(d)</sup> <br>|  | 2644000 | &nbsp;&nbsp; 2686225 |
| 5.57%, 07/25/2029<sup>(e)</sup> <br>|  | 121000 | &nbsp;&nbsp; 125460 |
| 6.30%, 10/23/2029<sup>(e)</sup> <br>|  | 136000 | &nbsp;&nbsp; 144187 |
| 5.20%, 01/23/2030<sup>(e)</sup> <br>|  | 138000 | &nbsp;&nbsp; 142171 |
| 5.15%, 04/23/2031<sup>(c)(e)</sup> <br>|  | 4320000 | &nbsp;&nbsp; 4450511 |
| 5.39%, 04/24/2034<sup>(e)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17500 |
| 5.56%, 07/25/2034<sup>(e)</sup> <br>|  | 84000 | &nbsp;&nbsp; 87248 |
| 5.50%, 01/23/2035<sup>(e)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39229 |
| 5.61%, 04/23/2036<sup>(c)(e)</sup> <br>|  | 569000 | &nbsp;&nbsp; 590989 |
| 6.85%<sup>(e)(g)</sup> <br>|  | 515000 | &nbsp;&nbsp; 540805 |
| 7.63%<sup>(e)(g)</sup> <br>|  | 133000 | &nbsp;&nbsp; 142379 |
| Series BB, 3.90%<sup>(e)(g)</sup> <br>|  | 2076000 | &nbsp;&nbsp; 2057331 |
| Westpac Banking Corp. <br> (Australia), 5.62%, <br> 11/20/2035<sup>(e)</sup> <br>|  | 94000 | &nbsp;&nbsp; 95733 |
|  |  |  | &nbsp;&nbsp; 345093854 |
| **Diversified Capital Markets–0.40%** | **Diversified Capital Markets–0.40%** | **Diversified Capital Markets–0.40%** | **Diversified Capital Markets–0.40%** |
| Amazon Conservation DAC <br> (Ecuador), 6.03%, <br> 01/16/2042<sup>(b)</sup> <br>|  | 10080000 | &nbsp;&nbsp; 10263254 |
| Apollo Debt Solutions BDC, | Apollo Debt Solutions BDC, |  |  |
| 5.88%, 08/30/2030<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 65989 |
| 6.55%, 03/15/2032<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 34405 |
| Credit Suisse Group AG (Switzerland), | Credit Suisse Group AG (Switzerland), |  |  |
| 4.50%<sup>(b)(e)(g)(h)(i)</sup> <br>|  | 5650000 | &nbsp;&nbsp; 339000 |
| 5.25%<sup>(b)(e)(g)(h)(i)</sup> <br>|  | 3522000 | &nbsp;&nbsp; 211320 |
| Sixth Street Lending Partners, <br> 6.13%, 07/15/2030<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12380 |
| SMBC Aviation Capital Finance DAC <br> (Ireland), | SMBC Aviation Capital Finance DAC <br> (Ireland), |  |  |
| 5.30%, 04/03/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205680 |
| 5.55%, 04/03/2034<sup>(b)</sup> <br>|  | 234000 | &nbsp;&nbsp; 238757 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.43%, 02/08/2030<sup>(b)(e)</sup> <br>|  | 695000 | &nbsp;&nbsp; 718114 |
| 6.60%<sup>(b)(c)(e)(g)</sup> <br>|  | 3446000 | &nbsp;&nbsp; 3454387 |
| 7.00%<sup>(b)(e)(g)</sup> <br>|  | 2494000 | &nbsp;&nbsp; 2520246 |
| 7.13%<sup>(b)(e)(g)</sup> <br>|  | 1468000 | &nbsp;&nbsp; 1498148 |
| Series 28, 9.25%<sup>(b)(e)(g)</sup> <br>|  | 789000 | &nbsp;&nbsp; 866668 |
| Series 33, 9.25%<sup>(b)(c)(e)(g)</sup> <br>|  | 728000 | &nbsp;&nbsp; 856775 |
|  |  |  | &nbsp;&nbsp; 21285123 |
| **Diversified Chemicals–0.01%** | **Diversified Chemicals–0.01%** | **Diversified Chemicals–0.01%** | **Diversified Chemicals–0.01%** |
| SABIC Capital II B.V. (Saudi <br> Arabia), 4.50%, <br> 10/10/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201341 |
| Sasol Financing USA LLC (South <br> Africa), 8.75%, <br> 05/03/2029<sup>(b)</sup> <br>|  | 360000 | &nbsp;&nbsp; 364268 |
|  |  |  | &nbsp;&nbsp; 565609 |
| **Diversified Financial Services–2.07%** | **Diversified Financial Services–2.07%** | **Diversified Financial Services–2.07%** | **Diversified Financial Services–2.07%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust (Ireland), 6.50%, <br> 01/31/2056<sup>(e)</sup> <br>|  | 1838000 | &nbsp;&nbsp; 1895362 |
| Aircastle Ltd./Aircastle Ireland <br> DAC, 5.00%, 09/15/2030<sup>(b)</sup> <br>|  | 2968000 | &nbsp;&nbsp; 2993292 |

---

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 Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| Apollo Global Management, Inc., | Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/2033 |  | $211000 | &nbsp;&nbsp; $232793 |
| 5.15%, 08/12/2035<sup>(c)</sup> <br>|  | 5212000 | &nbsp;&nbsp; 5192502 |
| Atlas Warehouse Lending Co. <br> L.P., 6.25%, 01/15/2030<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256065 |
| Avolon Holdings Funding Ltd. <br> (Ireland), | Avolon Holdings Funding Ltd. <br> (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | 1172000 | &nbsp;&nbsp; 1184366 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 284593 |
| 5.75%, 03/01/2029<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 42480 |
| 5.75%, 11/15/2029<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24937 |
| 5.15%, 01/15/2030<sup>(b)</sup> <br>|  | 96000 | &nbsp;&nbsp; 97722 |
| BlackRock Funding, Inc., <br> 4.90%, 01/08/2035<br>|  | 230000 | &nbsp;&nbsp; 234193 |
| Citadel Finance LLC, 5.90%, <br> 02/10/2030<sup>(b)</sup> <br>|  | 3018000 | &nbsp;&nbsp; 3062531 |
| Citadel Securities Global Holdings LLC, | Citadel Securities Global Holdings LLC, |  |  |
| 5.50%, 06/18/2030<sup>(b)</sup> <br>|  | 1536000 | &nbsp;&nbsp; 1572324 |
| 6.20%, 06/18/2035<sup>(b)</sup> <br>|  | 1020000 | &nbsp;&nbsp; 1048095 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 194000 | &nbsp;&nbsp; 205890 |
| 5.75%, 01/15/2034 |  | 272000 | &nbsp;&nbsp; 284365 |
| Eagle Funding LuxCo S.a.r.l. <br> (Mexico), 5.50%, <br> 08/17/2030<sup>(b)</sup> <br>|  | 40751000 | &nbsp;&nbsp; 41376528 |
| Gabon Blue Bond Master Trust <br> (Gabon), Series 2, 6.10%, <br> 08/01/2038<sup>(b)</sup> <br>|  | 4013000 | &nbsp;&nbsp; 4057787 |
| GGAM Finance Ltd. (Ireland), | GGAM Finance Ltd. (Ireland), |  |  |
| 8.00%, 06/15/2028<sup>(b)(c)</sup> <br>|  | 750000 | &nbsp;&nbsp; 796293 |
| 6.88%, 04/15/2029<sup>(b)</sup> <br>|  | 251000 | &nbsp;&nbsp; 260414 |
| Global Aircraft Leasing Co. Ltd. <br> (Cayman Islands), 8.75%, <br> 09/01/2027<sup>(b)</sup> <br>|  | 379000 | &nbsp;&nbsp; 390437 |
| Horizon Mutual Holdings, Inc., <br> 6.20%, 11/15/2034<sup>(b)</sup> <br>|  | 7770000 | &nbsp;&nbsp; 7551617 |
| 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; 678485 |
| 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 1012000 | &nbsp;&nbsp; 1057973 |
| 6.13%, 11/01/2032<sup>(b)(c)</sup> <br>|  | 3467000 | &nbsp;&nbsp; 3485521 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 3524000 | &nbsp;&nbsp; 3643767 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 468000 | &nbsp;&nbsp; 477238 |
| 5.20%, 03/15/2030<sup>(c)</sup> <br>|  | 1850000 | &nbsp;&nbsp; 1893800 |
| 5.15%, 06/15/2030 |  | 1640000 | &nbsp;&nbsp; 1676316 |
| 5.65%, 03/15/2035<sup>(c)</sup> <br>|  | 3034000 | &nbsp;&nbsp; 3068469 |
| 5.75%, 06/15/2035<sup>(c)</sup> <br>|  | 1398000 | &nbsp;&nbsp; 1420341 |
| Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), | Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), |  |  |
| 6.40%, 03/26/2029<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8420 |
| 5.15%, 03/17/2030<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29397 |
| 6.50%, 03/26/2031<sup>(b)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9648 |
| OPEC Fund for International <br> Development (The) <br> (Supranational), 4.50%, <br> 01/26/2026<sup>(b)</sup> <br>|  | 9425000 | &nbsp;&nbsp; 9430248 |
| Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 376000 | &nbsp;&nbsp; 395520 |
| Wynnton Funding Trust II, <br> 5.99%, 08/15/2055<sup>(b)</sup> <br>|  | 9884000 | &nbsp;&nbsp; 9835327 |
|  |  |  | &nbsp;&nbsp; 110155056 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining–0.47%** | **Diversified Metals & Mining–0.47%** | **Diversified Metals & Mining–0.47%** | **Diversified Metals & Mining–0.47%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), | BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| 5.10%, 09/08/2028 |  | $311000 | &nbsp;&nbsp; $320440 |
| 5.25%, 09/08/2030 |  | 232000 | &nbsp;&nbsp; 242254 |
| 5.25%, 09/08/2033 |  | 385000 | &nbsp;&nbsp; 397166 |
| Corporacion Nacional del Cobre <br> de Chile (Chile), 5.13%, <br> 02/02/2033<sup>(b)</sup> <br>|  | 3583000 | &nbsp;&nbsp; 3541253 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 5.44% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 603466 |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 1363000 | &nbsp;&nbsp; 1386236 |
| 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 367000 | &nbsp;&nbsp; 378216 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 1741000 | &nbsp;&nbsp; 1790363 |
| 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 242278 |
| 5.67%, 04/01/2035<sup>(b)</sup> <br>|  | 2095000 | &nbsp;&nbsp; 2144692 |
| 5.89%, 04/04/2054<sup>(b)(c)</sup> <br>|  | 208000 | &nbsp;&nbsp; 203724 |
| 6.14%, 04/01/2055<sup>(b)(c)</sup> <br>|  | 881000 | &nbsp;&nbsp; 889010 |
| Rio Tinto Finance (USA) PLC <br> (Australia), | Rio Tinto Finance (USA) PLC <br> (Australia), |  |  |
| 4.38%, 03/12/2027 |  | 1226000 | &nbsp;&nbsp; 1233751 |
| 4.50%, 03/14/2028 |  | 394000 | &nbsp;&nbsp; 398337 |
| 4.88%, 03/14/2030 |  | 2685000 | &nbsp;&nbsp; 2754068 |
| 5.00%, 03/14/2032 |  | 1276000 | &nbsp;&nbsp; 1308740 |
| 5.25%, 03/14/2035 |  | 1302000 | &nbsp;&nbsp; 1327316 |
| 5.75%, 03/14/2055 |  | 257000 | &nbsp;&nbsp; 257462 |
| 5.88%, 03/14/2065 |  | 896000 | &nbsp;&nbsp; 899347 |
| Windfall Mining Group, <br> Inc./Groupe Minier Windfall, <br> Inc. (South Africa), 5.85%, <br> 05/13/2032<sup>(b)</sup> <br>|  | 4540000 | &nbsp;&nbsp; 4671893 |
|  |  |  | &nbsp;&nbsp; 24990012 |
| **Diversified REITs–0.02%** | **Diversified REITs–0.02%** | **Diversified REITs–0.02%** | **Diversified REITs–0.02%** |
| Trust Fibra Uno (Mexico), | Trust Fibra Uno (Mexico), |  |  |
| 8.25%, 01/23/2037<sup>(b)</sup> <br>|  | 655000 | &nbsp;&nbsp; 710937 |
| 6.39%, 01/15/2050<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 178526 |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | 118000 | &nbsp;&nbsp; 121437 |
| 6.13%, 04/01/2054 |  | 137000 | &nbsp;&nbsp; 133286 |
|  |  |  | &nbsp;&nbsp; 1144186 |
| **Diversified Support Services–0.12%** | **Diversified Support Services–0.12%** | **Diversified Support Services–0.12%** | **Diversified Support Services–0.12%** |
| Element Fleet Management Corp. <br> (Canada), | Element Fleet Management Corp. <br> (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 257000 | &nbsp;&nbsp; 272270 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 2467000 | &nbsp;&nbsp; 2516984 |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 1812000 | &nbsp;&nbsp; 1856899 |
| 7.75%, 03/15/2031<sup>(b)(c)</sup> <br>|  | 1803000 | &nbsp;&nbsp; 1894311 |
|  |  |  | &nbsp;&nbsp; 6540464 |
| **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** |
| CK Hutchison International (23) <br> Ltd. (United Kingdom), <br> 4.88%, 04/21/2033<sup>(b)</sup> <br>|  | 1148000 | &nbsp;&nbsp; 1159203 |
| **Electric Utilities–2.55%** | **Electric Utilities–2.55%** | **Electric Utilities–2.55%** | **Electric Utilities–2.55%** |
| AEP Transmission Co. LLC, <br> 5.38%, 06/15/2035<br>|  | 674000 | &nbsp;&nbsp; 690951 |
| Alabama Power Co., | Alabama Power Co., |  |  |
| 5.85%, 11/15/2033 |  | 84000 | &nbsp;&nbsp; 89811 |
| 5.10%, 04/02/2035<sup>(c)</sup> <br>|  | 712000 | &nbsp;&nbsp; 721298 |

---

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** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Alexander Funding Trust II, <br> 7.47%, 07/31/2028<sup>(b)</sup> <br>|  | $520000 | &nbsp;&nbsp; $557112 |
| Alfa Desarrollo S.p.A. (Chile), <br> 4.55%, 09/27/2051<sup>(b)</sup> <br>|  | 197609 | &nbsp;&nbsp; 155802 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 69000 | &nbsp;&nbsp; 71201 |
| 5.20%, 01/15/2029 |  | 203000 | &nbsp;&nbsp; 209461 |
| Arizona Public Service Co., <br> 5.90%, 08/15/2055<br>|  | 8608000 | &nbsp;&nbsp; 8589234 |
| Baltimore Gas and Electric Co., <br> 5.45%, 06/01/2035<sup>(c)</sup> <br>|  | 1764000 | &nbsp;&nbsp; 1818791 |
| Capital Power (US Holdings), Inc. <br> (Canada), | Capital Power (US Holdings), Inc. <br> (Canada), |  |  |
| 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | 2759000 | &nbsp;&nbsp; 2807288 |
| 6.19%, 06/01/2035<sup>(b)</sup> <br>|  | 3563000 | &nbsp;&nbsp; 3687834 |
| CenterPoint Energy Houston <br> Electric LLC, | CenterPoint Energy Houston <br> Electric LLC, |  |  |
| 4.80%, 03/15/2030 |  | 1147000 | &nbsp;&nbsp; 1175450 |
| 5.05%, 03/01/2035 |  | 400000 | &nbsp;&nbsp; 402136 |
| Series AJ, 4.85%, <br> 10/01/2052<br>|  | 128000 | &nbsp;&nbsp; 113727 |
| Chile Electricity Lux MPC II <br> S.a.r.l. (Chile), 5.58%, <br> 10/20/2035<sup>(b)</sup> <br>|  | 6624552 | &nbsp;&nbsp; 6701396 |
| Comision Ejecutiva <br> Hidroelectrica del Rio Lempa <br> (El Salvador), 8.65%, <br> 01/24/2033<sup>(b)</sup> <br>|  | 333000 | &nbsp;&nbsp; 342607 |
| Comision Federal de Electricidad <br> (Mexico), 6.26%, <br> 02/15/2052<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 540017 |
| Commonwealth Edison Co., <br> 5.95%, 06/01/2055<br>|  | 1575000 | &nbsp;&nbsp; 1620484 |
| Consolidated Edison Co. of New York, <br> Inc., | Consolidated Edison Co. of New York, <br> Inc., |  |  |
| 5.50%, 03/15/2034 |  | 8000 | &nbsp;&nbsp; 8355 |
| 5.90%, 11/15/2053 |  | 175000 | &nbsp;&nbsp; 178771 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | 101000 | &nbsp;&nbsp; 109636 |
| 6.50%, 10/01/2053 |  | 89000 | &nbsp;&nbsp; 96094 |
| 5.75%, 03/15/2054 |  | 282000 | &nbsp;&nbsp; 276190 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| 4.85%, 03/15/2030 |  | 278000 | &nbsp;&nbsp; 286443 |
| 5.25%, 03/15/2035 |  | 1332000 | &nbsp;&nbsp; 1370886 |
| 5.35%, 01/15/2053 |  | 96000 | &nbsp;&nbsp; 91152 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 4.85%, 01/05/2029 |  | 193000 | &nbsp;&nbsp; 196759 |
| 5.00%, 08/15/2052 |  | 60000 | &nbsp;&nbsp; 52435 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |  |  |
| 5.40%, 04/01/2053 |  | 106000 | &nbsp;&nbsp; 101020 |
| 5.90%, 05/15/2055 |  | 978000 | &nbsp;&nbsp; 997198 |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| 5.70%, 05/23/2028<sup>(b)</sup> <br>|  | 1488000 | &nbsp;&nbsp; 1540281 |
| 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 12881000 | &nbsp;&nbsp; 12943351 |
| 9.13%<sup>(b)(c)(e)(g)</sup> <br>|  | 3285000 | &nbsp;&nbsp; 3794231 |
| Enel Finance International N.V. <br> (Italy), 7.05%, <br> 10/14/2025<sup>(b)</sup> <br>|  | 866000 | &nbsp;&nbsp; 868265 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(e)</sup> <br>|  | 286000 | &nbsp;&nbsp; 298571 |
| Entergy Louisiana LLC, | Entergy Louisiana LLC, |  |  |
| 5.15%, 09/15/2034 |  | 334000 | &nbsp;&nbsp; 338250 |
| 5.80%, 03/15/2055 |  | 1258000 | &nbsp;&nbsp; 1253722 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Entergy Texas, Inc., | Entergy Texas, Inc., |  |  |
| 5.25%, 04/15/2035 |  | $1040000 | &nbsp;&nbsp; $1059153 |
| 5.55%, 09/15/2054 |  | 361000 | &nbsp;&nbsp; 344536 |
| Evergy Metro, Inc., | Evergy Metro, Inc., |  |  |
| 4.95%, 04/15/2033 |  | 89000 | &nbsp;&nbsp; 90102 |
| 5.13%, 08/15/2035 |  | 5020000 | &nbsp;&nbsp; 5021468 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 210000 | &nbsp;&nbsp; 216218 |
| 5.13%, 03/15/2031<sup>(c)</sup> <br>|  | 2245000 | &nbsp;&nbsp; 2319227 |
| 5.45%, 03/15/2034 |  | 183000 | &nbsp;&nbsp; 188751 |
| 5.60%, 03/15/2053 |  | 240000 | &nbsp;&nbsp; 227712 |
| 5.88%, 03/15/2055 |  | 1790000 | &nbsp;&nbsp; 1772841 |
| FirstEnergy Pennsylvania <br> Electric Co., 5.20%, <br> 04/01/2028<sup>(b)</sup> <br>|  | 48000 | &nbsp;&nbsp; 49145 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| 4.55%, 01/15/2030 |  | 532000 | &nbsp;&nbsp; 536813 |
| 5.00%, 01/15/2035 |  | 389000 | &nbsp;&nbsp; 386117 |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| 4.80%, 05/15/2033 |  | 58000 | &nbsp;&nbsp; 58583 |
| 5.80%, 03/15/2065<sup>(c)</sup> <br>|  | 691000 | &nbsp;&nbsp; 700603 |
| Georgia Power Co., 4.95%, <br> 05/17/2033<br>|  | 84000 | &nbsp;&nbsp; 85061 |
| Kentucky Utilities Co., 5.85%, <br> 08/15/2055<br>|  | 1570000 | &nbsp;&nbsp; 1561046 |
| Louisville Gas and Electric Co., <br> 5.85%, 08/15/2055<sup>(c)</sup> <br>|  | 2128000 | &nbsp;&nbsp; 2114781 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | 81000 | &nbsp;&nbsp; 84231 |
| 5.85%, 09/15/2054 |  | 109000 | &nbsp;&nbsp; 112060 |
| 5.30%, 02/01/2055 |  | 210000 | &nbsp;&nbsp; 198181 |
| MVM Energetika Zrt (Hungary), <br> 7.50%, 06/09/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 212455 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 4.85%, 02/07/2029 |  | 363000 | &nbsp;&nbsp; 371823 |
| 5.00%, 02/07/2031 |  | 336000 | &nbsp;&nbsp; 347539 |
| 5.80%, 01/15/2033 |  | 54000 | &nbsp;&nbsp; 57564 |
| 5.00%, 08/15/2034 |  | 1806000 | &nbsp;&nbsp; 1825971 |
| 7.13%, 09/15/2053<sup>(e)</sup> <br>|  | 1381000 | &nbsp;&nbsp; 1453414 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.85%, 02/04/2028<sup>(c)</sup> <br>|  | 348000 | &nbsp;&nbsp; 353913 |
| 4.90%, 03/15/2029 |  | 549000 | &nbsp;&nbsp; 561048 |
| 5.05%, 03/15/2030<sup>(c)</sup> <br>|  | 3324000 | &nbsp;&nbsp; 3423221 |
| 5.45%, 03/15/2035<sup>(c)</sup> <br>|  | 2396000 | &nbsp;&nbsp; 2450747 |
| 6.75%, 06/15/2054<sup>(e)</sup> <br>|  | 271000 | &nbsp;&nbsp; 286991 |
| 6.38%, 08/15/2055<sup>(c)(e)</sup> <br>|  | 1612000 | &nbsp;&nbsp; 1665810 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 4.65%, 10/03/2030<sup>(b)(c)</sup> <br>|  | 5096000 | &nbsp;&nbsp; 5121141 |
| 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 190000 | &nbsp;&nbsp; 191916 |
| 6.00%, 07/03/2055<sup>(b)</sup> <br>|  | 5406000 | &nbsp;&nbsp; 5382031 |
| Northern States Power Co., | Northern States Power Co., |  |  |
| 5.05%, 05/15/2035<sup>(c)</sup> <br>|  | 2512000 | &nbsp;&nbsp; 2540712 |
| 5.65%, 05/15/2055<sup>(c)</sup> <br>|  | 1687000 | &nbsp;&nbsp; 1675682 |
| Oglethorpe Power Corp., <br> 5.90%, 02/01/2055<sup>(c)</sup> <br>|  | 614000 | &nbsp;&nbsp; 602337 |
| Ohio Power Co., 5.65%, <br> 06/01/2034<br>|  | 308000 | &nbsp;&nbsp; 319369 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 1245000 | &nbsp;&nbsp; 1208983 |

---

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** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 4.65%, 11/01/2029 |  | $1145000 | &nbsp;&nbsp; $1165190 |
| 5.65%, 11/15/2033 |  | 153000 | &nbsp;&nbsp; 162064 |
| 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 2479000 | &nbsp;&nbsp; 2482046 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 223000 | &nbsp;&nbsp; 228538 |
| 5.30%, 02/15/2031 |  | 237000 | &nbsp;&nbsp; 246108 |
| 5.45%, 02/15/2034<sup>(c)</sup> <br>|  | 228000 | &nbsp;&nbsp; 231897 |
| 5.80%, 01/15/2055 |  | 183000 | &nbsp;&nbsp; 173267 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| 4.90%, 05/15/2028 |  | 636000 | &nbsp;&nbsp; 645817 |
| 5.15%, 05/15/2030 |  | 1092000 | &nbsp;&nbsp; 1124145 |
| PPL Capital Funding, Inc., <br> 5.25%, 09/01/2034<br>|  | 181000 | &nbsp;&nbsp; 183949 |
| PPL Electric Utilities Corp., <br> 5.55%, 08/15/2055<br>|  | 2100000 | &nbsp;&nbsp; 2055217 |
| PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 2756000 | &nbsp;&nbsp; 2837110 |
| Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 85000 | &nbsp;&nbsp; 77432 |
| Public Service Co. of New <br> Hampshire, 5.35%, <br> 10/01/2033<br>|  | 108000 | &nbsp;&nbsp; 112736 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 176000 | &nbsp;&nbsp; 164273 |
| 5.55%, 04/15/2054 |  | 402000 | &nbsp;&nbsp; 385026 |
| Sierra Pacific Power Co., <br> 5.90%, 03/15/2054<br>|  | 64000 | &nbsp;&nbsp; 63783 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| Conv., 3.25%, <br> 06/15/2028<sup>(b)</sup> <br>|  | 5591000 | &nbsp;&nbsp; 5641319 |
| 5.70%, 10/15/2032 |  | 53000 | &nbsp;&nbsp; 55912 |
| 4.85%, 03/15/2035<sup>(c)</sup> <br>|  | 961000 | &nbsp;&nbsp; 944315 |
| Southwestern Electric Power <br> Co., 5.30%, 04/01/2033<br>|  | 78000 | &nbsp;&nbsp; 79334 |
| Trans-Allegheny Interstate Line <br> Co., 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 1214000 | &nbsp;&nbsp; 1244431 |
| Union Electric Co., | Union Electric Co., |  |  |
| 5.20%, 04/01/2034 |  | 420000 | &nbsp;&nbsp; 430367 |
| 5.25%, 04/15/2035<sup>(c)</sup> <br>|  | 1454000 | &nbsp;&nbsp; 1486203 |
| 5.13%, 03/15/2055 |  | 472000 | &nbsp;&nbsp; 431729 |
| Virginia Electric & Power Co., <br> 5.00%, 04/01/2033<br>|  | 79000 | &nbsp;&nbsp; 80142 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 693000 | &nbsp;&nbsp; 698568 |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1001030 |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 69000 | &nbsp;&nbsp; 68857 |
| 4.38%, 05/01/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 489016 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 3953000 | &nbsp;&nbsp; 4202458 |
| 6.88%, 04/15/2032<sup>(b)(c)</sup> <br>|  | 1703000 | &nbsp;&nbsp; 1788375 |
| 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 172000 | &nbsp;&nbsp; 190127 |
| 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 254469 |
| 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 999000 | &nbsp;&nbsp; 1019352 |
| Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 519000 | &nbsp;&nbsp; 525621 |
|  |  |  | &nbsp;&nbsp; 135245729 |
| **Electrical Components & Equipment–0.12%** | **Electrical Components & Equipment–0.12%** | **Electrical Components & Equipment–0.12%** | **Electrical Components & Equipment–0.12%** |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 949000 | &nbsp;&nbsp; 933182 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 264006 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| LG Energy Solution Ltd. (South <br> Korea), 5.88%, <br> 04/02/2035<sup>(b)</sup> <br>|  | $410000 | &nbsp;&nbsp; $421810 |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 2524000 | &nbsp;&nbsp; 2551553 |
| 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 1981000 | &nbsp;&nbsp; 2013377 |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| 6.05%, 04/15/2028 |  | 9000 | &nbsp;&nbsp; 9322 |
| 6.30%, 02/15/2030 |  | 68000 | &nbsp;&nbsp; 72078 |
| 6.40%, 04/15/2033 |  | 80000 | &nbsp;&nbsp; 85158 |
|  |  |  | &nbsp;&nbsp; 6350486 |
| **Electronic Components–0.02%** | **Electronic Components–0.02%** | **Electronic Components–0.02%** | **Electronic Components–0.02%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 5.00%, 01/15/2035 |  | 647000 | &nbsp;&nbsp; 652775 |
| 5.38%, 11/15/2054<sup>(c)</sup> <br>|  | 397000 | &nbsp;&nbsp; 385744 |
|  |  |  | &nbsp;&nbsp; 1038519 |
| **Electronic Equipment & Instruments–0.04%** | **Electronic Equipment & Instruments–0.04%** | **Electronic Equipment & Instruments–0.04%** | **Electronic Equipment & Instruments–0.04%** |
| Keysight Technologies, Inc., <br> 5.35%, 07/30/2030<br>|  | 1992000 | &nbsp;&nbsp; 2070205 |
| **Electronic Manufacturing Services–0.06%** | **Electronic Manufacturing Services–0.06%** | **Electronic Manufacturing Services–0.06%** | **Electronic Manufacturing Services–0.06%** |
| EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)(c)</sup> <br>|  | 3236000 | &nbsp;&nbsp; 3327501 |
| **Environmental & Facilities Services–0.07%** | **Environmental & Facilities Services–0.07%** | **Environmental & Facilities Services–0.07%** | **Environmental & Facilities Services–0.07%** |
| GFL Environmental, Inc., <br> 4.38%, 08/15/2029<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 243352 |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | 284000 | &nbsp;&nbsp; 291366 |
| 5.00%, 12/15/2033 |  | 191000 | &nbsp;&nbsp; 195640 |
| 5.00%, 04/01/2034 |  | 54000 | &nbsp;&nbsp; 54983 |
| Rollins, Inc., 5.25%, <br> 02/24/2035<br>|  | 804000 | &nbsp;&nbsp; 809821 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 304000 | &nbsp;&nbsp; 307251 |
| 5.35%, 09/18/2028 |  | 280000 | &nbsp;&nbsp; 289306 |
| Waste Management, Inc., <br> 5.35%, 10/15/2054<sup>(c)</sup> <br>|  | 1607000 | &nbsp;&nbsp; 1541168 |
|  |  |  | &nbsp;&nbsp; 3732887 |
| **Financial Exchanges & Data–0.09%** | **Financial Exchanges & Data–0.09%** | **Financial Exchanges & Data–0.09%** | **Financial Exchanges & Data–0.09%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 4.95%, 06/15/2052 |  | 45000 | &nbsp;&nbsp; 40568 |
| 5.20%, 06/15/2062 |  | 95000 | &nbsp;&nbsp; 87495 |
| MSCI, Inc., 5.25%, <br> 09/01/2035<br>|  | 4615000 | &nbsp;&nbsp; 4580969 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | 52000 | &nbsp;&nbsp; 53674 |
| 5.55%, 02/15/2034 |  | 84000 | &nbsp;&nbsp; 87636 |
| 5.95%, 08/15/2053 |  | 31000 | &nbsp;&nbsp; 31632 |
| 6.10%, 06/28/2063 |  | 90000 | &nbsp;&nbsp; 92433 |
|  |  |  | &nbsp;&nbsp; 4974407 |
| **Food Distributors–0.45%** | **Food Distributors–0.45%** | **Food Distributors–0.45%** | **Food Distributors–0.45%** |
| JBS USA Holding Lux S.a.r.l./JBS USA <br> Foods Group Holdings, Inc./JBS USA <br> Food Co., | JBS USA Holding Lux S.a.r.l./JBS USA <br> Foods Group Holdings, Inc./JBS USA <br> Food Co., |  |  |
| 5.50%, 01/15/2036<sup>(b)</sup> <br>|  | 10193000 | &nbsp;&nbsp; 10233002 |
| 6.25%, 03/01/2056<sup>(b)</sup> <br>|  | 8910000 | &nbsp;&nbsp; 8791522 |
| 6.38%, 04/15/2066<sup>(b)</sup> <br>|  | 4051000 | &nbsp;&nbsp; 4008680 |

---

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** |
| **Food Distributors–(continued)** | **Food Distributors–(continued)** | **Food Distributors–(continued)** | **Food Distributors–(continued)** |
| Sysco Corp., 5.10%, <br> 09/23/2030<br>|  | $753000 | &nbsp;&nbsp; $776771 |
|  |  |  | &nbsp;&nbsp; 23809975 |
| **Food Retail–0.03%** | **Food Retail–0.03%** | **Food Retail–0.03%** | **Food Retail–0.03%** |
| Kroger Co. (The), | Kroger Co. (The), |  |  |
| 5.00%, 09/15/2034 |  | 729000 | &nbsp;&nbsp; 726987 |
| 5.65%, 09/15/2064 |  | 1012000 | &nbsp;&nbsp; 950723 |
|  |  |  | &nbsp;&nbsp; 1677710 |
| **Forest Products–0.06%** | **Forest Products–0.06%** | **Forest Products–0.06%** | **Forest Products–0.06%** |
| Celulosa Arauco y Constitucion <br> S.A. (Chile), 5.15%, <br> 01/29/2050<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 169998 |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 1235000 | &nbsp;&nbsp; 1246550 |
| 4.95%, 06/30/2032<sup>(b)(c)</sup> <br>|  | 1655000 | &nbsp;&nbsp; 1688225 |
|  |  |  | &nbsp;&nbsp; 3104773 |
| **Gas Utilities–0.37%** | **Gas Utilities–0.37%** | **Gas Utilities–0.37%** | **Gas Utilities–0.37%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 113000 | &nbsp;&nbsp; 121752 |
| 5.20%, 08/15/2035 |  | 7316000 | &nbsp;&nbsp; 7418153 |
| 6.20%, 11/15/2053 |  | 98000 | &nbsp;&nbsp; 104574 |
| Infraestructura Energetica Nova, <br> S.A.P.I. de C.V. (Mexico), <br> 4.88%, 01/14/2048<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 310704 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 142000 | &nbsp;&nbsp; 146735 |
| Snam S.p.A. (Italy), | Snam S.p.A. (Italy), |  |  |
| 5.00%, 05/28/2030<sup>(b)(c)</sup> <br>|  | 2957000 | &nbsp;&nbsp; 3000740 |
| 5.75%, 05/28/2035<sup>(b)</sup> <br>|  | 3557000 | &nbsp;&nbsp; 3654420 |
| 6.50%, 05/28/2055<sup>(b)</sup> <br>|  | 3041000 | &nbsp;&nbsp; 3170283 |
| Southern Co. Gas Capital Corp., <br> 5.75%, 09/15/2033<br>|  | 76000 | &nbsp;&nbsp; 80074 |
| Southern Natural Gas Co. L.L.C., <br> 5.45%, 08/01/2035<sup>(b)(c)</sup> <br>|  | 1734000 | &nbsp;&nbsp; 1744730 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 100000 | &nbsp;&nbsp; 102955 |
|  |  |  | &nbsp;&nbsp; 19855120 |
| **Gold–0.19%** | **Gold–0.19%** | **Gold–0.19%** | **Gold–0.19%** |
| Boroo Investments Pte. Ltd. <br> (Peru), 9.50%, <br> 08/07/2032<sup>(b)</sup> <br>|  | 8256000 | &nbsp;&nbsp; 7905120 |
| Navoi Mining & Metallurgical <br> Combinat (Uzbekistan), <br> 6.95%, 10/17/2031<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 634426 |
| New Gold, Inc. (Canada), <br> 6.88%, 04/01/2032<sup>(b)</sup> <br>|  | 1616000 | &nbsp;&nbsp; 1685653 |
|  |  |  | &nbsp;&nbsp; 10225199 |
| **Health Care Distributors–0.41%** | **Health Care Distributors–0.41%** | **Health Care Distributors–0.41%** | **Health Care Distributors–0.41%** |
| Cardinal Health, Inc., | Cardinal Health, Inc., |  |  |
| 4.50%, 09/15/2030 |  | 2266000 | &nbsp;&nbsp; 2270967 |
| 5.45%, 02/15/2034 |  | 193000 | &nbsp;&nbsp; 198313 |
| 5.15%, 09/15/2035<sup>(c)</sup> <br>|  | 2302000 | &nbsp;&nbsp; 2286978 |
| Cencora, Inc., 5.13%, <br> 02/15/2034<br>|  | 182000 | &nbsp;&nbsp; 184095 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Distributors–(continued)** | **Health Care Distributors–(continued)** | **Health Care Distributors–(continued)** | **Health Care Distributors–(continued)** |
| McKesson Corp., | McKesson Corp., |  |  |
| 4.25%, 09/15/2029 |  | $471000 | &nbsp;&nbsp; $473750 |
| 4.65%, 05/30/2030<sup>(c)</sup> <br>|  | 5133000 | &nbsp;&nbsp; 5223172 |
| 4.95%, 05/30/2032<sup>(c)</sup> <br>|  | 3862000 | &nbsp;&nbsp; 3940171 |
| 5.25%, 05/30/2035 |  | 6960000 | &nbsp;&nbsp; 7096569 |
|  |  |  | &nbsp;&nbsp; 21674015 |
| **Health Care Equipment–0.13%** | **Health Care Equipment–0.13%** | **Health Care Equipment–0.13%** | **Health Care Equipment–0.13%** |
| GE HealthCare Technologies, <br> Inc., 4.80%, 01/15/2031<sup>(c)</sup> <br>|  | 2324000 | &nbsp;&nbsp; 2363694 |
| Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |  |  |
| 5.15%, 03/20/2027 |  | 312000 | &nbsp;&nbsp; 316490 |
| 5.40%, 03/20/2034 |  | 398000 | &nbsp;&nbsp; 407709 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.25%, 09/11/2029 |  | 704000 | &nbsp;&nbsp; 706601 |
| 4.85%, 02/10/2030 |  | 1036000 | &nbsp;&nbsp; 1063383 |
| 5.20%, 02/10/2035 |  | 1747000 | &nbsp;&nbsp; 1787665 |
|  |  |  | &nbsp;&nbsp; 6645542 |
| **Health Care Facilities–0.07%** | **Health Care Facilities–0.07%** | **Health Care Facilities–0.07%** | **Health Care Facilities–0.07%** |
| Adventist Health System, <br> 5.76%, 12/01/2034<br>|  | 222000 | &nbsp;&nbsp; 223959 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 588000 | &nbsp;&nbsp; 339715 |
| Tenet Healthcare Corp., 6.13%, <br> 10/01/2028<br>|  | 657000 | &nbsp;&nbsp; 657885 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/2029 |  | 640000 | &nbsp;&nbsp; 639065 |
| 5.05%, 10/15/2034 |  | 1067000 | &nbsp;&nbsp; 1029241 |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | 449000 | &nbsp;&nbsp; 455112 |
| 5.38%, 05/15/2043 |  | 264000 | &nbsp;&nbsp; 252913 |
|  |  |  | &nbsp;&nbsp; 3597890 |
| **Health Care REITs–0.09%** | **Health Care REITs–0.09%** | **Health Care REITs–0.09%** | **Health Care REITs–0.09%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| 5.25%, 05/15/2036 |  | 100000 | &nbsp;&nbsp; 99212 |
| 5.63%, 05/15/2054<sup>(c)</sup> <br>|  | 515000 | &nbsp;&nbsp; 484105 |
| Healthpeak OP LLC, 5.38%, <br> 02/15/2035<sup>(c)</sup> <br>|  | 532000 | &nbsp;&nbsp; 538137 |
| Omega Healthcare Investors, <br> Inc., 5.20%, 07/01/2030<sup>(c)</sup> <br>|  | 3539000 | &nbsp;&nbsp; 3591642 |
|  |  |  | &nbsp;&nbsp; 4713096 |
| **Health Care Services–1.01%** | **Health Care Services–1.01%** | **Health Care Services–1.01%** | **Health Care Services–1.01%** |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 5.32%, 12/01/2034 |  | 1399000 | &nbsp;&nbsp; 1414327 |
| 5.55%, 12/01/2054 |  | 562000 | &nbsp;&nbsp; 532581 |
| Community Health Systems, <br> Inc., 6.00%, 01/15/2029<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 144760 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 145000 | &nbsp;&nbsp; 147807 |
| 5.25%, 01/30/2031 |  | 14000 | &nbsp;&nbsp; 14402 |
| 5.00%, 09/15/2032<sup>(c)</sup> <br>|  | 1309000 | &nbsp;&nbsp; 1315402 |
| 5.45%, 09/15/2035 |  | 5516000 | &nbsp;&nbsp; 5530498 |
| 6.75%, 12/10/2054<sup>(e)</sup> <br>|  | 5744000 | &nbsp;&nbsp; 5837099 |
| 7.00%, 03/10/2055<sup>(c)(e)</sup> <br>|  | 20671000 | &nbsp;&nbsp; 21572421 |
| 6.20%, 09/15/2055<sup>(c)</sup> <br>|  | 6726000 | &nbsp;&nbsp; 6624908 |
| 6.25%, 09/15/2065 |  | 3120000 | &nbsp;&nbsp; 3052694 |

---

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** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 4.63%, 06/01/2030<sup>(b)</sup> <br>|  | $150000 | &nbsp;&nbsp; $144521 |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39341 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 135000 | &nbsp;&nbsp; 140022 |
| HCA, Inc., | HCA, Inc., |  |  |
| 5.00%, 03/01/2028<sup>(c)</sup> <br>|  | 629000 | &nbsp;&nbsp; 640520 |
| 5.45%, 09/15/2034 |  | 289000 | &nbsp;&nbsp; 292804 |
| 5.75%, 03/01/2035 |  | 1237000 | &nbsp;&nbsp; 1273069 |
| 5.90%, 06/01/2053 |  | 155000 | &nbsp;&nbsp; 148201 |
| 6.20%, 03/01/2055 |  | 582000 | &nbsp;&nbsp; 578359 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 989000 | &nbsp;&nbsp; 1010004 |
| 5.85%, 05/08/2029 |  | 757000 | &nbsp;&nbsp; 791956 |
| 6.00%, 05/08/2034 |  | 740000 | &nbsp;&nbsp; 769602 |
| Laboratory Corp. of America <br> Holdings, 4.35%, <br> 04/01/2030<br>|  | 1341000 | &nbsp;&nbsp; 1342221 |
| Piedmont Healthcare, Inc., <br> 2.86%, 01/01/2052<br>|  | 268000 | &nbsp;&nbsp; 165562 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 146000 | &nbsp;&nbsp; 160937 |
|  |  |  | &nbsp;&nbsp; 53684018 |
| **Health Care Supplies–0.29%** | **Health Care Supplies–0.29%** | **Health Care Supplies–0.29%** | **Health Care Supplies–0.29%** |
| DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(e)</sup> <br>|  | 12969000 | &nbsp;&nbsp; 13233516 |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 140000 | &nbsp;&nbsp; 134522 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 269000 | &nbsp;&nbsp; 266563 |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | 330000 | &nbsp;&nbsp; 336427 |
| 5.40%, 03/01/2029<sup>(c)</sup> <br>|  | 1024000 | &nbsp;&nbsp; 1067914 |
| 5.60%, 03/23/2034 |  | 535000 | &nbsp;&nbsp; 555860 |
|  |  |  | &nbsp;&nbsp; 15594802 |
| **Highways & Railtracks–0.02%** | **Highways & Railtracks–0.02%** | **Highways & Railtracks–0.02%** | **Highways & Railtracks–0.02%** |
| TransJamaican Highway Ltd. <br> (Jamaica), 5.75%, <br> 10/10/2036<sup>(b)</sup> <br>|  | 1144885 | &nbsp;&nbsp; 1060024 |
| **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** | **Home Improvement Retail–0.01%** |
| Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>|  | 279000 | &nbsp;&nbsp; 287591 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 5.80%, 09/15/2062 |  | 33000 | &nbsp;&nbsp; 31787 |
| 5.85%, 04/01/2063 |  | 79000 | &nbsp;&nbsp; 76635 |
|  |  |  | &nbsp;&nbsp; 396013 |
| **Homebuilding–0.10%** | **Homebuilding–0.10%** | **Homebuilding–0.10%** | **Homebuilding–0.10%** |
| D.R. Horton, Inc., 5.00%, <br> 10/15/2034<sup>(c)</sup> <br>|  | 527000 | &nbsp;&nbsp; 527402 |
| Taylor Morrison Communities, <br> Inc., 5.75%, 01/15/2028<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253323 |
| Toll Brothers Finance Corp., <br> 5.60%, 06/15/2035<sup>(c)</sup> <br>|  | 4405000 | &nbsp;&nbsp; 4475049 |
|  |  |  | &nbsp;&nbsp; 5255774 |
| **Hotel & Resort REITs–0.09%** | **Hotel & Resort REITs–0.09%** | **Hotel & Resort REITs–0.09%** | **Hotel & Resort REITs–0.09%** |
| 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 |  | 3276000 | &nbsp;&nbsp; 3345576 |
| 5.75%, 07/15/2034 |  | 137000 | &nbsp;&nbsp; 141760 |
| 4.95%, 01/15/2035 |  | 435000 | &nbsp;&nbsp; 425636 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hotel & Resort REITs–(continued)** | **Hotel & Resort REITs–(continued)** | **Hotel & Resort REITs–(continued)** | **Hotel & Resort REITs–(continued)** |
| RHP Hotel Properties L.P./RHP <br> Finance Corp., 6.50%, <br> 06/15/2033<sup>(b)</sup> <br>|  | $262000 | &nbsp;&nbsp; $270796 |
| RLJ Lodging Trust L.P., 3.75%, <br> 07/01/2026<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 494013 |
|  |  |  | &nbsp;&nbsp; 4677781 |
| **Hotels, Resorts & Cruise Lines–0.70%** | **Hotels, Resorts & Cruise Lines–0.70%** | **Hotels, Resorts & Cruise Lines–0.70%** | **Hotels, Resorts & Cruise Lines–0.70%** |
| Carnival Corp., | Carnival Corp., |  |  |
| 7.00%, 08/15/2029<sup>(b)</sup> <br>|  | 186000 | &nbsp;&nbsp; 196308 |
| 5.75%, 03/15/2030<sup>(b)(c)</sup> <br>|  | 1808000 | &nbsp;&nbsp; 1854695 |
| 5.88%, 06/15/2031<sup>(b)</sup> <br>|  | 12940000 | &nbsp;&nbsp; 13273464 |
| 5.75%, 08/01/2032<sup>(b)</sup> <br>|  | 9603000 | &nbsp;&nbsp; 9773453 |
| 6.13%, 02/15/2033<sup>(b)</sup> <br>|  | 124000 | &nbsp;&nbsp; 127414 |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<sup>(c)</sup> <br>|  | 1454000 | &nbsp;&nbsp; 1478174 |
| Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |  |  |
| 5.75%, 05/01/2028<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 275677 |
| 5.88%, 04/01/2029<sup>(b)</sup> <br>|  | 1434000 | &nbsp;&nbsp; 1461189 |
| 3.75%, 05/01/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 479833 |
| 6.13%, 04/01/2032<sup>(b)(c)</sup> <br>|  | 607000 | &nbsp;&nbsp; 623800 |
| 5.75%, 09/15/2033<sup>(b)</sup> <br>|  | 4275000 | &nbsp;&nbsp; 4312941 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.20%, 07/15/2027<sup>(c)</sup> <br>|  | 504000 | &nbsp;&nbsp; 504980 |
| 4.88%, 05/15/2029 |  | 134000 | &nbsp;&nbsp; 136577 |
| 4.80%, 03/15/2030<sup>(c)</sup> <br>|  | 635000 | &nbsp;&nbsp; 645734 |
| 5.30%, 05/15/2034 |  | 148000 | &nbsp;&nbsp; 150225 |
| 5.35%, 03/15/2035<sup>(c)</sup> <br>|  | 482000 | &nbsp;&nbsp; 486857 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |  |
| 6.25%, 03/15/2032<sup>(b)</sup> <br>|  | 707000 | &nbsp;&nbsp; 730122 |
| 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 818000 | &nbsp;&nbsp; 839756 |
|  |  |  | &nbsp;&nbsp; 37351199 |
| **Household Appliances–0.05%** | **Household Appliances–0.05%** | **Household Appliances–0.05%** | **Household Appliances–0.05%** |
| Whirlpool Corp., | Whirlpool Corp., |  |  |
| 6.13%, 06/15/2030<sup>(c)</sup> <br>|  | 794000 | &nbsp;&nbsp; 803449 |
| 6.50%, 06/15/2033<sup>(c)</sup> <br>|  | 1590000 | &nbsp;&nbsp; 1602591 |
|  |  |  | &nbsp;&nbsp; 2406040 |
| **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; 128862 |
| 6.38%, 05/15/2030<sup>(c)</sup> <br>|  | 309000 | &nbsp;&nbsp; 305517 |
|  |  |  | &nbsp;&nbsp; 434379 |
| **Independent Power Producers & Energy Traders–0.30%** | **Independent Power Producers & Energy Traders–0.30%** | **Independent Power Producers & Energy Traders–0.30%** | **Independent Power Producers & Energy Traders–0.30%** |
| AES Corp. (The), 5.80%, <br> 03/15/2032<sup>(c)</sup> <br>|  | 4154000 | &nbsp;&nbsp; 4276170 |
| Emirates SembCorp Water & <br> Power Co. PJSC (United Arab <br> Emirates), 4.45%, <br> 08/01/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 191198 |
| 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; 184942 |
| EnfraGen Energia Sur <br> SAU/EnfraGen Chile <br> S.p.A./EnfraGen Spain SAU <br> (Colombia), 8.50%, <br> 06/30/2032<sup>(b)(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 309657 |

---

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** |
| **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** |
| FIEMEX Energia - Banco Actinver <br> S.A. Institucion de Banca <br> Multiple (Mexico), 7.25%, <br> 01/31/2041<sup>(b)(c)</sup> <br>|  | $2330664 | &nbsp;&nbsp; $2397041 |
| Vistra Corp., | Vistra Corp., |  |  |
| 7.00%<sup>(b)(e)(g)</sup> <br>|  | 3538000 | &nbsp;&nbsp; 3590971 |
| Series C, 8.88%<sup>(b)(e)(g)</sup> <br>|  | 4402000 | &nbsp;&nbsp; 4799443 |
| Zorlu Enerji Elektrik Uretim A.S. <br> (Turkey), 11.00%, <br> 04/23/2030<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 383141 |
|  |  |  | &nbsp;&nbsp; 16132563 |
| **Industrial Conglomerates–0.26%** | **Industrial Conglomerates–0.26%** | **Industrial Conglomerates–0.26%** | **Industrial Conglomerates–0.26%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.88%, 09/01/2029<sup>(c)</sup> <br>|  | 456000 | &nbsp;&nbsp; 469996 |
| 4.95%, 09/01/2031 |  | 561000 | &nbsp;&nbsp; 578821 |
| 5.00%, 02/15/2033 |  | 70000 | &nbsp;&nbsp; 71429 |
| 5.00%, 03/01/2035<sup>(c)</sup> <br>|  | 423000 | &nbsp;&nbsp; 426024 |
| 5.35%, 03/01/2064 |  | 683000 | &nbsp;&nbsp; 636746 |
| Siemens Funding B.V. (Germany), | Siemens Funding B.V. (Germany), |  |  |
| 4.35%, 05/26/2028<sup>(b)(c)</sup> <br>|  | 4800000 | &nbsp;&nbsp; 4850066 |
| 4.60%, 05/28/2030<sup>(b)</sup> <br>|  | 2555000 | &nbsp;&nbsp; 2601068 |
| 4.90%, 05/28/2032<sup>(b)</sup> <br>|  | 1320000 | &nbsp;&nbsp; 1351104 |
| 5.20%, 05/28/2035<sup>(b)</sup> <br>|  | 1543000 | &nbsp;&nbsp; 1589125 |
| 5.90%, 05/28/2065<sup>(b)(c)</sup> <br>|  | 1206000 | &nbsp;&nbsp; 1251377 |
|  |  |  | &nbsp;&nbsp; 13825756 |
| **Industrial Machinery & Supplies & Components–0.16%** | **Industrial Machinery & Supplies & Components–0.16%** | **Industrial Machinery & Supplies & Components–0.16%** | **Industrial Machinery & Supplies & Components–0.16%** |
| Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)(c)</sup> <br>|  | 5179000 | &nbsp;&nbsp; 5297682 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 514732 |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.20%, 06/15/2027 |  | 385000 | &nbsp;&nbsp; 391772 |
| 5.40%, 08/14/2028 |  | 38000 | &nbsp;&nbsp; 39323 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 84000 | &nbsp;&nbsp; 87144 |
| 5.80%, 09/15/2033 |  | 126000 | &nbsp;&nbsp; 133890 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, <br> 05/15/2033<br>|  | 165000 | &nbsp;&nbsp; 169854 |
| Weir Group, Inc. (United <br> Kingdom), 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 1790000 | &nbsp;&nbsp; 1828416 |
|  |  |  | &nbsp;&nbsp; 8462813 |
| **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 105000 | &nbsp;&nbsp; 111788 |
| **Insurance Brokers–0.02%** | **Insurance Brokers–0.02%** | **Insurance Brokers–0.02%** | **Insurance Brokers–0.02%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| 4.85%, 12/15/2029 |  | 212000 | &nbsp;&nbsp; 216222 |
| 5.00%, 02/15/2032 |  | 248000 | &nbsp;&nbsp; 252693 |
| 5.15%, 02/15/2035 |  | 382000 | &nbsp;&nbsp; 383293 |
| 6.75%, 02/15/2054 |  | 11000 | &nbsp;&nbsp; 12031 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 154000 | &nbsp;&nbsp; 160443 |
| 5.45%, 03/15/2053 |  | 62000 | &nbsp;&nbsp; 59489 |
| 5.70%, 09/15/2053 |  | 147000 | &nbsp;&nbsp; 145926 |
|  |  |  | &nbsp;&nbsp; 1230097 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Oil & Gas–0.96%** | **Integrated Oil & Gas–0.96%** | **Integrated Oil & Gas–0.96%** | **Integrated Oil & Gas–0.96%** |
| BP Capital Markets PLC, <br> 6.13%<sup>(e)(g)</sup> <br>|  | $2017000 | &nbsp;&nbsp; $2061451 |
| Ecopetrol S.A. (Colombia), | Ecopetrol S.A. (Colombia), |  |  |
| 7.75%, 02/01/2032 |  | 430000 | &nbsp;&nbsp; 438007 |
| 8.38%, 01/19/2036 |  | 2323000 | &nbsp;&nbsp; 2354769 |
| Eni S.p.A. (Italy), 5.50%, <br> 05/15/2034<sup>(b)</sup> <br>|  | 722000 | &nbsp;&nbsp; 736673 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 5.00%, 08/01/2027 |  | 109000 | &nbsp;&nbsp; 110147 |
| 5.20%, 08/01/2029 |  | 326000 | &nbsp;&nbsp; 330405 |
| 5.38%, 01/01/2032 |  | 586000 | &nbsp;&nbsp; 589804 |
| 5.55%, 10/01/2034 |  | 262000 | &nbsp;&nbsp; 260879 |
| 6.45%, 09/15/2036 |  | 218000 | &nbsp;&nbsp; 225644 |
| 4.63%, 06/15/2045 |  | 158000 | &nbsp;&nbsp; 120971 |
| Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |  |  |
| 8.75%, 06/02/2029 |  | 5908000 | &nbsp;&nbsp; 6273691 |
| 6.63%, 06/15/2035 |  | 9803000 | &nbsp;&nbsp; 8924653 |
| Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |  |  |
| 3.50%, 04/16/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195060 |
| 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 7924000 | &nbsp;&nbsp; 8058374 |
| 5.38%, 06/02/2035<sup>(b)(c)</sup> <br>|  | 9638000 | &nbsp;&nbsp; 9902384 |
| 6.38%, 06/02/2055<sup>(b)</sup> <br>|  | 9933000 | &nbsp;&nbsp; 10227862 |
|  |  |  | &nbsp;&nbsp; 50810774 |
| **Integrated Telecommunication Services–0.88%** | **Integrated Telecommunication Services–0.88%** | **Integrated Telecommunication Services–0.88%** | **Integrated Telecommunication Services–0.88%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 5.40%, 02/15/2034 |  | 137000 | &nbsp;&nbsp; 141279 |
| 6.05%, 08/15/2056<sup>(c)</sup> <br>|  | 5231000 | &nbsp;&nbsp; 5264163 |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| 6.88%, 09/15/2055<sup>(c)(e)</sup> <br>|  | 5159000 | &nbsp;&nbsp; 5281841 |
| 7.00%, 09/15/2055<sup>(e)</sup> <br>|  | 4321000 | &nbsp;&nbsp; 4430257 |
| British Telecommunications PLC <br> (United Kingdom), 4.25%, <br> 11/23/2081<sup>(b)(e)</sup> <br>|  | 8833000 | &nbsp;&nbsp; 8762300 |
| C&W Senior Finance Ltd. <br> (Panama), 9.00%, <br> 01/15/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210237 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 399000 | &nbsp;&nbsp; 402972 |
| 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 112500 | &nbsp;&nbsp; 113363 |
| Maya S.A.S. (France), | Maya S.A.S. (France), |  |  |
| 7.00%, 10/15/2028<sup>(b)(c)</sup> <br>|  | 650000 | &nbsp;&nbsp; 661928 |
| 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 295000 | &nbsp;&nbsp; 317610 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.88%, 07/16/2030<sup>(b)</sup> <br>|  | 1674000 | &nbsp;&nbsp; 1700405 |
| 5.50%, 07/16/2035<sup>(b)(c)</sup> <br>|  | 2586000 | &nbsp;&nbsp; 2650577 |
| Ooredoo International Finance <br> Ltd. (Qatar), 4.63%, <br> 10/10/2034<sup>(b)</sup> <br>|  | 265000 | &nbsp;&nbsp; 263394 |
| Sitios Latinoamerica S.A.B. de <br> C.V. (Brazil), 5.38%, <br> 04/04/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196942 |
| Telecom Argentina S.A. <br> (Argentina), 9.25%, <br> 05/28/2033<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 819935 |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| 6.63%, 10/15/2055<sup>(e)</sup> <br>|  | 2864000 | &nbsp;&nbsp; 2914475 |
| 7.00%, 10/15/2055<sup>(e)</sup> <br>|  | 2831000 | &nbsp;&nbsp; 2912196 |
| Turk Telekomunikasyon A.S. <br> (Turkey), 7.38%, <br> 05/20/2029<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 727408 |
| Verizon Communications, Inc., <br> 5.25%, 04/02/2035<sup>(c)</sup> <br>|  | 3394000 | &nbsp;&nbsp; 3427535 |

---

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** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| Zegona Finance PLC (United <br> Kingdom), 8.63%, <br> 07/15/2029<sup>(b)</sup> <br>|  | $4973000 | &nbsp;&nbsp; $5297687 |
|  |  |  | &nbsp;&nbsp; 46496504 |
| **Interactive Media & Services–0.74%** | **Interactive Media & Services–0.74%** | **Interactive Media & Services–0.74%** | **Interactive Media & Services–0.74%** |
| Alphabet, Inc., 5.30%, <br> 05/15/2065<br>|  | 1800000 | &nbsp;&nbsp; 1732716 |
| Flutter Treasury DAC (Ireland), <br> 5.88%, 06/04/2031<sup>(b)</sup> <br>|  | 8127000 | &nbsp;&nbsp; 8280072 |
| Globo Comunicacao e <br> Participacoes S.A. (Brazil), <br> 5.50%, 01/14/2032<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 288701 |
| Match Group Holdings II LLC, <br> 6.13%, 09/15/2033<sup>(b)</sup> <br>|  | 5339000 | &nbsp;&nbsp; 5401290 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.55%, 08/15/2031<sup>(c)</sup> <br>|  | 281000 | &nbsp;&nbsp; 286566 |
| 4.75%, 08/15/2034<sup>(c)</sup> <br>|  | 1112000 | &nbsp;&nbsp; 1118086 |
| 5.40%, 08/15/2054 |  | 1372000 | &nbsp;&nbsp; 1317197 |
| 5.75%, 05/15/2063 |  | 187000 | &nbsp;&nbsp; 186566 |
| 5.55%, 08/15/2064 |  | 1946000 | &nbsp;&nbsp; 1884678 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.05%, 03/15/2029 |  | 422000 | &nbsp;&nbsp; 401231 |
| 4.28%, 03/15/2032<sup>(c)</sup> <br>|  | 968000 | &nbsp;&nbsp; 835989 |
| 5.05%, 03/15/2042 |  | 25904000 | &nbsp;&nbsp; 17473932 |
| 5.14%, 03/15/2052 |  | 45000 | &nbsp;&nbsp; 28060 |
|  |  |  | &nbsp;&nbsp; 39235084 |
| **Internet Services & Infrastructure–0.20%** | **Internet Services & Infrastructure–0.20%** | **Internet Services & Infrastructure–0.20%** | **Internet Services & Infrastructure–0.20%** |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)(c)</sup> <br>|  | 7651000 | &nbsp;&nbsp; 7686500 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 3221000 | &nbsp;&nbsp; 3192805 |
|  |  |  | &nbsp;&nbsp; 10879305 |
| **Investment Banking & Brokerage–1.17%** | **Investment Banking & Brokerage–1.17%** | **Investment Banking & Brokerage–1.17%** | **Investment Banking & Brokerage–1.17%** |
| Blue Owl Technology Finance <br> Corp., 6.75%, 04/04/2029<br>|  | 48000 | &nbsp;&nbsp; 49709 |
| Brookfield Finance, Inc. <br> (Canada), 5.33%, <br> 01/15/2036<br>|  | 15466000 | &nbsp;&nbsp; 15380010 |
| Charles Schwab Corp. (The), <br> Series K, 5.00%<sup>(e)(g)</sup> <br>|  | 67000 | &nbsp;&nbsp; 66678 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.15% (SOFR + 0.79%), <br> 12/09/2026<sup>(d)</sup> <br>|  | 191000 | &nbsp;&nbsp; 191217 |
| 5.68% (SOFR + 1.29%), <br> 04/23/2028<sup>(d)</sup> <br>|  | 2120000 | &nbsp;&nbsp; 2140987 |
| 5.73%, 04/25/2030<sup>(e)</sup> <br>|  | 317000 | &nbsp;&nbsp; 332094 |
| 5.05%, 07/23/2030<sup>(e)</sup> <br>|  | 583000 | &nbsp;&nbsp; 597008 |
| 4.69%, 10/23/2030<sup>(e)</sup> <br>|  | 715000 | &nbsp;&nbsp; 723051 |
| 5.21%, 01/28/2031<sup>(c)(e)</sup> <br>|  | 974000 | &nbsp;&nbsp; 1003955 |
| 5.22%, 04/23/2031<sup>(e)</sup> <br>|  | 4348000 | &nbsp;&nbsp; 4490349 |
| 5.85%, 04/25/2035<sup>(e)</sup> <br>|  | 48000 | &nbsp;&nbsp; 50635 |
| 5.33%, 07/23/2035<sup>(e)</sup> <br>|  | 59000 | &nbsp;&nbsp; 60030 |
| 5.54%, 01/28/2036<sup>(e)</sup> <br>|  | 341000 | &nbsp;&nbsp; 351766 |
| 5.73%, 01/28/2056<sup>(e)</sup> <br>|  | 2074000 | &nbsp;&nbsp; 2069131 |
| Series V, 4.13%<sup>(e)(g)</sup> <br>|  | 1513000 | &nbsp;&nbsp; 1472033 |
| Series W, 7.50%<sup>(c)(e)(g)</sup> <br>|  | 8038000 | &nbsp;&nbsp; 8543357 |
| Series X, 7.50%<sup>(c)(e)(g)</sup> <br>|  | 9235000 | &nbsp;&nbsp; 9717390 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.12%, 02/01/2029<sup>(e)</sup> <br>|  | $34000 | &nbsp;&nbsp; $34730 |
| 4.99%, 04/12/2029<sup>(e)</sup> <br>|  | 1060000 | &nbsp;&nbsp; 1079830 |
| 5.16%, 04/20/2029<sup>(e)</sup> <br>|  | 133000 | &nbsp;&nbsp; 135997 |
| 5.45%, 07/20/2029<sup>(e)</sup> <br>|  | 79000 | &nbsp;&nbsp; 81571 |
| 6.41%, 11/01/2029<sup>(e)</sup> <br>|  | 162000 | &nbsp;&nbsp; 172243 |
| 5.17%, 01/16/2030<sup>(e)</sup> <br>|  | 134000 | &nbsp;&nbsp; 137770 |
| 5.04%, 07/19/2030<sup>(e)</sup> <br>|  | 418000 | &nbsp;&nbsp; 428311 |
| 4.65%, 10/18/2030<sup>(e)</sup> <br>|  | 1059000 | &nbsp;&nbsp; 1069534 |
| 5.19%, 04/17/2031<sup>(c)(e)</sup> <br>|  | 3127000 | &nbsp;&nbsp; 3224189 |
| 5.25%, 04/21/2034<sup>(e)</sup> <br>|  | 53000 | &nbsp;&nbsp; 54126 |
| 5.42%, 07/21/2034<sup>(e)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39246 |
| 5.47%, 01/18/2035<sup>(e)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30945 |
| 5.83%, 04/19/2035<sup>(e)</sup> <br>|  | 41000 | &nbsp;&nbsp; 43288 |
| 5.32%, 07/19/2035<sup>(e)</sup> <br>|  | 76000 | &nbsp;&nbsp; 77478 |
| 5.59%, 01/18/2036<sup>(e)</sup> <br>|  | 223000 | &nbsp;&nbsp; 230657 |
| 5.66%, 04/17/2036<sup>(e)</sup> <br>|  | 263000 | &nbsp;&nbsp; 273862 |
| 5.95%, 01/19/2038<sup>(e)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30143 |
| Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |  |  |
| 4.90%, 07/01/2030 |  | 4180000 | &nbsp;&nbsp; 4241586 |
| 5.49%, 06/29/2035 |  | 3442000 | &nbsp;&nbsp; 3516819 |
|  |  |  | &nbsp;&nbsp; 62141725 |
| **IT Consulting & Other Services–0.22%** | **IT Consulting & Other Services–0.22%** | **IT Consulting & Other Services–0.22%** | **IT Consulting & Other Services–0.22%** |
| International Business Machines <br> Corp., | International Business Machines <br> Corp., |  |  |
| 4.65%, 02/10/2028 |  | 2301000 | &nbsp;&nbsp; 2336174 |
| 4.80%, 02/10/2030<sup>(c)</sup> <br>|  | 4813000 | &nbsp;&nbsp; 4934656 |
| 5.20%, 02/10/2035<sup>(c)</sup> <br>|  | 1848000 | &nbsp;&nbsp; 1878334 |
| 5.70%, 02/10/2055 |  | 2790000 | &nbsp;&nbsp; 2742399 |
|  |  |  | &nbsp;&nbsp; 11891563 |
| **Leisure Facilities–0.06%** | **Leisure Facilities–0.06%** | **Leisure Facilities–0.06%** | **Leisure Facilities–0.06%** |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)(c)</sup> <br>|  | 3338000 | &nbsp;&nbsp; 3384582 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<sup>(c)</sup> <br>|  | 235000 | &nbsp;&nbsp; 243740 |
| **Life & Health Insurance–2.32%** | **Life & Health Insurance–2.32%** | **Life & Health Insurance–2.32%** | **Life & Health Insurance–2.32%** |
| 200 Park Funding Trust, <br> 5.74%, 02/15/2055<sup>(b)</sup> <br>|  | 1616000 | &nbsp;&nbsp; 1584936 |
| AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |  |  |
| 5.38%, 04/05/2034<sup>(b)(c)</sup> <br>|  | 4177000 | &nbsp;&nbsp; 4332879 |
| 4.95%, 03/30/2035<sup>(b)(c)</sup> <br>|  | 6976000 | &nbsp;&nbsp; 7013249 |
| 5.40%, 09/30/2054<sup>(b)(c)</sup> <br>|  | 3937000 | &nbsp;&nbsp; 3772273 |
| American National Global <br> Funding, 5.55%, <br> 01/28/2030<sup>(b)</sup> <br>|  | 598000 | &nbsp;&nbsp; 616647 |
| American National Group, Inc., | American National Group, Inc., |  |  |
| 6.00%, 07/15/2035 |  | 6186000 | &nbsp;&nbsp; 6257230 |
| 7.00%, 12/01/2055<sup>(e)</sup> <br>|  | 5874000 | &nbsp;&nbsp; 6025197 |
| Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup> <br>|  | 580000 | &nbsp;&nbsp; 600506 |
| Athene Holding Ltd., | Athene Holding Ltd., |  |  |
| 6.25%, 04/01/2054 |  | 247000 | &nbsp;&nbsp; 244160 |
| 6.63%, 05/19/2055<sup>(c)</sup> <br>|  | 2903000 | &nbsp;&nbsp; 2979156 |
| Belrose Funding Trust II, <br> 6.79%, 05/15/2055<sup>(b)</sup> <br>|  | 4569000 | &nbsp;&nbsp; 4740437 |

---

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** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | $176000 | &nbsp;&nbsp; $184239 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 353000 | &nbsp;&nbsp; 363196 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 562000 | &nbsp;&nbsp; 579165 |
| Dai-ichi Life Insurance Co. Ltd. <br> (The) (Japan), 6.20%<sup>(b)(e)(g)</sup> <br>|  | 1364000 | &nbsp;&nbsp; 1417658 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(b)</sup> <br>|  | 25986000 | &nbsp;&nbsp; 25411895 |
| GA Global Funding Trust, <br> 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 621000 | &nbsp;&nbsp; 641723 |
| High Street Funding Trust III, <br> 5.81%, 02/15/2055<sup>(b)</sup> <br>|  | 980000 | &nbsp;&nbsp; 941479 |
| Jackson National Life Global <br> Funding, 4.70%, <br> 06/05/2028<sup>(b)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3138092 |
| Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |  |  |
| 4.63%, 05/28/2028<sup>(b)</sup> <br>|  | 2769000 | &nbsp;&nbsp; 2797979 |
| 4.63%, 08/18/2030<sup>(b)(c)</sup> <br>|  | 2818000 | &nbsp;&nbsp; 2838514 |
| MAG Mutual Holding Co., <br> 4.75%, 04/30/2041<sup>(b)(i)</sup> <br>|  | 27101000 | &nbsp;&nbsp; 24472203 |
| MassMutual Global Funding II, <br> 4.55%, 05/07/2030<sup>(b)</sup> <br>|  | 3266000 | &nbsp;&nbsp; 3306709 |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 5.25%, 01/15/2054 |  | 31000 | &nbsp;&nbsp; 29152 |
| Series G, 6.35%, <br> 03/15/2055<sup>(e)</sup> <br>|  | 2246000 | &nbsp;&nbsp; 2342266 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| 5.95%, 04/16/2054<sup>(b)(e)</sup> <br>|  | 996000 | &nbsp;&nbsp; 1032884 |
| 6.50%, 04/30/2055<sup>(b)(c)(e)</sup> <br>|  | 1349000 | &nbsp;&nbsp; 1440049 |
| Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup> <br>|  | 552000 | &nbsp;&nbsp; 557919 |
| Prudential Financial, Inc., <br> 5.20%, 03/14/2035<sup>(c)</sup> <br>|  | 3011000 | &nbsp;&nbsp; 3065568 |
| Wynnton Funding Trust, 5.25%, <br> 08/15/2035<sup>(b)</sup> <br>|  | 10312000 | &nbsp;&nbsp; 10327878 |
|  |  |  | &nbsp;&nbsp; 123055238 |
| **Managed Health Care–0.02%** | **Managed Health Care–0.02%** | **Managed Health Care–0.02%** | **Managed Health Care–0.02%** |
| Humana, Inc., 5.75%, <br> 12/01/2028<br>|  | 102000 | &nbsp;&nbsp; 106365 |
| Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |  |  |
| Series 2021, <br>2.81%, 06/01/2041<br>|  | 65000 | &nbsp;&nbsp; 46878 |
| 3.00%, 06/01/2051 |  | 44000 | &nbsp;&nbsp; 28204 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.25%, 02/15/2028 |  | 85000 | &nbsp;&nbsp; 87419 |
| 5.30%, 02/15/2030 |  | 144000 | &nbsp;&nbsp; 149894 |
| 5.35%, 02/15/2033 |  | 111000 | &nbsp;&nbsp; 114859 |
| 5.63%, 07/15/2054 |  | 247000 | &nbsp;&nbsp; 235296 |
| 5.75%, 07/15/2064 |  | 43000 | &nbsp;&nbsp; 41212 |
|  |  |  | &nbsp;&nbsp; 810127 |
| **Marine Transportation–0.12%** | **Marine Transportation–0.12%** | **Marine Transportation–0.12%** | **Marine Transportation–0.12%** |
| A.P. Moller - Maersk A/S <br> (Denmark), 5.88%, <br> 09/14/2033<sup>(b)</sup> <br>|  | 135000 | &nbsp;&nbsp; 142814 |
| NCL Corp. Ltd., 6.75%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 65000 | &nbsp;&nbsp; 67076 |
| Stena International S.A. <br> (Sweden), 7.63%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 6023000 | &nbsp;&nbsp; 6218712 |
|  |  |  | &nbsp;&nbsp; 6428602 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Metal, Glass & Plastic Containers–0.39%** | **Metal, Glass & Plastic Containers–0.39%** | **Metal, Glass & Plastic Containers–0.39%** | **Metal, Glass & Plastic Containers–0.39%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal <br> Packaging Finance PLC, <br> 6.00%, 06/15/2027<sup>(b)</sup> <br>|  | $200000 | &nbsp;&nbsp; $200166 |
| Ball Corp., | Ball Corp., |  |  |
| 6.88%, 03/15/2028 |  | 250000 | &nbsp;&nbsp; 255366 |
| 5.50%, 09/15/2033 |  | 11822000 | &nbsp;&nbsp; 11972160 |
| Crown Americas LLC, 5.88%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 6599000 | &nbsp;&nbsp; 6680959 |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | 728000 | &nbsp;&nbsp; 754339 |
| 5.44%, 04/03/2034 |  | 713000 | &nbsp;&nbsp; 732418 |
|  |  |  | &nbsp;&nbsp; 20595408 |
| **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>|  | 130000 | &nbsp;&nbsp; 126807 |
| Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 256881 |
|  |  |  | &nbsp;&nbsp; 383688 |
| **Multi-Family Residential REITs–0.05%** | **Multi-Family Residential REITs–0.05%** | **Multi-Family Residential REITs–0.05%** | **Multi-Family Residential REITs–0.05%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | 199000 | &nbsp;&nbsp; 205753 |
| ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 1302000 | &nbsp;&nbsp; 1330540 |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 144000 | &nbsp;&nbsp; 148780 |
| Mid-America Apartments L.P., <br> 5.30%, 02/15/2032<br>|  | 638000 | &nbsp;&nbsp; 664755 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 190000 | &nbsp;&nbsp; 190905 |
|  |  |  | &nbsp;&nbsp; 2540733 |
| **Multi-line Insurance–0.08%** | **Multi-line Insurance–0.08%** | **Multi-line Insurance–0.08%** | **Multi-line Insurance–0.08%** |
| Acrisure LLC, 7.50%, <br> 11/06/2030<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 518503 |
| Allianz SE (Germany), <br> 3.50%<sup>(b)(e)(g)</sup> <br>|  | 2400000 | &nbsp;&nbsp; 2384299 |
| American International Group, <br> Inc., 4.85%, 05/07/2030<sup>(c)</sup> <br>|  | 913000 | &nbsp;&nbsp; 934741 |
| Metropolitan Life Global Funding <br> I, 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 521000 | &nbsp;&nbsp; 535967 |
|  |  |  | &nbsp;&nbsp; 4373510 |
| **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** | **Multi-Utilities–0.63%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, <br> 06/15/2026<br>|  | 276000 | &nbsp;&nbsp; 278044 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 117000 | &nbsp;&nbsp; 119212 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 238000 | &nbsp;&nbsp; 252615 |
| CenterPoint Energy, Inc., Conv., <br> 3.00%, 08/01/2028<sup>(b)</sup> <br>|  | 8443000 | &nbsp;&nbsp; 8507577 |
| CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(e)</sup> <br>|  | 1003000 | &nbsp;&nbsp; 1025611 |
| Dominion Energy, Inc., | Dominion Energy, Inc., |  |  |
| 5.38%, 11/15/2032 |  | 109000 | &nbsp;&nbsp; 112577 |
| 6.00%, 02/15/2056<sup>(e)</sup> <br>|  | 2769000 | &nbsp;&nbsp; 2797111 |
| DTE Electric Co., | DTE Electric Co., |  |  |
| 5.20%, 03/01/2034<sup>(c)</sup> <br>|  | 168000 | &nbsp;&nbsp; 173126 |
| 5.85%, 05/15/2055 |  | 831000 | &nbsp;&nbsp; 850847 |

---

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** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| DTE Energy Co., | DTE Energy Co., |  |  |
| 4.95%, 07/01/2027 |  | $279000 | &nbsp;&nbsp; $282901 |
| 5.85%, 06/01/2034 |  | 137000 | &nbsp;&nbsp; 143997 |
| ENGIE S.A. (France), | ENGIE S.A. (France), |  |  |
| 5.25%, 04/10/2029<sup>(b)</sup> <br>|  | 728000 | &nbsp;&nbsp; 749667 |
| 5.63%, 04/10/2034<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 622690 |
| 5.88%, 04/10/2054<sup>(b)(c)</sup> <br>|  | 770000 | &nbsp;&nbsp; 778903 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 50000 | &nbsp;&nbsp; 51390 |
| 5.35%, 04/01/2034 |  | 323000 | &nbsp;&nbsp; 330629 |
| 5.85%, 04/01/2055 |  | 1272000 | &nbsp;&nbsp; 1252323 |
| Public Service Enterprise Group, <br> Inc., 5.88%, 10/15/2028<br>|  | 320000 | &nbsp;&nbsp; 335211 |
| Sempra, | Sempra, |  |  |
| 6.88%, 10/01/2054<sup>(e)</sup> <br>|  | 525000 | &nbsp;&nbsp; 534054 |
| 6.55%, 04/01/2055<sup>(e)</sup> <br>|  | 1219000 | &nbsp;&nbsp; 1203573 |
| 6.63%, 04/01/2055<sup>(e)</sup> <br>|  | 1097000 | &nbsp;&nbsp; 1102784 |
| 6.38%, 04/01/2056<sup>(e)</sup> <br>|  | 7022000 | &nbsp;&nbsp; 7081874 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.15%, 10/01/2027 |  | 82000 | &nbsp;&nbsp; 83590 |
| Conv., 3.38%, <br> 06/01/2028<sup>(b)</sup> <br>|  | 4789000 | &nbsp;&nbsp; 4852454 |
|  |  |  | &nbsp;&nbsp; 33522760 |
| **Office REITs–0.12%** | **Office REITs–0.12%** | **Office REITs–0.12%** | **Office REITs–0.12%** |
| Brandywine Operating Partnership <br> L.P., | Brandywine Operating Partnership <br> L.P., |  |  |
| 8.30%, 03/15/2028<sup>(c)</sup> <br>|  | 2060000 | &nbsp;&nbsp; 2192091 |
| 8.88%, 04/12/2029<sup>(c)</sup> <br>|  | 3138000 | &nbsp;&nbsp; 3414050 |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| 5.38%, 02/15/2032 |  | 374000 | &nbsp;&nbsp; 382030 |
| 5.88%, 10/01/2034 |  | 455000 | &nbsp;&nbsp; 470825 |
|  |  |  | &nbsp;&nbsp; 6458996 |
| **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; 258511 |
| Transocean Poseidon Ltd., <br> 6.88%, 02/01/2027<sup>(b)</sup> <br>|  | 495000 | &nbsp;&nbsp; 496454 |
|  |  |  | &nbsp;&nbsp; 754965 |
| **Oil & Gas Equipment & Services–0.01%** | **Oil & Gas Equipment & Services–0.01%** | **Oil & Gas Equipment & Services–0.01%** | **Oil & Gas Equipment & Services–0.01%** |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 264000 | &nbsp;&nbsp; 281888 |
| **Oil & Gas Exploration & Production–0.59%** | **Oil & Gas Exploration & Production–0.59%** | **Oil & Gas Exploration & Production–0.59%** | **Oil & Gas Exploration & Production–0.59%** |
| Aethon United BR L.P./Aethon <br> United Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 2121000 | &nbsp;&nbsp; 2213842 |
| Azule Energy Finance PLC <br> (Angola), 8.13%, <br> 01/23/2030<sup>(b)</sup> <br>|  | 330000 | &nbsp;&nbsp; 333342 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 255000 | &nbsp;&nbsp; 264781 |
| Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 256536 |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 110000 | &nbsp;&nbsp; 104756 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.20%, 04/18/2027<sup>(c)</sup> <br>|  | 338000 | &nbsp;&nbsp; 343235 |
| 5.15%, 01/30/2030<sup>(c)</sup> <br>|  | 383000 | &nbsp;&nbsp; 393595 |
| 5.90%, 04/18/2064 |  | 212000 | &nbsp;&nbsp; 196417 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| 4.40%, 07/15/2028 |  | $1194000 | &nbsp;&nbsp; $1205915 |
| 5.35%, 01/15/2036 |  | 2747000 | &nbsp;&nbsp; 2789649 |
| 5.95%, 07/15/2055 |  | 4234000 | &nbsp;&nbsp; 4275183 |
| Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 284000 | &nbsp;&nbsp; 287042 |
| Gran Tierra Energy, Inc. <br> (Colombia), 9.50%, <br> 10/15/2029<sup>(b)(c)</sup> <br>|  | 408000 | &nbsp;&nbsp; 332016 |
| Hilcorp Energy I L.P./Hilcorp Finance <br> Co., | Hilcorp Energy I L.P./Hilcorp Finance <br> Co., |  |  |
| 6.88%, 05/15/2034<sup>(b)</sup> <br>|  | 920000 | &nbsp;&nbsp; 883705 |
| 7.25%, 02/15/2035<sup>(b)</sup> <br>|  | 1424000 | &nbsp;&nbsp; 1390408 |
| Pluspetrol S.A. (Argentina), <br> 8.50%, 05/30/2032<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 819936 |
| SM Energy Co., 6.50%, <br> 07/15/2028<sup>(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 505083 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 1236952 | &nbsp;&nbsp; 1271820 |
| Uzbekneftegaz JSC (Uzbekistan), <br> 4.75%, 11/16/2028<sup>(b)</sup> <br>|  | 7487000 | &nbsp;&nbsp; 7097225 |
| Var Energi ASA (Norway), | Var Energi ASA (Norway), |  |  |
| 5.88%, 05/22/2030<sup>(b)</sup> <br>|  | 2502000 | &nbsp;&nbsp; 2595768 |
| 6.50%, 05/22/2035<sup>(b)</sup> <br>|  | 2397000 | &nbsp;&nbsp; 2511639 |
| Vista Energy Argentina S.A.U. <br> (Argentina), 8.50%, <br> 06/10/2033<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 508625 |
| Woodside Finance Ltd. <br> (Australia), 5.70%, <br> 05/19/2032<br>|  | 614000 | &nbsp;&nbsp; 634802 |
|  |  |  | &nbsp;&nbsp; 31215320 |
| **Oil & Gas Refining & Marketing–0.17%** | **Oil & Gas Refining & Marketing–0.17%** | **Oil & Gas Refining & Marketing–0.17%** | **Oil & Gas Refining & Marketing–0.17%** |
| Empresa Nacional del Petroleo (Chile), | Empresa Nacional del Petroleo (Chile), |  |  |
| 6.15%, 05/10/2033<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 629613 |
| 5.95%, 07/30/2034<sup>(b)</sup> <br>|  | 2578000 | &nbsp;&nbsp; 2669560 |
| Phillips 66 Co., 5.30%, <br> 06/30/2033<br>|  | 148000 | &nbsp;&nbsp; 151402 |
| Raizen Fuels Finance S.A. (Brazil), | Raizen Fuels Finance S.A. (Brazil), |  |  |
| 6.70%, 02/25/2037<sup>(b)</sup> <br>|  | 3011000 | &nbsp;&nbsp; 2888166 |
| 6.95%, 03/05/2054<sup>(b)</sup> <br>|  | 2718000 | &nbsp;&nbsp; 2511261 |
| Sunoco L.P., 6.25%, <br> 07/01/2033<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 281229 |
|  |  |  | &nbsp;&nbsp; 9131231 |
| **Oil & Gas Storage & Transportation–3.12%** | **Oil & Gas Storage & Transportation–3.12%** | **Oil & Gas Storage & Transportation–3.12%** | **Oil & Gas Storage & Transportation–3.12%** |
| Abu Dhabi Crude Oil Pipeline LLC <br> (United Arab Emirates), <br> 3.65%, 11/02/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196130 |
| Abu Dhabi Developmental <br> Holding Co. PJSC (United Arab <br> Emirates), 5.00%, <br> 05/06/2035<sup>(b)</sup> <br>|  | 492000 | &nbsp;&nbsp; 498276 |
| 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; 273532 |
| 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 3803000 | &nbsp;&nbsp; 3935440 |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 124000 | &nbsp;&nbsp; 129888 |
| Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |  |  |
| 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101228 |
| 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 507000 | &nbsp;&nbsp; 515625 |

---

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** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Columbia Pipelines Operating Co. <br> LLC, 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | $1079000 | &nbsp;&nbsp; $997811 |
| Delek Logistics Partners <br> L.P./Delek Logistics Finance <br> Corp., 7.38%, <br> 06/30/2033<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 270374 |
| Eastern Energy Gas <br> Holdings LLC, 5.65%, <br> 10/15/2054<br>|  | 571000 | &nbsp;&nbsp; 545808 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 5.70%, 03/08/2033 |  | 114000 | &nbsp;&nbsp; 118969 |
| 7.63%, 01/15/2083<sup>(e)</sup> <br>|  | 110000 | &nbsp;&nbsp; 117696 |
| Series NC5, 8.25%, <br> 01/15/2084<sup>(e)</sup> <br>|  | 62000 | &nbsp;&nbsp; 66196 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.10%, 12/01/2028 |  | 87000 | &nbsp;&nbsp; 91550 |
| 6.40%, 12/01/2030 |  | 63000 | &nbsp;&nbsp; 68193 |
| 5.55%, 05/15/2034 |  | 212000 | &nbsp;&nbsp; 215384 |
| 5.95%, 05/15/2054 |  | 221000 | &nbsp;&nbsp; 207232 |
| 8.00%, 05/15/2054<sup>(c)(e)</sup> <br>|  | 3819000 | &nbsp;&nbsp; 4071188 |
| 6.05%, 09/01/2054 |  | 576000 | &nbsp;&nbsp; 548485 |
| 7.13%, 10/01/2054<sup>(e)</sup> <br>|  | 13492000 | &nbsp;&nbsp; 13947665 |
| 6.50%, 02/15/2056<sup>(e)</sup> <br>|  | 12426000 | &nbsp;&nbsp; 12376072 |
| 6.75%, 02/15/2056<sup>(e)</sup> <br>|  | 10318000 | &nbsp;&nbsp; 10293230 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.30%, 06/20/2028<sup>(c)</sup> <br>|  | 3158000 | &nbsp;&nbsp; 3183020 |
| 5.20%, 01/15/2036 |  | 3210000 | &nbsp;&nbsp; 3241076 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 272771 |
| Florida Gas Transmission Co. <br> LLC, 5.75%, 07/15/2035<sup>(b)</sup> <br>|  | 7392000 | &nbsp;&nbsp; 7622255 |
| Genesis Energy L.P./Genesis <br> Energy Finance Corp., <br> 8.88%, 04/15/2030<br>|  | 384000 | &nbsp;&nbsp; 406666 |
| Global Partners L.P./GLP Finance <br> Corp., 7.13%, <br> 07/01/2033<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 281682 |
| 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; 5744961 |
| 6.13%, 02/23/2038<sup>(b)</sup> <br>|  | 2540000 | &nbsp;&nbsp; 2685969 |
| 6.51%, 02/23/2042<sup>(b)</sup> <br>|  | 5385000 | &nbsp;&nbsp; 5746785 |
| 6.10%, 08/23/2042<sup>(b)</sup> <br>|  | 7240000 | &nbsp;&nbsp; 7486579 |
| Gulfstream Natural Gas System <br> L.L.C., 5.60%, <br> 07/23/2035<sup>(b)</sup> <br>|  | 6207000 | &nbsp;&nbsp; 6283049 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030<sup>(c)</sup> <br>|  | 1980000 | &nbsp;&nbsp; 2036819 |
| 4.80%, 02/01/2033 |  | 65000 | &nbsp;&nbsp; 64292 |
| 5.20%, 06/01/2033 |  | 148000 | &nbsp;&nbsp; 149768 |
| 5.85%, 06/01/2035<sup>(c)</sup> <br>|  | 1231000 | &nbsp;&nbsp; 1279549 |
| MPLX L.P., | MPLX L.P., |  |  |
| 4.80%, 02/15/2031 |  | 8179000 | &nbsp;&nbsp; 8187621 |
| 5.00%, 01/15/2033 |  | 3764000 | &nbsp;&nbsp; 3732311 |
| 5.40%, 09/15/2035 |  | 11127000 | &nbsp;&nbsp; 10989056 |
| 4.95%, 03/14/2052 |  | 47000 | &nbsp;&nbsp; 38758 |
| 6.20%, 09/15/2055 |  | 5273000 | &nbsp;&nbsp; 5129288 |
| NGL Energy Operating LLC/NGL <br> Energy Finance Corp., <br> 8.38%, 02/15/2032<sup>(b)(c)</sup> <br>|  | 2555000 | &nbsp;&nbsp; 2600517 |
| Northern Natural Gas Co., <br> 5.63%, 02/01/2054<sup>(b)</sup> <br>|  | 128000 | &nbsp;&nbsp; 121247 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| ONEOK, Inc., 6.63%, <br> 09/01/2053<br>|  | $59000 | &nbsp;&nbsp; $60633 |
| Plains All American Pipeline L.P., <br> 5.95%, 06/15/2035<sup>(c)</sup> <br>|  | 1821000 | &nbsp;&nbsp; 1876750 |
| South Bow Canadian infrastructure <br> Holdings Ltd. (Canada), | South Bow Canadian infrastructure <br> Holdings Ltd. (Canada), |  |  |
| 7.50%, 03/01/2055<sup>(c)(e)</sup> <br>|  | 3112000 | &nbsp;&nbsp; 3254583 |
| 7.63%, 03/01/2055<sup>(e)</sup> <br>|  | 5262000 | &nbsp;&nbsp; 5480036 |
| South Bow USA Infrastructure <br> Holdings LLC (Canada), | South Bow USA Infrastructure <br> Holdings LLC (Canada), |  |  |
| 4.91%, 09/01/2027 |  | 347000 | &nbsp;&nbsp; 350129 |
| 5.03%, 10/01/2029 |  | 1035000 | &nbsp;&nbsp; 1048258 |
| 5.58%, 10/01/2034 |  | 889000 | &nbsp;&nbsp; 882258 |
| 6.18%, 10/01/2054<sup>(c)</sup> <br>|  | 469000 | &nbsp;&nbsp; 445721 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 4255000 | &nbsp;&nbsp; 4386794 |
| Targa Resources Corp., 5.50%, <br> 02/15/2035<br>|  | 7000 | &nbsp;&nbsp; 7063 |
| TMS Issuer S.a.r.l. (Saudi <br> Arabia), 5.78%, <br> 08/23/2032<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 229659 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.50%, 02/01/2029<sup>(b)(c)</sup> <br>|  | 4439000 | &nbsp;&nbsp; 4883073 |
| 9.88%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 1923000 | &nbsp;&nbsp; 2095116 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 7.50%, 05/01/2033<sup>(b)(c)</sup> <br>|  | 2652000 | &nbsp;&nbsp; 2910565 |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 1746000 | &nbsp;&nbsp; 1823858 |
| 7.75%, 05/01/2035<sup>(b)(c)</sup> <br>|  | 4088000 | &nbsp;&nbsp; 4554335 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 1478000 | &nbsp;&nbsp; 1552011 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| 6.15%, 04/01/2033 |  | 107000 | &nbsp;&nbsp; 111840 |
| 5.45%, 11/15/2034 |  | 499000 | &nbsp;&nbsp; 493149 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028<sup>(c)</sup> <br>|  | 388000 | &nbsp;&nbsp; 400414 |
| 4.80%, 11/15/2029 |  | 678000 | &nbsp;&nbsp; 690373 |
| 5.65%, 03/15/2033 |  | 140000 | &nbsp;&nbsp; 145802 |
| 5.15%, 03/15/2034 |  | 174000 | &nbsp;&nbsp; 174533 |
| 5.80%, 11/15/2054 |  | 458000 | &nbsp;&nbsp; 444259 |
| 6.00%, 03/15/2055 |  | 778000 | &nbsp;&nbsp; 774632 |
|  |  |  | &nbsp;&nbsp; 165945855 |
| **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; 515352 |
| 4.88%, 09/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 491788 |
| 6.25%, 01/15/2033<sup>(b)</sup> <br>|  | 34000 | &nbsp;&nbsp; 34813 |
|  |  |  | &nbsp;&nbsp; 1041953 |
| **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** |
| SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 67020 | &nbsp;&nbsp; 59580 |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 49000 | &nbsp;&nbsp; 50287 |
|  |  |  | &nbsp;&nbsp; 109867 |

---

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** |
| **Packaged Foods & Meats–0.39%** | **Packaged Foods & Meats–0.39%** | **Packaged Foods & Meats–0.39%** | **Packaged Foods & Meats–0.39%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| 5.30%, 03/20/2026 |  | $155000 | &nbsp;&nbsp; $155716 |
| 5.20%, 03/21/2029 |  | 169000 | &nbsp;&nbsp; 173632 |
| 5.40%, 03/21/2034 |  | 208000 | &nbsp;&nbsp; 211257 |
| 5.25%, 10/13/2054<sup>(c)</sup> <br>|  | 430000 | &nbsp;&nbsp; 387575 |
| Frigorifico Concepcion S.A. <br> (Paraguay), 7.70%, <br> 07/21/2028<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 200529 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 111000 | &nbsp;&nbsp; 119431 |
| Lamb Weston Holdings, Inc., <br> 4.13%, 01/31/2030<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 527707 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.60%, 03/01/2028<sup>(b)</sup> <br>|  | 2895000 | &nbsp;&nbsp; 2931567 |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 1175000 | &nbsp;&nbsp; 1197807 |
| 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 1544000 | &nbsp;&nbsp; 1576940 |
| 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 2694000 | &nbsp;&nbsp; 2720659 |
| 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 2107000 | &nbsp;&nbsp; 2078786 |
| 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 2134000 | &nbsp;&nbsp; 2083427 |
| 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 1445000 | &nbsp;&nbsp; 1419281 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<sup>(c)</sup> <br>|  | 710000 | &nbsp;&nbsp; 689890 |
| Minerva (Luxembourg) S.A. <br> (Brazil), 8.88%, <br> 09/13/2033<sup>(b)</sup> <br>|  | 3014000 | &nbsp;&nbsp; 3312281 |
| Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)(c)</sup> <br>|  | 682000 | &nbsp;&nbsp; 687744 |
|  |  |  | &nbsp;&nbsp; 20474229 |
| **Paper & Plastic Packaging Products & Materials–0.13%** | **Paper & Plastic Packaging Products & Materials–0.13%** | **Paper & Plastic Packaging Products & Materials–0.13%** | **Paper & Plastic Packaging Products & Materials–0.13%** |
| Cascades, Inc./Cascades USA, <br> Inc. (Canada), 6.75%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 2453000 | &nbsp;&nbsp; 2493977 |
| Graphic Packaging <br> International LLC, 6.38%, <br> 07/15/2032<sup>(b)(c)</sup> <br>|  | 1244000 | &nbsp;&nbsp; 1265518 |
| 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; 662783 |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 265036 |
| 7.25%, 02/15/2031<sup>(b)(c)</sup> <br>|  | 2318000 | &nbsp;&nbsp; 2443295 |
|  |  |  | &nbsp;&nbsp; 7130609 |
| **Paper Products–0.02%** | **Paper Products–0.02%** | **Paper Products–0.02%** | **Paper Products–0.02%** |
| Inversiones CMPC S.A. (Chile), <br> 6.13%, 02/26/2034<sup>(b)</sup> <br>|  | 225000 | &nbsp;&nbsp; 233773 |
| Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)(c)</sup> <br>|  | 831000 | &nbsp;&nbsp; 787185 |
|  |  |  | &nbsp;&nbsp; 1020958 |
| **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** |
| American Airlines Pass-Through <br> Trust, Series 2021-1, <br> Class A, 2.88%, <br> 07/11/2034<br>|  | 33565 | &nbsp;&nbsp; 30280 |
| American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, <br> 04/20/2029<sup>(b)(c)</sup> <br>|  | 806000 | &nbsp;&nbsp; 810952 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | 641000 | &nbsp;&nbsp; 642429 |
| 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 612000 | &nbsp;&nbsp; 613248 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| British Airways Pass-Through <br> Trust (United Kingdom), <br> Series 2021-1, Class A, <br> 2.90%, 03/15/2035<sup>(b)</sup> <br>|  | $226091 | &nbsp;&nbsp; $206682 |
| CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 128000 | &nbsp;&nbsp; 127543 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| 4.95%, 07/10/2028 |  | 2903000 | &nbsp;&nbsp; 2940507 |
| 5.25%, 07/10/2030 |  | 2019000 | &nbsp;&nbsp; 2060256 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| 4.50%, 10/20/2025<sup>(b)</sup> <br>|  | 10388 | &nbsp;&nbsp; 10376 |
| 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 158772 | &nbsp;&nbsp; 159709 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2020-1, Class A, <br> 5.88%, 10/15/2027<br>|  | 40565 | &nbsp;&nbsp; 41559 |
| Series 24-A, 5.88%, <br> 02/15/2037<br>|  | 725107 | &nbsp;&nbsp; 739222 |
| Series AA, 5.45%, <br> 02/15/2037<br>|  | 594761 | &nbsp;&nbsp; 611522 |
|  |  |  | &nbsp;&nbsp; 8994285 |
| **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 |  | 1435000 | &nbsp;&nbsp; 1439817 |
| 5.35%, 09/15/2054 |  | 1020000 | &nbsp;&nbsp; 958359 |
|  |  |  | &nbsp;&nbsp; 2398176 |
| **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** |
| Kenvue, Inc., | Kenvue, Inc., |  |  |
| 5.35%, 03/22/2026 |  | 41000 | &nbsp;&nbsp; 41197 |
| 5.05%, 03/22/2028 |  | 90000 | &nbsp;&nbsp; 92302 |
| 5.00%, 03/22/2030<sup>(c)</sup> <br>|  | 282000 | &nbsp;&nbsp; 291749 |
| 4.90%, 03/22/2033 |  | 179000 | &nbsp;&nbsp; 181911 |
| 5.20%, 03/22/2063 |  | 87000 | &nbsp;&nbsp; 79300 |
| Opal Bidco SAS (France), <br> 6.50%, 03/31/2032 <br> (Acquired <br> 03/31/2025-04/14/2025; <br> Cost $259,850)<sup>(b)(j)</sup> <br>|  | 260000 | &nbsp;&nbsp; 264745 |
|  |  |  | &nbsp;&nbsp; 951204 |
| **Pharmaceuticals–1.24%** | **Pharmaceuticals–1.24%** | **Pharmaceuticals–1.24%** | **Pharmaceuticals–1.24%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 192242 |
| Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)</sup> <br>|  | 295000 | &nbsp;&nbsp; 303899 |
| AstraZeneca Finance LLC (United <br> Kingdom), | AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| 4.85%, 02/26/2029<sup>(c)</sup> <br>|  | 226000 | &nbsp;&nbsp; 232140 |
| 4.90%, 02/26/2031 |  | 252000 | &nbsp;&nbsp; 260765 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 4.90%, 02/22/2029 |  | 130000 | &nbsp;&nbsp; 133561 |
| 5.90%, 11/15/2033 |  | 140000 | &nbsp;&nbsp; 150857 |
| 6.25%, 11/15/2053 |  | 108000 | &nbsp;&nbsp; 114537 |
| 6.40%, 11/15/2063 |  | 240000 | &nbsp;&nbsp; 256963 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.70%, 02/09/2034 |  | 162000 | &nbsp;&nbsp; 162377 |
| 5.00%, 02/09/2054 |  | 10000 | &nbsp;&nbsp; 9172 |
| 5.55%, 10/15/2055 |  | 1832000 | &nbsp;&nbsp; 1819013 |
| 5.10%, 02/09/2064 |  | 291000 | &nbsp;&nbsp; 265289 |
| 5.20%, 08/14/2064 |  | 260000 | &nbsp;&nbsp; 240975 |
| 5.65%, 10/15/2065 |  | 3299000 | &nbsp;&nbsp; 3273992 |

---

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** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | $4684000 | &nbsp;&nbsp; $4685233 |
| 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 15910000 | &nbsp;&nbsp; 15895723 |
| 4.63%, 10/15/2032<sup>(b)</sup> <br>|  | 1740000 | &nbsp;&nbsp; 1728523 |
| 5.00%, 10/15/2035<sup>(b)</sup> <br>|  | 5098000 | &nbsp;&nbsp; 5048900 |
| HLF Financing S.a.r.l. <br> LLC/Herbalife International, <br> Inc., 4.88%, 06/01/2029<sup>(b)</sup> <br>|  | 32000 | &nbsp;&nbsp; 28179 |
| Merck & Co., Inc., 5.15%, <br> 05/17/2063<br>|  | 54000 | &nbsp;&nbsp; 49165 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| 4.20%, 09/18/2034<sup>(c)</sup> <br>|  | 1288000 | &nbsp;&nbsp; 1248350 |
| 4.70%, 09/18/2054 |  | 1029000 | &nbsp;&nbsp; 908841 |
| Takeda U.S. Financing, Inc., | Takeda U.S. Financing, Inc., |  |  |
| 5.20%, 07/07/2035<sup>(c)</sup> <br>|  | 7881000 | &nbsp;&nbsp; 7920279 |
| 5.90%, 07/07/2055 |  | 6203000 | &nbsp;&nbsp; 6178376 |
| Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), <br> 5.75%, 12/01/2030<br>|  | 5080000 | &nbsp;&nbsp; 5191475 |
| Teva Pharmaceuticals Finance <br> Netherlands B.V. (Israel), <br> 6.00%, 12/01/2032<sup>(c)</sup> <br>|  | 2790000 | &nbsp;&nbsp; 2871047 |
| Zoetis, Inc., 4.15%, <br> 08/17/2028<br>|  | 6886000 | &nbsp;&nbsp; 6904562 |
|  |  |  | &nbsp;&nbsp; 66074435 |
| **Property & Casualty Insurance–0.33%** | **Property & Casualty Insurance–0.33%** | **Property & Casualty Insurance–0.33%** | **Property & Casualty Insurance–0.33%** |
| CNA Financial Corp., 5.20%, <br> 08/15/2035<br>|  | 10222000 | &nbsp;&nbsp; 10125424 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, <br> 03/15/2055<br>|  | 847000 | &nbsp;&nbsp; 836824 |
| Hanover Insurance Group, Inc. <br> (The), 5.50%, 09/01/2035<br>|  | 2825000 | &nbsp;&nbsp; 2827420 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| 5.05%, 07/24/2035 |  | 1220000 | &nbsp;&nbsp; 1228628 |
| 5.45%, 05/25/2053 |  | 62000 | &nbsp;&nbsp; 60302 |
| 5.70%, 07/24/2055<sup>(c)</sup> <br>|  | 2201000 | &nbsp;&nbsp; 2206834 |
|  |  |  | &nbsp;&nbsp; 17285432 |
| **Rail Transportation–0.17%** | **Rail Transportation–0.17%** | **Rail Transportation–0.17%** | **Rail Transportation–0.17%** |
| Burlington Northern Santa <br> Fe LLC, 5.80%, <br> 03/15/2056<sup>(c)</sup> <br>|  | 6455000 | &nbsp;&nbsp; 6555670 |
| Canadian Pacific Railway Co. <br> (Canada), 5.20%, <br> 03/30/2035<br>|  | 1178000 | &nbsp;&nbsp; 1200846 |
| Empresa de los Ferrocarriles del <br> Estado (Chile), 3.83%, <br> 09/14/2061<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 139153 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 5.05%, 08/01/2030 |  | 22000 | &nbsp;&nbsp; 22788 |
| 5.55%, 03/15/2034 |  | 9000 | &nbsp;&nbsp; 9455 |
| 5.95%, 03/15/2064 |  | 10000 | &nbsp;&nbsp; 10208 |
| TTX Co., 5.05%, <br> 11/15/2034<sup>(b)</sup> <br>|  | 973000 | &nbsp;&nbsp; 992002 |
| Union Pacific Corp., 5.15%, <br> 01/20/2063<br>|  | 29000 | &nbsp;&nbsp; 26297 |
|  |  |  | &nbsp;&nbsp; 8956419 |
| **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<sup>(c)</sup> <br>|  | 1820000 | &nbsp;&nbsp; 1796806 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Real Estate Development–(continued)** | **Real Estate Development–(continued)** | **Real Estate Development–(continued)** | **Real Estate Development–(continued)** |
| Piedmont Operating Partnership L.P., | Piedmont Operating Partnership L.P., |  |  |
| 9.25%, 07/20/2028 |  | $39000 | &nbsp;&nbsp; $43365 |
| 6.88%, 07/15/2029 |  | 571000 | &nbsp;&nbsp; 604519 |
| Port of Spain Waterfront <br> Development (Trinidad), <br> 7.88%, 02/19/2040<sup>(b)</sup> <br>|  | 193333 | &nbsp;&nbsp; 191980 |
|  |  |  | &nbsp;&nbsp; 2636670 |
| **Regional Banks–0.16%** | **Regional Banks–0.16%** | **Regional Banks–0.16%** | **Regional Banks–0.16%** |
| Banco del Estado de Chile <br> (Chile), 7.95%<sup>(b)(e)(g)</sup> <br>|  | 421000 | &nbsp;&nbsp; 450692 |
| Citizens Financial Group, Inc., <br> 5.64%, 05/21/2037<sup>(e)</sup> <br>|  | 61000 | &nbsp;&nbsp; 61301 |
| Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(c)(e)</sup> <br>|  | 445000 | &nbsp;&nbsp; 463354 |
| Synovus Financial Corp., <br> 6.17%, 11/01/2030<sup>(e)</sup> <br>|  | 458000 | &nbsp;&nbsp; 476586 |
| Truist Financial Corp., Series P, <br> 4.95%<sup>(c)(e)(g)</sup> <br>|  | 287000 | &nbsp;&nbsp; 286383 |
| Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(e)</sup> <br>|  | 5658000 | &nbsp;&nbsp; 5680385 |
| Zions Bancorporation N.A., <br> 6.82%, 11/19/2035<sup>(e)</sup> <br>|  | 806000 | &nbsp;&nbsp; 844898 |
|  |  |  | &nbsp;&nbsp; 8263599 |
| **Reinsurance–0.36%** | **Reinsurance–0.36%** | **Reinsurance–0.36%** | **Reinsurance–0.36%** |
| Fortitude Group Holdings LLC, <br> 6.25%, 04/01/2030<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 728005 |
| Global Atlantic (Fin) Co., | Global Atlantic (Fin) Co., |  |  |
| 6.75%, 03/15/2054<sup>(b)</sup> <br>|  | 545000 | &nbsp;&nbsp; 557448 |
| 7.95%, 10/15/2054<sup>(b)(c)(e)</sup> <br>|  | 3506000 | &nbsp;&nbsp; 3698115 |
| RGA Global Funding, 5.00%, <br> 08/25/2032<sup>(b)</sup> <br>|  | 14170000 | &nbsp;&nbsp; 14234636 |
|  |  |  | &nbsp;&nbsp; 19218204 |
| **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** | **Renewable Electricity–0.00%** |
| Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 207000 | &nbsp;&nbsp; 212610 |
| **Research & Consulting Services–0.18%** | **Research & Consulting Services–0.18%** | **Research & Consulting Services–0.18%** | **Research & Consulting Services–0.18%** |
| CACI International, Inc., 6.38%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 858000 | &nbsp;&nbsp; 886050 |
| Clarivate Science Holdings <br> Corp., 4.88%, <br> 07/01/2029<sup>(b)</sup> <br>|  | 289000 | &nbsp;&nbsp; 273273 |
| Verisk Analytics, Inc., | Verisk Analytics, Inc., |  |  |
| 4.50%, 08/15/2030 |  | 1857000 | &nbsp;&nbsp; 1865557 |
| 5.13%, 02/15/2036 |  | 6444000 | &nbsp;&nbsp; 6405067 |
|  |  |  | &nbsp;&nbsp; 9429947 |
| **Restaurants–0.85%** | **Restaurants–0.85%** | **Restaurants–0.85%** | **Restaurants–0.85%** |
| 1011778 BC ULC/New Red <br> Finance, Inc. (Canada), <br> 5.63%, 09/15/2029<sup>(b)</sup> <br>|  | 1959000 | &nbsp;&nbsp; 1984763 |
| Alsea S.A.B. de C.V. (Mexico), <br> 7.75%, 12/14/2026<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 400973 |
| Arcos Dorados B.V. (Brazil), | Arcos Dorados B.V. (Brazil), |  |  |
| 6.13%, 05/27/2029<sup>(b)</sup> <br>|  | 322000 | &nbsp;&nbsp; 329906 |
| 6.38%, 01/29/2032<sup>(b)</sup> <br>|  | 8265000 | &nbsp;&nbsp; 8647174 |

---

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** |
| **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | $446000 | &nbsp;&nbsp; $456175 |
| 4.60%, 05/15/2030 |  | 1461000 | &nbsp;&nbsp; 1487086 |
| 4.40%, 02/12/2031 |  | 11530000 | &nbsp;&nbsp; 11573138 |
| 4.95%, 08/14/2033<sup>(c)</sup> <br>|  | 351000 | &nbsp;&nbsp; 360388 |
| 4.95%, 03/03/2035<sup>(c)</sup> <br>|  | 1905000 | &nbsp;&nbsp; 1918391 |
| 5.00%, 02/13/2036 |  | 12273000 | &nbsp;&nbsp; 12287597 |
| Raising Cane's Restaurants LLC, <br> 9.38%, 05/01/2029<sup>(b)</sup> <br>|  | 5005000 | &nbsp;&nbsp; 5282087 |
| Yum! Brands, Inc., 4.75%, <br> 01/15/2030<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 496319 |
|  |  |  | &nbsp;&nbsp; 45223997 |
| **Retail REITs–0.21%** | **Retail REITs–0.21%** | **Retail REITs–0.21%** | **Retail REITs–0.21%** |
| Agree L.P., 5.63%, <br> 06/15/2034<br>|  | 187000 | &nbsp;&nbsp; 192562 |
| Brixmor Operating Partnership <br> L.P., 5.75%, 02/15/2035<br>|  | 153000 | &nbsp;&nbsp; 158526 |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| 4.85%, 03/01/2035 |  | 455000 | &nbsp;&nbsp; 448880 |
| 5.30%, 02/01/2036 |  | 5970000 | &nbsp;&nbsp; 6036182 |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/2031<sup>(c)</sup> <br>|  | 350000 | &nbsp;&nbsp; 354445 |
| 5.50%, 03/01/2034 |  | 74000 | &nbsp;&nbsp; 75744 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 83000 | &nbsp;&nbsp; 86458 |
| 5.50%, 06/15/2034 |  | 168000 | &nbsp;&nbsp; 173159 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 5.63%, 10/13/2032 |  | 53000 | &nbsp;&nbsp; 55795 |
| 5.13%, 04/15/2035 |  | 558000 | &nbsp;&nbsp; 562397 |
| 5.38%, 09/01/2054 |  | 168000 | &nbsp;&nbsp; 159303 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 5.00%, 07/15/2032 |  | 1276000 | &nbsp;&nbsp; 1302767 |
| 5.25%, 01/15/2034 |  | 132000 | &nbsp;&nbsp; 135228 |
| 5.10%, 01/15/2035 |  | 200000 | &nbsp;&nbsp; 200802 |
| Simon Property Group L.P., <br> 4.75%, 09/26/2034<sup>(c)</sup> <br>|  | 1353000 | &nbsp;&nbsp; 1330753 |
|  |  |  | &nbsp;&nbsp; 11273001 |
| **Security & Alarm Services–0.01%** | **Security & Alarm Services–0.01%** | **Security & Alarm Services–0.01%** | **Security & Alarm Services–0.01%** |
| Brink's Co. (The), 6.50%, <br> 06/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 514552 |
| **Self-Storage REITs–0.28%** | **Self-Storage REITs–0.28%** | **Self-Storage REITs–0.28%** | **Self-Storage REITs–0.28%** |
| Americold Realty Operating <br> Partnership L.P., | Americold Realty Operating <br> Partnership L.P., |  |  |
| 5.60%, 05/15/2032 |  | 1966000 | &nbsp;&nbsp; 1994496 |
| 5.41%, 09/12/2034<sup>(c)</sup> <br>|  | 711000 | &nbsp;&nbsp; 698924 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 5.70%, 04/01/2028 |  | 44000 | &nbsp;&nbsp; 45470 |
| 4.95%, 01/15/2033<sup>(c)</sup> <br>|  | 3160000 | &nbsp;&nbsp; 3171512 |
| 5.40%, 02/01/2034 |  | 238000 | &nbsp;&nbsp; 242937 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, <br> 10/07/2034<sup>(b)</sup> <br>|  | 192000 | &nbsp;&nbsp; 192092 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** | **Self-Storage REITs–(continued)** |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028<sup>(c)</sup> <br>|  | $114000 | &nbsp;&nbsp; $116634 |
| 4.75%, 01/15/2031<sup>(c)</sup> <br>|  | 3478000 | &nbsp;&nbsp; 3550607 |
| 5.13%, 01/15/2034 |  | 94000 | &nbsp;&nbsp; 96101 |
| 5.00%, 03/15/2034 |  | 556000 | &nbsp;&nbsp; 561999 |
| 5.00%, 01/31/2035 |  | 554000 | &nbsp;&nbsp; 557248 |
| 5.25%, 05/15/2035 |  | 2345000 | &nbsp;&nbsp; 2392220 |
| 5.25%, 03/15/2054<sup>(c)</sup> <br>|  | 794000 | &nbsp;&nbsp; 743233 |
| Public Storage Operating Co., <br> 5.35%, 08/01/2053<sup>(c)</sup> <br>|  | 261000 | &nbsp;&nbsp; 248903 |
|  |  |  | &nbsp;&nbsp; 14612376 |
| **Semiconductors–0.48%** | **Semiconductors–0.48%** | **Semiconductors–0.48%** | **Semiconductors–0.48%** |
| Broadcom, Inc., 5.20%, <br> 07/15/2035<br>|  | 4388000 | &nbsp;&nbsp; 4429677 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.90%, 01/25/2030<sup>(b)</sup> <br>|  | 844000 | &nbsp;&nbsp; 891142 |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 1254000 | &nbsp;&nbsp; 1303062 |
| 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 1074000 | &nbsp;&nbsp; 1141122 |
| 5.90%, 01/25/2033<sup>(b)</sup> <br>|  | 706000 | &nbsp;&nbsp; 740576 |
| 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 1091000 | &nbsp;&nbsp; 1121124 |
| 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 1196000 | &nbsp;&nbsp; 1267034 |
| 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 1189000 | &nbsp;&nbsp; 1245418 |
| 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 1239000 | &nbsp;&nbsp; 1304410 |
| 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 735000 | &nbsp;&nbsp; 788089 |
| 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 1315000 | &nbsp;&nbsp; 1391930 |
| Kioxia Holdings Corp. (Japan), | Kioxia Holdings Corp. (Japan), |  |  |
| 6.25%, 07/24/2030<sup>(b)</sup> <br>|  | 1569000 | &nbsp;&nbsp; 1571611 |
| 6.63%, 07/24/2033<sup>(b)</sup> <br>|  | 1537000 | &nbsp;&nbsp; 1529568 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.30%, 01/15/2031 |  | 192000 | &nbsp;&nbsp; 198191 |
| 5.65%, 11/01/2032<sup>(c)</sup> <br>|  | 1452000 | &nbsp;&nbsp; 1518803 |
| 6.05%, 11/01/2035 |  | 4027000 | &nbsp;&nbsp; 4232920 |
| SK hynix, Inc. (South Korea), <br> 6.38%, 01/17/2028<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 626676 |
|  |  |  | &nbsp;&nbsp; 25301353 |
| **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** |
| American Homes 4 Rent L.P., | American Homes 4 Rent L.P., |  |  |
| 5.50%, 07/15/2034<sup>(c)</sup> <br>|  | 436000 | &nbsp;&nbsp; 446592 |
| 5.25%, 03/15/2035<sup>(c)</sup> <br>|  | 423000 | &nbsp;&nbsp; 424998 |
| Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>|  | 456000 | &nbsp;&nbsp; 445739 |
|  |  |  | &nbsp;&nbsp; 1317329 |
| **Soft Drinks & Non-alcoholic Beverages–0.80%** | **Soft Drinks & Non-alcoholic Beverages–0.80%** | **Soft Drinks & Non-alcoholic Beverages–0.80%** | **Soft Drinks & Non-alcoholic Beverages–0.80%** |
| Coca-Cola Co. (The), 5.40%, <br> 05/13/2064<br>|  | 822000 | &nbsp;&nbsp; 792357 |
| Coca-Cola FEMSA S.A.B. de C.V. <br> (Mexico), 5.10%, <br> 05/06/2035<br>|  | 9654000 | &nbsp;&nbsp; 9683059 |
| Keurig Dr Pepper, Inc., | Keurig Dr Pepper, Inc., |  |  |
| 4.35%, 05/15/2028 |  | 1058000 | &nbsp;&nbsp; 1057143 |
| 4.60%, 05/15/2030<sup>(c)</sup> <br>|  | 4747000 | &nbsp;&nbsp; 4749888 |
| 5.15%, 05/15/2035<sup>(c)</sup> <br>|  | 1916000 | &nbsp;&nbsp; 1893125 |

---

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** |
| **Soft Drinks & Non-alcoholic Beverages–(continued)** | **Soft Drinks & Non-alcoholic Beverages–(continued)** | **Soft Drinks & Non-alcoholic Beverages–(continued)** | **Soft Drinks & Non-alcoholic Beverages–(continued)** |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| 4.10%, 01/15/2029 |  | $7894000 | &nbsp;&nbsp; $7914896 |
| 4.60%, 02/07/2030 |  | 1053000 | &nbsp;&nbsp; 1078193 |
| 4.30%, 07/23/2030<sup>(c)</sup> <br>|  | 3698000 | &nbsp;&nbsp; 3722385 |
| 5.00%, 02/07/2035<sup>(c)</sup> <br>|  | 1286000 | &nbsp;&nbsp; 1309597 |
| 5.00%, 07/23/2035<sup>(c)</sup> <br>|  | 10280000 | &nbsp;&nbsp; 10380694 |
|  |  |  | &nbsp;&nbsp; 42581337 |
| **Sovereign Debt–2.79%** | **Sovereign Debt–2.79%** | **Sovereign Debt–2.79%** | **Sovereign Debt–2.79%** |
| Argentine Republic Government <br> International Bond <br> (Argentina), 5.00%, <br> 01/09/2038<br>|  | 7536000 | &nbsp;&nbsp; 5105640 |
| Bahamas Government <br> International Bond <br> (Bahamas), 8.25%, <br> 06/24/2036<sup>(b)</sup> <br>|  | 3525000 | &nbsp;&nbsp; 3650419 |
| Barbados Government <br> International Bond <br> (Barbados), 8.00%, <br> 06/26/2035<sup>(b)</sup> <br>|  | 3388000 | &nbsp;&nbsp; 3414138 |
| Brazilian Government <br> International Bond (Brazil), <br> 6.13%, 03/15/2034<br>|  | 5979000 | &nbsp;&nbsp; 6041720 |
| Colombia Government <br> International Bond <br> (Colombia), 8.00%, <br> 04/20/2033<br>|  | 200000 | &nbsp;&nbsp; 215018 |
| Costa Rica Government <br> International Bond (Costa <br> Rica), 7.30%, <br> 11/13/2054<sup>(b)</sup> <br>|  | 3279000 | &nbsp;&nbsp; 3467952 |
| Dominican Republic International <br> Bond (Dominican Republic), | Dominican Republic International <br> Bond (Dominican Republic), |  |  |
| 6.95%, 03/15/2037<sup>(b)</sup> <br>|  | 13542000 | &nbsp;&nbsp; 14138525 |
| 7.15%, 02/24/2055<sup>(b)</sup> <br>|  | 7519000 | &nbsp;&nbsp; 7808481 |
| Egypt Government International <br> Bond (Egypt), 8.63%, <br> 02/04/2030<sup>(b)</sup> <br>|  | 385000 | &nbsp;&nbsp; 397313 |
| Guatemala Government Bond <br> (Guatemala), | Guatemala Government Bond <br> (Guatemala), |  |  |
| 6.05%, 08/06/2031<sup>(b)</sup> <br>|  | 2805000 | &nbsp;&nbsp; 2904577 |
| 7.05%, 10/04/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 217925 |
| 6.25%, 08/15/2036<sup>(b)</sup> <br>|  | 6499000 | &nbsp;&nbsp; 6681752 |
| 6.55%, 02/06/2037<sup>(b)</sup> <br>|  | 3245000 | &nbsp;&nbsp; 3373177 |
| 6.88%, 08/15/2055<sup>(b)</sup> <br>|  | 5231000 | &nbsp;&nbsp; 5268925 |
| Israel Government International <br> Bond (Israel), 4.50%, <br> 01/17/2033<br>|  | 200000 | &nbsp;&nbsp; 193548 |
| 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; 453514 |
| 8.25%, 01/30/2037<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 399440 |
| Mexico Government International <br> Bond (Mexico), | Mexico Government International <br> Bond (Mexico), |  |  |
| 5.85%, 07/02/2032 |  | 9777000 | &nbsp;&nbsp; 9981828 |
| 6.88%, 05/13/2037 |  | 310000 | &nbsp;&nbsp; 326786 |
| 6.63%, 01/29/2038 |  | 6846000 | &nbsp;&nbsp; 6990451 |
| 6.34%, 05/04/2053 |  | 200000 | &nbsp;&nbsp; 185220 |
| Oman Government International <br> Bond (Oman), 6.25%, <br> 01/25/2031<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 645415 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** | **Sovereign Debt–(continued)** |
| Peruvian Government <br> International Bond (Peru), <br> 5.38%, 02/08/2035<br>|  | $2934000 | &nbsp;&nbsp; $2974724 |
| Republic of Armenia <br> International Bond (Armenia), <br> 6.75%, 03/12/2035<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 612355 |
| Republic of Kenya Government <br> International Bond (Kenya), <br> 9.50%, 03/05/2036<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198380 |
| Republic of Poland Government <br> International Bond (Poland), | Republic of Poland Government <br> International Bond (Poland), |  |  |
| 5.38%, 02/12/2035 |  | 9760000 | &nbsp;&nbsp; 10005464 |
| 5.50%, 03/18/2054 |  | 340000 | &nbsp;&nbsp; 319929 |
| 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; 774492 |
| 5.75%, 09/30/2049 |  | 200000 | &nbsp;&nbsp; 152337 |
| Republic of Uzbekistan <br> International Bond <br> (Uzbekistan), 6.95%, <br> 05/25/2032<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 852689 |
| Romanian Government International <br> Bond (Romania), | Romanian Government International <br> Bond (Romania), |  |  |
| 5.25%, 11/25/2027<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 303118 |
| 6.63%, 02/17/2028<sup>(b)</sup> <br>|  | 5030000 | &nbsp;&nbsp; 5238188 |
| 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 3552000 | &nbsp;&nbsp; 3634606 |
| 5.75%, 09/16/2030<sup>(b)</sup> <br>|  | 10276000 | &nbsp;&nbsp; 10379952 |
| 3.63%, 03/27/2032<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 264472 |
| 7.13%, 01/17/2033<sup>(b)</sup> <br>|  | 3760000 | &nbsp;&nbsp; 4006526 |
| 5.75%, 03/24/2035<sup>(b)</sup> <br>|  | 5690000 | &nbsp;&nbsp; 5411997 |
| 6.63%, 05/16/2036<sup>(b)</sup> <br>|  | 11622000 | &nbsp;&nbsp; 11635830 |
| 7.63%, 01/17/2053<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 523289 |
| Saudi Government International <br> Bond (Saudi Arabia), 4.38%, <br> 04/16/2029<sup>(b)</sup> <br>|  | 415000 | &nbsp;&nbsp; 416350 |
| Serbia International Bond <br> (Serbia), 6.50%, <br> 09/26/2033<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 320091 |
| Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup> <br>|  | 8505000 | &nbsp;&nbsp; 8526092 |
|  |  |  | &nbsp;&nbsp; 148412645 |
| **Specialized Consumer Services–0.18%** | **Specialized Consumer Services–0.18%** | **Specialized Consumer Services–0.18%** | **Specialized Consumer Services–0.18%** |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)(c)</sup> <br>|  | 420000 | &nbsp;&nbsp; 396613 |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 3499000 | &nbsp;&nbsp; 3565197 |
| 5.63%, 04/28/2035<sup>(b)</sup> <br>|  | 5445000 | &nbsp;&nbsp; 5533502 |
|  |  |  | &nbsp;&nbsp; 9495312 |
| **Specialized Finance–0.14%** | **Specialized Finance–0.14%** | **Specialized Finance–0.14%** | **Specialized Finance–0.14%** |
| Blackstone Private Credit Fund, <br> 4.95%, 09/26/2027<br>|  | 13000 | &nbsp;&nbsp; 13061 |
| Corp. Financiera de Desarrollo <br> S.A. (Peru), 5.50%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 390000 | &nbsp;&nbsp; 398488 |
| Jefferson Capital Holdings LLC, | Jefferson Capital Holdings LLC, |  |  |
| 9.50%, 02/15/2029<sup>(b)</sup> <br>|  | 1387000 | &nbsp;&nbsp; 1474589 |
| 8.25%, 05/15/2030<sup>(b)</sup> <br>|  | 4935000 | &nbsp;&nbsp; 5171525 |
| TrueNoord Capital DAC (Ireland), <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 252000 | &nbsp;&nbsp; 267952 |
|  |  |  | &nbsp;&nbsp; 7325615 |

---

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** |
| **Specialty Chemicals–0.51%** | **Specialty Chemicals–0.51%** | **Specialty Chemicals–0.51%** | **Specialty Chemicals–0.51%** |
| Celanese US Holdings LLC, <br> 6.85%, 11/15/2028<sup>(c)</sup> <br>|  | $500000 | &nbsp;&nbsp; $521446 |
| OCP S.A. (Morocco), | OCP S.A. (Morocco), |  |  |
| 6.10%, 04/30/2030<sup>(b)</sup> <br>|  | 2768000 | &nbsp;&nbsp; 2855417 |
| 3.75%, 06/23/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 183530 |
| 6.70%, 03/01/2036<sup>(b)</sup> <br>|  | 4672000 | &nbsp;&nbsp; 4836289 |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| 4.30%, 08/15/2028 |  | 8825000 | &nbsp;&nbsp; 8865951 |
| 4.50%, 08/15/2030<sup>(c)</sup> <br>|  | 3648000 | &nbsp;&nbsp; 3669924 |
| 5.15%, 08/15/2035<sup>(c)</sup> <br>|  | 2796000 | &nbsp;&nbsp; 2818001 |
| 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)</sup> <br>|  | 2961000 | &nbsp;&nbsp; 3164110 |
| 5.50%, 09/10/2034<sup>(b)</sup> <br>|  | 340000 | &nbsp;&nbsp; 338616 |
| Wayfair LLC, 7.25%, <br> 10/31/2029<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 43952 |
|  |  |  | &nbsp;&nbsp; 27297236 |
| **Steel–0.20%** | **Steel–0.20%** | **Steel–0.20%** | **Steel–0.20%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 4.63%, 03/01/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 475528 |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 3742000 | &nbsp;&nbsp; 3803178 |
| 7.38%, 05/01/2033<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 53838 |
| POSCO Holdings, Inc. (South Korea), | POSCO Holdings, Inc. (South Korea), |  |  |
| 5.13%, 05/07/2030<sup>(b)</sup> <br>|  | 3591000 | &nbsp;&nbsp; 3685971 |
| 5.75%, 05/07/2035<sup>(b)</sup> <br>|  | 2329000 | &nbsp;&nbsp; 2434148 |
|  |  |  | &nbsp;&nbsp; 10452663 |
| **Systems Software–0.12%** | **Systems Software–0.12%** | **Systems Software–0.12%** | **Systems Software–0.12%** |
| Oracle Corp., | Oracle Corp., |  |  |
| 6.25%, 11/09/2032 |  | 148000 | &nbsp;&nbsp; 159994 |
| 4.90%, 02/06/2033 |  | 116000 | &nbsp;&nbsp; 116081 |
| 4.70%, 09/27/2034<sup>(c)</sup> <br>|  | 1104000 | &nbsp;&nbsp; 1067652 |
| 6.90%, 11/09/2052 |  | 102000 | &nbsp;&nbsp; 110541 |
| 5.38%, 09/27/2054 |  | 1386000 | &nbsp;&nbsp; 1235583 |
| 6.00%, 08/03/2055<sup>(c)</sup> <br>|  | 1013000 | &nbsp;&nbsp; 990382 |
| 5.50%, 09/27/2064 |  | 1091000 | &nbsp;&nbsp; 968619 |
| 6.13%, 08/03/2065 |  | 1682000 | &nbsp;&nbsp; 1634592 |
|  |  |  | &nbsp;&nbsp; 6283444 |
| **Technology Hardware, Storage & Peripherals–0.05%** | **Technology Hardware, Storage & Peripherals–0.05%** | **Technology Hardware, Storage & Peripherals–0.05%** | **Technology Hardware, Storage & Peripherals–0.05%** |
| Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |  |  |
| 5.00%, 10/15/2034 |  | 837000 | &nbsp;&nbsp; 823190 |
| 5.60%, 10/15/2054 |  | 1291000 | &nbsp;&nbsp; 1193221 |
| Lenovo Group Ltd. (China), <br> 6.54%, 07/27/2032<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 437576 |
|  |  |  | &nbsp;&nbsp; 2453987 |
| **Telecom Tower REITs–0.01%** | **Telecom Tower REITs–0.01%** | **Telecom Tower REITs–0.01%** | **Telecom Tower REITs–0.01%** |
| SBA Communications Corp., <br> 3.13%, 02/01/2029<br>|  | 275000 | &nbsp;&nbsp; 258647 |
| **Tobacco–0.28%** | **Tobacco–0.28%** | **Tobacco–0.28%** | **Tobacco–0.28%** |
| Altria Group, Inc., 4.88%, <br> 02/04/2028<br>|  | 384000 | &nbsp;&nbsp; 389969 |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 5.83%, 02/20/2031 |  | 103000 | &nbsp;&nbsp; 108995 |
| 6.00%, 02/20/2034 |  | 110000 | &nbsp;&nbsp; 116810 |
| 7.08%, 08/02/2043 |  | 41000 | &nbsp;&nbsp; 45523 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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., |  |  |
| 5.00%, 11/17/2025 |  | $59000 | &nbsp;&nbsp; $59060 |
| 4.38%, 11/01/2027 |  | 961000 | &nbsp;&nbsp; 968399 |
| 5.13%, 11/17/2027 |  | 185000 | &nbsp;&nbsp; 188995 |
| 4.88%, 02/15/2028<sup>(c)</sup> <br>|  | 345000 | &nbsp;&nbsp; 351693 |
| 4.13%, 04/28/2028<sup>(c)</sup> <br>|  | 1539000 | &nbsp;&nbsp; 1542835 |
| 5.25%, 09/07/2028 |  | 242000 | &nbsp;&nbsp; 250121 |
| 4.88%, 02/13/2029 |  | 603000 | &nbsp;&nbsp; 616012 |
| 4.63%, 11/01/2029<sup>(c)</sup> <br>|  | 1112000 | &nbsp;&nbsp; 1130025 |
| 4.38%, 04/30/2030 |  | 3048000 | &nbsp;&nbsp; 3066253 |
| 5.13%, 02/13/2031 |  | 152000 | &nbsp;&nbsp; 157131 |
| 4.75%, 11/01/2031 |  | 852000 | &nbsp;&nbsp; 864727 |
| 5.75%, 11/17/2032 |  | 74000 | &nbsp;&nbsp; 78391 |
| 5.38%, 02/15/2033 |  | 361000 | &nbsp;&nbsp; 373875 |
| 5.63%, 09/07/2033 |  | 186000 | &nbsp;&nbsp; 195325 |
| 5.25%, 02/13/2034 |  | 6000 | &nbsp;&nbsp; 6134 |
| 4.90%, 11/01/2034<sup>(c)</sup> <br>|  | 1878000 | &nbsp;&nbsp; 1870693 |
| 4.88%, 04/30/2035<sup>(c)</sup> <br>|  | 2471000 | &nbsp;&nbsp; 2449346 |
|  |  |  | &nbsp;&nbsp; 14830312 |
| **Trading Companies & Distributors–0.12%** | **Trading Companies & Distributors–0.12%** | **Trading Companies & Distributors–0.12%** | **Trading Companies & Distributors–0.12%** |
| Air Lease Corp., Series B, <br> 4.65%<sup>(e)(g)</sup> <br>|  | 2857000 | &nbsp;&nbsp; 2832801 |
| Ferguson Enterprises, Inc., <br> 5.00%, 10/03/2034<br>|  | 497000 | &nbsp;&nbsp; 492348 |
| GATX Corp., | GATX Corp., |  |  |
| 5.50%, 06/15/2035 |  | 32000 | &nbsp;&nbsp; 32601 |
| 6.05%, 06/05/2054 |  | 41000 | &nbsp;&nbsp; 41044 |
| Mitsubishi Corp. (Japan), | Mitsubishi Corp. (Japan), |  |  |
| 5.00%, 07/02/2029<sup>(b)(c)</sup> <br>|  | 1423000 | &nbsp;&nbsp; 1465205 |
| 5.13%, 07/17/2034<sup>(b)(c)</sup> <br>|  | 1348000 | &nbsp;&nbsp; 1383717 |
|  |  |  | &nbsp;&nbsp; 6247716 |
| **Transaction & Payment Processing Services–0.18%** | **Transaction & Payment Processing Services–0.18%** | **Transaction & Payment Processing Services–0.18%** | **Transaction & Payment Processing Services–0.18%** |
| Block, Inc., | Block, Inc., |  |  |
| 5.63%, 08/15/2030<sup>(b)</sup> <br>|  | 1295000 | &nbsp;&nbsp; 1324560 |
| 6.00%, 08/15/2033<sup>(b)</sup> <br>|  | 1553000 | &nbsp;&nbsp; 1595359 |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.38%, 08/21/2028 |  | 346000 | &nbsp;&nbsp; 357066 |
| 4.55%, 02/15/2031 |  | 1786000 | &nbsp;&nbsp; 1786368 |
| 5.63%, 08/21/2033 |  | 212000 | &nbsp;&nbsp; 220090 |
| 5.45%, 03/15/2034<sup>(c)</sup> <br>|  | 477000 | &nbsp;&nbsp; 488976 |
| 5.25%, 08/11/2035<sup>(c)</sup> <br>|  | 3853000 | &nbsp;&nbsp; 3839304 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 200000 | &nbsp;&nbsp; 204570 |
|  |  |  | &nbsp;&nbsp; 9816293 |
| **Water Utilities–0.05%** | **Water Utilities–0.05%** | **Water Utilities–0.05%** | **Water Utilities–0.05%** |
| American Water Capital Corp., <br> 5.70%, 09/01/2055<br>|  | 2872000 | &nbsp;&nbsp; 2830197 |
| **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** |
| Liquid Telecommunications <br> Financing PLC (South Africa), <br> 5.50%, 09/04/2026<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 173245 |
| Rogers Communications, Inc. <br> (Canada), | Rogers Communications, Inc. <br> (Canada), |  |  |
| 7.00%, 04/15/2055<sup>(e)</sup> <br>|  | 3383000 | &nbsp;&nbsp; 3478671 |
| 7.13%, 04/15/2055<sup>(e)</sup> <br>|  | 2357000 | &nbsp;&nbsp; 2447929 |

---

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** |
| **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** | **Wireless Telecommunication Services–(continued)** |
| 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>|  | $459250 | &nbsp;&nbsp; $462688 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 5.65%, 01/15/2053 |  | 134000 | &nbsp;&nbsp; 128430 |
| 6.00%, 06/15/2054 |  | 9000 | &nbsp;&nbsp; 9066 |
| 5.88%, 11/15/2055<sup>(c)</sup> <br>|  | 1446000 | &nbsp;&nbsp; 1427890 |
| Turkcell Iletisim Hizmetleri A.S. <br> (Turkey), 7.65%, <br> 01/24/2032<sup>(b)</sup> <br>|  | 670000 | &nbsp;&nbsp; 701752 |
| Vodafone Group PLC (United <br> Kingdom), | Vodafone Group PLC (United <br> Kingdom), |  |  |
| 3.25%, 06/04/2081<sup>(e)</sup> <br>|  | 250000 | &nbsp;&nbsp; 245409 |
| 5.13%, 06/04/2081<sup>(e)</sup> <br>|  | 4818000 | &nbsp;&nbsp; 3743040 |
|  |  |  | &nbsp;&nbsp; 12818120 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,499,655,039) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,499,655,039) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,499,655,039) | &nbsp;&nbsp; 2528581129 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–31.65%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–31.65%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–31.65%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–31.65%** |
| **Collateralized Mortgage Obligations–0.68%** | **Collateralized Mortgage Obligations–0.68%** | **Collateralized Mortgage Obligations–0.68%** | **Collateralized Mortgage Obligations–0.68%** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>7.00%, 05/25/2033<sup>(k)</sup> <br>|  | 1645 | &nbsp;&nbsp; 196 |
| 6.00%, 07/25/2033<sup>(k)</sup> <br>|  | 1570 | &nbsp;&nbsp; 200 |
| 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>(l)</sup> <br>|  | 4736000 | &nbsp;&nbsp; 4733353 |
| Series K085, Class AM, <br>4.06%, 10/25/2028<sup>(l)</sup> <br>|  | 4736000 | &nbsp;&nbsp; 4748572 |
| Series K089, Class AM, <br>3.63%, 01/25/2029<sup>(l)</sup> <br>|  | 8018000 | &nbsp;&nbsp; 7922090 |
| Series K088, Class AM, <br>3.76%, 01/25/2029<sup>(l)</sup> <br>|  | 18944000 | &nbsp;&nbsp; 18810701 |
|  |  |  | &nbsp;&nbsp; 36215112 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–2.33%** | **Federal Home Loan Mortgage Corp. (FHLMC)–2.33%** | **Federal Home Loan Mortgage Corp. (FHLMC)–2.33%** | **Federal Home Loan Mortgage Corp. (FHLMC)–2.33%** |
| 3.50%, 08/01/2026 |  | 20737 | &nbsp;&nbsp; 20587 |
| 7.00%, 05/01/2028 to <br> 06/01/2032<br>|  | 124801 | &nbsp;&nbsp; 131362 |
| 6.00%, 03/01/2029 to <br> 08/01/2053<br>|  | 54593933 | &nbsp;&nbsp; 56344736 |
| 7.50%, 05/01/2030 to <br> 05/01/2035<br>|  | 130611 | &nbsp;&nbsp; 134034 |
| 8.50%, 08/01/2031 |  | 8193 | &nbsp;&nbsp; 8669 |
| 3.00%, 02/01/2032 to <br> 11/01/2052<br>|  | 35027394 | &nbsp;&nbsp; 30497684 |
| 6.50%, 08/01/2032 to <br> 09/01/2036<br>|  | 41181 | &nbsp;&nbsp; 43387 |
| 8.00%, 08/01/2032 |  | 5772 | &nbsp;&nbsp; 6060 |
| 5.50%, 01/01/2034 to <br> 07/01/2053<br>|  | 27515628 | &nbsp;&nbsp; 27927397 |
| 5.00%, 07/01/2034 to <br> 06/01/2040<br>|  | 720470 | &nbsp;&nbsp; 734693 |
| 4.50%, 02/01/2040 to <br> 10/01/2046<br>|  | 7868537 | &nbsp;&nbsp; 7858622 |
| ARM, <br>6.89% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 2.05%), <br> 12/01/2036<sup>(d)</sup> <br>|  | 24285 | &nbsp;&nbsp; 25175 |

---

---

| | | |
|:---|:---|:---|
|  | &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)** |
| 7.23% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 2.29%), <br> 02/01/2037<sup>(d)</sup> <br>| $2311 | &nbsp;&nbsp; $2387 |
| 6.71% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 1.88%), <br> 05/01/2037<sup>(d)</sup> <br>| 37498 | &nbsp;&nbsp; 38749 |
|  |  | &nbsp;&nbsp; 123773542 |
| **Federal National Mortgage Association (FNMA)–1.21%** | **Federal National Mortgage Association (FNMA)–1.21%** | **Federal National Mortgage Association (FNMA)–1.21%** |
| 6.50%, 07/01/2028 to <br> 01/01/2037<br>| 25243 | &nbsp;&nbsp; 26312 |
| 7.50%, 02/01/2030 to <br> 08/01/2037<br>| 205138 | &nbsp;&nbsp; 212197 |
| 3.50%, 12/01/2030 to <br> 05/01/2047<br>| 20388566 | &nbsp;&nbsp; 18976817 |
| 7.00%, 03/01/2032 to <br> 02/01/2034<br>| 106880 | &nbsp;&nbsp; 112424 |
| 8.50%, 10/01/2032 | 13552 | &nbsp;&nbsp; 14154 |
| 5.50%, 04/01/2033 to <br> 09/01/2053<br>| 29669623 | &nbsp;&nbsp; 30070743 |
| 8.00%, 04/01/2033 | 11847 | &nbsp;&nbsp; 12447 |
| 6.00%, 04/01/2037 to <br> 10/01/2039<br>| 3152 | &nbsp;&nbsp; 3321 |
| 5.00%, 12/01/2039 | 213234 | &nbsp;&nbsp; 217285 |
| 3.00%, 08/01/2043 | 1583671 | &nbsp;&nbsp; 1446154 |
| 4.00%, 12/01/2048 | 13480043 | &nbsp;&nbsp; 12829369 |
| ARM, <br>6.38% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.21%), <br> 05/01/2035<sup>(d)</sup> <br>| 28344 | &nbsp;&nbsp; 29303 |
| 6.60% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 1.64%), <br> 01/01/2037<sup>(d)</sup> <br>| 15461 | &nbsp;&nbsp; 16047 |
| 6.73% (1 yr. Refinitiv USD <br> IBOR Consumer Cash <br> Fallbacks + 1.73%), <br> 03/01/2038<sup>(d)</sup> <br>| 11094 | &nbsp;&nbsp; 11346 |
|  |  | &nbsp;&nbsp; 63977919 |
| **Government National Mortgage Association (GNMA)–6.99%** | **Government National Mortgage Association (GNMA)–6.99%** | **Government National Mortgage Association (GNMA)–6.99%** |
| 8.00%, 06/15/2026 | 339 | &nbsp;&nbsp; 339 |
| 6.56%, 01/15/2027 | 13728 | &nbsp;&nbsp; 13893 |
| 7.00%, 10/15/2028 to <br> 09/15/2032<br>| 49091 | &nbsp;&nbsp; 49898 |
| 6.00%, 11/15/2028 to <br> 02/15/2033<br>| 23325 | &nbsp;&nbsp; 24336 |
| 6.50%, 01/15/2029 to <br> 09/15/2034<br>| 26626 | &nbsp;&nbsp; 27147 |
| 7.50%, 05/15/2031 to <br> 05/15/2032<br>| 2521 | &nbsp;&nbsp; 2539 |
| 5.50%, 06/15/2035 | 13539 | &nbsp;&nbsp; 13767 |
| 5.00%, 07/15/2035 | 1263 | &nbsp;&nbsp; 1289 |
| 4.00%, 03/20/2048 | 2573928 | &nbsp;&nbsp; 2411964 |
| TBA, <br>2.50%, 09/01/2055<sup>(m)</sup> <br>| 64300000 | &nbsp;&nbsp; 54824568 |
| 4.50%, 09/01/2055<sup>(m)</sup> <br>| 63574000 | &nbsp;&nbsp; 61240190 |
| 5.00%, 09/01/2055<sup>(m)</sup> <br>| 85300000 | &nbsp;&nbsp; 84460187 |
| 5.50%, 09/01/2055<sup>(m)</sup> <br>| 83978000 | &nbsp;&nbsp; 84620680 |
| 6.00%, 09/01/2055<sup>(m)</sup> <br>| 82162000 | &nbsp;&nbsp; 83816731 |
|  |  | &nbsp;&nbsp; 371507528 |

---

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** |
| **Uniform Mortgage-Backed Securities–20.44%** | **Uniform Mortgage-Backed Securities–20.44%** | **Uniform Mortgage-Backed Securities–20.44%** | **Uniform Mortgage-Backed Securities–20.44%** |
| TBA, <br>2.00%, 09/01/2055<sup>(m)</sup> <br>|  | $229511641 | &nbsp;&nbsp; $182333031 |
| 2.50%, 09/01/2055<sup>(m)</sup> <br>|  | 297706525 | &nbsp;&nbsp; 247230273 |
| 3.00%, 09/01/2055<sup>(m)</sup> <br>|  | 230816987 | &nbsp;&nbsp; 200007554 |
| 3.50%, 09/01/2055<sup>(m)</sup> <br>|  | 114474877 | &nbsp;&nbsp; 103429985 |
| 4.00%, 09/01/2055<sup>(m)</sup> <br>|  | 93644561 | &nbsp;&nbsp; 87396890 |
| 4.50%, 09/01/2055<sup>(m)</sup> <br>|  | 24461730 | &nbsp;&nbsp; 23530763 |
| 5.00%, 09/01/2055<sup>(m)</sup> <br>|  | 108691822 | &nbsp;&nbsp; 107209468 |
| 5.50%, 09/01/2055<sup>(m)</sup> <br>|  | 74316596 | &nbsp;&nbsp; 74746591 |
| 6.00%, 09/01/2055<sup>(m)</sup> <br>|  | 58896676 | &nbsp;&nbsp; 60175906 |
|  |  |  | &nbsp;&nbsp; 1086060461 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $1,681,101,976) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $1,681,101,976) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $1,681,101,976) | &nbsp;&nbsp; 1681534562 |
| **Asset-Backed Securities–29.91%** | **Asset-Backed Securities–29.91%** | **Asset-Backed Securities–29.91%** | **Asset-Backed Securities–29.91%** |
| Adjustable Rate Mortgage Trust, | Adjustable Rate Mortgage Trust, |  |  |
| Series 2004-2, Class 6A1, <br> 0.71%, 02/25/2035<sup>(l)</sup> <br>|  | 34550 | &nbsp;&nbsp; 34400 |
| Series 2005-1, Class 4A1, <br> 5.88%, 05/25/2035<sup>(l)</sup> <br>|  | 230372 | &nbsp;&nbsp; 226184 |
| AGL CLO 17 Ltd., <br> Series 2022-17A, Class AR, <br> 5.28% (3 mo. Term SOFR + <br> 0.95%), 01/21/2035<sup>(b)(d)</sup> <br>|  | 12106000 | &nbsp;&nbsp; 12112767 |
| ALA Trust, Series 2025-OANA, <br> Class B, 6.21% (1 mo. Term <br> SOFR + 1.84%), <br> 06/15/2040<sup>(b)(d)</sup> <br>|  | 7781000 | &nbsp;&nbsp; 7836114 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, <br> 10/17/2038<sup>(b)</sup> <br>|  | 13340000 | &nbsp;&nbsp; 12859652 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.16%, 12/25/2059<sup>(b)(l)</sup> <br>|  | 470915 | &nbsp;&nbsp; 459135 |
| Series 2020-3, Class A1, <br> 1.69%, 04/25/2065<sup>(b)(l)</sup> <br>|  | 2268643 | &nbsp;&nbsp; 2152008 |
| Series 2020-5, Class A1, <br> 1.37%, 05/25/2065<sup>(b)(l)</sup> <br>|  | 1048633 | &nbsp;&nbsp; 1006132 |
| Series 2021-3, Class A1, <br> 1.07%, 05/25/2066<sup>(b)(l)</sup> <br>|  | 2172131 | &nbsp;&nbsp; 1872380 |
| Series 2021-7, Class A1, <br> 1.98%, 10/25/2066<sup>(b)(l)</sup> <br>|  | 5915281 | &nbsp;&nbsp; 5156435 |
| Series 2022-1, Class A1, <br> 2.88%, 12/25/2066<sup>(b)(l)</sup> <br>|  | 10788771 | &nbsp;&nbsp; 10150555 |
| Series 2023-6, Class A1, <br> 6.50%, 12/25/2067<sup>(b)(l)</sup> <br>|  | 2818725 | &nbsp;&nbsp; 2847411 |
| Series 2024-10, Class A1, <br> 5.35%, 10/25/2069<sup>(b)(l)</sup> <br>|  | 8594412 | &nbsp;&nbsp; 8639257 |
| Series 2024-2, Class A1, <br> 5.99%, 01/25/2069<sup>(b)(l)</sup> <br>|  | 11458967 | &nbsp;&nbsp; 11575504 |
| Series 2024-8, Class A1, <br> 5.34%, 05/27/2069<sup>(b)(l)</sup> <br>|  | 6664513 | &nbsp;&nbsp; 6677493 |
| Series 2025-HB1, Class A1, <br> 6.15% (30 Day Average <br> SOFR + 1.80%), <br> 02/25/2055<sup>(b)(d)</sup> <br>|  | 1680047 | &nbsp;&nbsp; 1696959 |
| Apidos CLO XII, Series 2013-<br> 12A, Class ARR, 5.40% (3 <br> mo. Term SOFR + 1.08%), <br> 04/15/2031<sup>(b)(d)</sup> <br>|  | 5902378 | &nbsp;&nbsp; 5906739 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Apidos CLO XXV, Series 2016-<br> 25A, Class A1R3, 5.47% (3 <br> mo. Term SOFR + 1.14%), <br> 01/20/2037<sup>(b)(d)</sup> <br>|  | $10795000 | &nbsp;&nbsp; $10796295 |
| 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; 19981187 |
| Series 2022-1A, Class C, <br> 4.84%, 08/21/2028<sup>(b)</sup> <br>|  | 5417000 | &nbsp;&nbsp; 5388519 |
| Series 2023-1A, Class A, <br> 5.25%, 04/20/2029<sup>(b)</sup> <br>|  | 3919000 | &nbsp;&nbsp; 4009284 |
| Series 2023-2A, Class A, <br> 5.20%, 10/20/2027<sup>(b)</sup> <br>|  | 2475000 | &nbsp;&nbsp; 2493719 |
| Series 2023-4A, Class A, <br> 5.49%, 06/20/2029<sup>(b)</sup> <br>|  | 13131000 | &nbsp;&nbsp; 13517632 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), | Bain Capital Credit CLO Ltd. (Cayman <br> Islands), |  |  |
| Series 2019-4A, Class A1RR, <br> 5.31% (3 mo. Term SOFR + <br> 0.99%), 04/23/2035<sup>(b)(d)</sup> <br>|  | 1170000 | &nbsp;&nbsp; 1170990 |
| Series 2021-1A, Class AR, <br> 5.27% (3 mo. Term SOFR + <br> 0.94%), 04/18/2034<sup>(b)(d)</sup> <br>|  | 6388000 | &nbsp;&nbsp; 6389795 |
| Series 2021-4A, Class A1R, <br> 5.53% (3 mo. Term SOFR + <br> 1.20%), 10/20/2034<sup>(b)(d)</sup> <br>|  | 1760000 | &nbsp;&nbsp; 1762239 |
| Banc of America Commercial <br> Mortgage Trust, <br> Series 2015-UBS7, Class AS, <br> 3.99%, 09/15/2048<sup>(l)</sup> <br>|  | 4394000 | &nbsp;&nbsp; 4382461 |
| Bank5, Series 2024-5YR10, <br> Class A, 5.64%, <br> 10/15/2057<br>|  | 3175000 | &nbsp;&nbsp; 3264173 |
| 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)(l)</sup> <br>|  | 9450035 | &nbsp;&nbsp; 8043718 |
| Series 2021-4, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(l)</sup> <br>|  | 9449306 | &nbsp;&nbsp; 7719743 |
| Series 2021-4, Class A8, <br> 2.50%, 10/25/2051<sup>(b)(l)</sup> <br>|  | 8281077 | &nbsp;&nbsp; 7447409 |
| Series 2021-5, Class A1, <br> 3.00%, 11/25/2051<sup>(b)(l)</sup> <br>|  | 9791003 | &nbsp;&nbsp; 8375487 |
| Series 2021-5, Class A2, <br> 2.50%, 11/25/2051<sup>(b)(l)</sup> <br>|  | 11946892 | &nbsp;&nbsp; 9779114 |
| 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>(f)(l)</sup> <br>|  | 170034 | &nbsp;&nbsp; 164644 |
| Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.25%), <br> 02/25/2036<sup>(d)</sup> <br>|  | 118937 | &nbsp;&nbsp; 113661 |
| Bear Stearns ALT-A Trust, <br> Series 2004-11, Class 2A3, <br> 5.57%, 11/25/2034<sup>(l)</sup> <br>|  | 134087 | &nbsp;&nbsp; 135836 |
| Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| Series 2018-B3, Class C, <br> 4.70%, 04/10/2051<sup>(l)</sup> <br>|  | 6921000 | &nbsp;&nbsp; 6073626 |
| Series 2019-B14, Class A5, <br> 3.05%, 12/15/2062<br>|  | 16455000 | &nbsp;&nbsp; 15524206 |
| Series 2019-B15, Class B, <br> 3.56%, 12/15/2072<br>|  | 12220000 | &nbsp;&nbsp; 10629446 |

---

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** |
| Benefit Street Partners CLO XXIII <br> Ltd., Series 2021-23A, <br> Class A1R, 5.42% (3 mo. <br> Term SOFR + 1.10%), <br> 04/25/2034<sup>(b)(d)</sup> <br>|  | $15795000 | &nbsp;&nbsp; $15829244 |
| Benefit Street Partners CLO XXV <br> Ltd., Series 2021-25A, <br> Class A1R, 5.32% (3 mo. <br> Term SOFR + 1.00%), <br> 01/15/2035<sup>(b)(d)</sup> <br>|  | 9863000 | &nbsp;&nbsp; 9867922 |
| BMO Mortgage Trust, <br> Series 2024-5C5, Class AS, <br> 6.36%, 02/15/2057<sup>(l)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2636995 |
| BRAVO Residential Funding <br> Trust, Series 2021-NQM2, <br> Class A1, 0.97%, <br> 03/25/2060<sup>(b)(l)</sup> <br>|  | 1018791 | &nbsp;&nbsp; 993374 |
| BSTN Commercial Mortgage <br> Trust, Series 2025-1C, <br> Class A, 5.55%, <br> 06/15/2044<sup>(b)(l)</sup> <br>|  | 2065000 | &nbsp;&nbsp; 2125077 |
| Buckhorn Park CLO Ltd., <br> Series 2019-1A, Class ARR, <br> 5.40% (3 mo. Term SOFR + <br> 1.07%), 07/18/2034<sup>(b)(d)</sup> <br>|  | 3994000 | &nbsp;&nbsp; 3995969 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 5.33% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(b)(d)</sup> <br>|  | 5705321 | &nbsp;&nbsp; 5705195 |
| Series 2021-VOLT, Class C, <br> 5.58% (1 mo. Term SOFR + <br> 1.21%), 09/15/2036<sup>(b)(d)</sup> <br>|  | 6200500 | &nbsp;&nbsp; 6179708 |
| Series 2021-VOLT, Class D, <br> 6.13% (1 mo. Term SOFR + <br> 1.76%), 09/15/2036<sup>(b)(d)</sup> <br>|  | 11981497 | &nbsp;&nbsp; 11951241 |
| Series 2024-VLT5, Class A, <br> 5.59%, 11/13/2046<sup>(b)(l)</sup> <br>|  | 7025000 | &nbsp;&nbsp; 7140300 |
| Series 2024-VLT5, Class B, <br> 5.99%, 11/13/2046<sup>(b)(l)</sup> <br>|  | 4590000 | &nbsp;&nbsp; 4697116 |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 5.36% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(b)(d)</sup> <br>|  | 10965000 | &nbsp;&nbsp; 10967809 |
| Series 2022-LBA6, Class B, <br> 5.66% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(b)(d)</sup> <br>|  | 6790000 | &nbsp;&nbsp; 6792857 |
| Series 2022-LBA6, Class C, <br> 5.96% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(b)(d)</sup> <br>|  | 3630000 | &nbsp;&nbsp; 3631014 |
| Series 2025-VLT6, Class A, <br> 5.81% (1 mo. Term SOFR + <br> 1.44%), 03/15/2042<sup>(b)(d)</sup> <br>|  | 9085000 | &nbsp;&nbsp; 9089969 |
| Series 2025-VLT6, Class B, <br> 6.26% (1 mo. Term SOFR + <br> 1.89%), 03/15/2042<sup>(b)(d)</sup> <br>|  | 5740000 | &nbsp;&nbsp; 5745632 |
| Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), | Carlyle Global Market Strategies CLO <br> Ltd. (Cayman Islands), |  |  |
| Series 2015-4A, Class A1RR, <br> 5.55% (3 mo. Term SOFR + <br> 1.22%), 07/20/2032<sup>(b)(d)</sup> <br>|  | 5038500 | &nbsp;&nbsp; 5039860 |
| Series 2015-5A, Class A1R3, <br> 5.43% (3 mo. Term SOFR + <br> 1.10%), 01/20/2032<sup>(b)(d)</sup> <br>|  | 3207715 | &nbsp;&nbsp; 3214262 |
| Carlyle US CLO 2020-2 Ltd., <br> Series 2020-2A, Class A1R2, <br> 5.30% (3 mo. Term SOFR + <br> 1.08%), 01/25/2035<sup>(b)(d)</sup> <br>|  | 14320000 | &nbsp;&nbsp; 14330740 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Cedar Funding XI CLO Ltd., <br> Series 2019-11A, <br> Class A1R2, 5.26% (3 mo. <br> Term SOFR + 1.06%), <br> 05/29/2032<sup>(b)(d)</sup> <br>|  | $6705740 | &nbsp;&nbsp; $6698364 |
| Centersquare Issuer LLC, | Centersquare Issuer LLC, |  |  |
| Series 2025-3A, Class A2, <br> 5.00%, 08/25/2055<sup>(b)</sup> <br>|  | 8430000 | &nbsp;&nbsp; 8146055 |
| Series 2025-4A, Class A2, <br> 5.20%, 08/25/2055<sup>(i)</sup> <br>|  | 10250000 | &nbsp;&nbsp; 9668888 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |  |
| Series 2019-ATR2, Class A3, <br> 3.50%, 07/25/2049<sup>(b)(l)</sup> <br>|  | 3365665 | &nbsp;&nbsp; 3069610 |
| Series 2024-9, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(l)</sup> <br>|  | 7112272 | &nbsp;&nbsp; 7150591 |
| Series 2024-9, Class A6, <br> 5.50%, 09/25/2055<sup>(b)(l)</sup> <br>|  | 1132538 | &nbsp;&nbsp; 1134069 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(b)(l)</sup> <br>|  | 783888 | &nbsp;&nbsp; 717233 |
| Series 2016-SH2, Class M2, <br> 3.75%, 12/25/2045<sup>(b)(l)</sup> <br>|  | 3211069 | &nbsp;&nbsp; 2996167 |
| Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(l)</sup> <br>|  | 1592694 | &nbsp;&nbsp; 1479805 |
| CIFC Funding 2021-VII Ltd., <br> Series 2021-7A, Class AR, <br> 5.32% (3 mo. Term SOFR + <br> 1.09%), 01/23/2035<sup>(b)(d)</sup> <br>|  | 17100000 | &nbsp;&nbsp; 17112825 |
| CIFC Funding Ltd., <br> Series 2016-1A, Class AR3, <br> 5.33% (3 mo. Term SOFR + <br> 1.00%), 10/21/2031<sup>(b)(d)</sup> <br>|  | 4453528 | &nbsp;&nbsp; 4447743 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2004-UST1, Class A4, <br> 6.53%, 08/25/2034<sup>(l)</sup> <br>|  | 49183 | &nbsp;&nbsp; 46493 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(l)</sup> <br>|  | 9456422 | &nbsp;&nbsp; 7737829 |
| Series 2024-1, Class A3A, <br> 6.00%, 07/25/2054<sup>(b)(l)</sup> <br>|  | 7925483 | &nbsp;&nbsp; 8045589 |
| CLI Funding IX LLC, <br> Series 2025-1A, Class A, <br> 5.35%, 06/20/2050<sup>(b)</sup> <br>|  | 3600424 | &nbsp;&nbsp; 3664382 |
| Clover CLO LLC, Series 2021-<br> 3A, Class AR, 5.39% (3 mo. <br> Term SOFR + 1.07%), <br> 01/25/2035<sup>(b)(d)</sup> <br>|  | 10177000 | &nbsp;&nbsp; 10183045 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, <br> 1.73%, 11/26/2066<sup>(b)(l)</sup> <br>|  | 2818121 | &nbsp;&nbsp; 2553217 |
| Series 2022-1, Class A1, <br> 2.28%, 12/27/2066<sup>(b)(l)</sup> <br>|  | 6104854 | &nbsp;&nbsp; 5584858 |
| Series 2022-2, Class A1, <br> 2.99%, 02/25/2067<sup>(b)(l)</sup> <br>|  | 6277031 | &nbsp;&nbsp; 6024499 |
| Series 2022-3, Class A1, <br> 3.90%, 02/25/2067<sup>(b)(l)</sup> <br>|  | 8576779 | &nbsp;&nbsp; 8468036 |
| Countrywide Home Loans <br> Mortgage Pass-Through Trust, <br> Series 2007-13, Class A10, <br> 6.00%, 08/25/2037<br>|  | 183964 | &nbsp;&nbsp; 82424 |

---

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** |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, <br> Class A1, 0.81%, <br> 05/25/2065<sup>(b)(l)</sup> <br>|  | $1153212 | &nbsp;&nbsp; $1050196 |
| Series 2021-NQM2, <br> Class A1, 1.18%, <br> 02/25/2066<sup>(b)(l)</sup> <br>|  | 1862477 | &nbsp;&nbsp; 1675052 |
| Series 2022-ATH1, <br> Class A1A, 2.87%, <br> 01/25/2067<sup>(b)(l)</sup> <br>|  | 7399812 | &nbsp;&nbsp; 7200407 |
| Series 2022-ATH1, <br> Class A1B, 3.35%, <br> 01/25/2067<sup>(b)(l)</sup> <br>|  | 5772399 | &nbsp;&nbsp; 5353442 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(l)</sup> <br>|  | 8448143 | &nbsp;&nbsp; 8423102 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(b)(l)</sup> <br>|  | 5263226 | &nbsp;&nbsp; 5318731 |
| Series 2024-H8, Class A1, <br> 5.55%, 12/25/2069<sup>(b)(l)</sup> <br>|  | 6452948 | &nbsp;&nbsp; 6498509 |
| CSAIL Commercial Mortgage <br> Trust, Series 2020-C19, <br> Class A3, 2.56%, <br> 03/15/2053<br>|  | 22374000 | &nbsp;&nbsp; 20319490 |
| CSFB Mortgage-Backed <br> Pass-Through Ctfs., <br> Series 2004-AR5, Class 3A1, <br> 4.60%, 06/25/2034<sup>(l)</sup> <br>|  | 353327 | &nbsp;&nbsp; 335678 |
| DB Master Finance LLC, | DB Master Finance LLC, |  |  |
| Series 2019-1A, Class A23, <br> 4.35%, 05/20/2049<sup>(b)</sup> <br>|  | 9597400 | &nbsp;&nbsp; 9516985 |
| Series 2019-1A, Class A2II, <br> 4.02%, 05/20/2049<sup>(b)</sup> <br>|  | 10137900 | &nbsp;&nbsp; 10087673 |
| Deutsche Mortgage Securities, <br> Inc. Re-REMIC Trust Ctfs., <br> Series 2007-WM1, Class A1, <br> 4.50%, 06/27/2037<sup>(b)(l)</sup> <br>|  | 2684109 | &nbsp;&nbsp; 2391442 |
| 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; 17914903 |
| Series 2025-1A, Class A2I, <br> 4.93%, 07/25/2055<sup>(b)</sup> <br>|  | 8940000 | &nbsp;&nbsp; 9008634 |
| Series 2025-1A, Class A2II, <br> 5.22%, 07/25/2055<sup>(b)</sup> <br>|  | 7800000 | &nbsp;&nbsp; 7875941 |
| EFMT, Series 2025-NQM2, <br> Class A1, 5.60%, <br> 06/25/2070<sup>(b)(l)</sup> <br>|  | 9441569 | &nbsp;&nbsp; 9546313 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2019-2, Class A1, <br> 2.74%, 11/25/2059<sup>(b)(l)</sup> <br>|  | 1259030 | &nbsp;&nbsp; 1201509 |
| Series 2020-1, Class A1, <br> 2.01%, 05/25/2065<sup>(b)(l)</sup> <br>|  | 41386 | &nbsp;&nbsp; 41191 |
| Series 2021-1, Class A1, <br> 0.80%, 02/25/2066<sup>(b)(l)</sup> <br>|  | 663152 | &nbsp;&nbsp; 582194 |
| Series 2022-1, Class A1, <br> 2.21%, 01/25/2067<sup>(b)(l)</sup> <br>|  | 6209138 | &nbsp;&nbsp; 5497093 |
| Series 2022-3, Class A1, <br> 5.00%, 08/25/2067<sup>(b)(l)</sup> <br>|  | 8158361 | &nbsp;&nbsp; 8135118 |
| Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)(l)</sup> <br>|  | 5233962 | &nbsp;&nbsp; 5217208 |
| Elmwood CLO 15 Ltd., <br> Series 2022-2A, Class A1R, <br> 5.41% (3 mo. Term SOFR + <br> 1.15%), 04/22/2035<sup>(b)(d)</sup> <br>|  | 16550000 | &nbsp;&nbsp; 16565722 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Empower CLO Ltd., <br> Series 2024-1A, Class A1, <br> 5.92% (3 mo. Term SOFR + <br> 1.60%), 04/25/2037<sup>(b)(d)</sup> <br>|  | $10250000 | &nbsp;&nbsp; $10299528 |
| 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; 1742928 |
| Series 2024-2, Class A4, <br> 5.69%, 12/20/2030<sup>(b)</sup> <br>|  | 1991000 | &nbsp;&nbsp; 2065252 |
| Series 2024-4, Class A3, <br> 4.56%, 11/20/2028<sup>(b)</sup> <br>|  | 4070000 | &nbsp;&nbsp; 4108008 |
| Extended Stay America Trust, <br> Series 2021-ESH, Class B, <br> 5.86% (1 mo. Term SOFR + <br> 1.49%), 07/15/2038<sup>(b)(d)</sup> <br>|  | 7858022 | &nbsp;&nbsp; 7863452 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(l)</sup> <br>|  | 13865489 | &nbsp;&nbsp; 12471101 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(l)</sup> <br>|  | 2925099 | &nbsp;&nbsp; 2630927 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, <br> 5.28% (3 mo. Term SOFR + <br> 0.95%), 04/22/2034<sup>(b)(d)</sup> <br>|  | 7063000 | &nbsp;&nbsp; 7053119 |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 11786710 | &nbsp;&nbsp; 11981574 |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2019-NQM3, <br> Class A1, 3.69%, <br> 11/25/2059<sup>(b)(l)</sup> <br>|  | 785769 | &nbsp;&nbsp; 768069 |
| Series 2020-NQM2, <br> Class A1, 2.56%, <br> 04/25/2065<sup>(b)(l)</sup> <br>|  | 767117 | &nbsp;&nbsp; 737741 |
| Series 2025-NQM2, <br> Class A1, 5.60%, <br> 04/25/2070<sup>(b)(l)</sup> <br>|  | 4854725 | &nbsp;&nbsp; 4907207 |
| GMACM Mortgage Loan Trust, <br> Series 2006-AR1, Class 1A1, <br> 3.36%, 04/19/2036<sup>(l)</sup> <br>|  | 331409 | &nbsp;&nbsp; 275338 |
| Goldentree Loan Management <br> US CLO 1 Ltd., <br> Series 2017-1A, Class A1R3, <br> 5.30% (3 mo. Term SOFR + <br> 0.97%), 04/20/2034<sup>(b)(d)</sup> <br>|  | 4358000 | &nbsp;&nbsp; 4355302 |
| GoldenTree Loan Management <br> US CLO 8 Ltd., <br> Series 2020-8A, Class ARR, <br> 5.48% (3 mo. Term SOFR + <br> 1.15%), 10/20/2034<sup>(b)(d)</sup> <br>|  | 5985000 | &nbsp;&nbsp; 5994456 |
| GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |  |
| Series 2020-GC45, Class A5, <br> 2.91%, 02/13/2053<br>|  | 8325000 | &nbsp;&nbsp; 7807549 |
| Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 8750000 | &nbsp;&nbsp; 8017307 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(l)</sup> <br>|  | 7548453 | &nbsp;&nbsp; 6764057 |
| Series 2025-HE1, Class A1, <br> 5.90% (30 Day Average <br> SOFR + 1.55%), <br> 10/25/2055<sup>(b)(d)</sup> <br>|  | 4748761 | &nbsp;&nbsp; 4752309 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR6, Class 3A2, <br> 4.64%, 09/25/2035<sup>(l)</sup> <br>|  | 75142 | &nbsp;&nbsp; 68548 |

---

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** |
| HarborView Mortgage Loan <br> Trust, Series 2005-9, <br> Class 2A1C, 5.35% (1 mo. <br> Term SOFR + 1.01%), <br> 06/20/2035<sup>(d)</sup> <br>|  | $10315 | &nbsp;&nbsp; $9737 |
| 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; 3810010 |
| Series 2021-2A, Class B, <br> 2.12%, 12/27/2027<sup>(b)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2030420 |
| Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, <br> 4.88%, 05/27/2042<sup>(b)</sup> <br>|  | 2365646 | &nbsp;&nbsp; 2402370 |
| ICG US CLO Ltd., Series 2016-<br> 1A, Class A1RR, 5.83% (3 <br> mo. Term SOFR + 1.51%), <br> 04/29/2034<sup>(b)(d)</sup> <br>|  | 10776401 | &nbsp;&nbsp; 10786326 |
| Invitation Homes Trust, <br> Series 2024-SFR1, Class A, <br> 4.00%, 09/17/2041<sup>(b)</sup> <br>|  | 3479040 | &nbsp;&nbsp; 3414512 |
| IP Lending IV Ltd., <br> Series 2022-4A, Class SNR, <br> 6.05%, 04/28/2027<sup>(b)(i)</sup> <br>|  | 12002000 | &nbsp;&nbsp; 11953992 |
| IP Mortgage Trust, <br> Series 2025-IP, Class A, <br> 5.42%, 06/10/2042<sup>(b)(l)</sup> <br>|  | 10963000 | &nbsp;&nbsp; 11192306 |
| J.P. Morgan Mortgage Trust, <br> Series 2025-NQM3, <br> Class A1, 5.50%, <br> 11/25/2065<sup>(b)(l)</sup> <br>|  | 10299650 | &nbsp;&nbsp; 10387808 |
| Jersey Mike's Funding, <br> Series 2025-1A, Class A2, <br> 5.61%, 08/16/2055<sup>(b)</sup> <br>|  | 7100000 | &nbsp;&nbsp; 7252759 |
| Jimmy John's Funding LLC, <br> Series 2017-1A, Class A2II, <br> 4.85%, 07/30/2047<sup>(b)</sup> <br>|  | 5394000 | &nbsp;&nbsp; 5368599 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2005-A3, Class 1A1, <br> 6.17%, 06/25/2035<sup>(l)</sup> <br>|  | 39008 | &nbsp;&nbsp; 39448 |
| Series 2005-A5, Class 1A2, <br> 4.76%, 08/25/2035<sup>(l)</sup> <br>|  | 53332 | &nbsp;&nbsp; 51677 |
| Series 2007-A4, Class 3A1, <br> 5.29%, 06/25/2037<sup>(l)</sup> <br>|  | 292553 | &nbsp;&nbsp; 225361 |
| Series 20153, Class B2, <br> 3.57%, 05/25/2045<sup>(b)(l)</sup> <br>|  | 3026519 | &nbsp;&nbsp; 2866938 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(l)</sup> <br>|  | 10704720 | &nbsp;&nbsp; 9054852 |
| Series 2024-8, Class A3, <br> 5.50%, 01/25/2055<sup>(b)(l)</sup> <br>|  | 1909533 | &nbsp;&nbsp; 1915293 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(l)</sup> <br>|  | 7763479 | &nbsp;&nbsp; 7840079 |
| JPMDB Commercial Mortgage <br> Securities Trust, <br> Series 2020-COR7, Class A5, <br> 2.18%, 05/13/2053<br>|  | 6200000 | &nbsp;&nbsp; 5248262 |
| KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 5.43% (3 mo. <br> Term SOFR + 1.10%), <br> 01/18/2032<sup>(b)(d)</sup> <br>|  | 6223026 | &nbsp;&nbsp; 6225832 |
| Lehman Mortgage Trust, <br> Series 2006-1, Class 3A5, <br> 5.50%, 02/25/2036<br>|  | 88905 | &nbsp;&nbsp; 63183 |
| Life Mortgage Trust, <br> Series 2021-BMR, Class C, <br> 5.58% (1 mo. Term SOFR + <br> 1.21%), 03/15/2038<sup>(b)(d)</sup> <br>|  | 493949 | &nbsp;&nbsp; 491920 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Madison Park Funding XXXIII <br> Ltd., Series 2019-33A, <br> Class AR, 5.61% (3 mo. Term <br> SOFR + 1.29%), <br> 10/15/2032<sup>(b)(d)</sup> <br>|  | $9187317 | &nbsp;&nbsp; $9198360 |
| 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)(l)</sup> <br>|  | 5781756 | &nbsp;&nbsp; 5177860 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(l)</sup> <br>|  | 5776139 | &nbsp;&nbsp; 5183542 |
| Merrill Lynch Mortgage Investors <br> Trust, | Merrill Lynch Mortgage Investors <br> Trust, |  |  |
| Series 2005-3, Class 3A, <br> 2.39%, 11/25/2035<sup>(l)</sup> <br>|  | 151504 | &nbsp;&nbsp; 142885 |
| Series 2005-A5, Class A9, <br> 4.71%, 06/25/2035<sup>(l)</sup> <br>|  | 267044 | &nbsp;&nbsp; 257960 |
| Metronet Infrastructure <br> Issuer LLC, 6.01%, <br> 07/20/2055<sup>(i)</sup> <br>|  | 7250000 | &nbsp;&nbsp; 7268391 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(b)(l)</sup> <br>|  | 6787458 | &nbsp;&nbsp; 6128095 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 5.18% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(b)(d)</sup> <br>|  | 5810000 | &nbsp;&nbsp; 5811255 |
| Series 2021-STOR, Class B, <br> 5.38% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(b)(d)</sup> <br>|  | 4355000 | &nbsp;&nbsp; 4356118 |
| MILE Trust, | MILE Trust, |  |  |
| Series 2025-STNE, Class A, <br> 5.86% (1 mo. Term SOFR + <br> 1.50%), 07/15/2042<sup>(b)(d)</sup> <br>|  | 8975000 | &nbsp;&nbsp; 8992261 |
| Series 2025-STNE, Class B, <br> 6.06% (1 mo. Term SOFR + <br> 1.70%), 07/15/2042<sup>(b)(d)</sup> <br>|  | 3750000 | &nbsp;&nbsp; 3757987 |
| Series 2025-STNE, Class C, <br> 6.46% (1 mo. Term SOFR + <br> 2.10%), 07/15/2042<sup>(b)(d)</sup> <br>|  | 3165000 | &nbsp;&nbsp; 3173001 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, <br> Series 2015-C25, Class B, <br> 4.62%, 10/15/2048<sup>(l)</sup> <br>|  | 15769000 | &nbsp;&nbsp; 15551910 |
| 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; 17086983 |
| Series 2019-L3, Class AS, <br> 3.49%, 11/15/2052<br>|  | 10950000 | &nbsp;&nbsp; 10328316 |
| 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)(l)</sup> <br>|  | 5669661 | &nbsp;&nbsp; 5755581 |
| Series 2024-NQM5, <br> Class A1, 5.65%, <br> 10/25/2069<sup>(b)(l)</sup> <br>|  | 8015051 | &nbsp;&nbsp; 8079630 |
| Series 2025-NQM1, <br> Class A1, 5.74%, <br> 11/25/2069<sup>(b)(l)</sup> <br>|  | 6223799 | &nbsp;&nbsp; 6284030 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, <br> 5.15%, 02/16/2055<sup>(b)</sup> <br>|  | 6384975 | &nbsp;&nbsp; 6486933 |
| Neuberger Berman Loan <br> Advisers CLO 38 Ltd., <br> Series 2020-38A, Class AR2, <br> 5.29% (3 mo. Term SOFR + <br> 0.96%), 10/20/2036<sup>(b)(d)</sup> <br>|  | 8340000 | &nbsp;&nbsp; 8343853 |

---

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** |
| Neuberger Berman Loan <br> Advisers CLO 49 Ltd., <br> Series 2022-49A, Class AR, <br> 5.47% (3 mo. Term SOFR + <br> 1.15%), 07/25/2035<sup>(b)(d)</sup> <br>|  | $10044000 | &nbsp;&nbsp; $10052005 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| Series 2019-NQM4, <br> Class A1, 2.49%, <br> 09/25/2059<sup>(b)(l)</sup> <br>|  | 1042237 | &nbsp;&nbsp; 1000020 |
| Series 2020-NQM1, <br> Class A1, 2.46%, <br> 01/26/2060<sup>(b)(l)</sup> <br>|  | 2180327 | &nbsp;&nbsp; 2071076 |
| Series 2022-NQM2, <br> Class A1, 3.08%, <br> 03/27/2062<sup>(b)(l)</sup> <br>|  | 6132097 | &nbsp;&nbsp; 5837804 |
| Series 2024-NQM3, <br> Class A1, 5.47%, <br> 11/25/2064<sup>(b)(l)</sup> <br>|  | 2732973 | &nbsp;&nbsp; 2763068 |
| Oaktree CLO Ltd., <br> Series 2021-2A, Class AR, <br> 5.29% (3 mo. Term SOFR + <br> 0.97%), 01/15/2035<sup>(b)(d)</sup> <br>|  | 7066000 | &nbsp;&nbsp; 7069215 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2019-EXP1, <br> Class 1A3, 4.00%, <br> 01/25/2059<sup>(b)(l)</sup> <br>|  | 72533 | &nbsp;&nbsp; 71825 |
| Series 2021-NQM4, <br> Class A1, 1.96%, <br> 10/25/2061<sup>(b)(l)</sup> <br>|  | 9070943 | &nbsp;&nbsp; 7770485 |
| Series 2022-NQM1, <br> Class A1, 2.31%, <br> 11/25/2061<sup>(b)(l)</sup> <br>|  | 7531446 | &nbsp;&nbsp; 6782297 |
| Series 2022-NQM2, <br> Class A1B, 3.38%, <br> 01/25/2062<sup>(b)(l)</sup> <br>|  | 7063333 | &nbsp;&nbsp; 6445863 |
| Series 2024-NQM14, <br> Class A1, 4.94%, <br> 09/25/2064<sup>(b)(l)</sup> <br>|  | 5796870 | &nbsp;&nbsp; 5790384 |
| Series 2024-NQM18, <br> Class A1, 5.41%, <br> 10/25/2064<sup>(b)(l)</sup> <br>|  | 3583046 | &nbsp;&nbsp; 3601793 |
| Series 2025-HE2, Class A1, <br> 5.80% (30 Day Average <br> SOFR + 1.45%), <br> 08/25/2055<sup>(b)(d)</sup> <br>|  | 7730000 | &nbsp;&nbsp; 7730000 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, <br> 2.50%, 07/25/2051<sup>(b)(l)</sup> <br>|  | 6631014 | &nbsp;&nbsp; 5979200 |
| OCP CLO Ltd., Series 2020-8RA, <br> Class AR, 5.57% (3 mo. Term <br> SOFR + 1.25%), <br> 10/17/2036<sup>(b)(d)</sup> <br>|  | 18437000 | &nbsp;&nbsp; 18461318 |
| One Bryant Park Trust, <br> Series 2019-OBP, Class A, <br> 2.52%, 09/15/2054<sup>(b)</sup> <br>|  | 21801000 | &nbsp;&nbsp; 20079000 |
| Palmer Square Loan Funding <br> Ltd., Series 2025-2A, <br> Class A1, 5.23% (3 mo. <br> Term SOFR + 0.94%), <br> 07/15/2033<sup>(b)(d)</sup> <br>|  | 17870000 | &nbsp;&nbsp; 17878506 |
| Pikes Peak CLO 6, <br> Series 2020-6A, Class ARR, <br> 5.13% (3 mo. Term SOFR + <br> 0.94%), 05/18/2034<sup>(b)(d)</sup> <br>|  | 9129000 | &nbsp;&nbsp; 9131428 |
| PMT Loan Trust, Series 2025-<br> INV1, Class A7, 6.00%, <br> 01/25/2060<sup>(b)(l)</sup> <br>|  | 4456375 | &nbsp;&nbsp; 4529161 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| PPM CLO 3 Ltd., Series 2019-<br> 3A, Class AR, 5.67% (3 mo. <br> Term SOFR + 1.35%), <br> 04/17/2034<sup>(b)(d)</sup> <br>|  | $9626000 | &nbsp;&nbsp; $9640689 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 6063107 | &nbsp;&nbsp; 5747757 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(b)</sup> <br>|  | 9192918 | &nbsp;&nbsp; 9196858 |
| Provident Home Equity Loan <br> Trust, Series 2000-2, <br> Class A1, 4.98% (1 mo. <br> Term SOFR + 0.65%), <br> 08/25/2031<sup>(d)</sup> <br>|  | 81338 | &nbsp;&nbsp; 77015 |
| Qdoba Funding LLC, <br> Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 13584952 | &nbsp;&nbsp; 14219758 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J4, Class A1, <br> 6.00%, 12/25/2054<sup>(b)(l)</sup> <br>|  | 6572566 | &nbsp;&nbsp; 6681424 |
| Series 2025-J1, Class A4, <br> 6.00%, 03/25/2055<sup>(b)(l)</sup> <br>|  | 5755628 | &nbsp;&nbsp; 5846969 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(l)</sup> <br>|  | 6832887 | &nbsp;&nbsp; 6887820 |
| RCKT Mortgage Trust, <br> Series 2025-CES7, <br> Class A1A, 5.38%, <br> 07/25/2055<sup>(b)(l)</sup> <br>|  | 3997274 | &nbsp;&nbsp; 4037461 |
| Regatta XIII Funding Ltd., <br> Series 2018-2A, Class A1R, <br> 5.42% (3 mo. Term SOFR + <br> 1.10%), 07/15/2031<sup>(b)(d)</sup> <br>|  | 4341884 | &nbsp;&nbsp; 4343213 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, <br> 2.38%, 01/26/2060<sup>(b)(l)</sup> <br>|  | 104885 | &nbsp;&nbsp; 104134 |
| RR 17 Ltd., Series 2021-17A, <br> Class A1AR, 0.00% (3 mo. <br> Term SOFR + 1.07%), <br> 07/15/2034<sup>(b)(d)(f)</sup> <br>|  | 22060000 | &nbsp;&nbsp; 22076545 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(b)</sup> <br>|  | 5263687 | &nbsp;&nbsp; 5216340 |
| SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class A, <br> 5.60% (1 mo. Term SOFR + <br> 1.25%), 08/15/2042<sup>(b)(d)</sup> <br>|  | 3855000 | &nbsp;&nbsp; 3865116 |
| Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |  |
| Series 2013-3, Class A1, <br> 2.00%, 03/25/2043<sup>(l)</sup> <br>|  | 303983 | &nbsp;&nbsp; 259886 |
| Series 2013-7, Class A2, <br> 3.00%, 06/25/2043<sup>(l)</sup> <br>|  | 226965 | &nbsp;&nbsp; 205106 |
| Series 2025-8, Class A4, <br> 5.50%, 09/25/2055<sup>(b)(l)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 5055073 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, <br> 3.17%, 03/27/2062<sup>(b)(l)</sup> <br>|  | 11111709 | &nbsp;&nbsp; 10466901 |
| Series 2022-1, Class A2, <br> 3.58%, 03/27/2062<sup>(b)(l)</sup> <br>|  | 4667647 | &nbsp;&nbsp; 4299026 |
| Shackleton CLO Ltd., <br> Series 2015-7RA, Class ARR, <br> 5.42% (3 mo. Term SOFR + <br> 1.10%), 07/15/2031<sup>(b)(d)</sup> <br>|  | 2168574 | &nbsp;&nbsp; 2168157 |
| Shellpoint Asset Funding Trust, <br> Series 2013-1, Class A3, <br> 3.75%, 07/25/2043<sup>(b)(l)</sup> <br>|  | 287452 | &nbsp;&nbsp; 277347 |

---

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** |
| Signal Peak CLO 1 Ltd., <br> Series 2014-1A, Class AR4, <br> 5.40% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(d)</sup> <br>|  | $13427000 | &nbsp;&nbsp; $13441756 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup> <br>|  | 8958500 | &nbsp;&nbsp; 8809028 |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(b)</sup> <br>|  | 5351842 | &nbsp;&nbsp; 4952949 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 6168550 | &nbsp;&nbsp; 5346250 |
| STAR Trust, Series 2021-1, <br> Class A1, 1.22%, <br> 05/25/2065<sup>(b)(l)</sup> <br>|  | 2975563 | &nbsp;&nbsp; 2797338 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.28%, 02/25/2050<sup>(b)(l)</sup> <br>|  | 187075 | &nbsp;&nbsp; 179210 |
| Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(l)</sup> <br>|  | 1061488 | &nbsp;&nbsp; 1008025 |
| Series 2021-6, Class A1, <br> 1.92%, 11/25/2066<sup>(b)(l)</sup> <br>|  | 10440002 | &nbsp;&nbsp; 9290780 |
| Series 2022-1, Class A1, <br> 2.45%, 12/25/2066<sup>(b)(l)</sup> <br>|  | 7805321 | &nbsp;&nbsp; 7069042 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, | Structured Adjustable Rate Mortgage <br> Loan Trust, |  |  |
| Series 2004-12, Class 3A2, <br> 5.24%, 09/25/2034<sup>(l)</sup> <br>|  | 86352 | &nbsp;&nbsp; 84680 |
| Series 2004-8, Class 3A, <br> 6.17%, 07/25/2034<sup>(l)</sup> <br>|  | 416544 | &nbsp;&nbsp; 404229 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | 7077518 | &nbsp;&nbsp; 7301597 |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 7763335 | &nbsp;&nbsp; 7893717 |
| Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | 7696837 | &nbsp;&nbsp; 7891952 |
| Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 8039250 | &nbsp;&nbsp; 8016020 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 7428863 | &nbsp;&nbsp; 7440386 |
| Series 2024-3A, Class A2I, <br> 5.57%, 07/30/2054<sup>(b)</sup> <br>|  | 7607512 | &nbsp;&nbsp; 7639122 |
| Suntrust Alternative Loan Trust, <br> Series 2005-1F, Class 2A8, <br> 6.00%, 12/25/2035<br>|  | 63638 | &nbsp;&nbsp; 59483 |
| Symphony CLO Ltd., <br> Series 2020-24A, Class A1R, <br> 0.00%, 10/23/2035<sup>(b)(f)</sup> <br>|  | 16473000 | &nbsp;&nbsp; 16473000 |
| Symphony CLO XVI Ltd., <br> Series 2015-16A, Class ARR, <br> 5.52% (3 mo. Term SOFR + <br> 1.20%), 10/15/2031<sup>(b)(d)</sup> <br>|  | 3729108 | &nbsp;&nbsp; 3735112 |
| Symphony CLO XX Ltd., <br> Series 2018-20A, Class AR2, <br> 5.42% (3 mo. Term SOFR + <br> 1.10%), 01/16/2032<sup>(b)(d)</sup> <br>|  | 7531215 | &nbsp;&nbsp; 7534130 |
| Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 5.22% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(d)</sup> <br>|  | 11202675 | &nbsp;&nbsp; 11206663 |
| Symphony CLO XXII Ltd., <br> Series 2020-22A, <br> Class A1AR, 5.51% (3 mo. <br> Term SOFR + 1.18%), <br> 04/18/2033<sup>(b)(d)</sup> <br>|  | 6149725 | &nbsp;&nbsp; 6151398 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Symphony CLO XXIII Ltd., <br> Series 2020-23A, Class AR2, <br> 5.22% (3 mo. Term SOFR + <br> 0.90%), 01/15/2034<sup>(b)(d)</sup> <br>|  | $3777941 | &nbsp;&nbsp; $3777948 |
| Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, <br> 4.93%, 07/15/2030<br>|  | 5010000 | &nbsp;&nbsp; 5096379 |
| Textainer Marine Containers VII <br> Ltd., Series 2021-2A, <br> Class A, 2.23%, <br> 04/20/2046<sup>(b)</sup> <br>|  | 8473078 | &nbsp;&nbsp; 7952568 |
| Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, |  |  |
| Series 2003-6, Class A2, <br> 5.44% (1 mo. Term SOFR + <br> 1.11%), 12/25/2033<sup>(d)</sup> <br>|  | 110082 | &nbsp;&nbsp; 106600 |
| Series 2005-1, Class A3, <br> 4.66%, 04/25/2045<sup>(l)</sup> <br>|  | 246956 | &nbsp;&nbsp; 241886 |
| TierPoint Issuer LLC, | TierPoint Issuer LLC, |  |  |
| Series 2023-1A, Class A2, <br> 6.00%, 06/25/2053<sup>(b)</sup> <br>|  | 2229667 | &nbsp;&nbsp; 2234106 |
| Series 2025-1A, Class A2, <br> 6.15%, 04/26/2055<sup>(b)</sup> <br>|  | 11433000 | &nbsp;&nbsp; 11634464 |
| Series 2025-2A, Class A2, <br> 6.40%, 04/26/2055<sup>(b)</sup> <br>|  | 8934000 | &nbsp;&nbsp; 9033641 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(b)</sup> <br>|  | 10782421 | &nbsp;&nbsp; 10177012 |
| Tricon Residential Trust, <br> Series 2025-SFR1, Class A, <br> 5.46% (1 mo. Term SOFR + <br> 1.10%), 03/17/2042<sup>(b)(d)</sup> <br>|  | 5701865 | &nbsp;&nbsp; 5718488 |
| UBS Commercial Mortgage Trust, <br> Series 2019-C16, Class A4, <br> 3.60%, 04/15/2052<br>|  | 16770000 | &nbsp;&nbsp; 16188978 |
| VDCM Commercial Mortgage Trust, | VDCM Commercial Mortgage Trust, |  |  |
| Series 2025-AZ, Class A, <br> 5.23%, 07/13/2044<sup>(b)(l)</sup> <br>|  | 9585000 | &nbsp;&nbsp; 9703351 |
| Series 2025-AZ, Class B, <br> 5.48%, 07/13/2044<sup>(b)(l)</sup> <br>|  | 2380000 | &nbsp;&nbsp; 2409800 |
| Series 2025-AZ, Class C, <br> 6.03%, 07/13/2044<sup>(b)(l)</sup> <br>|  | 5635000 | &nbsp;&nbsp; 5707658 |
| Series 2025-AZ, Class D, <br> 6.43%, 07/13/2044<sup>(b)(l)</sup> <br>|  | 9393000 | &nbsp;&nbsp; 9512516 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(b)(l)</sup> <br>|  | 1531951 | &nbsp;&nbsp; 1377746 |
| Series 2021-7, Class A1, <br> 1.83%, 10/25/2066<sup>(b)(l)</sup> <br>|  | 8668683 | &nbsp;&nbsp; 7932837 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(b)(l)</sup> <br>|  | 1324423 | &nbsp;&nbsp; 1276393 |
| Series 2022-1, Class A1, <br> 2.72%, 01/25/2067<sup>(b)(l)</sup> <br>|  | 6061410 | &nbsp;&nbsp; 5690133 |
| Series 2022-3, Class A1, <br> 4.13%, 02/25/2067<sup>(b)(l)</sup> <br>|  | 7204658 | &nbsp;&nbsp; 6956057 |
| Series 2022-7, Class A1, <br> 5.15%, 07/25/2067<sup>(b)(l)</sup> <br>|  | 2843390 | &nbsp;&nbsp; 2835132 |
| Series 2022-INV2, Class A1, <br> 6.79%, 10/25/2067<sup>(b)(l)</sup> <br>|  | 3600756 | &nbsp;&nbsp; 3594516 |
| Series 2024-7, Class A1, <br> 5.10%, 09/25/2069<sup>(b)(l)</sup> <br>|  | 4512579 | &nbsp;&nbsp; 4509113 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, <br> 11/25/2055<sup>(b)</sup> <br>|  | 970524 | &nbsp;&nbsp; 935051 |

---

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** |
| WaMu Mortgage Pass-Through <br> Ctfs. Trust, Series 2007-<br> HY2, Class 2A2, 4.61%, <br> 11/25/2036<sup>(l)</sup> <br>|  | $116624 | &nbsp;&nbsp; $102603 |
| Wells Fargo Mortgage Backed <br> Securities Trust, <br> Series 2005-AR14, Class A1, <br> 6.46%, 08/25/2035<sup>(l)</sup> <br>|  | 57775 | &nbsp;&nbsp; 56666 |
| Wendy's Funding LLC, | Wendy's Funding LLC, |  |  |
| Series 2018-1A, Class A2II, <br> 3.88%, 03/15/2048<sup>(b)</sup> <br>|  | 10403846 | &nbsp;&nbsp; 10213878 |
| Series 2019-1A, Class A2II, <br> 4.08%, 06/15/2049<sup>(b)</sup> <br>|  | 4867053 | &nbsp;&nbsp; 4752427 |
| WEST Trust, Series 2025-ROSE, <br> Class A, 5.45%, <br> 04/10/2035<sup>(b)(l)</sup> <br>|  | 5762000 | &nbsp;&nbsp; 5887124 |
| WFRBS Commercial Mortgage <br> Trust, Series 2014-C23, <br> Class B, 4.42%, <br> 10/15/2057<sup>(l)</sup> <br>|  | 4693000 | &nbsp;&nbsp; 4475949 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| Series 2021-1A, Class A2, <br> 3.24%, 07/30/2051<sup>(b)</sup> <br>|  | 21089760 | &nbsp;&nbsp; 19881310 |
| Series 2024-1A, Class A2I, <br> 6.59%, 04/30/2054<sup>(b)</sup> <br>|  | 4598550 | &nbsp;&nbsp; 4722103 |
| Zayo Issuer LLC, Series 2025-<br> 2A, Class A2, 5.95%, <br> 06/20/2055<sup>(b)</sup> <br>|  | 8273000 | &nbsp;&nbsp; 8552972 |
| Total Asset-Backed Securities <br> (Cost $1,638,566,044) | Total Asset-Backed Securities <br> (Cost $1,638,566,044) | Total Asset-Backed Securities <br> (Cost $1,638,566,044) | &nbsp;&nbsp; 1589425570 |
| **U.S. Treasury Securities–12.07%** | **U.S. Treasury Securities–12.07%** | **U.S. Treasury Securities–12.07%** | **U.S. Treasury Securities–12.07%** |
| **U.S. Treasury Bills–0.42%** | **U.S. Treasury Bills–0.42%** | **U.S. Treasury Bills–0.42%** | **U.S. Treasury Bills–0.42%** |
| 3.86% - 4.12%, <br> 05/14/2026<sup>(n)(o)</sup> <br>|  | 23072000 | &nbsp;&nbsp; 22466437 |
| **U.S. Treasury Bonds–2.34%** | **U.S. Treasury Bonds–2.34%** | **U.S. Treasury Bonds–2.34%** | **U.S. Treasury Bonds–2.34%** |
| 4.88%, 08/15/2045 |  | 20936200 | &nbsp;&nbsp; 20962370 |
| 4.75%, 05/15/2055 |  | 106392500 | &nbsp;&nbsp; 103533202 |
|  |  |  | &nbsp;&nbsp; 124495572 |
| **U.S. Treasury Notes–9.31%** | **U.S. Treasury Notes–9.31%** | **U.S. Treasury Notes–9.31%** | **U.S. Treasury Notes–9.31%** |
| 3.88%, 07/31/2027 |  | 128301900 | &nbsp;&nbsp; 128843174 |
| 3.63%, 08/15/2028 |  | 36798100 | &nbsp;&nbsp; 36848410 |
| 3.88%, 07/31/2030 |  | 160230800 | &nbsp;&nbsp; 161545192 |
| 4.00%, 07/31/2032 |  | 117900 | &nbsp;&nbsp; 118453 |
| 4.25%, 08/15/2035 |  | 166974800 | &nbsp;&nbsp; 167327013 |
|  |  |  | &nbsp;&nbsp; 494682242 |
| Total U.S. Treasury Securities <br> (Cost $641,422,289) | Total U.S. Treasury Securities <br> (Cost $641,422,289) | Total U.S. Treasury Securities <br> (Cost $641,422,289) | &nbsp;&nbsp; 641644251 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–1.14%** | **Preferred Stocks–1.14%** | **Preferred Stocks–1.14%** | **Preferred Stocks–1.14%** |
| **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; 2753540 |
| **Diversified Banks–0.54%** | **Diversified Banks–0.54%** | **Diversified Banks–0.54%** | **Diversified Banks–0.54%** |
| 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; 28434645 |
| **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>(e)</sup>  | Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(e)</sup>  | 508150 | &nbsp;&nbsp; 13440567 |
| **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; 6333330 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **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; $9445082 |
| Total Preferred Stocks (Cost $60,061,886) | Total Preferred Stocks (Cost $60,061,886) | Total Preferred Stocks (Cost $60,061,886) | &nbsp;&nbsp; 60407164 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.97%**<sup>(p)(q)</sup>  | **Variable Rate Senior Loan Interests–0.97%**<sup>(p)(q)</sup>  | **Variable Rate Senior Loan Interests–0.97%**<sup>(p)(q)</sup>  | **Variable Rate Senior Loan Interests–0.97%**<sup>(p)(q)</sup>  |
| **Aerospace & Defense–0.06%** | **Aerospace & Defense–0.06%** | **Aerospace & Defense–0.06%** | **Aerospace & Defense–0.06%** |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| Term Loan J, 6.80% (3 mo. <br> SOFR + 2.50%), <br> 02/28/2031<br>|  | $247500 | &nbsp;&nbsp; 247978 |
| Term Loan M, 6.85% (1 mo. <br> Term SOFR + 2.50%), <br> 08/30/2032<br>|  | 2761733 | &nbsp;&nbsp; 2765654 |
|  |  |  | &nbsp;&nbsp; 3013632 |
| **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** |
| Panther BF Aggregator 2 L.P. <br> (Power Solutions, Clarios <br> POWSOL) (United Kingdom), <br> Term Loan B, 7.07% (1 mo. <br> SOFR + 2.75%), <br> 01/15/2032<br>|  | 1437000 | &nbsp;&nbsp; 1439917 |
| **Electronic Manufacturing Services–0.01%** | **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, 6.57% (1 mo. Term <br> SOFR + 2.50%), <br> 08/04/2031<br>|  | 393020 | &nbsp;&nbsp; 392729 |
| **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, 6.32% (1 mo. SOFR + <br> 0.20%), 11/30/2031<br>|  | 156175 | &nbsp;&nbsp; 156761 |
| **Health Care Services–0.00%** | **Health Care Services–0.00%** | **Health Care Services–0.00%** | **Health Care Services–0.00%** |
| MPH Acquisition Holdings LLC, <br> Term Loan, 8.06% (3 mo. <br> Term SOFR + 3.75%), <br> 12/31/2030<br>|  | 124688 | &nbsp;&nbsp; 124937 |
| **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, 8.57% (1 mo. Term <br> SOFR + 4.25%), <br> 01/30/2031<br>|  | 2050000 | &nbsp;&nbsp; 2055494 |
| **Passenger Airlines–0.13%** | **Passenger Airlines–0.13%** | **Passenger Airlines–0.13%** | **Passenger Airlines–0.13%** |
| AAdvantage Loyalty IP Ltd. <br> (American Airlines, Inc.), <br> Term Loan B, 7.58% (3 mo. <br> Term SOFR + 3.25%), <br> 05/07/2032<br>|  | 6879558 | &nbsp;&nbsp; 6924722 |
| **Real Estate Development–0.01%** | **Real Estate Development–0.01%** | **Real Estate Development–0.01%** | **Real Estate Development–0.01%** |
| Cushman & Wakefield <br> U.S. Borrower LLC, Term <br> Loan, 7.07% (1 mo. Term <br> SOFR + 3.25%), <br> 01/31/2030<br>|  | 237468 | &nbsp;&nbsp; 238161 |
| Greystar Real Estate <br> Partners LLC, Term Loan B, <br> 7.05% (2 mo. Term SOFR + <br> 2.75%), 08/21/2030<sup>(i)</sup> <br>|  | 246880 | &nbsp;&nbsp; 247497 |
|  |  |  | &nbsp;&nbsp; 485658 |

---

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** |
| **Restaurants–0.28%** | **Restaurants–0.28%** | **Restaurants–0.28%** | **Restaurants–0.28%** |
| Raising Cane's Restaurants LLC, <br> Term Loan B, 6.32% (1 mo. <br> SOFR + 2.00%), <br> 09/10/2031<br>|  | $15060248 | &nbsp;&nbsp; $15083817 |
| **Wireless Telecommunication Services–0.41%** | **Wireless Telecommunication Services–0.41%** | **Wireless Telecommunication Services–0.41%** | **Wireless Telecommunication Services–0.41%** |
| X Corp., Term Loan B, 9.50%, <br> 10/27/2029<br>|  | 22172000 | &nbsp;&nbsp; 21831438 |
| Total Variable Rate Senior Loan Interests <br> (Cost $51,783,352) | Total Variable Rate Senior Loan Interests <br> (Cost $51,783,352) | Total Variable Rate Senior Loan Interests <br> (Cost $51,783,352) | &nbsp;&nbsp; 51509105 |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.29%**<sup>(r)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.29%**<sup>(r)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.29%**<sup>(r)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.29%**<sup>(r)</sup>  |
| **Airport Services–0.01%** | **Airport Services–0.01%** | **Airport Services–0.01%** | **Airport Services–0.01%** |
| Gatwick Airport Finance PLC <br> (United Kingdom), 4.38%, <br> 04/07/2026<sup>(b)</sup> <br>| GBP | 200000 | &nbsp;&nbsp; 268804 |
| **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 | 125000 | &nbsp;&nbsp; 148527 |
| Schaeffler AG (Germany), <br> 3.38%, 10/12/2028<sup>(b)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 234116 |
|  |  |  | &nbsp;&nbsp; 382643 |
| **Cable & Satellite–0.01%** | **Cable & Satellite–0.01%** | **Cable & Satellite–0.01%** | **Cable & Satellite–0.01%** |
| Sunrise FinCo I B.V. <br> (Netherlands), 4.63%, <br> 05/15/2032<sup>(b)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 295677 |
| **Diversified Chemicals–0.00%** | **Diversified Chemicals–0.00%** | **Diversified Chemicals–0.00%** | **Diversified Chemicals–0.00%** |
| INEOS Quattro Finance 2 PLC <br> (United Kingdom), 8.50%, <br> 03/15/2029<sup>(b)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 234148 |
| **Drug Retail–0.06%** | **Drug Retail–0.06%** | **Drug Retail–0.06%** | **Drug Retail–0.06%** |
| Boots Group Finco L.P. (United <br> Kingdom), | Boots Group Finco L.P. (United <br> Kingdom), |  |  |
| 5.38%, 08/31/2032<sup>(b)</sup> <br>| EUR | 1025000 | &nbsp;&nbsp; 1234934 |
| 7.38%, 08/31/2032<sup>(b)</sup> <br>| GBP | 1500000 | &nbsp;&nbsp; 2073060 |
|  |  |  | &nbsp;&nbsp; 3307994 |
| **Health Care Supplies–0.00%** | **Health Care Supplies–0.00%** | **Health Care Supplies–0.00%** | **Health Care Supplies–0.00%** |
| Bausch + Lomb Netherlands B.V. <br> and Bausch & Lomb, Inc., <br> 5.87% (3 mo. EURIBOR + <br> 3.88%), 01/15/2031<sup>(b)(d)</sup> <br>| EUR | 200000 | &nbsp;&nbsp; 236633 |
| **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; 231141 |
| **Hotels, Resorts & Cruise Lines–0.01%** | **Hotels, Resorts & Cruise Lines–0.01%** | **Hotels, Resorts & Cruise Lines–0.01%** | **Hotels, Resorts & Cruise Lines–0.01%** |
| Carnival PLC, 4.13%, <br> 07/15/2031<sup>(b)</sup> <br>| EUR | 225000 | &nbsp;&nbsp; 265890 |
| **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; 2466730 |
| **Leisure Facilities–0.01%** | **Leisure Facilities–0.01%** | **Leisure Facilities–0.01%** | **Leisure Facilities–0.01%** |
| Deuce FinCo PLC (United <br> Kingdom), 5.50%, <br> 06/15/2027<sup>(b)</sup> <br>| GBP | 200000 | &nbsp;&nbsp; 270398 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Metal, Glass & Plastic Containers–0.00%** | **Metal, Glass & Plastic Containers–0.00%** | **Metal, Glass & Plastic Containers–0.00%** | **Metal, Glass & Plastic Containers–0.00%** |
| Ball Corp., 4.25%, <br> 07/01/2032<br>| EUR | 110000 | &nbsp;&nbsp; $131412 |
| **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; 6483036 |
| **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; 357982 |
| **Specialized Consumer Services–0.00%** | **Specialized Consumer Services–0.00%** | **Specialized Consumer Services–0.00%** | **Specialized Consumer Services–0.00%** |
| Allwyn Entertainment Financing <br> (UK) PLC (Czech Republic), <br> 4.13%, 02/15/2031<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 115807 |
| **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc., <br> 5.50%, 05/15/2033<sup>(b)</sup> <br>| EUR | 206000 | &nbsp;&nbsp; 250070 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $14,383,784) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $14,383,784) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $14,383,784) | &nbsp;&nbsp; 15298365 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–0.18%** | **Exchange-Traded Funds–0.18%** | **Exchange-Traded Funds–0.18%** | **Exchange-Traded Funds–0.18%** |
| Invesco High Yield Bond Factor ETF<sup>(s)</sup>  | Invesco High Yield Bond Factor ETF<sup>(s)</sup>  | 82000 | &nbsp;&nbsp; 1861810 |
| Invesco High Yield Select ETF<sup>(s)</sup>  | Invesco High Yield Select ETF<sup>(s)</sup>  | 9000 | &nbsp;&nbsp; 230850 |
| Invesco Senior Loan ETF<sup>(c)(s)</sup>  | Invesco Senior Loan ETF<sup>(c)(s)</sup>  | 112000 | &nbsp;&nbsp; 2343040 |
| Invesco Short Duration Total Return <br> Bond ETF<sup>(s)</sup>  | Invesco Short Duration Total Return <br> Bond ETF<sup>(s)</sup>  | 13000 | &nbsp;&nbsp; 325455 |
| Invesco Total Return Bond ETF<sup>(s)</sup>  | Invesco Total Return Bond ETF<sup>(s)</sup>  | 100000 | &nbsp;&nbsp; 4704000 |
| Total Exchange-Traded Funds <br> (Cost $10,555,578) | Total Exchange-Traded Funds <br> (Cost $10,555,578) | Total Exchange-Traded Funds <br> (Cost $10,555,578) | &nbsp;&nbsp; 9465155 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes–0.16%** | **Agency Credit Risk Transfer Notes–0.16%** | **Agency Credit Risk Transfer Notes–0.16%** | **Agency Credit Risk Transfer Notes–0.16%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2023-R02, <br> Class 1M1, 6.65% (30 Day <br> Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(d)</sup> <br>|  | $2354746 | &nbsp;&nbsp; 2405208 |
| Series 2025-R04, Class 1A1, <br> 5.35% (30 Day Average <br> SOFR + 1.00%), <br> 05/25/2045<sup>(b)(d)</sup> <br>|  | 1155823 | &nbsp;&nbsp; 1158347 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-HQA3, <br> Class M1, STACR<sup>®</sup>, 6.65% <br> (30 Day Average SOFR + <br> 2.30%), 08/25/2042<sup>(b)(d)</sup> <br>|  | 3020594 | &nbsp;&nbsp; 3079458 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.45% (30 Day <br> Average SOFR + 2.10%), <br> 03/25/2043<sup>(b)(d)</sup> <br>|  | 1768650 | &nbsp;&nbsp; 1797462 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $8,299,813) | Total Agency Credit Risk Transfer Notes <br> (Cost $8,299,813) | Total Agency Credit Risk Transfer Notes <br> (Cost $8,299,813) | &nbsp;&nbsp; 8440475 |
| **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; 533803 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**32**

**Invesco Core Plus Bond Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| **Broadline Retail–0.00%** | **Broadline Retail–0.00%** | **Broadline Retail–0.00%** |
| Americanas S.A. (Brazil)<sup>(t)</sup>  | 10955 | &nbsp;&nbsp; $13295 |
| Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(t)</sup>  | 3651 | &nbsp;&nbsp; 2768 |
|  |  | &nbsp;&nbsp; 16063 |
| **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** |
| Vantage Drilling International Ltd.<sup>(t)</sup>  | 95 | &nbsp;&nbsp; 1140 |
| **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** | **Paper & Plastic Packaging Products & Materials–0.00%** |
| Smurfit WestRock PLC | 65 | &nbsp;&nbsp; 3078 |
| **Specialty Chemicals–0.00%** | **Specialty Chemicals–0.00%** | **Specialty Chemicals–0.00%** |
| Ingevity Corp.<sup>(t)</sup>  | 10 | &nbsp;&nbsp; 584 |
| Total Common Stocks & Other Equity Interests <br> (Cost $4,952) | Total Common Stocks & Other Equity Interests <br> (Cost $4,952) | &nbsp;&nbsp; 20865 |
| **Money Market Funds–3.73%** | **Money Market Funds–3.73%** | **Money Market Funds–3.73%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.21%<sup>(s)(u)</sup>  | 69413412 | &nbsp;&nbsp; 69413412 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.17%<sup>(s)(u)</sup>  | 128905675 | &nbsp;&nbsp; 128905675 |
| Total Money Market Funds <br> (Cost $198,319,087) | Total Money Market Funds <br> (Cost $198,319,087) | &nbsp;&nbsp; 198319087 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Value** |
| **Options Purchased–0.04%** | **Options Purchased–0.04%** | **Options Purchased–0.04%** | **Options Purchased–0.04%** |
| (Cost $2,350,544)<sup>(v)</sup>  | (Cost $2,350,544)<sup>(v)</sup>  | (Cost $2,350,544)<sup>(v)</sup>  | &nbsp;&nbsp; $2038140 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> investments purchased with <br> cash collateral from <br> securities on loan)-127.74% <br> (Cost $6,807,011,344)<br>|  |  | &nbsp;&nbsp; 6787217671 |
|  | <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–6.44%** | **Money Market Funds–6.44%** | **Money Market Funds–6.44%** | **Money Market Funds–6.44%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(s)(u)(w)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(s)(u)(w)</sup>  | 90053280 | &nbsp;&nbsp; 90053280 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(s)(u)(w)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(s)(u)(w)</sup>  | 251986917 | &nbsp;&nbsp; 252062513 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $342,098,795) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $342,098,795) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $342,098,795) | &nbsp;&nbsp; 342115793 |
| TOTAL INVESTMENTS IN SECURITIES–134.18% <br> (Cost $7,149,110,139) | TOTAL INVESTMENTS IN SECURITIES–134.18% <br> (Cost $7,149,110,139) | TOTAL INVESTMENTS IN SECURITIES–134.18% <br> (Cost $7,149,110,139) | &nbsp;&nbsp; 7129333464 |
| OTHER ASSETS LESS LIABILITIES—(34.18)% | OTHER ASSETS LESS LIABILITIES—(34.18)% | OTHER ASSETS LESS LIABILITIES—(34.18)% | &nbsp;&nbsp; (1815894190)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5313439274 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ARM | – Adjustable Rate Mortgage |
| CAD | – Canadian Dollar |
| CLO | – Collateralized Loan Obligation |
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| 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 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**33**

**Invesco Core Plus Bond Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2025 was $2,657,451,977, which represented 50.01% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2025.

<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> Perpetual bond with no specified maturity date.

<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 August 31, 2025 was $550,320, which represented less than 1% of the Fund's Net Assets. 

<sup>(i)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(j)</sup> Restricted security. The value of this security at August 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(k)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(l)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2025. 

<sup>(m)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1Q.

<sup>(n)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N.

<sup>(o)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<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> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(s)</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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| Invesco High Yield Bond Factor ETF | $- | &nbsp;&nbsp; $1853210 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8600 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1861810 | &nbsp;&nbsp; $53370 |
| Invesco High Yield Select ETF | 258498 | &nbsp;&nbsp; - | &nbsp;&nbsp; (25349) | &nbsp;&nbsp; (2733) | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 230850 | &nbsp;&nbsp; 15830 |
| Invesco Senior Loan ETF | 2528400 | &nbsp;&nbsp; - | &nbsp;&nbsp; (168395) | &nbsp;&nbsp; (16240) | (725) | &nbsp;&nbsp; 2343040 | &nbsp;&nbsp; 182468 |
| Invesco Short Duration Total Return Bond <br> ETF<br>| 301140 | &nbsp;&nbsp; 25020 | &nbsp;&nbsp; - | (705) | &nbsp;&nbsp; - | &nbsp;&nbsp; 325455 | &nbsp;&nbsp; 15374 |
| Invesco Total Return Bond ETF | 4781000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (77000) | &nbsp;&nbsp; - | &nbsp;&nbsp; 4704000 | &nbsp;&nbsp; 211414 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 282138685 | &nbsp;&nbsp; 732377901 | &nbsp;&nbsp; (945103174) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 69413412 | &nbsp;&nbsp; 10014634 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 523966898 | &nbsp;&nbsp; 1360130385 | &nbsp;&nbsp; (1755191608) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 128905675 | &nbsp;&nbsp; 18437298 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 104150583 | &nbsp;&nbsp; 814639977 | &nbsp;&nbsp; (828737280) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 90053280 | &nbsp;&nbsp; 4,477,362\* |
| Invesco Private Prime Fund | 273527625 | &nbsp;&nbsp; 1793277078 | &nbsp;&nbsp; (1814726937) | (611) | &nbsp;&nbsp; (14642) | &nbsp;&nbsp; 252062513 | &nbsp;&nbsp; 12,222,041\* |
| Total | $1191652829 | &nbsp;&nbsp; $4702303571 | &nbsp;&nbsp; $(5343952743) | &nbsp;&nbsp; $(88689) | &nbsp;&nbsp; $(14933) | &nbsp;&nbsp; $549900035 | &nbsp;&nbsp; $45629791 |

---

\* 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>(t)</sup> Non-income producing security.

<sup>(u)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**34**

**Invesco Core Plus Bond Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500® Index<br> Call | 11/28/2025 | &nbsp;&nbsp;&nbsp; 134 | USD | 6550.00 | USD | 87770000 | &nbsp;&nbsp;&nbsp; $2038140 |

---

<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; 2361 | December-2025 | &nbsp;&nbsp;&nbsp; $492360725 | &nbsp;&nbsp;&nbsp; $1121574 | &nbsp;&nbsp;&nbsp; $1121574 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 1977 | December-2025 | &nbsp;&nbsp;&nbsp; 230444063 | &nbsp;&nbsp;&nbsp; 194724 | &nbsp;&nbsp;&nbsp; 194724 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 1316298 | &nbsp;&nbsp;&nbsp; 1316298 |
| **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; 2586 | December-2025 | &nbsp;&nbsp;&nbsp; (283086187)<br>| &nbsp;&nbsp;&nbsp; (674137)<br>| &nbsp;&nbsp;&nbsp; (674137)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1818 | December-2025 | &nbsp;&nbsp;&nbsp; (204525000)<br>| &nbsp;&nbsp;&nbsp; (616551)<br>| &nbsp;&nbsp;&nbsp; (616551)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 2611 | December-2025 | &nbsp;&nbsp;&nbsp; (298714719)<br>| &nbsp;&nbsp;&nbsp; (779501)<br>| &nbsp;&nbsp;&nbsp; (779501)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 923 | December-2025 | &nbsp;&nbsp;&nbsp; (105452750)<br>| &nbsp;&nbsp;&nbsp; 58060 | &nbsp;&nbsp;&nbsp; 58060 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (2012129)<br>| &nbsp;&nbsp;&nbsp; (2012129)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(695831)<br>| &nbsp;&nbsp;&nbsp; $(695831)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Citibank, N.A. | EUR | 15225000 | USD | 17936499 | &nbsp;&nbsp;&nbsp; $58790 |
| 10/31/2025 | Merrill Lynch International | CAD | 13277000 | USD | 9761278 | &nbsp;&nbsp;&nbsp; 66628 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 125418 |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | State Street Bank & Trust Co. | GBP | 387000 | USD | 522274 | &nbsp;&nbsp;&nbsp; (1020)<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; $124398 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Pay | SONIA | Annually | 3.69% | Annually | &nbsp;&nbsp; 06/12/2027 | GBP | 204000000 | &nbsp;&nbsp; $3552 | &nbsp;&nbsp; $(376593)<br>| &nbsp;&nbsp; $(380145)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $4,317,494 cash held with Counterparties.

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | —Canadian Dollar |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| SONIA | —Sterling Overnight Index Average |
| USD | —U.S. Dollar |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**35**

**Invesco Core Plus Bond Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $6,598,136,679)\*<br>| &nbsp;&nbsp; $6579433429 |
| Investments in affiliates, at value <br>(Cost $550,973,460)<br>| &nbsp;&nbsp; 549900035 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 125418 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 4317494 |
| Cash | &nbsp;&nbsp; 1041435 |
| Foreign currencies, at value (Cost $25,697,992) | &nbsp;&nbsp; 26086844 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 31880077 |
| Fund shares sold | &nbsp;&nbsp; 2430643 |
| Dividends | &nbsp;&nbsp; 1567040 |
| Interest | &nbsp;&nbsp; 42719474 |
| Investments matured, at value (Cost $1,146,688) | &nbsp;&nbsp; 103641 |
| Principal paydowns | &nbsp;&nbsp; 3077 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 146902 |
| Other assets | &nbsp;&nbsp; 80763 |
| Total assets | &nbsp;&nbsp; 7239836272 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 488478 |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 8754 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1020 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 122561432 |
| TBA purchased commitment | &nbsp;&nbsp; 1453792059 |
| Dividends | &nbsp;&nbsp; 2749174 |
| Fund shares reacquired | &nbsp;&nbsp; 2451419 |
| Due to broker | &nbsp;&nbsp; 552000 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 342098795 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1280007 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 8463 |
| Accrued other operating expenses | &nbsp;&nbsp; 240604 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 164793 |
| Total liabilities | &nbsp;&nbsp; 1926396998 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5313439274 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $6227312080 |
| Distributable earnings (loss) | &nbsp;&nbsp; (913872806)<br>|
|  | &nbsp;&nbsp; $5313439274 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1349816980 |
| Class C | &nbsp;&nbsp; $36543066 |
| Class R | &nbsp;&nbsp; $35251465 |
| Class Y | &nbsp;&nbsp; $1323155698 |
| Class R5 | &nbsp;&nbsp; $16080104 |
| Class R6 | &nbsp;&nbsp; $2552591961 |
| **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; 145773705 |
| Class C | &nbsp;&nbsp; 3947747 |
| Class R | &nbsp;&nbsp; 3807428 |
| Class Y | &nbsp;&nbsp; 142787843 |
| Class R5 | &nbsp;&nbsp; 1737332 |
| Class R6 | &nbsp;&nbsp; 275880296 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.26 |
| Maximum offering price per share <br>(Net asset value of $9.26 ÷ 95.75%)<br>| &nbsp;&nbsp; $9.67 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.26 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.26 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.27 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.26 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.25 |

---

\* At August 31, 2025, securities with an aggregate value of $329,332,369 were on loan to brokers. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**36**

**Invesco Core Plus Bond Fund**

------

**Statement of Operations**

*For the year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $(20627)) | &nbsp;&nbsp; $240739304 |
| Dividends | &nbsp;&nbsp; 3949391 |
| Dividends from affiliates (includes net securities lending income of $560,108) | &nbsp;&nbsp; 29490496 |
| Total investment income | &nbsp;&nbsp; 274179191 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 21007069 |
| Administrative services fees | &nbsp;&nbsp; 776391 |
| Custodian fees | &nbsp;&nbsp; 157607 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3344069 |
| Class C | &nbsp;&nbsp; 401594 |
| Class R | &nbsp;&nbsp; 168852 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3606313 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 16692 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 749855 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 65791 |
| Registration and filing fees | &nbsp;&nbsp; 159359 |
| Reports to shareholders | &nbsp;&nbsp; 344181 |
| Professional services fees | &nbsp;&nbsp; 102852 |
| Other | &nbsp;&nbsp; 73900 |
| Total expenses | &nbsp;&nbsp; 30974525 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (2198028)<br>|
| Net expenses | &nbsp;&nbsp; 28776497 |
| Net investment income | &nbsp;&nbsp; 245402694 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (32412712)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (14933)<br>|
| Foreign currencies | &nbsp;&nbsp; 261717 |
| Forward foreign currency contracts | &nbsp;&nbsp; (812231)<br>|
| Futures contracts | &nbsp;&nbsp; (48208778)<br>|
| Option contracts written | &nbsp;&nbsp; 1083175 |
| Swap agreements | &nbsp;&nbsp; (278184)<br>|
|  | &nbsp;&nbsp; (80381946)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 13997331 |
| Affiliated investment securities | &nbsp;&nbsp; (88689)<br>|
| Foreign currencies | &nbsp;&nbsp; 320233 |
| Forward foreign currency contracts | &nbsp;&nbsp; 423793 |
| Futures contracts | &nbsp;&nbsp; 5053814 |
| Swap agreements | &nbsp;&nbsp; (380145)<br>|
|  | &nbsp;&nbsp; 19326337 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (61055609)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $184347085 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**37**

**Invesco Core Plus Bond Fund**

------

**Statement of Changes in Net Assets**

*For the years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $245402694 | &nbsp;&nbsp; $237515404 |
| Net realized gain (loss) | &nbsp;&nbsp; (80381946)<br>| &nbsp;&nbsp; (11758819)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 19326337 | &nbsp;&nbsp; 234343894 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 184347085 | &nbsp;&nbsp; 460100479 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (61124176)<br>| &nbsp;&nbsp; (58877155)<br>|
| Class C | &nbsp;&nbsp; (1532492)<br>| &nbsp;&nbsp; (1751669)<br>|
| Class R | &nbsp;&nbsp; (1459379)<br>| &nbsp;&nbsp; (1299921)<br>|
| Class Y | &nbsp;&nbsp; (67990778)<br>| &nbsp;&nbsp; (54146596)<br>|
| Class R5 | &nbsp;&nbsp; (804248)<br>| &nbsp;&nbsp; (755058)<br>|
| Class R6 | &nbsp;&nbsp; (122731980)<br>| &nbsp;&nbsp; (123278471)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (255643053)<br>| &nbsp;&nbsp; (240108870)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 39726801 | &nbsp;&nbsp; 56543645 |
| Class C | &nbsp;&nbsp; (5389336)<br>| &nbsp;&nbsp; (6620918)<br>|
| Class R | &nbsp;&nbsp; 2880533 | &nbsp;&nbsp; 3932569 |
| Class Y | &nbsp;&nbsp; (92097787)<br>| &nbsp;&nbsp; 379011866 |
| Class R5 | &nbsp;&nbsp; (1173017)<br>| &nbsp;&nbsp; 2450900 |
| Class R6 | &nbsp;&nbsp; (53912583)<br>| &nbsp;&nbsp; 116714538 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (109965389)<br>| &nbsp;&nbsp; 552032600 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (181261357)<br>| &nbsp;&nbsp; 772024209 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 5494700631 | &nbsp;&nbsp; 4722676422 |
| End of year | &nbsp;&nbsp; $5313439274 | &nbsp;&nbsp; $5494700631 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**38**

**Invesco Core Plus Bond Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 08/31/25 | $9.38 | $0.40 | $(0.10)<br>| $0.30 | $(0.42)<br>| $— | $(0.42)<br>| $9.26 | 3.32<br> %<br>| &nbsp;&nbsp; $1349817 | 0.74<br> %<br>| 0.80<br> %<br>| 4.38<br> %<br>| 531<br> %<br>|
| 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** |
| 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** |
| 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** |
| 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** |
| 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** |
| 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 |

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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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**39**

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**Notes to Financial Statements**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

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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. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income

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accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**K.** **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 year ended August 31, 2025, the Fund paid the Adviser $1,140 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

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**Invesco Core Plus Bond Fund**

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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.

**O.** **Call Options Purchased and Written** – The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**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.** **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.

**R.** **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.

**S.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**T.** **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.

**43**

**Invesco Core Plus Bond 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 $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 year ended August 31, 2025, 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. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.50%, 1.00%, 0.50%, 0.50% and 0.50%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2025. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $756,064 and reimbursed class level expenses of $673,378, $19,981, $17,124, $704,486, $3,860 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $137,159 in front-end sales commissions from the sale of Class A shares and $22,781 and $2,388 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.

**44**

**Invesco Core Plus Bond Fund**

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The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2503558606 | &nbsp;&nbsp;&nbsp;&nbsp; $25022523 | &nbsp;&nbsp;&nbsp;&nbsp; $2528581129 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1681534562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1681534562 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1560534299 | &nbsp;&nbsp;&nbsp;&nbsp; 28891271 | &nbsp;&nbsp;&nbsp;&nbsp; 1589425570 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 641644251 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 641644251 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 60407164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60407164 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51261608 | &nbsp;&nbsp;&nbsp;&nbsp; 247497 | &nbsp;&nbsp;&nbsp;&nbsp; 51509105 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15298365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15298365 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9465155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9465155 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8440475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8440475 |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533803 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 20865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20865 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 198319087 | &nbsp;&nbsp;&nbsp;&nbsp; 342115793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 540434880 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 2038140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2038140 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 270250411 | &nbsp;&nbsp;&nbsp;&nbsp; 6804921762 | &nbsp;&nbsp;&nbsp;&nbsp; 54161291 | &nbsp;&nbsp;&nbsp;&nbsp; 7129333464 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103641 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 103641 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1374358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1374358 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1374358 | &nbsp;&nbsp;&nbsp;&nbsp; 229059 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 1603417 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2070189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2070189)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1020)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (380145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (380145)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (2070189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (381165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2451354)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (695831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (152106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; (847937)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $269554580 | &nbsp;&nbsp;&nbsp;&nbsp; $6804769656 | &nbsp;&nbsp;&nbsp;&nbsp; $54161291 | &nbsp;&nbsp;&nbsp;&nbsp; $7128485527 |

---

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured is shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **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; $1374358 | &nbsp;&nbsp;&nbsp;&nbsp; $1374358 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 125418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125418 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2038140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2038140 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 125418 | &nbsp;&nbsp;&nbsp;&nbsp; 2038140 | &nbsp;&nbsp;&nbsp;&nbsp; 1374358 | &nbsp;&nbsp;&nbsp;&nbsp; 3537916 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2038140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1374358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3412498)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $125418 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $125418 |

---

**45**

**Invesco Core Plus Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $(2070189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2070189)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (380145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (380145)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1020)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2450334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2451354)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2450334 | &nbsp;&nbsp;&nbsp;&nbsp; 2450334 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1020)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; $58790 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $58790 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $58790 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 66628 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 66628 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66628 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1020)<br>|
| Total | &nbsp;&nbsp;&nbsp; $125418 | &nbsp;&nbsp;&nbsp; $(1020)<br>| &nbsp;&nbsp;&nbsp; $124398 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $124398 |

---

**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(812231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(812231)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (48208778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48208778)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2417279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 243244 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2174035)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 1011025 | &nbsp;&nbsp;&nbsp;&nbsp; 72150 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1083175 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (278184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (278184)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 423793 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 423793 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 5053814 | &nbsp;&nbsp;&nbsp;&nbsp; 5053814 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (331454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (331454)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (380145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (380145)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1794692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(16060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(43813293)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(45624045)<br>|

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| **Futures** <br>**Contracts**<br>| **Equity** <br>**Options** <br>**Purchased**<br>| **Index** <br>**Options** <br>**Purchased**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Purchased**<br>| **Index** <br>**Options** <br>**Written**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp; $26043072 | &nbsp;&nbsp; $2017501851 | &nbsp;&nbsp; $12168000 | &nbsp;&nbsp; $63702125 | &nbsp;&nbsp; $109300000 | &nbsp;&nbsp; $20646000 | &nbsp;&nbsp; $109300000 | &nbsp;&nbsp; $275053149 |
| Average contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3380 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 | &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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $23,135.

**46**

**Invesco Core Plus Bond Fund**

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**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund may borrow for leveraging in an amount up to 5% of the Fund's total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $255643053 | &nbsp;&nbsp;&nbsp;&nbsp; $240108870 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; $(23270786)<br>|
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 389667 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (108115)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (890883572)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 6227312080 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $5313439274 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales,amortization and accretion on debt securities,derivative instruments and straddles.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $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 year ended August 31, 2025 was $5,618,396,363 and $5,031,624,578, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $70465525 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (93736311)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(23270786)<br>|

---

Cost of investments for tax purposes is $7,151,756,313.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions,distributions,amortization and accretion on debt securities and dollar rolls, on August 31, 2025, undistributed net investment income was increased by $8,254,389, undistributed net realized gain (loss) was decreased by $6,104,221 and shares of beneficial interest was decreased by $2,150,168. This reclassification had no effect on the net assets of the Fund.

**47**

**Invesco Core Plus Bond Fund**

------

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 25542195 | &nbsp;&nbsp;&nbsp; $235431313 | &nbsp;&nbsp;&nbsp; 30218199 | &nbsp;&nbsp;&nbsp; $274064215 |
| Class C | &nbsp;&nbsp;&nbsp; 1308319 | &nbsp;&nbsp;&nbsp; 12100472 | &nbsp;&nbsp;&nbsp; 1126682 | &nbsp;&nbsp;&nbsp; 10204462 |
| Class R | &nbsp;&nbsp;&nbsp; 1357641 | &nbsp;&nbsp;&nbsp; 12482253 | &nbsp;&nbsp;&nbsp; 1103259 | &nbsp;&nbsp;&nbsp; 9977510 |
| Class Y | &nbsp;&nbsp;&nbsp; 61376536 | &nbsp;&nbsp;&nbsp; 565937592 | &nbsp;&nbsp;&nbsp; 91933978 | &nbsp;&nbsp;&nbsp; 840671422 |
| Class R5 | &nbsp;&nbsp;&nbsp; 380103 | &nbsp;&nbsp;&nbsp; 3504049 | &nbsp;&nbsp;&nbsp; 510984 | &nbsp;&nbsp;&nbsp; 4643618 |
| Class R6 | &nbsp;&nbsp;&nbsp; 52714769 | &nbsp;&nbsp;&nbsp; 485305183 | &nbsp;&nbsp;&nbsp; 67574675 | &nbsp;&nbsp;&nbsp; 611905621 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5823875 | &nbsp;&nbsp;&nbsp; 53700947 | &nbsp;&nbsp;&nbsp; 5669628 | &nbsp;&nbsp;&nbsp; 51342454 |
| Class C | &nbsp;&nbsp;&nbsp; 147321 | &nbsp;&nbsp;&nbsp; 1358287 | &nbsp;&nbsp;&nbsp; 168090 | &nbsp;&nbsp;&nbsp; 1520821 |
| Class R | &nbsp;&nbsp;&nbsp; 156914 | &nbsp;&nbsp;&nbsp; 1446590 | &nbsp;&nbsp;&nbsp; 142379 | &nbsp;&nbsp;&nbsp; 1289554 |
| Class Y | &nbsp;&nbsp;&nbsp; 4813810 | &nbsp;&nbsp;&nbsp; 44423738 | &nbsp;&nbsp;&nbsp; 3950670 | &nbsp;&nbsp;&nbsp; 35823959 |
| Class R5 | &nbsp;&nbsp;&nbsp; 87189 | &nbsp;&nbsp;&nbsp; 803762 | &nbsp;&nbsp;&nbsp; 83341 | &nbsp;&nbsp;&nbsp; 754580 |
| Class R6 | &nbsp;&nbsp;&nbsp; 12667820 | &nbsp;&nbsp;&nbsp; 116696051 | &nbsp;&nbsp;&nbsp; 13028169 | &nbsp;&nbsp;&nbsp; 117883151 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 943824 | &nbsp;&nbsp;&nbsp; 8689842 | &nbsp;&nbsp;&nbsp; 588477 | &nbsp;&nbsp;&nbsp; 5336670 |
| Class C | &nbsp;&nbsp;&nbsp; (944115)<br>| &nbsp;&nbsp;&nbsp; (8689842)<br>| &nbsp;&nbsp;&nbsp; (588607)<br>| &nbsp;&nbsp;&nbsp; (5336670)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (28077791)<br>| &nbsp;&nbsp;&nbsp; (258095301)<br>| &nbsp;&nbsp;&nbsp; (30281657)<br>| &nbsp;&nbsp;&nbsp; (274199694)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1104672)<br>| &nbsp;&nbsp;&nbsp; (10158253)<br>| &nbsp;&nbsp;&nbsp; (1438161)<br>| &nbsp;&nbsp;&nbsp; (13009531)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1199234)<br>| &nbsp;&nbsp;&nbsp; (11048310)<br>| &nbsp;&nbsp;&nbsp; (814925)<br>| &nbsp;&nbsp;&nbsp; (7334495)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (76354433)<br>| &nbsp;&nbsp;&nbsp; (702459117)<br>| &nbsp;&nbsp;&nbsp; (54996120)<br>| &nbsp;&nbsp;&nbsp; (497483515)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (596945)<br>| &nbsp;&nbsp;&nbsp; (5480828)<br>| &nbsp;&nbsp;&nbsp; (327420)<br>| &nbsp;&nbsp;&nbsp; (2947298)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (71035819)<br>| &nbsp;&nbsp;&nbsp; (655913817)<br>| &nbsp;&nbsp;&nbsp; (67682854)<br>| &nbsp;&nbsp;&nbsp; (613074234)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (11992693)<br>| &nbsp;&nbsp;&nbsp; $(109965389)<br>| &nbsp;&nbsp;&nbsp; 59968787 | &nbsp;&nbsp;&nbsp; $552032600 |

---

<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 53% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**48**

**Invesco Core Plus Bond Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Core Plus Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Core Plus Bond Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, portfolio company investees, agent banks, and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**49**

**Invesco Core Plus Bond Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Core Plus Bond Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the third quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

**50**

**Invesco Core Plus Bond Fund**

------

performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were reasonably comparable to and below, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board

acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The

Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco

**51**

**Invesco Core Plus Bond Fund**

------

Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**52**

**Invesco Core Plus Bond Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 4.42% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 3.48% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 9.40% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 81.39% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**53**

**Invesco Core Plus 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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**54**

**Invesco Core Plus Bond Fund**

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![](img4508caa11.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

CPB-NCSR

------

![](img369207351.jpg)

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**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Discovery Fund**

Nasdaq:

A: OPOCX ■ C: ODICX ■ R: ODINX ■ Y: ODIYX ■ R5: DIGGX ■ R6: ODIIX

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| | |
|:---|:---|
| [2](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_SOI-Continued-727_1) | Schedule of Investments |
| [5](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_FS-Continued-727_1) | Financial Statements |
| [8](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_FS-Continued-727_4) | Financial Highlights |
| [9](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_NTF-Continued-727_1) | Notes to Financial Statements |
| [15](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_ARS-Continued-727_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_AOC-Continued-727_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_TI-Continued-727_1) | Tax Information |
| [20](#xx_ea9720b2-dc14-4465-929d-69f848dd8b5c_OIRSR-Continued-727_1) | Other Information Required in Form N-CSR (Items 8-11)  |

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**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.81%** | **Common Stocks & Other Equity Interests–98.81%** | **Common Stocks & Other Equity Interests–98.81%** |
| **Aerospace & Defense–8.05%** | **Aerospace & Defense–8.05%** | **Aerospace & Defense–8.05%** |
| AeroVironment, Inc.<sup>(b)</sup>  | 200010 | &nbsp;&nbsp; $48272414 |
| Archer Aviation, Inc., Class A<sup>(b)</sup>  | 2536713 | &nbsp;&nbsp; 22703581 |
| Curtiss-Wright Corp. | 203854 | &nbsp;&nbsp; 97472790 |
| Embraer S.A., ADR (Brazil) | 1367282 | &nbsp;&nbsp; 77018995 |
| Karman Holdings, Inc.<sup>(b)</sup>  | 1068437 | &nbsp;&nbsp; 57065220 |
| Leonardo DRS, Inc. | 1067868 | &nbsp;&nbsp; 44487381 |
| Rocket Lab Corp.<sup>(b)</sup>  | 1616788 | &nbsp;&nbsp; 78575897 |
|  |  | &nbsp;&nbsp; 425596278 |
| **Apparel Retail–1.02%** | **Apparel Retail–1.02%** | **Apparel Retail–1.02%** |
| Boot Barn Holdings, Inc.<sup>(b)</sup>  | 302904 | &nbsp;&nbsp; 53847244 |
| **Application Software–4.74%** | **Application Software–4.74%** | **Application Software–4.74%** |
| Accelerant Holdings, Class A (Cayman <br> Islands)<sup>(b)</sup>  | 662002 | &nbsp;&nbsp; 13273140 |
| AppFolio, Inc., Class A<sup>(b)</sup>  | 167208 | &nbsp;&nbsp; 46380155 |
| AvePoint, Inc.<sup>(b)</sup>  | 1726472 | &nbsp;&nbsp; 28245082 |
| Bullish (Cayman Islands)<sup>(b)</sup>  | 188664 | &nbsp;&nbsp; 11136836 |
| Cellebrite DI Ltd. (Israel)<sup>(b)</sup>  | 1901640 | &nbsp;&nbsp; 31186896 |
| Clearwater Analytics Holdings, Inc., <br> Class A<sup>(b)</sup>  | 1304221 | &nbsp;&nbsp; 26958248 |
| Pegasystems, Inc. | 1001801 | &nbsp;&nbsp; 54307632 |
| ServiceTitan, Inc.<sup>(b)</sup>  | 367126 | &nbsp;&nbsp; 39366921 |
|  |  | &nbsp;&nbsp; 250854910 |
| **Asset Management & Custody Banks–3.74%** | **Asset Management & Custody Banks–3.74%** | **Asset Management & Custody Banks–3.74%** |
| Hamilton Lane, Inc., Class A | 517922 | &nbsp;&nbsp; 79936082 |
| StepStone Group, Inc., Class A | 1895950 | &nbsp;&nbsp; 117662657 |
|  |  | &nbsp;&nbsp; 197598739 |
| **Biotechnology–6.17%** | **Biotechnology–6.17%** | **Biotechnology–6.17%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 1526855 | &nbsp;&nbsp; 26353517 |
| BridgeBio Pharma, Inc.<sup>(b)</sup>  | 996826 | &nbsp;&nbsp; 51595714 |
| Caris Life Sciences, Inc.<sup>(b)</sup>  | 408728 | &nbsp;&nbsp; 15691068 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 687782 | &nbsp;&nbsp; 50311253 |
| Insmed, Inc.<sup>(b)</sup>  | 629502 | &nbsp;&nbsp; 85675222 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)</sup>  | 63253 | &nbsp;&nbsp; 27695326 |
| Merus N.V. (Netherlands)<sup>(b)</sup>  | 300405 | &nbsp;&nbsp; 19778665 |
| Soleno Therapeutics, Inc.<sup>(b)</sup>  | 337044 | &nbsp;&nbsp; 22807768 |
| Twist Bioscience Corp.<sup>(b)</sup>  | 414099 | &nbsp;&nbsp; 11168250 |
| Vericel Corp.<sup>(b)</sup>  | 413596 | &nbsp;&nbsp; 15038351 |
|  |  | &nbsp;&nbsp; 326115134 |
| **Broadline Retail–1.71%** | **Broadline Retail–1.71%** | **Broadline Retail–1.71%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 711653 | &nbsp;&nbsp; 90266067 |
| **Casinos & Gaming–1.33%** | **Casinos & Gaming–1.33%** | **Casinos & Gaming–1.33%** |
| Sportradar Group AG (Switzerland)<sup>(b)</sup>  | 2280750 | &nbsp;&nbsp; 70566405 |
| **Commercial & Residential Mortgage Finance–0.58%** | **Commercial & Residential Mortgage Finance–0.58%** | **Commercial & Residential Mortgage Finance–0.58%** |
| Mr. Cooper Group, Inc.<sup>(b)</sup>  | 163121 | &nbsp;&nbsp; 30753202 |
| **Communications Equipment–0.51%** | **Communications Equipment–0.51%** | **Communications Equipment–0.51%** |
| Lumentum Holdings, Inc.<sup>(b)</sup>  | 204588 | &nbsp;&nbsp; 27171332 |
| **Construction & Engineering–6.05%** | **Construction & Engineering–6.05%** | **Construction & Engineering–6.05%** |
| Argan, Inc. | 173126 | &nbsp;&nbsp; 39510816 |
| Comfort Systems USA, Inc. | 37744 | &nbsp;&nbsp; 26548375 |

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction & Engineering–(continued)** | **Construction & Engineering–(continued)** | **Construction & Engineering–(continued)** |
| Construction Partners, Inc., Class A<sup>(b)</sup>  | 650226 | &nbsp;&nbsp; $77962097 |
| Primoris Services Corp. | 721359 | &nbsp;&nbsp; 85517109 |
| Sterling Infrastructure, Inc.<sup>(b)</sup>  | 324570 | &nbsp;&nbsp; 90402482 |
|  |  | &nbsp;&nbsp; 319940879 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.07%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.07%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.07%** |
| Federal Signal Corp. | 458092 | &nbsp;&nbsp; 56340735 |
| **Consumer Finance–0.79%** | **Consumer Finance–0.79%** | **Consumer Finance–0.79%** |
| Enova International, Inc.<sup>(b)</sup>  | 345087 | &nbsp;&nbsp; 41859053 |
| **Diversified Metals & Mining–0.74%** | **Diversified Metals & Mining–0.74%** | **Diversified Metals & Mining–0.74%** |
| MP Materials Corp.<sup>(b)</sup>  | 550420 | &nbsp;&nbsp; 39156879 |
| **Education Services–1.82%** | **Education Services–1.82%** | **Education Services–1.82%** |
| Duolingo, Inc.<sup>(b)</sup>  | 140053 | &nbsp;&nbsp; 41716186 |
| Stride, Inc.<sup>(b)</sup>  | 335335 | &nbsp;&nbsp; 54723319 |
|  |  | &nbsp;&nbsp; 96439505 |
| **Electrical Components & Equipment–0.60%** | **Electrical Components & Equipment–0.60%** | **Electrical Components & Equipment–0.60%** |
| Powell Industries, Inc. | 119803 | &nbsp;&nbsp; 31886766 |
| **Electronic Equipment & Instruments–2.81%** | **Electronic Equipment & Instruments–2.81%** | **Electronic Equipment & Instruments–2.81%** |
| Advanced Energy Industries, Inc. | 346577 | &nbsp;&nbsp; 51875646 |
| Badger Meter, Inc. | 157989 | &nbsp;&nbsp; 28899348 |
| Itron, Inc.<sup>(b)</sup>  | 329265 | &nbsp;&nbsp; 40479839 |
| PAR Technology Corp.<sup>(b)</sup>  | 535646 | &nbsp;&nbsp; 27414362 |
|  |  | &nbsp;&nbsp; 148669195 |
| **Electronic Manufacturing Services–4.84%** | **Electronic Manufacturing Services–4.84%** | **Electronic Manufacturing Services–4.84%** |
| Celestica, Inc. (Canada)<sup>(b)</sup>  | 383574 | &nbsp;&nbsp; 74701037 |
| Fabrinet (Thailand)<sup>(b)</sup>  | 264131 | &nbsp;&nbsp; 87503959 |
| Sanmina Corp.<sup>(b)</sup>  | 307246 | &nbsp;&nbsp; 36107550 |
| TTM Technologies, Inc.<sup>(b)</sup>  | 1295648 | &nbsp;&nbsp; 57747031 |
|  |  | &nbsp;&nbsp; 256059577 |
| **Environmental & Facilities Services–0.94%** | **Environmental & Facilities Services–0.94%** | **Environmental & Facilities Services–0.94%** |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 502421 | &nbsp;&nbsp; 49518614 |
| **Health Care Equipment–1.77%** | **Health Care Equipment–1.77%** | **Health Care Equipment–1.77%** |
| Glaukos Corp.<sup>(b)</sup>  | 196425 | &nbsp;&nbsp; 18821444 |
| Integer Holdings Corp.<sup>(b)</sup>  | 306792 | &nbsp;&nbsp; 33093653 |
| iRhythm Technologies, Inc.<sup>(b)</sup>  | 245632 | &nbsp;&nbsp; 41752527 |
|  |  | &nbsp;&nbsp; 93667624 |
| **Health Care Facilities–2.14%** | **Health Care Facilities–2.14%** | **Health Care Facilities–2.14%** |
| Encompass Health Corp. | 930144 | &nbsp;&nbsp; 113254333 |
| **Health Care Services–4.77%** | **Health Care Services–4.77%** | **Health Care Services–4.77%** |
| BrightSpring Health Services, Inc.<sup>(b)</sup>  | 3123391 | &nbsp;&nbsp; 73993133 |
| GeneDx Holdings Corp.<sup>(b)</sup>  | 341090 | &nbsp;&nbsp; 44167744 |
| Guardant Health, Inc.<sup>(b)</sup>  | 1179142 | &nbsp;&nbsp; 79497754 |
| RadNet, Inc.<sup>(b)</sup>  | 763169 | &nbsp;&nbsp; 54765007 |
|  |  | &nbsp;&nbsp; 252423638 |
| **Health Care Supplies–0.85%** | **Health Care Supplies–0.85%** | **Health Care Supplies–0.85%** |
| Merit Medical Systems, Inc.<sup>(b)</sup>  | 499556 | &nbsp;&nbsp; 45229800 |

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See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Discovery Fund**

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Technology–0.99%** | **Health Care Technology–0.99%** | **Health Care Technology–0.99%** |
| Waystar Holding Corp.<sup>(b)</sup>  | 1377454 | &nbsp;&nbsp; $52177958 |
| **Independent Power Producers & Energy Traders–1.50%** | **Independent Power Producers & Energy Traders–1.50%** | **Independent Power Producers & Energy Traders–1.50%** |
| Talen Energy Corp.<sup>(b)</sup>  | 209029 | &nbsp;&nbsp; 79205269 |
| **Industrial Machinery & Supplies & Components–6.68%** | **Industrial Machinery & Supplies & Components–6.68%** | **Industrial Machinery & Supplies & Components–6.68%** |
| Crane Co. | 476739 | &nbsp;&nbsp; 88339737 |
| ESAB Corp. | 427716 | &nbsp;&nbsp; 49345595 |
| ESCO Technologies, Inc. | 341920 | &nbsp;&nbsp; 68695147 |
| Mueller Water Products, Inc., Class A | 2127247 | &nbsp;&nbsp; 56074231 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 486315 | &nbsp;&nbsp; 90994399 |
|  |  | &nbsp;&nbsp; 353449109 |
| **Investment Banking & Brokerage–4.73%** | **Investment Banking & Brokerage–4.73%** | **Investment Banking & Brokerage–4.73%** |
| Evercore, Inc., Class A | 274518 | &nbsp;&nbsp; 88271263 |
| Marex Group PLC (United Kingdom) | 997442 | &nbsp;&nbsp; 35269549 |
| Piper Sandler Cos. | 161420 | &nbsp;&nbsp; 53880382 |
| PJT Partners, Inc., Class A | 254966 | &nbsp;&nbsp; 45638914 |
| Virtu Financial, Inc., Class A | 641618 | &nbsp;&nbsp; 26896626 |
|  |  | &nbsp;&nbsp; 249956734 |
| **Leisure Facilities–1.24%** | **Leisure Facilities–1.24%** | **Leisure Facilities–1.24%** |
| Planet Fitness, Inc., Class A<sup>(b)</sup>  | 626219 | &nbsp;&nbsp; 65627751 |
| **Life Sciences Tools & Services–0.25%** | **Life Sciences Tools & Services–0.25%** | **Life Sciences Tools & Services–0.25%** |
| Repligen Corp.<sup>(b)</sup>  | 109500 | &nbsp;&nbsp; 13394040 |
| **Managed Health Care–1.48%** | **Managed Health Care–1.48%** | **Managed Health Care–1.48%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | 1501498 | &nbsp;&nbsp; 24564507 |
| HealthEquity, Inc.<sup>(b)</sup>  | 598857 | &nbsp;&nbsp; 53495896 |
|  |  | &nbsp;&nbsp; 78060403 |
| **Office REITs–0.51%** | **Office REITs–0.51%** | **Office REITs–0.51%** |
| Highwoods Properties, Inc. | 855995 | &nbsp;&nbsp; 26989522 |
| **Oil & Gas Equipment & Services–2.17%** | **Oil & Gas Equipment & Services–2.17%** | **Oil & Gas Equipment & Services–2.17%** |
| Archrock, Inc. | 1727088 | &nbsp;&nbsp; 42762699 |
| TechnipFMC PLC (United Kingdom) | 1959580 | &nbsp;&nbsp; 72034161 |
|  |  | &nbsp;&nbsp; 114796860 |
| **Pharmaceuticals–1.05%** | **Pharmaceuticals–1.05%** | **Pharmaceuticals–1.05%** |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | 358100 | &nbsp;&nbsp; 43430368 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup>  | 75079 | &nbsp;&nbsp; 12141025 |
|  |  | &nbsp;&nbsp; 55571393 |
| **Property & Casualty Insurance–0.74%** | **Property & Casualty Insurance–0.74%** | **Property & Casualty Insurance–0.74%** |
| Palomar Holdings, Inc.<sup>(b)</sup>  | 318117 | &nbsp;&nbsp; 39134753 |
| **Regional Banks–1.27%** | **Regional Banks–1.27%** | **Regional Banks–1.27%** |
| Bancorp, Inc. (The)<sup>(b)</sup>  | 879437 | &nbsp;&nbsp; 67048277 |

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Restaurants–3.42%** | **Restaurants–3.42%** | **Restaurants–3.42%** |
| Dutch Bros, Inc., Class A<sup>(b)</sup>  | 769584 | &nbsp;&nbsp; $55279218 |
| Shake Shack, Inc., Class A<sup>(b)</sup>  | 499754 | &nbsp;&nbsp; 52973924 |
| Texas Roadhouse, Inc. | 194718 | &nbsp;&nbsp; 33598591 |
| Wingstop, Inc. | 119132 | &nbsp;&nbsp; 39089592 |
|  |  | &nbsp;&nbsp; 180941325 |
| **Semiconductor Materials & Equipment–0.94%** | **Semiconductor Materials & Equipment–0.94%** | **Semiconductor Materials & Equipment–0.94%** |
| Nova Ltd. (Israel)<sup>(b)</sup>  | 187856 | &nbsp;&nbsp; 49469999 |
| **Semiconductors–7.27%** | **Semiconductors–7.27%** | **Semiconductors–7.27%** |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup>  | 1348903 | &nbsp;&nbsp; 41613658 |
| Impinj, Inc.<sup>(b)</sup>  | 275985 | &nbsp;&nbsp; 51738908 |
| Lattice Semiconductor Corp.<sup>(b)</sup>  | 841022 | &nbsp;&nbsp; 55827040 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 698640 | &nbsp;&nbsp; 89530716 |
| SiTime Corp.<sup>(b)</sup>  | 345449 | &nbsp;&nbsp; 83484660 |
| Tower Semiconductor Ltd. (Israel)<sup>(b)</sup>  | 1062284 | &nbsp;&nbsp; 62483545 |
|  |  | &nbsp;&nbsp; 384678527 |
| **Steel–3.16%** | **Steel–3.16%** | **Steel–3.16%** |
| ATI, Inc.<sup>(b)</sup>  | 759831 | &nbsp;&nbsp; 58917296 |
| Carpenter Technology Corp. | 449802 | &nbsp;&nbsp; 108348306 |
|  |  | &nbsp;&nbsp; 167265602 |
| **Systems Software–2.50%** | **Systems Software–2.50%** | **Systems Software–2.50%** |
| Commvault Systems, Inc.<sup>(b)</sup>  | 424606 | &nbsp;&nbsp; 79250587 |
| CyberArk Software Ltd.<sup>(b)</sup>  | 116515 | &nbsp;&nbsp; 52811589 |
|  |  | &nbsp;&nbsp; 132062176 |
| **Trading Companies & Distributors–0.81%** | **Trading Companies & Distributors–0.81%** | **Trading Companies & Distributors–0.81%** |
| Applied Industrial Technologies, Inc. | 162721 | &nbsp;&nbsp; 42890001 |
| **Transaction & Payment Processing Services–1.06%** | **Transaction & Payment Processing Services–1.06%** | **Transaction & Payment Processing Services–1.06%** |
| Paymentus Holdings, Inc., Class A<sup>(b)</sup>  | 1436042 | &nbsp;&nbsp; 55905115 |
| Total Common Stocks & Other Equity Interests <br> (Cost $3,834,952,560) | Total Common Stocks & Other Equity Interests <br> (Cost $3,834,952,560) | &nbsp;&nbsp; 5225840723 |
| **Money Market Funds–0.88%** | **Money Market Funds–0.88%** | **Money Market Funds–0.88%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(c)(d)</sup>  | 16351814 | &nbsp;&nbsp; 16351814 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(c)(d)</sup>  | 30366474 | &nbsp;&nbsp; 30366474 |
| Total Money Market Funds (Cost $46,718,288) | Total Money Market Funds (Cost $46,718,288) | &nbsp;&nbsp; 46718288 |
| TOTAL INVESTMENTS IN SECURITIES–99.69% <br> (Cost $3,881,670,848) | TOTAL INVESTMENTS IN SECURITIES–99.69% <br> (Cost $3,881,670,848) | &nbsp;&nbsp; 5272559011 |
| OTHER ASSETS LESS LIABILITIES—0.31% | OTHER ASSETS LESS LIABILITIES—0.31% | &nbsp;&nbsp; 16300959 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5288859970 |

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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.

**3**

**Invesco Discovery Fund**

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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> 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 fiscal year ended August 31, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $17945665 | &nbsp;&nbsp; $555910878 | &nbsp;&nbsp; $(557504729) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16351814 | &nbsp;&nbsp; $2160804 |
| Invesco Treasury Portfolio, Institutional Class | 33326481 | &nbsp;&nbsp; 1032405916 | &nbsp;&nbsp; (1035365923) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 30366474 | &nbsp;&nbsp; 3980916 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 742930 | &nbsp;&nbsp; 66790079 | &nbsp;&nbsp; (67533009) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 67,059\* |
| Invesco Private Prime Fund | 3211289 | &nbsp;&nbsp; 125386943 | &nbsp;&nbsp; (128597637) | (181) | (414) | &nbsp;&nbsp; - | &nbsp;&nbsp; 193,671\* |
| Total | $55226365 | &nbsp;&nbsp; $1780493816 | &nbsp;&nbsp; $(1789001298) | &nbsp;&nbsp; $(181) | &nbsp;&nbsp; $(414) | &nbsp;&nbsp; $46718288 | &nbsp;&nbsp; $6402450 |

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\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Discovery Fund**

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**Statement of Assets and Liabilities**

*August 31, 2025*

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| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,834,952,560)<br>| &nbsp;&nbsp; $5225840723 |
| Investments in affiliated money market funds, at value <br> (Cost $46,718,288)<br>| &nbsp;&nbsp; 46718288 |
| Cash | &nbsp;&nbsp; 1000000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 20557084 |
| Fund shares sold | &nbsp;&nbsp; 2284666 |
| Dividends | &nbsp;&nbsp; 2665716 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 162325 |
| Other assets | &nbsp;&nbsp; 80580 |
| Total assets | &nbsp;&nbsp; 5299309382 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2831343 |
| Fund shares reacquired | &nbsp;&nbsp; 5480388 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1778187 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 36435 |
| Accrued other operating expenses | &nbsp;&nbsp; 119895 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 203164 |
| Total liabilities | &nbsp;&nbsp; 10449412 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5288859970 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3523730680 |
| Distributable earnings | &nbsp;&nbsp; 1765129290 |
|  | &nbsp;&nbsp; $5288859970 |

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| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1592888253 |
| Class C | &nbsp;&nbsp; $26210011 |
| Class R | &nbsp;&nbsp; $39394437 |
| Class Y | &nbsp;&nbsp; $1928667568 |
| Class R5 | &nbsp;&nbsp; $5322755 |
| Class R6 | &nbsp;&nbsp; $1696376946 |
| **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; 15426813 |
| Class C | &nbsp;&nbsp; 565564 |
| Class R | &nbsp;&nbsp; 451661 |
| Class Y | &nbsp;&nbsp; 14867463 |
| Class R5 | &nbsp;&nbsp; 50292 |
| Class R6 | &nbsp;&nbsp; 12579990 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $103.25 |
| Maximum offering price per share <br>(Net asset value of $103.25 ÷ 94.50%)<br>| &nbsp;&nbsp; $109.26 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $46.34 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $87.22 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $129.72 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $105.84 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $134.85 |

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See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Discovery Fund**

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**Statement of Operations**

*For the year ended August 31, 2025* 

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| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | &nbsp;&nbsp; $16564361 |
| Dividends from affiliated money market funds (includes net securities lending income of $20,013) | &nbsp;&nbsp; 6161733 |
| Total investment income | &nbsp;&nbsp; 22726094 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 28978380 |
| Administrative services fees | &nbsp;&nbsp; 700451 |
| Custodian fees | &nbsp;&nbsp; 30424 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3608060 |
| Class C | &nbsp;&nbsp; 269896 |
| Class R | &nbsp;&nbsp; 197937 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 5830369 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 4518 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 431004 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 65433 |
| Registration and filing fees | &nbsp;&nbsp; 129811 |
| Reports to shareholders | &nbsp;&nbsp; 241796 |
| Professional services fees | &nbsp;&nbsp; 87302 |
| Other | &nbsp;&nbsp; 69685 |
| Total expenses | &nbsp;&nbsp; 40645066 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (244980)<br>|
| Net expenses | &nbsp;&nbsp; 40400086 |
| Net investment income (loss) | &nbsp;&nbsp; (17673992)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains from securities sold to affiliates of $27,944,147) | &nbsp;&nbsp; 540953906 |
| Affiliated investment securities | &nbsp;&nbsp; (414)<br>|
|  | &nbsp;&nbsp; 540953492 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 32714726 |
| Affiliated investment securities | &nbsp;&nbsp; (181)<br>|
|  | &nbsp;&nbsp; 32714545 |
| Net realized and unrealized gain | &nbsp;&nbsp; 573668037 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $555994045 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(17673992)<br>| &nbsp;&nbsp; $(12247435)<br>|
| Net realized gain | &nbsp;&nbsp; 540953492 | &nbsp;&nbsp; 368160177 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 32714545 | &nbsp;&nbsp; 496018783 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 555994045 | &nbsp;&nbsp; 851931525 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (102211153)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (3834765)<br>| &nbsp;&nbsp; — |
| Class R | &nbsp;&nbsp; (3145323)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (98251533)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (327199)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (72263495)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (280033468)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (22618245)<br>| &nbsp;&nbsp; (135455428)<br>|
| Class C | &nbsp;&nbsp; (1252125)<br>| &nbsp;&nbsp; (5641457)<br>|
| Class R | &nbsp;&nbsp; (3846095)<br>| &nbsp;&nbsp; (6485657)<br>|
| Class Y | &nbsp;&nbsp; 10341341 | &nbsp;&nbsp; (7565495)<br>|
| Class R5 | &nbsp;&nbsp; 2676525 | &nbsp;&nbsp; 701362 |
| Class R6 | &nbsp;&nbsp; 310743838 | &nbsp;&nbsp; 229657113 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 296045239 | &nbsp;&nbsp; 75210438 |
| Net increase in net assets | &nbsp;&nbsp; 572005816 | &nbsp;&nbsp; 927141963 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4716854154 | &nbsp;&nbsp; 3789712191 |
| End of year | &nbsp;&nbsp; $5288859970 | &nbsp;&nbsp; $4716854154 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Discovery Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <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** |
| Year ended 08/31/25 | $98.69 | $(0.54)<br>| $11.72 | $11.18 | $(6.62)<br>| $103.25 | 11.38 %<sup>(d)</sup><br>| $1592888 | 1.03 %<sup>(d)</sup><br>| 1.03 %<sup>(d)</sup><br>| (0.57 )%<sup>(d)</sup><br>| 87<br> %<br>|
| Year ended 08/31/24 | 80.68 | (0.41)<br>| 18.42 | 18.01 |  | 98.69 | 22.33 <br><sup>(d)</sup><br>| 1551034 | 1.04 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| (0.49 )<sup>(d)</sup><br>| 86 |
| Year ended 08/31/23 | 75.57 | (0.36)<br>| 5.47 | 5.11 |  | 80.68 | 6.76 <br><sup>(d)</sup><br>| 1394517 | 1.03 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| (0.48 )<sup>(d)</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>(d)</sup><br>| 1425847 | 1.02 <br><sup>(d)</sup><br>| 1.02 <br><sup>(d)</sup><br>| (0.54 )<sup>(d)</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>(d)</sup><br>| 2090984 | 1.01 <br><sup>(d)</sup><br>| 1.01 <br><sup>(d)</sup><br>| (0.74 )<sup>(d)</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** |
| 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** |
| 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** |
| 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** |
| 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** |
| 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> 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> 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% and 0.23% for 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 Discovery Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Discovery Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**9**

**Invesco Discovery Fund**

------

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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 Discovery Fund**

------

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 year ended August 31, 2025, the Fund paid the Adviser $1,959 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 year ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.59%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $165,652.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the

**11**

**Invesco Discovery Fund**

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shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $44,263 in front-end sales commissions from the sale of Class A shares and $0 and $1,130 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $155,118 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.

As of August 31, 2025, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase 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 year ended August 31, 2025, the Fund engaged in securities sales of $38,999,518, which resulted in net realized gains of $27,944,147.

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $79,328.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $280033468 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**12**

**Invesco Discovery Fund**

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---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $398870377 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 1377632668 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (210437)<br>|
| Late-Year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp; (11163318)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 3523730680 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $5288859970 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does 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 year ended August 31, 2025 was $4,172,584,692 and $4,178,997,571, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1453856417 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (76223749)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1377632668 |

---

Cost of investments for tax purposes is $3,894,926,343.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses and equalization, on August 31, 2025, undistributed net investment income (loss) was increased by $17,442,748, undistributed net realized gain was decreased by $26,395,000 and shares of beneficial interest was increased by $8,952,252. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1152279 | &nbsp;&nbsp;&nbsp; $109579908 | &nbsp;&nbsp;&nbsp; 674807 | &nbsp;&nbsp;&nbsp; $58229263 |
| Class C | &nbsp;&nbsp;&nbsp; 57044 | &nbsp;&nbsp;&nbsp; 2544445 | &nbsp;&nbsp;&nbsp; 73840 | &nbsp;&nbsp;&nbsp; 3061671 |
| Class R | &nbsp;&nbsp;&nbsp; 49764 | &nbsp;&nbsp;&nbsp; 4143991 | &nbsp;&nbsp;&nbsp; 47383 | &nbsp;&nbsp;&nbsp; 3537916 |
| Class Y | &nbsp;&nbsp;&nbsp; 3687838 | &nbsp;&nbsp;&nbsp; 440945181 | &nbsp;&nbsp;&nbsp; 4333225 | &nbsp;&nbsp;&nbsp; 464736642 |
| Class R5 | &nbsp;&nbsp;&nbsp; 38511 | &nbsp;&nbsp;&nbsp; 3906501 | &nbsp;&nbsp;&nbsp; 14346 | &nbsp;&nbsp;&nbsp; 1276911 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5024697 | &nbsp;&nbsp;&nbsp; 630482518 | &nbsp;&nbsp;&nbsp; 3946720 | &nbsp;&nbsp;&nbsp; 440742504 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 959668 | &nbsp;&nbsp;&nbsp; 98375588 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 81692 | &nbsp;&nbsp;&nbsp; 3779095 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R | &nbsp;&nbsp;&nbsp; 36132 | &nbsp;&nbsp;&nbsp; 3134114 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 621743 | &nbsp;&nbsp;&nbsp; 79937532 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R5 | &nbsp;&nbsp;&nbsp; 3114 | &nbsp;&nbsp;&nbsp; 326523 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 537644 | &nbsp;&nbsp;&nbsp; 71780904 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 26943 | &nbsp;&nbsp;&nbsp; 2642708 | &nbsp;&nbsp;&nbsp; 36648 | &nbsp;&nbsp;&nbsp; 3162845 |
| Class C | &nbsp;&nbsp;&nbsp; (58925)<br>| &nbsp;&nbsp;&nbsp; (2642708)<br>| &nbsp;&nbsp;&nbsp; (75178)<br>| &nbsp;&nbsp;&nbsp; (3162845)<br>|

---

**13**

**Invesco Discovery Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2024** | **Year ended**<br> **August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2428185)<br>| &nbsp;&nbsp;&nbsp; $(233216449)<br>| &nbsp;&nbsp;&nbsp; (2279013)<br>| &nbsp;&nbsp;&nbsp; $(196847536)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (112895)<br>| &nbsp;&nbsp;&nbsp; (4932957)<br>| &nbsp;&nbsp;&nbsp; (129721)<br>| &nbsp;&nbsp;&nbsp; (5540283)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (134192)<br>| &nbsp;&nbsp;&nbsp; (11124200)<br>| &nbsp;&nbsp;&nbsp; (137346)<br>| &nbsp;&nbsp;&nbsp; (10023573)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (4261508)<br>| &nbsp;&nbsp;&nbsp; (510541372)<br>| &nbsp;&nbsp;&nbsp; (4475024)<br>| &nbsp;&nbsp;&nbsp; (472302137)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (15753)<br>| &nbsp;&nbsp;&nbsp; (1556499)<br>| &nbsp;&nbsp;&nbsp; (6554)<br>| &nbsp;&nbsp;&nbsp; (575549)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3107861)<br>| &nbsp;&nbsp;&nbsp; (391519584)<br>| &nbsp;&nbsp;&nbsp; (1902400)<br>| &nbsp;&nbsp;&nbsp; (211085391)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 2157750 | &nbsp;&nbsp;&nbsp; $296045239 | &nbsp;&nbsp;&nbsp; 121733 | &nbsp;&nbsp;&nbsp; $75210438 |

---

<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 30% 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 Discovery Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Discovery Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Discovery Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco Discovery Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Discovery Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one and five year periods and third quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**16**

**Invesco Discovery Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the

extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the

Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the

**17**

**Invesco Discovery Fund**

------

Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco Discovery Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $306428468 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**19**

**Invesco Discovery Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco Discovery Fund**

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![](img369207351.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

O-DIS-NCSR

------

![](img0199801a1.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Discovery Large Cap Fund**

Effective December 20, 2024, Invesco Capital Appreciation Fund was renamed Invesco Discovery Large Cap Fund.

Nasdaq:

A: OPTFX ■ C: OTFCX ■ R: OTCNX ■ Y: OTCYX ■ R5: CPTUX ■ R6: OPTIX

------

---

| | |
|:---|:---|
| [2](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_SOI-Continued-724_1) | Schedule of Investments |
| [4](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_FS-Continued-724_1) | Financial Statements |
| [7](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_FS-Continued-724_4) | Financial Highlights |
| [8](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_NTF-Continued-724_1) | Notes to Financial Statements |
| [14](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_ARS-Continued-724_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_AOC-Continued-724_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_TI-Continued-724_1) | Tax Information |
| [18](#xx_11b2a215-90f5-4f78-957f-8f4344cfd1f8_OIRSR-Continued-724_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.76%** | **Common Stocks & Other Equity Interests–99.76%** | **Common Stocks & Other Equity Interests–99.76%** |
| **Aerospace & Defense–4.24%** | **Aerospace & Defense–4.24%** | **Aerospace & Defense–4.24%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 122110 | &nbsp;&nbsp; $91251582 |
| General Electric Co. | 337997 | &nbsp;&nbsp; 93016774 |
| Howmet Aerospace, Inc. | 413922 | &nbsp;&nbsp; 72063820 |
|  |  | &nbsp;&nbsp; 256332176 |
| **Application Software–2.34%** | **Application Software–2.34%** | **Application Software–2.34%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 241087 | &nbsp;&nbsp; 115381827 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 165869 | &nbsp;&nbsp; 25993331 |
|  |  | &nbsp;&nbsp; 141375158 |
| **Asset Management & Custody Banks–2.51%** | **Asset Management & Custody Banks–2.51%** | **Asset Management & Custody Banks–2.51%** |
| Ares Management Corp., Class A<sup>(c)</sup>  | 222359 | &nbsp;&nbsp; 39846733 |
| BlackRock, Inc. | 48179 | &nbsp;&nbsp; 54304478 |
| KKR & Co., Inc., Class A | 412411 | &nbsp;&nbsp; 57527210 |
|  |  | &nbsp;&nbsp; 151678421 |
| **Automobile Manufacturers–2.10%** | **Automobile Manufacturers–2.10%** | **Automobile Manufacturers–2.10%** |
| Ferrari N.V. (Italy)<sup>(c)</sup>  | 56090 | &nbsp;&nbsp; 26766709 |
| Tesla, Inc.<sup>(b)</sup>  | 299248 | &nbsp;&nbsp; 99909930 |
|  |  | &nbsp;&nbsp; 126676639 |
| **Automotive Retail–2.32%** | **Automotive Retail–2.32%** | **Automotive Retail–2.32%** |
| AutoZone, Inc.<sup>(b)</sup>  | 14811 | &nbsp;&nbsp; 62184428 |
| Carvana Co.<sup>(b)</sup>  | 209858 | &nbsp;&nbsp; 78050387 |
|  |  | &nbsp;&nbsp; 140234815 |
| **Biotechnology–0.47%** | **Biotechnology–0.47%** | **Biotechnology–0.47%** |
| AbbVie, Inc. | 134050 | &nbsp;&nbsp; 28204120 |
| **Broadline Retail–6.95%** | **Broadline Retail–6.95%** | **Broadline Retail–6.95%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 1595572 | &nbsp;&nbsp; 365385988 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 22167 | &nbsp;&nbsp; 54816996 |
|  |  | &nbsp;&nbsp; 420202984 |
| **Coal & Consumable Fuels–0.73%** | **Coal & Consumable Fuels–0.73%** | **Coal & Consumable Fuels–0.73%** |
| Cameco Corp. (Canada) | 568873 | &nbsp;&nbsp; 44025081 |
| **Communications Equipment–2.07%** | **Communications Equipment–2.07%** | **Communications Equipment–2.07%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 917487 | &nbsp;&nbsp; 125282850 |
| **Construction & Engineering–1.54%** | **Construction & Engineering–1.54%** | **Construction & Engineering–1.54%** |
| Quanta Services, Inc. | 245643 | &nbsp;&nbsp; 92843228 |
| **Consumer Finance–1.12%** | **Consumer Finance–1.12%** | **Consumer Finance–1.12%** |
| American Express Co.<sup>(c)</sup>  | 204681 | &nbsp;&nbsp; 67806722 |
| **Consumer Staples Merchandise Retail–0.85%** | **Consumer Staples Merchandise Retail–0.85%** | **Consumer Staples Merchandise Retail–0.85%** |
| Costco Wholesale Corp. | 54540 | &nbsp;&nbsp; 51448673 |
| **Electrical Components & Equipment–0.96%** | **Electrical Components & Equipment–0.96%** | **Electrical Components & Equipment–0.96%** |
| Vertiv Holdings Co., Class A | 456770 | &nbsp;&nbsp; 58261014 |
| **Electronic Components–1.01%** | **Electronic Components–1.01%** | **Electronic Components–1.01%** |
| Amphenol Corp., Class A | 560709 | &nbsp;&nbsp; 61038782 |
| **Financial Exchanges & Data–0.36%** | **Financial Exchanges & Data–0.36%** | **Financial Exchanges & Data–0.36%** |
| Nasdaq, Inc. | 227176 | &nbsp;&nbsp; 21522654 |
| **Health Care Distributors–0.80%** | **Health Care Distributors–0.80%** | **Health Care Distributors–0.80%** |
| Cencora, Inc. | 165229 | &nbsp;&nbsp; 48182429 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Equipment–2.63%** | **Health Care Equipment–2.63%** | **Health Care Equipment–2.63%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 1222663 | &nbsp;&nbsp; $128990946 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 62793 | &nbsp;&nbsp; 29719613 |
|  |  | &nbsp;&nbsp; 158710559 |
| **Health Care REITs–1.00%** | **Health Care REITs–1.00%** | **Health Care REITs–1.00%** |
| Welltower, Inc. | 360107 | &nbsp;&nbsp; 60598806 |
| **Heavy Electrical Equipment–1.73%** | **Heavy Electrical Equipment–1.73%** | **Heavy Electrical Equipment–1.73%** |
| GE Vernova, Inc. | 171037 | &nbsp;&nbsp; 104840550 |
| **Hotels, Resorts & Cruise Lines–1.95%** | **Hotels, Resorts & Cruise Lines–1.95%** | **Hotels, Resorts & Cruise Lines–1.95%** |
| Booking Holdings, Inc. | 7769 | &nbsp;&nbsp; 43499020 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 203961 | &nbsp;&nbsp; 74082714 |
|  |  | &nbsp;&nbsp; 117581734 |
| **Independent Power Producers & Energy Traders–0.69%** | **Independent Power Producers & Energy Traders–0.69%** | **Independent Power Producers & Energy Traders–0.69%** |
| Vistra Corp.<sup>(c)</sup>  | 219328 | &nbsp;&nbsp; 41477118 |
| **Interactive Home Entertainment–0.50%** | **Interactive Home Entertainment–0.50%** | **Interactive Home Entertainment–0.50%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 129814 | &nbsp;&nbsp; 30281712 |
| **Interactive Media & Services–10.06%** | **Interactive Media & Services–10.06%** | **Interactive Media & Services–10.06%** |
| Alphabet, Inc., Class C | 998136 | &nbsp;&nbsp; 213131980 |
| Meta Platforms, Inc., Class A | 490303 | &nbsp;&nbsp; 362186826 |
| Reddit, Inc., Class A<sup>(b)(c)</sup>  | 143908 | &nbsp;&nbsp; 32390813 |
|  |  | &nbsp;&nbsp; 607709619 |
| **Internet Services & Infrastructure–3.29%** | **Internet Services & Infrastructure–3.29%** | **Internet Services & Infrastructure–3.29%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 345569 | &nbsp;&nbsp; 72123706 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 198378 | &nbsp;&nbsp; 28026844 |
| Snowflake, Inc., Class A<sup>(b)(c)</sup>  | 412310 | &nbsp;&nbsp; 98401904 |
|  |  | &nbsp;&nbsp; 198552454 |
| **Investment Banking & Brokerage–1.45%** | **Investment Banking & Brokerage–1.45%** | **Investment Banking & Brokerage–1.45%** |
| Goldman Sachs Group, Inc. (The) | 117194 | &nbsp;&nbsp; 87338829 |
| **Movies & Entertainment–4.10%** | **Movies & Entertainment–4.10%** | **Movies & Entertainment–4.10%** |
| Netflix, Inc.<sup>(b)</sup>  | 151179 | &nbsp;&nbsp; 182662027 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 95667 | &nbsp;&nbsp; 65233414 |
|  |  | &nbsp;&nbsp; 247895441 |
| **Property & Casualty Insurance–0.70%** | **Property & Casualty Insurance–0.70%** | **Property & Casualty Insurance–0.70%** |
| Progressive Corp. (The) | 171030 | &nbsp;&nbsp; 42254672 |
| **Real Estate Services–0.77%** | **Real Estate Services–0.77%** | **Real Estate Services–0.77%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 288567 | &nbsp;&nbsp; 46782482 |
| **Research & Consulting Services–0.59%** | **Research & Consulting Services–0.59%** | **Research & Consulting Services–0.59%** |
| Thomson Reuters Corp. (Canada) | 202099 | &nbsp;&nbsp; 35894803 |
| **Restaurants–1.42%** | **Restaurants–1.42%** | **Restaurants–1.42%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 350792 | &nbsp;&nbsp; 86031738 |
| **Semiconductors–19.98%** | **Semiconductors–19.98%** | **Semiconductors–19.98%** |
| Broadcom, Inc. | 869874 | &nbsp;&nbsp; 258691829 |
| Microchip Technology, Inc. | 829554 | &nbsp;&nbsp; 53921010 |
| Monolithic Power Systems, Inc. | 80053 | &nbsp;&nbsp; 66905095 |
| NVIDIA Corp. | 4156245 | &nbsp;&nbsp; 723934754 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Discovery Large Cap Fund**

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., ADR (Taiwan) | 448678 | &nbsp;&nbsp; $103586290 |
|  |  | &nbsp;&nbsp; 1207038978 |
| **Systems Software–11.41%** | **Systems Software–11.41%** | **Systems Software–11.41%** |
| Microsoft Corp. | 1076881 | &nbsp;&nbsp; 545644834 |
| Oracle Corp. | 431713 | &nbsp;&nbsp; 97623260 |
| ServiceNow, Inc.<sup>(b)</sup>  | 50080 | &nbsp;&nbsp; 45946397 |
|  |  | &nbsp;&nbsp; 689214491 |
| **Technology Hardware, Storage & Peripherals–3.71%** | **Technology Hardware, Storage & Peripherals–3.71%** | **Technology Hardware, Storage & Peripherals–3.71%** |
| Apple, Inc. | 964853 | &nbsp;&nbsp; 223980975 |
| **Transaction & Payment Processing Services–3.41%** | **Transaction & Payment Processing Services–3.41%** | **Transaction & Payment Processing Services–3.41%** |
| Mastercard, Inc., Class A | 225265 | &nbsp;&nbsp; 134098002 |
| Visa, Inc., Class A | 205165 | &nbsp;&nbsp; 72172944 |
|  |  | &nbsp;&nbsp; 206270946 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,853,603,061) | Total Common Stocks & Other Equity Interests <br> (Cost $2,853,603,061) | &nbsp;&nbsp; 6027571653 |
| **Money Market Funds–0.20%** | **Money Market Funds–0.20%** | **Money Market Funds–0.20%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup>  | 4210211 | &nbsp;&nbsp; 4210211 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(e)</sup>  | 7818956 | &nbsp;&nbsp; $7818956 |
| Total Money Market Funds (Cost $12,029,167) | Total Money Market Funds (Cost $12,029,167) | Total Money Market Funds (Cost $12,029,167) | &nbsp;&nbsp; 12029167 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.96% <br> (Cost $2,865,632,228)<br>|  |  | &nbsp;&nbsp; 6039600820 |
| **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–3.50%** | **Money Market Funds–3.50%** | **Money Market Funds–3.50%** | **Money Market Funds–3.50%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup>  | 58981027 | &nbsp;&nbsp; 58981027 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 152771183 | &nbsp;&nbsp; 152817015 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $211,792,825) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $211,792,825) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $211,792,825) | &nbsp;&nbsp; 211798042 |
| TOTAL INVESTMENTS IN SECURITIES–103.46% <br> (Cost $3,077,425,053) | TOTAL INVESTMENTS IN SECURITIES–103.46% <br> (Cost $3,077,425,053) | TOTAL INVESTMENTS IN SECURITIES–103.46% <br> (Cost $3,077,425,053) | &nbsp;&nbsp; 6251398862 |
| OTHER ASSETS LESS LIABILITIES—(3.46)% | OTHER ASSETS LESS LIABILITIES—(3.46)% | OTHER ASSETS LESS LIABILITIES—(3.46)% | &nbsp;&nbsp; (209214687)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $6042184175 |

---

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 August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $15709236 | &nbsp;&nbsp; $342178753 | &nbsp;&nbsp; $(353677778) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4210211 | &nbsp;&nbsp; $587989 |
| Invesco Treasury Portfolio, Institutional Class | 29174090 | &nbsp;&nbsp; 635474828 | &nbsp;&nbsp; (656829962) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7818956 | &nbsp;&nbsp; 1081990 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2023728 | &nbsp;&nbsp; 787196899 | &nbsp;&nbsp; (730239600) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 58981027 | &nbsp;&nbsp; 799,560\* |
| Invesco Private Prime Fund | 5215525 | &nbsp;&nbsp; 1672922718 | &nbsp;&nbsp; (1525316558) | &nbsp;&nbsp; 5213 | &nbsp;&nbsp; (9883) | &nbsp;&nbsp; 152817015 | &nbsp;&nbsp; 2,223,046\* |
| Total | $52122579 | &nbsp;&nbsp; $3437773198 | &nbsp;&nbsp; $(3266063898) | &nbsp;&nbsp; $5213 | &nbsp;&nbsp; $(9883) | &nbsp;&nbsp; $223827209 | &nbsp;&nbsp; $4692585 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Discovery Large Cap Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,853,603,061)\*<br>| &nbsp;&nbsp; $6027571653 |
| Investments in affiliated money market funds, at value <br> (Cost $223,821,992)<br>| &nbsp;&nbsp; 223827209 |
| Cash | &nbsp;&nbsp; 5000000 |
| Foreign currencies, at value (Cost $288) | &nbsp;&nbsp; 280 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1311277 |
| Dividends | &nbsp;&nbsp; 2190467 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 487462 |
| Other assets | &nbsp;&nbsp; 79395 |
| Total assets | &nbsp;&nbsp; 6260467743 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 3150015 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 211792825 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2447401 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 278575 |
| Accrued other operating expenses | &nbsp;&nbsp; 127290 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 487462 |
| Total liabilities | &nbsp;&nbsp; 218283568 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $6042184175 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2419575586 |
| Distributable earnings | &nbsp;&nbsp; 3622608589 |
|  | &nbsp;&nbsp; $6042184175 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $5405400717 |
| Class C | &nbsp;&nbsp; $168236537 |
| Class R | &nbsp;&nbsp; $215261864 |
| Class Y | &nbsp;&nbsp; $208937496 |
| Class R5 | &nbsp;&nbsp; $15858 |
| Class R6 | &nbsp;&nbsp; $44331703 |
| **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; 59158501 |
| Class C | &nbsp;&nbsp; 3702137 |
| Class R | &nbsp;&nbsp; 2706139 |
| Class Y | &nbsp;&nbsp; 1947024 |
| Class R5 | &nbsp;&nbsp; 170 |
| Class R6 | &nbsp;&nbsp; 405393 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $91.37 |
| Maximum offering price per share <br>(Net asset value of $91.37 ÷ 94.50%)<br>| &nbsp;&nbsp; $96.69 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $45.44 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $79.55 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $107.31 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $93.28 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $109.35 |

---

\* At August 31, 2025, securities with an aggregate value of $207,020,738 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $213,369) | &nbsp;&nbsp; $25849947 |
| Dividends from affiliated money market funds (includes net securities lending income of $118,788) | &nbsp;&nbsp; 1788767 |
| Total investment income | &nbsp;&nbsp; 27638714 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 32404083 |
| Administrative services fees | &nbsp;&nbsp; 808285 |
| Custodian fees | &nbsp;&nbsp; 33602 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 11537619 |
| Class C | &nbsp;&nbsp; 1665996 |
| Class R | &nbsp;&nbsp; 1004130 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 5469837 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 54 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 10895 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 51603 |
| Registration and filing fees | &nbsp;&nbsp; 131536 |
| Reports to shareholders | &nbsp;&nbsp; 256223 |
| Professional services fees | &nbsp;&nbsp; 92716 |
| Other | &nbsp;&nbsp; 81966 |
| Total expenses | &nbsp;&nbsp; 53548545 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (277128)<br>|
| Net expenses | &nbsp;&nbsp; 53271417 |
| Net investment income (loss) | &nbsp;&nbsp; (25632703)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 553409694 |
| Affiliated investment securities | &nbsp;&nbsp; (9883)<br>|
|  | &nbsp;&nbsp; 553399811 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 424273956 |
| Affiliated investment securities | &nbsp;&nbsp; 5213 |
| Foreign currencies | &nbsp;&nbsp; 7 |
|  | &nbsp;&nbsp; 424279176 |
| Net realized and unrealized gain | &nbsp;&nbsp; 977678987 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $952046284 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(25632703)<br>| &nbsp;&nbsp; $(18027046)<br>|
| Net realized gain | &nbsp;&nbsp; 553399811 | &nbsp;&nbsp; 331785887 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 424279176 | &nbsp;&nbsp; 1064155289 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 952046284 | &nbsp;&nbsp; 1377914130 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (149673330)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (9741012)<br>| &nbsp;&nbsp; — |
| Class R | &nbsp;&nbsp; (6705238)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (4480053)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (2491)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (742828)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (171344952)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (257528031)<br>| &nbsp;&nbsp; (302557343)<br>|
| Class C | &nbsp;&nbsp; (16125138)<br>| &nbsp;&nbsp; (19981094)<br>|
| Class R | &nbsp;&nbsp; (3239063)<br>| &nbsp;&nbsp; 192378 |
| Class Y | &nbsp;&nbsp; 7390800 | &nbsp;&nbsp; 6579337 |
| Class R5 | &nbsp;&nbsp; (64846)<br>| &nbsp;&nbsp; (876)<br>|
| Class R6 | &nbsp;&nbsp; 15207121 | &nbsp;&nbsp; 3180990 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (254359157)<br>| &nbsp;&nbsp; (312586608)<br>|
| Net increase in net assets | &nbsp;&nbsp; 526342175 | &nbsp;&nbsp; 1065327522 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 5515842000 | &nbsp;&nbsp; 4450514478 |
| End of year | &nbsp;&nbsp; $6042184175 | &nbsp;&nbsp; $5515842000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Discovery Large Cap Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <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** |
| Year ended 08/31/25 | $79.51 | $(0.36 )<sup>(d)</sup><br>| $14.67 | $14.31 | $(2.45)<br>| $91.37 | 18.12 %<sup>(e)</sup><br>| $5405401 | 0.93 %<sup>(e)</sup><br>| 0.93 %<sup>(e)</sup><br>| (0.44 )%<sup>(d)(e)</sup><br>| 63<br> %<br>|
| Year ended 08/31/24 | 60.17 | (0.23)<br>| 19.57 | 19.34 |  | 79.51 | 32.15 <br><sup>(e)</sup><br>| 4959186 | 0.94 <br><sup>(e)</sup><br>| 0.95 <br><sup>(e)</sup><br>| (0.35 )<sup>(e)</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>(e)</sup><br>| 4017461 | 0.97 <br><sup>(e)</sup><br>| 0.97 <br><sup>(e)</sup><br>| (0.20 )<sup>(e)</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>(e)</sup><br>| 3767413 | 0.94 <br><sup>(e)</sup><br>| 0.94 <br><sup>(e)</sup><br>| (0.35 )<sup>(e)</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>(e)</sup><br>| 5364306 | 0.95 <br><sup>(e)</sup><br>| 0.95 <br><sup>(e)</sup><br>| (0.46 )<sup>(e)</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** |
| Year ended 08/31/25 | 40.93 | (0.50 )<sup>(d)</sup><br>| 7.46 | 6.96 | (2.45)<br>| 45.44 | 17.21 | 168237 | 1.70 | 1.70 | (1.21 )<sup>(d)</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** |
| Year ended 08/31/25 | 69.69 | (0.51 )<sup>(d)</sup><br>| 12.82 | 12.31 | (2.45)<br>| 79.55 | 17.79 | 215262 | 1.20 | 1.20 | (0.71 )<sup>(d)</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** |
| Year ended 08/31/25 | 92.80 | (0.20 )<sup>(d)</sup><br>| 17.16 | 16.96 | (2.45)<br>| 107.31 | 18.38 | 208937 | 0.70 | 0.70 | (0.21 )<sup>(d)</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** |
| Year ended 08/31/25 | 80.93 | (0.18 )<sup>(d)</sup><br>| 14.98 | 14.80 | (2.45)<br>| 93.28 | 18.41 | 16 | 0.70 | 0.70 | (0.21 )<sup>(d)</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** |
| Year ended 08/31/25 | 94.46 | (0.14 )<sup>(d)</sup><br>| 17.48 | 17.34 | (2.45)<br>| 109.35 | 18.46 | 44332 | 0.63 | 0.63 | (0.14 )<sup>(d)</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> 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. 

<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 0.23%, 0.23%, 0.23%, 0.23% and 0.22% for 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.

**7**

**Invesco Discovery Large Cap Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Discovery Large Cap Fund, formerly known as Invesco Capital Appreciation Fund, (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**8**

**Invesco Discovery Large Cap 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.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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

**9**

**Invesco Discovery Large Cap 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 year ended August 31, 2025, the Fund paid the Adviser $9,549 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 year ended August 31, 2025, 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $43,497.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $404,902 in front-end sales commissions from the sale of Class A shares and $4,217 and $8,090 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $21,675 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

**11**

**Invesco Discovery Large Cap Fund**

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market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $6027571653 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6027571653 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12029167 | &nbsp;&nbsp;&nbsp;&nbsp; 211798042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223827209 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $6039600820 | &nbsp;&nbsp;&nbsp;&nbsp; $211798042 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6251398862 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $233,631.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $171344952 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $477360555 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 3165506404 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (732806)<br>|
| Late-Year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp; (19525556)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2419575586 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $6042184175 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does not have a capital loss carryforward as of August 31, 2025.

**12**

**Invesco Discovery Large Cap Fund**

------

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2025 was $3,543,157,764 and $3,963,516,209, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3179364632 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (13858228)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3165506404 |

---

Cost of investments for tax purposes is $3,085,892,458.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses and equalization, on August 31, 2025, undistributed net investment income (loss) was increased by $21,516,822, undistributed net realized gain was decreased by $29,208,000 and shares of beneficial interest was increased by $7,691,178. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2025** | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2768828 | &nbsp;&nbsp;&nbsp; $229120233 | &nbsp;&nbsp;&nbsp; 3280276 | &nbsp;&nbsp;&nbsp; $228286535 |
| Class C | &nbsp;&nbsp;&nbsp; 529374 | &nbsp;&nbsp;&nbsp; 21909128 | &nbsp;&nbsp;&nbsp; 734448 | &nbsp;&nbsp;&nbsp; 26429464 |
| Class R | &nbsp;&nbsp;&nbsp; 434612 | &nbsp;&nbsp;&nbsp; 31313027 | &nbsp;&nbsp;&nbsp; 517519 | &nbsp;&nbsp;&nbsp; 31550150 |
| Class Y | &nbsp;&nbsp;&nbsp; 652180 | &nbsp;&nbsp;&nbsp; 62634639 | &nbsp;&nbsp;&nbsp; 871482 | &nbsp;&nbsp;&nbsp; 70802064 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; 23692 |
| Class R6 | &nbsp;&nbsp;&nbsp; 255881 | &nbsp;&nbsp;&nbsp; 25565907 | &nbsp;&nbsp;&nbsp; 102670 | &nbsp;&nbsp;&nbsp; 8882854 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1638739 | &nbsp;&nbsp;&nbsp; 144159937 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 219841 | &nbsp;&nbsp;&nbsp; 9670802 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R | &nbsp;&nbsp;&nbsp; 87180 | &nbsp;&nbsp;&nbsp; 6689315 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 36290 | &nbsp;&nbsp;&nbsp; 3743298 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R5 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 6322 | &nbsp;&nbsp;&nbsp; 664198 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 237462 | &nbsp;&nbsp;&nbsp; 19843182 | &nbsp;&nbsp;&nbsp; 275070 | &nbsp;&nbsp;&nbsp; 19065516 |
| Class C | &nbsp;&nbsp;&nbsp; (473233)<br>| &nbsp;&nbsp;&nbsp; (19843182)<br>| &nbsp;&nbsp;&nbsp; (532278)<br>| &nbsp;&nbsp;&nbsp; (19065516)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7857308)<br>| &nbsp;&nbsp;&nbsp; (650651383)<br>| &nbsp;&nbsp;&nbsp; (7950429)<br>| &nbsp;&nbsp;&nbsp; (549909394)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (669798)<br>| &nbsp;&nbsp;&nbsp; (27861886)<br>| &nbsp;&nbsp;&nbsp; (762687)<br>| &nbsp;&nbsp;&nbsp; (27345042)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (574376)<br>| &nbsp;&nbsp;&nbsp; (41241405)<br>| &nbsp;&nbsp;&nbsp; (510137)<br>| &nbsp;&nbsp;&nbsp; (31357772)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (602832)<br>| &nbsp;&nbsp;&nbsp; (58987137)<br>| &nbsp;&nbsp;&nbsp; (815247)<br>| &nbsp;&nbsp;&nbsp; (64222727)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (869)<br>| &nbsp;&nbsp;&nbsp; (66919)<br>| &nbsp;&nbsp;&nbsp; (415)<br>| &nbsp;&nbsp;&nbsp; (24568)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (110100)<br>| &nbsp;&nbsp;&nbsp; (11022984)<br>| &nbsp;&nbsp;&nbsp; (68825)<br>| &nbsp;&nbsp;&nbsp; (5701864)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3421784)<br>| &nbsp;&nbsp;&nbsp; $(254359157)<br>| &nbsp;&nbsp;&nbsp; (4858138)<br>| &nbsp;&nbsp;&nbsp; $(312586608)<br>|

---

**13**

**Invesco Discovery Large Cap Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Discovery Large Cap Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Discovery Large Cap Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**14**

**Invesco Discovery Large Cap Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Discovery Large Cap Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**15**

**Invesco Discovery Large Cap Fund**

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**16**

**Invesco Discovery Large Cap Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $200552952 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**17**

**Invesco Discovery Large Cap Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**18**

**Invesco Discovery Large Cap Fund**

------

![](img0199801a1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

O-CAPA-NCSR

------

![](img21d85d741.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Equally-Weighted S&P 500 Fund**

Nasdaq:

A: VADAX ■ C: VADCX ■ R: VADRX ■ Y: VADDX ■ R6: VADFX

------

---

| | |
|:---|:---|
| [2](#xx_320e050d-b813-4468-9836-3cbe52a66f73_SOI-Continued-89_1) | Schedule of Investments |
| [10](#xx_320e050d-b813-4468-9836-3cbe52a66f73_FS-Continued-89_1) | Financial Statements |
| [13](#xx_320e050d-b813-4468-9836-3cbe52a66f73_FS-Continued-89_4) | Financial Highlights |
| [14](#xx_320e050d-b813-4468-9836-3cbe52a66f73_NTF-Continued-89_1) | Notes to Financial Statements |
| [20](#xx_320e050d-b813-4468-9836-3cbe52a66f73_ARS-Continued-89_1) | Report of Independent Registered Public Accounting Firm |
| [21](#xx_320e050d-b813-4468-9836-3cbe52a66f73_AOC-Continued-89_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [24](#xx_320e050d-b813-4468-9836-3cbe52a66f73_TI-Continued-89_1) | Tax Information |
| [25](#xx_320e050d-b813-4468-9836-3cbe52a66f73_OIRSR-Continued-89_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.67%** | **Common Stocks & Other Equity Interests–99.67%** | **Common Stocks & Other Equity Interests–99.67%** |
| **Advertising–0.56%** | **Advertising–0.56%** | **Advertising–0.56%** |
| Interpublic Group of Cos., Inc. (The) | 540355 | &nbsp;&nbsp; $14503128 |
| Omnicom Group, Inc.<sup>(b)</sup>  | 178647 | &nbsp;&nbsp; 13993420 |
| Trade Desk, Inc. (The), Class A<sup>(c)</sup>  | 183656 | &nbsp;&nbsp; 10038637 |
|  |  | &nbsp;&nbsp; 38535185 |
| **Aerospace & Defense–2.48%** | **Aerospace & Defense–2.48%** | **Aerospace & Defense–2.48%** |
| Axon Enterprise, Inc.<sup>(c)</sup>  | 16687 | &nbsp;&nbsp; 12470028 |
| Boeing Co. (The)<sup>(c)</sup>  | 60628 | &nbsp;&nbsp; 14228179 |
| General Dynamics Corp. | 47180 | &nbsp;&nbsp; 15313213 |
| General Electric Co. | 52898 | &nbsp;&nbsp; 14557530 |
| Howmet Aerospace, Inc. | 75999 | &nbsp;&nbsp; 13231426 |
| Huntington Ingalls Industries, Inc. | 56885 | &nbsp;&nbsp; 15403889 |
| L3Harris Technologies, Inc. | 52671 | &nbsp;&nbsp; 14622523 |
| Lockheed Martin Corp. | 28679 | &nbsp;&nbsp; 13067013 |
| Northrop Grumman Corp. | 26545 | &nbsp;&nbsp; 15662612 |
| RTX Corp. | 91572 | &nbsp;&nbsp; 14523319 |
| Textron, Inc. | 168634 | &nbsp;&nbsp; 13517701 |
| TransDigm Group, Inc. | 9160 | &nbsp;&nbsp; 12813741 |
|  |  | &nbsp;&nbsp; 169411174 |
| **Agricultural & Farm Machinery–0.17%** | **Agricultural & Farm Machinery–0.17%** | **Agricultural & Farm Machinery–0.17%** |
| Deere & Co. | 24784 | &nbsp;&nbsp; 11862614 |
| **Agricultural Products & Services–0.45%** | **Agricultural Products & Services–0.45%** | **Agricultural Products & Services–0.45%** |
| Archer-Daniels-Midland Co. | 264042 | &nbsp;&nbsp; 16539591 |
| Bunge Global S.A. | 170372 | &nbsp;&nbsp; 14348730 |
|  |  | &nbsp;&nbsp; 30888321 |
| **Air Freight & Logistics–0.82%** | **Air Freight & Logistics–0.82%** | **Air Freight & Logistics–0.82%** |
| C.H. Robinson Worldwide, Inc. | 137151 | &nbsp;&nbsp; 17651334 |
| Expeditors International of <br> Washington, Inc. | 114414 | &nbsp;&nbsp; 13791463 |
| FedEx Corp. | 58459 | &nbsp;&nbsp; 13508121 |
| United Parcel Service, Inc., Class B | 129448 | &nbsp;&nbsp; 11318933 |
|  |  | &nbsp;&nbsp; 56269851 |
| **Apparel Retail–0.41%** | **Apparel Retail–0.41%** | **Apparel Retail–0.41%** |
| Ross Stores, Inc. | 94591 | &nbsp;&nbsp; 13920012 |
| TJX Cos., Inc. (The) | 104192 | &nbsp;&nbsp; 14233669 |
|  |  | &nbsp;&nbsp; 28153681 |
| **Apparel, Accessories & Luxury Goods–0.60%** | **Apparel, Accessories & Luxury Goods–0.60%** | **Apparel, Accessories & Luxury Goods–0.60%** |
| lululemon athletica, inc.<sup>(c)</sup>  | 51163 | &nbsp;&nbsp; 10345158 |
| Ralph Lauren Corp. | 48531 | &nbsp;&nbsp; 14410310 |
| Tapestry, Inc. | 157285 | &nbsp;&nbsp; 16014759 |
|  |  | &nbsp;&nbsp; 40770227 |
| **Application Software–2.51%** | **Application Software–2.51%** | **Application Software–2.51%** |
| Adobe, Inc.<sup>(c)</sup>  | 31247 | &nbsp;&nbsp; 11145805 |
| Autodesk, Inc.<sup>(c)</sup>  | 44123 | &nbsp;&nbsp; 13885508 |
| Cadence Design Systems, Inc.<sup>(c)</sup>  | 42315 | &nbsp;&nbsp; 14828446 |
| Datadog, Inc., Class A<sup>(c)</sup>  | 99332 | &nbsp;&nbsp; 13576698 |
| Fair Isaac Corp.<sup>(c)</sup>  | 7256 | &nbsp;&nbsp; 11041020 |
| Intuit, Inc. | 17123 | &nbsp;&nbsp; 11421041 |
| Palantir Technologies, Inc., Class A<sup>(c)</sup>  | 94603 | &nbsp;&nbsp; 14825236 |
| PTC, Inc.<sup>(c)</sup>  | 75888 | &nbsp;&nbsp; 16202088 |
| Roper Technologies, Inc. | 22991 | &nbsp;&nbsp; 12100393 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Salesforce, Inc. | 49245 | &nbsp;&nbsp; $12619031 |
| Synopsys, Inc.<sup>(c)</sup>  | 25958 | &nbsp;&nbsp; 15666172 |
| Tyler Technologies, Inc.<sup>(c)</sup>  | 22214 | &nbsp;&nbsp; 12503816 |
| Workday, Inc., Class A<sup>(c)</sup>  | 51317 | &nbsp;&nbsp; 11844990 |
|  |  | &nbsp;&nbsp; 171660244 |
| **Asset Management & Custody Banks–2.22%** | **Asset Management & Custody Banks–2.22%** | **Asset Management & Custody Banks–2.22%** |
| Ameriprise Financial, Inc. | 25395 | &nbsp;&nbsp; 13073600 |
| Bank of New York Mellon Corp. (The) | 145083 | &nbsp;&nbsp; 15320765 |
| BlackRock, Inc. | 12944 | &nbsp;&nbsp; 14589700 |
| Blackstone, Inc., Class A | 90970 | &nbsp;&nbsp; 15592258 |
| Franklin Resources, Inc. | 570639 | &nbsp;&nbsp; 14642597 |
| Invesco Ltd.<sup>(d)</sup>  | 853380 | &nbsp;&nbsp; 18680488 |
| KKR & Co., Inc., Class A | 103142 | &nbsp;&nbsp; 14387277 |
| Northern Trust Corp. | 118825 | &nbsp;&nbsp; 15599346 |
| State Street Corp. | 132241 | &nbsp;&nbsp; 15203748 |
| T. Rowe Price Group, Inc. | 136562 | &nbsp;&nbsp; 14696802 |
|  |  | &nbsp;&nbsp; 151786581 |
| **Automobile Manufacturers–0.62%** | **Automobile Manufacturers–0.62%** | **Automobile Manufacturers–0.62%** |
| Ford Motor Co. | 1206220 | &nbsp;&nbsp; 14197209 |
| General Motors Co.<sup>(e)</sup>  | 259287 | &nbsp;&nbsp; 15191625 |
| Tesla, Inc.<sup>(c)</sup>  | 39489 | &nbsp;&nbsp; 13184193 |
|  |  | &nbsp;&nbsp; 42573027 |
| **Automotive Parts & Equipment–0.22%** | **Automotive Parts & Equipment–0.22%** | **Automotive Parts & Equipment–0.22%** |
| Aptiv PLC (Jersey)<sup>(c)</sup>  | 186562 | &nbsp;&nbsp; 14837276 |
| **Automotive Retail–0.61%** | **Automotive Retail–0.61%** | **Automotive Retail–0.61%** |
| AutoZone, Inc.<sup>(c)</sup>  | 3550 | &nbsp;&nbsp; 14904781 |
| CarMax, Inc.<sup>(c)</sup>  | 193054 | &nbsp;&nbsp; 11843863 |
| O'Reilly Automotive, Inc.<sup>(c)</sup>  | 144391 | &nbsp;&nbsp; 14970459 |
|  |  | &nbsp;&nbsp; 41719103 |
| **Biotechnology–1.56%** | **Biotechnology–1.56%** | **Biotechnology–1.56%** |
| AbbVie, Inc. | 67713 | &nbsp;&nbsp; 14246815 |
| Amgen, Inc. | 44394 | &nbsp;&nbsp; 12772598 |
| Biogen, Inc.<sup>(c)</sup>  | 97017 | &nbsp;&nbsp; 12827588 |
| Gilead Sciences, Inc. | 118624 | &nbsp;&nbsp; 13400953 |
| Incyte Corp.<sup>(c)</sup>  | 188674 | &nbsp;&nbsp; 15963707 |
| Moderna, Inc.<sup>(b)(c)</sup>  | 471885 | &nbsp;&nbsp; 11367710 |
| Regeneron Pharmaceuticals, Inc. | 25025 | &nbsp;&nbsp; 14532017 |
| Vertex Pharmaceuticals, Inc.<sup>(c)</sup>  | 28944 | &nbsp;&nbsp; 11317683 |
|  |  | &nbsp;&nbsp; 106429071 |
| **Brewers–0.18%** | **Brewers–0.18%** | **Brewers–0.18%** |
| Molson Coors Beverage Co., Class B | 249222 | &nbsp;&nbsp; 12583219 |
| **Broadcasting–0.43%** | **Broadcasting–0.43%** | **Broadcasting–0.43%** |
| Fox Corp., Class A<sup>(b)</sup>  | 150511 | &nbsp;&nbsp; 8985506 |
| Fox Corp., Class B | 92907 | &nbsp;&nbsp; 5068077 |
| Paramount Skydance Corp.<sup>(b)(c)</sup>  | 1059447 | &nbsp;&nbsp; 15573871 |
|  |  | &nbsp;&nbsp; 29627454 |
| **Broadline Retail–0.43%** | **Broadline Retail–0.43%** | **Broadline Retail–0.43%** |
| Amazon.com, Inc.<sup>(c)</sup>  | 61420 | &nbsp;&nbsp; 14065180 |
| eBay, Inc. | 165756 | &nbsp;&nbsp; 15019151 |
|  |  | &nbsp;&nbsp; 29084331 |

---

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** |
| **Building Products–1.63%** | **Building Products–1.63%** | **Building Products–1.63%** |
| A.O. Smith Corp. | 198392 | &nbsp;&nbsp; $14143366 |
| Allegion PLC | 93227 | &nbsp;&nbsp; 15829945 |
| Builders FirstSource, Inc.<sup>(b)(c)</sup>  | 112535 | &nbsp;&nbsp; 15606354 |
| Carrier Global Corp. | 180668 | &nbsp;&nbsp; 11779554 |
| Johnson Controls International PLC | 125645 | &nbsp;&nbsp; 13430194 |
| Lennox International, Inc. | 23348 | &nbsp;&nbsp; 13024915 |
| Masco Corp. | 203304 | &nbsp;&nbsp; 14920480 |
| Trane Technologies PLC | 30960 | &nbsp;&nbsp; 12866976 |
|  |  | &nbsp;&nbsp; 111601784 |
| **Cable & Satellite–0.31%** | **Cable & Satellite–0.31%** | **Cable & Satellite–0.31%** |
| Charter Communications, Inc., Class A<sup>(c)</sup>  | 32753 | &nbsp;&nbsp; 8698542 |
| Comcast Corp., Class A | 372224 | &nbsp;&nbsp; 12644449 |
|  |  | &nbsp;&nbsp; 21342991 |
| **Cargo Ground Transportation–0.37%** | **Cargo Ground Transportation–0.37%** | **Cargo Ground Transportation–0.37%** |
| J.B. Hunt Transport Services, Inc. | 91272 | &nbsp;&nbsp; 13233527 |
| Old Dominion Freight Line, Inc. | 80778 | &nbsp;&nbsp; 12195055 |
|  |  | &nbsp;&nbsp; 25428582 |
| **Casinos & Gaming–0.94%** | **Casinos & Gaming–0.94%** | **Casinos & Gaming–0.94%** |
| Caesars Entertainment, Inc.<sup>(c)</sup>  | 460839 | &nbsp;&nbsp; 12336660 |
| Las Vegas Sands Corp. | 307717 | &nbsp;&nbsp; 17733731 |
| MGM Resorts International<sup>(c)</sup>  | 387289 | &nbsp;&nbsp; 15371500 |
| Wynn Resorts Ltd.<sup>(b)</sup>  | 147190 | &nbsp;&nbsp; 18656333 |
|  |  | &nbsp;&nbsp; 64098224 |
| **Commodity Chemicals–0.33%** | **Commodity Chemicals–0.33%** | **Commodity Chemicals–0.33%** |
| Dow, Inc. | 419999 | &nbsp;&nbsp; 10344575 |
| LyondellBasell Industries N.V., Class A | 214247 | &nbsp;&nbsp; 12072819 |
|  |  | &nbsp;&nbsp; 22417394 |
| **Communications Equipment–0.90%** | **Communications Equipment–0.90%** | **Communications Equipment–0.90%** |
| Arista Networks, Inc.<sup>(c)</sup>  | 138100 | &nbsp;&nbsp; 18857555 |
| Cisco Systems, Inc. | 202942 | &nbsp;&nbsp; 14021263 |
| F5, Inc.<sup>(c)</sup>  | 44333 | &nbsp;&nbsp; 13882435 |
| Motorola Solutions, Inc. | 31732 | &nbsp;&nbsp; 14992101 |
|  |  | &nbsp;&nbsp; 61753354 |
| **Computer & Electronics Retail–0.40%** | **Computer & Electronics Retail–0.40%** | **Computer & Electronics Retail–0.40%** |
| Best Buy Co., Inc. | 177668 | &nbsp;&nbsp; 13083472 |
| Dell Technologies, Inc., Class C | 115656 | &nbsp;&nbsp; 14127380 |
|  |  | &nbsp;&nbsp; 27210852 |
| **Construction & Engineering–0.20%** | **Construction & Engineering–0.20%** | **Construction & Engineering–0.20%** |
| Quanta Services, Inc. | 36492 | &nbsp;&nbsp; 13792516 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.83%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.83%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.83%** |
| Caterpillar, Inc. | 35416 | &nbsp;&nbsp; 14840721 |
| Cummins, Inc. | 40177 | &nbsp;&nbsp; 16008124 |
| PACCAR, Inc. | 138167 | &nbsp;&nbsp; 13813937 |
| Wabtec Corp. | 64161 | &nbsp;&nbsp; 12415153 |
|  |  | &nbsp;&nbsp; 57077935 |
| **Construction Materials–0.43%** | **Construction Materials–0.43%** | **Construction Materials–0.43%** |
| Martin Marietta Materials, Inc. | 23788 | &nbsp;&nbsp; 14662923 |
| Vulcan Materials Co. | 49710 | &nbsp;&nbsp; 14473564 |
|  |  | &nbsp;&nbsp; 29136487 |
| **Consumer Electronics–0.22%** | **Consumer Electronics–0.22%** | **Consumer Electronics–0.22%** |
| Garmin Ltd. | 62090 | &nbsp;&nbsp; 15014604 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Consumer Finance–0.65%** | **Consumer Finance–0.65%** | **Consumer Finance–0.65%** |
| American Express Co. | 43001 | &nbsp;&nbsp; $14245371 |
| Capital One Financial Corp. | 64132 | &nbsp;&nbsp; 14572073 |
| Synchrony Financial | 208253 | &nbsp;&nbsp; 15898034 |
|  |  | &nbsp;&nbsp; 44715478 |
| **Consumer Staples Merchandise Retail–0.96%** | **Consumer Staples Merchandise Retail–0.96%** | **Consumer Staples Merchandise Retail–0.96%** |
| Costco Wholesale Corp. | 13138 | &nbsp;&nbsp; 12393338 |
| Dollar General Corp. | 117494 | &nbsp;&nbsp; 12778648 |
| Dollar Tree, Inc.<sup>(c)</sup>  | 136520 | &nbsp;&nbsp; 14903888 |
| Target Corp. | 131044 | &nbsp;&nbsp; 12577603 |
| Walmart, Inc. | 135499 | &nbsp;&nbsp; 13140693 |
|  |  | &nbsp;&nbsp; 65794170 |
| **Copper–0.20%** | **Copper–0.20%** | **Copper–0.20%** |
| Freeport-McMoRan, Inc. | 313599 | &nbsp;&nbsp; 13923796 |
| **Data Center REITs–0.35%** | **Data Center REITs–0.35%** | **Data Center REITs–0.35%** |
| Digital Realty Trust, Inc.<sup>(b)</sup>  | 73408 | &nbsp;&nbsp; 12306117 |
| Equinix, Inc. | 14490 | &nbsp;&nbsp; 11391893 |
|  |  | &nbsp;&nbsp; 23698010 |
| **Data Processing & Outsourced Services–0.20%** | **Data Processing & Outsourced Services–0.20%** | **Data Processing & Outsourced Services–0.20%** |
| Broadridge Financial Solutions, Inc. | 53843 | &nbsp;&nbsp; 13763348 |
| **Distillers & Vintners–0.39%** | **Distillers & Vintners–0.39%** | **Distillers & Vintners–0.39%** |
| Brown-Forman Corp., Class B<sup>(b)</sup>  | 472333 | &nbsp;&nbsp; 14141650 |
| Constellation Brands, Inc., Class A | 77466 | &nbsp;&nbsp; 12544844 |
|  |  | &nbsp;&nbsp; 26686494 |
| **Distributors–0.57%** | **Distributors–0.57%** | **Distributors–0.57%** |
| Genuine Parts Co. | 105281 | &nbsp;&nbsp; 14668802 |
| LKQ Corp.<sup>(b)</sup>  | 327702 | &nbsp;&nbsp; 10689639 |
| Pool Corp.<sup>(b)</sup>  | 43236 | &nbsp;&nbsp; 13433858 |
|  |  | &nbsp;&nbsp; 38792299 |
| **Diversified Banks–1.74%** | **Diversified Banks–1.74%** | **Diversified Banks–1.74%** |
| Bank of America Corp. | 287533 | &nbsp;&nbsp; 14589424 |
| Citigroup, Inc. | 164166 | &nbsp;&nbsp; 15853511 |
| Fifth Third Bancorp | 328648 | &nbsp;&nbsp; 15042219 |
| JPMorgan Chase & Co. | 47969 | &nbsp;&nbsp; 14458816 |
| KeyCorp | 792794 | &nbsp;&nbsp; 15348492 |
| PNC Financial Services Group, Inc. (The) | 72664 | &nbsp;&nbsp; 15073420 |
| U.S. Bancorp | 294230 | &nbsp;&nbsp; 14367251 |
| Wells Fargo & Co. | 171682 | &nbsp;&nbsp; 14108827 |
|  |  | &nbsp;&nbsp; 118841960 |
| **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** |
| Apollo Global Management, Inc. | 94005 | &nbsp;&nbsp; 12806301 |
| **Diversified Support Services–0.37%** | **Diversified Support Services–0.37%** | **Diversified Support Services–0.37%** |
| Cintas Corp. | 59060 | &nbsp;&nbsp; 12404372 |
| Copart, Inc.<sup>(c)</sup>  | 259303 | &nbsp;&nbsp; 12656579 |
|  |  | &nbsp;&nbsp; 25060951 |
| **Electric Utilities–3.37%** | **Electric Utilities–3.37%** | **Electric Utilities–3.37%** |
| Alliant Energy Corp. | 212342 | &nbsp;&nbsp; 13817094 |
| American Electric Power Co., Inc. | 127411 | &nbsp;&nbsp; 14145169 |
| Constellation Energy Corp. | 44482 | &nbsp;&nbsp; 13699566 |
| Duke Energy Corp. | 111569 | &nbsp;&nbsp; 13666087 |
| Edison International | 259193 | &nbsp;&nbsp; 14548503 |
| Entergy Corp. | 158087 | &nbsp;&nbsp; 13925884 |
| Evergy, Inc. | 192307 | &nbsp;&nbsp; 13703797 |

---

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–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Eversource Energy | 199767 | &nbsp;&nbsp; $12799072 |
| Exelon Corp. | 302565 | &nbsp;&nbsp; 13216039 |
| FirstEnergy Corp. | 320008 | &nbsp;&nbsp; 13958749 |
| NextEra Energy, Inc. | 179381 | &nbsp;&nbsp; 12924401 |
| NRG Energy, Inc. | 86962 | &nbsp;&nbsp; 12658189 |
| PG&E Corp. | 901706 | &nbsp;&nbsp; 13778068 |
| Pinnacle West Capital Corp. | 145414 | &nbsp;&nbsp; 12994195 |
| PPL Corp. | 384231 | &nbsp;&nbsp; 14012905 |
| Southern Co. (The) | 144911 | &nbsp;&nbsp; 13375285 |
| Xcel Energy, Inc. | 190196 | &nbsp;&nbsp; 13768288 |
|  |  | &nbsp;&nbsp; 230991291 |
| **Electrical Components & Equipment–1.27%** | **Electrical Components & Equipment–1.27%** | **Electrical Components & Equipment–1.27%** |
| AMETEK, Inc. | 71686 | &nbsp;&nbsp; 13247573 |
| Eaton Corp. PLC | 39498 | &nbsp;&nbsp; 13790332 |
| Emerson Electric Co. | 101668 | &nbsp;&nbsp; 13420176 |
| Generac Holdings, Inc.<sup>(c)</sup>  | 99200 | &nbsp;&nbsp; 18376800 |
| Hubbell, Inc. | 33376 | &nbsp;&nbsp; 14384722 |
| Rockwell Automation, Inc. | 39873 | &nbsp;&nbsp; 13693584 |
|  |  | &nbsp;&nbsp; 86913187 |
| **Electronic Components–0.47%** | **Electronic Components–0.47%** | **Electronic Components–0.47%** |
| Amphenol Corp., Class A | 139677 | &nbsp;&nbsp; 15205238 |
| Corning, Inc. | 257218 | &nbsp;&nbsp; 17241323 |
|  |  | &nbsp;&nbsp; 32446561 |
| **Electronic Equipment & Instruments–0.81%** | **Electronic Equipment & Instruments–0.81%** | **Electronic Equipment & Instruments–0.81%** |
| Keysight Technologies, Inc.<sup>(c)</sup>  | 80583 | &nbsp;&nbsp; 13169680 |
| Teledyne Technologies, Inc.<sup>(c)</sup>  | 26064 | &nbsp;&nbsp; 14026863 |
| Trimble, Inc.<sup>(c)</sup>  | 179188 | &nbsp;&nbsp; 14481974 |
| Zebra Technologies Corp., Class A<sup>(c)</sup>  | 43939 | &nbsp;&nbsp; 13932617 |
|  |  | &nbsp;&nbsp; 55611134 |
| **Electronic Manufacturing Services–0.45%** | **Electronic Manufacturing Services–0.45%** | **Electronic Manufacturing Services–0.45%** |
| Jabil, Inc. | 72251 | &nbsp;&nbsp; 14799172 |
| TE Connectivity PLC (Switzerland) | 78217 | &nbsp;&nbsp; 16151811 |
|  |  | &nbsp;&nbsp; 30950983 |
| **Environmental & Facilities Services–0.75%** | **Environmental & Facilities Services–0.75%** | **Environmental & Facilities Services–0.75%** |
| Republic Services, Inc. | 52749 | &nbsp;&nbsp; 12341683 |
| Rollins, Inc. | 227541 | &nbsp;&nbsp; 12865168 |
| Veralto Corp. | 132198 | &nbsp;&nbsp; 14038106 |
| Waste Management, Inc. | 54818 | &nbsp;&nbsp; 12410247 |
|  |  | &nbsp;&nbsp; 51655204 |
| **Fertilizers & Agricultural Chemicals–0.55%** | **Fertilizers & Agricultural Chemicals–0.55%** | **Fertilizers & Agricultural Chemicals–0.55%** |
| CF Industries Holdings, Inc. | 135522 | &nbsp;&nbsp; 11740271 |
| Corteva, Inc. | 181695 | &nbsp;&nbsp; 13479952 |
| Mosaic Co. (The)<sup>(e)</sup>  | 371067 | &nbsp;&nbsp; 12393638 |
|  |  | &nbsp;&nbsp; 37613861 |
| **Financial Exchanges & Data–1.93%** | **Financial Exchanges & Data–1.93%** | **Financial Exchanges & Data–1.93%** |
| Cboe Global Markets, Inc. | 58082 | &nbsp;&nbsp; 13704448 |
| CME Group, Inc., Class A | 47650 | &nbsp;&nbsp; 12699201 |
| Coinbase Global, Inc., Class A<sup>(c)</sup>  | 51519 | &nbsp;&nbsp; 15689596 |
| FactSet Research Systems, Inc. | 30369 | &nbsp;&nbsp; 11337355 |
| Intercontinental Exchange, Inc. | 72382 | &nbsp;&nbsp; 12782661 |
| MarketAxess Holdings, Inc. | 58194 | &nbsp;&nbsp; 10698385 |
| Moody's Corp. | 26839 | &nbsp;&nbsp; 13681449 |
| MSCI, Inc. | 23619 | &nbsp;&nbsp; 13408979 |
| Nasdaq, Inc. | 149644 | &nbsp;&nbsp; 14177273 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| S&P Global, Inc. | 25259 | &nbsp;&nbsp; $13853046 |
|  |  | &nbsp;&nbsp; 132032393 |
| **Food Distributors–0.20%** | **Food Distributors–0.20%** | **Food Distributors–0.20%** |
| Sysco Corp. | 173686 | &nbsp;&nbsp; 13976512 |
| **Food Retail–0.20%** | **Food Retail–0.20%** | **Food Retail–0.20%** |
| Kroger Co. (The) | 199136 | &nbsp;&nbsp; 13509386 |
| **Footwear–0.44%** | **Footwear–0.44%** | **Footwear–0.44%** |
| Deckers Outdoor Corp.<sup>(c)</sup>  | 119603 | &nbsp;&nbsp; 14308107 |
| NIKE, Inc., Class B | 204115 | &nbsp;&nbsp; 15792377 |
|  |  | &nbsp;&nbsp; 30100484 |
| **Gas Utilities–0.21%** | **Gas Utilities–0.21%** | **Gas Utilities–0.21%** |
| Atmos Energy Corp.<sup>(b)</sup>  | 85133 | &nbsp;&nbsp; 14143145 |
| **Gold–0.26%** | **Gold–0.26%** | **Gold–0.26%** |
| Newmont Corp. | 241382 | &nbsp;&nbsp; 17958821 |
| **Health Care Distributors–0.74%** | **Health Care Distributors–0.74%** | **Health Care Distributors–0.74%** |
| Cardinal Health, Inc. | 83761 | &nbsp;&nbsp; 12461962 |
| Cencora, Inc. | 45212 | &nbsp;&nbsp; 13184271 |
| Henry Schein, Inc.<sup>(b)(c)</sup>  | 184071 | &nbsp;&nbsp; 12807660 |
| McKesson Corp. | 18244 | &nbsp;&nbsp; 12527060 |
|  |  | &nbsp;&nbsp; 50980953 |
| **Health Care Equipment–3.14%** | **Health Care Equipment–3.14%** | **Health Care Equipment–3.14%** |
| Abbott Laboratories | 95277 | &nbsp;&nbsp; 12639447 |
| Baxter International, Inc. | 417032 | &nbsp;&nbsp; 10296520 |
| Becton, Dickinson and Co. | 75049 | &nbsp;&nbsp; 14482956 |
| Boston Scientific Corp.<sup>(c)</sup>  | 130482 | &nbsp;&nbsp; 13765851 |
| DexCom, Inc.<sup>(c)</sup>  | 157787 | &nbsp;&nbsp; 11887673 |
| Edwards Lifesciences Corp.<sup>(c)</sup>  | 171877 | &nbsp;&nbsp; 13980475 |
| GE HealthCare Technologies, Inc. | 178404 | &nbsp;&nbsp; 13153727 |
| Hologic, Inc.<sup>(c)</sup>  | 200195 | &nbsp;&nbsp; 13437088 |
| IDEXX Laboratories, Inc.<sup>(c)</sup>  | 24728 | &nbsp;&nbsp; 16001242 |
| Insulet Corp.<sup>(c)</sup>  | 43326 | &nbsp;&nbsp; 14725641 |
| Intuitive Surgical, Inc.<sup>(c)</sup>  | 24606 | &nbsp;&nbsp; 11645897 |
| Medtronic PLC | 147235 | &nbsp;&nbsp; 13664880 |
| ResMed, Inc. | 51673 | &nbsp;&nbsp; 14184755 |
| STERIS PLC | 54394 | &nbsp;&nbsp; 13329794 |
| Stryker Corp. | 33889 | &nbsp;&nbsp; 13264493 |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup>  | 138953 | &nbsp;&nbsp; 14742913 |
|  |  | &nbsp;&nbsp; 215203352 |
| **Health Care Facilities–0.40%** | **Health Care Facilities–0.40%** | **Health Care Facilities–0.40%** |
| HCA Healthcare, Inc. | 34974 | &nbsp;&nbsp; 14128097 |
| Universal Health Services, Inc., Class B | 74591 | &nbsp;&nbsp; 13544234 |
|  |  | &nbsp;&nbsp; 27672331 |
| **Health Care REITs–0.83%** | **Health Care REITs–0.83%** | **Health Care REITs–0.83%** |
| Alexandria Real Estate Equities, Inc. | 177190 | &nbsp;&nbsp; 14607544 |
| Healthpeak Properties, Inc. | 747848 | &nbsp;&nbsp; 13416393 |
| Ventas, Inc. | 204709 | &nbsp;&nbsp; 13936589 |
| Welltower, Inc. | 86472 | &nbsp;&nbsp; 14551508 |
|  |  | &nbsp;&nbsp; 56512034 |
| **Health Care Services–0.98%** | **Health Care Services–0.98%** | **Health Care Services–0.98%** |
| Cigna Group (The) | 41462 | &nbsp;&nbsp; 12474672 |
| CVS Health Corp. | 195629 | &nbsp;&nbsp; 14310261 |
| DaVita, Inc.<sup>(b)(c)</sup>  | 93056 | &nbsp;&nbsp; 12819395 |

---

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 Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| Labcorp Holdings, Inc. | 50375 | &nbsp;&nbsp; $14003746 |
| Quest Diagnostics, Inc. | 72965 | &nbsp;&nbsp; 13253363 |
|  |  | &nbsp;&nbsp; 66861437 |
| **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** | **Health Care Supplies–0.52%** |
| Align Technology, Inc.<sup>(c)</sup>  | 70600 | &nbsp;&nbsp; 10022376 |
| Cooper Cos., Inc. (The)<sup>(c)</sup>  | 183350 | &nbsp;&nbsp; 12356873 |
| Solventum Corp.<sup>(c)</sup>  | 175982 | &nbsp;&nbsp; 12862525 |
|  |  | &nbsp;&nbsp; 35241774 |
| **Heavy Electrical Equipment–0.24%** | **Heavy Electrical Equipment–0.24%** | **Heavy Electrical Equipment–0.24%** |
| GE Vernova, Inc. | 26877 | &nbsp;&nbsp; 16474795 |
| **Home Furnishings–0.24%** | **Home Furnishings–0.24%** | **Home Furnishings–0.24%** |
| Mohawk Industries, Inc.<sup>(c)</sup>  | 124132 | &nbsp;&nbsp; 16471075 |
| **Home Improvement Retail–0.43%** | **Home Improvement Retail–0.43%** | **Home Improvement Retail–0.43%** |
| Home Depot, Inc. (The) | 36009 | &nbsp;&nbsp; 14647381 |
| Lowe's Cos., Inc. | 58574 | &nbsp;&nbsp; 15115606 |
|  |  | &nbsp;&nbsp; 29762987 |
| **Homebuilding–0.93%** | **Homebuilding–0.93%** | **Homebuilding–0.93%** |
| D.R. Horton, Inc.<sup>(b)</sup>  | 103038 | &nbsp;&nbsp; 17462880 |
| Lennar Corp., Class A | 116418 | &nbsp;&nbsp; 15499892 |
| NVR, Inc.<sup>(c)</sup>  | 1758 | &nbsp;&nbsp; 14270829 |
| PulteGroup, Inc. | 124327 | &nbsp;&nbsp; 16413651 |
|  |  | &nbsp;&nbsp; 63647252 |
| **Homefurnishing Retail–0.23%** | **Homefurnishing Retail–0.23%** | **Homefurnishing Retail–0.23%** |
| Williams-Sonoma, Inc. | 82685 | &nbsp;&nbsp; 15560490 |
| **Hotel & Resort REITs–0.20%** | **Hotel & Resort REITs–0.20%** | **Hotel & Resort REITs–0.20%** |
| Host Hotels & Resorts, Inc. | 809079 | &nbsp;&nbsp; 13924250 |
| **Hotels, Resorts & Cruise Lines–1.76%** | **Hotels, Resorts & Cruise Lines–1.76%** | **Hotels, Resorts & Cruise Lines–1.76%** |
| Airbnb, Inc., Class A<sup>(c)</sup>  | 93510 | &nbsp;&nbsp; 12205860 |
| Booking Holdings, Inc. | 2395 | &nbsp;&nbsp; 13409725 |
| Carnival Corp.<sup>(b)(c)</sup>  | 539988 | &nbsp;&nbsp; 17220217 |
| Expedia Group, Inc. | 74699 | &nbsp;&nbsp; 16045345 |
| Hilton Worldwide Holdings, Inc. | 50711 | &nbsp;&nbsp; 13999279 |
| Marriott International, Inc., Class A | 49217 | &nbsp;&nbsp; 13183266 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup>  | 674377 | &nbsp;&nbsp; 16751525 |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup>  | 48083 | &nbsp;&nbsp; 17464707 |
|  |  | &nbsp;&nbsp; 120279924 |
| **Household Products–0.90%** | **Household Products–0.90%** | **Household Products–0.90%** |
| Church & Dwight Co., Inc. | 132138 | &nbsp;&nbsp; 12309976 |
| Clorox Co. (The) | 102244 | &nbsp;&nbsp; 12085241 |
| Colgate-Palmolive Co. | 142165 | &nbsp;&nbsp; 11951812 |
| Kimberly-Clark Corp. | 98567 | &nbsp;&nbsp; 12728942 |
| Procter & Gamble Co. (The) | 80778 | &nbsp;&nbsp; 12685377 |
|  |  | &nbsp;&nbsp; 61761348 |
| **Human Resource & Employment Services–0.74%** | **Human Resource & Employment Services–0.74%** | **Human Resource & Employment Services–0.74%** |
| Automatic Data Processing, Inc. | 41243 | &nbsp;&nbsp; 12539934 |
| Dayforce, Inc.<sup>(c)</sup>  | 212596 | &nbsp;&nbsp; 14832823 |
| Paychex, Inc. | 83550 | &nbsp;&nbsp; 11651465 |
| Paycom Software, Inc. | 51204 | &nbsp;&nbsp; 11630989 |
|  |  | &nbsp;&nbsp; 50655211 |
| **Independent Power Producers & Energy Traders–0.44%** | **Independent Power Producers & Energy Traders–0.44%** | **Independent Power Producers & Energy Traders–0.44%** |
| AES Corp. (The) | 1123382 | &nbsp;&nbsp; 15210592 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** |
| Vistra Corp. | 77160 | &nbsp;&nbsp; $14591728 |
|  |  | &nbsp;&nbsp; 29802320 |
| **Industrial Conglomerates–0.38%** | **Industrial Conglomerates–0.38%** | **Industrial Conglomerates–0.38%** |
| 3M Co. | 88108 | &nbsp;&nbsp; 13703437 |
| Honeywell International, Inc. | 56854 | &nbsp;&nbsp; 12479453 |
|  |  | &nbsp;&nbsp; 26182890 |
| **Industrial Gases–0.39%** | **Industrial Gases–0.39%** | **Industrial Gases–0.39%** |
| Air Products and Chemicals, Inc. | 45956 | &nbsp;&nbsp; 13516119 |
| Linde PLC | 27517 | &nbsp;&nbsp; 13161106 |
|  |  | &nbsp;&nbsp; 26677225 |
| **Industrial Machinery & Supplies & Components–2.31%** | **Industrial Machinery & Supplies & Components–2.31%** | **Industrial Machinery & Supplies & Components–2.31%** |
| Dover Corp. | 73099 | &nbsp;&nbsp; 13074487 |
| Fortive Corp. | 239132 | &nbsp;&nbsp; 11444858 |
| IDEX Corp. | 71490 | &nbsp;&nbsp; 11760105 |
| Illinois Tool Works, Inc. | 52602 | &nbsp;&nbsp; 13921119 |
| Ingersoll Rand, Inc. | 157389 | &nbsp;&nbsp; 12501408 |
| Nordson Corp. | 59058 | &nbsp;&nbsp; 13293365 |
| Otis Worldwide Corp. | 137262 | &nbsp;&nbsp; 11856692 |
| Parker-Hannifin Corp. | 19307 | &nbsp;&nbsp; 14660771 |
| Pentair PLC | 129593 | &nbsp;&nbsp; 13935135 |
| Snap-on, Inc. | 40829 | &nbsp;&nbsp; 13279224 |
| Stanley Black & Decker, Inc. | 190272 | &nbsp;&nbsp; 14135307 |
| Xylem, Inc. | 101979 | &nbsp;&nbsp; 14436147 |
|  |  | &nbsp;&nbsp; 158298618 |
| **Industrial REITs–0.20%** | **Industrial REITs–0.20%** | **Industrial REITs–0.20%** |
| Prologis, Inc.<sup>(b)</sup>  | 120690 | &nbsp;&nbsp; 13732108 |
| **Insurance Brokers–0.95%** | **Insurance Brokers–0.95%** | **Insurance Brokers–0.95%** |
| Aon PLC, Class A | 37116 | &nbsp;&nbsp; 13621572 |
| Arthur J. Gallagher & Co. | 41845 | &nbsp;&nbsp; 12668574 |
| Brown & Brown, Inc. | 125333 | &nbsp;&nbsp; 12151034 |
| Marsh & McLennan Cos., Inc. | 60264 | &nbsp;&nbsp; 12402934 |
| Willis Towers Watson PLC | 43872 | &nbsp;&nbsp; 14336931 |
|  |  | &nbsp;&nbsp; 65181045 |
| **Integrated Oil & Gas–0.61%** | **Integrated Oil & Gas–0.61%** | **Integrated Oil & Gas–0.61%** |
| Chevron Corp. | 90107 | &nbsp;&nbsp; 14471184 |
| Exxon Mobil Corp. | 119795 | &nbsp;&nbsp; 13691371 |
| Occidental Petroleum Corp. | 287740 | &nbsp;&nbsp; 13699301 |
|  |  | &nbsp;&nbsp; 41861856 |
| **Integrated Telecommunication Services–0.39%** | **Integrated Telecommunication Services–0.39%** | **Integrated Telecommunication Services–0.39%** |
| AT&T, Inc. | 462061 | &nbsp;&nbsp; 13533766 |
| Verizon Communications, Inc. | 299377 | &nbsp;&nbsp; 13241445 |
|  |  | &nbsp;&nbsp; 26775211 |
| **Interactive Home Entertainment–0.41%** | **Interactive Home Entertainment–0.41%** | **Interactive Home Entertainment–0.41%** |
| Electronic Arts, Inc. | 87089 | &nbsp;&nbsp; 14974953 |
| Take-Two Interactive Software, Inc.<sup>(c)</sup>  | 55784 | &nbsp;&nbsp; 13012734 |
|  |  | &nbsp;&nbsp; 27987687 |
| **Interactive Media & Services–0.65%** | **Interactive Media & Services–0.65%** | **Interactive Media & Services–0.65%** |
| Alphabet, Inc., Class A | 39146 | &nbsp;&nbsp; 8334575 |
| Alphabet, Inc., Class C | 32336 | &nbsp;&nbsp; 6904706 |
| Match Group, Inc.<sup>(b)</sup>  | 412178 | &nbsp;&nbsp; 15390726 |
| Meta Platforms, Inc., Class A | 18710 | &nbsp;&nbsp; 13821077 |
|  |  | &nbsp;&nbsp; 44451084 |

---

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–0.54%** | **Internet Services & Infrastructure–0.54%** | **Internet Services & Infrastructure–0.54%** |
| Akamai Technologies, Inc.<sup>(c)</sup>  | 167474 | &nbsp;&nbsp; $13252218 |
| GoDaddy, Inc., Class A<sup>(c)</sup>  | 74020 | &nbsp;&nbsp; 10977906 |
| VeriSign, Inc. | 46795 | &nbsp;&nbsp; 12792349 |
|  |  | &nbsp;&nbsp; 37022473 |
| **Investment Banking & Brokerage–1.06%** | **Investment Banking & Brokerage–1.06%** | **Investment Banking & Brokerage–1.06%** |
| Charles Schwab Corp. (The) | 146878 | &nbsp;&nbsp; 14076788 |
| Goldman Sachs Group, Inc. (The) | 20625 | &nbsp;&nbsp; 15370781 |
| Interactive Brokers Group, Inc., Class A | 215618 | &nbsp;&nbsp; 13420064 |
| Morgan Stanley | 97562 | &nbsp;&nbsp; 14681130 |
| Raymond James Financial, Inc. | 87952 | &nbsp;&nbsp; 14902587 |
|  |  | &nbsp;&nbsp; 72451350 |
| **IT Consulting & Other Services–0.80%** | **IT Consulting & Other Services–0.80%** | **IT Consulting & Other Services–0.80%** |
| Accenture PLC, Class A (Ireland) | 40410 | &nbsp;&nbsp; 10505388 |
| Cognizant Technology Solutions Corp., <br> Class A | 162366 | &nbsp;&nbsp; 11730944 |
| EPAM Systems, Inc.<sup>(c)</sup>  | 74159 | &nbsp;&nbsp; 13078681 |
| Gartner, Inc.<sup>(c)</sup>  | 31668 | &nbsp;&nbsp; 7954685 |
| International Business Machines Corp. | 46515 | &nbsp;&nbsp; 11325937 |
|  |  | &nbsp;&nbsp; 54595635 |
| **Leisure Products–0.22%** | **Leisure Products–0.22%** | **Leisure Products–0.22%** |
| Hasbro, Inc. | 186425 | &nbsp;&nbsp; 15132117 |
| **Life & Health Insurance–1.02%** | **Life & Health Insurance–1.02%** | **Life & Health Insurance–1.02%** |
| Aflac, Inc. | 129204 | &nbsp;&nbsp; 13806739 |
| Globe Life, Inc. | 108545 | &nbsp;&nbsp; 15190873 |
| MetLife, Inc. | 165946 | &nbsp;&nbsp; 13501367 |
| Principal Financial Group, Inc. | 167845 | &nbsp;&nbsp; 13513201 |
| Prudential Financial, Inc. | 125178 | &nbsp;&nbsp; 13727019 |
|  |  | &nbsp;&nbsp; 69739199 |
| **Life Sciences Tools & Services–2.01%** | **Life Sciences Tools & Services–2.01%** | **Life Sciences Tools & Services–2.01%** |
| Agilent Technologies, Inc. | 109379 | &nbsp;&nbsp; 13744565 |
| Bio-Techne Corp. | 251235 | &nbsp;&nbsp; 13724968 |
| Charles River Laboratories International, <br> Inc.<sup>(c)</sup>  | 85785 | &nbsp;&nbsp; 14009548 |
| Danaher Corp. | 63965 | &nbsp;&nbsp; 13165276 |
| IQVIA Holdings, Inc.<sup>(c)</sup>  | 81774 | &nbsp;&nbsp; 15603297 |
| Mettler-Toledo International, Inc.<sup>(c)</sup>  | 10869 | &nbsp;&nbsp; 14141004 |
| Revvity, Inc.<sup>(b)</sup>  | 136305 | &nbsp;&nbsp; 12282444 |
| Thermo Fisher Scientific, Inc. | 31269 | &nbsp;&nbsp; 15406862 |
| Waters Corp.<sup>(c)</sup>  | 37840 | &nbsp;&nbsp; 11420112 |
| West Pharmaceutical Services, Inc. | 57924 | &nbsp;&nbsp; 14304332 |
|  |  | &nbsp;&nbsp; 137802408 |
| **Managed Health Care–0.82%** | **Managed Health Care–0.82%** | **Managed Health Care–0.82%** |
| Centene Corp.<sup>(c)</sup>  | 236924 | &nbsp;&nbsp; 6880273 |
| Elevance Health, Inc. | 34376 | &nbsp;&nbsp; 10953912 |
| Humana, Inc. | 55513 | &nbsp;&nbsp; 16857078 |
| Molina Healthcare, Inc.<sup>(c)</sup>  | 44446 | &nbsp;&nbsp; 8037170 |
| UnitedHealth Group, Inc. | 42165 | &nbsp;&nbsp; 13065669 |
|  |  | &nbsp;&nbsp; 55794102 |
| **Metal, Glass & Plastic Containers–0.18%** | **Metal, Glass & Plastic Containers–0.18%** | **Metal, Glass & Plastic Containers–0.18%** |
| Ball Corp. | 238390 | &nbsp;&nbsp; 12548850 |
| **Movies & Entertainment–1.02%** | **Movies & Entertainment–1.02%** | **Movies & Entertainment–1.02%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup>  | 90334 | &nbsp;&nbsp; 15039708 |
| Netflix, Inc.<sup>(c)</sup>  | 10539 | &nbsp;&nbsp; 12733747 |
| TKO Group Holdings, Inc. | 77967 | &nbsp;&nbsp; 14779424 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| Walt Disney Co. (The) | 109562 | &nbsp;&nbsp; $12969950 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup>  | 1233918 | &nbsp;&nbsp; 14362805 |
|  |  | &nbsp;&nbsp; 69885634 |
| **Multi-Family Residential REITs–1.09%** | **Multi-Family Residential REITs–1.09%** | **Multi-Family Residential REITs–1.09%** |
| AvalonBay Communities, Inc. | 63401 | &nbsp;&nbsp; 12417086 |
| Camden Property Trust | 109898 | &nbsp;&nbsp; 12306378 |
| Equity Residential | 186330 | &nbsp;&nbsp; 12320140 |
| Essex Property Trust, Inc.<sup>(b)</sup>  | 45757 | &nbsp;&nbsp; 12363999 |
| Mid-America Apartment Communities, <br> Inc. | 87089 | &nbsp;&nbsp; 12699318 |
| UDR, Inc. | 315006 | &nbsp;&nbsp; 12464787 |
|  |  | &nbsp;&nbsp; 74571708 |
| **Multi-line Insurance–0.18%** | **Multi-line Insurance–0.18%** | **Multi-line Insurance–0.18%** |
| American International Group, Inc. | 152172 | &nbsp;&nbsp; 12374627 |
| **Multi-Sector Holdings–0.20%** | **Multi-Sector Holdings–0.20%** | **Multi-Sector Holdings–0.20%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup>  | 26826 | &nbsp;&nbsp; 13492941 |
| **Multi-Utilities–1.96%** | **Multi-Utilities–1.96%** | **Multi-Utilities–1.96%** |
| Ameren Corp. | 135387 | &nbsp;&nbsp; 13508915 |
| CenterPoint Energy, Inc. | 359331 | &nbsp;&nbsp; 13550372 |
| CMS Energy Corp. | 185386 | &nbsp;&nbsp; 13268076 |
| Consolidated Edison, Inc. | 127691 | &nbsp;&nbsp; 12543087 |
| Dominion Energy, Inc. | 233213 | &nbsp;&nbsp; 13969459 |
| DTE Energy Co. | 96099 | &nbsp;&nbsp; 13131928 |
| NiSource, Inc. | 328913 | &nbsp;&nbsp; 13903152 |
| Public Service Enterprise Group, Inc. | 160602 | &nbsp;&nbsp; 13222363 |
| Sempra | 170809 | &nbsp;&nbsp; 14101991 |
| WEC Energy Group, Inc. | 122876 | &nbsp;&nbsp; 13087523 |
|  |  | &nbsp;&nbsp; 134286866 |
| **Office REITs–0.19%** | **Office REITs–0.19%** | **Office REITs–0.19%** |
| BXP, Inc.<sup>(b)</sup>  | 176689 | &nbsp;&nbsp; 12811719 |
| **Oil & Gas Equipment & Services–0.61%** | **Oil & Gas Equipment & Services–0.61%** | **Oil & Gas Equipment & Services–0.61%** |
| Baker Hughes Co., Class A | 332778 | &nbsp;&nbsp; 15108121 |
| Halliburton Co. | 581446 | &nbsp;&nbsp; 13216268 |
| Schlumberger N.V. | 366904 | &nbsp;&nbsp; 13516743 |
|  |  | &nbsp;&nbsp; 41841132 |
| **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** |
| APA Corp.<sup>(b)</sup>  | 658108 | &nbsp;&nbsp; 15281268 |
| ConocoPhillips | 140277 | &nbsp;&nbsp; 13883214 |
| Coterra Energy, Inc. | 500691 | &nbsp;&nbsp; 12236888 |
| Devon Energy Corp. | 374221 | &nbsp;&nbsp; 13509378 |
| Diamondback Energy, Inc. | 86607 | &nbsp;&nbsp; 12883657 |
| EOG Resources, Inc. | 109196 | &nbsp;&nbsp; 13629845 |
| EQT Corp. | 242631 | &nbsp;&nbsp; 12577991 |
| Expand Energy Corp. | 116678 | &nbsp;&nbsp; 11292097 |
| Texas Pacific Land Corp. | 11733 | &nbsp;&nbsp; 10952521 |
|  |  | &nbsp;&nbsp; 116246859 |
| **Oil & Gas Refining & Marketing–0.63%** | **Oil & Gas Refining & Marketing–0.63%** | **Oil & Gas Refining & Marketing–0.63%** |
| Marathon Petroleum Corp. | 78684 | &nbsp;&nbsp; 14140301 |
| Phillips 66 | 108267 | &nbsp;&nbsp; 14462306 |
| Valero Energy Corp. | 96678 | &nbsp;&nbsp; 14696023 |
|  |  | &nbsp;&nbsp; 43298630 |
| **Oil & Gas Storage & Transportation–0.73%** | **Oil & Gas Storage & Transportation–0.73%** | **Oil & Gas Storage & Transportation–0.73%** |
| Kinder Morgan, Inc. | 472410 | &nbsp;&nbsp; 12745622 |

---

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–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| ONEOK, Inc. | 155717 | &nbsp;&nbsp; $11893664 |
| Targa Resources Corp. | 77129 | &nbsp;&nbsp; 12939161 |
| Williams Cos., Inc. (The) | 217095 | &nbsp;&nbsp; 12565459 |
|  |  | &nbsp;&nbsp; 50143906 |
| **Other Specialized REITs–0.37%** | **Other Specialized REITs–0.37%** | **Other Specialized REITs–0.37%** |
| Iron Mountain, Inc.<sup>(b)</sup>  | 129677 | &nbsp;&nbsp; 11973077 |
| VICI Properties, Inc. | 399216 | &nbsp;&nbsp; 13485517 |
|  |  | &nbsp;&nbsp; 25458594 |
| **Other Specialty Retail–0.43%** | **Other Specialty Retail–0.43%** | **Other Specialty Retail–0.43%** |
| Tractor Supply Co.<sup>(b)</sup>  | 253360 | &nbsp;&nbsp; 15647514 |
| Ulta Beauty, Inc.<sup>(c)</sup>  | 28429 | &nbsp;&nbsp; 14007821 |
|  |  | &nbsp;&nbsp; 29655335 |
| **Packaged Foods & Meats–2.22%** | **Packaged Foods & Meats–2.22%** | **Packaged Foods & Meats–2.22%** |
| Campbell's Co. (The)<sup>(b)</sup>  | 386226 | &nbsp;&nbsp; 12332196 |
| Conagra Brands, Inc. | 576548 | &nbsp;&nbsp; 11029363 |
| General Mills, Inc. | 241467 | &nbsp;&nbsp; 11911567 |
| Hershey Co. (The)<sup>(b)</sup>  | 77302 | &nbsp;&nbsp; 14204243 |
| Hormel Foods Corp. | 418389 | &nbsp;&nbsp; 10643816 |
| J.M. Smucker Co. (The) | 134147 | &nbsp;&nbsp; 14824585 |
| Kellanova | 158184 | &nbsp;&nbsp; 12575628 |
| Kraft Heinz Co. (The) | 490937 | &nbsp;&nbsp; 13731508 |
| Lamb Weston Holdings, Inc. | 231248 | &nbsp;&nbsp; 13303697 |
| McCormick & Co., Inc. | 173144 | &nbsp;&nbsp; 12184143 |
| Mondelez International, Inc., Class A | 195591 | &nbsp;&nbsp; 12017111 |
| Tyson Foods, Inc., Class A | 236497 | &nbsp;&nbsp; 13428300 |
|  |  | &nbsp;&nbsp; 152186157 |
| **Paper & Plastic Packaging Products & Materials–0.99%** | **Paper & Plastic Packaging Products & Materials–0.99%** | **Paper & Plastic Packaging Products & Materials–0.99%** |
| Amcor PLC | 1415759 | &nbsp;&nbsp; 12218000 |
| Avery Dennison Corp. | 73835 | &nbsp;&nbsp; 12673778 |
| International Paper Co. | 278139 | &nbsp;&nbsp; 13817945 |
| Packaging Corp. of America | 67775 | &nbsp;&nbsp; 14772239 |
| Smurfit WestRock PLC | 295886 | &nbsp;&nbsp; 14013161 |
|  |  | &nbsp;&nbsp; 67495123 |
| **Passenger Airlines–0.68%** | **Passenger Airlines–0.68%** | **Passenger Airlines–0.68%** |
| Delta Air Lines, Inc. | 264079 | &nbsp;&nbsp; 16314801 |
| Southwest Airlines Co. | 391006 | &nbsp;&nbsp; 12864097 |
| United Airlines Holdings, Inc.<sup>(c)</sup>  | 165216 | &nbsp;&nbsp; 17347680 |
|  |  | &nbsp;&nbsp; 46526578 |
| **Passenger Ground Transportation–0.20%** | **Passenger Ground Transportation–0.20%** | **Passenger Ground Transportation–0.20%** |
| Uber Technologies, Inc.<sup>(c)</sup>  | 148512 | &nbsp;&nbsp; 13923000 |
| **Personal Care Products–0.43%** | **Personal Care Products–0.43%** | **Personal Care Products–0.43%** |
| Estee Lauder Cos., Inc. (The), Class A | 185095 | &nbsp;&nbsp; 16978765 |
| Kenvue, Inc. | 590551 | &nbsp;&nbsp; 12230311 |
|  |  | &nbsp;&nbsp; 29209076 |
| **Pharmaceuticals–1.36%** | **Pharmaceuticals–1.36%** | **Pharmaceuticals–1.36%** |
| Bristol-Myers Squibb Co. | 257164 | &nbsp;&nbsp; 12132998 |
| Eli Lilly and Co. | 15956 | &nbsp;&nbsp; 11689046 |
| Johnson & Johnson | 83637 | &nbsp;&nbsp; 14817967 |
| Merck & Co., Inc. | 163033 | &nbsp;&nbsp; 13714336 |
| Pfizer, Inc. | 534918 | &nbsp;&nbsp; 13244570 |
| Viatris, Inc. | 1458218 | &nbsp;&nbsp; 15384200 |
| Zoetis, Inc. | 77572 | &nbsp;&nbsp; 12132261 |
|  |  | &nbsp;&nbsp; 93115378 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Property & Casualty Insurance–2.15%** | **Property & Casualty Insurance–2.15%** | **Property & Casualty Insurance–2.15%** |
| Allstate Corp. (The) | 66153 | &nbsp;&nbsp; $13458828 |
| Arch Capital Group Ltd. | 146492 | &nbsp;&nbsp; 13408413 |
| Assurant, Inc. | 66627 | &nbsp;&nbsp; 14365448 |
| Chubb Ltd. | 45849 | &nbsp;&nbsp; 12611684 |
| Cincinnati Financial Corp. | 87389 | &nbsp;&nbsp; 13422950 |
| Erie Indemnity Co., Class A<sup>(b)</sup>  | 36706 | &nbsp;&nbsp; 13007872 |
| Hartford Insurance Group, Inc. (The) | 104295 | &nbsp;&nbsp; 13799271 |
| Loews Corp. | 145756 | &nbsp;&nbsp; 14109181 |
| Progressive Corp. (The) | 49750 | &nbsp;&nbsp; 12291235 |
| Travelers Cos., Inc. (The) | 49717 | &nbsp;&nbsp; 13498663 |
| W.R. Berkley Corp. | 180892 | &nbsp;&nbsp; 12968148 |
|  |  | &nbsp;&nbsp; 146941693 |
| **Publishing–0.20%** | **Publishing–0.20%** | **Publishing–0.20%** |
| News Corp., Class A | 344082 | &nbsp;&nbsp; 10119452 |
| News Corp., Class B<sup>(b)</sup>  | 97475 | &nbsp;&nbsp; 3301478 |
|  |  | &nbsp;&nbsp; 13420930 |
| **Rail Transportation–0.59%** | **Rail Transportation–0.59%** | **Rail Transportation–0.59%** |
| CSX Corp. | 401829 | &nbsp;&nbsp; 13063461 |
| Norfolk Southern Corp. | 51691 | &nbsp;&nbsp; 14472446 |
| Union Pacific Corp. | 58014 | &nbsp;&nbsp; 12970190 |
|  |  | &nbsp;&nbsp; 40506097 |
| **Real Estate Services–0.43%** | **Real Estate Services–0.43%** | **Real Estate Services–0.43%** |
| CBRE Group, Inc., Class A<sup>(c)</sup>  | 96375 | &nbsp;&nbsp; 15624315 |
| CoStar Group, Inc.<sup>(c)</sup>  | 157921 | &nbsp;&nbsp; 14132350 |
|  |  | &nbsp;&nbsp; 29756665 |
| **Regional Banks–1.10%** | **Regional Banks–1.10%** | **Regional Banks–1.10%** |
| Citizens Financial Group, Inc. | 310881 | &nbsp;&nbsp; 16252859 |
| Huntington Bancshares, Inc. | 799197 | &nbsp;&nbsp; 14233698 |
| M&T Bank Corp. | 69689 | &nbsp;&nbsp; 14053484 |
| Regions Financial Corp. | 582665 | &nbsp;&nbsp; 15959194 |
| Truist Financial Corp. | 319590 | &nbsp;&nbsp; 14963204 |
|  |  | &nbsp;&nbsp; 75462439 |
| **Reinsurance–0.20%** | **Reinsurance–0.20%** | **Reinsurance–0.20%** |
| Everest Group Ltd. | 39054 | &nbsp;&nbsp; 13351781 |
| **Research & Consulting Services–0.79%** | **Research & Consulting Services–0.79%** | **Research & Consulting Services–0.79%** |
| Equifax, Inc. | 47541 | &nbsp;&nbsp; 11709348 |
| Jacobs Solutions, Inc. | 102049 | &nbsp;&nbsp; 14922625 |
| Leidos Holdings, Inc. | 88184 | &nbsp;&nbsp; 15954249 |
| Verisk Analytics, Inc. | 42039 | &nbsp;&nbsp; 11271497 |
|  |  | &nbsp;&nbsp; 53857719 |
| **Restaurants–1.31%** | **Restaurants–1.31%** | **Restaurants–1.31%** |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup>  | 248397 | &nbsp;&nbsp; 10467450 |
| Darden Restaurants, Inc. | 60159 | &nbsp;&nbsp; 12449304 |
| Domino's Pizza, Inc. | 29301 | &nbsp;&nbsp; 13428648 |
| DoorDash, Inc., Class A<sup>(c)</sup>  | 59069 | &nbsp;&nbsp; 14486672 |
| McDonald's Corp. | 43400 | &nbsp;&nbsp; 13607636 |
| Starbucks Corp. | 137276 | &nbsp;&nbsp; 12106370 |
| Yum! Brands, Inc. | 91310 | &nbsp;&nbsp; 13419831 |
|  |  | &nbsp;&nbsp; 89965911 |
| **Retail REITs–1.00%** | **Retail REITs–1.00%** | **Retail REITs–1.00%** |
| Federal Realty Investment Trust | 133827 | &nbsp;&nbsp; 13456305 |
| Kimco Realty Corp. | 623859 | &nbsp;&nbsp; 14030589 |
| Realty Income Corp. | 226711 | &nbsp;&nbsp; 13321538 |

---

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. | 182663 | &nbsp;&nbsp; $13243068 |
| Simon Property Group, Inc. | 81247 | &nbsp;&nbsp; 14678083 |
|  |  | &nbsp;&nbsp; 68729583 |
| **Self-Storage REITs–0.37%** | **Self-Storage REITs–0.37%** | **Self-Storage REITs–0.37%** |
| Extra Space Storage, Inc. | 87142 | &nbsp;&nbsp; 12511849 |
| Public Storage | 43626 | &nbsp;&nbsp; 12851783 |
|  |  | &nbsp;&nbsp; 25363632 |
| **Semiconductor Materials & Equipment–0.99%** | **Semiconductor Materials & Equipment–0.99%** | **Semiconductor Materials & Equipment–0.99%** |
| Applied Materials, Inc. | 74414 | &nbsp;&nbsp; 11962795 |
| Enphase Energy, Inc.<sup>(c)</sup>  | 284545 | &nbsp;&nbsp; 10727346 |
| KLA Corp. | 15016 | &nbsp;&nbsp; 13093952 |
| Lam Research Corp. | 141376 | &nbsp;&nbsp; 14158806 |
| Teradyne, Inc. | 148137 | &nbsp;&nbsp; 17515719 |
|  |  | &nbsp;&nbsp; 67458618 |
| **Semiconductors–2.91%** | **Semiconductors–2.91%** | **Semiconductors–2.91%** |
| Advanced Micro Devices, Inc.<sup>(c)</sup>  | 106264 | &nbsp;&nbsp; 17281714 |
| Analog Devices, Inc. | 56312 | &nbsp;&nbsp; 14151769 |
| Broadcom, Inc. | 51415 | &nbsp;&nbsp; 15290307 |
| First Solar, Inc.<sup>(c)</sup>  | 76893 | &nbsp;&nbsp; 15008745 |
| Intel Corp. | 622263 | &nbsp;&nbsp; 15152104 |
| Microchip Technology, Inc. | 188143 | &nbsp;&nbsp; 12229295 |
| Micron Technology, Inc. | 112857 | &nbsp;&nbsp; 13431112 |
| Monolithic Power Systems, Inc. | 18017 | &nbsp;&nbsp; 15057888 |
| NVIDIA Corp. | 90039 | &nbsp;&nbsp; 15682993 |
| NXP Semiconductors N.V. (Netherlands) | 59402 | &nbsp;&nbsp; 13950560 |
| ON Semiconductor Corp.<sup>(c)</sup>  | 252892 | &nbsp;&nbsp; 12540914 |
| QUALCOMM, Inc. | 81232 | &nbsp;&nbsp; 13056419 |
| Skyworks Solutions, Inc. | 176558 | &nbsp;&nbsp; 13231256 |
| Texas Instruments, Inc. | 65576 | &nbsp;&nbsp; 13277828 |
|  |  | &nbsp;&nbsp; 199342904 |
| **Single-Family Residential REITs–0.18%** | **Single-Family Residential REITs–0.18%** | **Single-Family Residential REITs–0.18%** |
| Invitation Homes, Inc. | 393001 | &nbsp;&nbsp; 12297001 |
| **Soft Drinks & Non-alcoholic Beverages–0.76%** | **Soft Drinks & Non-alcoholic Beverages–0.76%** | **Soft Drinks & Non-alcoholic Beverages–0.76%** |
| Coca-Cola Co. (The) | 181695 | &nbsp;&nbsp; 12535138 |
| Keurig Dr Pepper, Inc. | 398504 | &nbsp;&nbsp; 11592481 |
| Monster Beverage Corp.<sup>(c)</sup>  | 209216 | &nbsp;&nbsp; 13057171 |
| PepsiCo, Inc. | 99941 | &nbsp;&nbsp; 14856230 |
|  |  | &nbsp;&nbsp; 52041020 |
| **Specialty Chemicals–1.36%** | **Specialty Chemicals–1.36%** | **Specialty Chemicals–1.36%** |
| Albemarle Corp. | 198305 | &nbsp;&nbsp; 16840061 |
| DuPont de Nemours, Inc. | 186847 | &nbsp;&nbsp; 14372271 |
| Eastman Chemical Co. | 161282 | &nbsp;&nbsp; 11344576 |
| Ecolab, Inc. | 47933 | &nbsp;&nbsp; 13279358 |
| International Flavors & Fragrances, Inc. | 164728 | &nbsp;&nbsp; 11120787 |
| PPG Industries, Inc. | 115873 | &nbsp;&nbsp; 12888554 |
| Sherwin-Williams Co. (The) | 36667 | &nbsp;&nbsp; 13413889 |
|  |  | &nbsp;&nbsp; 93259496 |
| **Steel–0.43%** | **Steel–0.43%** | **Steel–0.43%** |
| Nucor Corp. | 109943 | &nbsp;&nbsp; 16351822 |
| Steel Dynamics, Inc. | 98975 | &nbsp;&nbsp; 12957807 |
|  |  | &nbsp;&nbsp; 29309629 |
| **Systems Software–1.32%** | **Systems Software–1.32%** | **Systems Software–1.32%** |
| CrowdStrike Holdings, Inc., Class A<sup>(c)</sup>  | 27453 | &nbsp;&nbsp; 11631836 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Fortinet, Inc.<sup>(c)</sup>  | 126752 | &nbsp;&nbsp; $9984255 |
| Gen Digital, Inc. | 444795 | &nbsp;&nbsp; 13432809 |
| Microsoft Corp. | 27482 | &nbsp;&nbsp; 13924855 |
| Oracle Corp. | 73124 | &nbsp;&nbsp; 16535530 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup>  | 67363 | &nbsp;&nbsp; 12833999 |
| ServiceNow, Inc.<sup>(c)</sup>  | 13038 | &nbsp;&nbsp; 11961843 |
|  |  | &nbsp;&nbsp; 90305127 |
| **Technology Distributors–0.18%** | **Technology Distributors–0.18%** | **Technology Distributors–0.18%** |
| CDW Corp. | 73430 | &nbsp;&nbsp; 12098327 |
| **Technology Hardware, Storage & Peripherals–1.59%** | **Technology Hardware, Storage & Peripherals–1.59%** | **Technology Hardware, Storage & Peripherals–1.59%** |
| Apple, Inc. | 65302 | &nbsp;&nbsp; 15159206 |
| Hewlett Packard Enterprise Co. | 706527 | &nbsp;&nbsp; 15946315 |
| HP, Inc. | 527591 | &nbsp;&nbsp; 15057447 |
| NetApp, Inc. | 127593 | &nbsp;&nbsp; 14391215 |
| Seagate Technology Holdings PLC | 101810 | &nbsp;&nbsp; 17042994 |
| Super Micro Computer, Inc.<sup>(c)</sup>  | 297739 | &nbsp;&nbsp; 12368078 |
| Western Digital Corp. | 231330 | &nbsp;&nbsp; 18585052 |
|  |  | &nbsp;&nbsp; 108550307 |
| **Telecom Tower REITs–0.54%** | **Telecom Tower REITs–0.54%** | **Telecom Tower REITs–0.54%** |
| American Tower Corp. | 60613 | &nbsp;&nbsp; 12355960 |
| Crown Castle, Inc. | 130341 | &nbsp;&nbsp; 12922007 |
| SBA Communications Corp., Class A | 57384 | &nbsp;&nbsp; 11755112 |
|  |  | &nbsp;&nbsp; 37033079 |
| **Timber REITs–0.18%** | **Timber REITs–0.18%** | **Timber REITs–0.18%** |
| Weyerhaeuser Co. | 471612 | &nbsp;&nbsp; 12200602 |
| **Tobacco–0.38%** | **Tobacco–0.38%** | **Tobacco–0.38%** |
| Altria Group, Inc. | 216716 | &nbsp;&nbsp; 14565482 |
| Philip Morris International, Inc. | 70383 | &nbsp;&nbsp; 11763111 |
|  |  | &nbsp;&nbsp; 26328593 |
| **Trading Companies & Distributors–0.65%** | **Trading Companies & Distributors–0.65%** | **Trading Companies & Distributors–0.65%** |
| Fastenal Co. | 304419 | &nbsp;&nbsp; 15117448 |
| United Rentals, Inc. | 17863 | &nbsp;&nbsp; 17083101 |
| W.W. Grainger, Inc. | 11968 | &nbsp;&nbsp; 12129568 |
|  |  | &nbsp;&nbsp; 44330117 |
| **Transaction & Payment Processing Services–1.64%** | **Transaction & Payment Processing Services–1.64%** | **Transaction & Payment Processing Services–1.64%** |
| Block, Inc., Class A<sup>(b)(c)</sup>  | 179031 | &nbsp;&nbsp; 14258029 |
| Corpay, Inc.<sup>(c)</sup>  | 37155 | &nbsp;&nbsp; 12100269 |
| Fidelity National Information Services, <br> Inc. | 161545 | &nbsp;&nbsp; 11277456 |
| Fiserv, Inc.<sup>(c)</sup>  | 77913 | &nbsp;&nbsp; 10766018 |
| Global Payments, Inc. | 164446 | &nbsp;&nbsp; 14606094 |
| Jack Henry & Associates, Inc. | 71698 | &nbsp;&nbsp; 11705415 |
| Mastercard, Inc., Class A | 21840 | &nbsp;&nbsp; 13001134 |
| PayPal Holdings, Inc.<sup>(c)</sup>  | 175510 | &nbsp;&nbsp; 12319047 |
| Visa, Inc., Class A | 34559 | &nbsp;&nbsp; 12157165 |
|  |  | &nbsp;&nbsp; 112190627 |
| **Water Utilities–0.20%** | **Water Utilities–0.20%** | **Water Utilities–0.20%** |
| American Water Works Co., Inc. | 93129 | &nbsp;&nbsp; 13364943 |
| **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** |
| T-Mobile US, Inc. | 56170 | &nbsp;&nbsp; 14154278 |
| Total Common Stocks & Other Equity Interests <br> (Cost $3,283,786,506) | Total Common Stocks & Other Equity Interests <br> (Cost $3,283,786,506) | &nbsp;&nbsp; 6822241623 |

---

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–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(f)</sup>  | 5115995 | &nbsp;&nbsp; $5115995 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(f)</sup>  | 9501069 | &nbsp;&nbsp; 9501069 |
| Total Money Market Funds (Cost $14,617,064) | Total Money Market Funds (Cost $14,617,064) | Total Money Market Funds (Cost $14,617,064) | &nbsp;&nbsp; 14617064 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.88% <br> (Cost $3,298,403,570)<br>|  |  | &nbsp;&nbsp; 6836858687 |
| **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–2.70%** | **Money Market Funds–2.70%** | **Money Market Funds–2.70%** | **Money Market Funds–2.70%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(d)(f)(g)</sup>  | 51127609 | &nbsp;&nbsp; 51127609 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(f)(g)</sup>  | 133275617 | &nbsp;&nbsp; $133315600 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $184,438,086) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $184,438,086) | &nbsp;&nbsp; 184443209 |
| TOTAL INVESTMENTS IN SECURITIES–102.58% <br> (Cost $3,482,841,656) | TOTAL INVESTMENTS IN SECURITIES–102.58% <br> (Cost $3,482,841,656) | &nbsp;&nbsp; 7021301896 |
| OTHER ASSETS LESS LIABILITIES—(2.58)% | OTHER ASSETS LESS LIABILITIES—(2.58)% | &nbsp;&nbsp; (176744742)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $6844557154 |

---

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> All or a portion of this security was out on loan at August 31, 2025.

<sup>(c)</sup> Non-income producing security.

<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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | $14926594 | &nbsp;&nbsp; $2283371 | &nbsp;&nbsp; $(2855149) | &nbsp;&nbsp; $4279329 | &nbsp;&nbsp; $46343 | &nbsp;&nbsp; $18680488 | &nbsp;&nbsp; $685634 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 7036397 | &nbsp;&nbsp; 279087163 | &nbsp;&nbsp; (281007565) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5115995 | &nbsp;&nbsp; 591747 |
| Invesco Treasury Portfolio, Institutional Class | 13067231 | &nbsp;&nbsp; 518304730 | &nbsp;&nbsp; (521870892) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9501069 | &nbsp;&nbsp; 1089513 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 59009923 | &nbsp;&nbsp; 874894580 | &nbsp;&nbsp; (882776894) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 51127609 | &nbsp;&nbsp; 3,112,778\* |
| Invesco Private Prime Fund | 159152653 | &nbsp;&nbsp; 1951359479 | &nbsp;&nbsp; (1977167011) | &nbsp;&nbsp; 3271 | &nbsp;&nbsp; (32792) | &nbsp;&nbsp; 133315600 | &nbsp;&nbsp; 8,410,713\* |
| Total | $253192798 | &nbsp;&nbsp; $3625929323 | &nbsp;&nbsp; $(3665677511) | &nbsp;&nbsp; $4282600 | &nbsp;&nbsp; $13551 | &nbsp;&nbsp; $217740761 | &nbsp;&nbsp; $13890385 |

---

\* 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 August 31, 2025.

<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; 148 | September-2025 | &nbsp;&nbsp;&nbsp; $22593680 | &nbsp;&nbsp;&nbsp; $608842 | &nbsp;&nbsp;&nbsp; $608842 |

---

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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,274,217,738)\*<br>| &nbsp;&nbsp; $6803561135 |
| Investments in affiliates, at value <br>(Cost $208,623,918)<br>| &nbsp;&nbsp; 217740761 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1840224 |
| Dividends | &nbsp;&nbsp; 11230005 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 210448 |
| Other assets | &nbsp;&nbsp; 444642 |
| Total assets | &nbsp;&nbsp; 7035027215 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 39899 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 2343648 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 184438086 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2621331 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 10593 |
| Accrued other operating expenses | &nbsp;&nbsp; 745469 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 271035 |
| Total liabilities | &nbsp;&nbsp; 190470061 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $6844557154 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2921646685 |
| Distributable earnings | &nbsp;&nbsp; 3922910469 |
|  | &nbsp;&nbsp; $6844557154 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3308789753 |
| Class C | &nbsp;&nbsp; $347309308 |
| Class R | &nbsp;&nbsp; $236726392 |
| Class Y | &nbsp;&nbsp; $2298001942 |
| Class R6 | &nbsp;&nbsp; $653729759 |
| **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; 42667493 |
| Class C | &nbsp;&nbsp; 4830309 |
| Class R | &nbsp;&nbsp; 3087896 |
| Class Y | &nbsp;&nbsp; 29079500 |
| Class R6 | &nbsp;&nbsp; 8243803 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $77.55 |
| Maximum offering price per share <br>(Net asset value of $77.55 ÷ 94.50%)<br>| &nbsp;&nbsp; $82.06 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $71.90 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $76.66 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $79.02 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $79.30 |

---

\* At August 31, 2025, securities with an aggregate value of $180,770,098 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $22,701) | &nbsp;&nbsp; $122065255 |
| Dividends from affiliates (includes net securities lending income of $2,226,799) | &nbsp;&nbsp; 4593693 |
| Total investment income | &nbsp;&nbsp; 126658948 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 7198597 |
| Administrative services fees | &nbsp;&nbsp; 947692 |
| Custodian fees | &nbsp;&nbsp; 56780 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 8011360 |
| Class C | &nbsp;&nbsp; 3962469 |
| Class R | &nbsp;&nbsp; 1108357 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 7951148 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 197020 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 80886 |
| Registration and filing fees | &nbsp;&nbsp; 163662 |
| Licensing fees | &nbsp;&nbsp; 1409611 |
| Reports to shareholders | &nbsp;&nbsp; 308014 |
| Professional services fees | &nbsp;&nbsp; 101426 |
| Other | &nbsp;&nbsp; 96399 |
| Total expenses | &nbsp;&nbsp; 31593421 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (85534)<br>|
| Net expenses | &nbsp;&nbsp; 31507887 |
| Net investment income | &nbsp;&nbsp; 95151061 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 516701089 |
| Affiliated investment securities | &nbsp;&nbsp; 13551 |
| Futures contracts | &nbsp;&nbsp; (1284545)<br>|
|  | &nbsp;&nbsp; 515430095 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (55604673)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 4282600 |
| Futures contracts | &nbsp;&nbsp; (34606)<br>|
|  | &nbsp;&nbsp; (51356679)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 464073416 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $559224477 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $95151061 | &nbsp;&nbsp; $94341992 |
| Net realized gain | &nbsp;&nbsp; 515430095 | &nbsp;&nbsp; 452639037 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (51356679)<br>| &nbsp;&nbsp; 576759857 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 559224477 | &nbsp;&nbsp; 1123740886 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (257567423)<br>| &nbsp;&nbsp; (132438434)<br>|
| Class C | &nbsp;&nbsp; (33862177)<br>| &nbsp;&nbsp; (21029947)<br>|
| Class R | &nbsp;&nbsp; (17271910)<br>| &nbsp;&nbsp; (8039909)<br>|
| Class Y | &nbsp;&nbsp; (189699794)<br>| &nbsp;&nbsp; (102662759)<br>|
| Class R6 | &nbsp;&nbsp; (55536331)<br>| &nbsp;&nbsp; (30169212)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (553937635)<br>| &nbsp;&nbsp; (294340261)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 101293098 | &nbsp;&nbsp; (23435958)<br>|
| Class C | &nbsp;&nbsp; (113749097)<br>| &nbsp;&nbsp; (130483656)<br>|
| Class R | &nbsp;&nbsp; 21980702 | &nbsp;&nbsp; 13234901 |
| Class Y | &nbsp;&nbsp; 13799192 | &nbsp;&nbsp; (182448268)<br>|
| Class R6 | &nbsp;&nbsp; (51596774)<br>| &nbsp;&nbsp; 29931097 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (28272879)<br>| &nbsp;&nbsp; (293201884)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (22986037)<br>| &nbsp;&nbsp; 536198741 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 6867543191 | &nbsp;&nbsp; 6331344450 |
| End of year | &nbsp;&nbsp; $6844557154 | &nbsp;&nbsp; $6867543191 |

---

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**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 08/31/25 | $77.46 | $1.00 | $5.37 | $6.37 | $(1.03)<br>| $(5.25)<br>| $(6.28)<br>| $77.55 | 8.62<br> %<br>| &nbsp;&nbsp; $3308790 | 0.53<br> %<br>| 0.53<br> %<br>| 1.33<br> %<br>| 25<br> %<br>|
| 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** |
| 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>(d)</sup><br>| &nbsp;&nbsp; 347309 | 1.27 <br><sup>(d)</sup><br>| 1.27 <br><sup>(d)</sup><br>| 0.59 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 466924 | 1.28 <br><sup>(d)</sup><br>| 1.28 <br><sup>(d)</sup><br>| 0.67 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 945674 | 1.21 <br><sup>(d)</sup><br>| 1.21 <br><sup>(d)</sup><br>| 0.44 <br><sup>(d)</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** |
| 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** |
| 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** |
| 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> 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 0.99%, 0.99% and 0.93% for 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**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**14**

**Invesco Equally-Weighted S&P 500 Fund**

------

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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

**15**

**Invesco Equally-Weighted S&P 500 Fund**

------

(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 year ended August 31, 2025, the Fund paid the Adviser $133,360 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:

---

| | |
|:---|:---|
| **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 year ended August 31, 2025, 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $42,813.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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**

------

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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $479,443 in front-end sales commissions from the sale of Class A shares and $14,381 and $19,679 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $135,146 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 August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $6822241623 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6822241623 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 14617064 | &nbsp;&nbsp;&nbsp;&nbsp; 184443209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199060273 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 6836858687 | &nbsp;&nbsp;&nbsp;&nbsp; 184443209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7021301896 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 608842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608842 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $6837467529 | &nbsp;&nbsp;&nbsp;&nbsp; $184443209 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7021910738 |

---

\* Unrealized appreciation.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | |
|:---|:---|
|  | **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; $608842 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (608842)<br>|
| Total Derivative Assets 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.

**17**

**Invesco Equally-Weighted S&P 500 Fund**

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**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1284545)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (34606)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1319151)<br>|

---

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; $44365119 |

---

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $42,721.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $155457102 | &nbsp;&nbsp;&nbsp;&nbsp; $113451915 |
| Long-term capital gain | &nbsp;&nbsp; 398480533 | &nbsp;&nbsp;&nbsp;&nbsp; 180888346 |
| Total distributions | &nbsp;&nbsp; $553937635 | &nbsp;&nbsp;&nbsp;&nbsp; $294340261 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $142519124 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 319914357 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 3460664837 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (187849)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2921646685 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $6844557154 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

**18**

**Invesco Equally-Weighted S&P 500 Fund**

------

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does 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 year ended August 31, 2025 was $1,665,628,834 and $2,136,202,739, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3589141393 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (128476556)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3460664837 |

---

Cost of investments for tax purposes is $3,561,245,901.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on August 31, 2025, undistributed net realized gain was decreased by $41,907,999 and shares of beneficial interest was increased by $41,907,999. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3724044 | &nbsp;&nbsp;&nbsp; $278669091 | &nbsp;&nbsp;&nbsp; 3463091 | &nbsp;&nbsp;&nbsp; $243514116 |
| Class C | &nbsp;&nbsp;&nbsp; 554353 | &nbsp;&nbsp;&nbsp; 38324612 | &nbsp;&nbsp;&nbsp; 646603 | &nbsp;&nbsp;&nbsp; 42251654 |
| Class R | &nbsp;&nbsp;&nbsp; 720905 | &nbsp;&nbsp;&nbsp; 52983422 | &nbsp;&nbsp;&nbsp; 745327 | &nbsp;&nbsp;&nbsp; 51566750 |
| Class Y | &nbsp;&nbsp;&nbsp; 7044870 | &nbsp;&nbsp;&nbsp; 535878490 | &nbsp;&nbsp;&nbsp; 5548343 | &nbsp;&nbsp;&nbsp; 395735094 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1719212 | &nbsp;&nbsp;&nbsp; 130759792 | &nbsp;&nbsp;&nbsp; 2371648 | &nbsp;&nbsp;&nbsp; 169715785 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3064732 | &nbsp;&nbsp;&nbsp; 226544974 | &nbsp;&nbsp;&nbsp; 1710056 | &nbsp;&nbsp;&nbsp; 116608697 |
| Class C | &nbsp;&nbsp;&nbsp; 451019 | &nbsp;&nbsp;&nbsp; 31075189 | &nbsp;&nbsp;&nbsp; 302457 | &nbsp;&nbsp;&nbsp; 19323979 |
| Class R | &nbsp;&nbsp;&nbsp; 235370 | &nbsp;&nbsp;&nbsp; 17231449 | &nbsp;&nbsp;&nbsp; 118409 | &nbsp;&nbsp;&nbsp; 8003269 |
| Class Y | &nbsp;&nbsp;&nbsp; 1949595 | &nbsp;&nbsp;&nbsp; 146590044 | &nbsp;&nbsp;&nbsp; 1122862 | &nbsp;&nbsp;&nbsp; 77769409 |
| Class R6 | &nbsp;&nbsp;&nbsp; 690961 | &nbsp;&nbsp;&nbsp; 52098451 | &nbsp;&nbsp;&nbsp; 413764 | &nbsp;&nbsp;&nbsp; 28727668 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1488704 | &nbsp;&nbsp;&nbsp; 111044903 | &nbsp;&nbsp;&nbsp; 1508142 | &nbsp;&nbsp;&nbsp; 104580647 |
| Class C | &nbsp;&nbsp;&nbsp; (1600217)<br>| &nbsp;&nbsp;&nbsp; (111044903)<br>| &nbsp;&nbsp;&nbsp; (1614290)<br>| &nbsp;&nbsp;&nbsp; (104580647)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (6900540)<br>| &nbsp;&nbsp;&nbsp; (514965870)<br>| &nbsp;&nbsp;&nbsp; (6977976)<br>| &nbsp;&nbsp;&nbsp; (488139418)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1041773)<br>| &nbsp;&nbsp;&nbsp; (72103995)<br>| &nbsp;&nbsp;&nbsp; (1324564)<br>| &nbsp;&nbsp;&nbsp; (87478642)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (661193)<br>| &nbsp;&nbsp;&nbsp; (48234169)<br>| &nbsp;&nbsp;&nbsp; (665415)<br>| &nbsp;&nbsp;&nbsp; (46335118)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (8888404)<br>| &nbsp;&nbsp;&nbsp; (668669342)<br>| &nbsp;&nbsp;&nbsp; (9243958)<br>| &nbsp;&nbsp;&nbsp; (655952771)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3079326)<br>| &nbsp;&nbsp;&nbsp; (234455017)<br>| &nbsp;&nbsp;&nbsp; (2347139)<br>| &nbsp;&nbsp;&nbsp; (168512356)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (527688)<br>| &nbsp;&nbsp;&nbsp; $(28272879)<br>| &nbsp;&nbsp;&nbsp; (4222640)<br>| &nbsp;&nbsp;&nbsp; $(293201884)<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 47% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**19**

**Invesco Equally-Weighted S&P 500 Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Equally-Weighted S&P 500 Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Equally-Weighted S&P 500 Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**20**

**Invesco Equally-Weighted S&P 500 Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Equally-Weighted S&P 500 Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500<sup>®</sup> Equal Weight Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. The Board noted that the Fund seeks to track the investment results of the Index, and that the Fund's performance will typically lag the Index due to the fees associated with the Fund. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between

**21**

**Invesco Equally-Weighted S&P 500 Fund**

------

the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are actively managed or may track a different index than the Fund. The Board considered that the Fund is passively managed and discussed reasons for differences in the Fund's performance versus its peers. The Board considered that because the Fund seeks to track an equally weighted index, the Fund is tilted towards smaller positions in large- and mega-cap stocks, which resulted in certain momentum stocks being underrepresented in the Fund's portfolio relative to peers that are actively managed or track a different index than the Fund, such as a market capitalization-weighted index. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts,

including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed exchange-traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco

Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board

**22**

**Invesco Equally-Weighted S&P 500 Fund**

------

also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**23**

**Invesco Equally-Weighted S&P 500 Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $440388533 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 67.44% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 64.34% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 6.40% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $61943998 |

---

**24**

**Invesco Equally-Weighted S&P 500 Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**25**

**Invesco Equally-Weighted S&P 500 Fund**

------

![](img21d85d741.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

MS-EWSP-NCSR

------

![](img96bd58911.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Equity and Income Fund**

Nasdaq:

A: ACEIX ■ C: ACERX ■ R: ACESX ■ Y: ACETX ■ R5: ACEKX ■ R6: IEIFX

------

---

| | |
|:---|:---|
| [2](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_SOI-Continued-90_1) | Schedule of Investments |
| [12](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_FS-Continued-90_1) | Financial Statements |
| [15](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_FS-Continued-90_4) | Financial Highlights |
| [16](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_NTF-Continued-90_1) | Notes to Financial Statements |
| [24](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_ARS-Continued-90_1) | Report of Independent Registered Public Accounting Firm |
| [25](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_AOC-Continued-90_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [28](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_TI-Continued-90_1) | Tax Information |
| [29](#xx_19cb02dc-6e4b-4525-bc64-ee334ec61fba_OIRSR-Continued-90_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–64.36%** | **Common Stocks & Other Equity Interests–64.36%** | **Common Stocks & Other Equity Interests–64.36%** |
| **Aerospace & Defense–1.36%** | **Aerospace & Defense–1.36%** | **Aerospace & Defense–1.36%** |
| RTX Corp. | 679165 | &nbsp;&nbsp; $107715570 |
| Textron, Inc. | 795174 | &nbsp;&nbsp; 63741148 |
|  |  | &nbsp;&nbsp; 171456718 |
| **Air Freight & Logistics–0.74%** | **Air Freight & Logistics–0.74%** | **Air Freight & Logistics–0.74%** |
| FedEx Corp. | 403667 | &nbsp;&nbsp; 93275334 |
| **Application Software–0.72%** | **Application Software–0.72%** | **Application Software–0.72%** |
| Salesforce, Inc. | 353707 | &nbsp;&nbsp; 90637419 |
| **Asset Management & Custody Banks–0.83%** | **Asset Management & Custody Banks–0.83%** | **Asset Management & Custody Banks–0.83%** |
| KKR & Co., Inc., Class A | 750093 | &nbsp;&nbsp; 104630473 |
| **Automobile Manufacturers–0.57%** | **Automobile Manufacturers–0.57%** | **Automobile Manufacturers–0.57%** |
| General Motors Co. | 1237177 | &nbsp;&nbsp; 72486200 |
| **Broadline Retail–1.78%** | **Broadline Retail–1.78%** | **Broadline Retail–1.78%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 978087 | &nbsp;&nbsp; 223981923 |
| **Building Products–1.16%** | **Building Products–1.16%** | **Building Products–1.16%** |
| Johnson Controls International PLC | 1366274 | &nbsp;&nbsp; 146041028 |
| **Communications Equipment–0.78%** | **Communications Equipment–0.78%** | **Communications Equipment–0.78%** |
| Cisco Systems, Inc. | 1424980 | &nbsp;&nbsp; 98451868 |
| **Consumer Finance–0.30%** | **Consumer Finance–0.30%** | **Consumer Finance–0.30%** |
| Capital One Financial Corp. | 165632 | &nbsp;&nbsp; 37634903 |
| **Diversified Banks–5.62%** | **Diversified Banks–5.62%** | **Diversified Banks–5.62%** |
| Bank of America Corp. | 5908916 | &nbsp;&nbsp; 299818398 |
| PNC Financial Services Group, Inc. <br> (The) | 512563 | &nbsp;&nbsp; 106326068 |
| Wells Fargo & Co. | 3678438 | &nbsp;&nbsp; 302294035 |
|  |  | &nbsp;&nbsp; 708438501 |
| **Electric Utilities–2.07%** | **Electric Utilities–2.07%** | **Electric Utilities–2.07%** |
| American Electric Power Co., Inc. | 579939 | &nbsp;&nbsp; 64384828 |
| FirstEnergy Corp.<sup>(c)</sup>  | 1414504 | &nbsp;&nbsp; 61700664 |
| PPL Corp. | 3700816 | &nbsp;&nbsp; 134968760 |
|  |  | &nbsp;&nbsp; 261054252 |
| **Electrical Components & Equipment–1.38%** | **Electrical Components & Equipment–1.38%** | **Electrical Components & Equipment–1.38%** |
| Emerson Electric Co. | 817413 | &nbsp;&nbsp; 107898516 |
| Vertiv Holdings Co., Class A<sup>(c)</sup>  | 514663 | &nbsp;&nbsp; 65645266 |
|  |  | &nbsp;&nbsp; 173543782 |
| **Electronic Components–0.82%** | **Electronic Components–0.82%** | **Electronic Components–0.82%** |
| Coherent Corp.<sup>(b)</sup>  | 1138218 | &nbsp;&nbsp; 102974582 |
| **Electronic Equipment & Instruments–1.11%** | **Electronic Equipment & Instruments–1.11%** | **Electronic Equipment & Instruments–1.11%** |
| Ralliant Corp.<sup>(b)</sup>  | 1432399 | &nbsp;&nbsp; 59888602 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 250656 | &nbsp;&nbsp; 79480511 |
|  |  | &nbsp;&nbsp; 139369113 |
| **Fertilizers & Agricultural Chemicals–0.46%** | **Fertilizers & Agricultural Chemicals–0.46%** | **Fertilizers & Agricultural Chemicals–0.46%** |
| Corteva, Inc. | 786706 | &nbsp;&nbsp; 58365718 |
| **Food Distributors–2.33%** | **Food Distributors–2.33%** | **Food Distributors–2.33%** |
| Sysco Corp. | 1950440 | &nbsp;&nbsp; 156951907 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Food Distributors–(continued)** | **Food Distributors–(continued)** | **Food Distributors–(continued)** |
| US Foods Holding Corp.<sup>(b)</sup>  | 1760625 | &nbsp;&nbsp; $136624500 |
|  |  | &nbsp;&nbsp; 293576407 |
| **Footwear–0.98%** | **Footwear–0.98%** | **Footwear–0.98%** |
| NIKE, Inc., Class B | 1595331 | &nbsp;&nbsp; 123430759 |
| **Health Care Equipment–1.51%** | **Health Care Equipment–1.51%** | **Health Care Equipment–1.51%** |
| GE HealthCare Technologies, Inc. | 643033 | &nbsp;&nbsp; 47410823 |
| Medtronic PLC | 1539991 | &nbsp;&nbsp; 142926565 |
|  |  | &nbsp;&nbsp; 190337388 |
| **Health Care Services–1.02%** | **Health Care Services–1.02%** | **Health Care Services–1.02%** |
| CVS Health Corp. | 1762705 | &nbsp;&nbsp; 128941871 |
| **Household Products–0.85%** | **Household Products–0.85%** | **Household Products–0.85%** |
| Procter & Gamble Co. (The) | 686100 | &nbsp;&nbsp; 107745144 |
| **Industrial Gases–0.47%** | **Industrial Gases–0.47%** | **Industrial Gases–0.47%** |
| Air Products and Chemicals, Inc.<sup>(c)</sup>  | 199908 | &nbsp;&nbsp; 58794942 |
| **Industrial Machinery & Supplies & Components–2.14%** | **Industrial Machinery & Supplies & Components–2.14%** | **Industrial Machinery & Supplies & Components–2.14%** |
| Fortive Corp. | 1777362 | &nbsp;&nbsp; 85064545 |
| Parker-Hannifin Corp. | 244016 | &nbsp;&nbsp; 185293550 |
|  |  | &nbsp;&nbsp; 270358095 |
| **Insurance Brokers–1.24%** | **Insurance Brokers–1.24%** | **Insurance Brokers–1.24%** |
| Willis Towers Watson PLC | 477321 | &nbsp;&nbsp; 155983730 |
| **Integrated Oil & Gas–3.35%** | **Integrated Oil & Gas–3.35%** | **Integrated Oil & Gas–3.35%** |
| Chevron Corp. | 764760 | &nbsp;&nbsp; 122820456 |
| Exxon Mobil Corp. | 985927 | &nbsp;&nbsp; 112681597 |
| Shell PLC (United Kingdom) | 3098301 | &nbsp;&nbsp; 114077409 |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup>  | 1771881 | &nbsp;&nbsp; 73244027 |
|  |  | &nbsp;&nbsp; 422823489 |
| **Interactive Media & Services–1.62%** | **Interactive Media & Services–1.62%** | **Interactive Media & Services–1.62%** |
| Alphabet, Inc., Class A | 592520 | &nbsp;&nbsp; 126153433 |
| Meta Platforms, Inc., Class A | 105811 | &nbsp;&nbsp; 78162586 |
|  |  | &nbsp;&nbsp; 204316019 |
| **Investment Banking & Brokerage–2.23%** | **Investment Banking & Brokerage–2.23%** | **Investment Banking & Brokerage–2.23%** |
| Charles Schwab Corp. (The) | 1744054 | &nbsp;&nbsp; 167150135 |
| Goldman Sachs Group, Inc. (The) | 153354 | &nbsp;&nbsp; 114287069 |
|  |  | &nbsp;&nbsp; 281437204 |
| **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** |
| Cognizant Technology Solutions <br> Corp., Class A<sup>(c)</sup>  | 1016855 | &nbsp;&nbsp; 73467774 |
| **Life Sciences Tools & Services–0.81%** | **Life Sciences Tools & Services–0.81%** | **Life Sciences Tools & Services–0.81%** |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 190371 | &nbsp;&nbsp; 36324690 |
| Thermo Fisher Scientific, Inc. | 134240 | &nbsp;&nbsp; 66142733 |
|  |  | &nbsp;&nbsp; 102467423 |
| **Managed Health Care–1.61%** | **Managed Health Care–1.61%** | **Managed Health Care–1.61%** |
| Elevance Health, Inc. | 162624 | &nbsp;&nbsp; 51820137 |
| Humana, Inc. | 218541 | &nbsp;&nbsp; 66362160 |
| UnitedHealth Group, Inc. | 273210 | &nbsp;&nbsp; 84659583 |
|  |  | &nbsp;&nbsp; 202841880 |

---

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** |
| **Movies & Entertainment–1.36%** | **Movies & Entertainment–1.36%** | **Movies & Entertainment–1.36%** |
| Walt Disney Co. (The) | 1447143 | &nbsp;&nbsp; $171312788 |
| **Multi-line Insurance–0.76%** | **Multi-line Insurance–0.76%** | **Multi-line Insurance–0.76%** |
| American International Group, Inc. | 1179137 | &nbsp;&nbsp; 95887421 |
| **Multi-Utilities–0.50%** | **Multi-Utilities–0.50%** | **Multi-Utilities–0.50%** |
| Sempra | 762728 | &nbsp;&nbsp; 62970824 |
| **Oil & Gas Exploration & Production–1.48%** | **Oil & Gas Exploration & Production–1.48%** | **Oil & Gas Exploration & Production–1.48%** |
| ConocoPhillips | 1322989 | &nbsp;&nbsp; 130936221 |
| EQT Corp. | 1081250 | &nbsp;&nbsp; 56052000 |
|  |  | &nbsp;&nbsp; 186988221 |
| **Pharmaceuticals–4.11%** | **Pharmaceuticals–4.11%** | **Pharmaceuticals–4.11%** |
| Bristol-Myers Squibb Co. | 1632872 | &nbsp;&nbsp; 77038901 |
| Johnson & Johnson | 955343 | &nbsp;&nbsp; 169258119 |
| Merck & Co., Inc. | 1274659 | &nbsp;&nbsp; 107224315 |
| Pfizer, Inc. | 2126762 | &nbsp;&nbsp; 52658627 |
| Sanofi S.A. | 1133213 | &nbsp;&nbsp; 112428271 |
|  |  | &nbsp;&nbsp; 518608233 |
| **Property & Casualty Insurance–0.47%** | **Property & Casualty Insurance–0.47%** | **Property & Casualty Insurance–0.47%** |
| Allstate Corp. (The) | 291006 | &nbsp;&nbsp; 59205171 |
| **Rail Transportation–0.82%** | **Rail Transportation–0.82%** | **Rail Transportation–0.82%** |
| Norfolk Southern Corp. | 371291 | &nbsp;&nbsp; 103954054 |
| **Real Estate Services–1.16%** | **Real Estate Services–1.16%** | **Real Estate Services–1.16%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 901074 | &nbsp;&nbsp; 146082117 |
| **Regional Banks–1.26%** | **Regional Banks–1.26%** | **Regional Banks–1.26%** |
| Citizens Financial Group, Inc. | 3047833 | &nbsp;&nbsp; 159340709 |
| **Restaurants–0.78%** | **Restaurants–0.78%** | **Restaurants–0.78%** |
| Starbucks Corp. | 1108788 | &nbsp;&nbsp; 97784014 |
| **Semiconductor Materials & Equipment–0.64%** | **Semiconductor Materials & Equipment–0.64%** | **Semiconductor Materials & Equipment–0.64%** |
| Lam Research Corp. | 804514 | &nbsp;&nbsp; 80572077 |
| **Semiconductors–2.74%** | **Semiconductors–2.74%** | **Semiconductors–2.74%** |
| Microchip Technology, Inc.<sup>(c)</sup>  | 2450015 | &nbsp;&nbsp; 159250975 |
| NVIDIA Corp. | 542737 | &nbsp;&nbsp; 94533931 |
| NXP Semiconductors N.V. <br> (Netherlands) | 389347 | &nbsp;&nbsp; 91438143 |
|  |  | &nbsp;&nbsp; 345223049 |
| **Specialty Chemicals–0.95%** | **Specialty Chemicals–0.95%** | **Specialty Chemicals–0.95%** |
| DuPont de Nemours, Inc. | 805655 | &nbsp;&nbsp; 61970982 |
| PPG Industries, Inc. | 517573 | &nbsp;&nbsp; 57569645 |
|  |  | &nbsp;&nbsp; 119540627 |
| **Systems Software–2.34%** | **Systems Software–2.34%** | **Systems Software–2.34%** |
| Microsoft Corp. | 401309 | &nbsp;&nbsp; 203339257 |
| Oracle Corp. | 404570 | &nbsp;&nbsp; 91485414 |
|  |  | &nbsp;&nbsp; 294824671 |
| **Tobacco–1.41%** | **Tobacco–1.41%** | **Tobacco–1.41%** |
| Philip Morris International, Inc. | 1063866 | &nbsp;&nbsp; 177803925 |
| **Trading Companies & Distributors–0.91%** | **Trading Companies & Distributors–0.91%** | **Trading Companies & Distributors–0.91%** |
| Ferguson Enterprises, Inc. | 498684 | &nbsp;&nbsp; 115270807 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Transaction & Payment Processing Services–1.50%** | **Transaction & Payment Processing Services–1.50%** | **Transaction & Payment Processing Services–1.50%** | **Transaction & Payment Processing Services–1.50%** |
| Fidelity National Information <br> Services, Inc. | Fidelity National Information <br> Services, Inc. | 1395464 | &nbsp;&nbsp; $97417342 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 667190 | &nbsp;&nbsp; 92192314 |
|  |  |  | &nbsp;&nbsp; 189609656 |
| **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. | 367456 | &nbsp;&nbsp; 92595237 |
| Total Common Stocks & Other Equity Interests <br> (Cost $5,403,205,950) | Total Common Stocks & Other Equity Interests <br> (Cost $5,403,205,950) | Total Common Stocks & Other Equity Interests <br> (Cost $5,403,205,950) | &nbsp;&nbsp; 8116437540 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Dollar Denominated Bonds & Notes–22.38%** | **U.S. Dollar Denominated Bonds & Notes–22.38%** | **U.S. Dollar Denominated Bonds & Notes–22.38%** | **U.S. Dollar Denominated Bonds & Notes–22.38%** |
| **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; 5630648 |
| **Aerospace & Defense–0.35%** | **Aerospace & Defense–0.35%** | **Aerospace & Defense–0.35%** | **Aerospace & Defense–0.35%** |
| BAE Systems PLC (United <br> Kingdom), 5.50%, <br> 03/26/2054<sup>(c)(d)</sup> <br>|  | 3130000 | &nbsp;&nbsp; 3060775 |
| Boeing Co. (The), 5.81%, <br> 05/01/2050<br>|  | 7940000 | &nbsp;&nbsp; 7640724 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 3.55%, 01/15/2026 |  | 14804000 | &nbsp;&nbsp; 14762239 |
| 4.15%, 06/15/2053 |  | 5231000 | &nbsp;&nbsp; 4104462 |
| 5.20%, 02/15/2064<sup>(c)</sup> <br>|  | 5558000 | &nbsp;&nbsp; 5057847 |
| RTX Corp., | RTX Corp., |  |  |
| 4.45%, 11/16/2038 |  | 3239000 | &nbsp;&nbsp; 2999466 |
| 6.40%, 03/15/2054 |  | 6223000 | &nbsp;&nbsp; 6739870 |
|  |  |  | &nbsp;&nbsp; 44365383 |
| **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; 2892886 |
| **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; 4349548 |
| **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; 1882624 |
| **Alternative Carriers–0.25%** | **Alternative Carriers–0.25%** | **Alternative Carriers–0.25%** | **Alternative Carriers–0.25%** |
| Match Group Financeco 2, Inc., <br> Conv., 0.88%, <br> 06/15/2026<sup>(d)</sup> <br>|  | 16590000 | &nbsp;&nbsp; 16147013 |
| Match Group Financeco 3, Inc., <br> Conv., 2.00%, <br> 01/15/2030<sup>(d)</sup> <br>|  | 16603000 | &nbsp;&nbsp; 15333851 |
|  |  |  | &nbsp;&nbsp; 31480864 |
| **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; 24480269 |
| **Application Software–0.98%** | **Application Software–0.98%** | **Application Software–0.98%** | **Application Software–0.98%** |
| Box, Inc., Conv., 1.50%, <br> 09/15/2029<sup>(d)</sup> <br>|  | 25001000 | &nbsp;&nbsp; 25535791 |
| Dropbox, Inc., Conv., 0.00%, <br> 03/01/2026<sup>(e)</sup> <br>|  | 51429000 | &nbsp;&nbsp; 50940532 |

---

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** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Envestnet, Inc., Conv., 2.63%, <br> 12/01/2027<br>|  | $23029000 | &nbsp;&nbsp; $24618001 |
| Salesforce, Inc., 2.70%, <br> 07/15/2041<br>|  | 10414000 | &nbsp;&nbsp; 7494274 |
| Synopsys, Inc., | Synopsys, Inc., |  |  |
| 4.55%, 04/01/2027<sup>(c)</sup> <br>|  | 5366000 | &nbsp;&nbsp; 5400167 |
| 5.70%, 04/01/2055<sup>(c)</sup> <br>|  | 4316000 | &nbsp;&nbsp; 4241610 |
| Workday, Inc., 3.50%, <br> 04/01/2027<br>|  | 5033000 | &nbsp;&nbsp; 4987241 |
|  |  |  | &nbsp;&nbsp; 123217616 |
| **Asset Management & Custody Banks–0.29%** | **Asset Management & Custody Banks–0.29%** | **Asset Management & Custody Banks–0.29%** | **Asset Management & Custody Banks–0.29%** |
| Bank of New York Mellon Corp. <br> (The), 5.32%, 06/06/2036<sup>(f)</sup> <br>|  | 4317000 | &nbsp;&nbsp; 4428936 |
| BlackRock, Inc., 4.75%, <br> 05/25/2033<br>|  | 14671000 | &nbsp;&nbsp; 14900586 |
| Blackstone Holdings Finance Co. <br> LLC, 5.00%, 06/15/2044<sup>(d)</sup> <br>|  | 3975000 | &nbsp;&nbsp; 3641098 |
| KKR Group Finance Co. III LLC, <br> 5.13%, 06/01/2044<sup>(d)</sup> <br>|  | 3217000 | &nbsp;&nbsp; 2971557 |
| KKR Group Finance Co. XII LLC, <br> 4.85%, 05/17/2032<sup>(c)(d)</sup> <br>|  | 11051000 | &nbsp;&nbsp; 11111015 |
|  |  |  | &nbsp;&nbsp; 37053192 |
| **Automobile Manufacturers–0.28%** | **Automobile Manufacturers–0.28%** | **Automobile Manufacturers–0.28%** | **Automobile Manufacturers–0.28%** |
| Daimler Truck Finance North <br> America LLC (Germany), <br> 4.65%, 10/12/2030<sup>(c)(d)</sup> <br>|  | 8086000 | &nbsp;&nbsp; 8104129 |
| General Motors Co., 6.60%, <br> 04/01/2036<br>|  | 4317000 | &nbsp;&nbsp; 4583616 |
| Honda Motor Co. Ltd. (Japan), <br> 2.97%, 03/10/2032<sup>(c)</sup> <br>|  | 5448000 | &nbsp;&nbsp; 4924329 |
| Toyota Motor Credit Corp., <br> 4.55%, 08/07/2026<sup>(c)</sup> <br>|  | 17507000 | &nbsp;&nbsp; 17585848 |
|  |  |  | &nbsp;&nbsp; 35197922 |
| **Biotechnology–1.55%** | **Biotechnology–1.55%** | **Biotechnology–1.55%** | **Biotechnology–1.55%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.50%, 05/14/2035 |  | 7233000 | &nbsp;&nbsp; 7011535 |
| 4.05%, 11/21/2039 |  | 13812000 | &nbsp;&nbsp; 12162176 |
| 4.85%, 06/15/2044 |  | 5815000 | &nbsp;&nbsp; 5352904 |
| Alnylam Pharmaceuticals, Inc., <br> Conv., 1.00%, 09/15/2027<br>|  | 35337000 | &nbsp;&nbsp; 57457962 |
| BridgeBio Pharma, Inc., Conv., <br> 1.75%, 03/01/2031<sup>(d)</sup> <br>|  | 21548432 | &nbsp;&nbsp; 28361973 |
| Gilead Sciences, Inc., 3.65%, <br> 03/01/2026<br>|  | 22756000 | &nbsp;&nbsp; 22681558 |
| Jazz Investments I Ltd., | Jazz Investments I Ltd., |  |  |
| Conv., <br>2.00%, 06/15/2026<br>|  | 35890000 | &nbsp;&nbsp; 37768140 |
| 3.13%, 09/15/2030<sup>(d)</sup> <br>|  | 21525000 | &nbsp;&nbsp; 25058146 |
|  |  |  | &nbsp;&nbsp; 195854394 |
| **Brewers–0.19%** | **Brewers–0.19%** | **Brewers–0.19%** | **Brewers–0.19%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. (Belgium), <br> 4.70%, 02/01/2036<br>|  | 10870000 | &nbsp;&nbsp; 10614051 |
| Heineken N.V. (Netherlands), <br> 3.50%, 01/29/2028<sup>(c)(d)</sup> <br>|  | 9734000 | &nbsp;&nbsp; 9614703 |
| Molson Coors Beverage Co., <br> 4.20%, 07/15/2046<br>|  | 4057000 | &nbsp;&nbsp; 3215281 |
|  |  |  | &nbsp;&nbsp; 23444035 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **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<sup>(c)</sup> <br>|  | $13606000 | &nbsp;&nbsp; $10214319 |
| **Cable & Satellite–1.09%** | **Cable & Satellite–1.09%** | **Cable & Satellite–1.09%** | **Cable & Satellite–1.09%** |
| Cable One, Inc., | Cable One, Inc., |  |  |
| Conv., <br>0.00%, 03/15/2026<sup>(e)</sup> <br>|  | 51123000 | &nbsp;&nbsp; 49461502 |
| 1.13%, 03/15/2028 |  | 26544000 | &nbsp;&nbsp; 21221928 |
| Comcast Corp., | Comcast Corp., |  |  |
| 3.15%, 03/01/2026 |  | 11319000 | &nbsp;&nbsp; 11257061 |
| 4.15%, 10/15/2028 |  | 9915000 | &nbsp;&nbsp; 9948061 |
| 3.90%, 03/01/2038 |  | 8010000 | &nbsp;&nbsp; 6977388 |
| 2.89%, 11/01/2051 |  | 3128000 | &nbsp;&nbsp; 1875363 |
| 2.94%, 11/01/2056 |  | 4539000 | &nbsp;&nbsp; 2615822 |
| Cox Communications, Inc., <br> 2.95%, 10/01/2050<sup>(d)</sup> <br>|  | 2044000 | &nbsp;&nbsp; 1151149 |
| Liberty Broadband Corp., Conv., <br> 3.13%, 04/06/2026<sup>(d)(g)</sup> <br>|  | 33219000 | &nbsp;&nbsp; 32720715 |
|  |  |  | &nbsp;&nbsp; 137228989 |
| **Commercial & Residential Mortgage Finance–0.09%** | **Commercial & Residential Mortgage Finance–0.09%** | **Commercial & Residential Mortgage Finance–0.09%** | **Commercial & Residential Mortgage Finance–0.09%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 4.88%, 10/01/2025<sup>(d)</sup> <br>|  | 7745000 | &nbsp;&nbsp; 7741845 |
| 4.75%, 04/14/2027<sup>(d)</sup> <br>|  | 3325000 | &nbsp;&nbsp; 3342475 |
|  |  |  | &nbsp;&nbsp; 11084320 |
| **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; 4884577 |
| **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; 10691797 |
| 5.30%, 02/26/2054 |  | 3481000 | &nbsp;&nbsp; 3350044 |
|  |  |  | &nbsp;&nbsp; 14041841 |
| **Computer & Electronics Retail–0.13%** | **Computer & Electronics Retail–0.13%** | **Computer & Electronics Retail–0.13%** | **Computer & Electronics Retail–0.13%** |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |  |  |
| 6.02%, 06/15/2026 |  | 7851000 | &nbsp;&nbsp; 7921043 |
| 5.30%, 04/01/2032 |  | 8585000 | &nbsp;&nbsp; 8850185 |
| 8.35%, 07/15/2046 |  | 30000 | &nbsp;&nbsp; 38181 |
|  |  |  | &nbsp;&nbsp; 16809409 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.12%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.12%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.12%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.12%** |
| Westinghouse Air Brake <br> Technologies Corp., 5.50%, <br> 05/29/2035<br>|  | 14695000 | &nbsp;&nbsp; 15083670 |
| **Consumer Finance–0.17%** | **Consumer Finance–0.17%** | **Consumer Finance–0.17%** | **Consumer Finance–0.17%** |
| American Express Co., 4.73%, <br> 04/25/2029<sup>(f)</sup> <br>|  | 5132000 | &nbsp;&nbsp; 5216959 |
| Capital One Financial Corp., <br> 6.18%, 01/30/2036<sup>(c)(f)</sup> <br>|  | 4461000 | &nbsp;&nbsp; 4603715 |
| General Motors Financial Co., Inc., <br> 5.25%, 03/01/2026<br>|  | 5467000 | &nbsp;&nbsp; 5476644 |
| Synchrony Financial, 3.95%, <br> 12/01/2027<br>|  | 5795000 | &nbsp;&nbsp; 5719150 |
|  |  |  | &nbsp;&nbsp; 21016468 |
| **Data Processing & Outsourced Services–0.30%** | **Data Processing & Outsourced Services–0.30%** | **Data Processing & Outsourced Services–0.30%** | **Data Processing & Outsourced Services–0.30%** |
| CSG Systems International, Inc., <br> Conv., 3.88%, 09/15/2028<br>|  | 34480000 | &nbsp;&nbsp; 38445200 |

---

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** |
| **Distillers & Vintners–0.07%** | **Distillers & Vintners–0.07%** | **Distillers & Vintners–0.07%** | **Distillers & Vintners–0.07%** |
| Constellation Brands, Inc., <br> 4.40%, 11/15/2025<br>|  | $8991000 | &nbsp;&nbsp; $8983545 |
| **Diversified Banks–0.90%** | **Diversified Banks–0.90%** | **Diversified Banks–0.90%** | **Diversified Banks–0.90%** |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 3.25%, 10/21/2027 |  | 5705000 | &nbsp;&nbsp; 5621951 |
| 2.57%, 10/20/2032<sup>(f)</sup> <br>|  | 8683000 | &nbsp;&nbsp; 7751777 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 3.67%, 07/24/2028<sup>(f)</sup> <br>|  | 5405000 | &nbsp;&nbsp; 5345739 |
| 4.95%, 05/07/2031<sup>(c)(f)</sup> <br>|  | 14241000 | &nbsp;&nbsp; 14513407 |
| 6.68%, 09/13/2043<sup>(c)</sup> <br>|  | 8000000 | &nbsp;&nbsp; 8867472 |
| 5.30%, 05/06/2044<sup>(c)</sup> <br>|  | 2765000 | &nbsp;&nbsp; 2626388 |
| 4.75%, 05/18/2046 |  | 4145000 | &nbsp;&nbsp; 3613347 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 3.20%, 06/15/2026<sup>(c)</sup> <br>|  | 4365000 | &nbsp;&nbsp; 4333217 |
| 3.51%, 01/23/2029<sup>(f)</sup> <br>|  | 11170000 | &nbsp;&nbsp; 11008919 |
| 4.26%, 02/22/2048<sup>(f)</sup> <br>|  | 5355000 | &nbsp;&nbsp; 4476224 |
| 3.90%, 01/23/2049<sup>(f)</sup> <br>|  | 11170000 | &nbsp;&nbsp; 8793727 |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 3.45%, 04/23/2029<sup>(c)</sup> <br>|  | 7450000 | &nbsp;&nbsp; 7292075 |
| 6.88%, 10/20/2034<sup>(f)</sup> <br>|  | 6126000 | &nbsp;&nbsp; 6880730 |
| U.S. Bancorp, Series W, 3.10%, <br> 04/27/2026<sup>(c)</sup> <br>|  | 3245000 | &nbsp;&nbsp; 3220188 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 3.55%, 09/29/2025<sup>(c)</sup> <br>|  | 6840000 | &nbsp;&nbsp; 6834916 |
| 4.10%, 06/03/2026 |  | 4515000 | &nbsp;&nbsp; 4507511 |
| 4.65%, 11/04/2044 |  | 9115000 | &nbsp;&nbsp; 7893469 |
|  |  |  | &nbsp;&nbsp; 113581057 |
| **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)(d)</sup> <br>|  | 2099000 | &nbsp;&nbsp; 2165521 |
| **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; 3232391 |
| **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; 2355563 |
| Rio Tinto Finance (USA) PLC <br> (Australia), 5.75%, <br> 03/14/2055<br>|  | 3265000 | &nbsp;&nbsp; 3270872 |
|  |  |  | &nbsp;&nbsp; 5626435 |
| **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; 9210965 |
| **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>|  | 2857136 | &nbsp;&nbsp; 2918961 |
| **Electric Utilities–1.43%** | **Electric Utilities–1.43%** | **Electric Utilities–1.43%** | **Electric Utilities–1.43%** |
| Constellation Energy <br> Generation LLC, 6.50%, <br> 10/01/2053<br>|  | 2992000 | &nbsp;&nbsp; 3230492 |
| Electricite de France S.A. <br> (France), 4.88%, <br> 01/22/2044<sup>(d)</sup> <br>|  | 9110000 | &nbsp;&nbsp; 7982128 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| FirstEnergy Corp., Conv., 3.88%, <br> 01/15/2031<sup>(d)</sup> <br>|  | $51798000 | &nbsp;&nbsp; $54931779 |
| Georgia Power Co., Series B, <br> 3.70%, 01/30/2050<sup>(c)</sup> <br>|  | 3665000 | &nbsp;&nbsp; 2712147 |
| National Rural Utilities <br> Cooperative Finance Corp., <br> 2.75%, 04/15/2032<sup>(c)</sup> <br>|  | 9898000 | &nbsp;&nbsp; 8903318 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 5.75%, 09/01/2025 |  | 22708000 | &nbsp;&nbsp; 22708000 |
| 3.55%, 05/01/2027 |  | 5572000 | &nbsp;&nbsp; 5516974 |
| Oglethorpe Power Corp., 4.55%, <br> 06/01/2044<br>|  | 5806000 | &nbsp;&nbsp; 4860297 |
| PPL Capital Funding, Inc., Conv., <br> 2.88%, 03/15/2028<br>|  | 54663000 | &nbsp;&nbsp; 61741858 |
| PPL Electric Utilities Corp., <br> 6.25%, 05/15/2039<br>|  | 355000 | &nbsp;&nbsp; 390028 |
| Xcel Energy, Inc., 3.50%, <br> 12/01/2049<sup>(c)</sup> <br>|  | 10280000 | &nbsp;&nbsp; 7026611 |
|  |  |  | &nbsp;&nbsp; 180003632 |
| **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; 4080059 |
| Rockwell Automation, Inc., <br> 1.75%, 08/15/2031<br>|  | 2729000 | &nbsp;&nbsp; 2377565 |
|  |  |  | &nbsp;&nbsp; 6457624 |
| **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; 2627491 |
| **Food Distributors–0.08%** | **Food Distributors–0.08%** | **Food Distributors–0.08%** | **Food Distributors–0.08%** |
| Sysco Corp., 3.75%, <br> 10/01/2025<br>|  | 9593000 | &nbsp;&nbsp; 9586672 |
| **Gas Utilities–0.09%** | **Gas Utilities–0.09%** | **Gas Utilities–0.09%** | **Gas Utilities–0.09%** |
| Southern Co. Gas Capital Corp., <br> 3.88%, 11/15/2025<br>|  | 11773000 | &nbsp;&nbsp; 11748478 |
| **Health Care Equipment–0.05%** | **Health Care Equipment–0.05%** | **Health Care Equipment–0.05%** | **Health Care Equipment–0.05%** |
| Becton, Dickinson and Co., <br> 4.88%, 05/15/2044<br>|  | 3739000 | &nbsp;&nbsp; 3282466 |
| Medtronic, Inc., 4.38%, <br> 03/15/2035<br>|  | 2601000 | &nbsp;&nbsp; 2531179 |
|  |  |  | &nbsp;&nbsp; 5813645 |
| **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; 3043870 |
| Laboratory Corp. of America <br> Holdings, 1.55%, <br> 06/01/2026<br>|  | 9933000 | &nbsp;&nbsp; 9736296 |
|  |  |  | &nbsp;&nbsp; 12780166 |
| **Health Care Supplies–0.53%** | **Health Care Supplies–0.53%** | **Health Care Supplies–0.53%** | **Health Care Supplies–0.53%** |
| Haemonetics Corp., Conv., <br> 2.50%, 06/01/2029<br>|  | 51616000 | &nbsp;&nbsp; 48482909 |
| Merit Medical Systems, Inc., <br> Conv., 3.00%, <br> 02/01/2029<sup>(d)</sup> <br>|  | 15227000 | &nbsp;&nbsp; 18631355 |
|  |  |  | &nbsp;&nbsp; 67114264 |

---

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** |
| **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<br>|  | $4741000 | &nbsp;&nbsp; $3676633 |
| **Homebuilding–0.02%** | **Homebuilding–0.02%** | **Homebuilding–0.02%** | **Homebuilding–0.02%** |
| M.D.C. Holdings, Inc., 6.00%, <br> 01/15/2043<br>|  | 2117000 | &nbsp;&nbsp; 1938691 |
| **Hotels, Resorts & Cruise Lines–0.51%** | **Hotels, Resorts & Cruise Lines–0.51%** | **Hotels, Resorts & Cruise Lines–0.51%** | **Hotels, Resorts & Cruise Lines–0.51%** |
| Airbnb, Inc., Conv., 0.00%, <br> 03/15/2026<sup>(e)</sup> <br>|  | 65983000 | &nbsp;&nbsp; 64399408 |
| **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** |
| Paychex, Inc., 5.35%, <br> 04/15/2032<sup>(c)</sup> <br>|  | 5542000 | &nbsp;&nbsp; 5735278 |
| **Industrial Conglomerates–0.12%** | **Industrial Conglomerates–0.12%** | **Industrial Conglomerates–0.12%** | **Industrial Conglomerates–0.12%** |
| Honeywell International, Inc., <br> 4.50%, 01/15/2034<br>|  | 16007000 | &nbsp;&nbsp; 15712349 |
| **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** |
| Air Products and Chemicals, Inc., <br> 4.30%, 06/11/2028<sup>(c)</sup> <br>|  | 13247000 | &nbsp;&nbsp; 13367595 |
| **Industrial Machinery & Supplies & Components–0.27%** | **Industrial Machinery & Supplies & Components–0.27%** | **Industrial Machinery & Supplies & Components–0.27%** | **Industrial Machinery & Supplies & Components–0.27%** |
| JBT Marel Corp., Conv., 0.25%, <br> 05/15/2026<br>|  | 33206000 | &nbsp;&nbsp; 34047780 |
| **Integrated Oil & Gas–0.22%** | **Integrated Oil & Gas–0.22%** | **Integrated Oil & Gas–0.22%** | **Integrated Oil & Gas–0.22%** |
| BP Capital Markets America, Inc., <br> 2.94%, 06/04/2051<br>|  | 10062000 | &nbsp;&nbsp; 6244018 |
| Chevron Corp., 2.95%, <br> 05/16/2026<br>|  | 9807000 | &nbsp;&nbsp; 9729111 |
| Exxon Mobil Corp., 3.04%, <br> 03/01/2026<br>|  | 11316000 | &nbsp;&nbsp; 11252514 |
|  |  |  | &nbsp;&nbsp; 27225643 |
| **Integrated Telecommunication Services–0.42%** | **Integrated Telecommunication Services–0.42%** | **Integrated Telecommunication Services–0.42%** | **Integrated Telecommunication Services–0.42%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 4.30%, 02/15/2030 |  | 3526000 | &nbsp;&nbsp; 3532155 |
| 3.55%, 09/15/2055 |  | 4562000 | &nbsp;&nbsp; 3036415 |
| 6.05%, 08/15/2056<sup>(c)</sup> <br>|  | 5570000 | &nbsp;&nbsp; 5605312 |
| 3.80%, 12/01/2057 |  | 3619000 | &nbsp;&nbsp; 2493285 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.57%, 07/16/2027<sup>(d)</sup> <br>|  | 2536000 | &nbsp;&nbsp; 2553205 |
| 5.17%, 07/16/2032<sup>(c)(d)</sup> <br>|  | 6665000 | &nbsp;&nbsp; 6793064 |
| Orange S.A. (France), 9.00%, <br> 03/01/2031<br>|  | 4443000 | &nbsp;&nbsp; 5420457 |
| Telefonica Emisiones S.A. (Spain), <br> 5.21%, 03/08/2047<br>|  | 6725000 | &nbsp;&nbsp; 5909895 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 4.78%, 02/15/2035<sup>(c)</sup> <br>|  | 13111000 | &nbsp;&nbsp; 12790840 |
| 3.40%, 03/22/2041 |  | 5788000 | &nbsp;&nbsp; 4487196 |
|  |  |  | &nbsp;&nbsp; 52621824 |
| **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** |
| Electronic Arts, Inc., 4.80%, <br> 03/01/2026<sup>(c)</sup> <br>|  | 11186000 | &nbsp;&nbsp; 11193538 |
| Take-Two Interactive Software, <br> Inc., 3.70%, 04/14/2027<br>|  | 3559000 | &nbsp;&nbsp; 3535073 |
|  |  |  | &nbsp;&nbsp; 14728611 |
| **Interactive Media & Services–0.40%** | **Interactive Media & Services–0.40%** | **Interactive Media & Services–0.40%** | **Interactive Media & Services–0.40%** |
| Alphabet, Inc., 5.25%, <br> 05/15/2055<sup>(c)</sup> <br>|  | 1852000 | &nbsp;&nbsp; 1805586 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** |
| Meta Platforms, Inc., 5.60%, <br> 05/15/2053<sup>(c)</sup> <br>|  | $14968000 | &nbsp;&nbsp; $14808620 |
| Snap, Inc., Conv., 0.50%, <br> 05/01/2030<br>|  | 34614000 | &nbsp;&nbsp; 28942247 |
| WarnerMedia Holdings, Inc., <br> 5.05%, 03/15/2042<br>|  | 6616000 | &nbsp;&nbsp; 4462922 |
|  |  |  | &nbsp;&nbsp; 50019375 |
| **Internet Services & Infrastructure–0.07%** | **Internet Services & Infrastructure–0.07%** | **Internet Services & Infrastructure–0.07%** | **Internet Services & Infrastructure–0.07%** |
| Shopify, Inc. (Canada), Conv., <br> 0.13%, 11/01/2025<br>|  | 8506000 | &nbsp;&nbsp; 8914288 |
| **Investment Banking & Brokerage–2.09%** | **Investment Banking & Brokerage–2.09%** | **Investment Banking & Brokerage–2.09%** | **Investment Banking & Brokerage–2.09%** |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 4.25%, 10/21/2025 |  | 5807000 | &nbsp;&nbsp; 5804488 |
| 5.02%, 10/23/2035<sup>(f)</sup> <br>|  | 5424000 | &nbsp;&nbsp; 5392130 |
| 2.91%, 07/21/2042<sup>(f)</sup> <br>|  | 3205000 | &nbsp;&nbsp; 2304537 |
| GS Finance Corp., | GS Finance Corp., |  |  |
| Series 0003, Conv., <br>0.50%, 04/11/2028<sup>(d)</sup> <br>|  | 62573000 | &nbsp;&nbsp; 97944021 |
| 1.00%, 07/30/2029<sup>(d)</sup> <br>|  | 62338000 | &nbsp;&nbsp; 73876908 |
| 0.00%, 03/03/2032<sup>(e)</sup> <br>|  | 68953000 | &nbsp;&nbsp; 73184119 |
| Morgan Stanley, 4.99%, <br> 04/12/2029<sup>(f)</sup> <br>|  | 5107000 | &nbsp;&nbsp; 5202540 |
|  |  |  | &nbsp;&nbsp; 263708743 |
| **IT Consulting & Other Services–0.13%** | **IT Consulting & Other Services–0.13%** | **IT Consulting & Other Services–0.13%** | **IT Consulting & Other Services–0.13%** |
| International Business Machines <br> Corp., 3.30%, 05/15/2026<br>|  | 17069000 | &nbsp;&nbsp; 16962456 |
| **Life & Health Insurance–0.59%** | **Life & Health Insurance–0.59%** | **Life & Health Insurance–0.59%** | **Life & Health Insurance–0.59%** |
| American National Group, Inc., <br> 5.00%, 06/15/2027<sup>(c)</sup> <br>|  | 8671000 | &nbsp;&nbsp; 8744362 |
| Brighthouse Financial, Inc., <br> 3.85%, 12/22/2051<br>|  | 18342000 | &nbsp;&nbsp; 11372695 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(d)</sup> <br>|  | 20728000 | &nbsp;&nbsp; 20270059 |
| GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(c)(d)</sup> <br>|  | 12448000 | &nbsp;&nbsp; 12863398 |
| Nationwide Financial Services, <br> Inc., 5.30%, 11/18/2044<sup>(d)</sup> <br>|  | 4250000 | &nbsp;&nbsp; 3943833 |
| Pacific Life Global Funding II, <br> 5.50%, 08/28/2026<sup>(d)</sup> <br>|  | 13319000 | &nbsp;&nbsp; 13509620 |
| Prudential Financial, Inc., 3.91%, <br> 12/07/2047<sup>(c)</sup> <br>|  | 4898000 | &nbsp;&nbsp; 3817845 |
|  |  |  | &nbsp;&nbsp; 74521812 |
| **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; 4715429 |
| **Movies & Entertainment–0.24%** | **Movies & Entertainment–0.24%** | **Movies & Entertainment–0.24%** | **Movies & Entertainment–0.24%** |
| Liberty Media Corp.-Liberty <br> Formula One, Conv., 2.25%, <br> 08/15/2027<br>|  | 20617000 | &nbsp;&nbsp; 26338482 |
| TWDC Enterprises 18 Corp., <br> 3.00%, 02/13/2026<sup>(c)</sup> <br>|  | 3773000 | &nbsp;&nbsp; 3751771 |
|  |  |  | &nbsp;&nbsp; 30090253 |
| **Multi-line Insurance–0.17%** | **Multi-line Insurance–0.17%** | **Multi-line Insurance–0.17%** | **Multi-line Insurance–0.17%** |
| Liberty Mutual Group, Inc., <br> 3.95%, 05/15/2060<sup>(d)</sup> <br>|  | 9030000 | &nbsp;&nbsp; 6190839 |

---

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** |
| **Multi-line Insurance–(continued)** | **Multi-line Insurance–(continued)** | **Multi-line Insurance–(continued)** | **Multi-line Insurance–(continued)** |
| Metropolitan Life Insurance Co., <br> 7.80%, 11/01/2025<sup>(d)</sup> <br>|  | $15750000 | &nbsp;&nbsp; $15823120 |
|  |  |  | &nbsp;&nbsp; 22013959 |
| **Multi-Utilities–0.54%** | **Multi-Utilities–0.54%** | **Multi-Utilities–0.54%** | **Multi-Utilities–0.54%** |
| CenterPoint Energy, Inc., Conv., <br> 3.00%, 08/01/2028<sup>(d)</sup> <br>|  | 55508000 | &nbsp;&nbsp; 55932555 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 4.38%, 05/15/2047<sup>(c)</sup> <br>|  | 6015000 | &nbsp;&nbsp; 4970170 |
| 5.85%, 04/01/2055<sup>(c)</sup> <br>|  | 2512000 | &nbsp;&nbsp; 2473141 |
| Sempra, 3.80%, 02/01/2038 |  | 5871000 | &nbsp;&nbsp; 4952129 |
|  |  |  | &nbsp;&nbsp; 68327995 |
| **Oil & Gas Exploration & Production–0.29%** | **Oil & Gas Exploration & Production–0.29%** | **Oil & Gas Exploration & Production–0.29%** | **Oil & Gas Exploration & Production–0.29%** |
| Cameron LNG LLC, 3.70%, <br> 01/15/2039<sup>(d)</sup> <br>|  | 6519000 | &nbsp;&nbsp; 5551749 |
| ConocoPhillips Co., 4.15%, <br> 11/15/2034<br>|  | 2403000 | &nbsp;&nbsp; 2262309 |
| Diamondback Energy, Inc., <br> 5.75%, 04/18/2054<sup>(c)</sup> <br>|  | 5160000 | &nbsp;&nbsp; 4786591 |
| EOG Resources, Inc., 4.40%, <br> 07/15/2028<br>|  | 2163000 | &nbsp;&nbsp; 2184585 |
| Northern Oil and Gas, Inc., Conv., <br> 3.63%, 04/15/2029<br>|  | 21570000 | &nbsp;&nbsp; 21769522 |
|  |  |  | &nbsp;&nbsp; 36554756 |
| **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<br>|  | 5068000 | &nbsp;&nbsp; 3624252 |
| **Oil & Gas Storage & Transportation–0.63%** | **Oil & Gas Storage & Transportation–0.63%** | **Oil & Gas Storage & Transportation–0.63%** | **Oil & Gas Storage & Transportation–0.63%** |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 5.20%, 04/01/2030<sup>(c)</sup> <br>|  | 3688000 | &nbsp;&nbsp; 3794690 |
| 6.40%, 12/01/2030 |  | 4861000 | &nbsp;&nbsp; 5261703 |
| 4.90%, 03/15/2035 |  | 3640000 | &nbsp;&nbsp; 3505159 |
| 5.30%, 04/01/2044 |  | 8165000 | &nbsp;&nbsp; 7319056 |
| 5.00%, 05/15/2050 |  | 7684000 | &nbsp;&nbsp; 6384633 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.60%, 01/15/2031 |  | 4281000 | &nbsp;&nbsp; 4321468 |
| 6.45%, 09/01/2040 |  | 555000 | &nbsp;&nbsp; 610516 |
| 4.25%, 02/15/2048 |  | 7354000 | &nbsp;&nbsp; 5937976 |
| Gulfstream Natural Gas System <br> L.L.C., 5.60%, <br> 07/23/2035<sup>(d)</sup> <br>|  | 2904000 | &nbsp;&nbsp; 2939580 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 2826000 | &nbsp;&nbsp; 2907097 |
| 5.30%, 12/01/2034 |  | 4203000 | &nbsp;&nbsp; 4231900 |
| MPLX L.P., | MPLX L.P., |  |  |
| 1.75%, 03/01/2026<sup>(c)</sup> <br>|  | 8580000 | &nbsp;&nbsp; 8465788 |
| 4.50%, 04/15/2038 |  | 8564000 | &nbsp;&nbsp; 7643946 |
| Spectra Energy Partners L.P., <br> 4.50%, 03/15/2045<br>|  | 5468000 | &nbsp;&nbsp; 4571375 |
| Texas Eastern Transmission L.P., <br> 7.00%, 07/15/2032<br>|  | 3835000 | &nbsp;&nbsp; 4286581 |
| Williams Cos., Inc. (The), 5.40%, <br> 03/02/2026<br>|  | 7016000 | &nbsp;&nbsp; 7049600 |
|  |  |  | &nbsp;&nbsp; 79231068 |
| **Other Specialized REITs–0.14%** | **Other Specialized REITs–0.14%** | **Other Specialized REITs–0.14%** | **Other Specialized REITs–0.14%** |
| EPR Properties, 4.75%, <br> 12/15/2026<sup>(c)</sup> <br>|  | 17525000 | &nbsp;&nbsp; 17546806 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **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; $5201930 |
| 5.20%, 03/01/2035<sup>(d)</sup> <br>|  | 5141000 | &nbsp;&nbsp; 5191873 |
| 5.65%, 05/01/2045<sup>(d)</sup> <br>|  | 4172000 | &nbsp;&nbsp; 4116134 |
| 5.70%, 05/01/2055<sup>(d)</sup> <br>|  | 1883000 | &nbsp;&nbsp; 1838376 |
| Mead Johnson Nutrition Co. <br> (United Kingdom), 4.13%, <br> 11/15/2025<br>|  | 648000 | &nbsp;&nbsp; 647536 |
|  |  |  | &nbsp;&nbsp; 16995849 |
| **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; 2910548 |
| **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** |
| American Airlines Pass-Through <br> Trust, Series 2014-1, Class A, <br> 3.70%, 04/01/2028<br>|  | 2081985 | &nbsp;&nbsp; 2065018 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(d)</sup> <br>|  | 2146000 | &nbsp;&nbsp; 2150783 |
| 5.31%, 10/20/2031<sup>(d)</sup> <br>|  | 2458000 | &nbsp;&nbsp; 2463011 |
| Delta Air Lines, Inc., 4.95%, <br> 07/10/2028<br>|  | 5613000 | &nbsp;&nbsp; 5685520 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2014-2, Class A, <br> 3.75%, 09/03/2026<br>|  | 2575610 | &nbsp;&nbsp; 2551734 |
| Series 2018-1, Class AA, <br> 3.50%, 03/01/2030<br>|  | 3596011 | &nbsp;&nbsp; 3445024 |
|  |  |  | &nbsp;&nbsp; 18361090 |
| **Personal Care Products–0.05%** | **Personal Care Products–0.05%** | **Personal Care Products–0.05%** | **Personal Care Products–0.05%** |
| Kenvue, Inc., 5.05%, <br> 03/22/2053<sup>(c)</sup> <br>|  | 7142000 | &nbsp;&nbsp; 6529796 |
| **Pharmaceuticals–0.33%** | **Pharmaceuticals–0.33%** | **Pharmaceuticals–0.33%** | **Pharmaceuticals–0.33%** |
| Bayer US Finance II LLC <br> (Germany), 4.38%, <br> 12/15/2028<sup>(d)</sup> <br>|  | 9800000 | &nbsp;&nbsp; 9764916 |
| Bayer US Finance LLC (Germany), <br> 6.88%, 11/21/2053<sup>(d)</sup> <br>|  | 4531000 | &nbsp;&nbsp; 4799654 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 4.13%, 06/15/2039 |  | 6435000 | &nbsp;&nbsp; 5736617 |
| 6.25%, 11/15/2053 |  | 8079000 | &nbsp;&nbsp; 8567986 |
| Haleon US Capital LLC, 4.00%, <br> 03/24/2052<sup>(c)</sup> <br>|  | 2954000 | &nbsp;&nbsp; 2269169 |
| Pfizer Investment Enterprises Pte. <br> Ltd., 4.45%, 05/19/2026<br>|  | 7250000 | &nbsp;&nbsp; 7262131 |
| Zoetis, Inc., 4.70%, <br> 02/01/2043<br>|  | 4101000 | &nbsp;&nbsp; 3719759 |
|  |  |  | &nbsp;&nbsp; 42120232 |
| **Property & Casualty Insurance–0.14%** | **Property & Casualty Insurance–0.14%** | **Property & Casualty Insurance–0.14%** | **Property & Casualty Insurance–0.14%** |
| Allstate Corp. (The), 3.28%, <br> 12/15/2026<br>|  | 3260000 | &nbsp;&nbsp; 3225577 |
| Markel Group, Inc., | Markel Group, Inc., |  |  |
| 5.00%, 03/30/2043 |  | 4185000 | &nbsp;&nbsp; 3754554 |
| 5.00%, 05/20/2049 |  | 5140000 | &nbsp;&nbsp; 4484877 |
| Travelers Cos., Inc. (The), <br> 4.60%, 08/01/2043<br>|  | 6455000 | &nbsp;&nbsp; 5724421 |
|  |  |  | &nbsp;&nbsp; 17189429 |
| **Rail Transportation–0.28%** | **Rail Transportation–0.28%** | **Rail Transportation–0.28%** | **Rail Transportation–0.28%** |
| Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<sup>(c)</sup> <br>|  | 8797000 | &nbsp;&nbsp; 8934196 |

---

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** |
| **Rail Transportation–(continued)** | **Rail Transportation–(continued)** | **Rail Transportation–(continued)** | **Rail Transportation–(continued)** |
| Canadian Pacific Railway Co. <br> (Canada), 3.00%, <br> 12/02/2041<br>|  | $3965000 | &nbsp;&nbsp; $2896987 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 3.40%, 11/01/2049 |  | 4879000 | &nbsp;&nbsp; 3394112 |
| 5.35%, 08/01/2054<sup>(c)</sup> <br>|  | 5099000 | &nbsp;&nbsp; 4859917 |
| Union Pacific Corp., | Union Pacific Corp., |  |  |
| 3.20%, 05/20/2041 |  | 10131000 | &nbsp;&nbsp; 7754396 |
| 4.15%, 01/15/2045 |  | 4410000 | &nbsp;&nbsp; 3590323 |
| 3.84%, 03/20/2060 |  | 5560000 | &nbsp;&nbsp; 3978073 |
|  |  |  | &nbsp;&nbsp; 35408004 |
| **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** |
| Citizens Financial Group, Inc., <br> 6.65%, 04/25/2035<sup>(f)</sup> <br>|  | 3122000 | &nbsp;&nbsp; 3396779 |
| **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; 2478343 |
| PartnerRe Finance B LLC, 3.70%, <br> 07/02/2029<br>|  | 5795000 | &nbsp;&nbsp; 5675320 |
|  |  |  | &nbsp;&nbsp; 8153663 |
| **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** | **Research & Consulting Services–0.01%** |
| Verisk Analytics, Inc., 4.50%, <br> 08/15/2030<br>|  | 972000 | &nbsp;&nbsp; 976479 |
| **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; 7299673 |
| **Retail REITs–0.56%** | **Retail REITs–0.56%** | **Retail REITs–0.56%** | **Retail REITs–0.56%** |
| Brixmor Operating Partnership <br> L.P., 5.50%, 02/15/2034<br>|  | 10029000 | &nbsp;&nbsp; 10228367 |
| Federal Realty OP L.P., Conv., <br> 3.25%, 01/15/2029<sup>(d)</sup> <br>|  | 38802000 | &nbsp;&nbsp; 39112416 |
| Kimco Realty OP LLC, 3.20%, <br> 04/01/2032<sup>(c)</sup> <br>|  | 12105000 | &nbsp;&nbsp; 11079905 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 2.95%, 09/15/2029 |  | 7960000 | &nbsp;&nbsp; 7587848 |
| 4.65%, 03/15/2049 |  | 2970000 | &nbsp;&nbsp; 2528778 |
|  |  |  | &nbsp;&nbsp; 70537314 |
| **Self-Storage REITs–0.07%** | **Self-Storage REITs–0.07%** | **Self-Storage REITs–0.07%** | **Self-Storage REITs–0.07%** |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 3.50%, 07/01/2026 |  | 4667000 | &nbsp;&nbsp; 4631054 |
| 5.70%, 04/01/2028 |  | 3806000 | &nbsp;&nbsp; 3933135 |
|  |  |  | &nbsp;&nbsp; 8564189 |
| **Semiconductor Materials & Equipment–0.55%** | **Semiconductor Materials & Equipment–0.55%** | **Semiconductor Materials & Equipment–0.55%** | **Semiconductor Materials & Equipment–0.55%** |
| MKS, Inc., Conv., 1.25%, <br> 06/01/2030<br>|  | 68562000 | &nbsp;&nbsp; 69041934 |
| **Semiconductors–1.00%** | **Semiconductors–1.00%** | **Semiconductors–1.00%** | **Semiconductors–1.00%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 3.47%, 04/15/2034<sup>(d)</sup> <br>|  | 6975000 | &nbsp;&nbsp; 6259428 |
| 5.20%, 07/15/2035 |  | 9363000 | &nbsp;&nbsp; 9451928 |
| Foundry JV Holdco LLC, 6.20%, <br> 01/25/2037<sup>(d)</sup> <br>|  | 7949000 | &nbsp;&nbsp; 8368647 |
| Marvell Technology, Inc., 2.45%, <br> 04/15/2028<sup>(c)</sup> <br>|  | 12029000 | &nbsp;&nbsp; 11519593 |
| Microchip Technology, Inc., <br> Conv., 0.75%, <br> 06/01/2027<sup>(g)</sup> <br>|  | 72645000 | &nbsp;&nbsp; 71015728 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 4.66%, 02/15/2030<sup>(c)</sup> <br>|  | $7270000 | &nbsp;&nbsp; $7316576 |
| 5.65%, 11/01/2032<sup>(c)</sup> <br>|  | 2881000 | &nbsp;&nbsp; 3013548 |
| 3.37%, 11/01/2041 |  | 1778000 | &nbsp;&nbsp; 1334352 |
| NXP B.V./NXP Funding LLC <br> (Netherlands), 5.35%, <br> 03/01/2026<sup>(c)</sup> <br>|  | 7660000 | &nbsp;&nbsp; 7676278 |
|  |  |  | &nbsp;&nbsp; 125956078 |
| **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; 10100635 |
| **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** |
| DuPont de Nemours, Inc., <br> 4.49%, 11/15/2025<br>|  | 13230000 | &nbsp;&nbsp; 13218845 |
| Sherwin-Williams Co. (The), <br> 4.50%, 06/01/2047<br>|  | 1665000 | &nbsp;&nbsp; 1405428 |
|  |  |  | &nbsp;&nbsp; 14624273 |
| **Systems Software–0.19%** | **Systems Software–0.19%** | **Systems Software–0.19%** | **Systems Software–0.19%** |
| Microsoft Corp., | Microsoft Corp., |  |  |
| 3.13%, 11/03/2025 |  | 7531000 | &nbsp;&nbsp; 7515655 |
| 3.50%, 02/12/2035<sup>(c)</sup> <br>|  | 4259000 | &nbsp;&nbsp; 4005057 |
| Oracle Corp., | Oracle Corp., |  |  |
| 3.60%, 04/01/2040 |  | 10910000 | &nbsp;&nbsp; 8655132 |
| 6.00%, 08/03/2055<sup>(c)</sup> <br>|  | 3559000 | &nbsp;&nbsp; 3479536 |
|  |  |  | &nbsp;&nbsp; 23655380 |
| **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; 7644930 |
| **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** |
| Apple, Inc., | Apple, Inc., |  |  |
| 3.35%, 02/09/2027 |  | 3495000 | &nbsp;&nbsp; 3471856 |
| 4.20%, 05/12/2030<sup>(c)</sup> <br>|  | 13030000 | &nbsp;&nbsp; 13209810 |
| Hewlett Packard Enterprise Co., <br> 4.90%, 10/15/2025<br>|  | 6891000 | &nbsp;&nbsp; 6891437 |
|  |  |  | &nbsp;&nbsp; 23573103 |
| **Telecom Tower REITs–0.17%** | **Telecom Tower REITs–0.17%** | **Telecom Tower REITs–0.17%** | **Telecom Tower REITs–0.17%** |
| American Tower Corp., 1.60%, <br> 04/15/2026<br>|  | 8541000 | &nbsp;&nbsp; 8393512 |
| Crown Castle, Inc., | Crown Castle, Inc., |  |  |
| 2.50%, 07/15/2031<sup>(c)</sup> <br>|  | 14073000 | &nbsp;&nbsp; 12481768 |
| 4.75%, 05/15/2047 |  | 470000 | &nbsp;&nbsp; 406874 |
|  |  |  | &nbsp;&nbsp; 21282154 |
| **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; 12805925 |
| B.A.T. International Finance PLC <br> (United Kingdom), 1.67%, <br> 03/25/2026<br>|  | 10697000 | &nbsp;&nbsp; 10534013 |
| Philip Morris International, Inc., <br> 4.88%, 11/15/2043<br>|  | 8162000 | &nbsp;&nbsp; 7447904 |
|  |  |  | &nbsp;&nbsp; 30787842 |
| **Transaction & Payment Processing Services–0.63%** | **Transaction & Payment Processing Services–0.63%** | **Transaction & Payment Processing Services–0.63%** | **Transaction & Payment Processing Services–0.63%** |
| Fidelity National Information <br> Services, Inc., 1.15%, <br> 03/01/2026<sup>(c)</sup> <br>|  | 12568000 | &nbsp;&nbsp; 12370310 |

---

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; $3213661 |
| Global Payments, Inc., Conv., <br> 1.50%, 03/01/2031<br>|  | 68839000 | &nbsp;&nbsp; 64330046 |
|  |  |  | &nbsp;&nbsp; 79914017 |
| **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; 5660082 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 2.70%, 03/15/2032<sup>(c)</sup> <br>|  | 10676000 | &nbsp;&nbsp; 9462428 |
| 3.40%, 10/15/2052 |  | 7422000 | &nbsp;&nbsp; 4913707 |
| 6.00%, 06/15/2054 |  | 3234000 | &nbsp;&nbsp; 3257738 |
| 5.88%, 11/15/2055<sup>(c)</sup> <br>|  | 4293000 | &nbsp;&nbsp; 4239233 |
|  |  |  | &nbsp;&nbsp; 27533188 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,819,236,495) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,819,236,495) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $2,819,236,495) | &nbsp;&nbsp; 2822750604 |
| **U.S. Treasury Securities–8.90%** | **U.S. Treasury Securities–8.90%** | **U.S. Treasury Securities–8.90%** | **U.S. Treasury Securities–8.90%** |
| **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** | **U.S. Treasury Bills–0.01%** |
| 3.88% - 4.12%, <br> 05/14/2026<sup>(h)(i)</sup> <br>|  | 1359000 | &nbsp;&nbsp; 1323331 |
| **U.S. Treasury Bonds–0.59%** | **U.S. Treasury Bonds–0.59%** | **U.S. Treasury Bonds–0.59%** | **U.S. Treasury Bonds–0.59%** |
| 4.50%, 02/15/2036 |  | 5525000 | &nbsp;&nbsp; 5670247 |
| 4.88%, 08/15/2045 |  | 56760900 | &nbsp;&nbsp; 56831851 |
| 4.75%, 05/15/2055 |  | 11886200 | &nbsp;&nbsp; 11566758 |
|  |  |  | &nbsp;&nbsp; 74068856 |
| **U.S. Treasury Notes–8.30%** | **U.S. Treasury Notes–8.30%** | **U.S. Treasury Notes–8.30%** | **U.S. Treasury Notes–8.30%** |
| 3.88%, 07/31/2027 |  | 312913000 | &nbsp;&nbsp; 314233102 |
| 3.63%, 08/15/2028 |  | 143484300 | &nbsp;&nbsp; 143680470 |
| 3.88%, 07/31/2030 |  | 357870900 | &nbsp;&nbsp; 360806558 |
| 4.00%, 07/31/2032 |  | 181723000 | &nbsp;&nbsp; 182574826 |
| 4.25%, 08/15/2035 |  | 45950300 | &nbsp;&nbsp; 46047227 |
|  |  |  | &nbsp;&nbsp; 1047342183 |
| Total U.S. Treasury Securities <br> (Cost $1,121,390,339) | Total U.S. Treasury Securities <br> (Cost $1,121,390,339) | Total U.S. Treasury Securities <br> (Cost $1,121,390,339) | &nbsp;&nbsp; 1122734370 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.58%** | **Preferred Stocks–0.58%** | **Preferred Stocks–0.58%** | **Preferred Stocks–0.58%** |
| **Asset Management & Custody Banks–0.24%** | **Asset Management & Custody Banks–0.24%** | **Asset Management & Custody Banks–0.24%** | **Asset Management & Custody Banks–0.24%** |
| AMG Capital Trust II, 5.15%, Conv. <br> Pfd. | AMG Capital Trust II, 5.15%, Conv. <br> Pfd. | 483000 | &nbsp;&nbsp; 30093315 |
| **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. | El Paso Energy Capital Trust I, <br> 4.75%, Conv. Pfd. | 875900 | &nbsp;&nbsp; 43050485 |
| Total Preferred Stocks (Cost $60,254,606) | Total Preferred Stocks (Cost $60,254,606) | Total Preferred Stocks (Cost $60,254,606) | &nbsp;&nbsp; 73143800 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.12%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.12%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.12%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.12%** |
| **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; 8027549 |
| 5.50%, 02/01/2037 |  | 3 | &nbsp;&nbsp; 3 |
|  |  |  | &nbsp;&nbsp; 8027552 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)–0.06%** | **Federal National Mortgage Association (FNMA)–0.06%** | **Federal National Mortgage Association (FNMA)–0.06%** | **Federal National Mortgage Association (FNMA)–0.06%** |
| 6.63%, 11/15/2030 |  | $6315000 | &nbsp;&nbsp; $7165711 |
| 7.00%, 07/01/2032 |  | 2921 | &nbsp;&nbsp; 3071 |
|  |  |  | &nbsp;&nbsp; 7168782 |
| **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%, 06/15/2026 to <br> 01/20/2031<br>|  | 1267 | &nbsp;&nbsp; 1287 |
| 7.50%, 12/20/2030 |  | 243 | &nbsp;&nbsp; 254 |
|  |  |  | &nbsp;&nbsp; 1541 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $17,457,639) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $17,457,639) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $17,457,639) | &nbsp;&nbsp; 15197875 |
| **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; 4841076 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–3.34%** | **Money Market Funds–3.34%** | **Money Market Funds–3.34%** | **Money Market Funds–3.34%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.21%<sup>(j)(k)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.21%<sup>(j)(k)</sup>  | 149075603 | &nbsp;&nbsp; 149075603 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.17%<sup>(j)(k)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 4.17%<sup>(j)(k)</sup>  | 271807244 | &nbsp;&nbsp; 271807244 |
| Total Money Market Funds <br> (Cost $420,882,845) | Total Money Market Funds <br> (Cost $420,882,845) | Total Money Market Funds <br> (Cost $420,882,845) | &nbsp;&nbsp; 420882847 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> investments purchased with <br> cash collateral from securities <br> on loan)-99.72% <br> (Cost $9,847,025,874)<br>|  |  | &nbsp;&nbsp; 12575988112 |
| **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–1.99%** | **Money Market Funds–1.99%** | **Money Market Funds–1.99%** | **Money Market Funds–1.99%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(j)(k)(l)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(j)(k)(l)</sup>  | 69681063 | &nbsp;&nbsp; 69681063 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(j)(k)(l)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(j)(k)(l)</sup>  | 180930365 | &nbsp;&nbsp; 180984644 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $250,656,723) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $250,656,723) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $250,656,723) | &nbsp;&nbsp; 250665707 |
| TOTAL INVESTMENTS IN SECURITIES–101.71% <br> (Cost $10,097,682,597) | TOTAL INVESTMENTS IN SECURITIES–101.71% <br> (Cost $10,097,682,597) | TOTAL INVESTMENTS IN SECURITIES–101.71% <br> (Cost $10,097,682,597) | &nbsp;&nbsp; 12826653819 |
| OTHER ASSETS LESS LIABILITIES—(1.71)% | OTHER ASSETS LESS LIABILITIES—(1.71)% | OTHER ASSETS LESS LIABILITIES—(1.71)% | &nbsp;&nbsp; (215086956)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $12611566863 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Equity and Income Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| 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 August 31, 2025.

<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 August 31, 2025 was $699,402,002, which represented 5.55% of the Fund's Net Assets. 

<sup>(e)</sup> Zero coupon bond issued at a discount.

<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> 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $196520873 | &nbsp;&nbsp; $886403826 | &nbsp;&nbsp; $(933849096) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $149075603 | &nbsp;&nbsp; $9251324 |
| Invesco Liquid Assets Portfolio, Institutional <br> Class<br>| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 23396 |
| Invesco Treasury Portfolio, Institutional Class | 359919889 | &nbsp;&nbsp; 1646178534 | &nbsp;&nbsp; (1734291181) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; - | &nbsp;&nbsp; 271807244 | &nbsp;&nbsp; 16818967 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 66893923 | &nbsp;&nbsp; 892623349 | &nbsp;&nbsp; (889836209) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 69681063 | &nbsp;&nbsp; 2,290,403\* |
| Invesco Private Prime Fund | 174589130 | &nbsp;&nbsp; 1641059868 | &nbsp;&nbsp; (1634649048) | &nbsp;&nbsp; 2763 | &nbsp;&nbsp; (18069) | &nbsp;&nbsp; 180984644 | &nbsp;&nbsp; 6,219,226\* |
| Total | $797923815 | &nbsp;&nbsp; $5066265577 | &nbsp;&nbsp; $(5192625534) | &nbsp;&nbsp; $2765 | &nbsp;&nbsp; $(18069) | &nbsp;&nbsp; $671548554 | &nbsp;&nbsp; $34603316 |

---

\* 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 August 31, 2025.

<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; 64 | December-2025 | &nbsp;&nbsp;&nbsp; $(7006000)<br>| &nbsp;&nbsp;&nbsp; $(16999)<br>| &nbsp;&nbsp;&nbsp; $(16999)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 173 | December-2025 | &nbsp;&nbsp;&nbsp; (19462500)<br>| &nbsp;&nbsp;&nbsp; (58117)<br>| &nbsp;&nbsp;&nbsp; (58117)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 137 | December-2025 | &nbsp;&nbsp;&nbsp; (15969063)<br>| &nbsp;&nbsp;&nbsp; 92047 | &nbsp;&nbsp;&nbsp; 92047 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $16931 | &nbsp;&nbsp;&nbsp; $16931 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 09/08/2025 | State Street Bank & Trust Co. | CAD | 2578086 | USD | 1878524 | &nbsp;&nbsp;&nbsp; $750 |
| 09/08/2025 | State Street Bank & Trust Co. | USD | 1014393 | CAD | 1395357 | &nbsp;&nbsp;&nbsp; 1928 |
| 09/08/2025 | State Street Bank & Trust Co. | USD | 2313473 | EUR | 1980289 | &nbsp;&nbsp;&nbsp; 4035 |

---

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)** |
| 09/08/2025 | State Street Bank & Trust Co. | USD | 1875236 | GBP | 1394236 | &nbsp;&nbsp;&nbsp; $9327 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 16040 |
| **Currency Risk** |  |  |  |  |  |  |
| 09/08/2025 | Bank of New York Mellon (The) | CAD | 72970490 | USD | 53038588 | &nbsp;&nbsp;&nbsp; (110176)<br>|
| 09/08/2025 | Bank of New York Mellon (The) | EUR | 67006884 | USD | 77666205 | &nbsp;&nbsp;&nbsp; (751126)<br>|
| 09/08/2025 | State Street Bank & Trust Co. | CAD | 1887054 | USD | 1362106 | &nbsp;&nbsp;&nbsp; (12348)<br>|
| 09/08/2025 | State Street Bank & Trust Co. | EUR | 8482099 | USD | 9877542 | &nbsp;&nbsp;&nbsp; (48955)<br>|
| 09/08/2025 | State Street Bank & Trust Co. | GBP | 63948934 | USD | 84948483 | &nbsp;&nbsp;&nbsp; (1490087)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (2412692)<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; $(2396652)<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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $9,426,143,029)\*<br>| &nbsp;&nbsp; $12155105265 |
| Investments in affiliated money market funds, at value <br> (Cost $671,539,568)<br>| &nbsp;&nbsp; 671548554 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 136586 |
| Unrealized appreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 16040 |
| Foreign currencies, at value (Cost $1,290) | &nbsp;&nbsp; 1281 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 72917866 |
| Fund shares sold | &nbsp;&nbsp; 3258398 |
| Dividends | &nbsp;&nbsp; 16170223 |
| Interest | &nbsp;&nbsp; 28457407 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 1245776 |
| Other assets | &nbsp;&nbsp; 111878 |
| Total assets | &nbsp;&nbsp; 12948969274 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 2412692 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 69278700 |
| Fund shares reacquired | &nbsp;&nbsp; 7409675 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 250656723 |
| Accrued fees to affiliates | &nbsp;&nbsp; 5851092 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 17055 |
| Accrued other operating expenses | &nbsp;&nbsp; 464188 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 1312286 |
| Total liabilities | &nbsp;&nbsp; 337402411 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $12611566863 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $9498513090 |
| Distributable earnings | &nbsp;&nbsp; 3113053773 |
|  | &nbsp;&nbsp; $12611566863 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $10518838038 |
| Class C | &nbsp;&nbsp; $155748904 |
| Class R | &nbsp;&nbsp; $128284193 |
| Class Y | &nbsp;&nbsp; $720445310 |
| Class R5 | &nbsp;&nbsp; $189238125 |
| Class R6 | &nbsp;&nbsp; $899012293 |
| **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; 944651779 |
| Class C | &nbsp;&nbsp; 14371876 |
| Class R | &nbsp;&nbsp; 11424103 |
| Class Y | &nbsp;&nbsp; 64700880 |
| Class R5 | &nbsp;&nbsp; 16992763 |
| Class R6 | &nbsp;&nbsp; 80758441 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.14 |
| Maximum offering price per share <br>(Net asset value of $11.14 ÷ 94.50%)<br>| &nbsp;&nbsp; $11.79 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.84 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.23 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.14 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.14 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.13 |

---

\* At August 31, 2025, securities with an aggregate value of $241,541,827 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $135012199 |
| Dividends (net of foreign withholding taxes of $719,384) | &nbsp;&nbsp; 158408085 |
| Dividends from affiliated money market funds (includes net securities lending income of $329,571) | &nbsp;&nbsp; 26423258 |
| Total investment income | &nbsp;&nbsp; 319843542 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 43849906 |
| Administrative services fees | &nbsp;&nbsp; 1735134 |
| Custodian fees | &nbsp;&nbsp; 75610 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 25735118 |
| Class C | &nbsp;&nbsp; 1749189 |
| Class R | &nbsp;&nbsp; 626647 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 14950707 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 190557 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 275324 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 126008 |
| Registration and filing fees | &nbsp;&nbsp; 221055 |
| Reports to shareholders | &nbsp;&nbsp; 688822 |
| Professional services fees | &nbsp;&nbsp; 152569 |
| Other | &nbsp;&nbsp; 157638 |
| Total expenses | &nbsp;&nbsp; 90534284 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (790864)<br>|
| Net expenses | &nbsp;&nbsp; 89743420 |
| Net investment income | &nbsp;&nbsp; 230100122 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 712584148 |
| Affiliated investment securities | &nbsp;&nbsp; (18069)<br>|
| Foreign currencies | &nbsp;&nbsp; (218104)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (6176929)<br>|
| Futures contracts | &nbsp;&nbsp; 730891 |
|  | &nbsp;&nbsp; 706901937 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 141023397 |
| Affiliated investment securities | &nbsp;&nbsp; 2765 |
| Foreign currencies | &nbsp;&nbsp; (24439)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 2130462 |
| Futures contracts | &nbsp;&nbsp; (393309)<br>|
|  | &nbsp;&nbsp; 142738876 |
| Net realized and unrealized gain | &nbsp;&nbsp; 849640813 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1079740935 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $230100122 | &nbsp;&nbsp; $242638447 |
| Net realized gain | &nbsp;&nbsp; 706901937 | &nbsp;&nbsp; 643491066 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 142738876 | &nbsp;&nbsp; 1009055264 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1079740935 | &nbsp;&nbsp; 1895184777 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (806741236)<br>| &nbsp;&nbsp; (652576382)<br>|
| Class C | &nbsp;&nbsp; (13584629)<br>| &nbsp;&nbsp; (13268232)<br>|
| Class R | &nbsp;&nbsp; (9359016)<br>| &nbsp;&nbsp; (6997102)<br>|
| Class Y | &nbsp;&nbsp; (58795913)<br>| &nbsp;&nbsp; (49081574)<br>|
| Class R5 | &nbsp;&nbsp; (15418720)<br>| &nbsp;&nbsp; (14404901)<br>|
| Class R6 | &nbsp;&nbsp; (77007814)<br>| &nbsp;&nbsp; (64165301)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (980907328)<br>| &nbsp;&nbsp; (800493492)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 72419981 | &nbsp;&nbsp; (105318528)<br>|
| Class C | &nbsp;&nbsp; (44489750)<br>| &nbsp;&nbsp; (48214079)<br>|
| Class R | &nbsp;&nbsp; 3414099 | &nbsp;&nbsp; 9806792 |
| Class Y | &nbsp;&nbsp; (16089913)<br>| &nbsp;&nbsp; (37999287)<br>|
| Class R5 | &nbsp;&nbsp; (20603344)<br>| &nbsp;&nbsp; (11737453)<br>|
| Class R6 | &nbsp;&nbsp; (62842421)<br>| &nbsp;&nbsp; (21470462)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (68191348)<br>| &nbsp;&nbsp; (214933017)<br>|
| Net increase in net assets | &nbsp;&nbsp; 30642259 | &nbsp;&nbsp; 879758268 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 12580924604 | &nbsp;&nbsp; 11701166336 |
| End of year | &nbsp;&nbsp; $12611566863 | &nbsp;&nbsp; $12580924604 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Equity and Income Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 08/31/25 | $11.04 | $0.20 | $0.77 | $0.97 | $(0.22)<br>| $(0.65)<br>| $(0.87)<br>| $11.14 | 9.16<br> %<br>| &nbsp;&nbsp; $10518838 | 0.75<br> %<br>| 0.76<br> %<br>| 1.82<br> %<br>| 136<br> %<br>|
| 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** |
| 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>(d)</sup><br>| &nbsp;&nbsp; 155749 | 1.49 <br><sup>(d)</sup><br>| 1.50 <br><sup>(d)</sup><br>| 1.08 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 200569 | 1.51 <br><sup>(d)</sup><br>| 1.52 <br><sup>(d)</sup><br>| 1.26 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 230928 | 1.50 <br><sup>(d)</sup><br>| 1.51 <br><sup>(d)</sup><br>| 1.26 <br><sup>(d)</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** |
| 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** |
| 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** |
| 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** |
| 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 |

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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> 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 0.99%, 0.99% and 0.98% for 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**

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**Notes to Financial Statements**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**16**

**Invesco Equity and Income Fund**

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial

**17**

**Invesco Equity and Income Fund**

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statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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 year ended August 31, 2025, the Fund paid the Adviser $5,717 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**

------

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:

---

| | |
|:---|:---|
| **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 year ended August 31, 2025, 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $676,340.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $2,011,843 in front-end sales commissions from the sale of Class A shares and $27,120 and $8,136 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $237,110 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

**19**

**Invesco Equity and Income Fund**

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rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $7889931860 | &nbsp;&nbsp;&nbsp;&nbsp; $226505680 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8116437540 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2822750604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2822750604 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1122734370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1122734370 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 43050485 | &nbsp;&nbsp;&nbsp;&nbsp; 30093315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73143800 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15197875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15197875 |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4841076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4841076 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 420882847 | &nbsp;&nbsp;&nbsp;&nbsp; 250665707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 671548554 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 8353865192 | &nbsp;&nbsp;&nbsp;&nbsp; 4472788627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12826653819 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 92047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92047 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 92047 | &nbsp;&nbsp;&nbsp;&nbsp; 16040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108087 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (75116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (75116)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2412692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2412692)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (75116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2412692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2487808)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 16931 | &nbsp;&nbsp;&nbsp;&nbsp; (2396652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2379721)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $8353882123 | &nbsp;&nbsp;&nbsp;&nbsp; $4470391975 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12824274098 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **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; $92047 | &nbsp;&nbsp;&nbsp;&nbsp; $92047 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 16040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16040 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 16040 | &nbsp;&nbsp;&nbsp;&nbsp; 92047 | &nbsp;&nbsp;&nbsp;&nbsp; 108087 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92047)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92047)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $16040 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16040 |
|  | **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; $(75116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(75116)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (2412692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2412692)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (2412692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2487808)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75116 | &nbsp;&nbsp;&nbsp;&nbsp; 75116 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(2412692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2412692)<br>|

---

<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 August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(861302)<br>| &nbsp;&nbsp;&nbsp; $(861302)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(861302)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 16040 | &nbsp;&nbsp;&nbsp; (1551390)<br>| &nbsp;&nbsp;&nbsp; (1535350)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1535350)<br>|
| Total | &nbsp;&nbsp;&nbsp; $16040 | &nbsp;&nbsp;&nbsp; $(2412692)<br>| &nbsp;&nbsp;&nbsp; $(2396652)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2396652)<br>|

---

**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(6176929)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(6176929)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 730891 | &nbsp;&nbsp;&nbsp;&nbsp; 730891 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2130462 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2130462 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (393309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (393309)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(4046467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $337582 | &nbsp;&nbsp;&nbsp;&nbsp; $(3708885)<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; $580067360 | &nbsp;&nbsp;&nbsp;&nbsp; $34860369 |

---

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $114,524.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $310411425 | &nbsp;&nbsp;&nbsp;&nbsp; $238588313 |
| Long-term capital gain | &nbsp;&nbsp; 670495903 | &nbsp;&nbsp;&nbsp;&nbsp; 561905179 |
| Total distributions | &nbsp;&nbsp; $980907328 | &nbsp;&nbsp;&nbsp;&nbsp; $800493492 |

---

\* Includes short-term capital gain distributions, if any.

**21**

**Invesco Equity and Income Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $41221231 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 437451728 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 2635117168 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 14721 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (751075)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 9498513090 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $12611566863 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, convertible securities and equity securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does 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 year ended August 31, 2025 was $2,995,500,652 and $3,660,155,626, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2923859219 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (288742051)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2635117168 |

---

Cost of investments for tax purposes is $10,189,156,930.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions and equalization, on August 31, 2025, undistributed net investment income was decreased by $3,518,166, undistributed net realized gain was decreased by $25,093,833 and shares of beneficial interest was increased by $28,611,999. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 64497717 | &nbsp;&nbsp;&nbsp; $694744523 | &nbsp;&nbsp;&nbsp; 59038389 | &nbsp;&nbsp;&nbsp; $608530045 |
| Class C | &nbsp;&nbsp;&nbsp; 2211762 | &nbsp;&nbsp;&nbsp; 23176983 | &nbsp;&nbsp;&nbsp; 2297221 | &nbsp;&nbsp;&nbsp; 23119429 |
| Class R | &nbsp;&nbsp;&nbsp; 2097803 | &nbsp;&nbsp;&nbsp; 22702441 | &nbsp;&nbsp;&nbsp; 2361594 | &nbsp;&nbsp;&nbsp; 24519467 |
| Class Y | &nbsp;&nbsp;&nbsp; 10804111 | &nbsp;&nbsp;&nbsp; 115908122 | &nbsp;&nbsp;&nbsp; 10597765 | &nbsp;&nbsp;&nbsp; 109348855 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1217289 | &nbsp;&nbsp;&nbsp; 13124832 | &nbsp;&nbsp;&nbsp; 1248965 | &nbsp;&nbsp;&nbsp; 12891281 |
| Class R6 | &nbsp;&nbsp;&nbsp; 12563057 | &nbsp;&nbsp;&nbsp; 135854807 | &nbsp;&nbsp;&nbsp; 11923160 | &nbsp;&nbsp;&nbsp; 122871786 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 70295490 | &nbsp;&nbsp;&nbsp; 752707479 | &nbsp;&nbsp;&nbsp; 62947600 | &nbsp;&nbsp;&nbsp; 628152650 |
| Class C | &nbsp;&nbsp;&nbsp; 1229741 | &nbsp;&nbsp;&nbsp; 12834098 | &nbsp;&nbsp;&nbsp; 1310211 | &nbsp;&nbsp;&nbsp; 12713774 |
| Class R | &nbsp;&nbsp;&nbsp; 863498 | &nbsp;&nbsp;&nbsp; 9330658 | &nbsp;&nbsp;&nbsp; 694023 | &nbsp;&nbsp;&nbsp; 6981473 |
| Class Y | &nbsp;&nbsp;&nbsp; 4640928 | &nbsp;&nbsp;&nbsp; 49695930 | &nbsp;&nbsp;&nbsp; 4145562 | &nbsp;&nbsp;&nbsp; 41344542 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1439525 | &nbsp;&nbsp;&nbsp; 15418720 | &nbsp;&nbsp;&nbsp; 1442590 | &nbsp;&nbsp;&nbsp; 14404887 |
| Class R6 | &nbsp;&nbsp;&nbsp; 6993256 | &nbsp;&nbsp;&nbsp; 74833447 | &nbsp;&nbsp;&nbsp; 6343445 | &nbsp;&nbsp;&nbsp; 63332081 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4485751 | &nbsp;&nbsp;&nbsp; 48131015 | &nbsp;&nbsp;&nbsp; 3440654 | &nbsp;&nbsp;&nbsp; 35411295 |
| Class C | &nbsp;&nbsp;&nbsp; (4605470)<br>| &nbsp;&nbsp;&nbsp; (48131015)<br>| &nbsp;&nbsp;&nbsp; (3528247)<br>| &nbsp;&nbsp;&nbsp; (35411295)<br>|

---

**22**

**Invesco Equity and Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2024** | **Year ended**<br> **August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (132643618)<br>| &nbsp;&nbsp;&nbsp; $(1423163036)<br>| &nbsp;&nbsp;&nbsp; (133794663)<br>| &nbsp;&nbsp;&nbsp; $(1377412518)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3098930)<br>| &nbsp;&nbsp;&nbsp; (32369816)<br>| &nbsp;&nbsp;&nbsp; (4862347)<br>| &nbsp;&nbsp;&nbsp; (48635987)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (2652912)<br>| &nbsp;&nbsp;&nbsp; (28619000)<br>| &nbsp;&nbsp;&nbsp; (2080944)<br>| &nbsp;&nbsp;&nbsp; (21694148)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (16982754)<br>| &nbsp;&nbsp;&nbsp; (181693965)<br>| &nbsp;&nbsp;&nbsp; (18381906)<br>| &nbsp;&nbsp;&nbsp; (188692684)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (4509698)<br>| &nbsp;&nbsp;&nbsp; (49146896)<br>| &nbsp;&nbsp;&nbsp; (3761316)<br>| &nbsp;&nbsp;&nbsp; (39033621)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (25517942)<br>| &nbsp;&nbsp;&nbsp; (273530675)<br>| &nbsp;&nbsp;&nbsp; (20170855)<br>| &nbsp;&nbsp;&nbsp; (207674329)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (6671396)<br>| &nbsp;&nbsp;&nbsp; $(68191348)<br>| &nbsp;&nbsp;&nbsp; (18789099)<br>| &nbsp;&nbsp;&nbsp; $(214933017)<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.

**23**

**Invesco Equity and Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Equity and Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Equity and Income Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**24**

**Invesco Equity and Income Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Equity and Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

**25**

**Invesco Equity and Income Fund**

------

performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding

fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.

**26**

**Invesco Equity and Income Fund**

------

The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**27**

**Invesco Equity and Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $699107903 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 58.81% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 50.60% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 18.31% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 38.47% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $55492728 |

---

**28**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**29**

**Invesco Equity and Income Fund**

------

![](img96bd58911.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

VK-EQI-NCSR

------

![](img492b85241.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Floating Rate ESG Fund**

Nasdaq:

A: AFRAX ■ C: AFRCX ■ R: AFRRX ■ Y: AFRYX ■ R5: AFRIX ■ R6: AFRFX

------

---

| | |
|:---|:---|
| [2](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_SOI-Continued-154_1) | Consolidated Schedule of Investments |
| [19](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_FS-Continued-154_1) | Consolidated Financial Statements |
| [23](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_FS-Continued-154_5) | Consolidated Financial Highlights |
| [24](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_NTF-Continued-154_1) | Notes to Consolidated Financial Statements |
| [34](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_ARS-Continued-154_1) | Report of Independent Registered Public Accounting Firm |
| [35](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_AOC-Continued-154_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [38](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_TI-Continued-154_1) | Tax Information |
| [39](#xx_42940c71-aeeb-4f0b-9e2a-9234b99c4d02_OIRSR-Continued-154_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*August 31, 2025* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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–86.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–86.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–86.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–86.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–86.03%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–86.03%**<sup>(b)(c)</sup>  |
| **Aerospace & Defense–1.38%** | **Aerospace & Defense–1.38%** | **Aerospace & Defense–1.38%** | **Aerospace & Defense–1.38%** |  |  |
| AVS (Ramudden Global) (Germany), Term Loan B (1 mo. EURIBOR + 3.50%) | 5.39% | 12/10/2029 | EUR | 2000 | &nbsp;&nbsp; $2326147 |
| Brown Group Holding LLC (Signature Aviation US Holdings, Inc.), Incremental Term Loan <br> B-2 (TSFR1M + 2.75%)<br>| 7.06% | 07/01/2031 |  | $1713 | &nbsp;&nbsp; 1714815 |
| Element Materials Technology Group US Holdings, Inc. (EM Midco 2 US LLC), Term Loan <br> (TSFR3M + 4.25%)<br>| 7.97% | 07/06/2029 |  | 2469 | &nbsp;&nbsp; 2486035 |
| Gogo Intermediate Holdings LLC, Term Loan (TSFR1M + 3.75%) | 8.18% | 04/30/2028 |  | 3260 | &nbsp;&nbsp; 3260678 |
| KKR Apple Bidco LLC, Term Loan B (TSFR1M + 2.50%) | 6.82% | 09/22/2028 |  | 5998 | &nbsp;&nbsp; 6005420 |
| Peraton Corp., First Lien Term Loan B (TSFR1M + 3.75%) | 8.17% | 02/01/2028 |  | 5170 | &nbsp;&nbsp; 4469271 |
| Propulsion (BC) Newco LLC (aka ITP Aero), Term Loan (3 mo. Term SOFR + 2.75%) | 7.04% | 09/14/2029 |  | 4279 | &nbsp;&nbsp; 4308127 |
| Rand Parent LLC, Term Loan B (TSFR3M + 3.00%) | 7.30% | 03/18/2030 |  | 7836 | &nbsp;&nbsp; 7817565 |
|  |  |  |  |  | &nbsp;&nbsp; 32388058 |
| **Air Transport–1.00%** | **Air Transport–1.00%** | **Air Transport–1.00%** | **Air Transport–1.00%** |  |  |
| AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B (3 mo. Term SOFR + <br> 2.25%)<br>| 6.58% | 04/20/2028 |  | 13379 | &nbsp;&nbsp; 13356288 |
| AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan B (3 mo. Term SOFR + <br> 3.25%)<br>| 7.58% | 05/07/2032 |  | 1025 | &nbsp;&nbsp; 1031582 |
| American Airlines, Inc. |  |  |  |  |  |
| Term Loan (6 mo. Term SOFR + 2.75%) | 6.51% | 06/04/2029 |  | 1250 | &nbsp;&nbsp; 1247533 |
| Term Loan B (6 mo. Term SOFR + 2.25%) | 6.50% | 02/15/2028 |  | 758 | &nbsp;&nbsp; 755071 |
| Stonepeak Nile Parent LLC, Term Loan B (TSFR3M + 2.75%) | 7.08% | 02/15/2032 |  | 6772 | &nbsp;&nbsp; 6799092 |
| United AirLines, Inc., Term Loan B (3 mo. Term SOFR + 2.00%) | 6.20% | 02/24/2031 |  | 191 | &nbsp;&nbsp; 191610 |
|  |  |  |  |  | &nbsp;&nbsp; 23381176 |
| **Automotive–2.86%** | **Automotive–2.86%** | **Automotive–2.86%** | **Automotive–2.86%** |  |  |
| Adient PLC, Term Loan B-2 (TSFR1M + 2.25%) | 6.57% | 01/31/2031 |  | 1941 | &nbsp;&nbsp; 1946719 |
| Belron Group S.A., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.74% | 10/16/2031 |  | 8422 | &nbsp;&nbsp; 8473438 |
| Highline Aftermarket Acquisition LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.70% | 02/15/2030 |  | 9867 | &nbsp;&nbsp; 9940854 |
| Lippert Components, Inc., Term Loan B (TSFR1M + 2.50%) | 6.82% | 03/19/2032 |  | 4150 | &nbsp;&nbsp; 4183771 |
| LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC), Term Loan B-1 (3 mo. <br> Term SOFR + 2.50%)<br>| 6.70% | 04/23/2031 |  | 9179 | &nbsp;&nbsp; 9182197 |
| Madison Safety & Flow LLC, Term Loan B (TSFR1M + 2.75%) | 7.07% | 09/26/2031 |  | 2544 | &nbsp;&nbsp; 2556551 |
| Mavis Tire Express Services Topco Corp., Term Loan B (TSFR3M + 3.00%) | 7.20% | 05/04/2028 |  | 12939 | &nbsp;&nbsp; 12984958 |
| Paint Intermediate III LLC (Wesco Group), Term Loan B (TSFR3M + 3.00%) | 7.24% | 09/11/2031 |  | 5039 | &nbsp;&nbsp; 5053525 |
| PowerStop LLC, Term Loan B (TSFR3M + 4.75%) | 9.16% | 01/24/2029 |  | 7853 | &nbsp;&nbsp; 6616400 |
| Project Boost Purchaser LLC, Term Loan (3 mo. Term SOFR + 2.75%) | 7.07% | 07/16/2031 |  | 3032 | &nbsp;&nbsp; 3032228 |
| Wand NewCo 3, Inc., Term Loan B (TSFR1M + 2.50%) | 6.82% | 01/30/2031 |  | 3232 | &nbsp;&nbsp; 3229234 |
|  |  |  |  |  | &nbsp;&nbsp; 67199875 |
| **Beverage & Tobacco–0.31%** | **Beverage & Tobacco–0.31%** | **Beverage & Tobacco–0.31%** | **Beverage & Tobacco–0.31%** |  |  |
| AI Aqua Merger Sub, Inc., Term Loan B (TSFR1M + 3.00%) | 7.35% | 07/31/2028 |  | 7164 | &nbsp;&nbsp; 7174918 |
| **Brokers, Dealers & Investment Houses–1.22%** | **Brokers, Dealers & Investment Houses–1.22%** | **Brokers, Dealers & Investment Houses–1.22%** | **Brokers, Dealers & Investment Houses–1.22%** |  |  |
| Ascensus Group Holdings, Inc., Term Loan B (TSFR1M + 3.00%) | 7.32% | 08/02/2028 |  | 1066 | &nbsp;&nbsp; 1068318 |
| Creative Planning (CPI Holdco B LLC), Term Loan B (TSFR1M + 2.00%) | 6.32% | 05/17/2031 |  | 12477 | &nbsp;&nbsp; 12470552 |
| Envestnet, Inc (BCPE Pequod Buyer, Inc), Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 11/25/2031 |  | 2728 | &nbsp;&nbsp; 2735493 |
| GC Ferry Acquisition I, Inc., Term Loan B<sup>(d)</sup> <br>| 0.00% | 08/16/2032 |  | 1161 | &nbsp;&nbsp; 1149620 |
| GC Ferry Acquisition I, Inc. (First Eagle Investment Management LLC), Term Loan B (3 mo. <br> Term SOFR + 3.50%)<br>| 7.71% | 06/04/2032 |  | 6799 | &nbsp;&nbsp; 6733489 |
| Orion US Finco (OSTTRA) |  |  |  |  |  |
| Term Loan B<sup>(e)</sup> <br>| – | 05/20/2032 |  | 3413 | &nbsp;&nbsp; 3439871 |
| Term Loan B<sup>(e)</sup> <br>| – | 05/20/2033 |  | 1140 | &nbsp;&nbsp; 1150066 |
|  |  |  |  |  | &nbsp;&nbsp; 28747409 |
| **Building & Development–4.95%** | **Building & Development–4.95%** | **Building & Development–4.95%** | **Building & Development–4.95%** |  |  |
| BME Holding B.V. (CRHEUD) (Netherlands), Term Loan B-2 (3 mo. EURIBOR + 4.75%) | 6.78% | 12/31/2029 | EUR | 1000 | &nbsp;&nbsp; 1027026 |
| Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 7.82% | 05/28/2030 |  | 3908 | &nbsp;&nbsp; 3929297 |

---

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** |
| **Building & Development–(continued)** | **Building & Development–(continued)** | **Building & Development–(continued)** | **Building & Development–(continued)** |  |  |
| Chariot Buyer LLC |  |  |  |  |  |
| First Lien Term Loan (TSFR1M + 3.25%) | 7.67% | 11/03/2028 |  | $7541 | &nbsp;&nbsp; $7549712 |
| Term Loan B<sup>(e)</sup> <br>| – | 07/22/2032 |  | 1293 | &nbsp;&nbsp; 1295368 |
| Construction Partners, Inc., Term Loan B (TSFR1M + 2.50%) | 6.82% | 10/29/2031 |  | 5791 | &nbsp;&nbsp; 5812840 |
| Core & Main L.P., Term Loan D (1 mo. Term SOFR + 2.00%) | 6.32% | 07/27/2028 |  | 2543 | &nbsp;&nbsp; 2545131 |
| Empire Today LLC |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 5.00%) <br>(Acquired 11/18/2024-06/25/2025; Cost $10,123,123)<sup>(f)(g)</sup> <br>| 9.57% | 08/03/2029 |  | 14071 | &nbsp;&nbsp; 8885722 |
| Term Loan A (3 mo. Term SOFR + 5.50%) <br>(Acquired 11/18/2024-06/25/2025; Cost $3,805,572)<sup>(f)(g)</sup> <br>| 10.07% | 08/03/2029 |  | 4205 | &nbsp;&nbsp; 3620849 |
| Term Loan B (3 mo. Term SOFR + 5.50%) <br>(Acquired 11/18/2024-06/25/2025; Cost $4,076,304)<sup>(f)(g)</sup> <br>| 10.07% | 08/03/2029 |  | 4154 | &nbsp;&nbsp; 3577401 |
| Flakt Woods (Fusilli Holdco) (France), Term Loan B (6 mo. EURIBOR + 5.00%) | 7.42% | 04/12/2026 | EUR | 1815 | &nbsp;&nbsp; 2131594 |
| Gulfside Supply, Inc., Term Loan B (TSFR3M + 3.00%) | 7.30% | 06/17/2031 |  | 4793 | &nbsp;&nbsp; 4810873 |
| Icebox Holdco III, Inc. |  |  |  |  |  |
| First Lien Term Loan (TSFR3M + 3.75%) | 8.06% | 12/22/2028 |  | 6560 | &nbsp;&nbsp; 6608496 |
| Second Lien Term Loan (TSFR3M + 6.75%) | 11.31% | 12/21/2029 |  | 1544 | &nbsp;&nbsp; 1563186 |
| Interior Logic Group, Inc. (Signal Parent), Term Loan B (TSFR3M + 3.50%) <br>(Acquired 09/11/2023-10/17/2023; Cost $5,574,704)<sup>(g)</sup> <br>| 7.91% | 04/01/2028 |  | 6235 | &nbsp;&nbsp; 4326757 |
| IPS Corp./CP Iris Holdco, First Lien Term Loan (TSFR1M + 3.50%) | 7.82% | 10/02/2028 |  | 5991 | &nbsp;&nbsp; 5990833 |
| Janus International Group LLC, Term Loan (TSFR3M + 2.50%) | 6.70% | 08/03/2030 |  | 6712 | &nbsp;&nbsp; 6731830 |
| LHS Borrow LLC (Leaf Home Solutions), Term Loan (TSFR1M + 4.75%) | 9.17% | 02/16/2029 |  | 13307 | &nbsp;&nbsp; 12854906 |
| MI Windows and Doors LLC, Incremental Term Loan B (1 mo. Term SOFR + 2.75%) | 7.07% | 03/28/2031 |  | 4798 | &nbsp;&nbsp; 4825869 |
| Oldcastle BuildingEnvelope, Inc., Term Loan B (TSFR3M + 4.50%) | 8.55% | 04/29/2029 |  | 5085 | &nbsp;&nbsp; 4650439 |
| Quikrete Holdings, Inc. |  |  |  |  |  |
| Term Loan B (TSFR1M + 2.25%) | 6.57% | 03/19/2029 |  | 4603 | &nbsp;&nbsp; 4610423 |
| Term Loan B-1 (1 mo. Term SOFR + 2.25%) | 6.57% | 04/14/2031 |  | 8112 | &nbsp;&nbsp; 8119603 |
| Quimper AB (Sweden), Incremental Term Loan (3 mo. EURIBOR + 3.75%) | 5.70% | 03/25/2030 | EUR | 325 | &nbsp;&nbsp; 382554 |
| QXO/Beacon Roofing, Term Loan B (TSFR1M + 3.00%) | 7.30% | 04/23/2032 |  | 4015 | &nbsp;&nbsp; 4055328 |
| TAMKO Building Products LLC, Term Loan B (TSFR3M + 2.75%) | 6.79% | 09/20/2030 |  | 4154 | &nbsp;&nbsp; 4170367 |
| Tecta America Corp., Term Loan B (TSFR1M + 3.00%) | 7.32% | 02/08/2032 |  | 2047 | &nbsp;&nbsp; 2056078 |
|  |  |  |  |  | &nbsp;&nbsp; 116132482 |
| **Business Equipment & Services–10.16%** | **Business Equipment & Services–10.16%** | **Business Equipment & Services–10.16%** | **Business Equipment & Services–10.16%** |  |  |
| AlixPartners LLP, Term Loan (1 mo. Term SOFR + 2.00%) | 6.32% | 07/30/2032 |  | 5190 | &nbsp;&nbsp; 5176115 |
| Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan B<sup>(e)</sup> <br>| – | 08/06/2032 |  | 10753 | &nbsp;&nbsp; 10802533 |
| Azuria Water Solutions, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 05/17/2028 |  | 191 | &nbsp;&nbsp; 191480 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 05/17/2028 |  | 6000 | &nbsp;&nbsp; 6020198 |
| Boost Newco Borrower LLC (WorldPay), Term Loan B (3 mo. Term SOFR + 2.00%) | 6.30% | 01/31/2031 |  | 8985 | &nbsp;&nbsp; 9004837 |
| Cloud Software Group, Inc. |  |  |  |  |  |
| Term Loan B<sup>(e)</sup> <br>| – | 08/09/2032 |  | 3599 | &nbsp;&nbsp; 3609828 |
| Term Loan B-2 (3 mo. Term SOFR + 3.25%) | 7.48% | 03/21/2031 |  | 5947 | &nbsp;&nbsp; 5970052 |
| Constant Contact, Inc. |  |  |  |  |  |
| Second Lien Term Loan (TSFR3M + 7.50%) | 12.08% | 02/12/2029 |  | 1329 | &nbsp;&nbsp; 1173671 |
| Term Loan (TSFR3M + 4.00%) | 8.58% | 02/10/2028 |  | 13040 | &nbsp;&nbsp; 12501828 |
| Corporation Service Co., Term Loan B (TSFR1M + 2.75%) | 6.32% | 11/02/2029 |  | 3799 | &nbsp;&nbsp; 3799297 |
| Deerfield Dakota Holding Corp. |  |  |  |  |  |
| First Lien Term Loan (TSFR3M + 3.75%) | 8.05% | 04/09/2027 |  | 15392 | &nbsp;&nbsp; 15353707 |
| Second Lien Term Loan (TSFR3M + 6.75%) | 11.31% | 04/07/2028 |  | 3245 | &nbsp;&nbsp; 3235384 |
| DTI HoldCo, Inc., Term Loan B (TSFR1M + 4.00%) | 8.32% | 04/26/2029 |  | 7068 | &nbsp;&nbsp; 6758392 |
| Garda World Security Corp. (Canada), Term Loan B (TSFR1M + 3.00%) | 7.36% | 02/01/2029 |  | 12171 | &nbsp;&nbsp; 12190793 |
| GI Revelation Acquisition LLC, Term Loan B-4 (TSFR1M + 3.75%) | 8.07% | 05/12/2028 |  | 14686 | &nbsp;&nbsp; 13885676 |
| I-Logic Tech Bidco Ltd. (Acuris) (United Kingdom), Term Loan (3 mo. Term SOFR + 3.75%) | 8.05% | 02/16/2028 |  | 4432 | &nbsp;&nbsp; 4444441 |
| ION Trading Technologies S.a.r.l. (Luxembourg), First Lien Term Loan (TSFR3M + 3.50%) | 7.80% | 04/01/2028 |  | 13286 | &nbsp;&nbsp; 13341015 |
| Kantar Media (Luxembourg), Term Loan B<sup>(e)</sup> <br>| – | 03/06/2032 | EUR | 1834 | &nbsp;&nbsp; 2163793 |
| KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (6 mo. EURIBOR + 5.75%) | 7.92% | 10/25/2029 | EUR | 8720 | &nbsp;&nbsp; 7791007 |
| Learning Care Group (US) No. 2, Inc., Term Loan B (TSFR3M + 4.00%) | 8.32% | 08/11/2028 |  | 6091 | &nbsp;&nbsp; 6113552 |
| Monitronics International, Inc., DIP Term Loan A (TSFR3M + 7.50%) <br>(Acquired 06/30/2023-02/16/2024; Cost $22,538,278)<sup>(g)</sup> <br>| 12.06% | 06/30/2028 |  | 22509 | &nbsp;&nbsp; 22199554 |

---

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)** |  |  |
| OCM System One Buyer CTB LLC, Term Loan B (TSFR3M + 3.75%) | 7.80% | 03/02/2028 |  | $5169 | &nbsp;&nbsp; $5189265 |
| Orchid Merger Sub II LLC, Term Loan (TSFR3M + 4.75%) <br>(Acquired 11/12/2021-02/03/2022; Cost $7,936,791)<sup>(g)</sup> <br>| 9.17% | 07/27/2027 |  | 8101 | &nbsp;&nbsp; 4000051 |
| Prime Security Services Borrower LLC |  |  |  |  |  |
| Term Loan (6 mo. Term SOFR + 2.00%) | 6.13% | 10/13/2030 |  | 452 | &nbsp;&nbsp; 451945 |
| Term Loan B (1 mo. Term SOFR + 1.75%) | 6.10% | 02/09/2032 |  | 2170 | &nbsp;&nbsp; 2153866 |
| Project Dragon (Voyix Digital Banking), Term Loan B (TSFR3M + 3.25%) | 7.05% | 09/30/2031 |  | 8447 | &nbsp;&nbsp; 8467616 |
| Prometric Holdings, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 8.07% | 01/31/2028 |  | 3033 | &nbsp;&nbsp; 3054252 |
| Ryan LLC (Ryan Tax), Term Loan (TSFR1M + 3.50%) | 7.82% | 11/14/2030 |  | 11319 | &nbsp;&nbsp; 11363074 |
| Socotec (Holding SAS) (France) |  |  |  |  |  |
| Term Loan B (TSFR3M + 3.75%) | 8.04% | 06/02/2028 |  | 1164 | &nbsp;&nbsp; 1173594 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 7.56% | 06/02/2031 |  | 95 | &nbsp;&nbsp; 96058 |
| Spin Holdco, Inc., Term Loan (TSFR3M + 4.00%) | 8.58% | 03/04/2028 |  | 29171 | &nbsp;&nbsp; 24868570 |
| Thermostat Purchaser III, Inc., Term Loan B (TSFR3M + 4.25%) | 8.55% | 08/31/2028 |  | 5273 | &nbsp;&nbsp; 5309687 |
| UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 4.75%)<sup>(f)</sup> <br>| 10.20% | 03/20/2027 |  | 1428 | &nbsp;&nbsp; 1032549 |
| Verra Mobility Corp., Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 03/24/2028 |  | 5739 | &nbsp;&nbsp; 5759493 |
|  |  |  |  |  | &nbsp;&nbsp; 238647173 |
| **Cable & Satellite Television–3.34%** | **Cable & Satellite Television–3.34%** | **Cable & Satellite Television–3.34%** | **Cable & Satellite Television–3.34%** |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) |  |  |  |  |  |
| Incremental Term Loan (3 mo. EURIBOR + 5.00%) | 7.03% | 10/31/2027 | EUR | 1360 | &nbsp;&nbsp; 1345357 |
| Term Loan B (3 mo. EURIBOR + 5.00%) | 7.03% | 10/31/2027 | EUR | 3114 | &nbsp;&nbsp; 3079967 |
| Atlantic Broadband Finance LLC (Cogeco) |  |  |  |  |  |
| Incremental Term Loan B-5 (TSFR1M + 2.50%) | 6.93% | 09/01/2028 |  | 6980 | &nbsp;&nbsp; 6936501 |
| Term Loan B-1 (TSFR1M + 2.75%) | 7.57% | 09/18/2030 |  | 5834 | &nbsp;&nbsp; 5822049 |
| Charter Communications Operating LLC, Term Loan B-5 (3 mo. Term SOFR + 2.25%) | 6.54% | 11/21/2031 |  | 2241 | &nbsp;&nbsp; 2246115 |
| Numericable-SFR S.A. (France) |  |  |  |  |  |
| Incremental Term Loan B-13 (TSFR6M + 4.00%) | 10.50% | 08/14/2026 |  | 10482 | &nbsp;&nbsp; 9337919 |
| Term Loan B-12 (3 mo. PRIME + 2.69%) | 10.19% | 01/31/2026 |  | 4790 | &nbsp;&nbsp; 4273194 |
| Term Loan B-14 (3 mo. EURIBOR + 5.50%) | 7.53% | 08/15/2028 | EUR | 6726 | &nbsp;&nbsp; 7238387 |
| Telenet - LG, Term Loan AR (TSFR1M + 2.00%) | 6.47% | 04/30/2028 |  | 6482 | &nbsp;&nbsp; 6347517 |
| UPC - LG (Sunrise) |  |  |  |  |  |
| Term Loan AAA (TSFR6M + 2.50%) | 6.69% | 02/17/2032 |  | 11102 | &nbsp;&nbsp; 11101626 |
| Term Loan AT (TSFR1M + 2.25%) | 6.73% | 04/30/2028 |  | 116 | &nbsp;&nbsp; 116316 |
| Virgin Media 02 - LG (United Kingdom) |  |  |  |  |  |
| Term Loan Q (TSFR1M + 3.25%) | 7.73% | 01/31/2029 |  | 6724 | &nbsp;&nbsp; 6718247 |
| Term Loan Y (TSFR6M + 3.25%) | 7.37% | 03/31/2031 |  | 14126 | &nbsp;&nbsp; 13879146 |
|  |  |  |  |  | &nbsp;&nbsp; 78442341 |
| **Chemicals & Plastics–9.09%** | **Chemicals & Plastics–9.09%** | **Chemicals & Plastics–9.09%** | **Chemicals & Plastics–9.09%** |  |  |
| A&R Logistics Holdings, Inc. (Quantix) |  |  |  |  |  |
| Incremental Term Loan (3 mo. Term SOFR + 6.75%)<sup>(f)</sup> <br>| 11.19% | 08/03/2026 |  | 14809 | &nbsp;&nbsp; 13609245 |
| Incremental Term Loan (3 mo. Term SOFR + 6.75%)<sup>(f)</sup> <br>| 11.19% | 08/06/2026 |  | 227 | &nbsp;&nbsp; 208361 |
| A-Gas Finco, Inc., Term Loan (TSFR3M + 5.25%) | 9.55% | 12/14/2029 |  | 7048 | &nbsp;&nbsp; 6660017 |
| Aruba Investments, Inc. |  |  |  |  |  |
| First Lien Term Loan (1 mo. EURIBOR + 4.00%) | 5.87% | 11/24/2027 | EUR | 2103 | &nbsp;&nbsp; 2334596 |
| First Lien Term Loan (TSFR1M + 4.00%) | 8.42% | 11/24/2027 |  | 894 | &nbsp;&nbsp; 871169 |
| Ascend Performance Materials Operations LLC |  |  |  |  |  |
| DIP Term Loan (1 mo. Term SOFR + 1.50%) <br>(Acquired 04/23/2025-08/25/2025; Cost $6,468,602)<sup>(g)(h)</sup> <br>| 5.94% | 10/23/2025 |  | 6650 | &nbsp;&nbsp; 4738357 |
| Term Loan <br>(Acquired 03/21/2022-02/04/2025; Cost $12,926,291)<sup>(g)(h)(i)</sup> <br>| 9.07% | 08/27/2026 |  | 13227 | &nbsp;&nbsp; 467098 |
| Austin Powder (A-AP Buyer, Inc.), First Lien Term Loan (TSFR1M + 3.25%) | 7.07% | 09/09/2031 |  | 2432 | &nbsp;&nbsp; 2439261 |
| Caldic (Pearls BidCo) (Netherlands), Term Loan B (TSFR3M + 4.00%) | 7.56% | 02/26/2029 |  | 4632 | &nbsp;&nbsp; 4512537 |
| Charter NEX US, Inc., Term Loan B (TSFR1M + 3.00%) | 7.11% | 12/01/2030 |  | 8186 | &nbsp;&nbsp; 8230054 |
| Derby Buyer LLC (Delrin), Term Loan B (TSFR1M + 3.00%) | 7.36% | 11/01/2030 |  | 3591 | &nbsp;&nbsp; 3607137 |
| Discovery Purchaser Corp. (BES) |  |  |  |  |  |
| First Lien Term Loan (TSFR3M + 4.38%) | 8.08% | 10/04/2029 |  | 10145 | &nbsp;&nbsp; 10133394 |
| Second Lien Term Loan (TSFR3M + 7.00%) | 11.33% | 10/04/2030 |  | 3644 | &nbsp;&nbsp; 3620201 |

---

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)** |  |  |
| Eastman Tire Additives (River Buyer, Inc.) |  |  |  |  |  |
| First Lien Term Loan (TSFR3M + 6.25%)<sup>(j)</sup> <br>| 10.45% | 05/28/2026 |  | $6465 | &nbsp;&nbsp; $5610401 |
| First Lien Term Loan (3 mo. Term SOFR + 5.25%) | 9.71% | 08/01/2029 |  | 7955 | &nbsp;&nbsp; 2767657 |
| Flint Group (ColourOz Inv) (Germany) |  |  |  |  |  |
| Term Loan (3 mo. EURIBOR + 4.25%) | 0.75% | 12/31/2026 | EUR | 8119 | &nbsp;&nbsp; 8994137 |
| Term Loan (3 mo. Term SOFR + 4.51%) | 8.83% | 12/31/2026 |  | 2008 | &nbsp;&nbsp; 1899021 |
| Fortis 333, Inc. (Ineos Composites), Term Loan B (TSFR3M + 3.50%) | 7.80% | 02/06/2032 |  | 883 | &nbsp;&nbsp; 879749 |
| Hasa Intermediate Holdings LLC |  |  |  |  |  |
| Incremental Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 01/10/2029 |  | 324 | &nbsp;&nbsp; 323743 |
| Incremental Term Loan (3 mo. Term SOFR + 4.75%)<sup>(f)</sup> <br>| 9.05% | 01/10/2029 |  | 3276 | &nbsp;&nbsp; 3268985 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 01/10/2029 |  | 1353 | &nbsp;&nbsp; 1350540 |
| Revolver Loan (1 mo. Term SOFR + 4.75%)<sup>(f)</sup> <br>| 9.05% | 01/10/2029 |  | 220 | &nbsp;&nbsp; 219855 |
| Ineos Quattro (STYRO), Term Loan (TSFR1M + 4.25%) | 8.57% | 10/01/2031 |  | 4746 | &nbsp;&nbsp; 4045746 |
| Ineos US Finance LLC |  |  |  |  |  |
| Term Loan (TSFR1M + 3.25%) | 7.57% | 02/18/2030 |  | 15933 | &nbsp;&nbsp; 14671299 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 02/07/2031 |  | 10600 | &nbsp;&nbsp; 9601492 |
| Lummus Technology Holdings V LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 12/31/2029 |  | 4017 | &nbsp;&nbsp; 4031704 |
| Nouryon Finance B.V. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 7.61% | 04/03/2028 |  | 4323 | &nbsp;&nbsp; 4342316 |
| Term Loan B-1 (6 mo. Term SOFR + 3.25%) | 7.60% | 04/03/2028 |  | 1720 | &nbsp;&nbsp; 1727830 |
| Oxea Corp. (OQ Chemicals) (Oman) |  |  |  |  |  |
| Term Loan B-1 (3 mo. EURIBOR + 4.25%) | 6.19% | 04/07/2031 | EUR | 10372 | &nbsp;&nbsp; 11561835 |
| Term Loan B-2 (TSFR3M + 3.50%) | 8.64% | 04/07/2031 |  | 7230 | &nbsp;&nbsp; 6718175 |
| Potters Industries, Term Loan B (TSFR3M + 3.00%) | 7.32% | 12/14/2027 |  | 2135 | &nbsp;&nbsp; 2143918 |
| Proampac PG Borrower LLC, Term Loan (TSFR1M + 4.00%) | 8.32% | 09/15/2028 |  | 9384 | &nbsp;&nbsp; 9403115 |
| Trinseo Materials Operating S.C.A. |  |  |  |  |  |
| Incremental Term Loan (TSFR3M + 2.50%) | 6.96% | 05/03/2028 |  | 7284 | &nbsp;&nbsp; 1951484 |
| Term Loan A (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 2298 | &nbsp;&nbsp; 2297948 |
| Term Loan B (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 16912 | &nbsp;&nbsp; 16928592 |
| Term Loan C (3 mo. SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 1998 | &nbsp;&nbsp; 1998125 |
| Tronox Finance LLC, Term Loan B (TSFR3M + 2.25%) | 6.55% | 04/04/2029 |  | 3051 | &nbsp;&nbsp; 2792126 |
| USALCO LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 09/30/2031 |  | 379 | &nbsp;&nbsp; 378724 |
| Term Loan (1 mo. Term SOFR + 3.50%) | 7.82% | 09/30/2031 |  | 3656 | &nbsp;&nbsp; 3657476 |
| V Global Holdings LLC |  |  |  |  |  |
| Revolver Loan (1 mo. Term SOFR + 5.85%)<sup>(f)</sup> <br>| 0.50% | 12/22/2027 |  | 2581 | &nbsp;&nbsp; 2439313 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 12/22/2027 |  | 237 | &nbsp;&nbsp; 224305 |
| Term Loan (3 mo. Term SOFR + 5.90%)<sup>(f)</sup> <br>| 10.14% | 12/22/2027 |  | 22419 | &nbsp;&nbsp; 21186418 |
| W. R. Grace Holdings LLC, Term Loan B (3 mo. Term SOFR + 3.00%)<sup>(f)</sup> <br>| 7.34% | 08/09/2032 |  | 4665 | &nbsp;&nbsp; 4671238 |
|  |  |  |  |  | &nbsp;&nbsp; 213518694 |
| **Clothing & Textiles–0.48%** | **Clothing & Textiles–0.48%** | **Clothing & Textiles–0.48%** | **Clothing & Textiles–0.48%** |  |  |
| ABG Intermediate Holdings 2 LLC |  |  |  |  |  |
| Incremental Term Loan (TSFR1M + 2.25%) | 6.57% | 02/12/2032 |  | 5212 | &nbsp;&nbsp; 5187822 |
| Term Loan B (TSFR1M + 2.25%) | 6.57% | 12/21/2028 |  | 6164 | &nbsp;&nbsp; 6162165 |
|  |  |  |  |  | &nbsp;&nbsp; 11349987 |
| **Conglomerates–0.10%** | **Conglomerates–0.10%** | **Conglomerates–0.10%** | **Conglomerates–0.10%** |  |  |
| CTEC III GmbH (CeramTec) (Germany), Term Loan B <sup>(e)</sup> <br>| – | 03/16/2029 | EUR | 2000 | &nbsp;&nbsp; 2328101 |
| **Containers & Glass Products–2.71%** | **Containers & Glass Products–2.71%** | **Containers & Glass Products–2.71%** | **Containers & Glass Products–2.71%** |  |  |
| Berlin Packaging, LLC, Term Loan (3 mo. Term SOFR + 3.25%) | 7.60% | 06/07/2031 |  | 10548 | &nbsp;&nbsp; 10588481 |
| Duran Group (Blitz/DWK), Term loan C-2 (TSFR1M + 5.75%) <br>(Acquired 03/31/2023; Cost $7,228,004)<sup>(f)(g)</sup> <br>| 9.68% | 05/31/2026 |  | 7291 | &nbsp;&nbsp; 6817363 |
| Flex Acquisition Co., Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 04/01/2032 |  | 142 | &nbsp;&nbsp; 141718 |
| Delayed Draw Term Loan (1 mo. Term SOFR + 3.25%) | 7.57% | 04/01/2032 |  | 4 | &nbsp;&nbsp; 4383 |
| Term Loan B (TSFR1M + 3.25%) | 7.57% | 04/30/2032 |  | 8356 | &nbsp;&nbsp; 8356960 |
| Iris Holding, Inc. (Intertape), First Lien Term Loan (TSFR3M + 4.75%) | 9.16% | 06/28/2028 |  | 6079 | &nbsp;&nbsp; 5903545 |

---

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** |
| **Containers & Glass Products–(continued)** | **Containers & Glass Products–(continued)** | **Containers & Glass Products–(continued)** | **Containers & Glass Products–(continued)** |  |  |
| Libbey Glass LLC, Term Loan B (3 mo. Term SOFR + 12.00%) <br>(Acquired 11/22/2022-01/23/2025; Cost $13,875,172)<sup>(g)</sup> <br>| 10.96% | 11/22/2027 |  | $14355 | &nbsp;&nbsp; $13906060 |
| Mold-Rite Plastics LLC (Valcour Packaging LLC) |  |  |  |  |  |
| Term Loan A-1 (1 mo. Term SOFR + 2.00%) | 9.62% | 10/04/2028 |  | 4770 | &nbsp;&nbsp; 4802807 |
| Term Loan A-2, (1 mo. Term SOFR + 2.25%)<sup>(k)</sup> <br>| 5.98% | 10/04/2028 |  | 6879 | &nbsp;&nbsp; 5860866 |
| Pregis Corp., Term Loan B (TSFR1M + 4.00%) | 8.32% | 02/01/2029 |  | 4013 | &nbsp;&nbsp; 4053681 |
| TricorBraun, Inc., Term Loan B | – | 03/03/2031 |  | 3262 | &nbsp;&nbsp; 3249821 |
|  |  |  |  |  | &nbsp;&nbsp; 63685685 |
| **Cosmetics & Toiletries–0.52%** | **Cosmetics & Toiletries–0.52%** | **Cosmetics & Toiletries–0.52%** | **Cosmetics & Toiletries–0.52%** |  |  |
| Bausch and Lomb, Inc., Term Loan B (TSFR1M + 4.25%) | 8.57% | 01/30/2031 |  | 5786 | &nbsp;&nbsp; 5801622 |
| KDC/ONE Development Corp., Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.50%) | 7.82% | 08/15/2028 |  | 1594 | &nbsp;&nbsp; 1598243 |
| Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%) | 7.03% | 06/29/2028 | EUR | 4350 | &nbsp;&nbsp; 4799980 |
|  |  |  |  |  | &nbsp;&nbsp; 12199845 |
| **Drugs–0.39%** | **Drugs–0.39%** | **Drugs–0.39%** | **Drugs–0.39%** |  |  |
| Grifols Worldwide Operations USA, Inc., Term Loan B (TSFR3M + 2.00%) | 6.42% | 11/15/2027 |  | 9171 | &nbsp;&nbsp; 9160958 |
| **Ecological Services & Equipment–1.44%** | **Ecological Services & Equipment–1.44%** | **Ecological Services & Equipment–1.44%** | **Ecological Services & Equipment–1.44%** |  |  |
| Anticimex Global AB (Sweden) |  |  |  |  |  |
| Term Loan B-1 (TSFR3M + 3.50%) | 7.76% | 11/16/2028 |  | 1018 | &nbsp;&nbsp; 1021575 |
| Term Loan B-6 (TSFR1M + 3.50%) | 7.76% | 11/16/2028 |  | 4382 | &nbsp;&nbsp; 4400780 |
| Arden University (BidCo Ltd.) (United Kingdom), Term Loan<sup>(e)</sup> <br>| – | 08/13/2032 | EUR | 1269 | &nbsp;&nbsp; 1464071 |
| EnergySolutions LLC, Term Loan (TSFR1M + 3.25%) | 7.57% | 09/20/2030 |  | 7578 | &nbsp;&nbsp; 7650486 |
| Erie US Merger Sub, Inc., Term Loan B (TSFR3M + 2.50%) | 6.82% | 02/04/2032 |  | 7308 | &nbsp;&nbsp; 7312545 |
| Groundworks LLC |  |  |  |  |  |
| Delayed Draw Term Loan (TSFR1M + 3.50%) | 3.00% | 03/14/2031 |  | 159 | &nbsp;&nbsp; 159215 |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 03/14/2031 |  | 842 | &nbsp;&nbsp; 844320 |
| Term Loan (TSFR1M + 3.50%) | 7.32% | 03/14/2031 |  | 5392 | &nbsp;&nbsp; 5406666 |
| MIP V Waste LLC (GreenWaste), Term Loan B<sup>(e)(f)</sup> <br>| – | 08/13/2032 |  | 1195 | &nbsp;&nbsp; 1199333 |
| OGF (VESCAP/Obol France 3/PHM) (Netherlands), Term Loan B<sup>(e)</sup> <br>| – | 12/29/2028 | EUR | 1000 | &nbsp;&nbsp; 1154147 |
| Tidal Waste & Recycling Holdings LLC (Coastal Waste & Recyling), Term Loan (TSFR3M + <br> 3.50%)<br>| 7.30% | 10/03/2031 |  | 3093 | &nbsp;&nbsp; 3115308 |
|  |  |  |  |  | &nbsp;&nbsp; 33728446 |
| **Electronics & Electrical–9.00%** | **Electronics & Electrical–9.00%** | **Electronics & Electrical–9.00%** | **Electronics & Electrical–9.00%** |  |  |
| Allegro MicroSystems, Inc., Term Loan B (1 mo. Term SOFR + 2.00%) | 6.32% | 10/31/2030 |  | 438 | &nbsp;&nbsp; 437874 |
| Applied Systems, Inc., First Lien Term Loan (6 mo. Term SOFR + 2.36%) | 6.45% | 02/24/2031 |  | 1431 | &nbsp;&nbsp; 1431621 |
| AQA Acquisition Holding, Inc. (SmartBear), Term Loan B (TSFR1M + 4.00%) | 8.31% | 03/03/2028 |  | 4298 | &nbsp;&nbsp; 4278510 |
| Avalara, Inc. (United Kingdom), Term Loan B (TSFR3M + 3.25%) | 7.55% | 03/19/2032 |  | 5097 | &nbsp;&nbsp; 5134234 |
| Duck Creek Technologies, Inc (Disco Parent, Inc), Term Loan (3 mo. Term SOFR + <br> 3.25%)<sup>(f)</sup> <br>| 7.48% | 08/15/2032 |  | 1870 | &nbsp;&nbsp; 1883978 |
| EverCommerce, Term Loan B (TSFR1M + 3.25%) | 6.57% | 07/06/2028 |  | 4246 | &nbsp;&nbsp; 4255566 |
| Exclusive Group (France) |  |  |  |  |  |
| Term Loan B-1 (TSFR3M + 4.50%)<sup>(f)</sup> <br>| 8.79% | 12/14/2031 |  | 2875 | &nbsp;&nbsp; 2853364 |
| Term Loan B-2 (3 mo. Term SOFR + 4.50%)<sup>(f)</sup> <br>| 8.79% | 12/05/2031 |  | 1432 | &nbsp;&nbsp; 1421338 |
| Gryphon Debt Merger Sub, Inc. (aka Altera) (United Kingdom), Term Loan B<sup>(e)</sup> <br>| – | 06/30/2032 |  | 6906 | &nbsp;&nbsp; 6942264 |
| Idemia Group S.A.S. (Oberthur Tech/Morpho/OBETEC) |  |  |  |  |  |
| Term Loan B-5 (3 mo. EURIBOR + 4.00%) | 6.00% | 09/30/2028 | EUR | 1000 | &nbsp;&nbsp; 1176808 |
| Term Loan B-5 (TSFR3M + 4.25%) | 8.55% | 09/30/2028 |  | 6419 | &nbsp;&nbsp; 6451078 |
| Infinite Electronics |  |  |  |  |  |
| First Lien Incremental Term Loan (TSFR1M + 6.25%)<sup>(f)</sup> <br>| 10.45% | 03/02/2028 |  | 1349 | &nbsp;&nbsp; 1314991 |
| First Lien Term Loan (TSFR3M + 3.25%) | 8.32% | 03/02/2028 |  | 10198 | &nbsp;&nbsp; 9675764 |
| Second Lien Term Loan (TSFR3M + 7.00%) | 11.57% | 03/02/2029 |  | 750 | &nbsp;&nbsp; 661435 |
| Informatica Corp., Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 10/27/2028 |  | 2046 | &nbsp;&nbsp; 2051986 |
| Instructure Holdings, Inc. |  |  |  |  |  |
| Second Lien Term Loan (TSFR6M + 5.00%) | 9.21% | 09/10/2032 |  | 2260 | &nbsp;&nbsp; 2295426 |
| Term Loan (3 mo. Term SOFR + 2.75%) | 7.09% | 11/13/2031 |  | 215 | &nbsp;&nbsp; 215721 |
| ION-Corp (Helios Software), Term Loan B (1 mo. Term SOFR + 3.00%) | 7.30% | 07/18/2030 |  | 3816 | &nbsp;&nbsp; 3825292 |
| KnowBe4 (aka Oranje MidCo, LLC), Term Loan B (3 mo. Term SOFR + 3.75%) | 8.06% | 07/26/2032 |  | 6986 | &nbsp;&nbsp; 7021204 |

---

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)** |  |  |
| Learning Pool (Brook Bidco Ltd.) (United Kingdom) |  |  |  |  |  |
| Term Loan (6 mo. Term SOFR + 6.91%)<sup>(f)</sup> <br>| 11.24% | 07/10/2028 | GBP | 2012 | &nbsp;&nbsp; $2611215 |
| Term Loan (3 mo. SONIA + 7.18%)<sup>(f)</sup> <br>| 11.40% | 08/17/2028 | GBP | 512 | &nbsp;&nbsp; 664589 |
| Term Loan (6 mo. Term SOFR + 7.34%)<sup>(f)</sup> <br>| 11.71% | 08/17/2028 |  | $2425 | &nbsp;&nbsp; 2320279 |
| Term Loan (1 mo. Term SOFR + 8.00%)<sup>(f)</sup> <br>| 11.71% | 08/17/2028 |  | 6365 | &nbsp;&nbsp; 6090931 |
| Mavenir Systems, Inc., Second Lien Term Loan (1 mo. Term SOFR + 6.50%)<sup>(f)</sup> <br>| 12.00% | 07/28/2030 |  | 1097 | &nbsp;&nbsp; 784584 |
| McAfee Enterprise, Term Loan (TSFR3M + 6.25%) | 10.56% | 07/27/2028 |  | 5881 | &nbsp;&nbsp; 5990833 |
| McAfee LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 7.35% | 03/01/2029 |  | 2335 | &nbsp;&nbsp; 2236536 |
| Mirion Technologies, Inc., Term Loan B (1 mo. Term SOFR + 2.22%) | 6.55% | 10/20/2032 |  | 3324 | &nbsp;&nbsp; 3338554 |
| Modena Buyer LLC (End User Computing), Term Loan (TSFR3M + 4.50%) | 8.81% | 07/01/2031 |  | 1469 | &nbsp;&nbsp; 1448294 |
| Natel Engineering Co., Inc., Term Loan (TSFR1M + 6.25%) <br>(Acquired 04/25/2019-08/18/2025; Cost $15,154,325)<sup>(g)</sup> <br>| 10.68% | 04/30/2026 |  | 15396 | &nbsp;&nbsp; 13495253 |
| Native Instruments (Music Creation Group GmbH/APTUS) (Germany), Term Loan B (3 mo. <br> Term SOFR + 7.00%) <br>(Acquired 01/14/2022-06/10/2025; Cost $4,599,603)<sup>(f)(g)</sup> <br>| 4.00% | 03/03/2028 | EUR | 4067 | &nbsp;&nbsp; 3887504 |
| Particle Luxembourg S.a.r.l. (WebPros) (Netherlands), Term Loan B (TSFR1M + 4.00%) | 8.07% | 03/28/2031 |  | 5750 | &nbsp;&nbsp; 5796771 |
| Proofpoint, Inc. |  |  |  |  |  |
| Term Loan<sup>(e)</sup> <br>| – | 08/31/2028 |  | 1217 | &nbsp;&nbsp; 1226273 |
| Term Loan B (TSFR1M + 3.00%) | 7.32% | 08/31/2028 |  | 15867 | &nbsp;&nbsp; 15982308 |
| Quest Software US Holdings, Inc. |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 4.25%) | 8.71% | 02/01/2029 |  | 12755 | &nbsp;&nbsp; 10570904 |
| First Lien Term Loan (TSFR1M + 6.00%) | 10.31% | 02/01/2029 |  | 7491 | &nbsp;&nbsp; 7751354 |
| RANGE RED OPER, Inc., Second Lien Term Loan (3 mo. Term SOFR + 8.00%) <br>(Acquired 10/01/2024; Cost $0)<sup>(f)(g)</sup> <br>| 12.40% | 10/01/2029 |  | 8 | &nbsp;&nbsp; 0 |
| Renaissance Holding Corp., Term Loan (TSFR3M + 4.00%) | 8.32% | 04/05/2030 |  | 10134 | &nbsp;&nbsp; 8765487 |
| Resideo Funding, Inc., Term Loan B (3 mo. Term SOFR + 2.00%) | 6.36% | 08/09/2032 |  | 2939 | &nbsp;&nbsp; 2938023 |
| Shift4 Payments LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 7.08% | 06/30/2032 |  | 1832 | &nbsp;&nbsp; 1849536 |
| SonicWall U.S. Holdings, Inc., First Lien Term Loan (TSFR3M + 5.00%) | 9.30% | 05/18/2028 |  | 7839 | &nbsp;&nbsp; 7713421 |
| STG-Fairway Acquisitions, Inc., First Lien Term Loan B-3 (1 mo. Term SOFR + 2.75%) | 7.07% | 10/31/2031 |  | 6129 | &nbsp;&nbsp; 6151909 |
| Storable, Term Loan B (TSFR1M + 3.25%) | 7.57% | 04/17/2031 |  | 4984 | &nbsp;&nbsp; 5010040 |
| Ultimate Software Group, Inc., First Lien Term Loan (TSFR3M + 3.00%) | 6.81% | 02/10/2031 |  | 4990 | &nbsp;&nbsp; 4993784 |
| UST Holdings Ltd., Term Loan B (TSFR1M + 3.75%)<sup>(f)</sup> <br>| 7.36% | 11/20/2028 |  | 7518 | &nbsp;&nbsp; 7564907 |
| Utimaco (SGT Ultimate BidCo GmbH) (Germany) |  |  |  |  |  |
| Term Loan B-1 (6 mo. Term SOFR + 5.75%)<sup>(f)</sup> <br>| 7.79% | 05/31/2029 | EUR | 9126 | &nbsp;&nbsp; 10676503 |
| Term Loan B-2 (6 mo. Term SOFR + 5.75%)<sup>(f)</sup> <br>| 10.01% | 05/31/2029 |  | 5122 | &nbsp;&nbsp; 5121910 |
| Varsity Brands Holding Co., Inc., Term Loan B | 7.45% | 08/26/2031 |  | 3099 | &nbsp;&nbsp; 3113288 |
|  |  |  |  |  | &nbsp;&nbsp; 211423444 |
| **Equipment Leasing–0.07%** | **Equipment Leasing–0.07%** | **Equipment Leasing–0.07%** | **Equipment Leasing–0.07%** |  |  |
| IFCO Management (Germany), Term Loan B <sup>(e)</sup> <br>| – | 07/30/2032 | EUR | 1465 | &nbsp;&nbsp; 1719901 |
| **Financial Intermediaries–2.08%** | **Financial Intermediaries–2.08%** | **Financial Intermediaries–2.08%** | **Financial Intermediaries–2.08%** |  |  |
| AssetMark Financial Holdings, Inc., Term Loan B (3 mo. Term SOFR + 2.75%) | 7.06% | 09/05/2031 |  | 3844 | &nbsp;&nbsp; 3855406 |
| BroadStreet Partners, Inc., Term Loan B (TSFR1M + 3.00%) | 7.07% | 06/13/2031 |  | 8455 | &nbsp;&nbsp; 8460711 |
| Citrin Cooperman Advisors, LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 04/01/2032 |  | 232 | &nbsp;&nbsp; 232262 |
| Term Loan B (TSFR3M + 3.00%) | 7.30% | 03/31/2032 |  | 3597 | &nbsp;&nbsp; 3600063 |
| Eisner Advisory Group LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 02/28/2031 |  | 4168 | &nbsp;&nbsp; 4183298 |
| Incremental Term Loan (TSFR1M + 4.00%) | 8.32% | 02/28/2031 |  | 6395 | &nbsp;&nbsp; 6443794 |
| Grant Thornton Advisors LLC |  |  |  |  |  |
| Incremental Term Loan (TSFR1M + 3.00%) | 7.32% | 06/02/2031 |  | 2843 | &nbsp;&nbsp; 2856580 |
| Term Loan B (TSFR1M + 2.75%) | 6.82% | 06/02/2031 |  | 9343 | &nbsp;&nbsp; 9334002 |
| Hightower Holding LLC., Term Loan B (3 mo. Term SOFR + 2.75%) | 7.07% | 02/03/2032 |  | 958 | &nbsp;&nbsp; 959050 |
| Tegra118 Wealth Solutions, Inc., Term Loan (TSFR3M + 4.00%) | 8.20% | 02/18/2027 |  | 7434 | &nbsp;&nbsp; 7381328 |
| Tricor (Thevelia/Vistra-Virtue), Term Loan (TSFR3M + 3.00%) | 7.30% | 06/18/2029 |  | 1589 | &nbsp;&nbsp; 1595890 |
|  |  |  |  |  | &nbsp;&nbsp; 48902384 |
| **Food Products–2.46%** | **Food Products–2.46%** | **Food Products–2.46%** | **Food Products–2.46%** |  |  |
| Arnott's (Snacking Investments US LLC), Term Loan (TSFR3M + 4.00%) | 8.31% | 12/18/2026 |  | 6644 | &nbsp;&nbsp; 6687398 |

---

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)** |  |  |
| Biscuit Holding S.A.S. (BISPOU/Cookie Acq) (France), Term Loan B (6 mo. EURIBOR + <br> 4.00%)<br>| 6.38% | 02/12/2027 | EUR | 4750 | &nbsp;&nbsp; $4890181 |
| CHG PPC Parent LLC, Term Loan B (TSFR1M + 3.00%) | 7.43% | 11/17/2028 |  | $190 | &nbsp;&nbsp; 190795 |
| Florida Food Products LLC |  |  |  |  |  |
| First Lien Term Loan (TSFR3M + 5.00%) <br>(Acquired 06/09/2022; Cost $3,347,289)<sup>(g)</sup> <br>| 9.30% | 10/18/2028 |  | 3484 | &nbsp;&nbsp; 2421577 |
| First Lien Term Loan (TSFR3M + 5.00%) <br>(Acquired 10/08/2021-05/10/2022; Cost $14,475,334)<sup>(g)</sup> <br>| 9.56% | 10/18/2028 |  | 14625 | &nbsp;&nbsp; 10150946 |
| Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) <br>(Acquired 10/08/2021-11/30/2021; Cost $2,809,857)<sup>(f)(g)</sup> <br>| 12.56% | 10/18/2029 |  | 2864 | &nbsp;&nbsp; 1360230 |
| Froneri International PLC (United Kingdom), Term Loan<sup>(e)</sup> <br>| – | 07/16/2032 |  | 5654 | &nbsp;&nbsp; 5651958 |
| Nomad Foods Ltd. (United Kingdom), Term Loan B-5 (TSFR6M + 2.50%) | 6.54% | 11/12/2029 |  | 6150 | &nbsp;&nbsp; 6167896 |
| Sigma Holdco B.V. (Netherlands) |  |  |  |  |  |
| Term Loan B (6 mo. EURIBOR + 4.00%) | 6.03% | 01/02/2028 | EUR | 1000 | &nbsp;&nbsp; 1146081 |
| Term Loan B (6 mo. Term SOFR + 3.75%) | 8.30% | 01/03/2028 |  | 8560 | &nbsp;&nbsp; 8365182 |
| Solina Group Services (Powder Bidco) (France), Term Loan B (TSFR3M + 3.25%) | 7.57% | 03/07/2029 |  | 5946 | &nbsp;&nbsp; 5996027 |
| United Petfood (Belgium), Term Loan B (6 mo. EURIBOR + 2.50%) | 4.82% | 02/26/2032 | EUR | 1901 | &nbsp;&nbsp; 2229898 |
| Valeo Foods (Platform Bidco Ltd.), Term Loan (3 mo. EURIBOR + 4.00%) | 5.94% | 09/29/2028 | EUR | 2137 | &nbsp;&nbsp; 2515062 |
|  |  |  |  |  | &nbsp;&nbsp; 57773231 |
| **Food Service–0.92%** | **Food Service–0.92%** | **Food Service–0.92%** | **Food Service–0.92%** |  |  |
| Gategroup (Switzerland), Term Loan <sup>(e)</sup> <br>| – | 05/28/2032 |  | 2347 | &nbsp;&nbsp; 2366742 |
| IRB Holding Corp., Term Loan B (TSFR1M + 2.50%) | 6.82% | 12/15/2027 |  | 10253 | &nbsp;&nbsp; 10256492 |
| Selecta Group B.V. (Switzerland) |  |  |  |  |  |
| Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 08/01/2030 | EUR | 3029 | &nbsp;&nbsp; 3450721 |
| Term Loan <br>(Acquired 06/06/2025; Cost $8,908,930)<sup>(f)(g)</sup> <br>| 7.43% | 08/01/2030 | EUR | 4942 | &nbsp;&nbsp; 5630122 |
|  |  |  |  |  | &nbsp;&nbsp; 21704077 |
| **Forest Products–0.20%** | **Forest Products–0.20%** | **Forest Products–0.20%** | **Forest Products–0.20%** |  |  |
| NewLife Forest Restoration LLC, Term Loan <sup>(e)(f)</sup> <br>| – | 04/10/2029 |  | 4725 | &nbsp;&nbsp; 4725444 |
| **Health Care–5.38%** | **Health Care–5.38%** | **Health Care–5.38%** | **Health Care–5.38%** |  |  |
| Ascend Learning LLC |  |  |  |  |  |
| Second Lien Term Loan (TSFR1M + 5.75%) | 10.17% | 12/10/2029 |  | 2277 | &nbsp;&nbsp; 2282850 |
| Term Loan B (TSFR1M + 3.00%) | 7.32% | 12/10/2028 |  | 2956 | &nbsp;&nbsp; 2958412 |
| Boots Group Finco L.P. (United Kingdom), Term Loan B | 7.70% | 07/16/2032 |  | 4555 | &nbsp;&nbsp; 4572360 |
| Cerba (Chrome Bidco) (France) |  |  |  |  |  |
| Incremental Term Loan C (EUR001M + 3.95%) | 6.01% | 02/16/2029 | EUR | 3806 | &nbsp;&nbsp; 3085359 |
| Term Loan B (EUR001M + 3.70%) | 5.76% | 06/30/2028 | EUR | 11025 | &nbsp;&nbsp; 8938953 |
| Certara Holdco, Inc., Term Loan B (TSFR3M + 3.00%)<sup>(f)</sup> <br>| 7.30% | 06/26/2031 |  | 445 | &nbsp;&nbsp; 448353 |
| Global Medical Response, Inc., PIK Term Loan, 0.75% PIK Rate, 8.95% Cash Rate (TSFR1M <br> + 4.75%)<br>| 8.95% | 10/31/2028 |  | 14680 | &nbsp;&nbsp; 14703887 |
| ImageFirst, Term Loan B (TSFR3M + 3.25%) | 7.57% | 03/15/2032 |  | 3296 | &nbsp;&nbsp; 3308384 |
| International SOS L.P. (AEA International), Term Loan B (3 mo. Term SOFR + 2.75%)<sup>(f)</sup> <br>| 7.05% | 09/07/2028 |  | 5278 | &nbsp;&nbsp; 5311142 |
| IVC Evidensia (Indep Vetcare Group) (United Kingdom), Term Loan B (TSFR3M + 3.75%) | 8.05% | 12/06/2028 |  | 964 | &nbsp;&nbsp; 970973 |
| Lanai Holdings III, Inc. (Performance Health), Term Loan B (TSFR6M + 3.75%)<sup>(f)</sup> <br>| 7.94% | 02/28/2032 |  | 889 | &nbsp;&nbsp; 873172 |
| MB2 Dental Solutions LLC |  |  |  |  |  |
| Delayed Draw Term Loan (3 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 9.82% | 02/15/2031 |  | 507 | &nbsp;&nbsp; 512262 |
| Delayed Draw Term Loan (1 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 9.82% | 02/15/2031 |  | 590 | &nbsp;&nbsp; 595750 |
| Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 02/13/2031 |  | 920 | &nbsp;&nbsp; 929051 |
| Revolver Loan (1 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 0.50% | 02/15/2031 |  | 80 | &nbsp;&nbsp; 79987 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 02/13/2031 |  | 206 | &nbsp;&nbsp; 205681 |
| Term Loan (1 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 9.82% | 02/13/2031 |  | 4073 | &nbsp;&nbsp; 4114224 |
| MedAssets Software Intermediate Holdings, Inc. (nThrive TSG) |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 5.25%) | 9.59% | 12/17/2028 |  | 2454 | &nbsp;&nbsp; 2452580 |
| Term Loan (3 mo. Term SOFR + 4.00%) | 8.34% | 12/17/2028 |  | 4551 | &nbsp;&nbsp; 4424121 |
| Term Loan (1 mo. Term SOFR + 4.00%)<sup>(f)</sup> <br>| 8.46% | 12/17/2028 |  | 4498 | &nbsp;&nbsp; 3912935 |
| Term Loan (1 mo. Term SOFR + 6.75%) | 11.21% | 12/17/2029 |  | 269 | &nbsp;&nbsp; 216197 |
| Median Kliniken (Median B.V, Remedco GER B.V) (Netherlands), Term Loan (3 mo. EURIBOR <br> + 4.93%)<br>| 6.91% | 10/14/2027 | EUR | 1617 | &nbsp;&nbsp; 1900124 |

---

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)** |  |  |
| MJH Healthcare Holdings, LLC, Term Loan (1 mo. Term SOFR + 2.75%) | 7.07% | 01/29/2029 |  | $2388 | &nbsp;&nbsp; $2395674 |
| Opella, Term Loan B (TSFR6M + 3.25%) | 7.44% | 03/31/2032 |  | 10312 | &nbsp;&nbsp; 10384912 |
| Organon & Co., Term Loan (1 mo. Term SOFR + 2.25%) | 6.57% | 05/19/2031 |  | 2846 | &nbsp;&nbsp; 2784015 |
| Pathway Vet Alliance LLC, First Lien Term Loan (3 mo. Term SOFR + 5.00%) | 9.31% | 09/30/2029 |  | 3810 | &nbsp;&nbsp; 3837395 |
| Precision Medicine Group LLC, Term Loan B (1 mo. Term SOFR + 3.50%) <br>(Acquired 08/14/2025; Cost $4,628,607)<sup>(g)</sup> <br>| 7.70% | 08/13/2032 |  | 4652 | &nbsp;&nbsp; 4654720 |
| QuidelOrtho Corp., Term Loan B<sup>(e)</sup> <br>| – | 08/13/2032 |  | 4389 | &nbsp;&nbsp; 4347931 |
| R1 RCM, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan B<sup>(d)</sup> <br>| 0.00% | 11/19/2031 |  | 152 | &nbsp;&nbsp; 152217 |
| Term Loan B (TSFR1M + 3.25%) | 7.32% | 10/24/2031 |  | 2118 | &nbsp;&nbsp; 2125717 |
| Sharp Services LLC, Term Loan B (TSFR3M + 3.25%) | 7.55% | 12/31/2028 |  | 90 | &nbsp;&nbsp; 90548 |
| Southern Veterinary Partners LLC, Term Loan B (TSFR3M + 2.50%) | 6.82% | 12/04/2031 |  | 5845 | &nbsp;&nbsp; 5849487 |
| Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. Term SOFR + 4.25%)<sup>(f)</sup> <br>| 8.68% | 12/31/2029 |  | 1322 | &nbsp;&nbsp; 1074499 |
| TEAM Services Group LLC, Term Loan B (TSFR1M + 5.25%) | 9.56% | 12/20/2027 |  | 5133 | &nbsp;&nbsp; 5111370 |
| TTF Holdings LLC (Soliant), Term Loan B (TSFR6M + 3.75%) | 7.79% | 07/18/2031 |  | 10064 | &nbsp;&nbsp; 10019637 |
| Zelis Cost Management Buyer, Inc. |  |  |  |  |  |
| Term Loan B (TSFR1M + 3.25%) | 7.57% | 11/26/2031 |  | 3992 | &nbsp;&nbsp; 4000811 |
| Term Loan B-2 (TSFR1M + 2.75%) | 7.07% | 09/28/2029 |  | 2798 | &nbsp;&nbsp; 2793720 |
|  |  |  |  |  | &nbsp;&nbsp; 126419410 |
| **Home Furnishings–1.36%** | **Home Furnishings–1.36%** | **Home Furnishings–1.36%** | **Home Furnishings–1.36%** |  |  |
| Hilding Anders AB (Sweden) |  |  |  |  |  |
| Term Loan<sup>(f)</sup> <br>| 12.14% | 12/31/2026 | EUR | 96 | &nbsp;&nbsp; 111940 |
| Term Loan<sup>(f)</sup> <br>| 12.14% | 12/31/2026 | EUR | 132 | &nbsp;&nbsp; 154258 |
| Hunter Douglas Holding B.V. (Netherlands), Term Loan B-1 (TSFR3M + 3.25%) | 7.55% | 01/14/2032 |  | 2571 | &nbsp;&nbsp; 2577178 |
| Kidde Global Solutions, Term Loan (1 mo. Term SOFR + 3.50%) | 7.86% | 12/02/2031 |  | 3434 | &nbsp;&nbsp; 3456957 |
| Serta Simmons Bedding LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 7.50%)<sup>(f)</sup> <br>| 11.94% | 06/29/2028 |  | 698 | &nbsp;&nbsp; 698077 |
| Term Loan (TSFR3M + 7.50%) | 11.91% | 06/29/2028 |  | 9604 | &nbsp;&nbsp; 8941847 |
| Tempur Sealy International Inc., Term Loan B (1 mo. Term SOFR + 2.25%) | 6.61% | 10/24/2031 |  | 5976 | &nbsp;&nbsp; 5998675 |
| VC GB Holdings, Inc., First Lien Term Loan (1 mo. Term SOFR + 3.76%) | 8.06% | 07/21/2028 |  | 2568 | &nbsp;&nbsp; 2568039 |
| Weber-Stephen Products LLC |  |  |  |  |  |
| Incremental Term Loan B (TSFR1M + 4.25%) | 8.67% | 10/30/2027 |  | 1688 | &nbsp;&nbsp; 1688782 |
| Term Loan B (TSFR1M + 3.25%) | 7.68% | 10/30/2027 |  | 5684 | &nbsp;&nbsp; 5680234 |
|  |  |  |  |  | &nbsp;&nbsp; 31875987 |
| **Industrial Equipment–3.22%** | **Industrial Equipment–3.22%** | **Industrial Equipment–3.22%** | **Industrial Equipment–3.22%** |  |  |
| Alliance Laundry Systems LLC, Term Loan B (TSFR1M + 2.50%) | 6.59% | 08/19/2031 |  | 3230 | &nbsp;&nbsp; 3230318 |
| Chart Industries, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.79% | 03/15/2030 |  | 1385 | &nbsp;&nbsp; 1393748 |
| Cleanova US Holdings, LLC, Term Loan B (3 mo. Term SOFR + 4.75%)<sup>(f)</sup> <br>| 9.07% | 05/22/2032 |  | 3224 | &nbsp;&nbsp; 3223883 |
| Cooper Machinery/Astro Acquisition, Term Loan<sup>(e)(f)</sup> <br>| – | 08/13/2032 |  | 2797 | &nbsp;&nbsp; 2803693 |
| Crosby US Acquisition Corp., Term Loan (TSFR1M + 3.50%) | 7.82% | 08/16/2029 |  | 2877 | &nbsp;&nbsp; 2895817 |
| Discovery Energy Holding Co. (Kohler Energy) |  |  |  |  |  |
| Term Loan B (3 mo. EURIBOR + 4.75%) | 6.73% | 05/01/2031 | EUR | 1000 | &nbsp;&nbsp; 1180137 |
| Term Loan B (TSFR3M + 3.75%) | 8.05% | 05/01/2031 |  | 4343 | &nbsp;&nbsp; 4362387 |
| DXP Enterprises, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 8.07% | 10/11/2030 |  | 4653 | &nbsp;&nbsp; 4682930 |
| Kantar (Summer BC Bidco/KANGRP) (Luxembourg) |  |  |  |  |  |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 06/04/2026 |  | 6542 | &nbsp;&nbsp; 6247522 |
| Revolver Loan<sup>(e)(f)</sup> <br>| – | 06/04/2026 |  | 458 | &nbsp;&nbsp; 437478 |
| Term Loan B (3 mo. EURIBOR + 4.50%) | 6.48% | 01/31/2029 | EUR | 1220 | &nbsp;&nbsp; 1424307 |
| Term Loan B | 6.58% | 01/31/2029 | EUR | 279 | &nbsp;&nbsp; 325282 |
| Term Loan B (3 mo. Term SOFR + 5.00%) | 9.56% | 02/15/2029 |  | 10184 | &nbsp;&nbsp; 10209403 |
| Madison IAQ LLC, Term Loan B (TSFR3M + 3.25%) | 7.45% | 03/29/2032 |  | 8086 | &nbsp;&nbsp; 8136034 |
| Minimax (-Viking GmbH, - MX Holdings US, Inc.), Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 02/17/2032 |  | 3348 | &nbsp;&nbsp; 3359277 |
| Sabre Industries, Inc., Term Loan B<sup>(e)</sup> <br>| – | 08/13/2032 |  | 2868 | &nbsp;&nbsp; 2871997 |
| Sanmina Corp., Term Loan<sup>(e)(f)</sup> <br>| – | 08/06/2032 |  | 1078 | &nbsp;&nbsp; 1077940 |
| Tank Holding Corp. |  |  |  |  |  |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 03/31/2028 |  | 1702 | &nbsp;&nbsp; 1566579 |
| Term Loan (TSFR1M + 6.00%) | 10.17% | 03/31/2028 |  | 7008 | &nbsp;&nbsp; 6676811 |

---

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** |
| **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** |  |  |
| Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany) |  |  |  |  |  |
| Term Loan B (6 mo. EURIBOR + 3.25%) | 5.33% | 04/30/2030 | EUR | 214 | &nbsp;&nbsp; $251354 |
| Term Loan B (TSFR1M + 3.00%) | 7.31% | 04/30/2030 |  | $947 | &nbsp;&nbsp; 951687 |
| Victory Buyer LLC (Vantage Elevator) |  |  |  |  |  |
| First Lien Term Loan (TSFR1M + 3.75%) | 8.18% | 11/19/2028 |  | 7524 | &nbsp;&nbsp; 7544435 |
| Second Lien Term Loan (TSFR1M + 7.00%)<sup>(f)</sup> <br>| 11.43% | 11/19/2029 |  | 789 | &nbsp;&nbsp; 764424 |
|  |  |  |  |  | &nbsp;&nbsp; 75617443 |
| **Insurance–2.80%** | **Insurance–2.80%** | **Insurance–2.80%** | **Insurance–2.80%** |  |  |
| Acrisure LLC |  |  |  |  |  |
| Term Loan B (TSFR1M + 3.00%) | 7.32% | 11/06/2030 |  | 11991 | &nbsp;&nbsp; 12000067 |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 06/04/2032 |  | 1482 | &nbsp;&nbsp; 1483662 |
| Alliant Holdings Intermediate LLC, Term Loan B<sup>(e)</sup> <br>| – | 09/19/2031 |  | 14961 | &nbsp;&nbsp; 14945381 |
| AmWINS Group, Inc., Term Loan B (TSFR1M + 2.25%) | 6.57% | 01/23/2032 |  | 5244 | &nbsp;&nbsp; 5247736 |
| CRC Insurance Group LLC, Term Loan B (TSFR3M + 2.75%) | 7.05% | 05/06/2031 |  | 7122 | &nbsp;&nbsp; 7142148 |
| HUB International Ltd., Term Loan B (TSFR3M + 2.50%) | 6.83% | 06/20/2030 |  | 1803 | &nbsp;&nbsp; 1808685 |
| Ryan Specialty Group LLC, Term Loan B (TSFR1M + 2.25%) | 6.32% | 09/15/2031 |  | 3969 | &nbsp;&nbsp; 3985793 |
| Sedgwick Claims Management Services, Inc., Term Loan (TSFR1M + 3.00%) | 6.82% | 07/31/2031 |  | 10499 | &nbsp;&nbsp; 10539529 |
| USI, Inc. |  |  |  |  |  |
| Term Loan B (TSFR3M + 2.25%) | 6.55% | 11/23/2029 |  | 5131 | &nbsp;&nbsp; 5130333 |
| Term Loan B (TSFR3M + 2.25%) | 6.55% | 09/27/2030 |  | 3343 | &nbsp;&nbsp; 3343121 |
|  |  |  |  |  | &nbsp;&nbsp; 65626455 |
| **Leisure Goods, Activities & Movies–3.95%** | **Leisure Goods, Activities & Movies–3.95%** | **Leisure Goods, Activities & Movies–3.95%** | **Leisure Goods, Activities & Movies–3.95%** |  |  |
| Ancestry.com Operations, Inc., Term Loan B (TSFR1M + 3.75%) | 7.67% | 12/06/2027 |  | 715 | &nbsp;&nbsp; 717579 |
| ATG Entertainment (United Kingdom), Term Loan B (3 mo. Term SOFR + 3.75%) | 8.06% | 03/21/2032 |  | 3147 | &nbsp;&nbsp; 3180041 |
| Crown Finance US, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 8.85% | 12/02/2031 |  | 15953 | &nbsp;&nbsp; 15960871 |
| Fitness International LLC, Term Loan B (TSFR1M + 5.25%) | 8.82% | 02/05/2029 |  | 5121 | &nbsp;&nbsp; 5164301 |
| Galileo Global Education Finance S.a.r.l. (Luxembourg), Term Loan B-4 (3 mo. EURIBOR + <br> 3.25%)<br>| 5.28% | 07/31/2031 | EUR | 75 | &nbsp;&nbsp; 87813 |
| GBT Group Servicers B.V. (fka Global Business Travel Holdings Ltd.) (United Kingdom), <br> Term Loan B (TSFR3M + 2.50%)<br>| 6.81% | 07/25/2031 |  | 9332 | &nbsp;&nbsp; 9361743 |
| Herschend Entertainment Co., LLC, Term Loan B (TSFR1M + 3.25%) | 7.57% | 05/14/2032 |  | 4120 | &nbsp;&nbsp; 4153292 |
| Lakeland Tours LLC, Term Loan (6 mo. Term SOFR + 8.00%) | 8.00% | 09/25/2027 |  | 1122 | &nbsp;&nbsp; 50512 |
| LC Ahab US Bidco LLC, Term Loan B (TSFR1M + 3.50%) | 7.32% | 05/01/2031 |  | 2370 | &nbsp;&nbsp; 2378504 |
| Nord Anglia Education (Netherlands), Term Loan (3 mo. SOFR + 2.75%) | 6.95% | 01/09/2032 |  | 8614 | &nbsp;&nbsp; 8649108 |
| Orbiter International S.a.r.l. (Luxembourg), Term Loan (6 mo. EURIBOR + 3.92%) | 5.94% | 10/25/2028 | EUR | 2000 | &nbsp;&nbsp; 2123368 |
| Parques Reunidos (Piolin Bidco S.A.U.) (Spain), Revolver Loan<sup>(d)</sup> <br>| 0.00% | 03/16/2026 | EUR | 3482 | &nbsp;&nbsp; 3829688 |
| Seaworld Parks & Entertainment, Inc., Term Loan B-2 (TSFR1M + 2.00%) | 6.32% | 11/19/2031 |  | 2541 | &nbsp;&nbsp; 2543348 |
| US Fitness LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)(f)</sup> <br>| 0.00% | 09/04/2031 |  | 909 | &nbsp;&nbsp; 922646 |
| Delayed Draw Term Loan (3 mo. Term SOFR + 1.00%)<sup>(f)</sup> <br>| 9.82% | 09/04/2031 |  | 76 | &nbsp;&nbsp; 76887 |
| Revolver Loan<sup>(d)(f)</sup> <br>| 0.00% | 09/04/2030 |  | 1773 | &nbsp;&nbsp; 1749536 |
| Term Loan B (3 mo. Term SOFR + 5.50%)<sup>(f)</sup> <br>| 9.79% | 09/04/2031 |  | 7927 | &nbsp;&nbsp; 8055668 |
| Vue International Bidco PLC (United Kingdom) |  |  |  |  |  |
| Second Lien Term Loan (6 mo. Term SOFR + 0.10%) <br>(Acquired 02/20/2024-04/08/2025; Cost $3,900,502)<sup>(f)(g)</sup> <br>| 2.36% | 12/31/2027 | EUR | 5235 | &nbsp;&nbsp; 8230715 |
| Term Loan (6 mo. EURIBOR + 8.00%) <br>(Acquired 04/08/2025; Cost $2,442,163)<sup>(g)</sup> <br>| 10.10% | 06/30/2027 | EUR | 2229 | &nbsp;&nbsp; 2601026 |
| Term Loan (6 mo. Term SOFR + 0.10%) <br>(Acquired 02/20/2024-04/08/2025; Cost $3,145,939)<sup>(f)(g)</sup> <br>| 8.40% | 12/31/2027 | EUR | 2960 | &nbsp;&nbsp; 4619118 |
| Term Loan (6 mo. Term SOFR + 0.10%)<sup>(f)</sup> <br>| 10.26% | 06/30/2027 | EUR | 1368 | &nbsp;&nbsp; 2380630 |
| World Choice Investments, Term Loan B (TSFR3M + 4.75%) | 8.94% | 08/13/2031 |  | 5799 | &nbsp;&nbsp; 5805865 |
|  |  |  |  |  | &nbsp;&nbsp; 92642259 |
| **Lodging & Casinos–0.34%** | **Lodging & Casinos–0.34%** | **Lodging & Casinos–0.34%** | **Lodging & Casinos–0.34%** |  |  |
| Aimbridge Acquisition Co., Inc. |  |  |  |  |  |
| First Lien Term Loan (TSFR1M + 5.61%) | 9.98% | 03/11/2030 |  | 820 | &nbsp;&nbsp; 822859 |
| Term Loan (1 mo. Term SOFR + 1.50%) | 5.98% | 03/11/2030 |  | 744 | &nbsp;&nbsp; 738954 |
| Hilton Grand Vacations Borrower LLC, Term Loan (TSFR1M + 3.00%) | 6.32% | 08/02/2028 |  | 97 | &nbsp;&nbsp; 96707 |

---

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** |
| **Lodging & Casinos–(continued)** | **Lodging & Casinos–(continued)** | **Lodging & Casinos–(continued)** | **Lodging & Casinos–(continued)** |  |  |
| Motel One (One Hotels GmbH) (Germany), Term Loan B<sup>(e)</sup> <br>| – | 05/03/2032 | EUR | 911 | &nbsp;&nbsp; $1077222 |
| Tortuga Resorts Ghd LLC, Term Loan<sup>(e)(f)</sup> <br>| – | 08/13/2032 |  | $4039 | &nbsp;&nbsp; 4046959 |
| Travel + Leisure Co., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 12/14/2029 |  | 1145 | &nbsp;&nbsp; 1148499 |
|  |  |  |  |  | &nbsp;&nbsp; 7931200 |
| **Nonferrous Metals & Minerals–0.82%** | **Nonferrous Metals & Minerals–0.82%** | **Nonferrous Metals & Minerals–0.82%** | **Nonferrous Metals & Minerals–0.82%** |  |  |
| AZZ, Inc., Term Loan (1 mo. Term SOFR + 2.50%) | 6.07% | 05/14/2029 |  | 1862 | &nbsp;&nbsp; 1869373 |
| Covia Holdings Corp., Term Loan (3 mo. SOFR + 2.75%) | 6.71% | 02/26/2032 |  | 7576 | &nbsp;&nbsp; 7622112 |
| Form Technologies LLC, Term Loan (TSFR1M + 5.75%)<sup>(f)</sup> <br>| 10.08% | 05/30/2030 |  | 3732 | &nbsp;&nbsp; 3405552 |
| SCIH Salt Holdings, Inc. (Kissner Group), First Lien Incremental Term Loan B-1 (TSFR3M + <br> 4.00%)<br>| 7.20% | 01/31/2029 |  | 6397 | &nbsp;&nbsp; 6418044 |
|  |  |  |  |  | &nbsp;&nbsp; 19315081 |
| **Oil & Gas–2.05%** | **Oil & Gas–2.05%** | **Oil & Gas–2.05%** | **Oil & Gas–2.05%** |  |  |
| ITT Holdings LLC (IMTT), Term Loan B (1 mo. Term SOFR + 2.48%) | 6.80% | 10/11/2030 |  | 3146 | &nbsp;&nbsp; 3149425 |
| McDermott International Ltd. |  |  |  |  |  |
| LOC<sup>(d)</sup> <br>| 0.00% | 06/30/2027 |  | 4210 | &nbsp;&nbsp; 3557753 |
| LOC (3 mo. Term SOFR + 4.00%) | 8.85% | 06/30/2027 |  | 2095 | &nbsp;&nbsp; 1539466 |
| PIK Term Loan, 3.00% PIK Rate, 5.43% Cash Rate<sup>(k)</sup> <br>| 3.00% | 12/31/2027 |  | 1930 | &nbsp;&nbsp; 1056707 |
| Term Loan (TSFR1M + 3.00%) | 7.43% | 06/30/2027 |  | 550 | &nbsp;&nbsp; 406055 |
| Rockpoint Gas Storage Partners L.P. (Canada), Term Loan B (3 mo. Term SOFR + 3.00%) | 7.30% | 09/18/2031 |  | 6754 | &nbsp;&nbsp; 6781795 |
| Rockwood Service Corp., Term Loan B (TSFR1M + 2.75%) | 7.07% | 07/30/2031 |  | 2014 | &nbsp;&nbsp; 2020727 |
| Stakeholder Midstream, Term Loan<sup>(e)(f)</sup> <br>| – | 11/20/2030 |  | 4146 | &nbsp;&nbsp; 4135816 |
| Third Coast Super Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.75%) | 8.07% | 09/25/2030 |  | 14704 | &nbsp;&nbsp; 14786928 |
| TransMontaigne Partners LLC, Term Loan B (TSFR1M + 3.50%) | 6.82% | 11/17/2028 |  | 8862 | &nbsp;&nbsp; 8886586 |
| WhiteWater Matterhorn, Term Loan B (3 mo. Term SOFR + 2.25%) | 6.57% | 06/16/2032 |  | 1837 | &nbsp;&nbsp; 1840639 |
|  |  |  |  |  | &nbsp;&nbsp; 48161897 |
| **Publishing–1.99%** | **Publishing–1.99%** | **Publishing–1.99%** | **Publishing–1.99%** |  |  |
| Cengage Learning, Inc., Term Loan B (TSFR1M + 3.50%) | 7.82% | 03/22/2031 |  | 15846 | &nbsp;&nbsp; 15892603 |
| Century DE Buyer LLC (Simon & Schuster), Term Loan (3 mo. Term SOFR + 3.00%) | 7.30% | 10/30/2030 |  | 3012 | &nbsp;&nbsp; 3018231 |
| Dotdash Meredith, Inc., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.85% | 06/17/2032 |  | 3483 | &nbsp;&nbsp; 3484575 |
| Harbor Purchaser, Inc. (Houghton Mifflin Harcourt) |  |  |  |  |  |
| First Lien Term Loan B (TSFR1M + 5.25%) | 9.67% | 04/09/2029 |  | 10555 | &nbsp;&nbsp; 9951552 |
| Second Lien Term Loan B (TSFR1M + 8.00%) | 12.82% | 04/08/2030 |  | 8460 | &nbsp;&nbsp; 7732495 |
| McGraw-Hill Education, Inc., Term Loan B (TSFR1M + 3.25%) | 7.57% | 08/06/2031 |  | 6710 | &nbsp;&nbsp; 6742660 |
|  |  |  |  |  | &nbsp;&nbsp; 46822116 |
| **Radio & Television–0.12%** | **Radio & Television–0.12%** | **Radio & Television–0.12%** | **Radio & Television–0.12%** |  |  |
| iHeartCommunications, Inc., Term Loan (1 mo. Term SOFR + 5.78%) | 10.21% | 05/01/2029 |  | 2835 | &nbsp;&nbsp; 2394883 |
| Nexstar Broadcasting, Inc., Term Loan B (1 mo. Term SOFR + 2.61%) | 6.97% | 06/02/2028 |  | 527 | &nbsp;&nbsp; 525365 |
|  |  |  |  |  | &nbsp;&nbsp; 2920248 |
| **Retailers (except Food & Drug)–1.37%** | **Retailers (except Food & Drug)–1.37%** | **Retailers (except Food & Drug)–1.37%** | **Retailers (except Food & Drug)–1.37%** |  |  |
| Action Holding B.V. (Peer Holdings) (Netherlands) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.80% | 07/01/2031 |  | 5110 | &nbsp;&nbsp; 5126991 |
| Term Loan B-4 (3 mo. Term SOFR + 2.50%) | 6.80% | 10/28/2030 |  | 6928 | &nbsp;&nbsp; 6948011 |
| Bass Pro Group LLC, Term Loan B (TSFR1M + 3.25%) | 7.57% | 01/31/2032 |  | 4988 | &nbsp;&nbsp; 5008042 |
| CNT Holdings I Corp. (1-800 Contacts), Term Loan B (TSFR3M + 2.50%) | 6.56% | 11/08/2032 |  | 5271 | &nbsp;&nbsp; 5275255 |
| PetSmart, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 8.36% | 08/06/2032 |  | 2430 | &nbsp;&nbsp; 2410024 |
| Savers, Inc., Term Loan (TSFR1M + 5.50%) | 8.05% | 04/26/2028 |  | 7365 | &nbsp;&nbsp; 7385762 |
|  |  |  |  |  | &nbsp;&nbsp; 32154085 |
| **Surface Transport–1.54%** | **Surface Transport–1.54%** | **Surface Transport–1.54%** | **Surface Transport–1.54%** |  |  |
| Beacon Mobility Corp. () |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 08/06/2030 |  | 268 | &nbsp;&nbsp; 269090 |
| Delayed Draw Term Loan (3 mo. Term SOFR + 3.25%) | 7.48% | 08/06/2030 |  | 419 | &nbsp;&nbsp; 420885 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 7.50% | 06/17/2030 |  | 5009 | &nbsp;&nbsp; 5036829 |

---

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** |
| **Surface Transport–(continued)** | **Surface Transport–(continued)** | **Surface Transport–(continued)** | **Surface Transport–(continued)** |  |  |
| First Student Bidco Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.71% | 08/21/2030 |  | $16029 | &nbsp;&nbsp; $16062851 |
| Term Loan C (3 mo. Term SOFR + 2.50%) | 6.71% | 08/21/2030 |  | 597 | &nbsp;&nbsp; 598422 |
| Hurtigruten Group AS (Explorer II AS) (Norway) |  |  |  |  |  |
| Term Loan A (EUR001M + 7.50%) <br>(Acquired 02/06/2025-02/18/2025; Cost $2,802,713)<sup>(g)</sup> <br>| 9.58% | 01/30/2030 | EUR | 2752 | &nbsp;&nbsp; 3286140 |
| Term Loan B (EUR001M + 8.00%) <br>(Acquired 02/06/2025-08/12/2025; Cost $1,071,533)<sup>(g)</sup> <br>| 10.08% | 07/30/2030 | EUR | 1025 | &nbsp;&nbsp; 1083806 |
| Patriot Rail Co. LLC, Term Loan B (TSFR3M + 3.00%) | 7.31% | 03/01/2032 |  | 1724 | &nbsp;&nbsp; 1734319 |
| STG Distribution LLC, PIK Term Loan, 7.25% PIK Rate, 5.45% Cash Rate <br>(Acquired 10/03/2024-08/07/2025; Cost $3,362,458)<sup>(f)(g)(k)</sup> <br>| 7.25% | 10/03/2029 |  | 3528 | &nbsp;&nbsp; 3210166 |
| Student Transportation of America Holdings, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 06/24/2032 |  | 198 | &nbsp;&nbsp; 199509 |
| Delayed Draw Term Loan (3 mo. SOFR + 3.25%) | 1.63% | 06/24/2032 |  | 93 | &nbsp;&nbsp; 93886 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 7.57% | 06/10/2032 |  | 4086 | &nbsp;&nbsp; 4107528 |
|  |  |  |  |  | &nbsp;&nbsp; 36103431 |
| **Telecommunications–3.66%** | **Telecommunications–3.66%** | **Telecommunications–3.66%** | **Telecommunications–3.66%** |  |  |
| 2Degrees Group Ltd. (New Zealand), Term Loan (TSFR3M + 3.25%) | 7.44% | 05/11/2029 |  | 7356 | &nbsp;&nbsp; 7392604 |
| Avaya, Inc., Term Loan (1 mo. Term SOFR + 7.50%) | 11.86% | 08/01/2028 |  | 8433 | &nbsp;&nbsp; 7146685 |
| Crown Subsea Communications Holding, Inc., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.82% | 01/30/2031 |  | 10078 | &nbsp;&nbsp; 10175283 |
| Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. Term SOFR + <br> 3.26%)<br>| 7.56% | 11/12/2027 |  | 9488 | &nbsp;&nbsp; 9426647 |
| Genesys Cloud Services Holdings I LLC, Term Loan B (TSFR1M + 2.50%) | 6.82% | 01/26/2032 |  | 1541 | &nbsp;&nbsp; 1543860 |
| Inmarsat Finance PLC (United Kingdom), Term Loan (TSFR1M + 4.50%) | 8.82% | 09/27/2029 |  | 6136 | &nbsp;&nbsp; 6069716 |
| Level 3 Financing, Inc., Term Loan B (TSFR1M + 4.25%) | 8.57% | 03/30/2032 |  | 14329 | &nbsp;&nbsp; 14431009 |
| Lumen Technologies, Inc. |  |  |  |  |  |
| Term Loan B-1 (TSFR1M + 2.35%) | 6.78% | 04/15/2029 |  | 2 | &nbsp;&nbsp; 2453 |
| Term Loan B-2 (TSFR1M + 2.35%) | 6.78% | 04/15/2030 |  | 645 | &nbsp;&nbsp; 642188 |
| MLN US HoldCo LLC (dba Mitel) |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 4.00%) <br>(Acquired 06/25/2025-08/21/2025; Cost $4,394,555)<sup>(g)</sup> <br>| 2.50% | 05/08/2028 |  | 4477 | &nbsp;&nbsp; 4284783 |
| Term Loan B (1 mo. Term SOFR + 2.00%) <br>(Acquired 06/20/2025-08/21/2025; Cost $14,692,219)<sup>(g)</sup> <br>| 6.00% | 06/01/2030 |  | 17001 | &nbsp;&nbsp; 14110488 |
| Windstream Services LLC, Term Loan B (TSFR1M + 4.75%)<sup>(f)</sup> <br>| 9.17% | 09/25/2031 |  | 8917 | &nbsp;&nbsp; 8950880 |
| Zayo Group Holdings, Inc., Term Loan (TSFR1M + 3.00%) <br>(Acquired 08/15/2025-08/20/2025; Cost $1,746,180)<sup>(g)</sup> <br>| 7.43% | 03/09/2027 |  | 1791 | &nbsp;&nbsp; 1737586 |
|  |  |  |  |  | &nbsp;&nbsp; 85914182 |
| **Utilities–2.75%** | **Utilities–2.75%** | **Utilities–2.75%** | **Utilities–2.75%** |  |  |
| Alpha Generation LLC, Term Loan B (TSFR1M + 2.50%) | 6.32% | 09/30/2031 |  | 6821 | &nbsp;&nbsp; 6819166 |
| Astoria Energy LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 7.04% | 06/16/2032 |  | 2297 | &nbsp;&nbsp; 2307822 |
| Brookfield WEC Holdings, Inc., First Lien Term Loan (TSFR1M + 2.25%) | 6.60% | 01/27/2031 |  | 8321 | &nbsp;&nbsp; 8330501 |
| Cornerstone Generation LLC, Term Loan B (3 mo. Term SOFR + 3.25%) | 7.48% | 10/28/2031 |  | 8326 | &nbsp;&nbsp; 8392996 |
| Covanta Holding Corp. |  |  |  |  |  |
| Incremental Term Loan B (1 mo. Term SOFR + 2.25%) | 6.59% | 11/30/2028 |  | 2895 | &nbsp;&nbsp; 2901661 |
| Incremental Term Loan C (1 mo. Term SOFR + 2.25%) | 6.59% | 11/30/2028 |  | 159 | &nbsp;&nbsp; 159757 |
| Eastern Power LLC, Term Loan (TSFR1M + 5.25%) | 9.57% | 04/03/2028 |  | 4404 | &nbsp;&nbsp; 4433122 |
| Edgewater Generation, Term Loan B (TSFR1M + 3.00%) | 7.32% | 08/01/2030 |  | 3703 | &nbsp;&nbsp; 3720527 |
| Hamilton Projects Acquiror, LLC, Term Loan (1 mo. Term SOFR + 2.50%) | 6.82% | 05/30/2031 |  | 2553 | &nbsp;&nbsp; 2566185 |
| Lackawanna Energy Center LLC, Term Loan (1 mo. Term SOFR + 3.00%) | 7.35% | 07/23/2032 |  | 4553 | &nbsp;&nbsp; 4583375 |
| Lightning Power LLC, Term Loan B (TSFR3M + 2.25%) | 6.55% | 08/16/2031 |  | 11502 | &nbsp;&nbsp; 11521338 |
| Talen Energy Supply LLC |  |  |  |  |  |
| Incremental Term Loan (TSFR3M + 2.50%) | 6.73% | 12/13/2031 |  | 1819 | &nbsp;&nbsp; 1827351 |
| Term Loan B (TSFR3M + 2.50%) | 6.73% | 05/17/2030 |  | 6984 | &nbsp;&nbsp; 7014058 |
|  |  |  |  |  | &nbsp;&nbsp; 64577859 |
| Total Variable Rate Senior Loan Interests (Cost $2,087,388,976) | Total Variable Rate Senior Loan Interests (Cost $2,087,388,976) | Total Variable Rate Senior Loan Interests (Cost $2,087,388,976) | Total Variable Rate Senior Loan Interests (Cost $2,087,388,976) |  | &nbsp;&nbsp; 2020415282 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**12**

**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** |
| **U.S. Dollar Denominated Bonds & Notes–5.78%** | **U.S. Dollar Denominated Bonds & Notes–5.78%** | **U.S. Dollar Denominated Bonds & Notes–5.78%** | **U.S. Dollar Denominated Bonds & Notes–5.78%** | **U.S. Dollar Denominated Bonds & Notes–5.78%** | **U.S. Dollar Denominated Bonds & Notes–5.78%** |
| **Aerospace & Defense–0.16%** | **Aerospace & Defense–0.16%** | **Aerospace & Defense–0.16%** | **Aerospace & Defense–0.16%** |  |  |
| Rand Parent LLC <sup>(l)</sup> <br>| 8.50% | 02/15/2030 |  | $3580 | &nbsp;&nbsp; $3713341 |
| **Building & Development–0.44%** | **Building & Development–0.44%** | **Building & Development–0.44%** | **Building & Development–0.44%** |  |  |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(l)</sup> <br>| 5.75% | 05/15/2026 |  | 549 | &nbsp;&nbsp; 548976 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(l)</sup> <br>| 4.50% | 04/01/2027 |  | 5937 | &nbsp;&nbsp; 5838921 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC<sup>(l)</sup> <br>| 6.75% | 04/01/2032 |  | 805 | &nbsp;&nbsp; 830348 |
| QXO Building Products, Inc.<sup>(l)</sup> <br>| 6.75% | 04/30/2032 |  | 1789 | &nbsp;&nbsp; 1852160 |
| Signal Parent, Inc. (Acquired 09/11/2023-09/27/2023; Cost $2,513,284)<sup>(g)(l)</sup> <br>| 6.13% | 04/01/2029 |  | 3431 | &nbsp;&nbsp; 1252315 |
|  |  |  |  |  | &nbsp;&nbsp; 10322720 |
| **Business Equipment & Services–1.06%** | **Business Equipment & Services–1.06%** | **Business Equipment & Services–1.06%** | **Business Equipment & Services–1.06%** |  |  |
| Acuris Finance US, Inc./Acuris Finance S.a.r.l. <sup>(l)</sup> <br>| 9.00% | 08/01/2029 |  | 9112 | &nbsp;&nbsp; 9393333 |
| Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)<sup>(l)</sup> <br>| 6.88% | 06/15/2030 |  | 848 | &nbsp;&nbsp; 873972 |
| Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)<sup>(l)</sup> <br>| 7.88% | 02/15/2031 |  | 5976 | &nbsp;&nbsp; 6284690 |
| Boost Newco Borrower LLC<sup>(l)</sup> <br>| 7.50% | 01/15/2031 |  | 7243 | &nbsp;&nbsp; 7688901 |
| Cloud Software Group, Inc.<sup>(l)</sup> <br>| 8.25% | 06/30/2032 |  | 256 | &nbsp;&nbsp; 273891 |
| Cloud Software Group, Inc.<sup>(l)</sup> <br>| 6.63% | 08/15/2033 |  | 468 | &nbsp;&nbsp; 474869 |
|  |  |  |  |  | &nbsp;&nbsp; 24989656 |
| **Cable & Satellite Television–1.10%** | **Cable & Satellite Television–1.10%** | **Cable & Satellite Television–1.10%** | **Cable & Satellite Television–1.10%** |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) <sup>(l)</sup> <br>| 5.75% | 08/15/2029 |  | 2188 | &nbsp;&nbsp; 1736506 |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg)<sup>(l)</sup> <br>| 5.00% | 01/15/2028 |  | 11665 | &nbsp;&nbsp; 9536838 |
| Altice France S.A. (France)<sup>(l)</sup> <br>| 5.50% | 01/15/2028 |  | 4994 | &nbsp;&nbsp; 4419690 |
| Altice France S.A. (France)<sup>(l)</sup> <br>| 5.50% | 10/15/2029 |  | 4322 | &nbsp;&nbsp; 3709529 |
| Virgin Media Secured Finance PLC (United Kingdom)<sup>(l)</sup> <br>| 4.50% | 08/15/2030 |  | 6819 | &nbsp;&nbsp; 6405892 |
|  |  |  |  |  | &nbsp;&nbsp; 25808455 |
| **Chemicals & Plastics–0.63%** | **Chemicals & Plastics–0.63%** | **Chemicals & Plastics–0.63%** | **Chemicals & Plastics–0.63%** |  |  |
| SK Invictus Intermediate II S.a.r.l. <sup>(l)</sup> <br>| 5.00% | 10/30/2029 |  | 7476 | &nbsp;&nbsp; 7331676 |
| W. R. Grace Holdings LLC<sup>(l)</sup> <br>| 6.63% | 08/15/2032 |  | 1789 | &nbsp;&nbsp; 1785359 |
| Windsor Holdings III LLC<sup>(l)</sup> <br>| 8.50% | 06/15/2030 |  | 5420 | &nbsp;&nbsp; 5766490 |
|  |  |  |  |  | &nbsp;&nbsp; 14883525 |
| **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** |  |  |
| Flex Acquisition Co., Inc. <sup>(l)</sup> <br>| 6.75% | 04/15/2032 |  | 222 | &nbsp;&nbsp; 228249 |
| **Electronics & Electrical–0.04%** | **Electronics & Electrical–0.04%** | **Electronics & Electrical–0.04%** | **Electronics & Electrical–0.04%** |  |  |
| Diebold Nixdorf, Inc. <sup>(l)</sup> <br>| 7.75% | 03/31/2030 |  | 894 | &nbsp;&nbsp; 948072 |
| **Food Products–0.42%** | **Food Products–0.42%** | **Food Products–0.42%** | **Food Products–0.42%** |  |  |
| Froneri Lux Finco S.a.r.l. (United Kingdom) <sup>(l)</sup> <br>| 6.00% | 08/01/2032 |  | 1635 | &nbsp;&nbsp; 1645302 |
| Viking Baked Goods Acquisition Corp.<sup>(l)</sup> <br>| 8.63% | 11/01/2031 |  | 8240 | &nbsp;&nbsp; 8181330 |
|  |  |  |  |  | &nbsp;&nbsp; 9826632 |
| **Health Care–0.45%** | **Health Care–0.45%** | **Health Care–0.45%** | **Health Care–0.45%** |  |  |
| Global Medical Response, Inc. <sup>(k)(l)</sup> <br>| 0.75% | 10/31/2028 |  | 2884 | &nbsp;&nbsp; 2892431 |
| Opal Bidco SAS (France) (Acquired 03/31/2025; Cost $1,659,000)<sup>(g)(l)</sup> <br>| 6.50% | 03/31/2032 |  | 1659 | &nbsp;&nbsp; 1689275 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V.<sup>(l)</sup> <br>| 6.75% | 05/15/2034 |  | 4537 | &nbsp;&nbsp; 4300937 |
| Raven Acquisition Holdings LLC<sup>(l)</sup> <br>| 6.88% | 11/15/2031 |  | 1679 | &nbsp;&nbsp; 1714620 |
|  |  |  |  |  | &nbsp;&nbsp; 10597263 |
| **Industrial Equipment–0.48%** | **Industrial Equipment–0.48%** | **Industrial Equipment–0.48%** | **Industrial Equipment–0.48%** |  |  |
| Chart Industries, Inc. <sup>(l)</sup> <br>| 7.50% | 01/01/2030 |  | 5405 | &nbsp;&nbsp; 5671677 |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc.<sup>(l)</sup> <br>| 6.63% | 12/15/2030 |  | 5423 | &nbsp;&nbsp; 5576341 |
|  |  |  |  |  | &nbsp;&nbsp; 11248018 |
| **Insurance–0.61%** | **Insurance–0.61%** | **Insurance–0.61%** | **Insurance–0.61%** |  |  |
| Acrisure LLC <sup>(l)</sup> <br>| 6.75% | 07/01/2032 |  | 243 | &nbsp;&nbsp; 249508 |
| Acrisure LLC<sup>(l)</sup> <br>| 7.50% | 11/06/2030 |  | 803 | &nbsp;&nbsp; 832717 |
| Alliant Holdings Intermediate LLC<sup>(l)</sup> <br>| 6.50% | 10/01/2031 |  | 2988 | &nbsp;&nbsp; 3058146 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**13**

**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–(continued)** | **Insurance–(continued)** | **Insurance–(continued)** | **Insurance–(continued)** |  |  |
| Alliant Holdings Intermediate LLC<sup>(l)</sup> <br>| 7.00% | 01/15/2031 |  | $3278 | &nbsp;&nbsp; $3392933 |
| HUB International Ltd.<sup>(l)</sup> <br>| 7.25% | 06/15/2030 |  | 1606 | &nbsp;&nbsp; 1680886 |
| Panther Escrow Issuer LLC<sup>(l)</sup> <br>| 7.13% | 06/01/2031 |  | 4874 | &nbsp;&nbsp; 5061235 |
|  |  |  |  |  | &nbsp;&nbsp; 14275425 |
| **Lodging & Casinos–0.03%** | **Lodging & Casinos–0.03%** | **Lodging & Casinos–0.03%** | **Lodging & Casinos–0.03%** |  |  |
| Travel + Leisure Co. <sup>(l)</sup> <br>| 6.13% | 09/01/2033 |  | 804 | &nbsp;&nbsp; 807492 |
| **Publishing–0.03%** | **Publishing–0.03%** | **Publishing–0.03%** | **Publishing–0.03%** |  |  |
| McGraw-Hill Education, Inc. <sup>(l)</sup> <br>| 7.38% | 09/01/2031 |  | 585 | &nbsp;&nbsp; 614644 |
| **Retailers (except Food & Drug)–0.25%** | **Retailers (except Food & Drug)–0.25%** | **Retailers (except Food & Drug)–0.25%** | **Retailers (except Food & Drug)–0.25%** |  |  |
| Evergreen Acqco 1 L.P./TVI, Inc. <sup>(l)</sup> <br>| 9.75% | 04/26/2028 |  | 2394 | &nbsp;&nbsp; 2496669 |
| PetSmart LLC/PetSmart Finance Corp.<sup>(l)</sup> <br>| 7.50% | 09/15/2032 |  | 3493 | &nbsp;&nbsp; 3465476 |
|  |  |  |  |  | &nbsp;&nbsp; 5962145 |
| **Surface Transport–0.07%** | **Surface Transport–0.07%** | **Surface Transport–0.07%** | **Surface Transport–0.07%** |  |  |
| Beacon Mobility Corp. <sup>(l)</sup> <br>| 7.25% | 08/01/2030 |  | 1463 | &nbsp;&nbsp; 1517448 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $136,031,367) | Total U.S. Dollar Denominated Bonds & Notes (Cost $136,031,367) | Total U.S. Dollar Denominated Bonds & Notes (Cost $136,031,367) | Total U.S. Dollar Denominated Bonds & Notes (Cost $136,031,367) |  | &nbsp;&nbsp; 135743085 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–5.03%** | **Common Stocks & Other Equity Interests–5.03%** | **Common Stocks & Other Equity Interests–5.03%** | **Common Stocks & Other Equity Interests–5.03%** | **Common Stocks & Other Equity Interests–5.03%** | **Common Stocks & Other Equity Interests–5.03%** |
| **Aerospace & Defense–0.03%** | **Aerospace & Defense–0.03%** | **Aerospace & Defense–0.03%** | **Aerospace & Defense–0.03%** |  |  |
| Black Diamond Therapeutics, Inc.<sup>(f)</sup> <br>|  |  |  | 838949 | &nbsp;&nbsp; 453032 |
| IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $145,528)<sup>(f)(g)</sup> <br>|  |  |  | 134 | &nbsp;&nbsp; 0 |
| IAP Worldwide Services, Inc., Class A<sup>(f)</sup> <br>|  |  |  | 134338 | &nbsp;&nbsp; 134338 |
|  |  |  |  |  | &nbsp;&nbsp; 587370 |
| **Automotive–0.02%** | **Automotive–0.02%** | **Automotive–0.02%** | **Automotive–0.02%** |  |  |
| Cabonline, Class D (Acquired 10/30/2023; Cost $280,511) (Sweden)<sup>(f)(g)</sup> <br>|  |  |  | 312441524 | &nbsp;&nbsp; 445661 |
| Cabonline, Class D1 (Acquired 10/30/2023; Cost $10) (Sweden)<sup>(f)(g)</sup> <br>|  |  |  | 10996102 | &nbsp;&nbsp; 1168 |
| Cabonline, Class D2 (Acquired 10/31/2023; Cost $8) (Sweden)<sup>(f)(g)</sup> <br>|  |  |  | 9384746 | &nbsp;&nbsp; 501 |
| Dayco Products LLC (Acquired 06/16/2006-05/29/2008; Cost $104,068)<sup>(f)(g)</sup> <br>|  |  |  | 3261 | &nbsp;&nbsp; 0 |
| Dayco Products LLC (Acquired 06/16/2006-02/18/2014; Cost $1,275,974)<sup>(f)(g)</sup> <br>|  |  |  | 3266 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; 447330 |
| **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 (Acquired 04/28/2010-07/15/2010; <br> Cost $664,569)<sup>(f)(g)</sup> <br>|  |  |  | 518 | &nbsp;&nbsp; 0 |
| Lake at Las Vegas Joint Venture LLC, Class B (Acquired 06/30/2010; <br> Cost $3,408,940)<sup>(f)(g)</sup> <br>|  |  |  | 4 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; 0 |
| **Business Equipment & Services–1.76%** | **Business Equipment & Services–1.76%** | **Business Equipment & Services–1.76%** | **Business Equipment & Services–1.76%** |  |  |
| Monitronics International, Inc. (Acquired 06/30/2023; Cost $8,220,186)<sup>(f)(g)</sup> <br>|  |  |  | 408355 | &nbsp;&nbsp; 19164100 |
| My Alarm Center LLC, Class A (Acquired 03/09/2021-05/17/2024; <br> Cost $5,987,242)<sup>(f)(g)(m)</sup> <br>|  |  |  | 68686 | &nbsp;&nbsp; 22251579 |
|  |  |  |  |  | &nbsp;&nbsp; 41415679 |
| **Chemicals & Plastics–0.00%** | **Chemicals & Plastics–0.00%** | **Chemicals & Plastics–0.00%** | **Chemicals & Plastics–0.00%** |  |  |
| Flint Group (ColourOz Inv), Class A, PIK Term Loan, 6.90% PIK Rate, 4.68% Cash Rate <br> (Acquired 09/19/2023; Cost $0) (Germany)<sup>(f)(g)</sup> <br>|  |  |  | 35089 | &nbsp;&nbsp; 0 |
| **Containers & Glass Products–0.26%** | **Containers & Glass Products–0.26%** | **Containers & Glass Products–0.26%** | **Containers & Glass Products–0.26%** |  |  |
| Libbey Glass LLC (Acquired 11/13/2020-08/27/2025; Cost $2,244,131)<sup>(f)(g)</sup> <br>|  |  |  | 478651 | &nbsp;&nbsp; 6083654 |
| **Food Service–0.43%** | **Food Service–0.43%** | **Food Service–0.43%** | **Food Service–0.43%** |  |  |
| Selecta Group B.V., Class A1 (Switzerland)<sup>(f)(l)</sup> <br>|  |  |  | 68203 | &nbsp;&nbsp; 7979068 |
| Selecta Group B.V., Class A2 (Switzerland)<sup>(f)(l)</sup> <br>|  |  |  | 18133 | &nbsp;&nbsp; 2121380 |
|  |  |  |  |  | &nbsp;&nbsp; 10100448 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Shares** | **Shares** | **Value** |
| **Forest Products–0.56%** | **Forest Products–0.56%** | **Forest Products–0.56%** | **Forest Products–0.56%** |  |  |
| NewLife Forest Restoration LLC<sup>(f)(m)</sup> <br>|  |  |  | 153362 | &nbsp;&nbsp; $13225927 |
| **Home Furnishings–0.15%** | **Home Furnishings–0.15%** | **Home Furnishings–0.15%** | **Home Furnishings–0.15%** |  |  |
| Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $56,360)<sup>(g)</sup> <br>|  |  |  | 363612 | &nbsp;&nbsp; 3563398 |
| **Industrial Equipment–0.00%** | **Industrial Equipment–0.00%** | **Industrial Equipment–0.00%** | **Industrial Equipment–0.00%** |  |  |
| North American Lifting Holdings, Inc. |  |  |  | 7347 | &nbsp;&nbsp; 6612 |
| **Leisure Goods, Activities & Movies–0.67%** | **Leisure Goods, Activities & Movies–0.67%** | **Leisure Goods, Activities & Movies–0.67%** | **Leisure Goods, Activities & Movies–0.67%** |  |  |
| Crown Finance US, Inc. |  |  |  | 591175 | &nbsp;&nbsp; 13322721 |
| Hurtigruten Group AS (Acquired 02/12/2025; Cost $1,298,893) (Norway)<sup>(g)</sup> <br>|  |  |  | 83231 | &nbsp;&nbsp; 2256278 |
| Hurtigruten Norway (Acquired 02/12/2025; Cost $0) (Norway)<sup>(f)(g)</sup> <br>|  |  |  | 16764 | &nbsp;&nbsp; 186930 |
| Vue Entertainment International Ltd., Class A4 (United Kingdom)<sup>(f)</sup> <br>|  |  |  | 2633368 | &nbsp;&nbsp; 3 |
| Vue International Bidco PLC, Class A1 (Acquired 12/18/2019-08/24/2021; <br> Cost $3,741,300) (United Kingdom)<sup>(f)(g)</sup> <br>|  |  |  | 13028 | &nbsp;&nbsp; 0 |
| Vue International Bidco PLC, Class A2 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(f)(g)</sup> <br>|  |  |  | 6631073 | &nbsp;&nbsp; 8 |
| Vue International Bidco PLC, Class A3 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(f)(g)</sup> <br>|  |  |  | 3777382 | &nbsp;&nbsp; 5 |
|  |  |  |  |  | &nbsp;&nbsp; 15765945 |
| **Lodging & Casinos–0.21%** | **Lodging & Casinos–0.21%** | **Lodging & Casinos–0.21%** | **Lodging & Casinos–0.21%** |  |  |
| Aimbridge Acquisition Co., Inc.<sup>(e)(f)</sup> <br>|  |  |  | 67574 | &nbsp;&nbsp; 4426097 |
| Caesars Entertainment, Inc.<sup>(n)</sup> <br>|  |  |  | 19983 | &nbsp;&nbsp; 534945 |
|  |  |  |  |  | &nbsp;&nbsp; 4961042 |
| **Oil & Gas–0.12%** | **Oil & Gas–0.12%** | **Oil & Gas–0.12%** | **Oil & Gas–0.12%** |  |  |
| McDermott International Ltd.<sup>(n)</sup> <br>|  |  |  | 189415 | &nbsp;&nbsp; 1988857 |
| Samson Investment Co., Class A (Acquired 03/01/2017; Cost $4,259,838)<sup>(f)(g)</sup> <br>|  |  |  | 261209 | &nbsp;&nbsp; 13060 |
| Talos Energy, Inc.<sup>(n)</sup> <br>|  |  |  | 91228 | &nbsp;&nbsp; 901333 |
|  |  |  |  |  | &nbsp;&nbsp; 2903250 |
| **Radio & Television–0.03%** | **Radio & Television–0.03%** | **Radio & Television–0.03%** | **Radio & Television–0.03%** |  |  |
| iHeartMedia, Inc., Class A<sup>(n)</sup> <br>|  |  |  | 306089 | &nbsp;&nbsp; 651970 |
| iHeartMedia, Inc., Class B<sup>(f)(n)</sup> <br>|  |  |  | 29 | &nbsp;&nbsp; 43 |
|  |  |  |  |  | &nbsp;&nbsp; 652013 |
| **Retailers (except Food & Drug)–0.00%** | **Retailers (except Food & Drug)–0.00%** | **Retailers (except Food & Drug)–0.00%** | **Retailers (except Food & Drug)–0.00%** |  |  |
| Claire's Stores, Inc. |  |  |  | 692 | &nbsp;&nbsp; 45 |
| Vivarte S.A.S.U., Pfd. (France)<sup>(f)</sup> <br>|  |  |  | 241195 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; 45 |
| **Surface Transport–0.14%** | **Surface Transport–0.14%** | **Surface Transport–0.14%** | **Surface Transport–0.14%** |  |  |
| Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $1,212,169)<sup>(f)(g)</sup> <br>|  |  |  | 14574 | &nbsp;&nbsp; 1515113 |
| Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired <br> 08/18/2023-08/20/2025; Cost $199,292)<sup>(f)(g)</sup> <br>|  |  |  | 336833 | &nbsp;&nbsp; 210521 |
| Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired <br> 02/15/2018-02/06/2020; Cost $1,274,332)<sup>(f)(g)</sup> <br>|  |  |  | 15321 | &nbsp;&nbsp; 1592771 |
|  |  |  |  |  | &nbsp;&nbsp; 3318405 |
| **Telecommunications–0.65%** | **Telecommunications–0.65%** | **Telecommunications–0.65%** | **Telecommunications–0.65%** |  |  |
| Avaya Holdings Corp. (Acquired 05/01/2023; Cost $4,396,125)<sup>(g)</sup> <br>|  |  |  | 293075 | &nbsp;&nbsp; 2344600 |
| Avaya, Inc. (Acquired 05/01/2023; Cost $797,295)<sup>(g)</sup> <br>|  |  |  | 53153 | &nbsp;&nbsp; 425224 |
| MLN US HoldCo LLC (dba Mitel) (Acquired 06/20/2025; Cost $7,730,758)<sup>(f)(g)(m)</sup> <br>|  |  |  | 2142428 | &nbsp;&nbsp; 12361809 |
|  |  |  |  |  | &nbsp;&nbsp; 15131633 |
| Total Common Stocks & Other Equity Interests (Cost $128,730,998) | Total Common Stocks & Other Equity Interests (Cost $128,730,998) | Total Common Stocks & Other Equity Interests (Cost $128,730,998) | Total Common Stocks & Other Equity Interests (Cost $128,730,998) |  | &nbsp;&nbsp; 118162751 |
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** |  |
| **Non-U.S. Dollar Denominated Bonds & Notes–2.20%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.20%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.20%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.20%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.20%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.20%**<sup>(o)</sup>  |
| **Air Transport–0.22%** | **Air Transport–0.22%** | **Air Transport–0.22%** | **Air Transport–0.22%** |  |  |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.25%)<sup>(p)</sup> <br>| 6.28% | 02/24/2031 | EUR | 815 | &nbsp;&nbsp; 975365 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Air Transport–(continued)** | **Air Transport–(continued)** | **Air Transport–(continued)** | **Air Transport–(continued)** |  |  |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.75%)<sup>(p)</sup> <br>| 6.75% | 04/22/2030 | EUR | 3500 | &nbsp;&nbsp; $4178493 |
|  |  |  |  |  | &nbsp;&nbsp; 5153858 |
| **Automotive–0.23%** | **Automotive–0.23%** | **Automotive–0.23%** | **Automotive–0.23%** |  |  |
| Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $820,337)<sup>(g)(l)</sup> <br>| 10.00% | 03/19/2028 | SEK | 9385 | &nbsp;&nbsp; 954389 |
| Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; Cost $1,706,620)<sup>(g)(l)</sup> <br>| 12.00% | 03/19/2028 | SEK | 18769 | &nbsp;&nbsp; 1908779 |
| Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; Cost $3,855,248)<sup>(g)(i)(l)</sup> <br>| 0.00% | 04/19/2029 | SEK | 36287 | &nbsp;&nbsp; 1706141 |
| Conceria Pasubio S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)<sup>(l)(p)</sup> <br>| 6.48% | 09/30/2028 | EUR | 917 | &nbsp;&nbsp; 909325 |
|  |  |  |  |  | &nbsp;&nbsp; 5478634 |
| **Electronics & Electrical–0.01%** | **Electronics & Electrical–0.01%** | **Electronics & Electrical–0.01%** | **Electronics & Electrical–0.01%** |  |  |
| Cerved Group S.p.A. (Italy) (3 mo. EURIBOR + 5.25%)<sup>(l)(p)</sup> <br>| 7.23% | 02/15/2029 | EUR | 221 | &nbsp;&nbsp; 242451 |
| **Financial Intermediaries–1.13%** | **Financial Intermediaries–1.13%** | **Financial Intermediaries–1.13%** | **Financial Intermediaries–1.13%** |  |  |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) (3 mo. EURIBOR + 7.50%) (Acquired <br> 01/31/2018-11/24/2021; Cost $8,242,138)<sup>(f)(g)(l)(p)</sup> <br>| 9.52% | 07/15/2030 | EUR | 7201 | &nbsp;&nbsp; 4338591 |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) (3 mo. EURIBOR + 7.50%) (Acquired 10/14/2024; <br> Cost $605,407)<sup>(f)(g)(l)(p)</sup> <br>| 9.52% | 07/15/2030 | EUR | 1000 | &nbsp;&nbsp; 602498 |
| Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 7.45%)<sup>(l)(p)</sup> <br>| 9.46% | 05/01/2029 | EUR | 1444 | &nbsp;&nbsp; 1250553 |
| Garfunkelux Holdco 3 S.A. (Luxembourg)<sup>(l)</sup> <br>| 9.50% | 11/01/2028 | EUR | 1733 | &nbsp;&nbsp; 1505564 |
| Garfunkelux Holdco 3 S.A. (Luxembourg)<sup>(l)</sup> <br>| 9.00% | 09/01/2028 | EUR | 3318 | &nbsp;&nbsp; 3991785 |
| Garfunkelux Holdco 4 S.A. (Luxembourg)<sup>(k)(l)</sup> <br>| 10.50% | 05/01/2030 | EUR | 245 | &nbsp;&nbsp; 51920 |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(l)(p)</sup> <br>| 7.48% | 12/15/2029 | EUR | 9750 | &nbsp;&nbsp; 11419491 |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(l)(p)</sup> <br>| 7.48% | 12/15/2029 | EUR | 2888 | &nbsp;&nbsp; 3382512 |
|  |  |  |  |  | &nbsp;&nbsp; 26542914 |
| **Food Service–0.28%** | **Food Service–0.28%** | **Food Service–0.28%** | **Food Service–0.28%** |  |  |
| Seagull Bidco Ltd. (Switzerland)<sup>(f)(l)</sup> <br>| 15.00% | 10/01/2030 | EUR | 5660 | &nbsp;&nbsp; 6621650 |
| **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>(l)(p)</sup> <br>| 6.29% | 02/15/2030 | EUR | 1285 | &nbsp;&nbsp; 1498856 |
| **Leisure Goods, Activities & Movies–0.01%** | **Leisure Goods, Activities & Movies–0.01%** | **Leisure Goods, Activities & Movies–0.01%** | **Leisure Goods, Activities & Movies–0.01%** |  |  |
| HX Hold Co. Ltd. (Norway) (Acquired 02/06/2025-02/20/2025; Cost $283,607)<sup>(g)</sup> <br>| 7.00% | 02/12/2030 | EUR | 286 | &nbsp;&nbsp; 292264 |
| **Surface Transport–0.26%** | **Surface Transport–0.26%** | **Surface Transport–0.26%** | **Surface Transport–0.26%** |  |  |
| Zenith Finco PLC (United Kingdom)<sup>(l)</sup> <br>| 6.50% | 06/30/2027 | GBP | 4906 | &nbsp;&nbsp; 5087246 |
| Zenith Finco PLC (United Kingdom)<sup>(l)</sup> <br>| 6.50% | 06/30/2027 | GBP | 846 | &nbsp;&nbsp; 877255 |
|  |  |  |  |  | &nbsp;&nbsp; 5964501 |
| Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $55,019,162) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $55,019,162) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $55,019,162) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $55,019,162) |  | &nbsp;&nbsp; 51795128 |
|  |  |  | **Shares** | **Shares** |  |
| **Preferred Stocks–0.52%** | **Preferred Stocks–0.52%** | **Preferred Stocks–0.52%** | **Preferred Stocks–0.52%** | **Preferred Stocks–0.52%** | **Preferred Stocks–0.52%** |
| **Oil & Gas–0.00%** | **Oil & Gas–0.00%** | **Oil & Gas–0.00%** | **Oil & Gas–0.00%** |  |  |
| Southcross Energy Partners L.P., Pfd. (Acquired 05/07/2019-08/23/2019; <br> Cost $566,509)<sup>(f)(g)</sup> <br>|  |  |  | 577315 | &nbsp;&nbsp; 3406 |
| **Surface Transport–0.52%** | **Surface Transport–0.52%** | **Surface Transport–0.52%** | **Surface Transport–0.52%** |  |  |
| Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; <br> Cost $1,586,876)<sup>(f)(g)</sup> <br>|  |  |  | 68517 | &nbsp;&nbsp; 7123028 |
| 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>(f)(g)</sup> <br>|  |  |  | 48119 | &nbsp;&nbsp; 5002451 |
|  |  |  |  |  | &nbsp;&nbsp; 12125479 |
| Total Preferred Stocks (Cost $3,267,836) | Total Preferred Stocks (Cost $3,267,836) | Total Preferred Stocks (Cost $3,267,836) | Total Preferred Stocks (Cost $3,267,836) |  | &nbsp;&nbsp; 12128885 |
| **Money Market Funds–1.83%** | **Money Market Funds–1.83%** | **Money Market Funds–1.83%** | **Money Market Funds–1.83%** | **Money Market Funds–1.83%** | **Money Market Funds–1.83%** |
| Invesco Government & Agency Portfolio,Institutional Class, 4.21%<sup>(m)(q)</sup>  | Invesco Government & Agency Portfolio,Institutional Class, 4.21%<sup>(m)(q)</sup>  | Invesco Government & Agency Portfolio,Institutional Class, 4.21%<sup>(m)(q)</sup>  |  | 15009482 | &nbsp;&nbsp; 15009482 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Floating Rate ESG Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| Invesco Treasury Portfolio,Institutional Class, 4.17%<sup>(m)(q)</sup>  |  | 27875292 | &nbsp;&nbsp; $27875292 |
| Total Money Market Funds (Cost $42,884,774) | Total Money Market Funds (Cost $42,884,774) |  | &nbsp;&nbsp; 42884774 |
| TOTAL INVESTMENTS IN SECURITIES–101.39% (Cost $2,453,323,113) | TOTAL INVESTMENTS IN SECURITIES–101.39% (Cost $2,453,323,113) |  | &nbsp;&nbsp; 2381129905 |
| OTHER ASSETS LESS LIABILITIES–(1.39)% | OTHER ASSETS LESS LIABILITIES–(1.39)% |  | &nbsp;&nbsp; (32726087)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2348403818 |

---

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 |
| USD | – U.S. Dollar |
| 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> 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 August 31, 2025, 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 August 31, 2025 was $254,592,909, which represented 10.84% of the Fund's Net Assets.

<sup>(h)</sup> Acquired as part of a bankruptcy restructuring.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2025 was $2,173,239, which represented less than 1% of the Fund's Net Assets. 

<sup>(j)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(k)</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>(l)</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 August 31, 2025 was $192,192,539, which represented 8.18% of the Fund's Net Assets. 

<sup>(m)</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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $15885119 | &nbsp;&nbsp; $286714942 | &nbsp;&nbsp; $(287590579) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15009482 | &nbsp;&nbsp; $775879 |
| Invesco Treasury Portfolio, Institutional Class | 29505352 | &nbsp;&nbsp; 532470606 | &nbsp;&nbsp; (534100666) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27875292 | &nbsp;&nbsp; 1445570 |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| MLN US HoldCo LLC (dba Mitel) | - | &nbsp;&nbsp; 7730758 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4631051 | &nbsp;&nbsp; - | &nbsp;&nbsp; 12361809 | &nbsp;&nbsp; - |
| My Alarm Center LLC, Class A | 16204447 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6047132 | &nbsp;&nbsp; - | &nbsp;&nbsp; 22251579 | &nbsp;&nbsp; - |
| NewLife Forest Restoration LLC | 18458510 | &nbsp;&nbsp; 2504155 | &nbsp;&nbsp; - | &nbsp;&nbsp; (7736738) | &nbsp;&nbsp; - | &nbsp;&nbsp; 13225927 | &nbsp;&nbsp; - |
| Total | $80053428 | &nbsp;&nbsp; $829420461 | &nbsp;&nbsp; $(821691245) | &nbsp;&nbsp; $2941445 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $90724089 | &nbsp;&nbsp; $2221449 |

---

<sup>(n)</sup> Non-income producing security.

<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 August 31, 2025.

<sup>(q)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

The aggregate value of securities considered illiquid at August 31, 2025 was $272,291,857 which represented 11.59% of the Fund's Net Assets.

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** | **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** |  |  |  |  |  |  |
| 09/29/2025 | Barclays Capital | USD | 100607 | NOK | 1029983 | &nbsp;&nbsp;&nbsp; $1873 |
| 09/29/2025 | BNP Paribas S.A. | EUR | 56350161 | USD | 66577349 | &nbsp;&nbsp;&nbsp; 542984 |
| 09/29/2025 | BNP Paribas S.A. | USD | 2233770 | NOK | 22453644 | &nbsp;&nbsp;&nbsp; 292 |
| 09/29/2025 | BNP Paribas S.A. | USD | 5518695 | SEK | 52298213 | &nbsp;&nbsp;&nbsp; 16180 |
| 10/31/2025 | BNP Paribas S.A. | EUR | 53919354 | USD | 63484065 | &nbsp;&nbsp;&nbsp; 170137 |
| 10/31/2025 | BNP Paribas S.A. | GBP | 2860732 | USD | 3871221 | &nbsp;&nbsp;&nbsp; 2994 |
| 09/29/2025 | Canadian Imperial Bank of Commerce | GBP | 2836352 | USD | 3837516 | &nbsp;&nbsp;&nbsp; 2941 |
| 09/29/2025 | Citibank N.A. | GBP | 2794019 | USD | 3779296 | &nbsp;&nbsp;&nbsp; 1952 |
| 09/29/2025 | Morgan Stanley | GBP | 115473 | USD | 156386 | &nbsp;&nbsp;&nbsp; 274 |
| 09/29/2025 | Morgan Stanley | USD | 4656613 | EUR | 4000000 | &nbsp;&nbsp;&nbsp; 30818 |
| 10/31/2025 | Morgan Stanley | EUR | 53919354 | USD | 63503514 | &nbsp;&nbsp;&nbsp; 189585 |
| 09/29/2025 | Royal Bank of Canada | EUR | 57203951 | USD | 67627426 | &nbsp;&nbsp;&nbsp; 592541 |
| 10/31/2025 | Royal Bank of Canada | EUR | 53919354 | USD | 63563640 | &nbsp;&nbsp;&nbsp; 249711 |
| 10/31/2025 | Royal Bank of Canada | GBP | 2860732 | USD | 3871703 | &nbsp;&nbsp;&nbsp; 3476 |
| 09/29/2025 | State Street Bank & Trust Co. | GBP | 2836352 | USD | 3836081 | &nbsp;&nbsp;&nbsp; 1505 |
| 09/29/2025 | Toronto Dominion Bank | EUR | 57203951 | USD | 67590861 | &nbsp;&nbsp;&nbsp; 555976 |
| 10/31/2025 | Toronto Dominion Bank | GBP | 2860732 | USD | 3873235 | &nbsp;&nbsp;&nbsp; 5008 |
| 09/29/2025 | UBS | USD | 2338258 | EUR | 2000000 | &nbsp;&nbsp;&nbsp; 5457 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 2373704 |
| **Currency Risk** |  |  |  |  |  |  |
| 09/29/2025 | BNP Paribas S.A. | NOK | 23483627 | USD | 2323658 | &nbsp;&nbsp;&nbsp; (12884)<br>|
| 09/29/2025 | BNP Paribas S.A. | SEK | 51211284 | USD | 5403633 | &nbsp;&nbsp;&nbsp; (16209)<br>|
| 09/29/2025 | BNP Paribas S.A. | USD | 63358417 | EUR | 53919354 | &nbsp;&nbsp;&nbsp; (172612)<br>|
| 09/29/2025 | BNP Paribas S.A. | USD | 3870538 | GBP | 2860732 | &nbsp;&nbsp;&nbsp; (3003)<br>|
| 10/31/2025 | BNP Paribas S.A. | NOK | 22453644 | USD | 2234075 | &nbsp;&nbsp;&nbsp; (393)<br>|
| 10/31/2025 | BNP Paribas S.A. | SEK | 52298213 | USD | 5529946 | &nbsp;&nbsp;&nbsp; (16491)<br>|
| 09/29/2025 | JP Morgan Chase Bank | USD | 6497878 | EUR | 5500000 | &nbsp;&nbsp;&nbsp; (52661)<br>|
| 09/29/2025 | Morgan Stanley | EUR | 2500000 | USD | 2866919 | &nbsp;&nbsp;&nbsp; (62725)<br>|
| 09/29/2025 | Morgan Stanley | SEK | 523844 | USD | 55036 | &nbsp;&nbsp;&nbsp; (403)<br>|
| 09/29/2025 | Morgan Stanley | USD | 63378620 | EUR | 53919354 | &nbsp;&nbsp;&nbsp; (192815)<br>|
| 09/29/2025 | Royal Bank of Canada | USD | 63438116 | EUR | 53919354 | &nbsp;&nbsp;&nbsp; (252310)<br>|
| 09/29/2025 | Royal Bank of Canada | USD | 3870997 | GBP | 2860732 | &nbsp;&nbsp;&nbsp; (3461)<br>|
| 09/29/2025 | State Street Bank & Trust Co. | SEK | 563085 | USD | 58837 | &nbsp;&nbsp;&nbsp; (756)<br>|
| 09/29/2025 | Toronto Dominion Bank | USD | 3872567 | GBP | 2860732 | &nbsp;&nbsp;&nbsp; (5031)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (791754)<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; $1581950 |

---

---

| | |
|:---|:---|
| 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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,369,840,383)<br>| &nbsp;&nbsp; $2290405816 |
| Investments in affiliates, at value <br>(Cost $83,482,730)<br>| &nbsp;&nbsp; 90724089 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 2373704 |
| Cash | &nbsp;&nbsp; 25380746 |
| Foreign currencies, at value (Cost $6,666,743) | &nbsp;&nbsp; 6667638 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 61302864 |
| Fund shares sold | &nbsp;&nbsp; 939429 |
| Dividends | &nbsp;&nbsp; 180392 |
| Interest | &nbsp;&nbsp; 19270340 |
| Investments matured, at value (Cost $1,488,308) | &nbsp;&nbsp; 1312223 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 173453 |
| Other assets | &nbsp;&nbsp; 525477 |
| Total assets | &nbsp;&nbsp; 2499256171 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 791754 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 107749237 |
| Dividends | &nbsp;&nbsp; 5133641 |
| Fund shares reacquired | &nbsp;&nbsp; 2798241 |
| Accrued fees to affiliates | &nbsp;&nbsp; 760966 |
| Accrued interest expense | &nbsp;&nbsp; 126162 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 6414 |
| Accrued other operating expenses | &nbsp;&nbsp; 303560 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 182603 |
| Unfunded loan commitments | &nbsp;&nbsp; 32999775 |
| Total liabilities | &nbsp;&nbsp; 150852353 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2348403818 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2976334275 |
| Distributable earnings (loss) | &nbsp;&nbsp; (627930457)<br>|
|  | &nbsp;&nbsp; $2348403818 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $716768775 |
| Class C | &nbsp;&nbsp; $56519577 |
| Class R | &nbsp;&nbsp; $13040123 |
| Class Y | &nbsp;&nbsp; $1053376197 |
| Class R5 | &nbsp;&nbsp; $4818388 |
| Class R6 | &nbsp;&nbsp; $503880758 |
| **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; 108923891 |
| Class C | &nbsp;&nbsp; 8626132 |
| Class R | &nbsp;&nbsp; 1976245 |
| Class Y | &nbsp;&nbsp; 160280700 |
| Class R5 | &nbsp;&nbsp; 732109 |
| Class R6 | &nbsp;&nbsp; 76738642 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.58 |
| Maximum offering price per share <br>(Net asset value of $6.58 ÷ 97.50%)<br>| &nbsp;&nbsp; $6.75 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.55 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.60 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.57 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.58 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.57 |

---

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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $223367117 |
| Dividends | &nbsp;&nbsp; 391728 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 2221449 |
| Total investment income | &nbsp;&nbsp; 225980294 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 15069771 |
| Administrative services fees | &nbsp;&nbsp; 352730 |
| Custodian fees | &nbsp;&nbsp; 233774 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1842501 |
| Class C | &nbsp;&nbsp; 479444 |
| Class R | &nbsp;&nbsp; 52842 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 1363182 |
| Transfer agent fees — A, C, R & Y | &nbsp;&nbsp; 2132494 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 5338 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 152255 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 43250 |
| Registration and filing fees | &nbsp;&nbsp; 176019 |
| Reports to shareholders | &nbsp;&nbsp; 129649 |
| Professional services fees | &nbsp;&nbsp; 1734869 |
| Other | &nbsp;&nbsp; 31365 |
| Total expenses | &nbsp;&nbsp; 23799483 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (70448)<br>|
| Net expenses | &nbsp;&nbsp; 23729035 |
| Net investment income | &nbsp;&nbsp; 202251259 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (117773455)<br>|
| Foreign currencies | &nbsp;&nbsp; 1381583 |
| Forward foreign currency contracts | &nbsp;&nbsp; (15850103)<br>|
|  | &nbsp;&nbsp; (132241975)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 73553859 |
| Affiliated investment securities | &nbsp;&nbsp; 2941445 |
| Foreign currencies | &nbsp;&nbsp; (33302)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 5921677 |
|  | &nbsp;&nbsp; 82383679 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (49858296)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $152392963 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $202251259 | &nbsp;&nbsp; $251184870 |
| Net realized gain (loss) | &nbsp;&nbsp; (132241975)<br>| &nbsp;&nbsp; (16825071)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 82383679 | &nbsp;&nbsp; (15030064)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 152392963 | &nbsp;&nbsp; 219329735 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (57545888)<br>| &nbsp;&nbsp; (64753252)<br>|
| Class C | &nbsp;&nbsp; (4705533)<br>| &nbsp;&nbsp; (6553394)<br>|
| Class R | &nbsp;&nbsp; (791018)<br>| &nbsp;&nbsp; (721090)<br>|
| Class Y | &nbsp;&nbsp; (91643932)<br>| &nbsp;&nbsp; (123456965)<br>|
| Class R5 | &nbsp;&nbsp; (435857)<br>| &nbsp;&nbsp; (537076)<br>|
| Class R6 | &nbsp;&nbsp; (41789691)<br>| &nbsp;&nbsp; (51999886)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (196911919)<br>| &nbsp;&nbsp; (248021663)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; (4576620)<br>| &nbsp;&nbsp; (2630307)<br>|
| Class C | &nbsp;&nbsp; (374231)<br>| &nbsp;&nbsp; (266202)<br>|
| Class R | &nbsp;&nbsp; (62910)<br>| &nbsp;&nbsp; (29291)<br>|
| Class Y | &nbsp;&nbsp; (7288434)<br>| &nbsp;&nbsp; (5014879)<br>|
| Class R5 | &nbsp;&nbsp; (34664)<br>| &nbsp;&nbsp; (21816)<br>|
| Class R6 | &nbsp;&nbsp; (3323531)<br>| &nbsp;&nbsp; (2112259)<br>|
| Total return of capital | &nbsp;&nbsp; (15660390)<br>| &nbsp;&nbsp; (10074754)<br>|
| Total distributions | &nbsp;&nbsp; (212572309)<br>| &nbsp;&nbsp; (258096417)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (43376195)<br>| &nbsp;&nbsp; 119395433 |
| Class C | &nbsp;&nbsp; (16472660)<br>| &nbsp;&nbsp; (5628929)<br>|
| Class R | &nbsp;&nbsp; 4713313 | &nbsp;&nbsp; 432286 |
| Class Y | &nbsp;&nbsp; (155774392)<br>| &nbsp;&nbsp; (234950304)<br>|
| Class R5 | &nbsp;&nbsp; (986660)<br>| &nbsp;&nbsp; 1184349 |
| Class R6 | &nbsp;&nbsp; (44172483)<br>| &nbsp;&nbsp; 15955935 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (256069077)<br>| &nbsp;&nbsp; (103611230)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (316248423)<br>| &nbsp;&nbsp; (142377912)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2664652241 | &nbsp;&nbsp; 2807030153 |
| End of year | &nbsp;&nbsp; $2348403818 | &nbsp;&nbsp; $2664652241 |

---

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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Cash provided by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $152392963 |
| **Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:** |  |
| Purchases of investments | &nbsp;&nbsp; (1252999541)<br>|
| Proceeds from sales of investments | &nbsp;&nbsp; 1614618824 |
| Purchases of short-term investments, net | &nbsp;&nbsp; (69790616)<br>|
| Amortization (accretion) of premiums and discounts, net | &nbsp;&nbsp; (15289208)<br>|
| Net realized loss from investment securities | &nbsp;&nbsp; 117773455 |
| Net change in unrealized appreciation on investment securities | &nbsp;&nbsp; (76495304)<br>|
| Net change in unrealized appreciation on forward foreign currency contracts and foreign currency | &nbsp;&nbsp; (5921072)<br>|
| Change in operating assets and liabilities: |  |
| Decrease in receivables and other assets | &nbsp;&nbsp; 7149143 |
| Decrease in accrued expenses and other payables | &nbsp;&nbsp; (26563390)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 444875254 |
| **Cash provided by (used in) financing activities:** |  |
| Dividends paid to shareholders from distributable earnings | &nbsp;&nbsp; (55373121)<br>|
| Return of capital | &nbsp;&nbsp; (15660390)<br>|
| Proceeds from shares of beneficial interest sold | &nbsp;&nbsp; 757468741 |
| Disbursements from shares of beneficial interest reacquired | &nbsp;&nbsp; (1156196848)<br>|
| Net cash provided by (used in) financing activities | &nbsp;&nbsp; (469761618)<br>|
| **Cash impact from foreign exchange fluctuations:** |  |
| Net change in appreciation (depreciation) on foreign currency | &nbsp;&nbsp; $(605)<br>|
| Net decrease in cash and cash equivalents | &nbsp;&nbsp; (24886969)<br>|
| Cash and cash equivalents at beginning of period | &nbsp;&nbsp; 99820127 |
| Cash and cash equivalents at end of period | &nbsp;&nbsp; $74933158 |
| **Non-cash financing activities:** |  |
| Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | &nbsp;&nbsp; $142722313 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid during the period for interest, facilities and maintenance fees | &nbsp;&nbsp; $1237020 |

---

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**

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** |
| 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<br> %<br>| $716769<br> 1.14 %<sup>(d)</sup><br>| 1.08<br> %<br>| 8.01<br> %<br>| 51<br> %<br>|
| 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>(d)</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>(d)</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>(d)</sup><br>1.05 <br><sup>(d)</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>(d)</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** |
| 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>(d)</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>(d)</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>(d)</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>(d)</sup><br>1.55 <br><sup>(d)</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>(d)</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** |
| 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>(d)</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>(d)</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>(d)</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>(d)</sup><br>1.30 <br><sup>(d)</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>(d)</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** |
| 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>(d)</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>(d)</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>(d)</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>(d)</sup><br>0.80 <br><sup>(d)</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>(d)</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** |
| 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>(d)</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>(d)</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>(d)</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>(d)</sup><br>0.78 <br><sup>(d)</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>(d)</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** |
| 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>(d)</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>(d)</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>(d)</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>(d)</sup><br>0.71 <br><sup>(d)</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>(d)</sup><br>| 0.68 | 3.77 | 76 |

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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> Ratio includes line of credit expense of 0.06%, 0.05%, 0.05%, 0.03% and 0.05% for 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**

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**Notes to Consolidated Financial Statements**

*August 31, 2025*

**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 may also invest 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. The accompanying consolidated financial statements reflect the financial position of the Fund, the Subsidiary and the Subsidiary's series and the results of operations on a consolidated basis.

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. 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **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.

**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

**25**

**Invesco Floating Rate ESG Fund**

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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** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**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 and other investments held in lieu of cash and excludes investments made with cash collateral received.

**L.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**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

**26**

**Invesco Floating Rate ESG Fund**

------

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 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:

---

| | |
|:---|:---|
| **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% |

---

For the year ended August 31, 2025, 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $60,216.

**27**

**Invesco Floating Rate ESG Fund**

------

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, 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 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 year ended August 31, 2025, 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 year ended August 31, 2025, 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 year ended August 31, 2025, IDI advised the Fund that IDI retained $112,959 in front-end sales commissions from the sale of Class A shares and $100,414 and $7,595 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated 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; $1796306731 | &nbsp;&nbsp;&nbsp;&nbsp; $224108551 | &nbsp;&nbsp;&nbsp;&nbsp; $2020415282 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135743085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135743085 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 4077105 | &nbsp;&nbsp;&nbsp;&nbsp; 21918878 | &nbsp;&nbsp;&nbsp;&nbsp; 92166768 | &nbsp;&nbsp;&nbsp;&nbsp; 118162751 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40232389 | &nbsp;&nbsp;&nbsp;&nbsp; 11562739 | &nbsp;&nbsp;&nbsp;&nbsp; 51795128 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12128885 | &nbsp;&nbsp;&nbsp;&nbsp; 12128885 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 42884774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42884774 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 46961879 | &nbsp;&nbsp;&nbsp;&nbsp; 1994201083 | &nbsp;&nbsp;&nbsp;&nbsp; 339966943 | &nbsp;&nbsp;&nbsp;&nbsp; 2381129905 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1304088 | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 1312223 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2373704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2373704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3677792 | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 3685927 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (791754)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (791754)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2886038 | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 2894173 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $46961879 | &nbsp;&nbsp;&nbsp;&nbsp; $1997087121 | &nbsp;&nbsp;&nbsp;&nbsp; $339975078 | &nbsp;&nbsp;&nbsp;&nbsp; $2384024078 |

---

\* 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 year ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**08/31/24**<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>| **Transfers** <br>**into** <br>**Level 3\***<br>| **Transfers** <br>**out of** <br>**Level 3\***<br>| **Value** <br>**08/31/25**<br>|
| Variable Rate Senior Loan Interests | $204173262 | $118984755 | $(73589806)<br>| $550743 | $(12156715)<br>| $4525707 | $23074960 | $(41454355)<br>| $224108551 |
| Common Stocks & Other Equity <br> Interests<br>| 39758499 | 26949084 | (950971)<br>|  | (1584488)<br>| 19327480 | 8677544 | (10380)<br>| 92166768 |
| Preferred Stocks | 11807104 |  |  |  |  | 321781 |  |  | 12128885 |
| Non-U.S. Dollar Denominated Bonds & <br> Notes<br>| 130070 | 7030361 | (128770)<br>| 69124 | 128769 | 88125 | 4245060 |  | 11562739 |
| Investments Matured | 12426 |  | (10466)<br>|  |  | 6175 |  |  | 8135 |
| Total | $255881361 | $152964200 | $(74680013)<br>| $619867 | $(13612434)<br>| $24269268 | $35997564 | $(41464735)<br>| $339975078 |

---

\*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 08/31/25<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; 224108551 | Discounted Cash Flow Model | Discount Rate | 7.93% - 19.50% | 13.72% |
|  |  | Third-Party Pricing | Broker Quote | 93.50% - 113.92% of Par | 101.55% of Par |
|  |  | Transaction Value | EBITDA Multiple | 6.58x | - |
| Common Stocks & Other Equity Interests | 92166768 | Comparable Companies | EBITDA Multiple | 3.63x - 6.00x | 5.04x |
|  |  | Discounted Cash Flow Model | Discount Rate | 14.50% | - |
|  |  |  | EBITDA Multiple | 21.24x | - |
| Preferred Stocks | 12128885 | Comparable Companies | EBITDA Multiple | 8.75x | - |
| Non-U.S. Dollar Denominated Bonds & <br> Notes<br>| 11562739 | Third-Party Pricing | Broker Quote | 100.00% of Par | - |
| Investments Matured | 8135 | Expected Recovery | Anticipated Proceeds | 41.00% of Par | - |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp; 339975078 |  |  |  |  |

---

**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 August 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $2373704 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $2373704 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(791754)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(791754)<br>|

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**29**

**Invesco Floating Rate ESG Fund**

------

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| Barclays Capital | &nbsp;&nbsp;&nbsp; $1873 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1873 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1873 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 732587 | &nbsp;&nbsp;&nbsp; (221592)<br>| &nbsp;&nbsp;&nbsp; 510995 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 510995 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 2941 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2941 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2941 |
| Citibank N.A. | &nbsp;&nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1952 |
| JP Morgan Chase Bank | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (52661)<br>| &nbsp;&nbsp;&nbsp; (52661)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (52661)<br>|
| Morgan Stanley | &nbsp;&nbsp;&nbsp; 220677 | &nbsp;&nbsp;&nbsp; (255943)<br>| &nbsp;&nbsp;&nbsp; (35266)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35266)<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 845728 | &nbsp;&nbsp;&nbsp; (255771)<br>| &nbsp;&nbsp;&nbsp; 589957 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 589957 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp;&nbsp; (756)<br>| &nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 749 |
| Toronto Dominion Bank | &nbsp;&nbsp;&nbsp; 560984 | &nbsp;&nbsp;&nbsp; (5031)<br>| &nbsp;&nbsp;&nbsp; 555953 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 555953 |
| UBS | &nbsp;&nbsp;&nbsp; 5457 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5457 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5457 |
| Total | &nbsp;&nbsp;&nbsp; $2373704 | &nbsp;&nbsp;&nbsp; $(791754)<br>| &nbsp;&nbsp;&nbsp; $1581950 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1581950 |

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**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

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| | |
|:---|:---|
|  | **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; $(15850103)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5921677 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(9928426)<br>|

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The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $739353472 |

---

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $10,232.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

Effective February 14, 2025, 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 $900 million, collectively by certain Invesco Funds, and which will expire on February 13, 2026. Prior to February 14, 2025, the credit agreement permitted borrowings up to $1,027,500,000. 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 year ended August 31, 2025, 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 August 31, 2025. 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>|
| Azuria Water Solutions, Inc. | Delayed Draw Term Loan | $189078 | &nbsp;&nbsp;&nbsp;&nbsp; $2402 |
| Beacon Mobility Corp. | Delayed Draw Term Loan | 266065 | &nbsp;&nbsp;&nbsp;&nbsp; 3025 |
| Citrin Cooperman Advisors, LLC | Delayed Draw Term Loan | 230949 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| Eisner Advisory Group LLC | Delayed Draw Term Loan | 4136680 | &nbsp;&nbsp;&nbsp;&nbsp; 46618 |
| Flex Acquisition Co., Inc. | Delayed Draw Term Loan | 141699 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| GC Ferry Acquisition I, Inc. | Term Loan B | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; (10380)<br>|
| Groundworks LLC | Delayed Draw Term Loan | 840540 | &nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| Hasa Intermediate Holdings LLC | Incremental Delayed Draw Term Loan | 323067 | &nbsp;&nbsp;&nbsp;&nbsp; 676 |
| Hasa Intermediate Holdings LLC | Revolver Loan | 1336200 | &nbsp;&nbsp;&nbsp;&nbsp; 14340 |
| Kantar (Summer BC Bidco/KANGRP) | Revolver Loan | 6401753 | &nbsp;&nbsp;&nbsp;&nbsp; (154231)<br>|
| MB2 Dental Solutions LLC | Delayed Draw Term Loan | 919852 | &nbsp;&nbsp;&nbsp;&nbsp; 9199 |
| MB2 Dental Solutions LLC | Revolver Loan | 204007 | &nbsp;&nbsp;&nbsp;&nbsp; 1674 |
| McDermott International Ltd. | LOC | 4210359 | &nbsp;&nbsp;&nbsp;&nbsp; (652606)<br>|
| Parques Reunidos (Piolin Bidco S.A.U.) | Revolver Loan | 3944496 | &nbsp;&nbsp;&nbsp;&nbsp; (114808)<br>|
| R1 RCM, Inc. | Delayed Draw Term Loan B | 150967 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
| Selecta Group B.V. | Term Loan | 3385394 | &nbsp;&nbsp;&nbsp;&nbsp; 65327 |
| Student Transportation of America Holdings, Inc. | Delayed Draw Term Loan | 197517 | &nbsp;&nbsp;&nbsp;&nbsp; 1992 |
| Tank Holding Corp. | Revolver Loan | 1684979 | &nbsp;&nbsp;&nbsp;&nbsp; (118400)<br>|
| US Fitness LLC | Delayed Draw Term Loan | 904894 | &nbsp;&nbsp;&nbsp;&nbsp; 17752 |
| US Fitness LLC | Revolver Loan | 1757196 | &nbsp;&nbsp;&nbsp;&nbsp; (7660)<br>|
| USALCO LLC | Delayed Draw Term Loan | 378902 | &nbsp;&nbsp;&nbsp;&nbsp; (178)<br>|
| V Global Holdings LLC | Revolver Loan | 235181 | &nbsp;&nbsp;&nbsp;&nbsp; (10876)<br>|
|  |  | $32999775 | &nbsp;&nbsp;&nbsp;&nbsp; $(899772)<br>|

---

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $196911919 | &nbsp;&nbsp;&nbsp;&nbsp; $248021663 |
| Return of capital | &nbsp;&nbsp; 15660390 | &nbsp;&nbsp;&nbsp;&nbsp; 10074754 |
| Total distributions | &nbsp;&nbsp; $212572309 | &nbsp;&nbsp;&nbsp;&nbsp; $258096417 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; $(75048229)<br>|
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (466804)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (108691)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (552306733)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2976334275 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2348403818 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and derivative instruments.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

For the year ended August 31, 2025, 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.

**31**

**Invesco Floating Rate ESG Fund**

------

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $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 year ended August 31, 2025 was $1,258,512,225 and $1,609,000,696, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $86806720 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (161854949)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(75048229)<br>|

---

Cost of investments for tax purposes is $2,459,072,307.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital distributions, on August 31, 2025, undistributed net investment income was increased by $3,926,933, undistributed net realized gain (loss) was increased by $13,251,853 and shares of beneficial interest was decreased by $17,178,786. This reclassification had no effect on the net assets of the Fund.

**NOTE 12—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 year ended August 31, 2025, 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; $3852478 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 6800779 | &nbsp;&nbsp;&nbsp;&nbsp; 8827776 |

---

**NOTE 13—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 28159307 | &nbsp;&nbsp;&nbsp; $186845551 | &nbsp;&nbsp;&nbsp; 39038491 | &nbsp;&nbsp;&nbsp; $265297043 |
| Class C | &nbsp;&nbsp;&nbsp; 1418083 | &nbsp;&nbsp;&nbsp; 9363741 | &nbsp;&nbsp;&nbsp; 2858957 | &nbsp;&nbsp;&nbsp; 19335031 |
| Class R | &nbsp;&nbsp;&nbsp; 902763 | &nbsp;&nbsp;&nbsp; 5995334 | &nbsp;&nbsp;&nbsp; 276855 | &nbsp;&nbsp;&nbsp; 1886032 |
| Class Y | &nbsp;&nbsp;&nbsp; 65158002 | &nbsp;&nbsp;&nbsp; 432300138 | &nbsp;&nbsp;&nbsp; 68844788 | &nbsp;&nbsp;&nbsp; 466948520 |
| Class R5 | &nbsp;&nbsp;&nbsp; 204373 | &nbsp;&nbsp;&nbsp; 1345176 | &nbsp;&nbsp;&nbsp; 562326 | &nbsp;&nbsp;&nbsp; 3828693 |
| Class R6 | &nbsp;&nbsp;&nbsp; 18156324 | &nbsp;&nbsp;&nbsp; 120249119 | &nbsp;&nbsp;&nbsp; 27742873 | &nbsp;&nbsp;&nbsp; 188247400 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 7266931 | &nbsp;&nbsp;&nbsp; 48202413 | &nbsp;&nbsp;&nbsp; 7699619 | &nbsp;&nbsp;&nbsp; 52236350 |
| Class C | &nbsp;&nbsp;&nbsp; 510084 | &nbsp;&nbsp;&nbsp; 3370747 | &nbsp;&nbsp;&nbsp; 678993 | &nbsp;&nbsp;&nbsp; 4587348 |
| Class R | &nbsp;&nbsp;&nbsp; 126263 | &nbsp;&nbsp;&nbsp; 837963 | &nbsp;&nbsp;&nbsp; 106676 | &nbsp;&nbsp;&nbsp; 725373 |
| Class Y | &nbsp;&nbsp;&nbsp; 8645994 | &nbsp;&nbsp;&nbsp; 57296215 | &nbsp;&nbsp;&nbsp; 11271396 | &nbsp;&nbsp;&nbsp; 76396915 |
| Class R5 | &nbsp;&nbsp;&nbsp; 69647 | &nbsp;&nbsp;&nbsp; 462582 | &nbsp;&nbsp;&nbsp; 82245 | &nbsp;&nbsp;&nbsp; 558141 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4915949 | &nbsp;&nbsp;&nbsp; 32552393 | &nbsp;&nbsp;&nbsp; 6458434 | &nbsp;&nbsp;&nbsp; 43730464 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1406187 | &nbsp;&nbsp;&nbsp; 9329248 | &nbsp;&nbsp;&nbsp; 1086792 | &nbsp;&nbsp;&nbsp; 7329663 |
| Class C | &nbsp;&nbsp;&nbsp; (1412385)<br>| &nbsp;&nbsp;&nbsp; (9329248)<br>| &nbsp;&nbsp;&nbsp; (1091617)<br>| &nbsp;&nbsp;&nbsp; (7329663)<br>|

---

**32**

**Invesco Floating Rate ESG Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2024** | **Year ended**<br> **August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (43363641)<br>| &nbsp;&nbsp;&nbsp; $(287753407)<br>| &nbsp;&nbsp;&nbsp; (30277736)<br>| &nbsp;&nbsp;&nbsp; $(205467623)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3008162)<br>| &nbsp;&nbsp;&nbsp; (19877900)<br>| &nbsp;&nbsp;&nbsp; (3282290)<br>| &nbsp;&nbsp;&nbsp; (22221645)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (319155)<br>| &nbsp;&nbsp;&nbsp; (2119984)<br>| &nbsp;&nbsp;&nbsp; (320022)<br>| &nbsp;&nbsp;&nbsp; (2179119)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (97570273)<br>| &nbsp;&nbsp;&nbsp; (645370745)<br>| &nbsp;&nbsp;&nbsp; (114823980)<br>| &nbsp;&nbsp;&nbsp; (778295739)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (424330)<br>| &nbsp;&nbsp;&nbsp; (2794418)<br>| &nbsp;&nbsp;&nbsp; (471620)<br>| &nbsp;&nbsp;&nbsp; (3202485)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (29786113)<br>| &nbsp;&nbsp;&nbsp; (196973995)<br>| &nbsp;&nbsp;&nbsp; (31819316)<br>| &nbsp;&nbsp;&nbsp; (216021929)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (38944152)<br>| &nbsp;&nbsp;&nbsp; $(256069077)<br>| &nbsp;&nbsp;&nbsp; (15378136)<br>| &nbsp;&nbsp;&nbsp; $(103611230)<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.

**33**

**Invesco Floating Rate ESG Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Floating Rate ESG Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Floating Rate ESG Fund and its subsidiary (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related consolidated statement of operations and cash flows for the year ended August 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**34**

**Invesco Floating Rate ESG Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Floating Rate ESG Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.&nbsp;&nbsp;&nbsp;&nbsp;

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Senior Secured Management, Inc. currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Credit Suisse Leveraged Loan Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that, unlike the Fund, many of the peer funds do not incorporate ESG

**35**

**Invesco Floating Rate ESG Fund**

------

criteria into the investment process. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were the same as and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees and total expense ratio were in the fifth and fourth quintile, respectively, of its expense group and discussed with management reasons for such relative actual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the additional complexity, infrastructure, resources and time required in managing an ESG-thematic fund, where the peers in the expense group may not incorporate ESG factors in their investment strategies, and the Fund's leveraging of Invesco's private credit platform.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**36**

**Invesco Floating Rate ESG Fund**

------

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**37**

**Invesco Floating Rate ESG Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 99.89% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**38**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**39**

**Invesco Floating Rate ESG Fund**

------

![](img492b85241.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

FLR-NCSR

------

![](img51cfae331.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Global Real Estate Income Fund**

Nasdaq:

A: ASRAX ■ C: ASRCX ■ Y: ASRYX ■ R5: ASRIX ■ R6: ASRFX

------

---

| | |
|:---|:---|
| [2](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_SOI-Continued-91_1) | Schedule of Investments |
| [5](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_FS-Continued-91_1) | Financial Statements |
| [8](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_FS-Continued-91_4) | Financial Highlights |
| [9](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_NTF-Continued-91_1) | Notes to Financial Statements |
| [16](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_ARS-Continued-91_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_AOC-Continued-91_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_TI-Continued-91_1) | Tax Information |
| [21](#xx_9ec9ae99-5830-4d3f-b5a4-1a89b9e51a7b_OIRSR-Continued-91_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–82.32%** | **Common Stocks & Other Equity Interests–82.32%** | **Common Stocks & Other Equity Interests–82.32%** |
| **Australia–4.80%** | **Australia–4.80%** | **Australia–4.80%** |
| Goodman Group | 499123 | &nbsp;&nbsp; $11169553 |
| NEXTDC Ltd.<sup>(a)</sup>  | 330768 | &nbsp;&nbsp; 3553996 |
| Stockland | 1277724 | &nbsp;&nbsp; 5174980 |
|  |  | &nbsp;&nbsp; 19898529 |
| **Belgium–0.72%** | **Belgium–0.72%** | **Belgium–0.72%** |
| Aedifica S.A.<sup>(b)</sup>  | 21464 | &nbsp;&nbsp; 1650071 |
| Xior Student Housing N.V.<sup>(c)</sup>  | 38079 | &nbsp;&nbsp; 1348273 |
|  |  | &nbsp;&nbsp; 2998344 |
| **Canada–1.29%** | **Canada–1.29%** | **Canada–1.29%** |
| Allied Properties REIT | 128900 | &nbsp;&nbsp; 1745760 |
| Chartwell Retirement Residences | 106400 | &nbsp;&nbsp; 1434833 |
| Dream Industrial REIT | 242600 | &nbsp;&nbsp; 2165709 |
|  |  | &nbsp;&nbsp; 5346302 |
| **France–1.03%** | **France–1.03%** | **France–1.03%** |
| Unibail-Rodamco-Westfield | 41085 | &nbsp;&nbsp; 4274472 |
| **Germany–2.76%** | **Germany–2.76%** | **Germany–2.76%** |
| LEG Immobilien SE | 23808 | &nbsp;&nbsp; 1995728 |
| Sirius Real Estate Ltd. | 2353270 | &nbsp;&nbsp; 3232760 |
| Vonovia SE | 191658 | &nbsp;&nbsp; 6206523 |
|  |  | &nbsp;&nbsp; 11435011 |
| **Hong Kong–2.66%** | **Hong Kong–2.66%** | **Hong Kong–2.66%** |
| Hongkong Land Holdings Ltd. | 300900 | &nbsp;&nbsp; 1865677 |
| Link REIT | 841600 | &nbsp;&nbsp; 4495128 |
| Sun Hung Kai Properties Ltd. | 395000 | &nbsp;&nbsp; 4665893 |
|  |  | &nbsp;&nbsp; 11026698 |
| **Japan–6.96%** | **Japan–6.96%** | **Japan–6.96%** |
| Activia Properties, Inc. | 1985 | &nbsp;&nbsp; 1824996 |
| GLP J-Reit | 3227 | &nbsp;&nbsp; 3013922 |
| Invincible Investment Corp. | 2990 | &nbsp;&nbsp; 1355081 |
| Japan Metropolitan Fund Investment <br> Corp. | 3497 | &nbsp;&nbsp; 2662066 |
| KDX Realty Investment Corp. | 480 | &nbsp;&nbsp; 551836 |
| Mitsui Fudosan Co. Ltd. | 798200 | &nbsp;&nbsp; 8438755 |
| Nippon Building Fund, Inc. | 3690 | &nbsp;&nbsp; 3570375 |
| ORIX JREIT, Inc. | 2149 | &nbsp;&nbsp; 1432491 |
| Sumitomo Realty & Development Co. <br> Ltd. | 94700 | &nbsp;&nbsp; 3890249 |
| Tokyo Tatemono Co. Ltd. | 300 | &nbsp;&nbsp; 5639 |
| Tokyu Fudosan Holdings Corp. | 264300 | &nbsp;&nbsp; 2120073 |
|  |  | &nbsp;&nbsp; 28865483 |
| **Netherlands–0.54%** | **Netherlands–0.54%** | **Netherlands–0.54%** |
| CTP N.V.<sup>(c)</sup>  | 105028 | &nbsp;&nbsp; 2258409 |
| **Singapore–1.29%** | **Singapore–1.29%** | **Singapore–1.29%** |
| CapitaLand Integrated Commercial <br> Trust | 1480529 | &nbsp;&nbsp; 2630704 |
| Mapletree Logistics Trust | 1738500 | &nbsp;&nbsp; 1651758 |
| Mapletree Pan Asia Commercial Trust | 972900 | &nbsp;&nbsp; 1046381 |
|  |  | &nbsp;&nbsp; 5328843 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Spain–0.98%** | **Spain–0.98%** | **Spain–0.98%** | **Spain–0.98%** |
| Inmobiliaria Colonial SOCIMI S.A. | Inmobiliaria Colonial SOCIMI S.A. | 281532 | &nbsp;&nbsp; $1858570 |
| Merlin Properties SOCIMI S.A. | Merlin Properties SOCIMI S.A. | 149237 | &nbsp;&nbsp; 2224976 |
|  |  |  | &nbsp;&nbsp; 4083546 |
| **Sweden–1.61%** | **Sweden–1.61%** | **Sweden–1.61%** | **Sweden–1.61%** |
| Fastighets AB Balder, Class B<sup>(a)</sup>  | Fastighets AB Balder, Class B<sup>(a)</sup>  | 939916 | &nbsp;&nbsp; 6691565 |
| **United Kingdom–1.75%** | **United Kingdom–1.75%** | **United Kingdom–1.75%** | **United Kingdom–1.75%** |
| LondonMetric Property PLC | LondonMetric Property PLC | 2096313 | &nbsp;&nbsp; 5221232 |
| Segro PLC | Segro PLC | 239831 | &nbsp;&nbsp; 2035229 |
|  |  |  | &nbsp;&nbsp; 7256461 |
| **United States–55.93%** | **United States–55.93%** | **United States–55.93%** | **United States–55.93%** |
| Agree Realty Corp. | Agree Realty Corp. | 62243 | &nbsp;&nbsp; 4527556 |
| American Healthcare REIT, Inc. | American Healthcare REIT, Inc. | 123803 | &nbsp;&nbsp; 5297530 |
| American Homes 4 Rent, Class A | American Homes 4 Rent, Class A | 146644 | &nbsp;&nbsp; 5252788 |
| American Tower Corp. | American Tower Corp. | 9085 | &nbsp;&nbsp; 1851977 |
| AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | 59785 | &nbsp;&nbsp; 11708892 |
| Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | 191105 | &nbsp;&nbsp; 5349029 |
| CareTrust REIT, Inc. | CareTrust REIT, Inc. | 148894 | &nbsp;&nbsp; 5123442 |
| Cousins Properties, Inc. | Cousins Properties, Inc. | 23771 | &nbsp;&nbsp; 701007 |
| Crown Castle, Inc. | Crown Castle, Inc. | 18755 | &nbsp;&nbsp; 1859371 |
| Digital Realty Trust, Inc. | Digital Realty Trust, Inc. | 97229 | &nbsp;&nbsp; 16299470 |
| EastGroup Properties, Inc. | EastGroup Properties, Inc. | 18096 | &nbsp;&nbsp; 3068358 |
| Equinix, Inc. | Equinix, Inc. | 18545 | &nbsp;&nbsp; 14579894 |
| Equity Residential | Equity Residential | 135122 | &nbsp;&nbsp; 8934267 |
| Extra Space Storage, Inc. | Extra Space Storage, Inc. | 38066 | &nbsp;&nbsp; 5465516 |
| Federal Realty Investment Trust | Federal Realty Investment Trust | 26725 | &nbsp;&nbsp; 2687199 |
| First Industrial Realty Trust, Inc. | First Industrial Realty Trust, Inc. | 182558 | &nbsp;&nbsp; 9602551 |
| Gaming and Leisure Properties, Inc. | Gaming and Leisure Properties, Inc. | 158277 | &nbsp;&nbsp; 7598879 |
| Host Hotels & Resorts, Inc. | Host Hotels & Resorts, Inc. | 322928 | &nbsp;&nbsp; 5557591 |
| Invitation Homes, Inc. | Invitation Homes, Inc. | 98236 | &nbsp;&nbsp; 3073804 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | 125532 | &nbsp;&nbsp; 11590370 |
| Kimco Realty Corp. | Kimco Realty Corp. | 72525 | &nbsp;&nbsp; 1631087 |
| Lamar Advertising Co., Class A<sup>(b)</sup>  | Lamar Advertising Co., Class A<sup>(b)</sup>  | 9685 | &nbsp;&nbsp; 1232416 |
| Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | 152267 | &nbsp;&nbsp; 6482006 |
| Prologis, Inc. | Prologis, Inc. | 184435 | &nbsp;&nbsp; 20985014 |
| Public Storage | Public Storage | 26135 | &nbsp;&nbsp; 7699110 |
| Simon Property Group, Inc. | Simon Property Group, Inc. | 68125 | &nbsp;&nbsp; 12307462 |
| Tanger, Inc. | Tanger, Inc. | 85862 | &nbsp;&nbsp; 2934763 |
| UDR, Inc. | UDR, Inc. | 135707 | &nbsp;&nbsp; 5369926 |
| Ventas, Inc. | Ventas, Inc. | 35783 | &nbsp;&nbsp; 2436107 |
| Vornado Realty Trust<sup>(b)</sup>  | Vornado Realty Trust<sup>(b)</sup>  | 218020 | &nbsp;&nbsp; 8291301 |
| W.P. Carey, Inc. | W.P. Carey, Inc. | 81112 | &nbsp;&nbsp; 5442615 |
| Welltower, Inc. | Welltower, Inc. | 160900 | &nbsp;&nbsp; 27076252 |
|  |  |  | &nbsp;&nbsp; 232017550 |
| Total Common Stocks & Other Equity Interests <br> (Cost $311,894,104) | Total Common Stocks & Other Equity Interests <br> (Cost $311,894,104) | Total Common Stocks & Other Equity Interests <br> (Cost $311,894,104) | &nbsp;&nbsp; 341481213 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Asset-Backed Securities–11.27%** | **Asset-Backed Securities–11.27%** | **Asset-Backed Securities–11.27%** | **Asset-Backed Securities–11.27%** |
| ALA Trust, Series 2025-OANA, Class C, <br> 6.46% (1 mo. Term SOFR + 2.09%), <br> 06/15/2040<sup>(c)(d)</sup> <br>|  | $2000000 | &nbsp;&nbsp; 2014654 |

---

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** |
| Benchmark Mortgage Trust, <br> Series 2025-V14, Class AM, 6.09%, <br> 04/15/2057<sup>(e)</sup> <br>|  | $1500000 | &nbsp;&nbsp; $1571851 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-VOLT, Class E, 6.48% <br> (1 mo. Term SOFR + 2.11%), <br> 09/15/2036<sup>(c)(d)</sup> <br>|  | 1060867 | &nbsp;&nbsp; 1057212 |
| Series 2022-CSMO, Class C, 8.25% <br> (1 mo. Term SOFR + 3.89%), <br> 06/15/2027<sup>(c)(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 607728 |
| Series 2022-CSMO, Class D, 8.70% <br> (1 mo. Term SOFR + 4.34%), <br> 06/15/2027<sup>(c)(d)</sup> <br>|  | 2380000 | &nbsp;&nbsp; 2412857 |
| Series 2021-SOAR, Class D, 5.88% <br> (1 mo. Term SOFR + 1.51%), <br> 06/15/2038<sup>(c)(d)</sup> <br>|  | 1315107 | &nbsp;&nbsp; 1315089 |
| BX Trust, | BX Trust, |  |  |
| Series 2021-RISE, Class D, 6.23% (1 <br> mo. Term SOFR + 1.86%), <br> 11/15/2036<sup>(c)(d)</sup> <br>|  | 1601053 | &nbsp;&nbsp; 1600944 |
| Series 2019-OC11, Class C, 3.86%, <br> 12/09/2041<sup>(c)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1429408 |
| CEDR Commercial Mortgage Trust, <br> Series 2022-SNAI, Class E, 7.38% (1 <br> mo. Term SOFR + 3.02%), <br> 02/15/2039<sup>(c)(d)</sup> <br>|  | 500000 | &nbsp;&nbsp; 459365 |
| CFK Trust, Series 2019-FAX, Class E, <br> 4.79%, 01/15/2039<sup>(c)(e)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 906702 |
| Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |  |
| Series 2020-420K, Class E, 3.42%, <br> 11/10/2042<sup>(c)(e)</sup> <br>|  | 4586000 | &nbsp;&nbsp; 3947575 |
| Series 2020-555, Class F, 3.62%, <br> 12/10/2041<sup>(c)(e)</sup> <br>|  | 800000 | &nbsp;&nbsp; 682734 |
| Series 2020-555, Class E, 3.62%, <br> 12/10/2041<sup>(c)(e)</sup> <br>|  | 427000 | &nbsp;&nbsp; 369114 |
| Commercial Mortgage Trust, | Commercial Mortgage Trust, |  |  |
| Series 2019-GC44, Class 180B, <br> 3.51%, 08/15/2057<sup>(c)(e)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1498205 |
| Series 2019-GC44, Class 180C, <br> 3.51%, 08/15/2057<sup>(c)(e)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2408844 |
| Series 2025-180W, Class E, 7.61%, <br> 08/10/2042<sup>(c)(e)</sup> <br>|  | 1585000 | &nbsp;&nbsp; 1597708 |
| CONE Trust, Series 2024-DFW1, Class D, <br> 7.40% (1 mo. Term SOFR + 3.04%), <br> 08/15/2041<sup>(c)(d)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1198053 |
| Hilton USA Trust, | Hilton USA Trust, |  |  |
| Series 2016-HHV, Class E, 4.33%, <br> 11/05/2038<sup>(c)(e)</sup> <br>|  | 581000 | &nbsp;&nbsp; 570123 |
| Series 2016-HHV, Class C, 4.33%, <br> 11/05/2038<sup>(c)(e)</sup> <br>|  | 1396500 | &nbsp;&nbsp; 1380015 |
| IP 2025-IP Mortgage Trust, <br> Series 2025-IP, Class D, 6.53%, <br> 06/10/2042<sup>(c)(e)</sup> <br>|  | 1315000 | &nbsp;&nbsp; 1340485 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust, | JP Morgan Chase Commercial Mortgage <br> Securities Trust, |  |  |
| Series 2019-UES, Class F, 4.60%, <br> 05/05/2032<sup>(c)(e)</sup> <br>|  | $558000 | &nbsp;&nbsp; $537973 |
| Series 2019-UES, Class B, 4.14%, <br> 05/05/2032<sup>(c)</sup> <br>|  | 1284000 | &nbsp;&nbsp; 1259040 |
| Series 2019-UES, Class C, 4.34%, <br> 05/05/2032<sup>(c)</sup> <br>|  | 116000 | &nbsp;&nbsp; 113327 |
| Series 2019-UES, Class D, 4.60%, <br> 05/05/2032<sup>(c)(e)</sup> <br>|  | 119000 | &nbsp;&nbsp; 115802 |
| Series 2019-UES, Class E, 4.60%, <br> 05/05/2032<sup>(c)(e)</sup> <br>|  | 138000 | &nbsp;&nbsp; 133282 |
| Series 2019-OSB, Class A, 3.40%, <br> 06/05/2039<sup>(c)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 947503 |
| MF1 2021-W10X, Series 2021-W10, <br> Class D, 6.33% (1 mo. Term SOFR + <br> 1.97%), 12/15/2034<sup>(c)(d)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2462319 |
| MHC Commercial Mortgage Trust, <br> Series 2021-MHC, Class F, 7.08% (1 <br> mo. Term SOFR + 2.72%), <br> 04/15/2038<sup>(c)(d)</sup> <br>|  | 1920000 | &nbsp;&nbsp; 1923714 |
| Natixis Commercial Mortgage Securities <br> Trust, Series 2018-SOX, Class E, <br> 4.93%, 06/17/2038<sup>(c)(e)</sup> <br>|  | 922000 | &nbsp;&nbsp; 881443 |
| NYC Trust, Series 2024-3ELV, Class D, <br> 8.20% (1 mo. Term SOFR + 3.84%), <br> 08/15/2029<sup>(c)(d)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 2987805 |
| Prima Capital CRE Securitization Ltd., <br> Series 2019-RK1, Class BT, 4.45%, <br> 04/15/2038<sup>(c)</sup> <br>|  | 4154000 | &nbsp;&nbsp; 3977882 |
| SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class C, 6.10% <br> (1 mo. Term SOFR + 1.75%), <br> 08/15/2042<sup>(c)(d)</sup> <br>|  | 1780000 | &nbsp;&nbsp; 1785472 |
| SREIT Trust, Series 2021-PALM, Class E, <br> 6.39% (1 mo. Term SOFR + 2.02%), <br> 10/15/2034<sup>(c)(d)</sup> <br>|  | 1240000 | &nbsp;&nbsp; 1238403 |
| Total Asset-Backed Securities (Cost $46,469,041) | Total Asset-Backed Securities (Cost $46,469,041) | Total Asset-Backed Securities (Cost $46,469,041) | &nbsp;&nbsp; 46732631 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–3.83%** | **Preferred Stocks–3.83%** | **Preferred Stocks–3.83%** | **Preferred Stocks–3.83%** |
| **United States–3.83%** | **United States–3.83%** | **United States–3.83%** | **United States–3.83%** |
| American Homes 4 Rent, 5.88%, Series G, <br> Pfd. | American Homes 4 Rent, 5.88%, Series G, <br> Pfd. | 82486 | &nbsp;&nbsp; 1909551 |
| American Homes 4 Rent, 6.25%, Series H, <br> Pfd. | American Homes 4 Rent, 6.25%, Series H, <br> Pfd. | 176348 | &nbsp;&nbsp; 4299364 |
| DiamondRock Hospitality Co., 8.25%, Pfd. | DiamondRock Hospitality Co., 8.25%, Pfd. | 167478 | &nbsp;&nbsp; 4272364 |
| National Storage Affiliates Trust, 6.00%, <br> Series A, Pfd. | National Storage Affiliates Trust, 6.00%, <br> Series A, Pfd. | 241700 | &nbsp;&nbsp; 5401995 |
| Total Preferred Stocks (Cost $16,346,853) | Total Preferred Stocks (Cost $16,346,853) | Total Preferred Stocks (Cost $16,346,853) | &nbsp;&nbsp; 15883274 |
| **Money Market Funds–2.23%** | **Money Market Funds–2.23%** | **Money Market Funds–2.23%** | **Money Market Funds–2.23%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(f)(g)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(f)(g)</sup>  | 3242734 | &nbsp;&nbsp; 3242734 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(f)(g)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(f)(g)</sup>  | 6022106 | &nbsp;&nbsp; 6022106 |
| Total Money Market Funds (Cost $9,264,840) | Total Money Market Funds (Cost $9,264,840) | Total Money Market Funds (Cost $9,264,840) | &nbsp;&nbsp; 9264840 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.65% <br> (Cost $383,974,838)<br>|  |  | &nbsp;&nbsp; 413361958 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Global Real Estate Income Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.80%** | **Money Market Funds–0.80%** | **Money Market Funds–0.80%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(f)(g)(h)</sup>  | 917144 | &nbsp;&nbsp; $917144 |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup>  | 2387279 | &nbsp;&nbsp; 2387995 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,304,956) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,304,956) | &nbsp;&nbsp; 3305139 |
| TOTAL INVESTMENTS IN SECURITIES—100.45% <br> (Cost $387,279,794) | TOTAL INVESTMENTS IN SECURITIES—100.45% <br> (Cost $387,279,794) | &nbsp;&nbsp; 416667097 |
| OTHER ASSETS LESS LIABILITIES–(0.45)% | OTHER ASSETS LESS LIABILITIES–(0.45)% | &nbsp;&nbsp; (1860106)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $414806991 |

---

Investment Abbreviations:

Pfd. – Preferred <br> REIT – Real Estate Investment Trust <br> SOFR – Secured Overnight Financing Rate

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2025 was $48,767,462, which represented 11.76% of the Fund's Net Assets. 

<sup>(d)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2025.

<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 August 31, 2025. 

<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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $4566512 | &nbsp;&nbsp; $75177968 | &nbsp;&nbsp; $(76501746) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3242734 | &nbsp;&nbsp; $133184 |
| Invesco Liquid Assets Portfolio, Institutional <br> Class<br>| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 805 |
| Invesco Treasury Portfolio, Institutional Class | 8480393 | &nbsp;&nbsp; 139616227 | &nbsp;&nbsp; (142074514) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6022106 | &nbsp;&nbsp; 245347 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 5460184 | &nbsp;&nbsp; 54097153 | &nbsp;&nbsp; (58640193) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 917144 | &nbsp;&nbsp; 82,624\* |
| Invesco Private Prime Fund | 14338579 | &nbsp;&nbsp; 126501060 | &nbsp;&nbsp; (138452062) | (239) | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 2387995 | &nbsp;&nbsp; 223,612\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Pebblebrook Hotel Trust, Series E, Pfd\*\* | 5025679 | &nbsp;&nbsp; - | &nbsp;&nbsp; (4460267) | &nbsp;&nbsp; 22948 | &nbsp;&nbsp; (588360) | &nbsp;&nbsp; - | &nbsp;&nbsp; 164834 |
| UMH Properties, Inc., Series D, Pfd.\*\* | 13461500 | &nbsp;&nbsp; - | &nbsp;&nbsp; (12782602) | &nbsp;&nbsp; 653406 | &nbsp;&nbsp; (1332304) | &nbsp;&nbsp; - | &nbsp;&nbsp; 477009 |
| Total | $51332847 | &nbsp;&nbsp; $395392408 | &nbsp;&nbsp; $(432911384) | &nbsp;&nbsp; $676115 | &nbsp;&nbsp; $(1920007) | &nbsp;&nbsp; $12569979 | &nbsp;&nbsp; $1327415 |

---

\* 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. 

\*\* At August 31, 2025, this security was no longer an affiliate of the Fund.

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $374,709,998)\*<br>| &nbsp;&nbsp; $404097118 |
| Investments in affiliated money market funds, at value <br> (Cost $12,569,796)<br>| &nbsp;&nbsp; 12569979 |
| Foreign currencies, at value (Cost $293,925) | &nbsp;&nbsp; 294708 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2242885 |
| Fund shares sold | &nbsp;&nbsp; 812545 |
| Dividends | &nbsp;&nbsp; 727269 |
| Interest | &nbsp;&nbsp; 168189 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 121845 |
| Other assets | &nbsp;&nbsp; 65747 |
| Total assets | &nbsp;&nbsp; 421100285 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2526515 |
| Fund shares reacquired | &nbsp;&nbsp; 125493 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 3304956 |
| Accrued fees to affiliates | &nbsp;&nbsp; 129467 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3430 |
| Accrued other operating expenses | &nbsp;&nbsp; 76985 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 126448 |
| Total liabilities | &nbsp;&nbsp; 6293294 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $414806991 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $449566014 |
| Distributable earnings (loss) | &nbsp;&nbsp; (34759023)<br>|
|  | &nbsp;&nbsp; $414806991 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $75051481 |
| Class C | &nbsp;&nbsp; $1580160 |
| Class Y | &nbsp;&nbsp; $124329005 |
| Class R5 | &nbsp;&nbsp; $1277141 |
| Class R6 | &nbsp;&nbsp; $212569204 |
| **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; 9005198 |
| Class C | &nbsp;&nbsp; 189763 |
| Class Y | &nbsp;&nbsp; 14962506 |
| Class R5 | &nbsp;&nbsp; 153730 |
| Class R6 | &nbsp;&nbsp; 25545333 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.33 |
| Maximum offering price per share <br>(Net asset value of $8.33 ÷ 94.50%)<br>| &nbsp;&nbsp; $8.81 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.33 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.31 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.31 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.32 |

---

\* At August 31, 2025, securities with an aggregate value of $3,267,870 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $4659765 |
| Dividends (net of foreign withholding taxes of $302,264) | &nbsp;&nbsp; 10899733 |
| Dividends from affiliates (includes net securities lending income of $8,868) | &nbsp;&nbsp; 1030047 |
| Total investment income | &nbsp;&nbsp; 16589545 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3339023 |
| Administrative services fees | &nbsp;&nbsp; 62567 |
| Custodian fees | &nbsp;&nbsp; 14300 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 195300 |
| Class C | &nbsp;&nbsp; 17713 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 521814 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1243 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 50315 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25353 |
| Registration and filing fees | &nbsp;&nbsp; 77781 |
| Reports to shareholders | &nbsp;&nbsp; 51734 |
| Professional services fees | &nbsp;&nbsp; 66445 |
| Other | &nbsp;&nbsp; 4748 |
| Total expenses | &nbsp;&nbsp; 4428336 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (13444)<br>|
| Net expenses | &nbsp;&nbsp; 4414892 |
| Net investment income | &nbsp;&nbsp; 12174653 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (21292170)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1920007)<br>|
| Foreign currencies | &nbsp;&nbsp; 19689 |
|  | &nbsp;&nbsp; (23192488)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (8397865)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 676115 |
| Foreign currencies | &nbsp;&nbsp; (5516)<br>|
|  | &nbsp;&nbsp; (7727266)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (30919754)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(18745101)<br>|

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $12174653 | &nbsp;&nbsp; $22733292 |
| Net realized gain (loss) | &nbsp;&nbsp; (23192488)<br>| &nbsp;&nbsp; (11188007)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (7727266)<br>| &nbsp;&nbsp; 64221366 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (18745101)<br>| &nbsp;&nbsp; 75766651 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (2589446)<br>| &nbsp;&nbsp; (3093803)<br>|
| Class C | &nbsp;&nbsp; (45648)<br>| &nbsp;&nbsp; (78316)<br>|
| Class Y | &nbsp;&nbsp; (8112950)<br>| &nbsp;&nbsp; (11493555)<br>|
| Class R5 | &nbsp;&nbsp; (45865)<br>| &nbsp;&nbsp; (49275)<br>|
| Class R6 | &nbsp;&nbsp; (6602394)<br>| &nbsp;&nbsp; (7643317)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (17396303)<br>| &nbsp;&nbsp; (22358266)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (9066419)<br>| &nbsp;&nbsp; (13335143)<br>|
| Class C | &nbsp;&nbsp; (540628)<br>| &nbsp;&nbsp; (1322934)<br>|
| Class Y | &nbsp;&nbsp; (178220220)<br>| &nbsp;&nbsp; (3139543)<br>|
| Class R5 | &nbsp;&nbsp; (70340)<br>| &nbsp;&nbsp; (19771)<br>|
| Class R6 | &nbsp;&nbsp; 29506662 | &nbsp;&nbsp; (22551930)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (158390945)<br>| &nbsp;&nbsp; (40369321)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (194532349)<br>| &nbsp;&nbsp; 13039064 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 609339340 | &nbsp;&nbsp; 596300276 |
| End of year | &nbsp;&nbsp; $414806991 | &nbsp;&nbsp; $609339340 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Global Real Estate Income Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **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** |
| 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<br> %<br>| 1.26<br> %<br>| 2.44<br> %<br>| 105<br> %<br>|
| 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>(d)</sup><br>| &nbsp;&nbsp; 149008 | 1.19 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 1.63 <br><sup>(d)</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** |
| 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** |
| 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** |
| 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** |
| 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 |

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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. 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, 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**

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**Notes to Financial Statements**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**9**

**Invesco Global Real Estate Income Fund**

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial

**10**

**Invesco Global Real Estate Income Fund**

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statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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 year ended August 31, 2025, the Fund paid the Adviser $681 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - The Fund's investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund's investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on

**11**

**Invesco Global Real Estate Income Fund**

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foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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 year ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (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 ,2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $10,491.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $2,858 in front-end sales commissions from the sale of Class A shares and $0 and $40 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $32,645 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.

**12**

**Invesco Global Real Estate 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 August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $19898529 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $19898529 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2998344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2998344 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 5346302 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5346302 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4274472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4274472 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11435011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11435011 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11026698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11026698 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28865483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28865483 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2258409 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2258409 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5328843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5328843 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4083546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4083546 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6691565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6691565 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7256461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7256461 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 247900824 | &nbsp;&nbsp;&nbsp;&nbsp; 46732631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 294633455 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9264840 | &nbsp;&nbsp;&nbsp;&nbsp; 3305139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12569979 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $262511966 | &nbsp;&nbsp;&nbsp;&nbsp; $154155131 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $416667097 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,953.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $17396303 | &nbsp;&nbsp;&nbsp;&nbsp; $22358266 |

---

\* Includes short-term capital gain distributions, if any.

**13**

**Invesco Global Real Estate Income Fund**

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---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $1585661 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 25924096 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 6905 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (73344)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (62202341)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 449566014 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $414806991 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $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 year ended August 31, 2025 was $465,327,840 and $622,905,408, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $34787174 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (8863078)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $25924096 |

---

Cost of investments for tax purposes is $390,743,001.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of RIETs and passive foreign investment companies, on August 31, 2025, undistributed net investment income was increased by $497,524 and undistributed net realized gain (loss) was decreased by $497,524. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 525523 | &nbsp;&nbsp;&nbsp; $4185831 | &nbsp;&nbsp;&nbsp; 521813 | &nbsp;&nbsp;&nbsp; $4170131 |
| Class C | &nbsp;&nbsp;&nbsp; 42156 | &nbsp;&nbsp;&nbsp; 346154 | &nbsp;&nbsp;&nbsp; 19084 | &nbsp;&nbsp;&nbsp; 150144 |
| Class Y | &nbsp;&nbsp;&nbsp; 2922758 | &nbsp;&nbsp;&nbsp; 23910781 | &nbsp;&nbsp;&nbsp; 12201971 | &nbsp;&nbsp;&nbsp; 96496879 |
| Class R5 | &nbsp;&nbsp;&nbsp; 31924 | &nbsp;&nbsp;&nbsp; 262467 | &nbsp;&nbsp;&nbsp; 41555 | &nbsp;&nbsp;&nbsp; 335394 |
| Class R6 | &nbsp;&nbsp;&nbsp; 7317857 | &nbsp;&nbsp;&nbsp; 59221557 | &nbsp;&nbsp;&nbsp; 648425 | &nbsp;&nbsp;&nbsp; 5201153 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 243144 | &nbsp;&nbsp;&nbsp; 1994212 | &nbsp;&nbsp;&nbsp; 313791 | &nbsp;&nbsp;&nbsp; 2505532 |
| Class C | &nbsp;&nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 33070 | &nbsp;&nbsp;&nbsp; 7143 | &nbsp;&nbsp;&nbsp; 57108 |
| Class Y | &nbsp;&nbsp;&nbsp; 802742 | &nbsp;&nbsp;&nbsp; 6630430 | &nbsp;&nbsp;&nbsp; 1236851 | &nbsp;&nbsp;&nbsp; 9830045 |
| Class R5 | &nbsp;&nbsp;&nbsp; 5533 | &nbsp;&nbsp;&nbsp; 45128 | &nbsp;&nbsp;&nbsp; 6056 | &nbsp;&nbsp;&nbsp; 48121 |
| Class R6 | &nbsp;&nbsp;&nbsp; 798817 | &nbsp;&nbsp;&nbsp; 6523435 | &nbsp;&nbsp;&nbsp; 943902 | &nbsp;&nbsp;&nbsp; 7513696 |

---

**14**

**Invesco Global Real Estate Income Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2024** | **Year ended**<br> **August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 55304 | &nbsp;&nbsp;&nbsp; $463870 | &nbsp;&nbsp;&nbsp; 82757 | &nbsp;&nbsp;&nbsp; $667406 |
| Class C | &nbsp;&nbsp;&nbsp; (55345)<br>| &nbsp;&nbsp;&nbsp; (463870)<br>| &nbsp;&nbsp;&nbsp; (82844)<br>| &nbsp;&nbsp;&nbsp; (667406)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1933156)<br>| &nbsp;&nbsp;&nbsp; (15710332)<br>| &nbsp;&nbsp;&nbsp; (2596969)<br>| &nbsp;&nbsp;&nbsp; (20678212)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (55298)<br>| &nbsp;&nbsp;&nbsp; (455982)<br>| &nbsp;&nbsp;&nbsp; (106262)<br>| &nbsp;&nbsp;&nbsp; (862780)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (26714351)<br>| &nbsp;&nbsp;&nbsp; (208761431)<br>| &nbsp;&nbsp;&nbsp; (13602099)<br>| &nbsp;&nbsp;&nbsp; (109466467)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (45398)<br>| &nbsp;&nbsp;&nbsp; (377935)<br>| &nbsp;&nbsp;&nbsp; (50606)<br>| &nbsp;&nbsp;&nbsp; (403286)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (4654515)<br>| &nbsp;&nbsp;&nbsp; (36238330)<br>| &nbsp;&nbsp;&nbsp; (4373917)<br>| &nbsp;&nbsp;&nbsp; (35266779)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (20708273)<br>| &nbsp;&nbsp;&nbsp; $(158390945)<br>| &nbsp;&nbsp;&nbsp; (4789349)<br>| &nbsp;&nbsp;&nbsp; $(40369321)<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 31% 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, 25% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**15**

**Invesco Global Real Estate Income Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Global Real Estate Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Real Estate Income Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**16**

**Invesco Global Real Estate Income Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Real Estate Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Real Estate Income Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the first quintile for the three year period and the fourth quintile the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that many of the peer funds are all equity funds while the Fund has

**17**

**Invesco Global Real Estate Income Fund**

------

a fixed income component which may result in lagging performance relative to peers during strong equity markets. The Board considered that the stock selection and exposure to commercial mortgage-backed securities in certain sectors detracted from the Fund's one year performance. The Board considered that the Fund underwent a change in portfolio management in 2022, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**18**

**Invesco Global Real Estate Income Fund**

------

responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**19**

**Invesco Global Real Estate Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 16.82% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 39.42% |
| Business Interest Income\* | &nbsp;&nbsp; 26.13% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**20**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco Global Real Estate Income Fund**

------

![](img51cfae331.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

GREI-NCSR

------

![](img5b38c80e1.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Growth and Income Fund**

Nasdaq:

A: ACGIX ■ C: ACGKX ■ R: ACGLX ■ Y: ACGMX ■ R5: ACGQX ■ R6: GIFFX

------

---

| | |
|:---|:---|
| [2](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_SOI-Continued-92_1) | Schedule of Investments |
| [5](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_FS-Continued-92_1) | Financial Statements |
| [8](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_FS-Continued-92_4) | Financial Highlights |
| [9](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_NTF-Continued-92_1) | Notes to Financial Statements |
| [16](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_ARS-Continued-92_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_AOC-Continued-92_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_TI-Continued-92_1) | Tax Information |
| [21](#xx_b903febe-86d9-42c0-9c34-0a3153cf6ca7_OIRSR-Continued-92_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.85%** | **Common Stocks & Other Equity Interests–96.85%** | **Common Stocks & Other Equity Interests–96.85%** |
| **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** |
| RTX Corp. | 341234 | &nbsp;&nbsp; $54119712 |
| Textron, Inc. | 394141 | &nbsp;&nbsp; 31594343 |
|  |  | &nbsp;&nbsp; 85714055 |
| **Air Freight & Logistics–1.07%** | **Air Freight & Logistics–1.07%** | **Air Freight & Logistics–1.07%** |
| FedEx Corp. | 194141 | &nbsp;&nbsp; 44860161 |
| **Application Software–1.10%** | **Application Software–1.10%** | **Application Software–1.10%** |
| Salesforce, Inc. | 179072 | &nbsp;&nbsp; 45887200 |
| **Asset Management & Custody Banks–1.26%** | **Asset Management & Custody Banks–1.26%** | **Asset Management & Custody Banks–1.26%** |
| KKR & Co., Inc., Class A | 376134 | &nbsp;&nbsp; 52466932 |
| **Automobile Manufacturers–0.87%** | **Automobile Manufacturers–0.87%** | **Automobile Manufacturers–0.87%** |
| General Motors Co. | 622057 | &nbsp;&nbsp; 36446320 |
| **Broadline Retail–2.63%** | **Broadline Retail–2.63%** | **Broadline Retail–2.63%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 479311 | &nbsp;&nbsp; 109762219 |
| **Building Products–1.75%** | **Building Products–1.75%** | **Building Products–1.75%** |
| Johnson Controls International PLC | 682916 | &nbsp;&nbsp; 72996891 |
| **Communications Equipment–1.20%** | **Communications Equipment–1.20%** | **Communications Equipment–1.20%** |
| Cisco Systems, Inc. | 727548 | &nbsp;&nbsp; 50266291 |
| **Consumer Finance–0.45%** | **Consumer Finance–0.45%** | **Consumer Finance–0.45%** |
| Capital One Financial Corp. | 82856 | &nbsp;&nbsp; 18826540 |
| **Diversified Banks–8.44%** | **Diversified Banks–8.44%** | **Diversified Banks–8.44%** |
| Bank of America Corp. | 2912943 | &nbsp;&nbsp; 147802728 |
| PNC Financial Services Group, Inc. <br> (The) | 254501 | &nbsp;&nbsp; 52793688 |
| Wells Fargo & Co. | 1850680 | &nbsp;&nbsp; 152088882 |
|  |  | &nbsp;&nbsp; 352685298 |
| **Electric Utilities–3.16%** | **Electric Utilities–3.16%** | **Electric Utilities–3.16%** |
| American Electric Power Co., Inc. | 304203 | &nbsp;&nbsp; 33772617 |
| FirstEnergy Corp. | 723436 | &nbsp;&nbsp; 31556279 |
| PPL Corp. | 1831979 | &nbsp;&nbsp; 66812274 |
|  |  | &nbsp;&nbsp; 132141170 |
| **Electrical Components & Equipment–2.08%** | **Electrical Components & Equipment–2.08%** | **Electrical Components & Equipment–2.08%** |
| Emerson Electric Co. | 408562 | &nbsp;&nbsp; 53930184 |
| Vertiv Holdings Co., Class A | 257248 | &nbsp;&nbsp; 32811982 |
|  |  | &nbsp;&nbsp; 86742166 |
| **Electronic Components–1.21%** | **Electronic Components–1.21%** | **Electronic Components–1.21%** |
| Coherent Corp.<sup>(b)</sup>  | 556408 | &nbsp;&nbsp; 50338232 |
| **Electronic Equipment & Instruments–1.62%** | **Electronic Equipment & Instruments–1.62%** | **Electronic Equipment & Instruments–1.62%** |
| Ralliant Corp.<sup>(b)</sup>  | 701989 | &nbsp;&nbsp; 29350160 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 121190 | &nbsp;&nbsp; 38428137 |
|  |  | &nbsp;&nbsp; 67778297 |
| **Fertilizers & Agricultural Chemicals–0.70%** | **Fertilizers & Agricultural Chemicals–0.70%** | **Fertilizers & Agricultural Chemicals–0.70%** |
| Corteva, Inc. | 393655 | &nbsp;&nbsp; 29205264 |
| **Food Distributors–3.49%** | **Food Distributors–3.49%** | **Food Distributors–3.49%** |
| Sysco Corp. | 962308 | &nbsp;&nbsp; 77436925 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Food Distributors–(continued)** | **Food Distributors–(continued)** | **Food Distributors–(continued)** |
| US Foods Holding Corp.<sup>(b)</sup>  | 882789 | &nbsp;&nbsp; $68504426 |
|  |  | &nbsp;&nbsp; 145941351 |
| **Footwear–1.47%** | **Footwear–1.47%** | **Footwear–1.47%** |
| NIKE, Inc., Class B | 792206 | &nbsp;&nbsp; 61292978 |
| **Health Care Equipment–2.32%** | **Health Care Equipment–2.32%** | **Health Care Equipment–2.32%** |
| GE HealthCare Technologies, Inc. | 332664 | &nbsp;&nbsp; 24527317 |
| Medtronic PLC | 781314 | &nbsp;&nbsp; 72513752 |
|  |  | &nbsp;&nbsp; 97041069 |
| **Health Care Services–1.52%** | **Health Care Services–1.52%** | **Health Care Services–1.52%** |
| CVS Health Corp. | 866236 | &nbsp;&nbsp; 63365163 |
| **Household Products–1.28%** | **Household Products–1.28%** | **Household Products–1.28%** |
| Procter & Gamble Co. (The) | 340701 | &nbsp;&nbsp; 53503685 |
| **Industrial Gases–0.70%** | **Industrial Gases–0.70%** | **Industrial Gases–0.70%** |
| Air Products and Chemicals, Inc. | 100002 | &nbsp;&nbsp; 29411588 |
| **Industrial Machinery & Supplies & Components–3.19%** | **Industrial Machinery & Supplies & Components–3.19%** | **Industrial Machinery & Supplies & Components–3.19%** |
| Fortive Corp. | 871045 | &nbsp;&nbsp; 41688214 |
| Parker-Hannifin Corp. | 120756 | &nbsp;&nbsp; 91696068 |
|  |  | &nbsp;&nbsp; 133384282 |
| **Insurance Brokers–1.88%** | **Insurance Brokers–1.88%** | **Insurance Brokers–1.88%** |
| Willis Towers Watson PLC | 240072 | &nbsp;&nbsp; 78453129 |
| **Integrated Oil & Gas–4.96%** | **Integrated Oil & Gas–4.96%** | **Integrated Oil & Gas–4.96%** |
| Chevron Corp. | 378205 | &nbsp;&nbsp; 60739723 |
| Exxon Mobil Corp. | 476008 | &nbsp;&nbsp; 54402954 |
| Shell PLC (United Kingdom) | 1536402 | &nbsp;&nbsp; 56569314 |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup>  | 861540 | &nbsp;&nbsp; 35613373 |
|  |  | &nbsp;&nbsp; 207325364 |
| **Interactive Media & Services–2.47%** | **Interactive Media & Services–2.47%** | **Interactive Media & Services–2.47%** |
| Alphabet, Inc., Class A | 303136 | &nbsp;&nbsp; 64540686 |
| Meta Platforms, Inc., Class A | 52356 | &nbsp;&nbsp; 38675377 |
|  |  | &nbsp;&nbsp; 103216063 |
| **Investment Banking & Brokerage–3.41%** | **Investment Banking & Brokerage–3.41%** | **Investment Banking & Brokerage–3.41%** |
| Charles Schwab Corp. (The) | 884598 | &nbsp;&nbsp; 84779873 |
| Goldman Sachs Group, Inc. (The) | 77293 | &nbsp;&nbsp; 57602608 |
|  |  | &nbsp;&nbsp; 142382481 |
| **IT Consulting & Other Services–0.97%** | **IT Consulting & Other Services–0.97%** | **IT Consulting & Other Services–0.97%** |
| Cognizant Technology Solutions Corp., <br> Class A | 562051 | &nbsp;&nbsp; 40608185 |
| **Life Sciences Tools & Services–1.23%** | **Life Sciences Tools & Services–1.23%** | **Life Sciences Tools & Services–1.23%** |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 95396 | &nbsp;&nbsp; 18202511 |
| Thermo Fisher Scientific, Inc. | 67241 | &nbsp;&nbsp; 33130985 |
|  |  | &nbsp;&nbsp; 51333496 |
| **Managed Health Care–2.40%** | **Managed Health Care–2.40%** | **Managed Health Care–2.40%** |
| Elevance Health, Inc. | 81053 | &nbsp;&nbsp; 25827539 |
| Humana, Inc. | 105890 | &nbsp;&nbsp; 32154557 |
| UnitedHealth Group, Inc. | 136169 | &nbsp;&nbsp; 42194688 |
|  |  | &nbsp;&nbsp; 100176784 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Growth and Income Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–2.01%** | **Movies & Entertainment–2.01%** | **Movies & Entertainment–2.01%** |
| Walt Disney Co. (The) | 709781 | &nbsp;&nbsp; $84023875 |
| **Multi-line Insurance–1.16%** | **Multi-line Insurance–1.16%** | **Multi-line Insurance–1.16%** |
| American International Group, Inc. | 594483 | &nbsp;&nbsp; 48343358 |
| **Multi-Utilities–0.75%** | **Multi-Utilities–0.75%** | **Multi-Utilities–0.75%** |
| Sempra | 381559 | &nbsp;&nbsp; 31501511 |
| **Oil & Gas Exploration & Production–2.25%** | **Oil & Gas Exploration & Production–2.25%** | **Oil & Gas Exploration & Production–2.25%** |
| ConocoPhillips | 668098 | &nbsp;&nbsp; 66121659 |
| EQT Corp. | 540882 | &nbsp;&nbsp; 28039323 |
|  |  | &nbsp;&nbsp; 94160982 |
| **Pharmaceuticals–6.21%** | **Pharmaceuticals–6.21%** | **Pharmaceuticals–6.21%** |
| Bristol-Myers Squibb Co. | 835259 | &nbsp;&nbsp; 39407520 |
| Johnson & Johnson | 485138 | &nbsp;&nbsp; 85951899 |
| Merck & Co., Inc. | 637835 | &nbsp;&nbsp; 53654680 |
| Pfizer, Inc. | 1049551 | &nbsp;&nbsp; 25986883 |
| Sanofi S.A. | 547117 | &nbsp;&nbsp; 54280544 |
|  |  | &nbsp;&nbsp; 259281526 |
| **Property & Casualty Insurance–0.72%** | **Property & Casualty Insurance–0.72%** | **Property & Casualty Insurance–0.72%** |
| Allstate Corp. (The) | 146894 | &nbsp;&nbsp; 29885584 |
| **Rail Transportation–1.22%** | **Rail Transportation–1.22%** | **Rail Transportation–1.22%** |
| Norfolk Southern Corp. | 182452 | &nbsp;&nbsp; 51082911 |
| **Real Estate Services–1.72%** | **Real Estate Services–1.72%** | **Real Estate Services–1.72%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 441949 | &nbsp;&nbsp; 71648772 |
| **Regional Banks–1.89%** | **Regional Banks–1.89%** | **Regional Banks–1.89%** |
| Citizens Financial Group, Inc. | 1508010 | &nbsp;&nbsp; 78838763 |
| **Restaurants–1.16%** | **Restaurants–1.16%** | **Restaurants–1.16%** |
| Starbucks Corp. | 550599 | &nbsp;&nbsp; 48557326 |
| **Semiconductor Materials & Equipment–0.95%** | **Semiconductor Materials & Equipment–0.95%** | **Semiconductor Materials & Equipment–0.95%** |
| Lam Research Corp. | 397041 | &nbsp;&nbsp; 39763656 |
| **Semiconductors–4.08%** | **Semiconductors–4.08%** | **Semiconductors–4.08%** |
| Microchip Technology, Inc. | 1183734 | &nbsp;&nbsp; 76942710 |
| NVIDIA Corp. | 267258 | &nbsp;&nbsp; 46550998 |
| NXP Semiconductors N.V. (Netherlands) | 199301 | &nbsp;&nbsp; 46805840 |
|  |  | &nbsp;&nbsp; 170299548 |
| **Specialty Chemicals–1.47%** | **Specialty Chemicals–1.47%** | **Specialty Chemicals–1.47%** |
| DuPont de Nemours, Inc. | 422618 | &nbsp;&nbsp; 32507777 |
| PPG Industries, Inc. | 257867 | &nbsp;&nbsp; 28682546 |
|  |  | &nbsp;&nbsp; 61190323 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–3.49%** | **Systems Software–3.49%** | **Systems Software–3.49%** | **Systems Software–3.49%** |
| Microsoft Corp. | Microsoft Corp. | 195745 | &nbsp;&nbsp; $99182034 |
| Oracle Corp. | Oracle Corp. | 205906 | &nbsp;&nbsp; 46561524 |
|  |  |  | &nbsp;&nbsp; 145743558 |
| **Tobacco–2.13%** | **Tobacco–2.13%** | **Tobacco–2.13%** | **Tobacco–2.13%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 532233 | &nbsp;&nbsp; 88952101 |
| **Trading Companies & Distributors–1.37%** | **Trading Companies & Distributors–1.37%** | **Trading Companies & Distributors–1.37%** | **Trading Companies & Distributors–1.37%** |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 246713 | &nbsp;&nbsp; 57027710 |
| **Transaction & Payment Processing Services–2.29%** | **Transaction & Payment Processing Services–2.29%** | **Transaction & Payment Processing Services–2.29%** | **Transaction & Payment Processing Services–2.29%** |
| Fidelity National Information Services, <br> Inc. | Fidelity National Information Services, <br> Inc. | 675308 | &nbsp;&nbsp; 47143252 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 352189 | &nbsp;&nbsp; 48665476 |
|  |  |  | &nbsp;&nbsp; 95808728 |
| **Wireless Telecommunication Services–1.10%** | **Wireless Telecommunication Services–1.10%** | **Wireless Telecommunication Services–1.10%** | **Wireless Telecommunication Services–1.10%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 181557 | &nbsp;&nbsp; 45750548 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,693,908,414) | Total Common Stocks & Other Equity Interests <br> (Cost $2,693,908,414) | Total Common Stocks & Other Equity Interests <br> (Cost $2,693,908,414) | &nbsp;&nbsp; 4045413434 |
| **Money Market Funds–3.05%** | **Money Market Funds–3.05%** | **Money Market Funds–3.05%** | **Money Market Funds–3.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup>  | 44655894 | &nbsp;&nbsp; 44655894 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(e)</sup>  | 82933133 | &nbsp;&nbsp; 82933133 |
| Total Money Market Funds (Cost $127,589,027) | Total Money Market Funds (Cost $127,589,027) | Total Money Market Funds (Cost $127,589,027) | &nbsp;&nbsp; 127589027 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.90% <br> (Cost $2,821,497,441)<br>|  |  | &nbsp;&nbsp; 4173002461 |
| **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–0.89%** | **Money Market Funds–0.89%** | **Money Market Funds–0.89%** | **Money Market Funds–0.89%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup>  | 10427153 | &nbsp;&nbsp; 10427153 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 26803478 | &nbsp;&nbsp; 26811519 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $37,238,672) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $37,238,672) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $37,238,672) | &nbsp;&nbsp; 37238672 |
| TOTAL INVESTMENTS IN SECURITIES–100.79% <br> (Cost $2,858,736,113) | TOTAL INVESTMENTS IN SECURITIES–100.79% <br> (Cost $2,858,736,113) | TOTAL INVESTMENTS IN SECURITIES–100.79% <br> (Cost $2,858,736,113) | &nbsp;&nbsp; 4210241133 |
| OTHER ASSETS LESS LIABILITIES—(0.79)% | OTHER ASSETS LESS LIABILITIES—(0.79)% | OTHER ASSETS LESS LIABILITIES—(0.79)% | &nbsp;&nbsp; (33017276)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $4177223857 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Growth 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 August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $24923577 | &nbsp;&nbsp; $173303624 | &nbsp;&nbsp; $(153571307) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $44655894 | &nbsp;&nbsp; $1770207 |
| Invesco Treasury Portfolio, Institutional Class | 46287402 | &nbsp;&nbsp; 321849587 | &nbsp;&nbsp; (285203856) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 82933133 | &nbsp;&nbsp; 3263732 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 14526116 | &nbsp;&nbsp; 186091098 | &nbsp;&nbsp; (190190061) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10427153 | &nbsp;&nbsp; 166,393\* |
| Invesco Private Prime Fund | 37845036 | &nbsp;&nbsp; 456465144 | &nbsp;&nbsp; (467495067) | &nbsp;&nbsp; - | &nbsp;&nbsp; (3594) | &nbsp;&nbsp; 26811519 | &nbsp;&nbsp; 467,629\* |
| Total | $123582131 | &nbsp;&nbsp; $1137709453 | &nbsp;&nbsp; $(1096460291) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(3594) | &nbsp;&nbsp; $164827699 | &nbsp;&nbsp; $5667961 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 09/08/2025 | State Street Bank & Trust Co. | CAD | 1253541 | USD | 913393 | &nbsp;&nbsp;&nbsp; $364 |
| 09/08/2025 | State Street Bank & Trust Co. | USD | 493228 | CAD | 678463 | &nbsp;&nbsp;&nbsp; 938 |
| 09/08/2025 | State Street Bank & Trust Co. | USD | 1116949 | EUR | 956087 | &nbsp;&nbsp;&nbsp; 1948 |
| 09/08/2025 | State Street Bank & Trust Co. | USD | 929903 | GBP | 691382 | &nbsp;&nbsp;&nbsp; 4625 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 7875 |
| **Currency Risk** |  |  |  |  |  |  |
| 09/08/2025 | Bank of New York Mellon (The) | CAD | 35480371 | USD | 25788902 | &nbsp;&nbsp;&nbsp; (53571)<br>|
| 09/08/2025 | Bank of New York Mellon (The) | EUR | 32351028 | USD | 37497365 | &nbsp;&nbsp;&nbsp; (362645)<br>|
| 09/08/2025 | State Street Bank & Trust Co. | CAD | 917540 | USD | 662295 | &nbsp;&nbsp;&nbsp; (6004)<br>|
| 09/08/2025 | State Street Bank & Trust Co. | EUR | 4095171 | USD | 4768892 | &nbsp;&nbsp;&nbsp; (23635)<br>|
| 09/08/2025 | State Street Bank & Trust Co. | GBP | 31711339 | USD | 42124708 | &nbsp;&nbsp;&nbsp; (738912)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (1184767)<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; $(1176892)<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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,693,908,414)\*<br>| &nbsp;&nbsp; $4045413434 |
| Investments in affiliated money market funds, at value <br> (Cost $164,827,699)<br>| &nbsp;&nbsp; 164827699 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 7875 |
| Foreign currencies, at value (Cost $914) | &nbsp;&nbsp; 906 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 6092007 |
| Fund shares sold | &nbsp;&nbsp; 1031666 |
| Dividends | &nbsp;&nbsp; 7803457 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 645532 |
| Other assets | &nbsp;&nbsp; 65853 |
| Total assets | &nbsp;&nbsp; 4225888429 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1184767 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 6147838 |
| Fund shares reacquired | &nbsp;&nbsp; 1603345 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 37238672 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1640757 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 7859 |
| Accrued other operating expenses | &nbsp;&nbsp; 163348 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 677986 |
| Total liabilities | &nbsp;&nbsp; 48664572 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $4177223857 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2624285441 |
| Distributable earnings | &nbsp;&nbsp; 1552938416 |
|  | &nbsp;&nbsp; $4177223857 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $2676634100 |
| Class C | &nbsp;&nbsp; $26542175 |
| Class R | &nbsp;&nbsp; $56041420 |
| Class Y | &nbsp;&nbsp; $327497802 |
| Class R5 | &nbsp;&nbsp; $194435173 |
| Class R6 | &nbsp;&nbsp; $896073187 |
| **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; 115565582 |
| Class C | &nbsp;&nbsp; 1175584 |
| Class R | &nbsp;&nbsp; 2414369 |
| Class Y | &nbsp;&nbsp; 14127384 |
| Class R5 | &nbsp;&nbsp; 8370718 |
| Class R6 | &nbsp;&nbsp; 38576137 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $23.16 |
| Maximum offering price per share <br>(Net asset value of $23.16 ÷ 94.50%)<br>| &nbsp;&nbsp; $24.51 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.58 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.21 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.18 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.23 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.23 |

---

\* At August 31, 2025, securities with an aggregate value of $35,248,850 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $358,429) | &nbsp;&nbsp; $77854277 |
| Dividends from affiliated money market funds (includes net securities lending income of $49,305) | &nbsp;&nbsp; 5083244 |
| Total investment income | &nbsp;&nbsp; 82937521 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 14707380 |
| Administrative services fees | &nbsp;&nbsp; 565215 |
| Custodian fees | &nbsp;&nbsp; 30522 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 6528809 |
| Class C | &nbsp;&nbsp; 266194 |
| Class R | &nbsp;&nbsp; 268603 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 4137406 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 195688 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 259781 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 56123 |
| Registration and filing fees | &nbsp;&nbsp; 127703 |
| Reports to shareholders | &nbsp;&nbsp; 251349 |
| Professional services fees | &nbsp;&nbsp; 88809 |
| Other | &nbsp;&nbsp; 60805 |
| Total expenses | &nbsp;&nbsp; 27544387 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (170820)<br>|
| Net expenses | &nbsp;&nbsp; 27373567 |
| Net investment income | &nbsp;&nbsp; 55563954 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 352951565 |
| Affiliated investment securities | &nbsp;&nbsp; (3594)<br>|
| Foreign currencies | &nbsp;&nbsp; (88411)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (2912927)<br>|
|  | &nbsp;&nbsp; 349946633 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 29823739 |
| Foreign currencies | &nbsp;&nbsp; (11711)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 1090700 |
|  | &nbsp;&nbsp; 30902728 |
| Net realized and unrealized gain | &nbsp;&nbsp; 380849361 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $436413315 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $55563954 | &nbsp;&nbsp; $60080359 |
| Net realized gain | &nbsp;&nbsp; 349946633 | &nbsp;&nbsp; 347920378 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 30902728 | &nbsp;&nbsp; 403444452 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 436413315 | &nbsp;&nbsp; 811445189 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (257956991)<br>| &nbsp;&nbsp; (300185564)<br>|
| Class C | &nbsp;&nbsp; (2563590)<br>| &nbsp;&nbsp; (3460670)<br>|
| Class R | &nbsp;&nbsp; (5078034)<br>| &nbsp;&nbsp; (6532451)<br>|
| Class Y | &nbsp;&nbsp; (36313362)<br>| &nbsp;&nbsp; (43157093)<br>|
| Class R5 | &nbsp;&nbsp; (19566393)<br>| &nbsp;&nbsp; (28332007)<br>|
| Class R6 | &nbsp;&nbsp; (85934317)<br>| &nbsp;&nbsp; (103212723)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (407412687)<br>| &nbsp;&nbsp; (484880508)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 6952738 | &nbsp;&nbsp; 7428976 |
| Class C | &nbsp;&nbsp; (2474356)<br>| &nbsp;&nbsp; (3154855)<br>|
| Class R | &nbsp;&nbsp; 3368848 | &nbsp;&nbsp; (5373337)<br>|
| Class Y | &nbsp;&nbsp; (39778902)<br>| &nbsp;&nbsp; (10026423)<br>|
| Class R5 | &nbsp;&nbsp; (57994528)<br>| &nbsp;&nbsp; (98768283)<br>|
| Class R6 | &nbsp;&nbsp; 32066367 | &nbsp;&nbsp; (14825913)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (57859833)<br>| &nbsp;&nbsp; (124719835)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (28859205)<br>| &nbsp;&nbsp; 201844846 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4206083062 | &nbsp;&nbsp; 4004238216 |
| End of year | &nbsp;&nbsp; $4177223857 | &nbsp;&nbsp; $4206083062 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Growth and Income Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 08/31/25 | $23.01 | $0.28 | $2.15 | $2.43 | $(0.27)<br>| $(2.01)<br>| $(2.28)<br>| $23.16 | 11.11<br> %<br>| &nbsp;&nbsp; $2676634 | 0.78<br> %<br>| 0.78<br> %<br>| 1.25<br> %<br>| 26<br> %<br>|
| 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** |
| 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>(d)</sup><br>| &nbsp;&nbsp; 26542 | 1.52 <br><sup>(d)</sup><br>| 1.52 <br><sup>(d)</sup><br>| 0.51 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 28958 | 1.53 <br><sup>(d)</sup><br>| 1.53 <br><sup>(d)</sup><br>| 0.66 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 29875 | 1.52 <br><sup>(d)</sup><br>| 1.52 <br><sup>(d)</sup><br>| 0.84 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 32497 | 1.52 <br><sup>(d)</sup><br>| 1.52 <br><sup>(d)</sup><br>| 0.54 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 39357 | 1.50 <br><sup>(d)</sup><br>| 1.50 <br><sup>(d)</sup><br>| 0.52 <br><sup>(d)</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** |
| 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** |
| 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** |
| 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** |
| 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 |

---

<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> 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 0.99%, 0.99%, 0.98%, 0.99% and 0.95% for 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**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**9**

**Invesco Growth and Income Fund**

------

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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

**10**

**Invesco Growth and Income Fund**

------

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 year ended August 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**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 year ended August 31, 2025, 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

**11**

**Invesco Growth and Income Fund**

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Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $136,997.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $272,220 in front-end sales commissions from the sale of Class A shares and $4,201 and $453 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $116,024 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 August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $3934563576 | &nbsp;&nbsp;&nbsp;&nbsp; $110849858 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4045413434 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 127589027 | &nbsp;&nbsp;&nbsp;&nbsp; 37238672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164827699 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 4062152603 | &nbsp;&nbsp;&nbsp;&nbsp; 148088530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4210241133 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7875 |

---

**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; $(1184767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1184767)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1176892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1176892)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $4062152603 | &nbsp;&nbsp;&nbsp;&nbsp; $146911638 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4209064241 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $7875 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $7875 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(1184767)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1184767)<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 August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(416216)<br>| &nbsp;&nbsp;&nbsp; $(416216)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(416216)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 7875 | &nbsp;&nbsp;&nbsp; (768551)<br>| &nbsp;&nbsp;&nbsp; (760676)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (760676)<br>|
| Total | &nbsp;&nbsp;&nbsp; $7875 | &nbsp;&nbsp;&nbsp; $(1184767)<br>| &nbsp;&nbsp;&nbsp; $(1176892)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1176892)<br>|

---

**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2912927)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1090700 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1822227)<br>|

---

**13**

**Invesco Growth and Income Fund**

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The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $288246348 |

---

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $33,823.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $65213033 | &nbsp;&nbsp;&nbsp;&nbsp; $67622111 |
| Long-term capital gain | &nbsp;&nbsp; 342199654 | &nbsp;&nbsp;&nbsp;&nbsp; 417258397 |
| Total distributions | &nbsp;&nbsp; $407412687 | &nbsp;&nbsp;&nbsp;&nbsp; $484880508 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $15172151 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 213716218 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 1324419632 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 13493 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (383078)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2624285441 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $4177223857 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does 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 year ended August 31, 2025 was $1,023,589,806 and $1,489,632,872, respectively. As of August 31, 2025, the aggregate cost of

**14**

**Invesco Growth and Income 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; $1400311697 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (75892065)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1324419632 |

---

Cost of investments for tax purposes is $2,884,644,609.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on August 31, 2025, undistributed net investment income was decreased by $88,410, undistributed net realized gain was decreased by $16,470,587 and shares of beneficial interest was increased by $16,558,997. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5659434 | &nbsp;&nbsp;&nbsp; $125108333 | &nbsp;&nbsp;&nbsp; 5659928 | &nbsp;&nbsp;&nbsp; $120499912 |
| Class C | &nbsp;&nbsp;&nbsp; 213415 | &nbsp;&nbsp;&nbsp; 4614160 | &nbsp;&nbsp;&nbsp; 188636 | &nbsp;&nbsp;&nbsp; 3908242 |
| Class R | &nbsp;&nbsp;&nbsp; 425207 | &nbsp;&nbsp;&nbsp; 9467744 | &nbsp;&nbsp;&nbsp; 396500 | &nbsp;&nbsp;&nbsp; 8471919 |
| Class Y | &nbsp;&nbsp;&nbsp; 1756074 | &nbsp;&nbsp;&nbsp; 38901134 | &nbsp;&nbsp;&nbsp; 2328622 | &nbsp;&nbsp;&nbsp; 49659891 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1174298 | &nbsp;&nbsp;&nbsp; 26722188 | &nbsp;&nbsp;&nbsp; 1246983 | &nbsp;&nbsp;&nbsp; 26754719 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5748893 | &nbsp;&nbsp;&nbsp; 126474316 | &nbsp;&nbsp;&nbsp; 5635348 | &nbsp;&nbsp;&nbsp; 119311443 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10808737 | &nbsp;&nbsp;&nbsp; 239055612 | &nbsp;&nbsp;&nbsp; 14517410 | &nbsp;&nbsp;&nbsp; 289238470 |
| Class C | &nbsp;&nbsp;&nbsp; 114144 | &nbsp;&nbsp;&nbsp; 2463568 | &nbsp;&nbsp;&nbsp; 172443 | &nbsp;&nbsp;&nbsp; 3349737 |
| Class R | &nbsp;&nbsp;&nbsp; 228998 | &nbsp;&nbsp;&nbsp; 5077959 | &nbsp;&nbsp;&nbsp; 327364 | &nbsp;&nbsp;&nbsp; 6532394 |
| Class Y | &nbsp;&nbsp;&nbsp; 1337834 | &nbsp;&nbsp;&nbsp; 29604374 | &nbsp;&nbsp;&nbsp; 1955458 | &nbsp;&nbsp;&nbsp; 38988158 |
| Class R5 | &nbsp;&nbsp;&nbsp; 881827 | &nbsp;&nbsp;&nbsp; 19557838 | &nbsp;&nbsp;&nbsp; 1411786 | &nbsp;&nbsp;&nbsp; 28241376 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3825994 | &nbsp;&nbsp;&nbsp; 84815691 | &nbsp;&nbsp;&nbsp; 5146729 | &nbsp;&nbsp;&nbsp; 102918903 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 233978 | &nbsp;&nbsp;&nbsp; 5219473 | &nbsp;&nbsp;&nbsp; 210733 | &nbsp;&nbsp;&nbsp; 4533644 |
| Class C | &nbsp;&nbsp;&nbsp; (239792)<br>| &nbsp;&nbsp;&nbsp; (5219473)<br>| &nbsp;&nbsp;&nbsp; (215605)<br>| &nbsp;&nbsp;&nbsp; (4533644)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (16406685)<br>| &nbsp;&nbsp;&nbsp; (362430680)<br>| &nbsp;&nbsp;&nbsp; (19220930)<br>| &nbsp;&nbsp;&nbsp; (406843050)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (201054)<br>| &nbsp;&nbsp;&nbsp; (4332611)<br>| &nbsp;&nbsp;&nbsp; (284306)<br>| &nbsp;&nbsp;&nbsp; (5879190)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (504169)<br>| &nbsp;&nbsp;&nbsp; (11176855)<br>| &nbsp;&nbsp;&nbsp; (946794)<br>| &nbsp;&nbsp;&nbsp; (20377650)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (4942496)<br>| &nbsp;&nbsp;&nbsp; (108284410)<br>| &nbsp;&nbsp;&nbsp; (4665561)<br>| &nbsp;&nbsp;&nbsp; (98674472)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (4548825)<br>| &nbsp;&nbsp;&nbsp; (104274554)<br>| &nbsp;&nbsp;&nbsp; (7160491)<br>| &nbsp;&nbsp;&nbsp; (153764378)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (8027143)<br>| &nbsp;&nbsp;&nbsp; (179223640)<br>| &nbsp;&nbsp;&nbsp; (11240954)<br>| &nbsp;&nbsp;&nbsp; (237056259)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2461331)<br>| &nbsp;&nbsp;&nbsp; $(57859833)<br>| &nbsp;&nbsp;&nbsp; (4536701)<br>| &nbsp;&nbsp;&nbsp; $(124719835)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**Invesco Growth and Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Growth and Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Growth and Income Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**16**

**Invesco Growth and Income Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Growth and Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**17**

**Invesco Growth and Income Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered additional information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding

fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.

**18**

**Invesco Growth and Income Fund**

------

The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**19**

**Invesco Growth and Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $358758654 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 98.35% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $11354792 |

---

**20**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco Growth and Income Fund**

------

![](img5b38c80e1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

VK-GRI-NCSR

------

![](img838ae19e1.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Income Advantage U.S. Fund**

Nasdaq:

A: SCAUX ■ C: SCCUX ■ R: SCRUX ■ Y: SCAYX ■ Investor: SCNUX ■ R5: SCIUX ■ R6: SLESX

------

---

| | |
|:---|:---|
| [2](#xx_65073616-fd6d-4251-a414-96c594f255fd_SOI-Continued-93_1) | Schedule of Investments |
| [9](#xx_65073616-fd6d-4251-a414-96c594f255fd_FS-Continued-93_1) | Financial Statements |
| [12](#xx_65073616-fd6d-4251-a414-96c594f255fd_FS-Continued-93_4) | Financial Highlights |
| [13](#xx_65073616-fd6d-4251-a414-96c594f255fd_NTF-Continued-93_1) | Notes to Financial Statements |
| [19](#xx_65073616-fd6d-4251-a414-96c594f255fd_ARS-Continued-93_1) | Report of Independent Registered Public Accounting Firm |
| [20](#xx_65073616-fd6d-4251-a414-96c594f255fd_AOC-Continued-93_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [22](#xx_65073616-fd6d-4251-a414-96c594f255fd_TI-Continued-93_1) | Tax Information |
| [23](#xx_65073616-fd6d-4251-a414-96c594f255fd_OIRSR-Continued-93_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–76.84%** | **Common Stocks & Other Equity Interests–76.84%** | **Common Stocks & Other Equity Interests–76.84%** |
| **Advertising–0.03%** | **Advertising–0.03%** | **Advertising–0.03%** |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup>  | 1147 | &nbsp;&nbsp; $62695 |
| **Aerospace & Defense–1.72%** | **Aerospace & Defense–1.72%** | **Aerospace & Defense–1.72%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 220 | &nbsp;&nbsp; 164404 |
| Boeing Co. (The)<sup>(b)</sup>  | 1940 | &nbsp;&nbsp; 455279 |
| General Dynamics Corp. | 846 | &nbsp;&nbsp; 274586 |
| General Electric Co. | 2866 | &nbsp;&nbsp; 788723 |
| Howmet Aerospace, Inc. | 1115 | &nbsp;&nbsp; 194122 |
| L3Harris Technologies, Inc. | 560 | &nbsp;&nbsp; 155467 |
| Lockheed Martin Corp. | 693 | &nbsp;&nbsp; 315752 |
| Northrop Grumman Corp. | 435 | &nbsp;&nbsp; 256668 |
| RTX Corp. | 3782 | &nbsp;&nbsp; 599825 |
| TransDigm Group, Inc. | 156 | &nbsp;&nbsp; 218225 |
|  |  | &nbsp;&nbsp; 3423051 |
| **Agricultural & Farm Machinery–0.19%** | **Agricultural & Farm Machinery–0.19%** | **Agricultural & Farm Machinery–0.19%** |
| Deere & Co. | 784 | &nbsp;&nbsp; 375254 |
| **Agricultural Products & Services–0.04%** | **Agricultural Products & Services–0.04%** | **Agricultural Products & Services–0.04%** |
| Archer-Daniels-Midland Co. | 1310 | &nbsp;&nbsp; 82058 |
| **Air Freight & Logistics–0.18%** | **Air Freight & Logistics–0.18%** | **Air Freight & Logistics–0.18%** |
| FedEx Corp. | 702 | &nbsp;&nbsp; 162211 |
| United Parcel Service, Inc., Class B | 2191 | &nbsp;&nbsp; 191581 |
|  |  | &nbsp;&nbsp; 353792 |
| **Apparel Retail–0.29%** | **Apparel Retail–0.29%** | **Apparel Retail–0.29%** |
| Ross Stores, Inc. | 829 | &nbsp;&nbsp; 121996 |
| TJX Cos., Inc. (The) | 3313 | &nbsp;&nbsp; 452589 |
|  |  | &nbsp;&nbsp; 574585 |
| **Apparel, Accessories & Luxury Goods–0.03%** | **Apparel, Accessories & Luxury Goods–0.03%** | **Apparel, Accessories & Luxury Goods–0.03%** |
| lululemon athletica, inc.<sup>(b)</sup>  | 325 | &nbsp;&nbsp; 65715 |
| **Application Software–2.42%** | **Application Software–2.42%** | **Application Software–2.42%** |
| Adobe, Inc.<sup>(b)</sup>  | 1304 | &nbsp;&nbsp; 465137 |
| AppLovin Corp., Class A<sup>(b)</sup>  | 795 | &nbsp;&nbsp; 380479 |
| Autodesk, Inc.<sup>(b)</sup>  | 605 | &nbsp;&nbsp; 190394 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 740 | &nbsp;&nbsp; 259318 |
| Datadog, Inc., Class A<sup>(b)(c)</sup>  | 825 | &nbsp;&nbsp; 112761 |
| Fair Isaac Corp.<sup>(b)</sup>  | 69 | &nbsp;&nbsp; 104993 |
| HubSpot, Inc.<sup>(b)</sup>  | 146 | &nbsp;&nbsp; 70543 |
| Intuit, Inc. | 797 | &nbsp;&nbsp; 531599 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 6970 | &nbsp;&nbsp; 1092269 |
| Roper Technologies, Inc. | 363 | &nbsp;&nbsp; 191051 |
| Salesforce, Inc. | 2721 | &nbsp;&nbsp; 697256 |
| Strategy, Inc., Class A<sup>(b)</sup>  | 896 | &nbsp;&nbsp; 299631 |
| Synopsys, Inc.<sup>(b)</sup>  | 472 | &nbsp;&nbsp; 284861 |
| Workday, Inc., Class A<sup>(b)</sup>  | 601 | &nbsp;&nbsp; 138723 |
|  |  | &nbsp;&nbsp; 4819015 |
| **Asset Management & Custody Banks–0.80%** | **Asset Management & Custody Banks–0.80%** | **Asset Management & Custody Banks–0.80%** |
| Ameriprise Financial, Inc. | 274 | &nbsp;&nbsp; 141058 |
| Bank of New York Mellon Corp. (The) | 2035 | &nbsp;&nbsp; 214896 |
| BlackRock, Inc. | 385 | &nbsp;&nbsp; 433949 |
| Blackstone, Inc., Class A | 1957 | &nbsp;&nbsp; 335430 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| KKR & Co., Inc., Class A | 1748 | &nbsp;&nbsp; $243828 |
| Northern Trust Corp. | 599 | &nbsp;&nbsp; 78637 |
| State Street Corp. | 730 | &nbsp;&nbsp; 83928 |
| T. Rowe Price Group, Inc. | 651 | &nbsp;&nbsp; 70061 |
|  |  | &nbsp;&nbsp; 1601787 |
| **Automobile Manufacturers–1.48%** | **Automobile Manufacturers–1.48%** | **Automobile Manufacturers–1.48%** |
| Ford Motor Co.<sup>(c)</sup>  | 14099 | &nbsp;&nbsp; 165945 |
| General Motors Co. | 3913 | &nbsp;&nbsp; 229263 |
| Tesla, Inc.<sup>(b)</sup>  | 7669 | &nbsp;&nbsp; 2560449 |
|  |  | &nbsp;&nbsp; 2955657 |
| **Automotive Retail–0.33%** | **Automotive Retail–0.33%** | **Automotive Retail–0.33%** |
| AutoZone, Inc.<sup>(b)</sup>  | 53 | &nbsp;&nbsp; 222522 |
| Carvana Co.<sup>(b)</sup>  | 357 | &nbsp;&nbsp; 132776 |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 2852 | &nbsp;&nbsp; 295695 |
|  |  | &nbsp;&nbsp; 650993 |
| **Biotechnology–1.28%** | **Biotechnology–1.28%** | **Biotechnology–1.28%** |
| AbbVie, Inc. | 5430 | &nbsp;&nbsp; 1142472 |
| Amgen, Inc.<sup>(c)</sup>  | 1432 | &nbsp;&nbsp; 412001 |
| BioNTech SE, ADR (Germany)<sup>(b)</sup>  | 643 | &nbsp;&nbsp; 64300 |
| Gilead Sciences, Inc. | 4114 | &nbsp;&nbsp; 464759 |
| Regeneron Pharmaceuticals, Inc. | 292 | &nbsp;&nbsp; 169564 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 764 | &nbsp;&nbsp; 298739 |
|  |  | &nbsp;&nbsp; 2551835 |
| **Broadline Retail–3.32%** | **Broadline Retail–3.32%** | **Broadline Retail–3.32%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 26296 | &nbsp;&nbsp; 6021784 |
| Coupang, Inc. (South Korea)<sup>(b)</sup>  | 3111 | &nbsp;&nbsp; 88913 |
| eBay, Inc. | 1548 | &nbsp;&nbsp; 140264 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 144 | &nbsp;&nbsp; 356099 |
|  |  | &nbsp;&nbsp; 6607060 |
| **Building Products–0.29%** | **Building Products–0.29%** | **Building Products–0.29%** |
| Carrier Global Corp.<sup>(c)</sup>  | 2055 | &nbsp;&nbsp; 133986 |
| Johnson Controls International PLC | 1882 | &nbsp;&nbsp; 201167 |
| Trane Technologies PLC | 602 | &nbsp;&nbsp; 250191 |
|  |  | &nbsp;&nbsp; 585344 |
| **Cable & Satellite–0.30%** | **Cable & Satellite–0.30%** | **Cable & Satellite–0.30%** |
| Charter Communications, Inc., Class A<sup>(b)</sup>  | 310 | &nbsp;&nbsp; 82330 |
| Comcast Corp., Class A | 14937 | &nbsp;&nbsp; 507410 |
|  |  | &nbsp;&nbsp; 589740 |
| **Cargo Ground Transportation–0.04%** | **Cargo Ground Transportation–0.04%** | **Cargo Ground Transportation–0.04%** |
| Old Dominion Freight Line, Inc. | 515 | &nbsp;&nbsp; 77749 |
| **Casinos & Gaming–0.13%** | **Casinos & Gaming–0.13%** | **Casinos & Gaming–0.13%** |
| Flutter Entertainment PLC (United <br> Kingdom)<sup>(b)</sup>  | 471 | &nbsp;&nbsp; 144677 |
| Las Vegas Sands Corp. | 1912 | &nbsp;&nbsp; 110189 |
|  |  | &nbsp;&nbsp; 254866 |
| **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** |
| Dow, Inc. | 1843 | &nbsp;&nbsp; 45393 |

---

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** |
| **Communications Equipment–0.78%** | **Communications Equipment–0.78%** | **Communications Equipment–0.78%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 2657 | &nbsp;&nbsp; $362813 |
| Cisco Systems, Inc. | 13802 | &nbsp;&nbsp; 953580 |
| Motorola Solutions, Inc. | 508 | &nbsp;&nbsp; 240010 |
|  |  | &nbsp;&nbsp; 1556403 |
| **Computer & Electronics Retail–0.05%** | **Computer & Electronics Retail–0.05%** | **Computer & Electronics Retail–0.05%** |
| Dell Technologies, Inc., Class C | 847 | &nbsp;&nbsp; 103461 |
| **Construction & Engineering–0.08%** | **Construction & Engineering–0.08%** | **Construction & Engineering–0.08%** |
| Quanta Services, Inc. | 411 | &nbsp;&nbsp; 155341 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.44%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.44%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.44%** |
| Caterpillar, Inc. | 1388 | &nbsp;&nbsp; 581627 |
| Cummins, Inc. | 349 | &nbsp;&nbsp; 139056 |
| PACCAR, Inc. | 1488 | &nbsp;&nbsp; 148770 |
|  |  | &nbsp;&nbsp; 869453 |
| **Construction Materials–0.10%** | **Construction Materials–0.10%** | **Construction Materials–0.10%** |
| Martin Marietta Materials, Inc. | 154 | &nbsp;&nbsp; 94926 |
| Vulcan Materials Co. | 340 | &nbsp;&nbsp; 98994 |
|  |  | &nbsp;&nbsp; 193920 |
| **Consumer Electronics–0.06%** | **Consumer Electronics–0.06%** | **Consumer Electronics–0.06%** |
| Garmin Ltd. | 522 | &nbsp;&nbsp; 126230 |
| **Consumer Finance–0.46%** | **Consumer Finance–0.46%** | **Consumer Finance–0.46%** |
| American Express Co.<sup>(c)</sup>  | 2033 | &nbsp;&nbsp; 673492 |
| Capital One Financial Corp. | 1090 | &nbsp;&nbsp; 247670 |
|  |  | &nbsp;&nbsp; 921162 |
| **Consumer Staples Merchandise Retail–1.33%** | **Consumer Staples Merchandise Retail–1.33%** | **Consumer Staples Merchandise Retail–1.33%** |
| Costco Wholesale Corp. | 1255 | &nbsp;&nbsp; 1183867 |
| Dollar General Corp. | 652 | &nbsp;&nbsp; 70911 |
| Target Corp. | 1344 | &nbsp;&nbsp; 128997 |
| Walmart, Inc. | 13118 | &nbsp;&nbsp; 1272184 |
|  |  | &nbsp;&nbsp; 2655959 |
| **Copper–0.10%** | **Copper–0.10%** | **Copper–0.10%** |
| Freeport-McMoRan, Inc. | 4160 | &nbsp;&nbsp; 184704 |
| Southern Copper Corp. (Mexico)<sup>(c)</sup>  | 235 | &nbsp;&nbsp; 22577 |
|  |  | &nbsp;&nbsp; 207281 |
| **Data Center REITs–0.18%** | **Data Center REITs–0.18%** | **Data Center REITs–0.18%** |
| Digital Realty Trust, Inc. | 898 | &nbsp;&nbsp; 150541 |
| Equinix, Inc. | 276 | &nbsp;&nbsp; 216988 |
|  |  | &nbsp;&nbsp; 367529 |
| **Distillers & Vintners–0.04%** | **Distillers & Vintners–0.04%** | **Distillers & Vintners–0.04%** |
| Constellation Brands, Inc., Class A | 484 | &nbsp;&nbsp; 78379 |
| **Diversified Banks–2.81%** | **Diversified Banks–2.81%** | **Diversified Banks–2.81%** |
| Bank of America Corp. | 20968 | &nbsp;&nbsp; 1063916 |
| Citigroup, Inc. | 6191 | &nbsp;&nbsp; 597865 |
| Fifth Third Bancorp | 1852 | &nbsp;&nbsp; 84766 |
| JPMorgan Chase & Co. | 8169 | &nbsp;&nbsp; 2462300 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)</sup>  | 8993 | &nbsp;&nbsp; 133097 |
| PNC Financial Services Group, Inc. (The) | 1096 | &nbsp;&nbsp; 227354 |
| U.S. Bancorp | 4389 | &nbsp;&nbsp; 214315 |
| Wells Fargo & Co. | 9890 | &nbsp;&nbsp; 812760 |
|  |  | &nbsp;&nbsp; 5596373 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Diversified Financial Services–0.08%** | **Diversified Financial Services–0.08%** | **Diversified Financial Services–0.08%** |
| Apollo Global Management, Inc.<sup>(c)</sup>  | 1191 | &nbsp;&nbsp; $162250 |
| **Diversified Support Services–0.17%** | **Diversified Support Services–0.17%** | **Diversified Support Services–0.17%** |
| Cintas Corp. | 1022 | &nbsp;&nbsp; 214651 |
| Copart, Inc.<sup>(b)</sup>  | 2436 | &nbsp;&nbsp; 118901 |
|  |  | &nbsp;&nbsp; 333552 |
| **Electric Utilities–1.15%** | **Electric Utilities–1.15%** | **Electric Utilities–1.15%** |
| American Electric Power Co., Inc. | 1741 | &nbsp;&nbsp; 193286 |
| Constellation Energy Corp.<sup>(c)</sup>  | 881 | &nbsp;&nbsp; 271330 |
| Duke Energy Corp.<sup>(c)</sup>  | 2713 | &nbsp;&nbsp; 332315 |
| Edison International | 1205 | &nbsp;&nbsp; 67637 |
| Entergy Corp. | 1393 | &nbsp;&nbsp; 122709 |
| Eversource Energy<sup>(c)</sup>  | 1012 | &nbsp;&nbsp; 64839 |
| Exelon Corp. | 3316 | &nbsp;&nbsp; 144843 |
| FirstEnergy Corp.<sup>(c)</sup>  | 1870 | &nbsp;&nbsp; 81570 |
| NextEra Energy, Inc. | 5299 | &nbsp;&nbsp; 381793 |
| PG&E Corp. | 6789 | &nbsp;&nbsp; 103736 |
| PPL Corp. | 2513 | &nbsp;&nbsp; 91649 |
| Southern Co. (The) | 3441 | &nbsp;&nbsp; 317604 |
| Xcel Energy, Inc.<sup>(c)</sup>  | 1735 | &nbsp;&nbsp; 125597 |
|  |  | &nbsp;&nbsp; 2298908 |
| **Electrical Components & Equipment–0.47%** | **Electrical Components & Equipment–0.47%** | **Electrical Components & Equipment–0.47%** |
| AMETEK, Inc. | 666 | &nbsp;&nbsp; 123077 |
| Eaton Corp. PLC | 1006 | &nbsp;&nbsp; 351235 |
| Emerson Electric Co. | 1592 | &nbsp;&nbsp; 210144 |
| Rockwell Automation, Inc. | 311 | &nbsp;&nbsp; 106806 |
| Vertiv Holdings Co., Class A | 1142 | &nbsp;&nbsp; 145662 |
|  |  | &nbsp;&nbsp; 936924 |
| **Electronic Components–0.27%** | **Electronic Components–0.27%** | **Electronic Components–0.27%** |
| Amphenol Corp., Class A | 3538 | &nbsp;&nbsp; 385147 |
| Corning, Inc. | 2389 | &nbsp;&nbsp; 160134 |
|  |  | &nbsp;&nbsp; 545281 |
| **Electronic Equipment & Instruments–0.05%** | **Electronic Equipment & Instruments–0.05%** | **Electronic Equipment & Instruments–0.05%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 528 | &nbsp;&nbsp; 86291 |
| Ralliant Corp.<sup>(b)</sup>  | 352 | &nbsp;&nbsp; 14717 |
|  |  | &nbsp;&nbsp; 101008 |
| **Electronic Manufacturing Services–0.10%** | **Electronic Manufacturing Services–0.10%** | **Electronic Manufacturing Services–0.10%** |
| TE Connectivity PLC (Switzerland) | 982 | &nbsp;&nbsp; 202783 |
| **Environmental & Facilities Services–0.30%** | **Environmental & Facilities Services–0.30%** | **Environmental & Facilities Services–0.30%** |
| Republic Services, Inc. | 667 | &nbsp;&nbsp; 156058 |
| Waste Connections, Inc. | 782 | &nbsp;&nbsp; 144521 |
| Waste Management, Inc. | 1273 | &nbsp;&nbsp; 288195 |
|  |  | &nbsp;&nbsp; 588774 |
| **Fertilizers & Agricultural Chemicals–0.08%** | **Fertilizers & Agricultural Chemicals–0.08%** | **Fertilizers & Agricultural Chemicals–0.08%** |
| Corteva, Inc. | 2010 | &nbsp;&nbsp; 149122 |
| **Financial Exchanges & Data–0.86%** | **Financial Exchanges & Data–0.86%** | **Financial Exchanges & Data–0.86%** |
| CME Group, Inc., Class A | 1168 | &nbsp;&nbsp; 311284 |
| Coinbase Global, Inc., Class A<sup>(b)</sup>  | 520 | &nbsp;&nbsp; 158361 |
| Intercontinental Exchange, Inc. | 1609 | &nbsp;&nbsp; 284149 |
| Moody's Corp. | 486 | &nbsp;&nbsp; 247743 |
| MSCI, Inc. | 209 | &nbsp;&nbsp; 118654 |
| Nasdaq, Inc. | 1153 | &nbsp;&nbsp; 109235 |

---

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** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| S&P Global, Inc. | 868 | &nbsp;&nbsp; $476046 |
|  |  | &nbsp;&nbsp; 1705472 |
| **Food Distributors–0.06%** | **Food Distributors–0.06%** | **Food Distributors–0.06%** |
| Sysco Corp. | 1427 | &nbsp;&nbsp; 114831 |
| **Food Retail–0.08%** | **Food Retail–0.08%** | **Food Retail–0.08%** |
| Kroger Co. (The) | 2291 | &nbsp;&nbsp; 155421 |
| **Footwear–0.13%** | **Footwear–0.13%** | **Footwear–0.13%** |
| NIKE, Inc., Class B | 3325 | &nbsp;&nbsp; 257255 |
| **Gold–0.15%** | **Gold–0.15%** | **Gold–0.15%** |
| Newmont Corp. | 3930 | &nbsp;&nbsp; 292392 |
| **Health Care Distributors–0.26%** | **Health Care Distributors–0.26%** | **Health Care Distributors–0.26%** |
| Cardinal Health, Inc. | 715 | &nbsp;&nbsp; 106378 |
| Cencora, Inc. | 550 | &nbsp;&nbsp; 160385 |
| McKesson Corp. | 379 | &nbsp;&nbsp; 260237 |
|  |  | &nbsp;&nbsp; 527000 |
| **Health Care Equipment–1.56%** | **Health Care Equipment–1.56%** | **Health Care Equipment–1.56%** |
| Abbott Laboratories | 5049 | &nbsp;&nbsp; 669800 |
| Becton, Dickinson and Co. | 876 | &nbsp;&nbsp; 169050 |
| Boston Scientific Corp.<sup>(b)</sup>  | 4407 | &nbsp;&nbsp; 464938 |
| DexCom, Inc.<sup>(b)</sup>  | 996 | &nbsp;&nbsp; 75039 |
| Edwards Lifesciences Corp.<sup>(b)</sup>  | 1545 | &nbsp;&nbsp; 125670 |
| GE HealthCare Technologies, Inc. | 1253 | &nbsp;&nbsp; 92384 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 218 | &nbsp;&nbsp; 141066 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 953 | &nbsp;&nbsp; 451050 |
| Medtronic PLC | 3771 | &nbsp;&nbsp; 349987 |
| ResMed, Inc.<sup>(c)</sup>  | 375 | &nbsp;&nbsp; 102941 |
| STERIS PLC | 278 | &nbsp;&nbsp; 68127 |
| Stryker Corp. | 1001 | &nbsp;&nbsp; 391801 |
|  |  | &nbsp;&nbsp; 3101853 |
| **Health Care Facilities–0.10%** | **Health Care Facilities–0.10%** | **Health Care Facilities–0.10%** |
| HCA Healthcare, Inc. | 508 | &nbsp;&nbsp; 205212 |
| **Health Care REITs–0.20%** | **Health Care REITs–0.20%** | **Health Care REITs–0.20%** |
| Ventas, Inc. | 1294 | &nbsp;&nbsp; 88096 |
| Welltower, Inc. | 1880 | &nbsp;&nbsp; 316366 |
|  |  | &nbsp;&nbsp; 404462 |
| **Health Care Services–0.31%** | **Health Care Services–0.31%** | **Health Care Services–0.31%** |
| Cigna Group (The) | 779 | &nbsp;&nbsp; 234378 |
| CVS Health Corp. | 4136 | &nbsp;&nbsp; 302548 |
| Labcorp Holdings, Inc. | 261 | &nbsp;&nbsp; 72555 |
|  |  | &nbsp;&nbsp; 609481 |
| **Health Care Technology–0.06%** | **Health Care Technology–0.06%** | **Health Care Technology–0.06%** |
| Veeva Systems, Inc., Class A<sup>(b)(c)</sup>  | 406 | &nbsp;&nbsp; 109295 |
| **Heavy Electrical Equipment–0.29%** | **Heavy Electrical Equipment–0.29%** | **Heavy Electrical Equipment–0.29%** |
| GE Vernova, Inc. | 946 | &nbsp;&nbsp; 579870 |
| **Home Improvement Retail–0.79%** | **Home Improvement Retail–0.79%** | **Home Improvement Retail–0.79%** |
| Home Depot, Inc. (The) | 2836 | &nbsp;&nbsp; 1153600 |
| Lowe's Cos., Inc. | 1618 | &nbsp;&nbsp; 417541 |
|  |  | &nbsp;&nbsp; 1571141 |
| **Homebuilding–0.12%** | **Homebuilding–0.12%** | **Homebuilding–0.12%** |
| D.R. Horton, Inc. | 825 | &nbsp;&nbsp; 139821 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Homebuilding–(continued)** | **Homebuilding–(continued)** | **Homebuilding–(continued)** |
| Lennar Corp., Class A<sup>(c)</sup>  | 727 | &nbsp;&nbsp; $96793 |
|  |  | &nbsp;&nbsp; 236614 |
| **Hotels, Resorts & Cruise Lines–0.69%** | **Hotels, Resorts & Cruise Lines–0.69%** | **Hotels, Resorts & Cruise Lines–0.69%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 1245 | &nbsp;&nbsp; 162510 |
| Booking Holdings, Inc. | 104 | &nbsp;&nbsp; 582301 |
| Hilton Worldwide Holdings, Inc. | 657 | &nbsp;&nbsp; 181372 |
| Marriott International, Inc., Class A | 640 | &nbsp;&nbsp; 171430 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 732 | &nbsp;&nbsp; 265877 |
|  |  | &nbsp;&nbsp; 1363490 |
| **Household Products–0.71%** | **Household Products–0.71%** | **Household Products–0.71%** |
| Church & Dwight Co., Inc.<sup>(c)</sup>  | 694 | &nbsp;&nbsp; 64653 |
| Colgate-Palmolive Co. | 2584 | &nbsp;&nbsp; 217237 |
| Kimberly-Clark Corp. | 964 | &nbsp;&nbsp; 124491 |
| Procter & Gamble Co. (The) | 6375 | &nbsp;&nbsp; 1001130 |
|  |  | &nbsp;&nbsp; 1407511 |
| **Human Resource & Employment Services–0.27%** | **Human Resource & Employment Services–0.27%** | **Human Resource & Employment Services–0.27%** |
| Automatic Data Processing, Inc. | 1314 | &nbsp;&nbsp; 399522 |
| Paychex, Inc. | 961 | &nbsp;&nbsp; 134016 |
|  |  | &nbsp;&nbsp; 533538 |
| **Independent Power Producers & Energy Traders–0.12%** | **Independent Power Producers & Energy Traders–0.12%** | **Independent Power Producers & Energy Traders–0.12%** |
| Vistra Corp. | 1251 | &nbsp;&nbsp; 236577 |
| **Industrial Conglomerates–0.30%** | **Industrial Conglomerates–0.30%** | **Industrial Conglomerates–0.30%** |
| 3M Co. | 1453 | &nbsp;&nbsp; 225985 |
| Honeywell International, Inc. | 1697 | &nbsp;&nbsp; 372492 |
|  |  | &nbsp;&nbsp; 598477 |
| **Industrial Gases–0.43%** | **Industrial Gases–0.43%** | **Industrial Gases–0.43%** |
| Air Products and Chemicals, Inc. | 574 | &nbsp;&nbsp; 168819 |
| Linde PLC | 1443 | &nbsp;&nbsp; 690173 |
|  |  | &nbsp;&nbsp; 858992 |
| **Industrial Machinery & Supplies & Components–0.43%** | **Industrial Machinery & Supplies & Components–0.43%** | **Industrial Machinery & Supplies & Components–0.43%** |
| Dover Corp. | 373 | &nbsp;&nbsp; 66715 |
| Fortive Corp. | 1056 | &nbsp;&nbsp; 50540 |
| Illinois Tool Works, Inc.<sup>(c)</sup>  | 811 | &nbsp;&nbsp; 214631 |
| Ingersoll Rand, Inc. | 1091 | &nbsp;&nbsp; 86658 |
| Otis Worldwide Corp. | 1167 | &nbsp;&nbsp; 100805 |
| Parker-Hannifin Corp. | 328 | &nbsp;&nbsp; 249067 |
| Xylem, Inc. | 682 | &nbsp;&nbsp; 96544 |
|  |  | &nbsp;&nbsp; 864960 |
| **Industrial REITs–0.15%** | **Industrial REITs–0.15%** | **Industrial REITs–0.15%** |
| Prologis, Inc. | 2616 | &nbsp;&nbsp; 297648 |
| **Insurance Brokers–0.44%** | **Insurance Brokers–0.44%** | **Insurance Brokers–0.44%** |
| Aon PLC, Class A | 594 | &nbsp;&nbsp; 217998 |
| Arthur J. Gallagher & Co. | 742 | &nbsp;&nbsp; 224641 |
| Marsh & McLennan Cos., Inc. | 1557 | &nbsp;&nbsp; 320446 |
| Willis Towers Watson PLC | 356 | &nbsp;&nbsp; 116337 |
|  |  | &nbsp;&nbsp; 879422 |
| **Integrated Oil & Gas–1.21%** | **Integrated Oil & Gas–1.21%** | **Integrated Oil & Gas–1.21%** |
| Chevron Corp. | 5505 | &nbsp;&nbsp; 884103 |
| Exxon Mobil Corp. | 12216 | &nbsp;&nbsp; 1396167 |
| Occidental Petroleum Corp. | 2887 | &nbsp;&nbsp; 137450 |
|  |  | &nbsp;&nbsp; 2417720 |

---

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–0.78%** | **Integrated Telecommunication Services–0.78%** | **Integrated Telecommunication Services–0.78%** |
| AT&T, Inc. | 27414 | &nbsp;&nbsp; $802956 |
| Verizon Communications, Inc. | 16725 | &nbsp;&nbsp; 739747 |
|  |  | &nbsp;&nbsp; 1542703 |
| **Interactive Home Entertainment–0.23%** | **Interactive Home Entertainment–0.23%** | **Interactive Home Entertainment–0.23%** |
| Electronic Arts, Inc. | 700 | &nbsp;&nbsp; 120365 |
| Roblox Corp., Class A<sup>(b)</sup>  | 1737 | &nbsp;&nbsp; 216413 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 486 | &nbsp;&nbsp; 113369 |
|  |  | &nbsp;&nbsp; 450147 |
| **Interactive Media & Services–5.55%** | **Interactive Media & Services–5.55%** | **Interactive Media & Services–5.55%** |
| Alphabet, Inc., Class A | 30427 | &nbsp;&nbsp; 6478213 |
| Meta Platforms, Inc., Class A | 6183 | &nbsp;&nbsp; 4567382 |
|  |  | &nbsp;&nbsp; 11045595 |
| **Internet Services & Infrastructure–0.25%** | **Internet Services & Infrastructure–0.25%** | **Internet Services & Infrastructure–0.25%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 873 | &nbsp;&nbsp; 182204 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup>  | 972 | &nbsp;&nbsp; 100155 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 871 | &nbsp;&nbsp; 207873 |
|  |  | &nbsp;&nbsp; 490232 |
| **Investment Banking & Brokerage–0.97%** | **Investment Banking & Brokerage–0.97%** | **Investment Banking & Brokerage–0.97%** |
| Charles Schwab Corp. (The) | 4653 | &nbsp;&nbsp; 445944 |
| Goldman Sachs Group, Inc. (The) | 920 | &nbsp;&nbsp; 685630 |
| Morgan Stanley | 3490 | &nbsp;&nbsp; 525175 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 2614 | &nbsp;&nbsp; 271934 |
|  |  | &nbsp;&nbsp; 1928683 |
| **IT Consulting & Other Services–0.71%** | **IT Consulting & Other Services–0.71%** | **IT Consulting & Other Services–0.71%** |
| Accenture PLC, Class A (Ireland) | 1936 | &nbsp;&nbsp; 503302 |
| Cognizant Technology Solutions Corp., <br> Class A | 1620 | &nbsp;&nbsp; 117045 |
| Gartner, Inc.<sup>(b)</sup>  | 193 | &nbsp;&nbsp; 48480 |
| International Business Machines Corp.<sup>(c)</sup>  | 3076 | &nbsp;&nbsp; 748975 |
|  |  | &nbsp;&nbsp; 1417802 |
| **Life & Health Insurance–0.21%** | **Life & Health Insurance–0.21%** | **Life & Health Insurance–0.21%** |
| Aflac, Inc. | 1392 | &nbsp;&nbsp; 148749 |
| MetLife, Inc. | 2133 | &nbsp;&nbsp; 173541 |
| Prudential Financial, Inc. | 910 | &nbsp;&nbsp; 99791 |
|  |  | &nbsp;&nbsp; 422081 |
| **Life Sciences Tools & Services–0.60%** | **Life Sciences Tools & Services–0.60%** | **Life Sciences Tools & Services–0.60%** |
| Agilent Technologies, Inc. | 782 | &nbsp;&nbsp; 98266 |
| Danaher Corp. | 1741 | &nbsp;&nbsp; 358333 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 511 | &nbsp;&nbsp; 97504 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 57 | &nbsp;&nbsp; 74159 |
| Thermo Fisher Scientific, Inc. | 1058 | &nbsp;&nbsp; 521298 |
| Waters Corp.<sup>(b)</sup>  | 155 | &nbsp;&nbsp; 46779 |
|  |  | &nbsp;&nbsp; 1196339 |
| **Managed Health Care–0.62%** | **Managed Health Care–0.62%** | **Managed Health Care–0.62%** |
| Centene Corp.<sup>(b)</sup>  | 1548 | &nbsp;&nbsp; 44954 |
| Elevance Health, Inc. | 651 | &nbsp;&nbsp; 207441 |
| Humana, Inc. | 344 | &nbsp;&nbsp; 104459 |
| UnitedHealth Group, Inc. | 2839 | &nbsp;&nbsp; 879721 |
|  |  | &nbsp;&nbsp; 1236575 |
| **Movies & Entertainment–1.15%** | **Movies & Entertainment–1.15%** | **Movies & Entertainment–1.15%** |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)(c)</sup>  | 869 | &nbsp;&nbsp; 86813 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| Netflix, Inc.<sup>(b)</sup>  | 1250 | &nbsp;&nbsp; $1510312 |
| Walt Disney Co. (The) | 5168 | &nbsp;&nbsp; 611788 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 6706 | &nbsp;&nbsp; 78058 |
|  |  | &nbsp;&nbsp; 2286971 |
| **Multi-Family Residential REITs–0.08%** | **Multi-Family Residential REITs–0.08%** | **Multi-Family Residential REITs–0.08%** |
| AvalonBay Communities, Inc.<sup>(c)</sup>  | 429 | &nbsp;&nbsp; 84019 |
| Equity Residential<sup>(c)</sup>  | 1140 | &nbsp;&nbsp; 75377 |
|  |  | &nbsp;&nbsp; 159396 |
| **Multi-line Insurance–0.07%** | **Multi-line Insurance–0.07%** | **Multi-line Insurance–0.07%** |
| American International Group, Inc. | 1808 | &nbsp;&nbsp; 147027 |
| **Multi-Sector Holdings–1.40%** | **Multi-Sector Holdings–1.40%** | **Multi-Sector Holdings–1.40%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 5528 | &nbsp;&nbsp; 2780473 |
| **Multi-Utilities–0.45%** | **Multi-Utilities–0.45%** | **Multi-Utilities–0.45%** |
| Ameren Corp. | 860 | &nbsp;&nbsp; 85811 |
| CMS Energy Corp. | 923 | &nbsp;&nbsp; 66059 |
| Consolidated Edison, Inc. | 1131 | &nbsp;&nbsp; 111098 |
| Dominion Energy, Inc. | 2318 | &nbsp;&nbsp; 138848 |
| DTE Energy Co. | 676 | &nbsp;&nbsp; 92375 |
| Public Service Enterprise Group, Inc. | 1477 | &nbsp;&nbsp; 121602 |
| Sempra | 1927 | &nbsp;&nbsp; 159093 |
| WEC Energy Group, Inc. | 1068 | &nbsp;&nbsp; 113753 |
|  |  | &nbsp;&nbsp; 888639 |
| **Oil & Gas Equipment & Services–0.14%** | **Oil & Gas Equipment & Services–0.14%** | **Oil & Gas Equipment & Services–0.14%** |
| Baker Hughes Co., Class A | 2669 | &nbsp;&nbsp; 121173 |
| Schlumberger N.V. | 4130 | &nbsp;&nbsp; 152149 |
|  |  | &nbsp;&nbsp; 273322 |
| **Oil & Gas Exploration & Production–0.35%** | **Oil & Gas Exploration & Production–0.35%** | **Oil & Gas Exploration & Production–0.35%** |
| ConocoPhillips | 3483 | &nbsp;&nbsp; 344712 |
| Devon Energy Corp. | 1888 | &nbsp;&nbsp; 68157 |
| Diamondback Energy, Inc. | 524 | &nbsp;&nbsp; 77950 |
| EOG Resources, Inc. | 1696 | &nbsp;&nbsp; 211695 |
|  |  | &nbsp;&nbsp; 702514 |
| **Oil & Gas Refining & Marketing–0.22%** | **Oil & Gas Refining & Marketing–0.22%** | **Oil & Gas Refining & Marketing–0.22%** |
| Marathon Petroleum Corp. | 891 | &nbsp;&nbsp; 160122 |
| Phillips 66 | 1047 | &nbsp;&nbsp; 139858 |
| Valero Energy Corp. | 906 | &nbsp;&nbsp; 137721 |
|  |  | &nbsp;&nbsp; 437701 |
| **Oil & Gas Storage & Transportation–0.33%** | **Oil & Gas Storage & Transportation–0.33%** | **Oil & Gas Storage & Transportation–0.33%** |
| Cheniere Energy, Inc. | 677 | &nbsp;&nbsp; 163712 |
| Kinder Morgan, Inc. | 5749 | &nbsp;&nbsp; 155108 |
| ONEOK, Inc. | 1664 | &nbsp;&nbsp; 127096 |
| Williams Cos., Inc. (The) | 3600 | &nbsp;&nbsp; 208368 |
|  |  | &nbsp;&nbsp; 654284 |
| **Other Specialized REITs–0.07%** | **Other Specialized REITs–0.07%** | **Other Specialized REITs–0.07%** |
| VICI Properties, Inc. | 4091 | &nbsp;&nbsp; 138194 |
| **Packaged Foods & Meats–0.32%** | **Packaged Foods & Meats–0.32%** | **Packaged Foods & Meats–0.32%** |
| General Mills, Inc. | 1780 | &nbsp;&nbsp; 87807 |
| Hershey Co. (The)<sup>(c)</sup>  | 442 | &nbsp;&nbsp; 81218 |
| Kellanova | 822 | &nbsp;&nbsp; 65349 |
| Kraft Heinz Co. (The) | 4250 | &nbsp;&nbsp; 118873 |
| McCormick & Co., Inc.<sup>(c)</sup>  | 698 | &nbsp;&nbsp; 49118 |

---

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** |
| **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** |
| Mondelez International, Inc., Class A | 3673 | &nbsp;&nbsp; $225669 |
|  |  | &nbsp;&nbsp; 628034 |
| **Passenger Airlines–0.02%** | **Passenger Airlines–0.02%** | **Passenger Airlines–0.02%** |
| Delta Air Lines, Inc. | 569 | &nbsp;&nbsp; 35153 |
| **Passenger Ground Transportation–0.28%** | **Passenger Ground Transportation–0.28%** | **Passenger Ground Transportation–0.28%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 6008 | &nbsp;&nbsp; 563250 |
| **Personal Care Products–0.05%** | **Personal Care Products–0.05%** | **Personal Care Products–0.05%** |
| Kenvue, Inc. | 5170 | &nbsp;&nbsp; 107071 |
| **Pharmaceuticals–2.37%** | **Pharmaceuticals–2.37%** | **Pharmaceuticals–2.37%** |
| Bristol-Myers Squibb Co. | 6878 | &nbsp;&nbsp; 324504 |
| Eli Lilly and Co. | 2295 | &nbsp;&nbsp; 1681271 |
| Johnson & Johnson | 7876 | &nbsp;&nbsp; 1395391 |
| Merck & Co., Inc. | 8100 | &nbsp;&nbsp; 681372 |
| Pfizer, Inc. | 17477 | &nbsp;&nbsp; 432730 |
| Zoetis, Inc. | 1264 | &nbsp;&nbsp; 197690 |
|  |  | &nbsp;&nbsp; 4712958 |
| **Property & Casualty Insurance–0.74%** | **Property & Casualty Insurance–0.74%** | **Property & Casualty Insurance–0.74%** |
| Allstate Corp. (The) | 845 | &nbsp;&nbsp; 171915 |
| Arch Capital Group Ltd. | 1144 | &nbsp;&nbsp; 104710 |
| Chubb Ltd. | 1291 | &nbsp;&nbsp; 355115 |
| Hartford Insurance Group, Inc. (The) | 934 | &nbsp;&nbsp; 123578 |
| Markel Group, Inc.<sup>(b)(c)</sup>  | 41 | &nbsp;&nbsp; 80322 |
| Progressive Corp. (The) | 1798 | &nbsp;&nbsp; 444214 |
| Travelers Cos., Inc. (The) | 724 | &nbsp;&nbsp; 196573 |
|  |  | &nbsp;&nbsp; 1476427 |
| **Rail Transportation–0.39%** | **Rail Transportation–0.39%** | **Rail Transportation–0.39%** |
| CSX Corp. | 5915 | &nbsp;&nbsp; 192297 |
| Norfolk Southern Corp. | 623 | &nbsp;&nbsp; 174427 |
| Union Pacific Corp. | 1795 | &nbsp;&nbsp; 401308 |
|  |  | &nbsp;&nbsp; 768032 |
| **Real Estate Services–0.13%** | **Real Estate Services–0.13%** | **Real Estate Services–0.13%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 918 | &nbsp;&nbsp; 148826 |
| CoStar Group, Inc.<sup>(b)</sup>  | 1130 | &nbsp;&nbsp; 101124 |
|  |  | &nbsp;&nbsp; 249950 |
| **Regional Banks–0.16%** | **Regional Banks–0.16%** | **Regional Banks–0.16%** |
| M&T Bank Corp. | 478 | &nbsp;&nbsp; 96394 |
| Regions Financial Corp. | 2683 | &nbsp;&nbsp; 73487 |
| Truist Financial Corp. | 3368 | &nbsp;&nbsp; 157690 |
|  |  | &nbsp;&nbsp; 327571 |
| **Research & Consulting Services–0.10%** | **Research & Consulting Services–0.10%** | **Research & Consulting Services–0.10%** |
| Equifax, Inc. | 318 | &nbsp;&nbsp; 78323 |
| Verisk Analytics, Inc. | 457 | &nbsp;&nbsp; 122531 |
|  |  | &nbsp;&nbsp; 200854 |
| **Restaurants–0.74%** | **Restaurants–0.74%** | **Restaurants–0.74%** |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup>  | 3638 | &nbsp;&nbsp; 153305 |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 993 | &nbsp;&nbsp; 243533 |
| McDonald's Corp. | 2196 | &nbsp;&nbsp; 688534 |
| Starbucks Corp. | 2922 | &nbsp;&nbsp; 257691 |
| Yum! Brands, Inc. | 877 | &nbsp;&nbsp; 128893 |
|  |  | &nbsp;&nbsp; 1471956 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Retail REITs–0.16%** | **Retail REITs–0.16%** | **Retail REITs–0.16%** |
| Realty Income Corp. | 2719 | &nbsp;&nbsp; $159768 |
| Simon Property Group, Inc. | 921 | &nbsp;&nbsp; 166388 |
|  |  | &nbsp;&nbsp; 326156 |
| **Self-Storage REITs–0.12%** | **Self-Storage REITs–0.12%** | **Self-Storage REITs–0.12%** |
| Extra Space Storage, Inc. | 577 | &nbsp;&nbsp; 82846 |
| Public Storage | 509 | &nbsp;&nbsp; 149946 |
|  |  | &nbsp;&nbsp; 232792 |
| **Semiconductor Materials & Equipment–0.54%** | **Semiconductor Materials & Equipment–0.54%** | **Semiconductor Materials & Equipment–0.54%** |
| Applied Materials, Inc. | 2382 | &nbsp;&nbsp; 382930 |
| KLA Corp. | 359 | &nbsp;&nbsp; 313048 |
| Lam Research Corp. | 3684 | &nbsp;&nbsp; 368953 |
|  |  | &nbsp;&nbsp; 1064931 |
| **Semiconductors–8.87%** | **Semiconductors–8.87%** | **Semiconductors–8.87%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 4163 | &nbsp;&nbsp; 677029 |
| Analog Devices, Inc. | 1373 | &nbsp;&nbsp; 345049 |
| Broadcom, Inc. | 12618 | &nbsp;&nbsp; 3752467 |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup>  | 274 | &nbsp;&nbsp; 9149 |
| Intel Corp. | 11210 | &nbsp;&nbsp; 272963 |
| Marvell Technology, Inc. | 2308 | &nbsp;&nbsp; 145092 |
| Microchip Technology, Inc. | 1473 | &nbsp;&nbsp; 95745 |
| Micron Technology, Inc. | 3103 | &nbsp;&nbsp; 369288 |
| Monolithic Power Systems, Inc. | 118 | &nbsp;&nbsp; 98620 |
| NVIDIA Corp. | 62166 | &nbsp;&nbsp; 10828074 |
| QUALCOMM, Inc. | 3400 | &nbsp;&nbsp; 546482 |
| Texas Instruments, Inc. | 2548 | &nbsp;&nbsp; 515919 |
|  |  | &nbsp;&nbsp; 17655877 |
| **Soft Drinks & Non-alcoholic Beverages–0.85%** | **Soft Drinks & Non-alcoholic Beverages–0.85%** | **Soft Drinks & Non-alcoholic Beverages–0.85%** |
| Coca-Cola Co. (The) | 12545 | &nbsp;&nbsp; 865479 |
| Keurig Dr Pepper, Inc. | 3586 | &nbsp;&nbsp; 104317 |
| Monster Beverage Corp.<sup>(b)</sup>  | 2131 | &nbsp;&nbsp; 132996 |
| PepsiCo, Inc. | 3998 | &nbsp;&nbsp; 594303 |
|  |  | &nbsp;&nbsp; 1697095 |
| **Specialty Chemicals–0.30%** | **Specialty Chemicals–0.30%** | **Specialty Chemicals–0.30%** |
| DuPont de Nemours, Inc. | 1272 | &nbsp;&nbsp; 97842 |
| Ecolab, Inc. | 704 | &nbsp;&nbsp; 195036 |
| PPG Industries, Inc. | 655 | &nbsp;&nbsp; 72856 |
| Sherwin-Williams Co. (The) | 643 | &nbsp;&nbsp; 235229 |
|  |  | &nbsp;&nbsp; 600963 |
| **Steel–0.05%** | **Steel–0.05%** | **Steel–0.05%** |
| Nucor Corp. | 695 | &nbsp;&nbsp; 103367 |
| **Systems Software–6.22%** | **Systems Software–6.22%** | **Systems Software–6.22%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)(c)</sup>  | 715 | &nbsp;&nbsp; 302945 |
| Fortinet, Inc.<sup>(b)</sup>  | 1845 | &nbsp;&nbsp; 145331 |
| Microsoft Corp. | 20033 | &nbsp;&nbsp; 10150521 |
| Oracle Corp. | 4246 | &nbsp;&nbsp; 960148 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | 1701 | &nbsp;&nbsp; 324074 |
| ServiceNow, Inc.<sup>(b)</sup>  | 554 | &nbsp;&nbsp; 508273 |
|  |  | &nbsp;&nbsp; 12391292 |
| **Technology Distributors–0.03%** | **Technology Distributors–0.03%** | **Technology Distributors–0.03%** |
| CDW Corp. | 373 | &nbsp;&nbsp; 61455 |
| **Technology Hardware, Storage & Peripherals–4.91%** | **Technology Hardware, Storage & Peripherals–4.91%** | **Technology Hardware, Storage & Peripherals–4.91%** |
| Apple, Inc. | 40825 | &nbsp;&nbsp; 9477115 |

---

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)** |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | 3844 | &nbsp;&nbsp; $86759 |
| HP, Inc. | HP, Inc. | 2801 | &nbsp;&nbsp; 79941 |
| NetApp, Inc.<sup>(c)</sup>  | NetApp, Inc.<sup>(c)</sup>  | 617 | &nbsp;&nbsp; 69591 |
| Super Micro Computer, Inc.<sup>(b)</sup>  | Super Micro Computer, Inc.<sup>(b)</sup>  | 1340 | &nbsp;&nbsp; 55664 |
|  |  |  | &nbsp;&nbsp; 9769070 |
| **Telecom Tower REITs–0.22%** | **Telecom Tower REITs–0.22%** | **Telecom Tower REITs–0.22%** | **Telecom Tower REITs–0.22%** |
| American Tower Corp. | American Tower Corp. | 1246 | &nbsp;&nbsp; 253997 |
| Crown Castle, Inc. | Crown Castle, Inc. | 1197 | &nbsp;&nbsp; 118671 |
| SBA Communications Corp., Class A | SBA Communications Corp., Class A | 314 | &nbsp;&nbsp; 64323 |
|  |  |  | &nbsp;&nbsp; 436991 |
| **Tobacco–0.57%** | **Tobacco–0.57%** | **Tobacco–0.57%** | **Tobacco–0.57%** |
| Altria Group, Inc. | Altria Group, Inc. | 5487 | &nbsp;&nbsp; 368781 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 4539 | &nbsp;&nbsp; 758603 |
|  |  |  | &nbsp;&nbsp; 1127384 |
| **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** |
| Fastenal Co. | Fastenal Co. | 3338 | &nbsp;&nbsp; 165765 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 550 | &nbsp;&nbsp; 127133 |
| United Rentals, Inc.<sup>(c)</sup>  | United Rentals, Inc.<sup>(c)</sup>  | 197 | &nbsp;&nbsp; 188399 |
| W.W. Grainger, Inc. | W.W. Grainger, Inc. | 129 | &nbsp;&nbsp; 130741 |
|  |  |  | &nbsp;&nbsp; 612038 |
| **Transaction & Payment Processing Services–2.24%** | **Transaction & Payment Processing Services–2.24%** | **Transaction & Payment Processing Services–2.24%** | **Transaction & Payment Processing Services–2.24%** |
| Block, Inc., Class A<sup>(b)(c)</sup>  | Block, Inc., Class A<sup>(b)(c)</sup>  | 1657 | &nbsp;&nbsp; 131963 |
| Corpay, Inc.<sup>(b)</sup>  | Corpay, Inc.<sup>(b)</sup>  | 206 | &nbsp;&nbsp; 67088 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 1600 | &nbsp;&nbsp; 111696 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 1759 | &nbsp;&nbsp; 243059 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 2913 | &nbsp;&nbsp; 1734080 |
| PayPal Holdings, Inc.<sup>(b)</sup>  | PayPal Holdings, Inc.<sup>(b)</sup>  | 3364 | &nbsp;&nbsp; 236119 |
| Visa, Inc., Class A | Visa, Inc., Class A | 5518 | &nbsp;&nbsp; 1941122 |
|  |  |  | &nbsp;&nbsp; 4465127 |
| **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. | 557 | &nbsp;&nbsp; 79935 |
| **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 1746 | &nbsp;&nbsp; 439974 |
| Total Common Stocks & Other Equity Interests <br> (Cost $100,222,993) | Total Common Stocks & Other Equity Interests <br> (Cost $100,222,993) | Total Common Stocks & Other Equity Interests <br> (Cost $100,222,993) | &nbsp;&nbsp; 152959697 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Equity Linked Notes–5.28%** | **Equity Linked Notes–5.28%** | **Equity Linked Notes–5.28%** | **Equity Linked Notes–5.28%** |
| **Diversified Banks–4.32%** | **Diversified Banks–4.32%** | **Diversified Banks–4.32%** | **Diversified Banks–4.32%** |
| Barclays Bank PLC (S&P 500 Index) <br> (United Kingdom), 160.00%, <br> 09/25/2025<sup>(d)</sup> <br>|  | $758000 | &nbsp;&nbsp; 759599 |
| Citigroup Inc. (S&P 500 Index), | Citigroup Inc. (S&P 500 Index), |  |  |
| 160.74%, 09/04/2025<sup>(d)</sup> <br>|  | 801000 | &nbsp;&nbsp; 728743 |
| 150.47%, 09/08/2025<sup>(d)</sup> <br>|  | 1026000 | &nbsp;&nbsp; 1005356 |
| 164.58%, 10/01/2025<sup>(d)</sup> <br>|  | 823000 | &nbsp;&nbsp; 823000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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. (S&P 500 <br> Index), 144.12%, 09/24/2025<sup>(d)</sup> <br>|  | $611000 | &nbsp;&nbsp; $614128 |
| Mizuho Financial Group, Inc. (S&P 500 <br> Index) (Japan), 153.90%, <br> 09/10/2025<sup>(d)</sup> <br>|  | 802000 | &nbsp;&nbsp; 797836 |
| Mizuho Markets Cayman L.P. (S&P 500 <br> Index) (Japan), 103.00%, <br> 09/09/2025<sup>(d)</sup> <br>|  | 891000 | &nbsp;&nbsp; 899371 |
| Royal Bank of Canada (S&P 500 Index) <br> (Canada), 153.05%, <br> 09/17/2025<sup>(d)</sup> <br>|  | 955000 | &nbsp;&nbsp; 955471 |
| Societe Generale (S&P 500 Index) <br> (France), | Societe Generale (S&P 500 Index) <br> (France), |  |  |
| 116.95%, 09/02/2025<sup>(d)</sup> <br>|  | 576000 | &nbsp;&nbsp; 564947 |
| 175.80%, 09/18/2025<sup>(d)</sup> <br>|  | 716000 | &nbsp;&nbsp; 720416 |
| Wells Fargo & Co. (S&P 500 Index), <br> 108.43%, 09/15/2025<sup>(d)</sup> <br>|  | 711000 | &nbsp;&nbsp; 720755 |
|  |  |  | &nbsp;&nbsp; 8589622 |
| **Diversified Capital Markets–0.96%** | **Diversified Capital Markets–0.96%** | **Diversified Capital Markets–0.96%** | **Diversified Capital Markets–0.96%** |
| UBS AG (S&P 500 Index) (Switzerland), <br> 106.00%, 09/22/2025<sup>(d)</sup> <br>|  | 683000 | &nbsp;&nbsp; 691626 |
| UBS Group AG (S&P 500 Index) <br> (Switzerland), | UBS Group AG (S&P 500 Index) <br> (Switzerland), |  |  |
| 175.25%, 09/11/2025<sup>(d)</sup> <br>|  | 632000 | &nbsp;&nbsp; 622879 |
| 111.50%, 09/29/2025<sup>(d)</sup> <br>|  | 595000 | &nbsp;&nbsp; 599547 |
|  |  |  | &nbsp;&nbsp; 1914052 |
| Total Equity Linked Notes (Cost $10,580,000) | Total Equity Linked Notes (Cost $10,580,000) | Total Equity Linked Notes (Cost $10,580,000) | &nbsp;&nbsp; 10503674 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–18.68%** | **Money Market Funds–18.68%** | **Money Market Funds–18.68%** | **Money Market Funds–18.68%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(e)(f)</sup>  | 13072745 | &nbsp;&nbsp; 13072745 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(e)(f)</sup>  | 24104793 | &nbsp;&nbsp; 24104793 |
| Total Money Market Funds (Cost $37,177,538) | Total Money Market Funds (Cost $37,177,538) | Total Money Market Funds (Cost $37,177,538) | &nbsp;&nbsp; 37177538 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.80% <br> (Cost $147,980,531)<br>|  |  | &nbsp;&nbsp; 200640909 |
| **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–2.61%** | **Money Market Funds–2.61%** | **Money Market Funds–2.61%** | **Money Market Funds–2.61%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(e)(f)(g)</sup>  | 1449773 | &nbsp;&nbsp; 1449773 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup>  | 3754193 | &nbsp;&nbsp; 3755319 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,204,870) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,204,870) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $5,204,870) | &nbsp;&nbsp; 5205092 |
| TOTAL INVESTMENTS IN SECURITIES–103.41% <br> (Cost $153,185,401) | TOTAL INVESTMENTS IN SECURITIES–103.41% <br> (Cost $153,185,401) | TOTAL INVESTMENTS IN SECURITIES–103.41% <br> (Cost $153,185,401) | &nbsp;&nbsp; 205846001 |
| OTHER ASSETS LESS LIABILITIES—(3.41)% | OTHER ASSETS LESS LIABILITIES—(3.41)% | OTHER ASSETS LESS LIABILITIES—(3.41)% | &nbsp;&nbsp; (6784834)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $199061167 |

---

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 August 31, 2025.

<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 August 31, 2025 was $10,503,674, which represented 5.28% 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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $14402682 | &nbsp;&nbsp; $24426643 | &nbsp;&nbsp; $(25756580) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13072745 | &nbsp;&nbsp; $571122 |
| Invesco Treasury Portfolio, Institutional Class | 26574675 | &nbsp;&nbsp; 45363765 | &nbsp;&nbsp; (47833647) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24104793 | &nbsp;&nbsp; 1044457 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 557137 | &nbsp;&nbsp; 31065149 | &nbsp;&nbsp; (30172513) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1449773 | &nbsp;&nbsp; 37,848\* |
| Invesco Private Prime Fund | 1451384 | &nbsp;&nbsp; 66480990 | &nbsp;&nbsp; (64177051) | &nbsp;&nbsp; 153 | (157) | &nbsp;&nbsp; 3755319 | &nbsp;&nbsp; 103,133\* |
| Total | $42985878 | &nbsp;&nbsp; $167336547 | &nbsp;&nbsp; $(167939791) | &nbsp;&nbsp; $153 | &nbsp;&nbsp; $(157) | &nbsp;&nbsp; $42382630 | &nbsp;&nbsp; $1756560 |

---

\* 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 August 31, 2025.

<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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $110,802,993)\*<br>| &nbsp;&nbsp; $163463371 |
| Investments in affiliated money market funds, at value <br> (Cost $42,382,408)<br>| &nbsp;&nbsp; 42382630 |
| Cash | &nbsp;&nbsp; 614345 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 17154 |
| Dividends | &nbsp;&nbsp; 290007 |
| Interest | &nbsp;&nbsp; 458268 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 132616 |
| Other assets | &nbsp;&nbsp; 53917 |
| Total assets | &nbsp;&nbsp; 207412308 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2787000 |
| Dividends | &nbsp;&nbsp; 20 |
| Fund shares reacquired | &nbsp;&nbsp; 84681 |
| Due to broker | &nbsp;&nbsp; 3345 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 5204870 |
| Accrued fees to affiliates | &nbsp;&nbsp; 89583 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3178 |
| Accrued other operating expenses | &nbsp;&nbsp; 42265 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 136199 |
| Total liabilities | &nbsp;&nbsp; 8351141 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $199061167 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $180068525 |
| Distributable earnings | &nbsp;&nbsp; 18992642 |
|  | &nbsp;&nbsp; $199061167 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $146023297 |
| Class C | &nbsp;&nbsp; $2627492 |
| Class R | &nbsp;&nbsp; $1188752 |
| Class Y | &nbsp;&nbsp; $14519355 |
| Investor Class | &nbsp;&nbsp; $32638419 |
| Class R5 | &nbsp;&nbsp; $118472 |
| Class R6 | &nbsp;&nbsp; $1945380 |
| **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; 12435730 |
| Class C | &nbsp;&nbsp; 227931 |
| Class R | &nbsp;&nbsp; 101753 |
| Class Y | &nbsp;&nbsp; 1231048 |
| Investor Class | &nbsp;&nbsp; 2769340 |
| Class R5 | &nbsp;&nbsp; 10043 |
| Class R6 | &nbsp;&nbsp; 164940 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.74 |
| Maximum offering price per share <br>(Net asset value of $11.74 ÷ 94.50%)<br>| &nbsp;&nbsp; $12.42 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.53 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.68 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.79 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.79 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.80 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.79 |

---

\* At August 31, 2025, securities with an aggregate value of $5,070,811 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $10252149 |
| Dividends (net of foreign withholding taxes of $161) | &nbsp;&nbsp; 2112708 |
| Dividends from affiliated money market funds (includes net securities lending income of $26,814) | &nbsp;&nbsp; 1642393 |
| Total investment income | &nbsp;&nbsp; 14007250 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1144596 |
| Administrative services fees | &nbsp;&nbsp; 27514 |
| Custodian fees | &nbsp;&nbsp; 11313 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 351335 |
| Class C | &nbsp;&nbsp; 25469 |
| Class R | &nbsp;&nbsp; 5229 |
| Investor Class | &nbsp;&nbsp; 82480 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 253620 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 110 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 454 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23069 |
| Registration and filing fees | &nbsp;&nbsp; 97006 |
| Reports to shareholders | &nbsp;&nbsp; 26710 |
| Professional services fees | &nbsp;&nbsp; 55557 |
| Other | &nbsp;&nbsp; 13905 |
| Total expenses | &nbsp;&nbsp; 2118367 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (54432)<br>|
| Net expenses | &nbsp;&nbsp; 2063935 |
| Net investment income | &nbsp;&nbsp; 11943315 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1448437 |
| Affiliated investment securities | &nbsp;&nbsp; (157)<br>|
|  | &nbsp;&nbsp; 1448280 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 11044215 |
| Affiliated investment securities | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp; 11044368 |
| Net realized and unrealized gain | &nbsp;&nbsp; 12492648 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $24435963 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $11943315 | &nbsp;&nbsp; $12727602 |
| Net realized gain (loss) | &nbsp;&nbsp; 1448280 | &nbsp;&nbsp; (9976266)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 11044368 | &nbsp;&nbsp; 30946364 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 24435963 | &nbsp;&nbsp; 33697700 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (8796055)<br>| &nbsp;&nbsp; (8904189)<br>|
| Class C | &nbsp;&nbsp; (140985)<br>| &nbsp;&nbsp; (159667)<br>|
| Class R | &nbsp;&nbsp; (62966)<br>| &nbsp;&nbsp; (48612)<br>|
| Class Y | &nbsp;&nbsp; (795358)<br>| &nbsp;&nbsp; (593843)<br>|
| Investor Class | &nbsp;&nbsp; (2058020)<br>| &nbsp;&nbsp; (2205943)<br>|
| Class R5 | &nbsp;&nbsp; (7223)<br>| &nbsp;&nbsp; (282091)<br>|
| Class R6 | &nbsp;&nbsp; (66191)<br>| &nbsp;&nbsp; (1018749)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (11926798)<br>| &nbsp;&nbsp; (13213094)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (3254300)<br>| &nbsp;&nbsp; (3289275)<br>|
| Class C | &nbsp;&nbsp; (141077)<br>| &nbsp;&nbsp; (384945)<br>|
| Class R | &nbsp;&nbsp; 140472 | &nbsp;&nbsp; 235233 |
| Class Y | &nbsp;&nbsp; 3864978 | &nbsp;&nbsp; 18650 |
| Investor Class | &nbsp;&nbsp; (3601705)<br>| &nbsp;&nbsp; (2414760)<br>|
| Class R5 | &nbsp;&nbsp; 6793 | &nbsp;&nbsp; (11667460)<br>|
| Class R6 | &nbsp;&nbsp; (32911304)<br>| &nbsp;&nbsp; 33331690 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (35896143)<br>| &nbsp;&nbsp; 15829133 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (23386978)<br>| &nbsp;&nbsp; 36313739 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 222448145 | &nbsp;&nbsp; 186134406 |
| End of year | &nbsp;&nbsp; $199061167 | &nbsp;&nbsp; $222448145 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Income Advantage U.S. Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 08/31/25 | $10.97 | $0.70 | $0.77 | $1.47 | $(0.70)<br>| $— | $(0.70)<br>| $11.74 | 13.93<br> %<br>| &nbsp;&nbsp; $146023 | 1.08<br> %<br>| 1.11<br> %<br>| 6.26<br> %<br>| 34<br> %<br>|
| 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** |
| 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** |
| 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** |
| 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** |
| 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** |
| 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** |
| 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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Income Advantage U.S. Fund**

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**Notes to Financial Statements**

*August 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Income Advantage U.S. Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is income and long-term growth of capital.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**13**

**Invesco Income Advantage U.S. 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 monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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

**14**

**Invesco Income Advantage U.S. Fund**

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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 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 year ended August 31, 2025, the Fund paid the Adviser $1,768 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.

**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:

---

| | |
|:---|:---|
| **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% |

---

For the year ended August 31, 2025, 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $42,235.

**15**

**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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $11,904 in front-end sales commissions from the sale of Class A shares and $2 and $71 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $1,695 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 August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $152959697 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $152959697 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10503674 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10503674 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 37177538 | &nbsp;&nbsp;&nbsp;&nbsp; 5205092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42382630 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $190137235 | &nbsp;&nbsp;&nbsp;&nbsp; $15708766 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $205846001 |

---

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $12,197.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**16**

**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—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $11926798 | &nbsp;&nbsp;&nbsp;&nbsp; $13213094 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $429078 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 51373258 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (77958)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (32731736)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 180068525 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $199061167 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $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 year ended August 31, 2025 was $50,594,290 and $91,033,973, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $53026839 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1653581)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $51373258 |

---

Cost of investments for tax purposes is $154,472,743.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on August 31, 2025, undistributed net investment income was increased by $12 and undistributed net realized gain (loss) was decreased by $12. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**17**

**Invesco Income Advantage U.S. Fund**

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**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 519380 | &nbsp;&nbsp;&nbsp; $5834053 | &nbsp;&nbsp;&nbsp; 491082 | &nbsp;&nbsp;&nbsp; $5031635 |
| Class C | &nbsp;&nbsp;&nbsp; 37976 | &nbsp;&nbsp;&nbsp; 419306 | &nbsp;&nbsp;&nbsp; 25839 | &nbsp;&nbsp;&nbsp; 257215 |
| Class R | &nbsp;&nbsp;&nbsp; 20876 | &nbsp;&nbsp;&nbsp; 228882 | &nbsp;&nbsp;&nbsp; 39431 | &nbsp;&nbsp;&nbsp; 415414 |
| Class Y | &nbsp;&nbsp;&nbsp; 827804 | &nbsp;&nbsp;&nbsp; 9198761 | &nbsp;&nbsp;&nbsp; 617981 | &nbsp;&nbsp;&nbsp; 6586043 |
| Investor Class | &nbsp;&nbsp;&nbsp; 49996 | &nbsp;&nbsp;&nbsp; 561979 | &nbsp;&nbsp;&nbsp; 62801 | &nbsp;&nbsp;&nbsp; 672496 |
| Class R5 | &nbsp;&nbsp;&nbsp; 4542 | &nbsp;&nbsp;&nbsp; 52019 | &nbsp;&nbsp;&nbsp; 7243 | &nbsp;&nbsp;&nbsp; 72940 |
| Class R6 | &nbsp;&nbsp;&nbsp; 148110 | &nbsp;&nbsp;&nbsp; 1626256 | &nbsp;&nbsp;&nbsp; 3319155 | &nbsp;&nbsp;&nbsp; 34786077 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 706504 | &nbsp;&nbsp;&nbsp; 7905889 | &nbsp;&nbsp;&nbsp; 784302 | &nbsp;&nbsp;&nbsp; 8048665 |
| Class C | &nbsp;&nbsp;&nbsp; 11885 | &nbsp;&nbsp;&nbsp; 130545 | &nbsp;&nbsp;&nbsp; 15204 | &nbsp;&nbsp;&nbsp; 152958 |
| Class R | &nbsp;&nbsp;&nbsp; 5649 | &nbsp;&nbsp;&nbsp; 62933 | &nbsp;&nbsp;&nbsp; 4748 | &nbsp;&nbsp;&nbsp; 48593 |
| Class Y | &nbsp;&nbsp;&nbsp; 49127 | &nbsp;&nbsp;&nbsp; 550492 | &nbsp;&nbsp;&nbsp; 47342 | &nbsp;&nbsp;&nbsp; 487874 |
| Investor Class | &nbsp;&nbsp;&nbsp; 177301 | &nbsp;&nbsp;&nbsp; 1992001 | &nbsp;&nbsp;&nbsp; 206920 | &nbsp;&nbsp;&nbsp; 2129596 |
| Class R5 | &nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 2311 | &nbsp;&nbsp;&nbsp; 28486 | &nbsp;&nbsp;&nbsp; 277256 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5870 | &nbsp;&nbsp;&nbsp; 65489 | &nbsp;&nbsp;&nbsp; 94930 | &nbsp;&nbsp;&nbsp; 1018060 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 27330 | &nbsp;&nbsp;&nbsp; 300930 | &nbsp;&nbsp;&nbsp; 32080 | &nbsp;&nbsp;&nbsp; 332690 |
| Class C | &nbsp;&nbsp;&nbsp; (27830)<br>| &nbsp;&nbsp;&nbsp; (300930)<br>| &nbsp;&nbsp;&nbsp; (32673)<br>| &nbsp;&nbsp;&nbsp; (332690)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1555091)<br>| &nbsp;&nbsp;&nbsp; (17295172)<br>| &nbsp;&nbsp;&nbsp; (1619333)<br>| &nbsp;&nbsp;&nbsp; (16702265)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (35431)<br>| &nbsp;&nbsp;&nbsp; (389998)<br>| &nbsp;&nbsp;&nbsp; (45351)<br>| &nbsp;&nbsp;&nbsp; (462428)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (13895)<br>| &nbsp;&nbsp;&nbsp; (151343)<br>| &nbsp;&nbsp;&nbsp; (21647)<br>| &nbsp;&nbsp;&nbsp; (228774)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (533022)<br>| &nbsp;&nbsp;&nbsp; (5884275)<br>| &nbsp;&nbsp;&nbsp; (669092)<br>| &nbsp;&nbsp;&nbsp; (7055267)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (560411)<br>| &nbsp;&nbsp;&nbsp; (6155685)<br>| &nbsp;&nbsp;&nbsp; (507957)<br>| &nbsp;&nbsp;&nbsp; (5216852)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (4303)<br>| &nbsp;&nbsp;&nbsp; (47537)<br>| &nbsp;&nbsp;&nbsp; (1186804)<br>| &nbsp;&nbsp;&nbsp; (12017656)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3179803)<br>| &nbsp;&nbsp;&nbsp; (34603049)<br>| &nbsp;&nbsp;&nbsp; (228270)<br>| &nbsp;&nbsp;&nbsp; (2472447)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3317231)<br>| &nbsp;&nbsp;&nbsp; $(35896143)<br>| &nbsp;&nbsp;&nbsp; 1466417 | &nbsp;&nbsp;&nbsp; $15829133 |

---

<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 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

**18**

**Invesco Income Advantage U.S. Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Income Advantage U.S. Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Advantage U.S. Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**19**

**Invesco Income Advantage U.S. Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Advantage U.S. Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500® Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund had changed its name, investment strategy and index against which future performance will be compared in 2021, and that performance results prior to such date reflected that of the Fund's former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board recognized that the performance

**20**

**Invesco Income Advantage U.S. Fund**

------

data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers'

management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**21**

**Invesco Income Advantage U.S. Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 16.92% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 16.37% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 4.76% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**22**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**23**

**Invesco Income Advantage U.S. Fund**

------

![](img838ae19e1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

LVEY-NCSR

------

![](imgf5c630381.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco NASDAQ 100 Index Fund**

Nasdaq:

R6: IVNQX

------

---

| | |
|:---|:---|
| [2](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_SOI-Continued-776_1) | Schedule of Investments |
| [5](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_FS-Continued-776_1) | Financial Statements |
| [8](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_SOC-Continued-776_2) | Financial Highlights |
| [9](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_NTF-Continued-776_1) | Notes to Financial Statements |
| [15](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_ARS-Continued-776_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_AOC-Continued-776_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_TI-Continued-776_1) | Tax Information |
| [20](#xx_071148d3-e324-433f-bb2e-c781426a4ec4_OIRSR-Continued-776_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.84%** | **Common Stocks & Other Equity Interests–97.84%** | **Common Stocks & Other Equity Interests–97.84%** |
| **Advertising–0.14%** | **Advertising–0.14%** | **Advertising–0.14%** |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup>  | 4368 | &nbsp;&nbsp; $238755 |
| **Aerospace & Defense–0.32%** | **Aerospace & Defense–0.32%** | **Aerospace & Defense–0.32%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 759 | &nbsp;&nbsp; 567193 |
| **Apparel Retail–0.27%** | **Apparel Retail–0.27%** | **Apparel Retail–0.27%** |
| Ross Stores, Inc. | 3205 | &nbsp;&nbsp; 471648 |
| **Apparel, Accessories & Luxury Goods–0.13%** | **Apparel, Accessories & Luxury Goods–0.13%** | **Apparel, Accessories & Luxury Goods–0.13%** |
| lululemon athletica, inc.<sup>(b)</sup>  | 1121 | &nbsp;&nbsp; 226666 |
| **Application Software–7.61%** | **Application Software–7.61%** | **Application Software–7.61%** |
| Adobe, Inc.<sup>(b)</sup>  | 4154 | &nbsp;&nbsp; 1481732 |
| AppLovin Corp., Class A<sup>(b)</sup>  | 2999 | &nbsp;&nbsp; 1435291 |
| Atlassian Corp., Class A<sup>(b)</sup>  | 1611 | &nbsp;&nbsp; 286404 |
| Autodesk, Inc.<sup>(b)</sup>  | 2086 | &nbsp;&nbsp; 656464 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 2662 | &nbsp;&nbsp; 932845 |
| Datadog, Inc., Class A<sup>(b)(c)</sup>  | 3114 | &nbsp;&nbsp; 425622 |
| Intuit, Inc. | 2719 | &nbsp;&nbsp; 1813573 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 22058 | &nbsp;&nbsp; 3456709 |
| Roper Technologies, Inc. | 1048 | &nbsp;&nbsp; 551573 |
| Strategy, Inc., Class A<sup>(b)</sup>  | 2474 | &nbsp;&nbsp; 827330 |
| Synopsys, Inc.<sup>(b)</sup>  | 1804 | &nbsp;&nbsp; 1088750 |
| Workday, Inc., Class A<sup>(b)</sup>  | 2105 | &nbsp;&nbsp; 485876 |
|  |  | &nbsp;&nbsp; 13442169 |
| **Automobile Manufacturers–2.73%** | **Automobile Manufacturers–2.73%** | **Automobile Manufacturers–2.73%** |
| Tesla, Inc.<sup>(b)</sup>  | 14421 | &nbsp;&nbsp; 4814739 |
| **Automotive Retail–0.49%** | **Automotive Retail–0.49%** | **Automotive Retail–0.49%** |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 8333 | &nbsp;&nbsp; 863965 |
| **Biotechnology–2.63%** | **Biotechnology–2.63%** | **Biotechnology–2.63%** |
| Amgen, Inc. | 5241 | &nbsp;&nbsp; 1507888 |
| Biogen, Inc.<sup>(b)</sup>  | 1428 | &nbsp;&nbsp; 188810 |
| Gilead Sciences, Inc. | 12125 | &nbsp;&nbsp; 1369761 |
| Regeneron Pharmaceuticals, Inc. | 1035 | &nbsp;&nbsp; 601025 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 2503 | &nbsp;&nbsp; 978723 |
|  |  | &nbsp;&nbsp; 4646207 |
| **Broadline Retail–6.59%** | **Broadline Retail–6.59%** | **Broadline Retail–6.59%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 42062 | &nbsp;&nbsp; 9632198 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 494 | &nbsp;&nbsp; 1221618 |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup>  | 6511 | &nbsp;&nbsp; 782752 |
|  |  | &nbsp;&nbsp; 11636568 |
| **Cable & Satellite–0.90%** | **Cable & Satellite–0.90%** | **Cable & Satellite–0.90%** |
| Charter Communications, Inc., <br> Class A<sup>(b)</sup>  | 1368 | &nbsp;&nbsp; 363313 |
| Comcast Corp., Class A | 36303 | &nbsp;&nbsp; 1233213 |
|  |  | &nbsp;&nbsp; 1596526 |
| **Cargo Ground Transportation–0.18%** | **Cargo Ground Transportation–0.18%** | **Cargo Ground Transportation–0.18%** |
| Old Dominion Freight Line, Inc. | 2060 | &nbsp;&nbsp; 310998 |
| **Communications Equipment–1.51%** | **Communications Equipment–1.51%** | **Communications Equipment–1.51%** |
| Cisco Systems, Inc. | 38601 | &nbsp;&nbsp; 2666943 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.29%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.29%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.29%** |
| PACCAR, Inc. | 5117 | &nbsp;&nbsp; $511598 |
| **Consumer Staples Merchandise Retail–2.31%** | **Consumer Staples Merchandise Retail–2.31%** | **Consumer Staples Merchandise Retail–2.31%** |
| Costco Wholesale Corp. | 4325 | &nbsp;&nbsp; 4079859 |
| **Diversified Support Services–0.73%** | **Diversified Support Services–0.73%** | **Diversified Support Services–0.73%** |
| Cintas Corp. | 3936 | &nbsp;&nbsp; 826678 |
| Copart, Inc.<sup>(b)</sup>  | 9417 | &nbsp;&nbsp; 459644 |
|  |  | &nbsp;&nbsp; 1286322 |
| **Electric Utilities–1.33%** | **Electric Utilities–1.33%** | **Electric Utilities–1.33%** |
| American Electric Power Co., Inc. | 5207 | &nbsp;&nbsp; 578081 |
| Constellation Energy Corp.<sup>(c)</sup>  | 3055 | &nbsp;&nbsp; 940879 |
| Exelon Corp. | 9841 | &nbsp;&nbsp; 429855 |
| Xcel Energy, Inc. | 5622 | &nbsp;&nbsp; 406977 |
|  |  | &nbsp;&nbsp; 2355792 |
| **Health Care Equipment–1.57%** | **Health Care Equipment–1.57%** | **Health Care Equipment–1.57%** |
| DexCom, Inc.<sup>(b)</sup>  | 3822 | &nbsp;&nbsp; 287949 |
| GE HealthCare Technologies, Inc. | 4463 | &nbsp;&nbsp; 329057 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 784 | &nbsp;&nbsp; 507319 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 3494 | &nbsp;&nbsp; 1653693 |
|  |  | &nbsp;&nbsp; 2778018 |
| **Hotels, Resorts & Cruise Lines–1.72%** | **Hotels, Resorts & Cruise Lines–1.72%** | **Hotels, Resorts & Cruise Lines–1.72%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 4207 | &nbsp;&nbsp; 549140 |
| Booking Holdings, Inc. | 317 | &nbsp;&nbsp; 1774899 |
| Marriott International, Inc., Class A | 2670 | &nbsp;&nbsp; 715186 |
|  |  | &nbsp;&nbsp; 3039225 |
| **Human Resource & Employment Services–0.96%** | **Human Resource & Employment Services–0.96%** | **Human Resource & Employment Services–0.96%** |
| Automatic Data Processing, Inc. | 3957 | &nbsp;&nbsp; 1203126 |
| Paychex, Inc. | 3511 | &nbsp;&nbsp; 489626 |
|  |  | &nbsp;&nbsp; 1692752 |
| **Industrial Conglomerates–0.78%** | **Industrial Conglomerates–0.78%** | **Industrial Conglomerates–0.78%** |
| Honeywell International, Inc. | 6265 | &nbsp;&nbsp; 1375168 |
| **Industrial Gases–1.24%** | **Industrial Gases–1.24%** | **Industrial Gases–1.24%** |
| Linde PLC | 4588 | &nbsp;&nbsp; 2194395 |
| **Interactive Home Entertainment–0.47%** | **Interactive Home Entertainment–0.47%** | **Interactive Home Entertainment–0.47%** |
| Electronic Arts, Inc. | 2444 | &nbsp;&nbsp; 420246 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 1776 | &nbsp;&nbsp; 414287 |
|  |  | &nbsp;&nbsp; 834533 |
| **Interactive Media & Services–9.00%** | **Interactive Media & Services–9.00%** | **Interactive Media & Services–9.00%** |
| Alphabet, Inc., Class A | 23059 | &nbsp;&nbsp; 4909492 |
| Alphabet, Inc., Class C | 21629 | &nbsp;&nbsp; 4618440 |
| Meta Platforms, Inc., Class A | 8602 | &nbsp;&nbsp; 6354297 |
|  |  | &nbsp;&nbsp; 15882229 |
| **Internet Services & Infrastructure–0.95%** | **Internet Services & Infrastructure–0.95%** | **Internet Services & Infrastructure–0.95%** |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 11874 | &nbsp;&nbsp; 1677559 |
| **IT Consulting & Other Services–0.20%** | **IT Consulting & Other Services–0.20%** | **IT Consulting & Other Services–0.20%** |
| Cognizant Technology Solutions Corp., <br> Class A | 4805 | &nbsp;&nbsp; 347161 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco NASDAQ 100 Index Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–3.00%** | **Movies & Entertainment–3.00%** | **Movies & Entertainment–3.00%** |
| Netflix, Inc.<sup>(b)</sup>  | 4148 | &nbsp;&nbsp; $5011821 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 24116 | &nbsp;&nbsp; 280710 |
|  |  | &nbsp;&nbsp; 5292531 |
| **Oil & Gas Equipment & Services–0.25%** | **Oil & Gas Equipment & Services–0.25%** | **Oil & Gas Equipment & Services–0.25%** |
| Baker Hughes Co., Class A | 9657 | &nbsp;&nbsp; 438428 |
| **Oil & Gas Exploration & Production–0.24%** | **Oil & Gas Exploration & Production–0.24%** | **Oil & Gas Exploration & Production–0.24%** |
| Diamondback Energy, Inc. | 2848 | &nbsp;&nbsp; 423668 |
| **Packaged Foods & Meats–0.62%** | **Packaged Foods & Meats–0.62%** | **Packaged Foods & Meats–0.62%** |
| Kraft Heinz Co. (The) | 11537 | &nbsp;&nbsp; 322690 |
| Mondelez International, Inc., Class A | 12621 | &nbsp;&nbsp; 775434 |
|  |  | &nbsp;&nbsp; 1098124 |
| **Pharmaceuticals–0.26%** | **Pharmaceuticals–0.26%** | **Pharmaceuticals–0.26%** |
| AstraZeneca PLC, ADR (United Kingdom) | 5810 | &nbsp;&nbsp; 464219 |
| **Rail Transportation–0.34%** | **Rail Transportation–0.34%** | **Rail Transportation–0.34%** |
| CSX Corp. | 18311 | &nbsp;&nbsp; 595291 |
| **Real Estate Services–0.21%** | **Real Estate Services–0.21%** | **Real Estate Services–0.21%** |
| CoStar Group, Inc.<sup>(b)</sup>  | 4112 | &nbsp;&nbsp; 367983 |
| **Research & Consulting Services–0.65%** | **Research & Consulting Services–0.65%** | **Research & Consulting Services–0.65%** |
| Thomson Reuters Corp. (Canada) | 4387 | &nbsp;&nbsp; 779175 |
| Verisk Analytics, Inc. | 1364 | &nbsp;&nbsp; 365716 |
|  |  | &nbsp;&nbsp; 1144891 |
| **Restaurants–1.09%** | **Restaurants–1.09%** | **Restaurants–1.09%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 3886 | &nbsp;&nbsp; 953041 |
| Starbucks Corp. | 11077 | &nbsp;&nbsp; 976881 |
|  |  | &nbsp;&nbsp; 1929922 |
| **Semiconductor Materials & Equipment–2.41%** | **Semiconductor Materials & Equipment–2.41%** | **Semiconductor Materials & Equipment–2.41%** |
| Applied Materials, Inc. | 7822 | &nbsp;&nbsp; 1257465 |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 852 | &nbsp;&nbsp; 632712 |
| KLA Corp. | 1289 | &nbsp;&nbsp; 1124008 |
| Lam Research Corp. | 12468 | &nbsp;&nbsp; 1248670 |
|  |  | &nbsp;&nbsp; 4262855 |
| **Semiconductors–21.33%** | **Semiconductors–21.33%** | **Semiconductors–21.33%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 15805 | &nbsp;&nbsp; 2570367 |
| Analog Devices, Inc. | 4837 | &nbsp;&nbsp; 1215587 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup>  | 1304 | &nbsp;&nbsp; 180356 |
| Broadcom, Inc. | 30811 | &nbsp;&nbsp; 9162882 |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup>  | 5390 | &nbsp;&nbsp; 179972 |
| Intel Corp. | 42519 | &nbsp;&nbsp; 1035338 |
| Marvell Technology, Inc. | 8404 | &nbsp;&nbsp; 528318 |
| Microchip Technology, Inc. | 5258 | &nbsp;&nbsp; 341770 |
| Micron Technology, Inc. | 10894 | &nbsp;&nbsp; 1296495 |
| NVIDIA Corp. | 96674 | &nbsp;&nbsp; 16838677 |
| NXP Semiconductors N.V. (Netherlands) | 2463 | &nbsp;&nbsp; 578436 |
| ON Semiconductor Corp.<sup>(b)</sup>  | 4073 | &nbsp;&nbsp; 201980 |
| QUALCOMM, Inc. | 10703 | &nbsp;&nbsp; 1720293 |
| Texas Instruments, Inc. | 8855 | &nbsp;&nbsp; 1792960 |
|  |  | &nbsp;&nbsp; 37643431 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages–1.91%** | **Soft Drinks & Non-alcoholic Beverages–1.91%** | **Soft Drinks & Non-alcoholic Beverages–1.91%** | **Soft Drinks & Non-alcoholic Beverages–1.91%** |
| Coca-Cola Europacific Partners PLC (United <br> Kingdom) | Coca-Cola Europacific Partners PLC (United <br> Kingdom) | 4477 | &nbsp;&nbsp; $397826 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 13239 | &nbsp;&nbsp; 385123 |
| Monster Beverage Corp.<sup>(b)</sup>  | Monster Beverage Corp.<sup>(b)</sup>  | 9506 | &nbsp;&nbsp; 593269 |
| PepsiCo, Inc. | PepsiCo, Inc. | 13365 | &nbsp;&nbsp; 1986707 |
|  |  |  | &nbsp;&nbsp; 3362925 |
| **Systems Software–10.31%** | **Systems Software–10.31%** | **Systems Software–10.31%** | **Systems Software–10.31%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)(c)</sup>  | CrowdStrike Holdings, Inc., Class A<sup>(b)(c)</sup>  | 2428 | &nbsp;&nbsp; 1028744 |
| Fortinet, Inc.<sup>(b)</sup>  | Fortinet, Inc.<sup>(b)</sup>  | 7461 | &nbsp;&nbsp; 587703 |
| Microsoft Corp. | Microsoft Corp. | 29448 | &nbsp;&nbsp; 14921007 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | Palo Alto Networks, Inc.<sup>(b)</sup>  | 6500 | &nbsp;&nbsp; 1238380 |
| Zscaler, Inc.<sup>(b)</sup>  | Zscaler, Inc.<sup>(b)</sup>  | 1518 | &nbsp;&nbsp; 420562 |
|  |  |  | &nbsp;&nbsp; 18196396 |
| **Technology Distributors–0.12%** | **Technology Distributors–0.12%** | **Technology Distributors–0.12%** | **Technology Distributors–0.12%** |
| CDW Corp. | CDW Corp. | 1284 | &nbsp;&nbsp; 211552 |
| **Technology Hardware, Storage & Peripherals–7.78%** | **Technology Hardware, Storage & Peripherals–7.78%** | **Technology Hardware, Storage & Peripherals–7.78%** | **Technology Hardware, Storage & Peripherals–7.78%** |
| Apple, Inc.<sup>(d)</sup>  | Apple, Inc.<sup>(d)</sup>  | 59176 | &nbsp;&nbsp; 13737117 |
| **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** |
| Fastenal Co. | Fastenal Co. | 11183 | &nbsp;&nbsp; 555348 |
| **Transaction & Payment Processing Services–0.38%** | **Transaction & Payment Processing Services–0.38%** | **Transaction & Payment Processing Services–0.38%** | **Transaction & Payment Processing Services–0.38%** |
| PayPal Holdings, Inc.<sup>(b)</sup>  | PayPal Holdings, Inc.<sup>(b)</sup>  | 9480 | &nbsp;&nbsp; 665401 |
| **Wireless Telecommunication Services–1.58%** | **Wireless Telecommunication Services–1.58%** | **Wireless Telecommunication Services–1.58%** | **Wireless Telecommunication Services–1.58%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 11068 | &nbsp;&nbsp; 2789025 |
| Total Common Stocks & Other Equity Interests <br> (Cost $129,653,870) | Total Common Stocks & Other Equity Interests <br> (Cost $129,653,870) | Total Common Stocks & Other Equity Interests <br> (Cost $129,653,870) | &nbsp;&nbsp; 172716095 |
| **Money Market Funds–2.51%** | **Money Market Funds–2.51%** | **Money Market Funds–2.51%** | **Money Market Funds–2.51%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(e)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(e)(f)</sup>  | 1547536 | &nbsp;&nbsp; 1547536 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.17%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.17%<sup>(e)(f)</sup>  | 2873984 | &nbsp;&nbsp; 2873984 |
| Total Money Market Funds (Cost $4,421,520) | Total Money Market Funds (Cost $4,421,520) | Total Money Market Funds (Cost $4,421,520) | &nbsp;&nbsp; 4421520 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-100.35% <br> (Cost $134,075,390)<br>|  |  | &nbsp;&nbsp; 177137615 |
| **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–1.64%** | **Money Market Funds–1.64%** | **Money Market Funds–1.64%** | **Money Market Funds–1.64%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(e)(f)(g)</sup>  | 805300 | &nbsp;&nbsp; 805300 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup>  | 2092691 | &nbsp;&nbsp; 2093319 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $2,898,517) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $2,898,517) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $2,898,517) | &nbsp;&nbsp; 2898619 |
| TOTAL INVESTMENTS IN SECURITIES–101.99% <br> (Cost $136,973,907) | TOTAL INVESTMENTS IN SECURITIES–101.99% <br> (Cost $136,973,907) | TOTAL INVESTMENTS IN SECURITIES–101.99% <br> (Cost $136,973,907) | &nbsp;&nbsp; 180036234 |
| OTHER ASSETS LESS LIABILITIES—(1.99)% | OTHER ASSETS LESS LIABILITIES—(1.99)% | OTHER ASSETS LESS LIABILITIES—(1.99)% | &nbsp;&nbsp; (3513854)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $176522380 |

---

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 August 31, 2025.

<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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $958513 | &nbsp;&nbsp; $18430777 | &nbsp;&nbsp; $(17841754) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1547536 | &nbsp;&nbsp; $52791 |
| Invesco Treasury Portfolio, Institutional Class | 1780075 | &nbsp;&nbsp; 34228586 | &nbsp;&nbsp; (33134677) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2873984 | &nbsp;&nbsp; 97284 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 282641 | &nbsp;&nbsp; 44199041 | &nbsp;&nbsp; (43676382) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 805300 | &nbsp;&nbsp; 49,818\* |
| Invesco Private Prime Fund | 739081 | &nbsp;&nbsp; 98277370 | &nbsp;&nbsp; (96922764) | &nbsp;&nbsp; 78 | (446) | &nbsp;&nbsp; 2093319 | &nbsp;&nbsp; 132,336\* |
| Total | $3760310 | &nbsp;&nbsp; $195135774 | &nbsp;&nbsp; $(191575577) | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $(446) | &nbsp;&nbsp; $7320139 | &nbsp;&nbsp; $332229 |

---

\* 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 August 31, 2025.

<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; 93 | September-2025 | &nbsp;&nbsp;&nbsp; $4363886 | &nbsp;&nbsp;&nbsp; $(23256)<br>| &nbsp;&nbsp;&nbsp; $(23256)<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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $129,653,870)\*<br>| &nbsp;&nbsp; $172716095 |
| Investments in affiliated money market funds, at value <br> (Cost $7,320,037)<br>| &nbsp;&nbsp; 7320139 |
| Cash | &nbsp;&nbsp; 362 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 112659 |
| Dividends | &nbsp;&nbsp; 104003 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 21595 |
| Other assets | &nbsp;&nbsp; 8528 |
| Total assets | &nbsp;&nbsp; 180283381 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 57129 |
| Payable for: |  |
| Dividends | &nbsp;&nbsp; 6616 |
| Fund shares reacquired | &nbsp;&nbsp; 708605 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 2898517 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2895 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3048 |
| Accrued other operating expenses | &nbsp;&nbsp; 62596 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 21595 |
| Total liabilities | &nbsp;&nbsp; 3761001 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $176522380 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $133987009 |
| Distributable earnings | &nbsp;&nbsp; 42535371 |
|  | &nbsp;&nbsp; $176522380 |
| **Net Assets:** | **Net Assets:** |
| Class R6 | &nbsp;&nbsp; $176522380 |
| **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; 3659361 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $48.24 |

---

\* At August 31, 2025, securities with an aggregate value of $2,741,027 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $2,314) | &nbsp;&nbsp; $923370 |
| Dividends from affiliated money market funds (includes net securities lending income of $5,540) | &nbsp;&nbsp; 155615 |
| Total investment income | &nbsp;&nbsp; 1078985 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 189633 |
| Administrative services fees | &nbsp;&nbsp; 17366 |
| Custodian fees | &nbsp;&nbsp; 7742 |
| Transfer agent fees | &nbsp;&nbsp; 37443 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22232 |
| Registration and filing fees | &nbsp;&nbsp; 23811 |
| Licensing fees | &nbsp;&nbsp; 92777 |
| Reports to shareholders | &nbsp;&nbsp; 11706 |
| Professional services fees | &nbsp;&nbsp; 41613 |
| Other | &nbsp;&nbsp; 3071 |
| Total expenses | &nbsp;&nbsp; 447394 |
| Less: Fees waived | &nbsp;&nbsp; (84765)<br>|
| Net expenses | &nbsp;&nbsp; 362629 |
| Net investment income | &nbsp;&nbsp; 716356 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (81986)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (446)<br>|
| Futures contracts | &nbsp;&nbsp; 609577 |
|  | &nbsp;&nbsp; 527145 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 26115786 |
| Affiliated investment securities | &nbsp;&nbsp; 78 |
| Futures contracts | &nbsp;&nbsp; (76485)<br>|
|  | &nbsp;&nbsp; 26039379 |
| Net realized and unrealized gain | &nbsp;&nbsp; 26566524 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $27282880 |

---

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 year ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $716356 | &nbsp;&nbsp; $404213 |
| Net realized gain | &nbsp;&nbsp; 527145 | &nbsp;&nbsp; 67675 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 26039379 | &nbsp;&nbsp; 12550384 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 27282880 | &nbsp;&nbsp; 13022272 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class R6 | &nbsp;&nbsp; (914977)<br>| &nbsp;&nbsp; (306272)<br>|
| **Share transactions–net:** |  |  |
| Class R6 | &nbsp;&nbsp; 51727872 | &nbsp;&nbsp; 61180151 |
| Net increase in net assets | &nbsp;&nbsp; 78095775 | &nbsp;&nbsp; 73896151 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 98426605 | &nbsp;&nbsp; 24530454 |
| End of year | &nbsp;&nbsp; $176522380 | &nbsp;&nbsp; $98426605 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 08/31/25 | $40.42 | $0.25 | $7.90 | $8.15 | $(0.26)<br>| $(0.07)<br>| $(0.33)<br>| $48.24 | 20.26<br> %<br>| &nbsp;&nbsp; $176522 | 0.29<br> %<br>| 0.35<br> %<br>| 0.56<br> %<br>| 8<br> %<br>|
| 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>(d)</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>(e)</sup><br>| 5.30 <br><sup>(e)</sup><br>| 0.46 <br><sup>(e)</sup><br>| 6 |

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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. 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> Commencement date of October 13, 2020.

<sup>(e)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

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**Notes to Financial Statements**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

**9**

**Invesco NASDAQ 100 Index Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**G.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**H.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**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

**10**

**Invesco NASDAQ 100 Index Fund**

------

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 year ended August 31, 2025, the Fund paid the Adviser $582 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**J.** **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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.150% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.140% |

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For the year ended August 31, 2025, 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, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class 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, 2025. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $84,765.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund's shares. The Fund does not pay a distribution fee to IDI under the agreement.

For the year ended August 31, 2025, the Fund incurred $1,027 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.

**11**

**Invesco NASDAQ 100 Index Fund**

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**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $172716095 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $172716095 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4421520 | &nbsp;&nbsp;&nbsp;&nbsp; 2898619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7320139 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 177137615 | &nbsp;&nbsp;&nbsp;&nbsp; 2898619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180036234 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (23256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23256)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $177114359 | &nbsp;&nbsp;&nbsp;&nbsp; $2898619 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $180012978 |

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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 August 31, 2025:

---

| | |
|:---|:---|
|  | **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; $(23256)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 23256 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement
 of Assets and Liabilities.

**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $609577 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (76485)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $533092 |

---

**12**

**Invesco NASDAQ 100 Index Fund**

------

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; $3121104 |

---

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $862994 | &nbsp;&nbsp;&nbsp;&nbsp; $306272 |
| Long-term capital gain | &nbsp;&nbsp; 51983 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; $914977 | &nbsp;&nbsp;&nbsp;&nbsp; $306272 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $966161 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 407373 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 41176374 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (14537)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 133987009 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $176522380 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does 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 year ended August 31, 2025 was $61,417,267 and $10,198,478, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $43776000 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2599626)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $41176374 |

---

Cost of investments for tax purposes is $138,836,604.

**13**

**Invesco NASDAQ 100 Index Fund**

------

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; 1830542 | &nbsp;&nbsp;&nbsp; $78005757 | &nbsp;&nbsp;&nbsp; 1974416 | &nbsp;&nbsp;&nbsp; $72504046 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; 20812 | &nbsp;&nbsp;&nbsp; 900762 | &nbsp;&nbsp;&nbsp; 8222 | &nbsp;&nbsp;&nbsp; 304823 |
| **Reacquired:** |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; (627301)<br>| &nbsp;&nbsp;&nbsp; (27178647)<br>| &nbsp;&nbsp;&nbsp; (312882)<br>| &nbsp;&nbsp;&nbsp; (11628718)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1224053 | &nbsp;&nbsp;&nbsp; $51727872 | &nbsp;&nbsp;&nbsp; 1669756 | &nbsp;&nbsp;&nbsp; $61180151 |

---

<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 65% 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**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco NASDAQ 100 Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco NASDAQ 100 Index Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco NASDAQ 100 Index Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco NASDAQ 100 Index Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

The Board compared the Fund's investment performance over the past three years ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Nasdaq-100 Index (Index). The Board noted that the Fund had commenced operations in October 2020 and that therefore performance information for the Fund was limited. The Board noted that performance of Class R6 shares of the Fund was in the fourth quintile of its performance universe for the one year period and the first quintile of its performance universe for the two, three and four year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class R6 shares of the Fund was reasonably comparable to the performance of the Index for the one, two, three and four year periods. The Board considered that the Fund seeks to track the investment results of the Index, and that the Fund's performance will typically lag the Index

**16**

**Invesco NASDAQ 100 Index Fund**

------

due to the fees associated with the Fund. The Board considered that the Fund is passively managed and discussed reasons for differences in the Fund's performance versus its peers. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are actively managed or may track a different index than the Fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board also noted that the Fund's actual management fee rate was 0.00% due to expense limits and/or waivers, which was below the median actual management fee rate of its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with

federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed exchange-traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from

providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated

**17**

**Invesco NASDAQ 100 Index Fund**

------

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**Invesco NASDAQ 100 Index Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $51983 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 66.70% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 64.03% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $123113 |

---

**19**

**Invesco NASDAQ 100 Index Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**20**

**Invesco NASDAQ 100 Index Fund**

------

![](imgf5c630381.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

NDQ-NCSR

------

![](img6bb3a8771.jpg)

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**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco S&P 500 Index Fund**

Nasdaq:

A: SPIAX ■ C: SPICX ■ Y: SPIDX ■ R6: SPISX

------

---

| | |
|:---|:---|
| [2](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_SOI-Continued-95_1) | Schedule of Investments |
| [10](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_FS-Continued-95_1) | Financial Statements |
| [13](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_FS-Continued-95_4) | Financial Highlights |
| [14](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_NTF-Continued-95_1) | Notes to Financial Statements |
| [20](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_ARS-Continued-95_1) | Report of Independent Registered Public Accounting Firm |
| [21](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_AOC-Continued-95_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [24](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_TI-Continued-95_1) | Tax Information |
| [25](#xx_6a9a1a7b-e40a-428b-a5e1-d88840c81ed8_OIRSR-Continued-95_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.53%** | **Common Stocks & Other Equity Interests–97.53%** | **Common Stocks & Other Equity Interests–97.53%** |
| **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** |
| Interpublic Group of Cos., Inc. (The) | 25985 | &nbsp;&nbsp; $697439 |
| Omnicom Group, Inc. | 13440 | &nbsp;&nbsp; 1052755 |
| Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup>  | 31123 | &nbsp;&nbsp; 1701183 |
|  |  | &nbsp;&nbsp; 3451377 |
| **Aerospace & Defense–2.17%** | **Aerospace & Defense–2.17%** | **Aerospace & Defense–2.17%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 5085 | &nbsp;&nbsp; 3799970 |
| Boeing Co. (The)<sup>(b)</sup>  | 51906 | &nbsp;&nbsp; 12181300 |
| General Dynamics Corp. | 17580 | &nbsp;&nbsp; 5705941 |
| General Electric Co. | 74468 | &nbsp;&nbsp; 20493593 |
| Howmet Aerospace, Inc. | 28039 | &nbsp;&nbsp; 4881590 |
| Huntington Ingalls Industries, Inc. | 2715 | &nbsp;&nbsp; 735195 |
| L3Harris Technologies, Inc. | 13031 | &nbsp;&nbsp; 3617666 |
| Lockheed Martin Corp. | 14574 | &nbsp;&nbsp; 6640352 |
| Northrop Grumman Corp. | 9444 | &nbsp;&nbsp; 5572338 |
| RTX Corp. | 92416 | &nbsp;&nbsp; 14657177 |
| Textron, Inc. | 12819 | &nbsp;&nbsp; 1027571 |
| TransDigm Group, Inc. | 3904 | &nbsp;&nbsp; 5461227 |
|  |  | &nbsp;&nbsp; 84773920 |
| **Agricultural & Farm Machinery–0.22%** | **Agricultural & Farm Machinery–0.22%** | **Agricultural & Farm Machinery–0.22%** |
| Deere & Co. | 17606 | &nbsp;&nbsp; 8426936 |
| **Agricultural Products & Services–0.07%** | **Agricultural Products & Services–0.07%** | **Agricultural Products & Services–0.07%** |
| Archer-Daniels-Midland Co. | 32847 | &nbsp;&nbsp; 2057536 |
| Bunge Global S.A. | 9749 | &nbsp;&nbsp; 821061 |
|  |  | &nbsp;&nbsp; 2878597 |
| **Air Freight & Logistics–0.26%** | **Air Freight & Logistics–0.26%** | **Air Freight & Logistics–0.26%** |
| C.H. Robinson Worldwide, Inc. | 8062 | &nbsp;&nbsp; 1037579 |
| Expeditors International of <br> Washington, Inc. | 9725 | &nbsp;&nbsp; 1172251 |
| FedEx Corp. | 15482 | &nbsp;&nbsp; 3577426 |
| United Parcel Service, Inc., Class B | 50781 | &nbsp;&nbsp; 4440291 |
|  |  | &nbsp;&nbsp; 10227547 |
| **Apparel Retail–0.36%** | **Apparel Retail–0.36%** | **Apparel Retail–0.36%** |
| Ross Stores, Inc. | 22916 | &nbsp;&nbsp; 3372318 |
| TJX Cos., Inc. (The) | 78311 | &nbsp;&nbsp; 10698066 |
|  |  | &nbsp;&nbsp; 14070384 |
| **Apparel, Accessories & Luxury Goods–0.10%** | **Apparel, Accessories & Luxury Goods–0.10%** | **Apparel, Accessories & Luxury Goods–0.10%** |
| lululemon athletica, inc.<sup>(b)</sup>  | 7921 | &nbsp;&nbsp; 1601626 |
| Ralph Lauren Corp. | 2402 | &nbsp;&nbsp; 713226 |
| Tapestry, Inc. | 14614 | &nbsp;&nbsp; 1487998 |
|  |  | &nbsp;&nbsp; 3802850 |
| **Application Software–2.54%** | **Application Software–2.54%** | **Application Software–2.54%** |
| Adobe, Inc.<sup>(b)</sup>  | 29658 | &nbsp;&nbsp; 10579009 |
| Autodesk, Inc.<sup>(b)</sup>  | 14928 | &nbsp;&nbsp; 4697842 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 19043 | &nbsp;&nbsp; 6673238 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 22745 | &nbsp;&nbsp; 3108787 |
| Fair Isaac Corp.<sup>(b)</sup>  | 1685 | &nbsp;&nbsp; 2563963 |
| Intuit, Inc. | 19461 | &nbsp;&nbsp; 12980487 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 148026 | &nbsp;&nbsp; 23197154 |
| PTC, Inc.<sup>(b)</sup>  | 8277 | &nbsp;&nbsp; 1767139 |
| Roper Technologies, Inc. | 7445 | &nbsp;&nbsp; 3918378 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Salesforce, Inc. | 66567 | &nbsp;&nbsp; $17057794 |
| Synopsys, Inc.<sup>(b)</sup>  | 12706 | &nbsp;&nbsp; 7668325 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 2935 | &nbsp;&nbsp; 1652053 |
| Workday, Inc., Class A<sup>(b)</sup>  | 14789 | &nbsp;&nbsp; 3413597 |
|  |  | &nbsp;&nbsp; 99277766 |
| **Asset Management & Custody Banks–1.08%** | **Asset Management & Custody Banks–1.08%** | **Asset Management & Custody Banks–1.08%** |
| Ameriprise Financial, Inc. | 6746 | &nbsp;&nbsp; 3472908 |
| Bank of New York Mellon Corp. (The) | 49683 | &nbsp;&nbsp; 5246525 |
| BlackRock, Inc. | 10108 | &nbsp;&nbsp; 11393131 |
| Blackstone, Inc., Class A | 50069 | &nbsp;&nbsp; 8581827 |
| Franklin Resources, Inc. | 22254 | &nbsp;&nbsp; 571038 |
| Invesco Ltd.<sup>(d)</sup>  | 30970 | &nbsp;&nbsp; 677933 |
| KKR & Co., Inc., Class A | 46956 | &nbsp;&nbsp; 6549892 |
| Northern Trust Corp. | 13852 | &nbsp;&nbsp; 1818491 |
| State Street Corp. | 20515 | &nbsp;&nbsp; 2358609 |
| T. Rowe Price Group, Inc. | 15293 | &nbsp;&nbsp; 1645833 |
|  |  | &nbsp;&nbsp; 42316187 |
| **Automobile Manufacturers–1.85%** | **Automobile Manufacturers–1.85%** | **Automobile Manufacturers–1.85%** |
| Ford Motor Co. | 268218 | &nbsp;&nbsp; 3156926 |
| General Motors Co. | 67450 | &nbsp;&nbsp; 3951895 |
| Tesla, Inc.<sup>(b)</sup>  | 195025 | &nbsp;&nbsp; 65112997 |
|  |  | &nbsp;&nbsp; 72221818 |
| **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** | **Automotive Parts & Equipment–0.03%** |
| Aptiv PLC (Jersey)<sup>(b)</sup>  | 15056 | &nbsp;&nbsp; 1197404 |
| **Automotive Retail–0.30%** | **Automotive Retail–0.30%** | **Automotive Retail–0.30%** |
| AutoZone, Inc.<sup>(b)</sup>  | 1122 | &nbsp;&nbsp; 4710751 |
| CarMax, Inc.<sup>(b)</sup>  | 10679 | &nbsp;&nbsp; 655156 |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 59775 | &nbsp;&nbsp; 6197472 |
|  |  | &nbsp;&nbsp; 11563379 |
| **Biotechnology–1.55%** | **Biotechnology–1.55%** | **Biotechnology–1.55%** |
| AbbVie, Inc. | 122697 | &nbsp;&nbsp; 25815449 |
| Amgen, Inc. | 37322 | &nbsp;&nbsp; 10737913 |
| Biogen, Inc.<sup>(b)</sup>  | 10006 | &nbsp;&nbsp; 1322993 |
| Gilead Sciences, Inc. | 86531 | &nbsp;&nbsp; 9775407 |
| Incyte Corp.<sup>(b)</sup>  | 10937 | &nbsp;&nbsp; 925379 |
| Moderna, Inc.<sup>(b)(c)</sup>  | 25766 | &nbsp;&nbsp; 620703 |
| Regeneron Pharmaceuticals, Inc. | 7290 | &nbsp;&nbsp; 4233303 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 17881 | &nbsp;&nbsp; 6991829 |
|  |  | &nbsp;&nbsp; 60422976 |
| **Brewers–0.02%** | **Brewers–0.02%** | **Brewers–0.02%** |
| Molson Coors Beverage Co., Class B | 12021 | &nbsp;&nbsp; 606940 |
| **Broadcasting–0.05%** | **Broadcasting–0.05%** | **Broadcasting–0.05%** |
| Fox Corp., Class A | 15370 | &nbsp;&nbsp; 917589 |
| Fox Corp., Class B | 9083 | &nbsp;&nbsp; 495478 |
| Paramount Skydance Corp.<sup>(b)(c)</sup>  | 22516 | &nbsp;&nbsp; 330985 |
|  |  | &nbsp;&nbsp; 1744052 |
| **Broadline Retail–3.92%** | **Broadline Retail–3.92%** | **Broadline Retail–3.92%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 655952 | &nbsp;&nbsp; 150213008 |
| eBay, Inc. | 32349 | &nbsp;&nbsp; 2931143 |
|  |  | &nbsp;&nbsp; 153144151 |

---

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** |
| **Building Products–0.52%** | **Building Products–0.52%** | **Building Products–0.52%** |
| A.O. Smith Corp. | 8316 | &nbsp;&nbsp; $592848 |
| Allegion PLC | 6020 | &nbsp;&nbsp; 1022196 |
| Builders FirstSource, Inc.<sup>(b)</sup>  | 7999 | &nbsp;&nbsp; 1109301 |
| Carrier Global Corp. | 56316 | &nbsp;&nbsp; 3671803 |
| Johnson Controls International PLC | 45891 | &nbsp;&nbsp; 4905289 |
| Lennox International, Inc. | 2226 | &nbsp;&nbsp; 1241796 |
| Masco Corp. | 14933 | &nbsp;&nbsp; 1095933 |
| Trane Technologies PLC | 15624 | &nbsp;&nbsp; 6493335 |
|  |  | &nbsp;&nbsp; 20132501 |
| **Cable & Satellite–0.27%** | **Cable & Satellite–0.27%** | **Cable & Satellite–0.27%** |
| Charter Communications, Inc., Class A<sup>(b)</sup>  | 6669 | &nbsp;&nbsp; 1771153 |
| Comcast Corp., Class A | 258865 | &nbsp;&nbsp; 8793644 |
|  |  | &nbsp;&nbsp; 10564797 |
| **Cargo Ground Transportation–0.07%** | **Cargo Ground Transportation–0.07%** | **Cargo Ground Transportation–0.07%** |
| J.B. Hunt Transport Services, Inc. | 5513 | &nbsp;&nbsp; 799330 |
| Old Dominion Freight Line, Inc. | 12954 | &nbsp;&nbsp; 1955665 |
|  |  | &nbsp;&nbsp; 2754995 |
| **Casinos & Gaming–0.08%** | **Casinos & Gaming–0.08%** | **Casinos & Gaming–0.08%** |
| Caesars Entertainment, Inc.<sup>(b)</sup>  | 14900 | &nbsp;&nbsp; 398873 |
| Las Vegas Sands Corp. | 23632 | &nbsp;&nbsp; 1361912 |
| MGM Resorts International<sup>(b)</sup>  | 15795 | &nbsp;&nbsp; 626903 |
| Wynn Resorts Ltd.<sup>(c)</sup>  | 6501 | &nbsp;&nbsp; 824002 |
|  |  | &nbsp;&nbsp; 3211690 |
| **Commodity Chemicals–0.06%** | **Commodity Chemicals–0.06%** | **Commodity Chemicals–0.06%** |
| Dow, Inc. | 48151 | &nbsp;&nbsp; 1185959 |
| LyondellBasell Industries N.V., Class A | 17239 | &nbsp;&nbsp; 971418 |
|  |  | &nbsp;&nbsp; 2157377 |
| **Communications Equipment–0.91%** | **Communications Equipment–0.91%** | **Communications Equipment–0.91%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 71724 | &nbsp;&nbsp; 9793912 |
| Cisco Systems, Inc. | 276765 | &nbsp;&nbsp; 19121694 |
| F5, Inc.<sup>(b)</sup>  | 3989 | &nbsp;&nbsp; 1249115 |
| Motorola Solutions, Inc. | 11604 | &nbsp;&nbsp; 5482426 |
|  |  | &nbsp;&nbsp; 35647147 |
| **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** | **Computer & Electronics Retail–0.09%** |
| Best Buy Co., Inc. | 14674 | &nbsp;&nbsp; 1080593 |
| Dell Technologies, Inc., Class C | 21327 | &nbsp;&nbsp; 2605093 |
|  |  | &nbsp;&nbsp; 3685686 |
| **Construction & Engineering–0.10%** | **Construction & Engineering–0.10%** | **Construction & Engineering–0.10%** |
| Quanta Services, Inc. | 10249 | &nbsp;&nbsp; 3873712 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.60%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.60%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.60%** |
| Caterpillar, Inc. | 32688 | &nbsp;&nbsp; 13697580 |
| Cummins, Inc. | 9415 | &nbsp;&nbsp; 3751313 |
| PACCAR, Inc. | 36404 | &nbsp;&nbsp; 3639672 |
| Wabtec Corp. | 12035 | &nbsp;&nbsp; 2328772 |
|  |  | &nbsp;&nbsp; 23417337 |
| **Construction Materials–0.13%** | **Construction Materials–0.13%** | **Construction Materials–0.13%** |
| Martin Marietta Materials, Inc. | 4199 | &nbsp;&nbsp; 2588263 |
| Vulcan Materials Co. | 9073 | &nbsp;&nbsp; 2641695 |
|  |  | &nbsp;&nbsp; 5229958 |
| **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** |
| Garmin Ltd. | 10564 | &nbsp;&nbsp; 2554586 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Consumer Finance–0.64%** | **Consumer Finance–0.64%** | **Consumer Finance–0.64%** |
| American Express Co. | 38581 | &nbsp;&nbsp; $12781114 |
| Capital One Financial Corp. | 44198 | &nbsp;&nbsp; 10042669 |
| Synchrony Financial | 27152 | &nbsp;&nbsp; 2072784 |
|  |  | &nbsp;&nbsp; 24896567 |
| **Consumer Staples Merchandise Retail–1.65%** | **Consumer Staples Merchandise Retail–1.65%** | **Consumer Staples Merchandise Retail–1.65%** |
| Costco Wholesale Corp. | 30764 | &nbsp;&nbsp; 29020297 |
| Dollar General Corp. | 15124 | &nbsp;&nbsp; 1644886 |
| Dollar Tree, Inc.<sup>(b)(c)</sup>  | 13823 | &nbsp;&nbsp; 1509057 |
| Target Corp. | 31782 | &nbsp;&nbsp; 3050436 |
| Walmart, Inc. | 301382 | &nbsp;&nbsp; 29228026 |
|  |  | &nbsp;&nbsp; 64452702 |
| **Copper–0.11%** | **Copper–0.11%** | **Copper–0.11%** |
| Freeport-McMoRan, Inc. | 99769 | &nbsp;&nbsp; 4429744 |
| **Data Center REITs–0.23%** | **Data Center REITs–0.23%** | **Data Center REITs–0.23%** |
| Digital Realty Trust, Inc. | 21650 | &nbsp;&nbsp; 3629406 |
| Equinix, Inc. | 6699 | &nbsp;&nbsp; 5266687 |
|  |  | &nbsp;&nbsp; 8896093 |
| **Data Processing & Outsourced Services–0.05%** | **Data Processing & Outsourced Services–0.05%** | **Data Processing & Outsourced Services–0.05%** |
| Broadridge Financial Solutions, Inc. | 8017 | &nbsp;&nbsp; 2049306 |
| **Distillers & Vintners–0.06%** | **Distillers & Vintners–0.06%** | **Distillers & Vintners–0.06%** |
| Brown-Forman Corp., Class B | 15138 | &nbsp;&nbsp; 453232 |
| Constellation Brands, Inc., Class A | 10763 | &nbsp;&nbsp; 1742960 |
|  |  | &nbsp;&nbsp; 2196192 |
| **Distributors–0.07%** | **Distributors–0.07%** | **Distributors–0.07%** |
| Genuine Parts Co. | 9590 | &nbsp;&nbsp; 1336175 |
| LKQ Corp. | 18012 | &nbsp;&nbsp; 587551 |
| Pool Corp. | 2639 | &nbsp;&nbsp; 819964 |
|  |  | &nbsp;&nbsp; 2743690 |
| **Diversified Banks–3.25%** | **Diversified Banks–3.25%** | **Diversified Banks–3.25%** |
| Bank of America Corp. | 456101 | &nbsp;&nbsp; 23142565 |
| Citigroup, Inc. | 129998 | &nbsp;&nbsp; 12553907 |
| Fifth Third Bancorp | 46493 | &nbsp;&nbsp; 2127984 |
| JPMorgan Chase & Co. | 193381 | &nbsp;&nbsp; 58288901 |
| KeyCorp | 68825 | &nbsp;&nbsp; 1332452 |
| PNC Financial Services Group, Inc. (The) | 27550 | &nbsp;&nbsp; 5714972 |
| U.S. Bancorp | 108317 | &nbsp;&nbsp; 5289119 |
| Wells Fargo & Co. | 224867 | &nbsp;&nbsp; 18479570 |
|  |  | &nbsp;&nbsp; 126929470 |
| **Diversified Financial Services–0.11%** | **Diversified Financial Services–0.11%** | **Diversified Financial Services–0.11%** |
| Apollo Global Management, Inc. | 31036 | &nbsp;&nbsp; 4228034 |
| **Diversified Support Services–0.20%** | **Diversified Support Services–0.20%** | **Diversified Support Services–0.20%** |
| Cintas Corp. | 23802 | &nbsp;&nbsp; 4999134 |
| Copart, Inc.<sup>(b)</sup>  | 60869 | &nbsp;&nbsp; 2971016 |
|  |  | &nbsp;&nbsp; 7970150 |
| **Electric Utilities–1.47%** | **Electric Utilities–1.47%** | **Electric Utilities–1.47%** |
| Alliant Energy Corp. | 17651 | &nbsp;&nbsp; 1148550 |
| American Electric Power Co., Inc. | 37741 | &nbsp;&nbsp; 4190006 |
| Constellation Energy Corp. | 21716 | &nbsp;&nbsp; 6688094 |
| Duke Energy Corp. | 53635 | &nbsp;&nbsp; 6569751 |
| Edison International | 26596 | &nbsp;&nbsp; 1492833 |
| Entergy Corp. | 29522 | &nbsp;&nbsp; 2600593 |
| Evergy, Inc. | 15830 | &nbsp;&nbsp; 1128046 |

---

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–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Eversource Energy | 26440 | &nbsp;&nbsp; $1694011 |
| Exelon Corp. | 68698 | &nbsp;&nbsp; 3000729 |
| FirstEnergy Corp. | 35213 | &nbsp;&nbsp; 1535991 |
| NextEra Energy, Inc. | 142781 | &nbsp;&nbsp; 10287371 |
| NRG Energy, Inc. | 14178 | &nbsp;&nbsp; 2063750 |
| PG&E Corp. | 155444 | &nbsp;&nbsp; 2375184 |
| Pinnacle West Capital Corp. | 7818 | &nbsp;&nbsp; 698616 |
| PPL Corp. | 50681 | &nbsp;&nbsp; 1848336 |
| Southern Co. (The)<sup>(c)</sup>  | 76076 | &nbsp;&nbsp; 7021815 |
| Xcel Energy, Inc. | 39871 | &nbsp;&nbsp; 2886262 |
|  |  | &nbsp;&nbsp; 57229938 |
| **Electrical Components & Equipment–0.58%** | **Electrical Components & Equipment–0.58%** | **Electrical Components & Equipment–0.58%** |
| AMETEK, Inc. | 15906 | &nbsp;&nbsp; 2939429 |
| Eaton Corp. PLC | 27349 | &nbsp;&nbsp; 9548630 |
| Emerson Electric Co. | 39343 | &nbsp;&nbsp; 5193276 |
| Generac Holdings, Inc.<sup>(b)</sup>  | 4173 | &nbsp;&nbsp; 773048 |
| Hubbell, Inc. | 3688 | &nbsp;&nbsp; 1589491 |
| Rockwell Automation, Inc. | 7795 | &nbsp;&nbsp; 2677037 |
|  |  | &nbsp;&nbsp; 22720911 |
| **Electronic Components–0.32%** | **Electronic Components–0.32%** | **Electronic Components–0.32%** |
| Amphenol Corp., Class A | 83709 | &nbsp;&nbsp; 9112562 |
| Corning, Inc. | 52906 | &nbsp;&nbsp; 3546289 |
|  |  | &nbsp;&nbsp; 12658851 |
| **Electronic Equipment & Instruments–0.16%** | **Electronic Equipment & Instruments–0.16%** | **Electronic Equipment & Instruments–0.16%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 11991 | &nbsp;&nbsp; 1959689 |
| Teledyne Technologies, Inc.<sup>(b)</sup>  | 3214 | &nbsp;&nbsp; 1729678 |
| Trimble, Inc.<sup>(b)</sup>  | 16813 | &nbsp;&nbsp; 1358827 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 3554 | &nbsp;&nbsp; 1126938 |
|  |  | &nbsp;&nbsp; 6175132 |
| **Electronic Manufacturing Services–0.15%** | **Electronic Manufacturing Services–0.15%** | **Electronic Manufacturing Services–0.15%** |
| Jabil, Inc. | 7761 | &nbsp;&nbsp; 1589686 |
| TE Connectivity PLC (Switzerland) | 20878 | &nbsp;&nbsp; 4311307 |
|  |  | &nbsp;&nbsp; 5900993 |
| **Environmental & Facilities Services–0.31%** | **Environmental & Facilities Services–0.31%** | **Environmental & Facilities Services–0.31%** |
| Republic Services, Inc. | 14024 | &nbsp;&nbsp; 3281195 |
| Rollins, Inc. | 19336 | &nbsp;&nbsp; 1093258 |
| Veralto Corp. | 16975 | &nbsp;&nbsp; 1802575 |
| Waste Management, Inc. | 25360 | &nbsp;&nbsp; 5741250 |
|  |  | &nbsp;&nbsp; 11918278 |
| **Fertilizers & Agricultural Chemicals–0.13%** | **Fertilizers & Agricultural Chemicals–0.13%** | **Fertilizers & Agricultural Chemicals–0.13%** |
| CF Industries Holdings, Inc. | 11253 | &nbsp;&nbsp; 974847 |
| Corteva, Inc. | 47556 | &nbsp;&nbsp; 3528180 |
| Mosaic Co. (The) | 22127 | &nbsp;&nbsp; 739042 |
|  |  | &nbsp;&nbsp; 5242069 |
| **Financial Exchanges & Data–1.14%** | **Financial Exchanges & Data–1.14%** | **Financial Exchanges & Data–1.14%** |
| Cboe Global Markets, Inc. | 7189 | &nbsp;&nbsp; 1696244 |
| CME Group, Inc., Class A | 25021 | &nbsp;&nbsp; 6668347 |
| Coinbase Global, Inc., Class A<sup>(b)</sup>  | 14581 | &nbsp;&nbsp; 4440498 |
| FactSet Research Systems, Inc. | 2614 | &nbsp;&nbsp; 975858 |
| Intercontinental Exchange, Inc. | 39866 | &nbsp;&nbsp; 7040336 |
| MarketAxess Holdings, Inc. | 2609 | &nbsp;&nbsp; 479639 |
| Moody's Corp. | 10758 | &nbsp;&nbsp; 5483998 |
| MSCI, Inc. | 5403 | &nbsp;&nbsp; 3067391 |
| Nasdaq, Inc. | 28428 | &nbsp;&nbsp; 2693269 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| S&P Global, Inc. | 21998 | &nbsp;&nbsp; $12064583 |
|  |  | &nbsp;&nbsp; 44610163 |
| **Food Distributors–0.07%** | **Food Distributors–0.07%** | **Food Distributors–0.07%** |
| Sysco Corp. | 33782 | &nbsp;&nbsp; 2718438 |
| **Food Retail–0.07%** | **Food Retail–0.07%** | **Food Retail–0.07%** |
| Kroger Co. (The) | 42715 | &nbsp;&nbsp; 2897786 |
| **Footwear–0.20%** | **Footwear–0.20%** | **Footwear–0.20%** |
| Deckers Outdoor Corp.<sup>(b)</sup>  | 10474 | &nbsp;&nbsp; 1253004 |
| NIKE, Inc., Class B | 82537 | &nbsp;&nbsp; 6385888 |
|  |  | &nbsp;&nbsp; 7638892 |
| **Gas Utilities–0.05%** | **Gas Utilities–0.05%** | **Gas Utilities–0.05%** |
| Atmos Energy Corp.<sup>(c)</sup>  | 11486 | &nbsp;&nbsp; 1908169 |
| **Gold–0.15%** | **Gold–0.15%** | **Gold–0.15%** |
| Newmont Corp. | 78825 | &nbsp;&nbsp; 5864580 |
| **Health Care Distributors–0.32%** | **Health Care Distributors–0.32%** | **Health Care Distributors–0.32%** |
| Cardinal Health, Inc. | 16837 | &nbsp;&nbsp; 2505009 |
| Cencora, Inc. | 12176 | &nbsp;&nbsp; 3550644 |
| Henry Schein, Inc.<sup>(b)</sup>  | 8669 | &nbsp;&nbsp; 603189 |
| McKesson Corp. | 8563 | &nbsp;&nbsp; 5879698 |
|  |  | &nbsp;&nbsp; 12538540 |
| **Health Care Equipment–2.07%** | **Health Care Equipment–2.07%** | **Health Care Equipment–2.07%** |
| Abbott Laboratories | 120427 | &nbsp;&nbsp; 15975846 |
| Baxter International, Inc. | 35084 | &nbsp;&nbsp; 866224 |
| Becton, Dickinson and Co. | 20069 | &nbsp;&nbsp; 3872916 |
| Boston Scientific Corp.<sup>(b)</sup>  | 102331 | &nbsp;&nbsp; 10795920 |
| DexCom, Inc.<sup>(b)</sup>  | 27491 | &nbsp;&nbsp; 2071172 |
| Edwards Lifesciences Corp.<sup>(b)</sup>  | 41383 | &nbsp;&nbsp; 3366093 |
| GE HealthCare Technologies, Inc. | 32005 | &nbsp;&nbsp; 2359729 |
| Hologic, Inc.<sup>(b)</sup>  | 15956 | &nbsp;&nbsp; 1070967 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 5654 | &nbsp;&nbsp; 3658647 |
| Insulet Corp.<sup>(b)</sup>  | 4842 | &nbsp;&nbsp; 1645699 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 24730 | &nbsp;&nbsp; 11704585 |
| Medtronic PLC | 89045 | &nbsp;&nbsp; 8264266 |
| ResMed, Inc. | 10094 | &nbsp;&nbsp; 2770904 |
| STERIS PLC | 6775 | &nbsp;&nbsp; 1660281 |
| Stryker Corp. | 23826 | &nbsp;&nbsp; 9325735 |
| Zimmer Biomet Holdings, Inc. | 13991 | &nbsp;&nbsp; 1484445 |
|  |  | &nbsp;&nbsp; 80893429 |
| **Health Care Facilities–0.14%** | **Health Care Facilities–0.14%** | **Health Care Facilities–0.14%** |
| HCA Healthcare, Inc. | 12073 | &nbsp;&nbsp; 4877009 |
| Universal Health Services, Inc., Class B | 4109 | &nbsp;&nbsp; 746112 |
|  |  | &nbsp;&nbsp; 5623121 |
| **Health Care REITs–0.28%** | **Health Care REITs–0.28%** | **Health Care REITs–0.28%** |
| Alexandria Real Estate Equities, Inc. | 10652 | &nbsp;&nbsp; 878151 |
| Healthpeak Properties, Inc. | 48454 | &nbsp;&nbsp; 869265 |
| Ventas, Inc. | 30008 | &nbsp;&nbsp; 2042945 |
| Welltower, Inc. | 43326 | &nbsp;&nbsp; 7290899 |
|  |  | &nbsp;&nbsp; 11081260 |
| **Health Care Services–0.40%** | **Health Care Services–0.40%** | **Health Care Services–0.40%** |
| Cigna Group (The) | 18559 | &nbsp;&nbsp; 5583846 |
| CVS Health Corp. | 87374 | &nbsp;&nbsp; 6391408 |
| DaVita, Inc.<sup>(b)</sup>  | 3156 | &nbsp;&nbsp; 434771 |

---

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 Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| Labcorp Holdings, Inc. | 5768 | &nbsp;&nbsp; $1603446 |
| Quest Diagnostics, Inc. | 7679 | &nbsp;&nbsp; 1394814 |
|  |  | &nbsp;&nbsp; 15408285 |
| **Health Care Supplies–0.06%** | **Health Care Supplies–0.06%** | **Health Care Supplies–0.06%** |
| Align Technology, Inc.<sup>(b)</sup>  | 4820 | &nbsp;&nbsp; 684247 |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 13739 | &nbsp;&nbsp; 925940 |
| Solventum Corp.<sup>(b)</sup>  | 9513 | &nbsp;&nbsp; 695305 |
|  |  | &nbsp;&nbsp; 2305492 |
| **Heavy Electrical Equipment–0.30%** | **Heavy Electrical Equipment–0.30%** | **Heavy Electrical Equipment–0.30%** |
| GE Vernova, Inc. | 19139 | &nbsp;&nbsp; 11731633 |
| **Home Furnishings–0.01%** | **Home Furnishings–0.01%** | **Home Furnishings–0.01%** |
| Mohawk Industries, Inc.<sup>(b)</sup>  | 3584 | &nbsp;&nbsp; 475561 |
| **Home Improvement Retail–0.98%** | **Home Improvement Retail–0.98%** | **Home Improvement Retail–0.98%** |
| Home Depot, Inc. (The) | 68967 | &nbsp;&nbsp; 28053707 |
| Lowe's Cos., Inc. | 38940 | &nbsp;&nbsp; 10048856 |
|  |  | &nbsp;&nbsp; 38102563 |
| **Homebuilding–0.23%** | **Homebuilding–0.23%** | **Homebuilding–0.23%** |
| D.R. Horton, Inc. | 18324 | &nbsp;&nbsp; 3105551 |
| Lennar Corp., Class A | 16605 | &nbsp;&nbsp; 2210790 |
| NVR, Inc.<sup>(b)</sup>  | 212 | &nbsp;&nbsp; 1720942 |
| PulteGroup, Inc. | 14257 | &nbsp;&nbsp; 1882209 |
|  |  | &nbsp;&nbsp; 8919492 |
| **Homefurnishing Retail–0.04%** | **Homefurnishing Retail–0.04%** | **Homefurnishing Retail–0.04%** |
| Williams-Sonoma, Inc. | 8556 | &nbsp;&nbsp; 1610154 |
| **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** |
| Host Hotels & Resorts, Inc. | 48541 | &nbsp;&nbsp; 835391 |
| **Hotels, Resorts & Cruise Lines–0.94%** | **Hotels, Resorts & Cruise Lines–0.94%** | **Hotels, Resorts & Cruise Lines–0.94%** |
| Airbnb, Inc., Class A<sup>(b)</sup>  | 30227 | &nbsp;&nbsp; 3945530 |
| Booking Holdings, Inc. | 2266 | &nbsp;&nbsp; 12687447 |
| Carnival Corp.<sup>(b)</sup>  | 72123 | &nbsp;&nbsp; 2300002 |
| Expedia Group, Inc. | 8562 | &nbsp;&nbsp; 1839118 |
| Hilton Worldwide Holdings, Inc. | 16562 | &nbsp;&nbsp; 4572106 |
| Marriott International, Inc., Class A | 16052 | &nbsp;&nbsp; 4299689 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup>  | 34058 | &nbsp;&nbsp; 846001 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 17175 | &nbsp;&nbsp; 6238303 |
|  |  | &nbsp;&nbsp; 36728196 |
| **Household Products–0.92%** | **Household Products–0.92%** | **Household Products–0.92%** |
| Church & Dwight Co., Inc. | 16903 | &nbsp;&nbsp; 1574683 |
| Clorox Co. (The) | 8508 | &nbsp;&nbsp; 1005646 |
| Colgate-Palmolive Co. | 56727 | &nbsp;&nbsp; 4769039 |
| Kimberly-Clark Corp. | 23138 | &nbsp;&nbsp; 2988041 |
| Procter & Gamble Co. (The) | 162694 | &nbsp;&nbsp; 25549466 |
|  |  | &nbsp;&nbsp; 35886875 |
| **Human Resource & Employment Services–0.34%** | **Human Resource & Employment Services–0.34%** | **Human Resource & Employment Services–0.34%** |
| Automatic Data Processing, Inc. | 28291 | &nbsp;&nbsp; 8601878 |
| Dayforce, Inc.<sup>(b)</sup>  | 10871 | &nbsp;&nbsp; 758470 |
| Paychex, Inc. | 22020 | &nbsp;&nbsp; 3070799 |
| Paycom Software, Inc. | 3267 | &nbsp;&nbsp; 742099 |
|  |  | &nbsp;&nbsp; 13173246 |
| **Independent Power Producers & Energy Traders–0.13%** | **Independent Power Producers & Energy Traders–0.13%** | **Independent Power Producers & Energy Traders–0.13%** |
| AES Corp. (The) | 48928 | &nbsp;&nbsp; 662485 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** |
| Vistra Corp. | 23600 | &nbsp;&nbsp; $4462996 |
|  |  | &nbsp;&nbsp; 5125481 |
| **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** |
| 3M Co. | 37740 | &nbsp;&nbsp; 5869702 |
| Honeywell International, Inc. | 44724 | &nbsp;&nbsp; 9816918 |
|  |  | &nbsp;&nbsp; 15686620 |
| **Industrial Gases–0.52%** | **Industrial Gases–0.52%** | **Industrial Gases–0.52%** |
| Air Products and Chemicals, Inc. | 15436 | &nbsp;&nbsp; 4539882 |
| Linde PLC | 32791 | &nbsp;&nbsp; 15683607 |
|  |  | &nbsp;&nbsp; 20223489 |
| **Industrial Machinery & Supplies & Components–0.68%** | **Industrial Machinery & Supplies & Components–0.68%** | **Industrial Machinery & Supplies & Components–0.68%** |
| Dover Corp. | 9443 | &nbsp;&nbsp; 1688975 |
| Fortive Corp. | 24067 | &nbsp;&nbsp; 1151847 |
| IDEX Corp. | 5211 | &nbsp;&nbsp; 857209 |
| Illinois Tool Works, Inc. | 18560 | &nbsp;&nbsp; 4911904 |
| Ingersoll Rand, Inc. | 27719 | &nbsp;&nbsp; 2201720 |
| Nordson Corp. | 3741 | &nbsp;&nbsp; 842062 |
| Otis Worldwide Corp. | 27518 | &nbsp;&nbsp; 2377005 |
| Parker-Hannifin Corp. | 8937 | &nbsp;&nbsp; 6786311 |
| Pentair PLC | 11324 | &nbsp;&nbsp; 1217670 |
| Snap-on, Inc. | 3645 | &nbsp;&nbsp; 1185500 |
| Stanley Black & Decker, Inc. | 10594 | &nbsp;&nbsp; 787028 |
| Xylem, Inc. | 16760 | &nbsp;&nbsp; 2372545 |
|  |  | &nbsp;&nbsp; 26379776 |
| **Industrial REITs–0.19%** | **Industrial REITs–0.19%** | **Industrial REITs–0.19%** |
| Prologis, Inc. | 64307 | &nbsp;&nbsp; 7316850 |
| **Insurance Brokers–0.55%** | **Insurance Brokers–0.55%** | **Insurance Brokers–0.55%** |
| Aon PLC, Class A | 14924 | &nbsp;&nbsp; 5477108 |
| Arthur J. Gallagher & Co. | 17453 | &nbsp;&nbsp; 5283896 |
| Brown & Brown, Inc. | 16266 | &nbsp;&nbsp; 1576989 |
| Marsh & McLennan Cos., Inc. | 34100 | &nbsp;&nbsp; 7018121 |
| Willis Towers Watson PLC | 6978 | &nbsp;&nbsp; 2280340 |
|  |  | &nbsp;&nbsp; 21636454 |
| **Integrated Oil & Gas–1.48%** | **Integrated Oil & Gas–1.48%** | **Integrated Oil & Gas–1.48%** |
| Chevron Corp. | 132426 | &nbsp;&nbsp; 21267615 |
| Exxon Mobil Corp.<sup>(e)</sup>  | 299751 | &nbsp;&nbsp; 34258542 |
| Occidental Petroleum Corp. | 48595 | &nbsp;&nbsp; 2313608 |
|  |  | &nbsp;&nbsp; 57839765 |
| **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** |
| AT&T, Inc. | 498198 | &nbsp;&nbsp; 14592219 |
| Verizon Communications, Inc. | 292285 | &nbsp;&nbsp; 12927766 |
|  |  | &nbsp;&nbsp; 27519985 |
| **Interactive Home Entertainment–0.14%** | **Interactive Home Entertainment–0.14%** | **Interactive Home Entertainment–0.14%** |
| Electronic Arts, Inc. | 15882 | &nbsp;&nbsp; 2730910 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 11767 | &nbsp;&nbsp; 2744888 |
|  |  | &nbsp;&nbsp; 5475798 |
| **Interactive Media & Services–6.86%** | **Interactive Media & Services–6.86%** | **Interactive Media & Services–6.86%** |
| Alphabet, Inc., Class A | 404715 | &nbsp;&nbsp; 86167871 |
| Alphabet, Inc., Class C | 326490 | &nbsp;&nbsp; 69715410 |
| Match Group, Inc. | 17646 | &nbsp;&nbsp; 658901 |
| Meta Platforms, Inc., Class A | 150707 | &nbsp;&nbsp; 111327261 |
|  |  | &nbsp;&nbsp; 267869443 |

---

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–0.10%** | **Internet Services & Infrastructure–0.10%** | **Internet Services & Infrastructure–0.10%** |
| Akamai Technologies, Inc.<sup>(b)</sup>  | 10368 | &nbsp;&nbsp; $820420 |
| GoDaddy, Inc., Class A<sup>(b)</sup>  | 9743 | &nbsp;&nbsp; 1444984 |
| VeriSign, Inc. | 5742 | &nbsp;&nbsp; 1569691 |
|  |  | &nbsp;&nbsp; 3835095 |
| **Investment Banking & Brokerage–1.14%** | **Investment Banking & Brokerage–1.14%** | **Investment Banking & Brokerage–1.14%** |
| Charles Schwab Corp. (The) | 118820 | &nbsp;&nbsp; 11387709 |
| Goldman Sachs Group, Inc. (The) | 21327 | &nbsp;&nbsp; 15893947 |
| Interactive Brokers Group, Inc., Class A | 30145 | &nbsp;&nbsp; 1876225 |
| Morgan Stanley | 86131 | &nbsp;&nbsp; 12960993 |
| Raymond James Financial, Inc. | 12733 | &nbsp;&nbsp; 2157479 |
|  |  | &nbsp;&nbsp; 44276353 |
| **IT Consulting & Other Services–0.80%** | **IT Consulting & Other Services–0.80%** | **IT Consulting & Other Services–0.80%** |
| Accenture PLC, Class A (Ireland) | 43385 | &nbsp;&nbsp; 11278798 |
| Cognizant Technology Solutions Corp., <br> Class A | 34050 | &nbsp;&nbsp; 2460113 |
| EPAM Systems, Inc.<sup>(b)</sup>  | 3895 | &nbsp;&nbsp; 686922 |
| Gartner, Inc.<sup>(b)</sup>  | 5294 | &nbsp;&nbsp; 1329800 |
| International Business Machines Corp. | 64200 | &nbsp;&nbsp; 15632058 |
|  |  | &nbsp;&nbsp; 31387691 |
| **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** |
| Hasbro, Inc. | 9010 | &nbsp;&nbsp; 731342 |
| **Life & Health Insurance–0.29%** | **Life & Health Insurance–0.29%** | **Life & Health Insurance–0.29%** |
| Aflac, Inc. | 34624 | &nbsp;&nbsp; 3699921 |
| Globe Life, Inc. | 5140 | &nbsp;&nbsp; 719343 |
| MetLife, Inc. | 39111 | &nbsp;&nbsp; 3182071 |
| Principal Financial Group, Inc. | 14637 | &nbsp;&nbsp; 1178425 |
| Prudential Financial, Inc. | 24526 | &nbsp;&nbsp; 2689521 |
|  |  | &nbsp;&nbsp; 11469281 |
| **Life Sciences Tools & Services–0.85%** | **Life Sciences Tools & Services–0.85%** | **Life Sciences Tools & Services–0.85%** |
| Agilent Technologies, Inc. | 20044 | &nbsp;&nbsp; 2518729 |
| Bio-Techne Corp. | 10849 | &nbsp;&nbsp; 592681 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup>  | 3546 | &nbsp;&nbsp; 579097 |
| Danaher Corp. | 44633 | &nbsp;&nbsp; 9186364 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 11898 | &nbsp;&nbsp; 2270257 |
| Mettler-Toledo International, Inc.<sup>(b)</sup>  | 1459 | &nbsp;&nbsp; 1898217 |
| Revvity, Inc.<sup>(c)</sup>  | 8495 | &nbsp;&nbsp; 765485 |
| Thermo Fisher Scientific, Inc. | 26196 | &nbsp;&nbsp; 12907293 |
| Waters Corp.<sup>(b)</sup>  | 4101 | &nbsp;&nbsp; 1237682 |
| West Pharmaceutical Services, Inc. | 4984 | &nbsp;&nbsp; 1230799 |
|  |  | &nbsp;&nbsp; 33186604 |
| **Managed Health Care–0.74%** | **Managed Health Care–0.74%** | **Managed Health Care–0.74%** |
| Centene Corp.<sup>(b)</sup>  | 36137 | &nbsp;&nbsp; 1049418 |
| Elevance Health, Inc. | 15704 | &nbsp;&nbsp; 5004080 |
| Humana, Inc. | 8271 | &nbsp;&nbsp; 2511572 |
| Molina Healthcare, Inc.<sup>(b)</sup>  | 4050 | &nbsp;&nbsp; 732362 |
| UnitedHealth Group, Inc. | 63098 | &nbsp;&nbsp; 19552177 |
|  |  | &nbsp;&nbsp; 28849609 |
| **Metal, Glass & Plastic Containers–0.03%** | **Metal, Glass & Plastic Containers–0.03%** | **Metal, Glass & Plastic Containers–0.03%** |
| Ball Corp. | 19159 | &nbsp;&nbsp; 1008530 |
| **Movies & Entertainment–1.41%** | **Movies & Entertainment–1.41%** | **Movies & Entertainment–1.41%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup>  | 10758 | &nbsp;&nbsp; 1791099 |
| Netflix, Inc.<sup>(b)</sup>  | 29595 | &nbsp;&nbsp; 35758159 |
| TKO Group Holdings, Inc. | 4682 | &nbsp;&nbsp; 887520 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** | **Movies & Entertainment–(continued)** |
| Walt Disney Co. (The) | 125738 | &nbsp;&nbsp; $14884864 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 154137 | &nbsp;&nbsp; 1794155 |
|  |  | &nbsp;&nbsp; 55115797 |
| **Multi-Family Residential REITs–0.19%** | **Multi-Family Residential REITs–0.19%** | **Multi-Family Residential REITs–0.19%** |
| AvalonBay Communities, Inc. | 9757 | &nbsp;&nbsp; 1910909 |
| Camden Property Trust | 7335 | &nbsp;&nbsp; 821373 |
| Equity Residential | 23437 | &nbsp;&nbsp; 1549654 |
| Essex Property Trust, Inc.<sup>(c)</sup>  | 4439 | &nbsp;&nbsp; 1199462 |
| Mid-America Apartment Communities, Inc. | 8076 | &nbsp;&nbsp; 1177642 |
| UDR, Inc. | 20536 | &nbsp;&nbsp; 812610 |
|  |  | &nbsp;&nbsp; 7471650 |
| **Multi-line Insurance–0.08%** | **Multi-line Insurance–0.08%** | **Multi-line Insurance–0.08%** |
| American International Group, Inc. | 40081 | &nbsp;&nbsp; 3259387 |
| **Multi-Sector Holdings–1.64%** | **Multi-Sector Holdings–1.64%** | **Multi-Sector Holdings–1.64%** |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 127592 | &nbsp;&nbsp; 64176224 |
| **Multi-Utilities–0.59%** | **Multi-Utilities–0.59%** | **Multi-Utilities–0.59%** |
| Ameren Corp. | 18434 | &nbsp;&nbsp; 1839345 |
| CenterPoint Energy, Inc. | 45521 | &nbsp;&nbsp; 1716597 |
| CMS Energy Corp. | 20643 | &nbsp;&nbsp; 1477419 |
| Consolidated Edison, Inc. | 23757 | &nbsp;&nbsp; 2333650 |
| Dominion Energy, Inc. | 57633 | &nbsp;&nbsp; 3452217 |
| DTE Energy Co. | 14222 | &nbsp;&nbsp; 1943436 |
| NiSource, Inc. | 32410 | &nbsp;&nbsp; 1369971 |
| Public Service Enterprise Group, Inc. | 34222 | &nbsp;&nbsp; 2817497 |
| Sempra | 43978 | &nbsp;&nbsp; 3630824 |
| WEC Energy Group, Inc. | 21714 | &nbsp;&nbsp; 2312758 |
|  |  | &nbsp;&nbsp; 22893714 |
| **Office REITs–0.02%** | **Office REITs–0.02%** | **Office REITs–0.02%** |
| BXP, Inc.<sup>(c)</sup>  | 9948 | &nbsp;&nbsp; 721329 |
| **Oil & Gas Equipment & Services–0.21%** | **Oil & Gas Equipment & Services–0.21%** | **Oil & Gas Equipment & Services–0.21%** |
| Baker Hughes Co., Class A | 68245 | &nbsp;&nbsp; 3098323 |
| Halliburton Co. | 60648 | &nbsp;&nbsp; 1378529 |
| Schlumberger N.V. | 97548 | &nbsp;&nbsp; 3593668 |
|  |  | &nbsp;&nbsp; 8070520 |
| **Oil & Gas Exploration & Production–0.60%** | **Oil & Gas Exploration & Production–0.60%** | **Oil & Gas Exploration & Production–0.60%** |
| APA Corp.<sup>(c)</sup>  | 21997 | &nbsp;&nbsp; 510770 |
| ConocoPhillips | 87809 | &nbsp;&nbsp; 8690457 |
| Coterra Energy, Inc. | 50786 | &nbsp;&nbsp; 1241210 |
| Devon Energy Corp. | 45610 | &nbsp;&nbsp; 1646521 |
| Diamondback Energy, Inc. | 13303 | &nbsp;&nbsp; 1978954 |
| EOG Resources, Inc. | 38090 | &nbsp;&nbsp; 4754394 |
| EQT Corp. | 40807 | &nbsp;&nbsp; 2115435 |
| Expand Energy Corp. | 14432 | &nbsp;&nbsp; 1396729 |
| Texas Pacific Land Corp. | 1292 | &nbsp;&nbsp; 1206056 |
|  |  | &nbsp;&nbsp; 23540526 |
| **Oil & Gas Refining & Marketing–0.28%** | **Oil & Gas Refining & Marketing–0.28%** | **Oil & Gas Refining & Marketing–0.28%** |
| Marathon Petroleum Corp. | 21283 | &nbsp;&nbsp; 3824768 |
| Phillips 66 | 28754 | &nbsp;&nbsp; 3840959 |
| Valero Energy Corp. | 22009 | &nbsp;&nbsp; 3345588 |
|  |  | &nbsp;&nbsp; 11011315 |
| **Oil & Gas Storage & Transportation–0.37%** | **Oil & Gas Storage & Transportation–0.37%** | **Oil & Gas Storage & Transportation–0.37%** |
| Kinder Morgan, Inc. | 134201 | &nbsp;&nbsp; 3620743 |
| ONEOK, Inc. | 43679 | &nbsp;&nbsp; 3336202 |

---

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)** |
| Targa Resources Corp. | 15050 | &nbsp;&nbsp; $2524788 |
| Williams Cos., Inc. (The) | 84639 | &nbsp;&nbsp; 4898905 |
|  |  | &nbsp;&nbsp; 14380638 |
| **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** |
| Iron Mountain, Inc. | 20151 | &nbsp;&nbsp; 1860542 |
| VICI Properties, Inc. | 72111 | &nbsp;&nbsp; 2435909 |
|  |  | &nbsp;&nbsp; 4296451 |
| **Other Specialty Retail–0.10%** | **Other Specialty Retail–0.10%** | **Other Specialty Retail–0.10%** |
| Tractor Supply Co. | 37060 | &nbsp;&nbsp; 2288826 |
| Ulta Beauty, Inc.<sup>(b)</sup>  | 3028 | &nbsp;&nbsp; 1491986 |
|  |  | &nbsp;&nbsp; 3780812 |
| **Packaged Foods & Meats–0.46%** | **Packaged Foods & Meats–0.46%** | **Packaged Foods & Meats–0.46%** |
| Campbell's Co. (The)<sup>(c)</sup>  | 13546 | &nbsp;&nbsp; 432524 |
| Conagra Brands, Inc. | 32914 | &nbsp;&nbsp; 629645 |
| General Mills, Inc. | 38238 | &nbsp;&nbsp; 1886280 |
| Hershey Co. (The)<sup>(c)</sup>  | 10145 | &nbsp;&nbsp; 1864144 |
| Hormel Foods Corp. | 19985 | &nbsp;&nbsp; 508418 |
| J.M. Smucker Co. (The) | 7310 | &nbsp;&nbsp; 807828 |
| Kellanova | 19744 | &nbsp;&nbsp; 1569648 |
| Kraft Heinz Co. (The) | 60633 | &nbsp;&nbsp; 1695905 |
| Lamb Weston Holdings, Inc. | 9941 | &nbsp;&nbsp; 571906 |
| McCormick & Co., Inc. | 17402 | &nbsp;&nbsp; 1224579 |
| Mondelez International, Inc., Class A | 90227 | &nbsp;&nbsp; 5543547 |
| Tyson Foods, Inc., Class A | 19772 | &nbsp;&nbsp; 1122654 |
|  |  | &nbsp;&nbsp; 17857078 |
| **Paper & Plastic Packaging Products & Materials–0.18%** | **Paper & Plastic Packaging Products & Materials–0.18%** | **Paper & Plastic Packaging Products & Materials–0.18%** |
| Amcor PLC | 161437 | &nbsp;&nbsp; 1393201 |
| Avery Dennison Corp. | 5546 | &nbsp;&nbsp; 951971 |
| International Paper Co. | 37423 | &nbsp;&nbsp; 1859175 |
| Packaging Corp. of America | 6162 | &nbsp;&nbsp; 1343069 |
| Smurfit WestRock PLC | 33894 | &nbsp;&nbsp; 1605220 |
|  |  | &nbsp;&nbsp; 7152636 |
| **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** |
| Delta Air Lines, Inc. | 44051 | &nbsp;&nbsp; 2721471 |
| Southwest Airlines Co. | 41370 | &nbsp;&nbsp; 1361073 |
| United Airlines Holdings, Inc.<sup>(b)</sup>  | 22729 | &nbsp;&nbsp; 2386545 |
|  |  | &nbsp;&nbsp; 6469089 |
| **Passenger Ground Transportation–0.35%** | **Passenger Ground Transportation–0.35%** | **Passenger Ground Transportation–0.35%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 145019 | &nbsp;&nbsp; 13595531 |
| **Personal Care Products–0.11%** | **Personal Care Products–0.11%** | **Personal Care Products–0.11%** |
| Estee Lauder Cos., Inc. (The), Class A | 16043 | &nbsp;&nbsp; 1471625 |
| Kenvue, Inc. | 131565 | &nbsp;&nbsp; 2724711 |
|  |  | &nbsp;&nbsp; 4196336 |
| **Pharmaceuticals–2.73%** | **Pharmaceuticals–2.73%** | **Pharmaceuticals–2.73%** |
| Bristol-Myers Squibb Co. | 140821 | &nbsp;&nbsp; 6643935 |
| Eli Lilly and Co. | 54708 | &nbsp;&nbsp; 40077987 |
| Johnson & Johnson | 167167 | &nbsp;&nbsp; 29616977 |
| Merck & Co., Inc. | 175639 | &nbsp;&nbsp; 14774753 |
| Pfizer, Inc. | 393473 | &nbsp;&nbsp; 9742391 |
| Viatris, Inc. | 81976 | &nbsp;&nbsp; 864847 |
| Zoetis, Inc. | 31122 | &nbsp;&nbsp; 4867481 |
|  |  | &nbsp;&nbsp; 106588371 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Property & Casualty Insurance–0.92%** | **Property & Casualty Insurance–0.92%** | **Property & Casualty Insurance–0.92%** |
| Allstate Corp. (The) | 18386 | &nbsp;&nbsp; $3740632 |
| Arch Capital Group Ltd. | 25730 | &nbsp;&nbsp; 2355067 |
| Assurant, Inc. | 3579 | &nbsp;&nbsp; 771668 |
| Chubb Ltd. | 26029 | &nbsp;&nbsp; 7159797 |
| Cincinnati Financial Corp. | 10733 | &nbsp;&nbsp; 1648589 |
| Erie Indemnity Co., Class A<sup>(c)</sup>  | 1746 | &nbsp;&nbsp; 618747 |
| Hartford Insurance Group, Inc. (The) | 20130 | &nbsp;&nbsp; 2663400 |
| Loews Corp. | 12500 | &nbsp;&nbsp; 1210000 |
| Progressive Corp. (The) | 40674 | &nbsp;&nbsp; 10048918 |
| Travelers Cos., Inc. (The) | 15658 | &nbsp;&nbsp; 4251304 |
| W.R. Berkley Corp. | 20652 | &nbsp;&nbsp; 1480542 |
|  |  | &nbsp;&nbsp; 35948664 |
| **Publishing–0.03%** | **Publishing–0.03%** | **Publishing–0.03%** |
| News Corp., Class A | 26108 | &nbsp;&nbsp; 767836 |
| News Corp., Class B | 7877 | &nbsp;&nbsp; 266794 |
|  |  | &nbsp;&nbsp; 1034630 |
| **Rail Transportation–0.46%** | **Rail Transportation–0.46%** | **Rail Transportation–0.46%** |
| CSX Corp. | 133185 | &nbsp;&nbsp; 4329844 |
| Norfolk Southern Corp. | 15533 | &nbsp;&nbsp; 4348929 |
| Union Pacific Corp. | 41659 | &nbsp;&nbsp; 9313703 |
|  |  | &nbsp;&nbsp; 17992476 |
| **Real Estate Services–0.15%** | **Real Estate Services–0.15%** | **Real Estate Services–0.15%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 20692 | &nbsp;&nbsp; 3354587 |
| CoStar Group, Inc.<sup>(b)</sup>  | 28228 | &nbsp;&nbsp; 2526124 |
|  |  | &nbsp;&nbsp; 5880711 |
| **Regional Banks–0.30%** | **Regional Banks–0.30%** | **Regional Banks–0.30%** |
| Citizens Financial Group, Inc. | 30797 | &nbsp;&nbsp; 1610067 |
| Huntington Bancshares, Inc. | 100182 | &nbsp;&nbsp; 1784242 |
| M&T Bank Corp. | 11473 | &nbsp;&nbsp; 2313645 |
| Regions Financial Corp. | 62866 | &nbsp;&nbsp; 1721900 |
| Truist Financial Corp. | 91994 | &nbsp;&nbsp; 4307159 |
|  |  | &nbsp;&nbsp; 11737013 |
| **Reinsurance–0.03%** | **Reinsurance–0.03%** | **Reinsurance–0.03%** |
| Everest Group Ltd. | 2961 | &nbsp;&nbsp; 1012307 |
| **Research & Consulting Services–0.20%** | **Research & Consulting Services–0.20%** | **Research & Consulting Services–0.20%** |
| Equifax, Inc. | 8499 | &nbsp;&nbsp; 2093304 |
| Jacobs Solutions, Inc. | 8656 | &nbsp;&nbsp; 1265767 |
| Leidos Holdings, Inc. | 9255 | &nbsp;&nbsp; 1674414 |
| Verisk Analytics, Inc. | 9785 | &nbsp;&nbsp; 2623554 |
|  |  | &nbsp;&nbsp; 7657039 |
| **Restaurants–0.97%** | **Restaurants–0.97%** | **Restaurants–0.97%** |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup>  | 94079 | &nbsp;&nbsp; 3964489 |
| Darden Restaurants, Inc. | 8138 | &nbsp;&nbsp; 1684078 |
| Domino's Pizza, Inc. | 2401 | &nbsp;&nbsp; 1100378 |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 23915 | &nbsp;&nbsp; 5865154 |
| McDonald's Corp. | 49757 | &nbsp;&nbsp; 15600810 |
| Starbucks Corp. | 78702 | &nbsp;&nbsp; 6940729 |
| Yum! Brands, Inc. | 19315 | &nbsp;&nbsp; 2838726 |
|  |  | &nbsp;&nbsp; 37994364 |
| **Retail REITs–0.25%** | **Retail REITs–0.25%** | **Retail REITs–0.25%** |
| Federal Realty Investment Trust | 5140 | &nbsp;&nbsp; 516827 |
| Kimco Realty Corp. | 50906 | &nbsp;&nbsp; 1144876 |
| Realty Income Corp. | 60768 | &nbsp;&nbsp; 3570727 |

---

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. | 11176 | &nbsp;&nbsp; $810260 |
| Simon Property Group, Inc. | 21295 | &nbsp;&nbsp; 3847155 |
|  |  | &nbsp;&nbsp; 9889845 |
| **Self-Storage REITs–0.14%** | **Self-Storage REITs–0.14%** | **Self-Storage REITs–0.14%** |
| Extra Space Storage, Inc. | 14560 | &nbsp;&nbsp; 2090525 |
| Public Storage | 10821 | &nbsp;&nbsp; 3187758 |
|  |  | &nbsp;&nbsp; 5278283 |
| **Semiconductor Materials & Equipment–0.71%** | **Semiconductor Materials & Equipment–0.71%** | **Semiconductor Materials & Equipment–0.71%** |
| Applied Materials, Inc. | 56388 | &nbsp;&nbsp; 9064935 |
| Enphase Energy, Inc.<sup>(b)</sup>  | 9266 | &nbsp;&nbsp; 349328 |
| KLA Corp. | 9235 | &nbsp;&nbsp; 8052920 |
| Lam Research Corp. | 89571 | &nbsp;&nbsp; 8970536 |
| Teradyne, Inc. | 11146 | &nbsp;&nbsp; 1317903 |
|  |  | &nbsp;&nbsp; 27755622 |
| **Semiconductors–12.14%** | **Semiconductors–12.14%** | **Semiconductors–12.14%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 112676 | &nbsp;&nbsp; 18324498 |
| Analog Devices, Inc. | 34473 | &nbsp;&nbsp; 8663410 |
| Broadcom, Inc. | 327151 | &nbsp;&nbsp; 97291436 |
| First Solar, Inc.<sup>(b)(c)</sup>  | 7355 | &nbsp;&nbsp; 1435622 |
| Intel Corp. | 299462 | &nbsp;&nbsp; 7291900 |
| Microchip Technology, Inc. | 36856 | &nbsp;&nbsp; 2395640 |
| Micron Technology, Inc. | 76983 | &nbsp;&nbsp; 9161747 |
| Monolithic Power Systems, Inc. | 3350 | &nbsp;&nbsp; 2799796 |
| NVIDIA Corp. | 1693841 | &nbsp;&nbsp; 295033225 |
| NXP Semiconductors N.V. (Netherlands) | 17500 | &nbsp;&nbsp; 4109875 |
| ON Semiconductor Corp.<sup>(b)</sup>  | 29428 | &nbsp;&nbsp; 1459334 |
| QUALCOMM, Inc. | 76505 | &nbsp;&nbsp; 12296649 |
| Skyworks Solutions, Inc. | 10928 | &nbsp;&nbsp; 818944 |
| Texas Instruments, Inc. | 63337 | &nbsp;&nbsp; 12824476 |
|  |  | &nbsp;&nbsp; 473906552 |
| **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** | **Single-Family Residential REITs–0.03%** |
| Invitation Homes, Inc. | 39138 | &nbsp;&nbsp; 1224628 |
| **Soft Drinks & Non-alcoholic Beverages–0.99%** | **Soft Drinks & Non-alcoholic Beverages–0.99%** | **Soft Drinks & Non-alcoholic Beverages–0.99%** |
| Coca-Cola Co. (The) | 269191 | &nbsp;&nbsp; 18571487 |
| Keurig Dr Pepper, Inc. | 95881 | &nbsp;&nbsp; 2789178 |
| Monster Beverage Corp.<sup>(b)</sup>  | 48451 | &nbsp;&nbsp; 3023827 |
| PepsiCo, Inc. | 95261 | &nbsp;&nbsp; 14160548 |
|  |  | &nbsp;&nbsp; 38545040 |
| **Specialty Chemicals–0.44%** | **Specialty Chemicals–0.44%** | **Specialty Chemicals–0.44%** |
| Albemarle Corp. | 8092 | &nbsp;&nbsp; 687173 |
| DuPont de Nemours, Inc. | 28680 | &nbsp;&nbsp; 2206066 |
| Eastman Chemical Co. | 7998 | &nbsp;&nbsp; 562579 |
| Ecolab, Inc. | 17398 | &nbsp;&nbsp; 4819942 |
| International Flavors & Fragrances, Inc. | 17651 | &nbsp;&nbsp; 1191619 |
| PPG Industries, Inc. | 16028 | &nbsp;&nbsp; 1782794 |
| Sherwin-Williams Co. (The) | 16088 | &nbsp;&nbsp; 5885473 |
|  |  | &nbsp;&nbsp; 17135646 |
| **Steel–0.10%** | **Steel–0.10%** | **Steel–0.10%** |
| Nucor Corp. | 16305 | &nbsp;&nbsp; 2425043 |
| Steel Dynamics, Inc. | 9858 | &nbsp;&nbsp; 1290609 |
|  |  | &nbsp;&nbsp; 3715652 |
| **Systems Software–8.23%** | **Systems Software–8.23%** | **Systems Software–8.23%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 17341 | &nbsp;&nbsp; 7347382 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Fortinet, Inc.<sup>(b)</sup>  | 44170 | &nbsp;&nbsp; $3479271 |
| Gen Digital, Inc. | 37061 | &nbsp;&nbsp; 1119242 |
| Microsoft Corp. | 516522 | &nbsp;&nbsp; 261716532 |
| Oracle Corp. | 113102 | &nbsp;&nbsp; 25575755 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | 45444 | &nbsp;&nbsp; 8657991 |
| ServiceNow, Inc.<sup>(b)</sup>  | 14303 | &nbsp;&nbsp; 13122431 |
|  |  | &nbsp;&nbsp; 321018604 |
| **Technology Distributors–0.04%** | **Technology Distributors–0.04%** | **Technology Distributors–0.04%** |
| CDW Corp. | 9177 | &nbsp;&nbsp; 1512003 |
| **Technology Hardware, Storage & Peripherals–6.47%** | **Technology Hardware, Storage & Peripherals–6.47%** | **Technology Hardware, Storage & Peripherals–6.47%** |
| Apple, Inc. | 1037596 | &nbsp;&nbsp; 240867536 |
| Hewlett Packard Enterprise Co. | 89283 | &nbsp;&nbsp; 2015117 |
| HP, Inc. | 67223 | &nbsp;&nbsp; 1918544 |
| NetApp, Inc. | 14122 | &nbsp;&nbsp; 1592820 |
| Seagate Technology Holdings PLC | 14425 | &nbsp;&nbsp; 2414745 |
| Super Micro Computer, Inc.<sup>(b)</sup>  | 37294 | &nbsp;&nbsp; 1549193 |
| Western Digital Corp. | 24003 | &nbsp;&nbsp; 1928401 |
|  |  | &nbsp;&nbsp; 252286356 |
| **Telecom Tower REITs–0.28%** | **Telecom Tower REITs–0.28%** | **Telecom Tower REITs–0.28%** |
| American Tower Corp. | 32445 | &nbsp;&nbsp; 6613913 |
| Crown Castle, Inc. | 29853 | &nbsp;&nbsp; 2959627 |
| SBA Communications Corp., Class A | 7384 | &nbsp;&nbsp; 1512612 |
|  |  | &nbsp;&nbsp; 11086152 |
| **Timber REITs–0.03%** | **Timber REITs–0.03%** | **Timber REITs–0.03%** |
| Weyerhaeuser Co. | 49964 | &nbsp;&nbsp; 1292569 |
| **Tobacco–0.66%** | **Tobacco–0.66%** | **Tobacco–0.66%** |
| Altria Group, Inc. | 117211 | &nbsp;&nbsp; 7877752 |
| Philip Morris International, Inc. | 107956 | &nbsp;&nbsp; 18042686 |
|  |  | &nbsp;&nbsp; 25920438 |
| **Trading Companies & Distributors–0.29%** | **Trading Companies & Distributors–0.29%** | **Trading Companies & Distributors–0.29%** |
| Fastenal Co. | 78678 | &nbsp;&nbsp; 3907149 |
| United Rentals, Inc.<sup>(c)</sup>  | 4574 | &nbsp;&nbsp; 4374299 |
| W.W. Grainger, Inc. | 3051 | &nbsp;&nbsp; 3092189 |
|  |  | &nbsp;&nbsp; 11373637 |
| **Transaction & Payment Processing Services–2.44%** | **Transaction & Payment Processing Services–2.44%** | **Transaction & Payment Processing Services–2.44%** |
| Block, Inc., Class A<sup>(b)</sup>  | 38500 | &nbsp;&nbsp; 3066140 |
| Corpay, Inc.<sup>(b)</sup>  | 4770 | &nbsp;&nbsp; 1553446 |
| Fidelity National Information Services, <br> Inc. | 37479 | &nbsp;&nbsp; 2616409 |
| Fiserv, Inc.<sup>(b)</sup>  | 38672 | &nbsp;&nbsp; 5343697 |
| Global Payments, Inc. | 17479 | &nbsp;&nbsp; 1552485 |
| Jack Henry & Associates, Inc. | 5019 | &nbsp;&nbsp; 819402 |
| Mastercard, Inc., Class A | 56299 | &nbsp;&nbsp; 33514232 |
| PayPal Holdings, Inc.<sup>(b)</sup>  | 67507 | &nbsp;&nbsp; 4738316 |
| Visa, Inc., Class A | 119025 | &nbsp;&nbsp; 41870614 |
|  |  | &nbsp;&nbsp; 95074741 |
| **Water Utilities–0.05%** | **Water Utilities–0.05%** | **Water Utilities–0.05%** |
| American Water Works Co., Inc. | 13386 | &nbsp;&nbsp; 1921025 |
| **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** |
| T-Mobile US, Inc. | 33235 | &nbsp;&nbsp; 8374888 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,225,328,950) | Total Common Stocks & Other Equity Interests <br> (Cost $1,225,328,950) | &nbsp;&nbsp; 3805909911 |

---

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–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(f)</sup>  | 33877414 | &nbsp;&nbsp; $33877414 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(d)(f)</sup>  | 60990363 | &nbsp;&nbsp; 60990363 |
| Total Money Market Funds (Cost $94,867,777) | Total Money Market Funds (Cost $94,867,777) | Total Money Market Funds (Cost $94,867,777) | &nbsp;&nbsp; 94867777 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.96% <br> (Cost $1,320,196,727)<br>|  |  | &nbsp;&nbsp; 3900777688 |
| **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–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(d)(f)(g)</sup>  | 7977149 | &nbsp;&nbsp; 7977149 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(f)(g)</sup>  | 20770908 | &nbsp;&nbsp; $20777139 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $28,753,269) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $28,753,269) | &nbsp;&nbsp; 28754288 |
| TOTAL INVESTMENTS IN SECURITIES–100.70% <br> (Cost $1,348,949,996) | TOTAL INVESTMENTS IN SECURITIES–100.70% <br> (Cost $1,348,949,996) | &nbsp;&nbsp; 3929531976 |
| OTHER ASSETS LESS LIABILITIES—(0.70)% | OTHER ASSETS LESS LIABILITIES—(0.70)% | &nbsp;&nbsp; (27322524)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3902209452 |

---

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 August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | $529277 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $148656 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $677933 | &nbsp;&nbsp; $25705 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 24278577 | &nbsp;&nbsp; 97293743 | &nbsp;&nbsp; (87694906) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 33877414 | &nbsp;&nbsp; 1194969 |
| Invesco Treasury Portfolio, Institutional Class | 43163953 | &nbsp;&nbsp; 180688379 | &nbsp;&nbsp; (162861969) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 60990363 | &nbsp;&nbsp; 2116711 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 10996870 | &nbsp;&nbsp; 203302920 | &nbsp;&nbsp; (206322641) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7977149 | &nbsp;&nbsp; 530,439\* |
| Invesco Private Prime Fund | 28741538 | &nbsp;&nbsp; 450249931 | &nbsp;&nbsp; (458208997) | (243) | &nbsp;&nbsp; (5090) | &nbsp;&nbsp; 20777139 | &nbsp;&nbsp; 1,424,936\* |
| Total | $107710215 | &nbsp;&nbsp; $931534973 | &nbsp;&nbsp; $(915088513) | &nbsp;&nbsp; $148413 | &nbsp;&nbsp; $(5090) | &nbsp;&nbsp; $124299998 | &nbsp;&nbsp; $5292760 |

---

\* 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 August 31, 2025.

<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 Index | &nbsp;&nbsp;&nbsp; 301 | September-2025 | &nbsp;&nbsp;&nbsp; $97414888 | &nbsp;&nbsp;&nbsp; $3851644 | &nbsp;&nbsp;&nbsp; $3851644 |

---

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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,224,702,697)\*<br>| &nbsp;&nbsp; $3805231978 |
| Investments in affiliates, at value <br>(Cost $124,247,299)<br>| &nbsp;&nbsp; 124299998 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 2647422 |
| Dividends | &nbsp;&nbsp; 4077247 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 96955 |
| Other assets | &nbsp;&nbsp; 90479 |
| Total assets | &nbsp;&nbsp; 3936444079 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 675320 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 2630938 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 28753269 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1717911 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 7019 |
| Accrued other operating expenses | &nbsp;&nbsp; 345664 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 104506 |
| Total liabilities | &nbsp;&nbsp; 34234627 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3902209452 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1312696838 |
| Distributable earnings | &nbsp;&nbsp; 2589512614 |
|  | &nbsp;&nbsp; $3902209452 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $2825443404 |
| Class C | &nbsp;&nbsp; $433105958 |
| Class Y | &nbsp;&nbsp; $583348544 |
| Class R6 | &nbsp;&nbsp; $60311546 |
| **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; 41378764 |
| Class C | &nbsp;&nbsp; 6673719 |
| Class Y | &nbsp;&nbsp; 8391547 |
| Class R6 | &nbsp;&nbsp; 865834 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $68.28 |
| Maximum offering price per share <br>(Net asset value of $68.28 ÷ 94.50%)<br>| &nbsp;&nbsp; $72.25 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $64.90 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $69.52 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $69.66 |

---

\* At August 31, 2025, securities with an aggregate value of $28,120,164 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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $9,668) | &nbsp;&nbsp; $44783433 |
| Dividends from affiliates (includes net securities lending income of $76,255) | &nbsp;&nbsp; 3413640 |
| Total investment income | &nbsp;&nbsp; 48197073 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3937880 |
| Administrative services fees | &nbsp;&nbsp; 493367 |
| Custodian fees | &nbsp;&nbsp; 20944 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 6236576 |
| Class C | &nbsp;&nbsp; 4072242 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 4571848 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 21878 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 50881 |
| Registration and filing fees | &nbsp;&nbsp; 130138 |
| Licensing fees | &nbsp;&nbsp; 767128 |
| Reports to shareholders | &nbsp;&nbsp; 113487 |
| Professional services fees | &nbsp;&nbsp; 76796 |
| Other | &nbsp;&nbsp; 45368 |
| Total expenses | &nbsp;&nbsp; 20538533 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (141475)<br>|
| Net expenses | &nbsp;&nbsp; 20397058 |
| Net investment income | &nbsp;&nbsp; 27800015 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1612843 |
| Affiliated investment securities | &nbsp;&nbsp; (5090)<br>|
| Futures contracts | &nbsp;&nbsp; 3333426 |
|  | &nbsp;&nbsp; 4941179 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 473704936 |
| Affiliated investment securities | &nbsp;&nbsp; 148413 |
| Futures contracts | &nbsp;&nbsp; 2212972 |
|  | &nbsp;&nbsp; 476066321 |
| Net realized and unrealized gain | &nbsp;&nbsp; 481007500 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $508807515 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $27800015 | &nbsp;&nbsp; $27460646 |
| Net realized gain | &nbsp;&nbsp; 4941179 | &nbsp;&nbsp; 14204833 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 476066321 | &nbsp;&nbsp; 642397510 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 508807515 | &nbsp;&nbsp; 684062989 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (26477522)<br>| &nbsp;&nbsp; (18907771)<br>|
| Class C | &nbsp;&nbsp; (1858868)<br>| &nbsp;&nbsp; (1387800)<br>|
| Class Y | &nbsp;&nbsp; (7145803)<br>| &nbsp;&nbsp; (5892777)<br>|
| Class R6 | &nbsp;&nbsp; (1011583)<br>| &nbsp;&nbsp; (346442)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (36493776)<br>| &nbsp;&nbsp; (26534790)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 155557132 | &nbsp;&nbsp; 195059555 |
| Class C | &nbsp;&nbsp; (14937222)<br>| &nbsp;&nbsp; (17252549)<br>|
| Class Y | &nbsp;&nbsp; (29809569)<br>| &nbsp;&nbsp; (20307765)<br>|
| Class R6 | &nbsp;&nbsp; (15505797)<br>| &nbsp;&nbsp; 32999403 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 95304544 | &nbsp;&nbsp; 190498644 |
| Net increase in net assets | &nbsp;&nbsp; 567618283 | &nbsp;&nbsp; 848026843 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3334591169 | &nbsp;&nbsp; 2486564326 |
| End of year | &nbsp;&nbsp; $3902209452 | &nbsp;&nbsp; $3334591169 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco S&P 500 Index Fund**

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**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 08/31/25 | $59.89 | $0.52 | $8.54 | $9.06 | $(0.48)<br>| $(0.19)<br>| $(0.67)<br>| $68.28 | 15.20<br> %<br>| &nbsp;&nbsp; $2825443 | 0.54<br> %<br>| 0.54<br> %<br>| 0.82<br> %<br>| 2<br> %<br>|
| 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** |
| 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>(d)</sup><br>| &nbsp;&nbsp; 330698 | 1.28 <br><sup>(d)</sup><br>| 1.28 <br><sup>(d)</sup><br>| 0.44 <br><sup>(d)</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>(d)</sup><br>| &nbsp;&nbsp; 400963 | 1.18 <br><sup>(d)</sup><br>| 1.18 <br><sup>(d)</sup><br>| 0.29 <br><sup>(d)</sup><br>| 5 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 08/31/25 | 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** |
| 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> 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 0.99% and 0.89% for the years ended August 31, 2023 and 2021, respectively. 

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**

*August 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco S&P 500 Index Fund (the "Fund") is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is total return through growth of capital and current income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**14**

**Invesco S&P 500 Index Fund**

------

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **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

**15**

**Invesco S&P 500 Index Fund**

------

(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 year ended August 31, 2025, the Fund paid the Adviser $11,464 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:

---

| | |
|:---|:---|
| **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 year ended August 31, 2025, 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 Y and Class R6 shares to 2.00%, 2.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $85,096.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

**16**

**Invesco S&P 500 Index Fund**

------

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $566,084 in front-end sales commissions from the sale of Class A shares and $33,458 and $37,678 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2025, the Fund incurred $6,071 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 August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $3805909911 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3805909911 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 94867777 | &nbsp;&nbsp;&nbsp;&nbsp; 28754288 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123622065 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 3900777688 | &nbsp;&nbsp;&nbsp;&nbsp; 28754288 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3929531976 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3851644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3851644 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $3904629332 | &nbsp;&nbsp;&nbsp;&nbsp; $28754288 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3933383620 |

---

\* Unrealized appreciation.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | |
|:---|:---|
|  | **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; $3851644 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (3851644)<br>|
| Total Derivative Assets 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.

**17**

**Invesco S&P 500 Index Fund**

------

**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $3333426 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2212972 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $5546398 |

---

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; $77266670 |

---

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $56,379.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $29085884 | &nbsp;&nbsp;&nbsp;&nbsp; $26534790 |
| Long-term capital gain | &nbsp;&nbsp; 7407892 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; $36493776 | &nbsp;&nbsp;&nbsp;&nbsp; $26534790 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $22328394 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 3781831 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 2563468693 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (66304)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1312696838 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $3902209452 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and derivative instruments.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

**18**

**Invesco S&P 500 Index Fund**

------

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does 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 year ended August 31, 2025 was $126,114,950 and $58,866,148, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2605153976 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (41685283)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2563468693 |

---

Cost of investments for tax purposes is $1,369,914,927.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of federal taxes and fair fund distributions, on August 31, 2025, undistributed net investment income was decreased by $1,336, undistributed net realized gain (loss) was decreased by $2,003 and shares of beneficial interest was increased by $3,339. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6511081 | &nbsp;&nbsp;&nbsp; $404071225 | &nbsp;&nbsp;&nbsp; 7645707 | &nbsp;&nbsp;&nbsp; $400741633 |
| Class C | &nbsp;&nbsp;&nbsp; 1731600 | &nbsp;&nbsp;&nbsp; 102771546 | &nbsp;&nbsp;&nbsp; 1628406 | &nbsp;&nbsp;&nbsp; 81141998 |
| Class Y | &nbsp;&nbsp;&nbsp; 2937900 | &nbsp;&nbsp;&nbsp; 186453566 | &nbsp;&nbsp;&nbsp; 2339767 | &nbsp;&nbsp;&nbsp; 122627275 |
| Class R6 | &nbsp;&nbsp;&nbsp; 289659 | &nbsp;&nbsp;&nbsp; 18235503 | &nbsp;&nbsp;&nbsp; 757378 | &nbsp;&nbsp;&nbsp; 39774791 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 369536 | &nbsp;&nbsp;&nbsp; 23613379 | &nbsp;&nbsp;&nbsp; 335327 | &nbsp;&nbsp;&nbsp; 16679179 |
| Class C | &nbsp;&nbsp;&nbsp; 28434 | &nbsp;&nbsp;&nbsp; 1735891 | &nbsp;&nbsp;&nbsp; 26708 | &nbsp;&nbsp;&nbsp; 1271014 |
| Class Y | &nbsp;&nbsp;&nbsp; 93017 | &nbsp;&nbsp;&nbsp; 6040546 | &nbsp;&nbsp;&nbsp; 97460 | &nbsp;&nbsp;&nbsp; 4923691 |
| Class R6 | &nbsp;&nbsp;&nbsp; 15086 | &nbsp;&nbsp;&nbsp; 980886 | &nbsp;&nbsp;&nbsp; 6506 | &nbsp;&nbsp;&nbsp; 328997 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 901636 | &nbsp;&nbsp;&nbsp; 56532370 | &nbsp;&nbsp;&nbsp; 840951 | &nbsp;&nbsp;&nbsp; 44417602 |
| Class C | &nbsp;&nbsp;&nbsp; (946621)<br>| &nbsp;&nbsp;&nbsp; (56532370)<br>| &nbsp;&nbsp;&nbsp; (881874)<br>| &nbsp;&nbsp;&nbsp; (44417602)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5287162)<br>| &nbsp;&nbsp;&nbsp; (328659842)<br>| &nbsp;&nbsp;&nbsp; (5074269)<br>| &nbsp;&nbsp;&nbsp; (266778859)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1062520)<br>| &nbsp;&nbsp;&nbsp; (62912289)<br>| &nbsp;&nbsp;&nbsp; (1101998)<br>| &nbsp;&nbsp;&nbsp; (55247959)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3546565)<br>| &nbsp;&nbsp;&nbsp; (222303681)<br>| &nbsp;&nbsp;&nbsp; (2782759)<br>| &nbsp;&nbsp;&nbsp; (147858731)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (562423)<br>| &nbsp;&nbsp;&nbsp; (34722186)<br>| &nbsp;&nbsp;&nbsp; (131059)<br>| &nbsp;&nbsp;&nbsp; (7104385)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1472658 | &nbsp;&nbsp;&nbsp; $95304544 | &nbsp;&nbsp;&nbsp; 3706251 | &nbsp;&nbsp;&nbsp; $190498644 |

---

<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.

**NOTE 12—Subsequent Event**

Effective on September 30, 2025, the Fund began offering Class R shares.

**19**

**Invesco S&P 500 Index Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco S&P 500 Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco S&P 500 Index Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**20**

**Invesco S&P 500 Index Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco S&P 500 Index Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500® Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board considered that the Fund seeks to track the investment results of the Index, and that the Fund's performance will typically lag the Index due to the fees associated with the Fund. The Board considered that the Fund is passively managed and discussed reasons for differences in the Fund's performance versus its peers and the Index. The Board recognized that the performance data reflects a snapshot in time

**21**

**Invesco S&P 500 Index Fund**

------

as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding

fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The

**22**

**Invesco S&P 500 Index Fund**

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Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**23**

**Invesco S&P 500 Index Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $7407892 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 100.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $3364493 |

---

**24**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**25**

**Invesco S&P 500 Index Fund**

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![](img6bb3a8771.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

MS-SPI-NCSR

------

![](img211d5abd1.jpg)

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**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Senior Floating Rate Fund**

Nasdaq:

A: OOSAX ■ C: OOSCX ■ R: OOSNX ■ Y: OOSYX ■ R5: SFRRX ■ R6: OOSIX

------

---

| | |
|:---|:---|
| [2](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_SOI-Continued-732_1) | Schedule of Investments |
| [21](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_FS-Continued-732_1) | Financial Statements |
| [25](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_FS-Continued-732_5) | Financial Highlights |
| [26](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_NTF-Continued-732_1) | Notes to Financial Statements |
| [36](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_ARS-Continued-732_1) | Report of Independent Registered Public Accounting Firm |
| [37](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_AOC-Continued-732_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [40](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_TI-Continued-732_1) | Tax Information |
| [41](#xx_655a0ae0-2d0e-4c40-ab9d-2b5fb50ea201_OIRSR-Continued-732_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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–82.58%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–82.58%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–82.58%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–82.58%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–82.58%**<sup>(b)(c)</sup>  | **Variable Rate Senior Loan Interests–82.58%**<sup>(b)(c)</sup>  |
| **Aerospace & Defense–2.54%** | **Aerospace & Defense–2.54%** | **Aerospace & Defense–2.54%** | **Aerospace & Defense–2.54%** |  |  |
| Arxis |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 02/26/2032 |  | $189 | &nbsp;&nbsp; $189817 |
| Delayed Draw Term Loan (3 mo. term SOFR +2.50%) | 7.08% | 02/26/2032 |  | 20 | &nbsp;&nbsp; 20158 |
| Term Loan (3 mo. EURIBOR + 2.75%) | 6.95% | 02/26/2032 |  | 2219 | &nbsp;&nbsp; 2225735 |
| AVS (Ramudden Global) (Germany), Term Loan B (3 mo. EURIBOR + 3.50%) | 5.39% | 12/10/2029 | EUR | 7000 | &nbsp;&nbsp; 8141515 |
| Brown Group Holding LLC (Signature Aviation US Holdings, Inc.) |  |  |  |  |  |
| Incremental Term Loan B-2 (1 mo. Term SOFR + 2.75%) | 7.07% | 07/01/2031 |  | 2043 | &nbsp;&nbsp; 2045304 |
| Term Loan (1 mo. Term SOFR + 2.50%) | 6.82% | 07/01/2031 |  | 3574 | &nbsp;&nbsp; 3575041 |
| Element Materials Technology Group US Holdings, Inc. (EM Midco 2 US LLC), Term Loan (3 <br> mo. Term SOFR + 4.25%)<br>| 7.97% | 07/06/2029 |  | 3005 | &nbsp;&nbsp; 3025366 |
| Engineering Research and Consulting LLC, First Lien Term Loan (6 mo. Term SOFR + <br> 5.00%)<sup>(e)</sup> <br>| 9.29% | 08/15/2031 |  | 5269 | &nbsp;&nbsp; 5163194 |
| Gogo Intermediate Holdings LLC, Term Loan (1 mo. Term SOFR + 3.75%) | 8.18% | 04/30/2028 |  | 7246 | &nbsp;&nbsp; 7248350 |
| KKR Apple Bidco LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 09/22/2028 |  | 8361 | &nbsp;&nbsp; 8371161 |
| Peraton Corp., First Lien Term Loan B (1 mo. Term SOFR + 3.75%) | 8.17% | 02/01/2028 |  | 9037 | &nbsp;&nbsp; 7811364 |
| Propulsion (BC) Newco LLC (aka ITP Aero), Term Loan (1 mo. Term SOFR + 2.75%) | 7.04% | 09/14/2029 |  | 4554 | &nbsp;&nbsp; 4584833 |
| Rand Parent LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 7.30% | 03/18/2030 |  | 7829 | &nbsp;&nbsp; 7810538 |
| Titan Acquisition Holdings L.P. (aka LSF11 Trinity), Term Loan B (6 mo. EURIBOR + <br> 5.25%)<br>| 7.32% | 06/14/2030 |  | 1508 | &nbsp;&nbsp; 1517678 |
| TransDigm, Inc. |  |  |  |  |  |
| Term Loan I (3 mo. Term SOFR + 2.75%) | 7.05% | 08/24/2028 |  | 6968 | &nbsp;&nbsp; 6993189 |
| Term Loan J (3 mo. Term SOFR + 3.25%) | 6.80% | 02/28/2031 |  | 2429 | &nbsp;&nbsp; 2434173 |
| Term Loan K (3 mo. Term SOFR + 2.75%) | 7.05% | 03/22/2030 |  | 485 | &nbsp;&nbsp; 486378 |
| Term Loan M (1 mo. Term SOFR + 2.50%) | 6.85% | 08/30/2032 |  | 1656 | &nbsp;&nbsp; 1658136 |
|  |  |  |  |  | &nbsp;&nbsp; 73301930 |
| **Air Transport–1.53%** | **Air Transport–1.53%** | **Air Transport–1.53%** | **Air Transport–1.53%** |  |  |
| AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan B (3 mo. Term SOFR + <br> 2.25%)<br>| 6.58% | 04/20/2028 |  | 19945 | &nbsp;&nbsp; 19911185 |
| AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan B (3 mo. Term SOFR + <br> 3.25%)<br>| 7.58% | 05/07/2032 |  | 1672 | &nbsp;&nbsp; 1682542 |
| American Airlines, Inc. |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 2.25%) | 6.51% | 06/04/2029 |  | 12741 | &nbsp;&nbsp; 12714321 |
| Term Loan B (6 mo. Term SOFR + 2.25%) | 6.50% | 02/15/2028 |  | 54 | &nbsp;&nbsp; 53818 |
| Stonepeak Nile Parent LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 7.08% | 02/15/2032 |  | 7739 | &nbsp;&nbsp; 7770056 |
| United AirLines, Inc., Term Loan B (3 mo. Term SOFR + 2.00%) | 6.20% | 02/24/2031 |  | 453 | &nbsp;&nbsp; 454091 |
| WestJet Airlines Ltd. (Canada), Term Loan (3 mo. Term SOFR + 3.25%) | 7.55% | 02/14/2031 |  | 1512 | &nbsp;&nbsp; 1518135 |
|  |  |  |  |  | &nbsp;&nbsp; 44104148 |
| **Automotive–2.24%** | **Automotive–2.24%** | **Automotive–2.24%** | **Automotive–2.24%** |  |  |
| Belron Group S.A., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.74% | 10/16/2031 |  | 5920 | &nbsp;&nbsp; 5956564 |
| DexKo Global, Inc. (Germany), Incremental First Lien Term Loan (1 mo. Term SOFR + <br> 4.25%)<br>| 8.57% | 10/04/2028 |  | 4676 | &nbsp;&nbsp; 4609448 |
| Highline Aftermarket Acquisition LLC, Term Loan B (3 mo. Term SOFR + 3.50%) | 7.70% | 02/15/2030 |  | 7779 | &nbsp;&nbsp; 7837883 |
| Lippert Components, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 03/19/2032 |  | 3956 | &nbsp;&nbsp; 3987934 |
| LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC), Term Loan B-1 (1 mo. <br> Term SOFR + 2.50%)<br>| 6.70% | 04/23/2031 |  | 3146 | &nbsp;&nbsp; 3146739 |
| Mavis Tire Express Services Topco Corp., Term Loan B (3 mo. Term SOFR + 3.00%) | 7.20% | 05/04/2028 |  | 15062 | &nbsp;&nbsp; 15115271 |
| Paint Intermediate III LLC (Wesco Group), Term Loan B (3 mo. Term SOFR + 3.00%) | 7.24% | 09/11/2031 |  | 6615 | &nbsp;&nbsp; 6634626 |
| Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL) (United Kingdom), Term <br> Loan B (1 mo. Term SOFR + 2.75%)<br>| 7.07% | 01/15/2032 |  | 10464 | &nbsp;&nbsp; 10485404 |
| Project Boost Purchaser LLC, Term Loan (3 mo. Term SOFR + 2.75%) | 7.07% | 07/16/2031 |  | 3496 | &nbsp;&nbsp; 3496379 |
| Wand NewCo 3, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 01/30/2031 |  | 3505 | &nbsp;&nbsp; 3501891 |
|  |  |  |  |  | &nbsp;&nbsp; 64772139 |
| **Beverage & Tobacco–0.54%** | **Beverage & Tobacco–0.54%** | **Beverage & Tobacco–0.54%** | **Beverage & Tobacco–0.54%** |  |  |
| AI Aqua Merger Sub, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 7.35% | 07/31/2028 |  | 10098 | &nbsp;&nbsp; 10113105 |

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See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Senior Floating Rate Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
| **Beverage & Tobacco–(continued)** | **Beverage & Tobacco–(continued)** | **Beverage & Tobacco–(continued)** | **Beverage & Tobacco–(continued)** |  |  |
| City Brewing Co. LLC |  |  |  |  |  |
| First Lien Term Loan<sup>(e)</sup> <br>| 11.20% | 09/30/2030 |  | $5173 | &nbsp;&nbsp; $3880087 |
| Super Priority Term Loan<sup>(e)</sup> <br>| 11.20% | 09/30/2030 |  | 1731 | &nbsp;&nbsp; 1557575 |
|  |  |  |  |  | &nbsp;&nbsp; 15550767 |
| **Brokers, Dealers & Investment Houses–0.74%** | **Brokers, Dealers & Investment Houses–0.74%** | **Brokers, Dealers & Investment Houses–0.74%** | **Brokers, Dealers & Investment Houses–0.74%** |  |  |
| Ascensus Group Holdings, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 08/02/2028 |  | 1218 | &nbsp;&nbsp; 1220882 |
| Creative Planning (CPI Holdco B LLC), Term Loan B (1 mo. Term SOFR + 2.00%) | 6.32% | 05/17/2031 |  | 3537 | &nbsp;&nbsp; 3534981 |
| Envestnet, Inc (BCPE Pequod Buyer, Inc), Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 11/25/2031 |  | 3274 | &nbsp;&nbsp; 3283144 |
| GC Ferry Acquisition I, Inc., Term Loan B<sup>(d)</sup> <br>| 0.00% | 08/16/2032 |  | 1338 | &nbsp;&nbsp; 1325553 |
| GC Ferry Acquisition I, Inc. (First Eagle Investment Management LLC), Term Loan B (3 mo. <br> Term SOFR + 3.50%)<br>| 7.71% | 06/04/2032 |  | 7840 | &nbsp;&nbsp; 7763956 |
| Orion US Finco (OSTTRA), Term Loan B<sup>(f)</sup> <br>| – | 05/20/2032 |  | 4126 | &nbsp;&nbsp; 4157956 |
|  |  |  |  |  | &nbsp;&nbsp; 21286472 |
| **Building & Development–3.77%** | **Building & Development–3.77%** | **Building & Development–3.77%** | **Building & Development–3.77%** |  |  |
| Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 7.82% | 05/28/2030 |  | 1801 | &nbsp;&nbsp; 1811157 |
| Chariot Buyer LLC |  |  |  |  |  |
| First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 7.67% | 11/03/2028 |  | 6408 | &nbsp;&nbsp; 6416072 |
| Term Loan B<sup>(f)</sup> <br>| – | 07/22/2032 |  | 2535 | &nbsp;&nbsp; 2539145 |
| Empire Today LLC |  |  |  |  |  |
| Term Loan (3 mo. Term SOFR + 5.26%) <br>(Acquired 11/18/2024-06/25/2025; Cost $11,544,238)<sup>(e)(g)</sup> <br>| 9.57% | 08/03/2029 |  | 15884 | &nbsp;&nbsp; 10030692 |
| Term Loan A (3 mo. Term SOFR + 5.76%) <br>(Acquired 11/18/2024-06/25/2025; Cost $4,285,227)<sup>(e)(g)</sup> <br>| 10.07% | 08/03/2029 |  | 4734 | &nbsp;&nbsp; 4076471 |
| Term Loan B (3 mo. Term SOFR + 5.76%) <br>(Acquired 11/18/2024-06/25/2025; Cost $4,584,158)<sup>(e)(g)</sup> <br>| 10.07% | 08/03/2029 |  | 4671 | &nbsp;&nbsp; 4022131 |
| Flakt Woods (Fusilli Holdco) (France), Term Loan B (6 mo. EURIBOR + 5.00%) | 7.42% | 04/12/2026 | EUR | 1719 | &nbsp;&nbsp; 2018620 |
| Gulfside Supply, Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 7.30% | 06/17/2031 |  | 4164 | &nbsp;&nbsp; 4179835 |
| Icebox Holdco III, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.75%) | 8.06% | 12/22/2028 |  | 3889 | &nbsp;&nbsp; 3917646 |
| Interior Logic Group, Inc. (Signal Parent), Term Loan B (3 mo. Term SOFR + 3.50%) <br>(Acquired 09/11/2023-07/08/2024; Cost $10,599,173)<sup>(g)</sup> <br>| 7.91% | 04/01/2028 |  | 11634 | &nbsp;&nbsp; 8072927 |
| IPS Corp./CP Iris Holdco, First Lien Term Loan (1 mo. Term SOFR + 3.50%) | 7.82% | 10/02/2028 |  | 6283 | &nbsp;&nbsp; 6282664 |
| Janus International Group LLC, Term Loan (3 mo. Term SOFR + 2.50%) | 6.70% | 08/03/2030 |  | 1407 | &nbsp;&nbsp; 1410756 |
| LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.75%) | 9.17% | 02/16/2029 |  | 12518 | &nbsp;&nbsp; 12092726 |
| MI Windows and Doors LLC, Incremental Term Loan B (1 mo. Term SOFR + 3.00%) | 7.07% | 03/28/2031 |  | 2045 | &nbsp;&nbsp; 2056714 |
| Modulaire (BCP-V Modular/Algeco) (United Kingdom), Term Loan<sup>(f)</sup> <br>| – | 07/31/2031 | EUR | 1500 | &nbsp;&nbsp; 1648102 |
| Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.50%) | 8.55% | 04/29/2029 |  | 10654 | &nbsp;&nbsp; 9743546 |
| Quikrete Holdings, Inc. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 03/19/2029 |  | 3744 | &nbsp;&nbsp; 3750234 |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 02/15/2032 |  | 6246 | &nbsp;&nbsp; 6252156 |
| Term Loan B-1 (1 mo. Term SOFR + 2.25%) | 6.57% | 04/14/2031 |  | 7237 | &nbsp;&nbsp; 7244071 |
| Quimper AB (Sweden), Incremental Term Loan (3 mo. EURIBOR + 3.75%) | 5.70% | 03/25/2030 | EUR | 389 | &nbsp;&nbsp; 458141 |
| QXO/Beacon Roofing, Term Loan B (1 mo. Term SOFR + 3.00%) | 7.30% | 04/23/2032 |  | 3630 | &nbsp;&nbsp; 3666285 |
| TAMKO Building Products LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 7.05% | 09/20/2030 |  | 5632 | &nbsp;&nbsp; 5654601 |
| Tecta America Corp., Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 02/08/2032 |  | 1695 | &nbsp;&nbsp; 1702205 |
|  |  |  |  |  | &nbsp;&nbsp; 109046897 |
| **Business Equipment & Services–8.52%** | **Business Equipment & Services–8.52%** | **Business Equipment & Services–8.52%** | **Business Equipment & Services–8.52%** |  |  |
| AlixPartners LLP, Term Loan (1 mo. Term SOFR + 2.00%) | 6.32% | 07/30/2032 |  | 2489 | &nbsp;&nbsp; 2482507 |
| Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan B<sup>(f)</sup> <br>| – | 08/06/2032 |  | 12592 | &nbsp;&nbsp; 12649667 |
| Azuria Water Solutions, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 05/17/2028 |  | 239 | &nbsp;&nbsp; 240166 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 05/17/2028 |  | 5479 | &nbsp;&nbsp; 5497085 |
| Boost Newco Borrower LLC (WorldPay), Term Loan B (3 mo. Term SOFR + 2.00%) | 6.30% | 01/31/2031 |  | 8460 | &nbsp;&nbsp; 8479158 |
| Cimpress USA, Inc., Term Loan (1 mo. Term SOFR + 2.50%) | 6.82% | 11/01/2030 |  | 13593 | &nbsp;&nbsp; 13593279 |
| Cloud Software Group, Inc. |  |  |  |  |  |
| Term Loan B<sup>(f)</sup> <br>| – | 08/09/2032 |  | 4484 | &nbsp;&nbsp; 4496575 |
| Term Loan B-2 (3 mo. Term SOFR + 3.25%) | 7.48% | 03/21/2031 |  | 4586 | &nbsp;&nbsp; 4603949 |

---

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)** |  |  |
| Constant Contact, Inc. |  |  |  |  |  |
| Second Lien Term Loan (3 mo. Term SOFR + 7.50%) | 12.08% | 02/12/2029 |  | $3742 | &nbsp;&nbsp; $3305883 |
| Term Loan (3 mo. Term SOFR + 4.00%) | 8.58% | 02/10/2028 |  | 15144 | &nbsp;&nbsp; 14518915 |
| Corporation Service Co., Term Loan B (1 mo. Term SOFR + 2.75%) | 6.32% | 11/02/2029 |  | 1401 | &nbsp;&nbsp; 1400669 |
| Deerfield Dakota Holding Corp. |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 3.75%) | 8.05% | 04/09/2027 |  | 17669 | &nbsp;&nbsp; 17625199 |
| Second Lien Term Loan (3 mo. Term SOFR + 6.75%) | 11.31% | 04/07/2028 |  | 1901 | &nbsp;&nbsp; 1895206 |
| DTI HoldCo, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 8.32% | 04/26/2029 |  | 7255 | &nbsp;&nbsp; 6936402 |
| Garda World Security Corp. (Canada), Term Loan B (1 mo. Term SOFR + 3.00%) | 7.36% | 02/01/2029 |  | 13195 | &nbsp;&nbsp; 13216317 |
| GI Revelation Acquisition LLC, Term Loan B-4 (1 mo. Term SOFR + 3.75%) | 8.07% | 05/12/2028 |  | 13521 | &nbsp;&nbsp; 12784545 |
| I-Logic Tech Bidco Ltd. (Acuris) (United Kingdom), Term Loan (3 mo. Term SOFR + 3.75%) | 8.05% | 02/16/2028 |  | 5108 | &nbsp;&nbsp; 5122513 |
| ION Trading Technologies S.a.r.l. (Luxembourg), First Lien Term Loan (3 mo. Term SOFR + <br> 3.50%)<br>| 7.80% | 04/01/2028 |  | 728 | &nbsp;&nbsp; 731345 |
| ION-Markets (Trading) (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.75%) | 5.75% | 04/01/2028 | EUR | 11558 | &nbsp;&nbsp; 13419039 |
| Kantar Media (Luxembourg), Term Loan B<sup>(f)</sup> <br>| – | 03/06/2032 | EUR | 2113 | &nbsp;&nbsp; 2493092 |
| KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (6 mo. EURIBOR + 5.75%) | 7.92% | 10/25/2029 | EUR | 7138 | &nbsp;&nbsp; 6377569 |
| Learning Care Group (US) No. 2, Inc., Term Loan B (3 mo. Term SOFR + 4.00%) | 8.23% | 08/11/2028 |  | 3804 | &nbsp;&nbsp; 3817998 |
| Monitronics International, Inc., DIP Term Loan A (3 mo. Term SOFR + 7.50%) <br>(Acquired 06/30/2023-02/16/2024; Cost $25,591,905)<sup>(g)</sup> <br>| 12.06% | 06/30/2028 |  | 25579 | &nbsp;&nbsp; 25226864 |
| OCM System One Buyer CTB LLC, Term Loan B (3 mo. Term SOFR + 3.75%) | 7.80% | 03/02/2028 |  | 4564 | &nbsp;&nbsp; 4582417 |
| Orchid Merger Sub II LLC, Term Loan (3 mo. Term SOFR + 4.75%) <br>(Acquired 11/12/2021-01/05/2022; Cost $8,825,074)<sup>(g)</sup> <br>| 9.17% | 07/27/2027 |  | 9030 | &nbsp;&nbsp; 4458524 |
| Project Dragon (Voyix Digital Banking), Term Loan B (3 mo. Term SOFR + 3.25%) | 7.05% | 09/30/2031 |  | 8724 | &nbsp;&nbsp; 8744879 |
| Prometric Holdings, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 8.07% | 01/31/2028 |  | 3637 | &nbsp;&nbsp; 3661530 |
| Ryan LLC (Ryan Tax), Term Loan (1 mo. Term SOFR + 3.50%) | 7.82% | 11/14/2030 |  | 13267 | &nbsp;&nbsp; 13318646 |
| Socotec (Holding SAS) (France) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 3.75%) | 8.04% | 06/02/2028 |  | 1373 | &nbsp;&nbsp; 1384708 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 7.56% | 06/02/2031 |  | 115 | &nbsp;&nbsp; 115907 |
| Spin Holdco, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 8.58% | 03/04/2028 |  | 29477 | &nbsp;&nbsp; 25129586 |
| Thermostat Purchaser III, Inc., Term Loan B (3 mo. Term SOFR + 4.25%) | 8.55% | 08/31/2028 |  | 3798 | &nbsp;&nbsp; 3824533 |
|  |  |  |  |  | &nbsp;&nbsp; 246134672 |
| **Cable & Satellite Television–2.91%** | **Cable & Satellite Television–2.91%** | **Cable & Satellite Television–2.91%** | **Cable & Satellite Television–2.91%** |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) |  |  |  |  |  |
| Incremental Term Loan (3 mo. EURIBOR + 5.00%) | 7.03% | 10/31/2027 | EUR | 1372 | &nbsp;&nbsp; 1356955 |
| Term Loan (1 mo. Term SOFR + 5.00%) | 9.32% | 10/31/2027 |  | 12251 | &nbsp;&nbsp; 10668343 |
| Term Loan B (3 mo. EURIBOR + 5.00%) | 7.03% | 10/31/2027 | EUR | 3281 | &nbsp;&nbsp; 3244756 |
| Atlantic Broadband Finance LLC (Cogeco) |  |  |  |  |  |
| Incremental Term Loan B-5 (1 mo. Term SOFR + 2.50%) | 6.93% | 09/01/2028 |  | 1090 | &nbsp;&nbsp; 1082667 |
| Term Loan B-1 (1 mo. Term SOFR + 2.75%) | 7.57% | 09/18/2030 |  | 9170 | &nbsp;&nbsp; 9152278 |
| Numericable-SFR S.A. (France) |  |  |  |  |  |
| Incremental Term Loan B-13 (6 mo. Term SOFR + 4.00%) | 10.50% | 08/14/2026 |  | 9264 | &nbsp;&nbsp; 8252530 |
| Term Loan B-12 (6 mo. Term SOFR + 5.51%) | 10.19% | 01/31/2026 |  | 22096 | &nbsp;&nbsp; 19710703 |
| Term Loan B-14 (3 mo. EURIBOR + 5.50%) | 7.53% | 08/15/2028 | EUR | 4781 | &nbsp;&nbsp; 5144974 |
| UPC - LG (Sunrise), Term Loan AAA (6 mo. Term SOFR + 2.50%) | 6.69% | 02/17/2032 |  | 10144 | &nbsp;&nbsp; 10144520 |
| Virgin Media 02 - LG (United Kingdom) |  |  |  |  |  |
| Term Loan Q (1 mo. Term SOFR + 3.25%) | 7.73% | 01/31/2029 |  | 29 | &nbsp;&nbsp; 28851 |
| Term Loan Y (6 mo. Term SOFR + 3.25%) | 7.37% | 03/31/2031 |  | 15486 | &nbsp;&nbsp; 15215480 |
|  |  |  |  |  | &nbsp;&nbsp; 84002057 |
| **Chemicals & Plastics–7.48%** | **Chemicals & Plastics–7.48%** | **Chemicals & Plastics–7.48%** | **Chemicals & Plastics–7.48%** |  |  |
| A&R Logistics Holdings, Inc. (Quantix) |  |  |  |  |  |
| Incremental Term Loan (3 mo. Term SOFR + 6.90%)<sup>(e)</sup> <br>| 11.19% | 08/03/2026 |  | 4914 | &nbsp;&nbsp; 4515724 |
| Incremental Term Loan (3 mo. Term SOFR + 6.90%)<sup>(e)</sup> <br>| 11.19% | 08/06/2026 |  | 75 | &nbsp;&nbsp; 69137 |
| A-Gas Finco, Inc., Term Loan (3 mo. Term SOFR + 5.25%) | 9.55% | 12/14/2029 |  | 7977 | &nbsp;&nbsp; 7538220 |
| Aruba Investments, Inc., First Lien Term Loan (1 mo. EURIBOR + 4.00%) | 5.87% | 11/24/2027 | EUR | 3591 | &nbsp;&nbsp; 3986438 |

---

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–(continued)** | **Chemicals & Plastics–(continued)** | **Chemicals & Plastics–(continued)** | **Chemicals & Plastics–(continued)** |  |  |
| Ascend Performance Materials Operations LLC |  |  |  |  |  |
| DIP Term Loan (1 mo. Term SOFR + 10.00%) <br>(Acquired 04/23/2025-08/25/2025; Cost $7,423,696)<sup>(g)</sup> <br>| 5.94% | 10/23/2025 |  | $7632 | &nbsp;&nbsp; $5437980 |
| Term Loan <br>(Acquired 03/23/2022-01/31/2025; Cost $14,970,605)<sup>(g)(h)(i)</sup> <br>| 9.07% | 08/27/2026 |  | 15180 | &nbsp;&nbsp; 536066 |
| Austin Powder (A-AP Buyer, Inc.), First Lien Term Loan (1 mo. Term SOFR + 3.25%) | 7.07% | 09/09/2031 |  | 2742 | &nbsp;&nbsp; 2750952 |
| Charter NEX US, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 7.11% | 12/01/2030 |  | 7822 | &nbsp;&nbsp; 7864074 |
| Chemours Co. (The), Term Loan B-3 (1 mo. Term SOFR + 3.00%)<sup>(e)</sup> <br>| 7.32% | 08/18/2028 |  | 10551 | &nbsp;&nbsp; 10564529 |
| Derby Buyer LLC (Delrin), Term Loan B (1 mo. Term SOFR + 3.00%) | 7.36% | 11/01/2030 |  | 4618 | &nbsp;&nbsp; 4638564 |
| Discovery Purchaser Corp. (BES) |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 4.38%) | 8.08% | 10/04/2029 |  | 12290 | &nbsp;&nbsp; 12275843 |
| Second Lien Term Loan (3 mo. Term SOFR + 7.00%) | 11.33% | 10/04/2030 |  | 1420 | &nbsp;&nbsp; 1410774 |
| Eastman Tire Additives (River Buyer, Inc.) |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 6.25%) | 10.45% | 05/28/2026 |  | 6239 | &nbsp;&nbsp; 5414457 |
| First Lien Term Loan (1 mo. Term SOFR + 5.25%) | 9.71% | 08/01/2029 |  | 7677 | &nbsp;&nbsp; 2670996 |
| Flint Group (ColourOz Inv) (Germany) |  |  |  |  |  |
| Term Loan (3 mo. EURIBOR + 4.25%) | 0.75% | 12/31/2026 | EUR | 6119 | &nbsp;&nbsp; 6778628 |
| Term Loan (3 mo. Term SOFR + 4.51%) | 0.75% | 12/31/2026 |  | 2008 | &nbsp;&nbsp; 1899021 |
| Hasa Intermediate Holdings LLC |  |  |  |  |  |
| Incremental Delayed Draw Term Loan<sup>(d)(e)</sup> <br>| 0.00% | 01/10/2029 |  | 379 | &nbsp;&nbsp; 377700 |
| Incremental Term Loan (3 mo. Term SOFR + 4.75%)<sup>(e)</sup> <br>| 9.05% | 01/10/2029 |  | 3822 | &nbsp;&nbsp; 3813816 |
| Revolver Loan<sup>(d)(e)</sup> <br>| 0.00% | 01/10/2029 |  | 1579 | &nbsp;&nbsp; 1575630 |
| Revolver Loan (3 mo. Term SOFR + 3.00%)<sup>(e)</sup> <br>| 9.05% | 01/10/2029 |  | 257 | &nbsp;&nbsp; 256497 |
| Ineos Quattro (STYRO) |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 4.25%) | 8.57% | 10/01/2031 |  | 8630 | &nbsp;&nbsp; 7356872 |
| Term Loan B (1 mo. Term SOFR + 3.86%) | 8.17% | 03/14/2030 |  | 2566 | &nbsp;&nbsp; 2240733 |
| Ineos US Finance LLC |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 3.25%) | 7.57% | 02/18/2030 |  | 16470 | &nbsp;&nbsp; 15166209 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 02/07/2031 |  | 10787 | &nbsp;&nbsp; 9771161 |
| Lummus Technology Holdings V LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 12/31/2029 |  | 5842 | &nbsp;&nbsp; 5863113 |
| Nouryon Finance B.V., Term Loan B (1 mo. Term SOFR + 3.25%) | 7.61% | 04/03/2028 |  | 4877 | &nbsp;&nbsp; 4897959 |
| Oxea Corp. (OQ Chemicals) (Oman) |  |  |  |  |  |
| Term Loan B-1 (3 mo. EURIBOR + 4.25%) | 6.19% | 04/07/2031 | EUR | 6586 | &nbsp;&nbsp; 7341538 |
| Term Loan B-2 (3 mo. Term SOFR + 3.50%) | 8.64% | 04/07/2031 |  | 15237 | &nbsp;&nbsp; 14157895 |
| Potters Industries, Term Loan B (3 mo. Term SOFR + 3.00%) | 7.32% | 12/14/2027 |  | 2421 | &nbsp;&nbsp; 2431535 |
| Proampac PG Borrower LLC, Term Loan (1 mo. Term SOFR + 4.00%) | 8.19% | 09/15/2028 |  | 8919 | &nbsp;&nbsp; 8937176 |
| Trinseo Materials Operating S.C.A. |  |  |  |  |  |
| Incremental Term Loan (3 mo. Term SOFR + 2.50%) | 6.96% | 05/03/2028 |  | 2892 | &nbsp;&nbsp; 774865 |
| Term Loan A (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 2667 | &nbsp;&nbsp; 2667182 |
| Term Loan B (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 19629 | &nbsp;&nbsp; 19648672 |
| Term Loan C (3 mo. Term SOFR + 8.50%) | 12.82% | 05/03/2028 |  | 2319 | &nbsp;&nbsp; 2319183 |
| Tronox Finance LLC, Term Loan B (3 mo. Term SOFR + 2.25%) | 6.55% | 04/04/2029 |  | 4643 | &nbsp;&nbsp; 4248517 |
| Univar, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 7.07% | 08/01/2030 |  | 8582 | &nbsp;&nbsp; 8605404 |
| USALCO LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 09/30/2031 |  | 431 | &nbsp;&nbsp; 431419 |
| Term Loan (1 mo. Term SOFR + 3.50%) | 7.82% | 09/30/2031 |  | 4164 | &nbsp;&nbsp; 4166363 |
| V Global Holdings LLC |  |  |  |  |  |
| Revolver Loan (1 mo. USD LIBOR + 5.75%)<sup>(e)</sup> <br>| 0.50% | 12/22/2027 |  | 815 | &nbsp;&nbsp; 770022 |
| Revolver Loan<sup>(d)(e)</sup> <br>| 0.00% | 12/22/2027 |  | 75 | &nbsp;&nbsp; 70807 |
| Term Loan (3 mo. Term SOFR + 5.90%)<sup>(e)</sup> <br>| 10.14% | 12/22/2027 |  | 7077 | &nbsp;&nbsp; 6687953 |
| W. R. Grace Holdings LLC, Term Loan B (3 mo. Term SOFR + 3.00%)<sup>(e)</sup> <br>| 7.34% | 08/09/2032 |  | 3218 | &nbsp;&nbsp; 3221741 |
|  |  |  |  |  | &nbsp;&nbsp; 216151365 |
| **Clothing & Textiles–0.46%** | **Clothing & Textiles–0.46%** | **Clothing & Textiles–0.46%** | **Clothing & Textiles–0.46%** |  |  |
| ABG Intermediate Holdings 2 LLC |  |  |  |  |  |
| Incremental Term Loan (1 mo. Term SOFR + 2.25%) | 6.57% | 02/12/2032 |  | 5950 | &nbsp;&nbsp; 5921880 |
| Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 12/21/2028 |  | 3020 | &nbsp;&nbsp; 3019394 |
| Beach Acquisition Bidco, LLC (Skechers), Term Loan B (3 mo. Term SOFR + 2.75%) | 7.31% | 06/26/2032 |  | 4390 | &nbsp;&nbsp; 4423154 |
|  |  |  |  |  | &nbsp;&nbsp; 13364428 |

---

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** |
| **Conglomerates–0.08%** | **Conglomerates–0.08%** | **Conglomerates–0.08%** | **Conglomerates–0.08%** |  |  |
| CTEC III GmbH (CeramTec) (Germany), Term Loan B <sup>(f)</sup> <br>| – | 03/16/2029 | EUR | 2000 | &nbsp;&nbsp; $2328101 |
| **Containers & Glass Products–2.41%** | **Containers & Glass Products–2.41%** | **Containers & Glass Products–2.41%** | **Containers & Glass Products–2.41%** |  |  |
| Berlin Packaging, LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 7.55% | 06/07/2031 |  | $10772 | &nbsp;&nbsp; 10813353 |
| Flex Acquisition Co., Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 04/01/2032 |  | 163 | &nbsp;&nbsp; 163492 |
| Delayed Draw Term Loan (1 mo. Term SOFR + 3.25%) | 1.63% | 04/01/2032 |  | 5 | &nbsp;&nbsp; 5057 |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 04/30/2032 |  | 9640 | &nbsp;&nbsp; 9640984 |
| Iris Holding, Inc. (Intertape), First Lien Term Loan (3 mo. Term SOFR + 4.75%) | 9.16% | 06/28/2028 |  | 7277 | &nbsp;&nbsp; 7067036 |
| Libbey Glass LLC, Term Loan B (3 mo. Term SOFR + 6.65%) <br>(Acquired 11/22/2022-01/23/2025; Cost $16,419,301)<sup>(g)</sup> <br>| 10.96% | 11/22/2027 |  | 16887 | &nbsp;&nbsp; 16359309 |
| Mold-Rite Plastics LLC (Valcour Packaging LLC) |  |  |  |  |  |
| Term Loan A-1 (1 mo. Term SOFR + 5.25%) | 9.62% | 10/04/2028 |  | 5412 | &nbsp;&nbsp; 5448712 |
| Term Loan A-2, (1 mo. Term SOFR + 3.86%) | 5.98% | 10/04/2028 |  | 8253 | &nbsp;&nbsp; 7031864 |
| Pregis Corp., Term Loan B (1 mo. Term SOFR + 4.00%) | 8.32% | 02/01/2029 |  | 4908 | &nbsp;&nbsp; 4958062 |
| Refresco (Pegasus Bidco B.V.) (Netherlands), Term Loan B (3 mo. Term SOFR + 3.25%) | 7.46% | 07/12/2029 |  | 4054 | &nbsp;&nbsp; 4070543 |
| TricorBraun, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 03/03/2031 |  | 3989 | &nbsp;&nbsp; 3974315 |
|  |  |  |  |  | &nbsp;&nbsp; 69532727 |
| **Cosmetics & Toiletries–0.77%** | **Cosmetics & Toiletries–0.77%** | **Cosmetics & Toiletries–0.77%** | **Cosmetics & Toiletries–0.77%** |  |  |
| Bausch and Lomb, Inc. |  |  |  |  |  |
| Incremental Term Loan (1 mo. Term SOFR + 4.00%) | 8.32% | 09/29/2028 |  | 4462 | &nbsp;&nbsp; 4472847 |
| Term Loan B (1 mo. Term SOFR + 4.25%) | 8.57% | 01/30/2031 |  | 10634 | &nbsp;&nbsp; 10662738 |
| KDC/ONE Development Corp., Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.50%) | 7.82% | 08/15/2028 |  | 1950 | &nbsp;&nbsp; 1955700 |
| Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%) | 7.03% | 06/29/2028 | EUR | 4800 | &nbsp;&nbsp; 5296530 |
|  |  |  |  |  | &nbsp;&nbsp; 22387815 |
| **Drugs–0.47%** | **Drugs–0.47%** | **Drugs–0.47%** | **Drugs–0.47%** |  |  |
| Grifols Worldwide Operations USA, Inc., Term Loan B (3 mo. Term SOFR + 2.00%) | 6.42% | 11/15/2027 |  | 13617 | &nbsp;&nbsp; 13602225 |
| **Ecological Services & Equipment–1.04%** | **Ecological Services & Equipment–1.04%** | **Ecological Services & Equipment–1.04%** | **Ecological Services & Equipment–1.04%** |  |  |
| Anticimex Global AB (Sweden) |  |  |  |  |  |
| Term Loan B-1 (3 mo. Term SOFR + 3.50%) | 7.76% | 11/16/2028 |  | 469 | &nbsp;&nbsp; 470442 |
| Term Loan B-6 (1 mo. Term SOFR + 3.50%) | 7.76% | 11/16/2028 |  | 2819 | &nbsp;&nbsp; 2831426 |
| Arden University (BidCo Ltd.) (United Kingdom), Term Loan<sup>(f)</sup> <br>| – | 08/13/2032 | EUR | 1552 | &nbsp;&nbsp; 1789801 |
| EnergySolutions LLC, Term Loan (1 mo. Term SOFR + 3.25%) | 7.57% | 09/20/2030 |  | 8709 | &nbsp;&nbsp; 8792971 |
| Erie US Merger Sub, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.82% | 02/04/2032 |  | 5732 | &nbsp;&nbsp; 5735332 |
| Groundworks LLC |  |  |  |  |  |
| Delayed Draw Term Loan (1 mo. Term SOFR + 3.50%) | 7.32% | 03/14/2031 |  | 104 | &nbsp;&nbsp; 104312 |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 03/14/2031 |  | 552 | &nbsp;&nbsp; 553172 |
| Term Loan (1 mo. Term SOFR + 3.50%) | 7.32% | 03/14/2031 |  | 3533 | &nbsp;&nbsp; 3542276 |
| MIP V Waste LLC (GreenWaste), Term Loan B<sup>(e)(f)</sup> <br>| – | 08/13/2032 |  | 664 | &nbsp;&nbsp; 667006 |
| OGF (VESCAP/Obol France 3/PHM) (Netherlands), Term Loan B<sup>(f)</sup> <br>| – | 12/29/2028 | EUR | 1753 | &nbsp;&nbsp; 2022912 |
| Tidal Waste & Recycling Holdings LLC (Coastal Waste & Recyling), Term Loan (3 mo. Term <br> SOFR + 3.50%)<br>| 7.30% | 10/03/2031 |  | 3549 | &nbsp;&nbsp; 3574496 |
|  |  |  |  |  | &nbsp;&nbsp; 30084146 |
| **Electronics & Electrical–8.20%** | **Electronics & Electrical–8.20%** | **Electronics & Electrical–8.20%** | **Electronics & Electrical–8.20%** |  |  |
| Allegro MicroSystems, Inc., Term Loan B (1 mo. Term SOFR + 2.00%) | 6.32% | 10/31/2030 |  | 507 | &nbsp;&nbsp; 506877 |
| Applied Systems, Inc., First Lien Term Loan (3 mo. Term SOFR + 2.50%) | 6.45% | 02/24/2031 |  | 636 | &nbsp;&nbsp; 636563 |
| AQA Acquisition Holding, Inc. (SmartBear), Term Loan B (1 mo. Term SOFR + 4.00%) | 8.31% | 03/03/2028 |  | 5135 | &nbsp;&nbsp; 5112086 |
| Avalara, Inc. (United Kingdom), Term Loan B (3 mo. Term SOFR + 3.25%) | 7.55% | 03/19/2032 |  | 7392 | &nbsp;&nbsp; 7445009 |
| Boxer Parent Co., Inc., Term Loan B (3 mo. Term SOFR + 3.00%) | 7.20% | 07/30/2031 |  | 4448 | &nbsp;&nbsp; 4447827 |
| Duck Creek Technologies, Inc (Disco Parent, Inc), Term Loan (3 mo. Term SOFR + <br> 3.25%)<sup>(e)</sup> <br>| 7.48% | 08/15/2032 |  | 2280 | &nbsp;&nbsp; 2297362 |
| EverCommerce, Term Loan B (1 mo. Term SOFR + 3.25%) | 6.57% | 07/06/2028 |  | 1666 | &nbsp;&nbsp; 1669499 |
| Exclusive (Networks Everest/Etna French Bidco) (France) |  |  |  |  |  |
| First Lien Term Loan<sup>(f)</sup> <br>| – | 12/14/2031 | EUR | 97 | &nbsp;&nbsp; 114246 |
| Term Loan B-1<sup>(f)</sup> <br>| – | 12/14/2031 | EUR | 604 | &nbsp;&nbsp; 711257 |
| Term Loan B-2<sup>(f)</sup> <br>| – | 12/14/2031 | EUR | 299 | &nbsp;&nbsp; 351527 |

---

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)** |  |  |
| Exclusive Group (France) |  |  |  |  |  |
| Term Loan B-1 (3 mo. Term SOFR + 4.50%)<sup>(e)</sup> <br>| 8.79% | 12/14/2031 |  | $3324 | &nbsp;&nbsp; $3298787 |
| Term Loan B-2 (3 mo. Term SOFR + 4.50%)<sup>(e)</sup> <br>| 8.79% | 12/05/2031 |  | 1656 | &nbsp;&nbsp; 1643216 |
| Gryphon Debt Merger Sub, Inc. (aka Altera) (United Kingdom), Term Loan B<sup>(f)</sup> <br>| – | 06/30/2032 |  | 9044 | &nbsp;&nbsp; 9091952 |
| Idemia Group S.A.S. (Oberthur Tech/Morpho/OBETEC) |  |  |  |  |  |
| Term Loan B-5 (3 mo. EURIBOR + 4.00%) | 5.98% | 09/30/2028 | EUR | 1000 | &nbsp;&nbsp; 1176808 |
| Term Loan B-5 (3 mo. Term SOFR + 4.25%) | 8.55% | 09/30/2028 |  | 7790 | &nbsp;&nbsp; 7829125 |
| Inetum (Granite Fin Bidco SAS) (France), Term Loan B (3 mo. EURIBOR + 4.98%) | 7.01% | 10/17/2028 | EUR | 954 | &nbsp;&nbsp; 1021644 |
| Infinite Electronics |  |  |  |  |  |
| First Lien Incremental Term Loan (1 mo. Term SOFR + 6.25%)<sup>(e)</sup> <br>| 10.45% | 03/02/2028 |  | 2191 | &nbsp;&nbsp; 2136255 |
| First Lien Term Loan (3 mo. Term SOFR + 3.25%) | 8.32% | 03/02/2028 |  | 8917 | &nbsp;&nbsp; 8459683 |
| Second Lien Term Loan (3 mo. Term SOFR + 7.00%) | 11.57% | 03/02/2029 |  | 1609 | &nbsp;&nbsp; 1419558 |
| Instructure Holdings, Inc. |  |  |  |  |  |
| Second Lien Term Loan (6 mo. Term SOFR + 5.00%) | 9.21% | 09/10/2032 |  | 2572 | &nbsp;&nbsp; 2612000 |
| Term Loan (3 mo. Term SOFR + 2.75%) | 7.09% | 11/13/2031 |  | 268 | &nbsp;&nbsp; 268134 |
| ION-Corp (Helios Software), Term Loan B (2 mo. Term SOFR + 3.00%) | 7.30% | 07/18/2030 |  | 4140 | &nbsp;&nbsp; 4150203 |
| KnowBe4 (aka Oranje MidCo, LLC), Term Loan B (3 mo. Term SOFR + 3.75%) | 8.06% | 07/26/2032 |  | 7702 | &nbsp;&nbsp; 7741013 |
| Learning Pool (Brook Bidco Ltd.) (United Kingdom) |  |  |  |  |  |
| Term Loan (3 mo. SONIA + 7.03%)<sup>(e)</sup> <br>| 11.24% | 07/10/2028 | GBP | 2738 | &nbsp;&nbsp; 3552118 |
| Term Loan (1 mo. Term SOFR + 8.00%)<sup>(e)</sup> <br>| 11.71% | 08/17/2028 |  | 3650 | &nbsp;&nbsp; 3492972 |
| Mavenir Systems, Inc., Second Lien Term Loan (3 mo. Term SOFR + 12.00%)<sup>(e)</sup> <br>| 12.00% | 07/28/2030 |  | 1180 | &nbsp;&nbsp; 843586 |
| McAfee Enterprise, Term Loan (3 mo. Term SOFR + 6.25%) | 10.56% | 07/27/2028 |  | 7867 | &nbsp;&nbsp; 8014191 |
| McAfee LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 7.35% | 03/01/2029 |  | 3491 | &nbsp;&nbsp; 3344300 |
| Modena Buyer LLC (End User Computing), Term Loan (3 mo. Term SOFR + 4.50%) | 8.81% | 07/01/2031 |  | 1445 | &nbsp;&nbsp; 1425171 |
| Natel Engineering Co., Inc., Term Loan (1 mo. Term SOFR + 6.25%) <br>(Acquired 04/16/2020-08/18/2025; Cost $14,728,319)<sup>(g)</sup> <br>| 10.68% | 04/30/2026 |  | 15194 | &nbsp;&nbsp; 13318811 |
| Native Instruments (Music Creation Group GmbH/APTUS) (Germany), Term Loan B (3 mo. <br> EURIBOR + 8.00%) <br>(Acquired 01/14/2022-06/10/2025; Cost $6,274,776)<sup>(e)(g)</sup> <br>| 4.00% | 03/03/2028 | EUR | 5552 | &nbsp;&nbsp; 5306945 |
| Particle Luxembourg S.a.r.l. (WebPros) (Netherlands), Term Loan B (1 mo. Term SOFR + <br> 4.00%)<br>| 8.07% | 03/28/2031 |  | 6509 | &nbsp;&nbsp; 6561626 |
| Proofpoint, Inc. |  |  |  |  |  |
| Term Loan<sup>(f)</sup> <br>| – | 08/31/2028 |  | 2560 | &nbsp;&nbsp; 2578920 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 08/31/2028 |  | 13000 | &nbsp;&nbsp; 13094562 |
| Quest Software US Holdings, Inc. |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 4.40%) | 8.71% | 02/01/2029 |  | 13599 | &nbsp;&nbsp; 11270458 |
| First Lien Term Loan (1 mo. Term SOFR + 6.00%) | 10.31% | 02/01/2029 |  | 7642 | &nbsp;&nbsp; 7907918 |
| RANGE RED OPER, Inc., Second Lien Term Loan <br>(Acquired 10/01/2024; Cost $0)<sup>(e)(f)(g)</sup> <br>| – | 10/01/2029 |  | 3 | &nbsp;&nbsp; 0 |
| Renaissance Holding Corp., Term Loan (3 mo. Term SOFR + 4.00%) | 8.32% | 04/05/2030 |  | 15106 | &nbsp;&nbsp; 13066999 |
| Resideo Funding, Inc., Term Loan B (1 mo. Term SOFR + 2.00%) | 6.36% | 08/09/2032 |  | 3596 | &nbsp;&nbsp; 3595132 |
| Shift4 Payments LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 7.08% | 06/30/2032 |  | 2190 | &nbsp;&nbsp; 2211112 |
| SonicWall U.S. Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 5.00%) | 9.30% | 05/18/2028 |  | 9418 | &nbsp;&nbsp; 9267243 |
| STG-Fairway Acquisitions, Inc., First Lien Term Loan B-3 (1 mo. Term SOFR + 2.75%) | 7.07% | 10/31/2031 |  | 6980 | &nbsp;&nbsp; 7006090 |
| Storable, Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 04/17/2031 |  | 5731 | &nbsp;&nbsp; 5760283 |
| Ultimate Software Group, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.00%) | 6.81% | 02/10/2031 |  | 7128 | &nbsp;&nbsp; 7132925 |
| UST Holdings Ltd., Term Loan B (1 mo. Term SOFR + 3.75%)<sup>(e)</sup> <br>| 7.36% | 11/20/2028 |  | 6852 | &nbsp;&nbsp; 6895031 |
| Utimaco (SGT Ultimate BidCo GmbH) (Germany) |  |  |  |  |  |
| Term Loan B-1 (6 mo. EURIBOR + 5.75%)<sup>(e)</sup> <br>| 7.79% | 05/31/2029 | EUR | 13364 | &nbsp;&nbsp; 15634208 |
| Term Loan B-2 (6 mo. Term SOFR + 5.75%)<sup>(e)</sup> <br>| 10.01% | 05/31/2029 |  | 7500 | &nbsp;&nbsp; 7500303 |
| Varsity Brands Holding Co., Inc., Term Loan B (3 mo. Term SOFR + 3.25%) | 7.45% | 08/26/2031 |  | 4182 | &nbsp;&nbsp; 4200690 |
|  |  |  |  |  | &nbsp;&nbsp; 237122225 |
| **Equipment Leasing–0.07%** | **Equipment Leasing–0.07%** | **Equipment Leasing–0.07%** | **Equipment Leasing–0.07%** |  |  |
| IFCO Management (Germany), Term Loan B <sup>(f)</sup> <br>| – | 07/30/2032 | EUR | 1779 | &nbsp;&nbsp; 2088915 |
| **Farming/Agriculture–0.16%** | **Farming/Agriculture–0.16%** | **Farming/Agriculture–0.16%** | **Farming/Agriculture–0.16%** |  |  |
| Rovensa (Root Bidco S.a.r.l.) (Luxembourg), Term Loan B (6 mo. EURIBOR + 5.25%) | 7.33% | 09/29/2027 | EUR | 3958 | &nbsp;&nbsp; 4669206 |

---

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** |
| **Financial Intermediaries–1.82%** | **Financial Intermediaries–1.82%** | **Financial Intermediaries–1.82%** | **Financial Intermediaries–1.82%** |  |  |
| AssetMark Financial Holdings, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 7.06% | 09/05/2031 |  | $3536 | &nbsp;&nbsp; $3546151 |
| BroadStreet Partners, Inc., Term Loan B (1 mo. Term SOFR + 3.00%) | 7.07% | 06/13/2031 |  | 7700 | &nbsp;&nbsp; 7704991 |
| Citrin Cooperman Advisors, LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 04/01/2032 |  | 267 | &nbsp;&nbsp; 267532 |
| Term Loan B (3 mo. Term SOFR + 3.00%) | 7.30% | 03/31/2032 |  | 4143 | &nbsp;&nbsp; 4146743 |
| Eisner Advisory Group LLC |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)(e)</sup> <br>| 0.00% | 02/28/2031 |  | 4917 | &nbsp;&nbsp; 4935557 |
| Incremental Term Loan (1 mo. Term SOFR + 4.00%) | 8.32% | 02/28/2031 |  | 7335 | &nbsp;&nbsp; 7390231 |
| Grant Thornton Advisors LLC |  |  |  |  |  |
| Incremental Term Loan (1 mo. Term SOFR + 3.00%) | 7.32% | 06/02/2031 |  | 5949 | &nbsp;&nbsp; 5977605 |
| Term Loan B (1 mo. Term SOFR + 2.75%) | 6.82% | 06/02/2031 |  | 8438 | &nbsp;&nbsp; 8429859 |
| Hightower Holding LLC., Term Loan B (3 mo. Term SOFR + 2.75%) | 7.07% | 02/03/2032 |  | 1151 | &nbsp;&nbsp; 1152004 |
| Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. Term SOFR + 4.00%) | 8.20% | 02/18/2027 |  | 7307 | &nbsp;&nbsp; 7255635 |
| Tricor (Thevelia/Vistra-Virtue), Term Loan (3 mo. Term SOFR + 3.00%) | 7.30% | 06/18/2029 |  | 1663 | &nbsp;&nbsp; 1669389 |
|  |  |  |  |  | &nbsp;&nbsp; 52475697 |
| **Food Products–1.52%** | **Food Products–1.52%** | **Food Products–1.52%** | **Food Products–1.52%** |  |  |
| Arnott's (Snacking Investments US LLC), Term Loan (3 mo. Term SOFR + 4.00%) | 8.31% | 12/18/2026 |  | 979 | &nbsp;&nbsp; 985699 |
| Biscuit Holding S.A.S. (BISPOU/Cookie Acq) (France), Term Loan B (6 mo. EURIBOR + <br> 4.00%)<br>| 6.38% | 02/12/2027 | EUR | 6100 | &nbsp;&nbsp; 6280023 |
| CHG PPC Parent LLC, Term Loan B (1 mo. Term SOFR + 3.00%) | 7.43% | 11/17/2028 |  | 233 | &nbsp;&nbsp; 233941 |
| Florida Food Products LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 5.00%) <br>(Acquired 06/09/2022; Cost $2,877,126)<sup>(g)</sup> <br>| 9.30% | 10/18/2028 |  | 2979 | &nbsp;&nbsp; 2070147 |
| First Lien Term Loan (3 mo. Term SOFR + 5.00%) <br>(Acquired 10/08/2021-05/10/2022; Cost $18,785,303)<sup>(g)</sup> <br>| 9.56% | 10/18/2028 |  | 18981 | &nbsp;&nbsp; 13173614 |
| Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) <br>(Acquired 10/08/2021-11/30/2021; Cost $4,115,221)<sup>(e)(g)</sup> <br>| 12.56% | 10/18/2029 |  | 4194 | &nbsp;&nbsp; 1992210 |
| Sigma Holdco B.V. (Netherlands) |  |  |  |  |  |
| Term Loan B (6 mo. EURIBOR + 4.00%) | 6.03% | 01/02/2028 | EUR | 3000 | &nbsp;&nbsp; 3438242 |
| Term Loan B (6 mo. Term SOFR + 3.91%) | 8.30% | 01/03/2028 |  | 8362 | &nbsp;&nbsp; 8172330 |
| Solina Group Services (Powder Bidco) (France), Term Loan B (3 mo. Term SOFR + 3.25%) | 7.57% | 03/07/2029 |  | 2972 | &nbsp;&nbsp; 2996722 |
| United Petfood (Belgium), Term Loan B (3 mo. EURIBOR + 2.50%) | 4.82% | 02/26/2032 | EUR | 2172 | &nbsp;&nbsp; 2548346 |
| Valeo Foods (Platform Bidco Ltd.), Term Loan (3 mo. EURIBOR + 4.00%) | 5.94% | 09/29/2028 | EUR | 1736 | &nbsp;&nbsp; 2042956 |
|  |  |  |  |  | &nbsp;&nbsp; 43934230 |
| **Food Service–1.26%** | **Food Service–1.26%** | **Food Service–1.26%** | **Food Service–1.26%** |  |  |
| Areas (Pax Midco Spain) (Spain), Term Loan B-3 (3 mo. EURIBOR + 4.00%) | 6.04% | 12/31/2029 | EUR | 11700 | &nbsp;&nbsp; 13768313 |
| Gategroup (Switzerland), Term Loan<sup>(f)</sup> <br>| – | 05/28/2032 |  | 2832 | &nbsp;&nbsp; 2855486 |
| IRB Holding Corp., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 12/15/2027 |  | 4680 | &nbsp;&nbsp; 4682044 |
| Selecta Group B.V. (Switzerland) |  |  |  |  |  |
| Term Loan <br>(Acquired 06/06/2025; Cost $10,290,485)<sup>(d)(e)(g)</sup> <br>| 0.00% | 08/01/2030 | EUR | 3498 | &nbsp;&nbsp; 3985313 |
| Term Loan <br>(Acquired 06/06/2025; Cost $10,290,485)<sup>(e)(g)</sup> <br>| 7.47% | 08/01/2030 | EUR | 5708 | &nbsp;&nbsp; 6502354 |
| WW International, Inc., Term Loan (3 mo. Term SOFR + 6.80%) | 11.12% | 06/25/2030 |  | 5119 | &nbsp;&nbsp; 4719072 |
|  |  |  |  |  | &nbsp;&nbsp; 36512582 |
| **Forest Products–0.19%** | **Forest Products–0.19%** | **Forest Products–0.19%** | **Forest Products–0.19%** |  |  |
| NewLife Forest Restoration LLC, Term Loan <sup>(e)(f)</sup> <br>| – | 04/10/2029 |  | 5402 | &nbsp;&nbsp; 5402296 |
| **Health Care–5.49%** | **Health Care–5.49%** | **Health Care–5.49%** | **Health Care–5.49%** |  |  |
| Ascend Learning LLC |  |  |  |  |  |
| Second Lien Term Loan (1 mo. Term SOFR + 5.75%) | 10.17% | 12/10/2029 |  | 1651 | &nbsp;&nbsp; 1655162 |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 12/10/2028 |  | 5052 | &nbsp;&nbsp; 5055193 |
| Boots Group Finco L.P. (United Kingdom), Term Loan B (3 mo. Term SOFR + 3.50%) | 7.70% | 07/16/2032 |  | 4006 | &nbsp;&nbsp; 4020860 |
| Bracket Intermediate Holding Corp. (Signant), Term Loan B (3 mo. Term SOFR + 4.25%) | 8.55% | 05/08/2028 |  | 3940 | &nbsp;&nbsp; 3969194 |
| Cerba (Chrome Bidco) (France) |  |  |  |  |  |
| Incremental Term Loan C (1 mo. EURIBOR + 3.95%) | 6.01% | 02/16/2029 | EUR | 4125 | &nbsp;&nbsp; 3344160 |
| Incremental Term Loan D (3 mo. EURIBOR + 5.45%) | 7.51% | 02/16/2029 | EUR | 3500 | &nbsp;&nbsp; 2847829 |
| Term Loan B (1 mo. EURIBOR + 3.70%) | 5.76% | 06/30/2028 | EUR | 12494 | &nbsp;&nbsp; 10129599 |

---

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)** |  |  |
| Certara Holdco, Inc., Term Loan B (3 mo. Term SOFR + 3.00%)<sup>(e)</sup> <br>| 7.30% | 06/26/2031 |  | $502 | &nbsp;&nbsp; $504966 |
| Global Medical Response, Inc., PIK Term Loan, 0.75% PIK Rate, 8.95% Cash Rate (1 mo. <br> Term SOFR + 4.75%)<sup>(j)</sup> <br>| 0.75% | 10/31/2028 |  | 12335 | &nbsp;&nbsp; 12355365 |
| ImageFirst, Term Loan B (3 mo. Term SOFR + 3.25%) | 7.57% | 03/15/2032 |  | 2448 | &nbsp;&nbsp; 2457626 |
| International SOS L.P. (AEA International), Term Loan B (3 mo. Term SOFR + 2.75%)<sup>(e)</sup> <br>| 7.05% | 09/07/2028 |  | 4693 | &nbsp;&nbsp; 4721971 |
| IVC Evidensia (Indep Vetcare Group) (United Kingdom), Term Loan B (3 mo. Term SOFR + <br> 3.75%)<br>| 8.05% | 12/06/2028 |  | 1296 | &nbsp;&nbsp; 1305723 |
| MB2 Dental Solutions LLC |  |  |  |  |  |
| Delayed Draw Term Loan (1 mo. Term SOFR + 5.53%)<sup>(e)</sup> <br>| 9.82% | 02/15/2031 |  | 584 | &nbsp;&nbsp; 590026 |
| Delayed Draw Term Loan (1 mo. Term SOFR + 5.53%)<sup>(e)</sup> <br>| 9.82% | 02/15/2031 |  | 679 | &nbsp;&nbsp; 686188 |
| Delayed Draw Term Loan<sup>(d)(e)</sup> <br>| 0.00% | 02/13/2031 |  | 1060 | &nbsp;&nbsp; 1070085 |
| Revolver Loan (1 mo. Term SOFR + 5.50%)<sup>(e)</sup> <br>| 0.50% | 02/15/2031 |  | 92 | &nbsp;&nbsp; 92129 |
| Revolver Loan<sup>(d)(e)</sup> <br>| 0.00% | 02/13/2031 |  | 237 | &nbsp;&nbsp; 236905 |
| Term Loan (1 mo. Term SOFR + 5.50%)<sup>(e)</sup> <br>| 9.82% | 02/13/2031 |  | 4692 | &nbsp;&nbsp; 4738784 |
| MedAssets Software Intermediate Holdings, Inc. (nThrive TSG) |  |  |  |  |  |
| First Lien Term Loan (1 mo. Term SOFR + 5.25%) | 9.59% | 12/17/2028 |  | 2538 | &nbsp;&nbsp; 2537000 |
| Term Loan (1 mo. Term SOFR + 4.00%) | 8.34% | 12/17/2028 |  | 8337 | &nbsp;&nbsp; 8104661 |
| Term Loan (1 mo. Term SOFR + 4.11%)<sup>(e)</sup> <br>| 8.46% | 12/17/2028 |  | 6315 | &nbsp;&nbsp; 5494333 |
| Median Kliniken (Median B.V, Remedco GER B.V) (Netherlands), Term Loan (3 mo. EURIBOR <br> + 4.93%)<br>| 6.91% | 10/14/2027 | EUR | 1939 | &nbsp;&nbsp; 2278227 |
| Mehilainen Yhtiot Oy (Finland), Term Loan (3 mo. EURIBOR + 3.50%) | 5.48% | 08/05/2031 | EUR | 3023 | &nbsp;&nbsp; 3552065 |
| MJH Healthcare Holdings, LLC, Term Loan (1 mo. Term SOFR + 2.75%) | 7.07% | 01/29/2029 |  | 144 | &nbsp;&nbsp; 144582 |
| Opella, Term Loan B (6 mo. Term SOFR + 3.25%) | 7.44% | 03/31/2032 |  | 10635 | &nbsp;&nbsp; 10709949 |
| Organon & Co., Term Loan (1 mo. Term SOFR + 2.25%) | 6.57% | 05/19/2031 |  | 5485 | &nbsp;&nbsp; 5366535 |
| Pathway Vet Alliance LLC, First Lien Term Loan (3 mo. Term SOFR + 5.00%) | 9.31% | 09/30/2029 |  | 4539 | &nbsp;&nbsp; 4572283 |
| Precision Medicine Group LLC, Term Loan B (1 mo. Term SOFR + 3.50%) <br>(Acquired 08/14/2025; Cost $5,675,216)<sup>(g)</sup> <br>| 7.70% | 08/13/2032 |  | 5704 | &nbsp;&nbsp; 5707328 |
| QuidelOrtho Corp., Term Loan B<sup>(f)</sup> <br>| – | 08/13/2032 |  | 5382 | &nbsp;&nbsp; 5331163 |
| R1 RCM, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan B<sup>(d)</sup> <br>| 0.00% | 11/19/2031 |  | 471 | &nbsp;&nbsp; 472606 |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 7.32% | 10/24/2031 |  | 6575 | &nbsp;&nbsp; 6599940 |
| Sharp Services LLC, Term Loan B (3 mo. Term SOFR + 3.25%) | 7.55% | 12/31/2028 |  | 398 | &nbsp;&nbsp; 399248 |
| Southern Veterinary Partners LLC, Term Loan B (3 mo. Term SOFR + 2.50%) | 6.82% | 12/04/2031 |  | 9163 | &nbsp;&nbsp; 9168967 |
| Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. Term SOFR + 4.25%)<sup>(e)</sup> <br>| 8.68% | 12/31/2029 |  | 3243 | &nbsp;&nbsp; 2634972 |
| TEAM Services Group LLC, Term Loan B (1 mo. Term SOFR + 5.25%) | 9.56% | 12/20/2027 |  | 6722 | &nbsp;&nbsp; 6694042 |
| TTF Holdings LLC (Soliant), Term Loan B (6 mo. Term SOFR + 3.75%) | 7.79% | 07/18/2031 |  | 12610 | &nbsp;&nbsp; 12555052 |
| Zelis Cost Management Buyer, Inc. |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 11/26/2031 |  | 4175 | &nbsp;&nbsp; 4184394 |
| Term Loan B-2 (1 mo. Term SOFR + 2.75%) | 7.07% | 09/28/2029 |  | 2444 | &nbsp;&nbsp; 2440631 |
|  |  |  |  |  | &nbsp;&nbsp; 158729743 |
| **Home Furnishings–1.48%** | **Home Furnishings–1.48%** | **Home Furnishings–1.48%** | **Home Furnishings–1.48%** |  |  |
| Hunter Douglas Holding B.V. (Netherlands), Term Loan B-1 (3 mo. Term SOFR + 3.25%) | 7.55% | 01/14/2032 |  | 2948 | &nbsp;&nbsp; 2955257 |
| Kidde Global Solutions, Term Loan (1 mo. Term SOFR + 3.50%) | 7.86% | 12/02/2031 |  | 11711 | &nbsp;&nbsp; 11788755 |
| Serta Simmons Bedding LLC |  |  |  |  |  |
| First Lien Term Loan (3 mo. Term SOFR + 7.62%)<sup>(e)</sup> <br>| 11.94% | 06/29/2028 |  | 752 | &nbsp;&nbsp; 751621 |
| Term Loan (3 mo. Term SOFR + 7.50%) | 11.91% | 06/29/2028 |  | 10637 | &nbsp;&nbsp; 9903694 |
| Tempur Sealy International Inc., Term Loan B (1 mo. Term SOFR + 2.29%) | 6.55% | 10/24/2031 |  | 8797 | &nbsp;&nbsp; 8830219 |
| Weber-Stephen Products LLC |  |  |  |  |  |
| Incremental Term Loan B (1 mo. Term SOFR + 4.25%) | 8.67% | 10/30/2027 |  | 1826 | &nbsp;&nbsp; 1827008 |
| Term Loan B (1 mo. Term SOFR + 3.25%) | 7.68% | 10/30/2027 |  | 6722 | &nbsp;&nbsp; 6717040 |
|  |  |  |  |  | &nbsp;&nbsp; 42773594 |
| **Industrial Equipment–3.94%** | **Industrial Equipment–3.94%** | **Industrial Equipment–3.94%** | **Industrial Equipment–3.94%** |  |  |
| Alliance Laundry Systems LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.59% | 08/19/2031 |  | 12723 | &nbsp;&nbsp; 12724774 |
| Chart Industries, Inc., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.79% | 03/15/2030 |  | 2697 | &nbsp;&nbsp; 2713475 |
| Cooper Machinery/Astro Acquisition, Term Loan<sup>(e)(f)</sup> <br>| – | 08/13/2032 |  | 3430 | &nbsp;&nbsp; 3438842 |
| Crosby US Acquisition Corp., Term Loan (1 mo. Term SOFR + 3.50%) | 7.82% | 08/16/2029 |  | 1681 | &nbsp;&nbsp; 1691409 |
| Discovery Energy Holding Co. (Kohler Energy), Term Loan B (3 mo. Term SOFR + 3.75%) | 8.05% | 05/01/2031 |  | 9799 | &nbsp;&nbsp; 9842384 |
| DXP Enterprises, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 8.07% | 10/11/2030 |  | 6115 | &nbsp;&nbsp; 6153870 |

---

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)** |  |  |
| EMRLD Borrower L.P. (Copeland) |  |  |  |  |  |
| Incremental Term Loan B (3 mo. Term SOFR + 2.50%) | 6.57% | 08/04/2031 |  | $4003 | &nbsp;&nbsp; $3999875 |
| Term Loan B (1 mo. Term SOFR + 2.50%) | 6.45% | 05/31/2030 |  | 467 | &nbsp;&nbsp; 466511 |
| Kantar (Summer BC Bidco/KANGRP) (Luxembourg) |  |  |  |  |  |
| Revolver Loan<sup>(d)(e)</sup> <br>| 0.00% | 06/04/2026 |  | 10250 | &nbsp;&nbsp; 9788750 |
| Term Loan B (3 mo. Term SOFR + 5.26%) | 9.56% | 02/15/2029 |  | 10451 | &nbsp;&nbsp; 10477576 |
| Madison IAQ LLC |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 3.25%) | 6.70% | 06/21/2028 |  | 1768 | &nbsp;&nbsp; 1772333 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 7.45% | 03/29/2032 |  | 12353 | &nbsp;&nbsp; 12429864 |
| Minimax (-Viking GmbH, - MX Holdings US, Inc.), Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 02/17/2032 |  | 2312 | &nbsp;&nbsp; 2320245 |
| Sabre Industries, Inc., Term Loan B<sup>(f)</sup> <br>| – | 08/13/2032 |  | 3518 | &nbsp;&nbsp; 3522620 |
| Sanmina Corp., Term Loan<sup>(e)(f)</sup> <br>| – | 08/06/2032 |  | 1318 | &nbsp;&nbsp; 1318249 |
| Tank Holding Corp. |  |  |  |  |  |
| Revolver Loan<sup>(d)(e)</sup> <br>| 0.00% | 03/31/2028 |  | 922 | &nbsp;&nbsp; 848742 |
| Term Loan (1 mo. Term SOFR + 6.00%) | 10.17% | 03/31/2028 |  | 8031 | &nbsp;&nbsp; 7651540 |
| Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (1 mo. Term SOFR <br> + 3.00%)<br>| 7.20% | 04/30/2030 |  | 8592 | &nbsp;&nbsp; 8632148 |
| Victory Buyer LLC (Vantage Elevator) |  |  |  |  |  |
| First Lien Term Loan (1 mo. Term SOFR + 3.75%) | 8.18% | 11/19/2028 |  | 13051 | &nbsp;&nbsp; 13086789 |
| Second Lien Term Loan (1 mo. Term SOFR + 7.00%)<sup>(e)</sup> <br>| 11.43% | 11/19/2029 |  | 1148 | &nbsp;&nbsp; 1112054 |
|  |  |  |  |  | &nbsp;&nbsp; 113992050 |
| **Insurance–2.35%** | **Insurance–2.35%** | **Insurance–2.35%** | **Insurance–2.35%** |  |  |
| Acrisure LLC |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 11/06/2030 |  | 13691 | &nbsp;&nbsp; 13701667 |
| Term Loan B (1 mo. Term SOFR + 3.29%) | 7.57% | 06/04/2032 |  | 1785 | &nbsp;&nbsp; 1786985 |
| Alliant Holdings Intermediate LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 09/19/2031 |  | 16365 | &nbsp;&nbsp; 16347367 |
| AmWINS Group, Inc., Term Loan B (1 mo. Term SOFR + 2.25%) | 6.57% | 01/23/2032 |  | 6477 | &nbsp;&nbsp; 6481821 |
| CRC Insurance Group LLC, Term Loan B (3 mo. Term SOFR + 2.75%) | 7.05% | 05/06/2031 |  | 9126 | &nbsp;&nbsp; 9151641 |
| HUB International Ltd., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.83% | 06/20/2030 |  | 1828 | &nbsp;&nbsp; 1834385 |
| Sedgwick Claims Management Services, Inc., Term Loan (1 mo. Term SOFR + 3.00%) | 6.82% | 07/31/2031 |  | 11595 | &nbsp;&nbsp; 11639426 |
| USI, Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 6.55% | 11/23/2029 |  | 5456 | &nbsp;&nbsp; 5454613 |
| Term Loan B (3 mo. Term SOFR + 2.25%) | 6.55% | 09/27/2030 |  | 1514 | &nbsp;&nbsp; 1514611 |
|  |  |  |  |  | &nbsp;&nbsp; 67912516 |
| **Leisure Goods, Activities & Movies–2.93%** | **Leisure Goods, Activities & Movies–2.93%** | **Leisure Goods, Activities & Movies–2.93%** | **Leisure Goods, Activities & Movies–2.93%** |  |  |
| Ancestry.com Operations, Inc., Term Loan B (1 mo. Term SOFR + 3.75%) | 7.67% | 12/06/2027 |  | 858 | &nbsp;&nbsp; 860245 |
| ATG Entertainment (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%) | 8.06% | 03/21/2032 |  | 3629 | &nbsp;&nbsp; 3667563 |
| Crown Finance US, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%) | 8.85% | 12/02/2031 |  | 20856 | &nbsp;&nbsp; 20865839 |
| Dorna Sports, S.L. (Spain), Term Loan<sup>(f)</sup> <br>| – | 07/29/2032 | EUR | 1893 | &nbsp;&nbsp; 2228149 |
| Fitness International LLC, Term Loan B (1 mo. Term SOFR + 5.25%) | 8.82% | 02/05/2029 |  | 7313 | &nbsp;&nbsp; 7375444 |
| Galileo Global Education Finance S.a.r.l. (Luxembourg), Term Loan B-4 (3 mo. EURIBOR + <br> 3.25%)<br>| 5.28% | 07/31/2031 | EUR | 87 | &nbsp;&nbsp; 101330 |
| GBT Group Servicers B.V. (fka Global Business Travel Holdings Ltd.) (United Kingdom), <br> Term Loan B (3 mo. Term SOFR + 2.50%)<br>| 6.81% | 07/25/2031 |  | 6132 | &nbsp;&nbsp; 6151502 |
| Herschend Entertainment Co., LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 05/14/2032 |  | 2281 | &nbsp;&nbsp; 2299977 |
| LC Ahab US Bidco LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 7.32% | 05/01/2031 |  | 4796 | &nbsp;&nbsp; 4814096 |
| Meuse Bidco S.A. (Gaming1) (Belgium), Term Loan<sup>(f)</sup> <br>| – | 07/03/2030 | EUR | 1002 | &nbsp;&nbsp; 1174788 |
| Nord Anglia Education (Netherlands), Term Loan (3 mo. Term SOFR + 2.75%) | 6.95% | 01/09/2032 |  | 9660 | &nbsp;&nbsp; 9698403 |
| Orbiter International S.a.r.l. (Luxembourg), Term Loan (6 mo. EURIBOR + 3.92%) | 5.94% | 10/25/2028 | EUR | 2000 | &nbsp;&nbsp; 2123368 |
| Parques Reunidos (Piolin Bidco S.A.U.) (Spain) |  |  |  |  |  |
| Revolver Loan<sup>(d)</sup> <br>| 0.00% | 03/16/2026 | EUR | 1642 | &nbsp;&nbsp; 1806253 |
| Term Loan B-4 (6 mo. EURIBOR + 4.50%) | 6.53% | 09/16/2029 | EUR | 637 | &nbsp;&nbsp; 753023 |

---

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** |
| **Leisure Goods, Activities & Movies–(continued)** | **Leisure Goods, Activities & Movies–(continued)** | **Leisure Goods, Activities & Movies–(continued)** | **Leisure Goods, Activities & Movies–(continued)** |  |  |
| Vue International Bidco PLC (United Kingdom) |  |  |  |  |  |
| Second Lien Term Loan (6 mo. EURIBOR + 8.50%) <br>(Acquired 02/20/2024-04/08/2025; Cost $2,961,659)<sup>(e)(g)</sup> <br>| 2.36% | 12/31/2027 | EUR | 3934 | &nbsp;&nbsp; $6185545 |
| Term Loan (6 mo. EURIBOR + 8.00%) <br>(Acquired 04/08/2025; Cost $2,050,953)<sup>(g)</sup> <br>| 10.26% | 06/30/2027 | EUR | 1872 | &nbsp;&nbsp; 2184368 |
| Term Loan (6 mo. EURIBOR + 8.50%) <br>(Acquired 02/20/2024-04/08/2025; Cost $2,499,955)<sup>(e)(g)</sup> <br>| 2.36% | 12/31/2027 | EUR | 2354 | &nbsp;&nbsp; 3673676 |
| Term Loan (6 mo. EURIBOR + 8.00%)<sup>(e)</sup> <br>| 10.26% | 06/30/2027 | EUR | 1088 | &nbsp;&nbsp; 1893373 |
| World Choice Investments, Term Loan B (3 mo. Term SOFR + 4.75%) | 8.94% | 08/13/2031 |  | $6737 | &nbsp;&nbsp; 6745535 |
|  |  |  |  |  | &nbsp;&nbsp; 84602477 |
| **Lodging & Casinos–2.61%** | **Lodging & Casinos–2.61%** | **Lodging & Casinos–2.61%** | **Lodging & Casinos–2.61%** |  |  |
| Aimbridge Acquisition Co., Inc. |  |  |  |  |  |
| First Lien Term Loan (1 mo. Term SOFR + 5.61%) | 9.98% | 03/11/2030 |  | 1291 | &nbsp;&nbsp; 1295476 |
| Term Loan (1 mo. Term SOFR + 1.61%) | 6.00% | 03/11/2030 |  | 1171 | &nbsp;&nbsp; 1163380 |
| Caesars Entertainment, Inc. |  |  |  |  |  |
| Incremental Term Loan B (1 mo. Term SOFR + 3.25%) | 6.57% | 02/06/2030 |  | 2010 | &nbsp;&nbsp; 2008461 |
| Term Loan (1 mo. Term SOFR + 2.75%) | 6.57% | 02/06/2031 |  | 8939 | &nbsp;&nbsp; 8926346 |
| Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 3.75%) | 7.57% | 01/27/2029 |  | 14209 | &nbsp;&nbsp; 14218834 |
| GVC Finance LLC (United Kingdom) |  |  |  |  |  |
| Term Loan<sup>(f)</sup> <br>| – | 07/30/2032 |  | 2019 | &nbsp;&nbsp; 2018652 |
| Term Loan B (3 mo. Term SOFR + 2.75%) | 7.02% | 10/31/2029 |  | 14907 | &nbsp;&nbsp; 14922203 |
| Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. Term SOFR + 3.00%) | 6.32% | 08/02/2028 |  | 742 | &nbsp;&nbsp; 741966 |
| J&J Ventures Gaming, LLC, Term Loan B<sup>(f)</sup> <br>| – | 04/26/2030 |  | 500 | &nbsp;&nbsp; 494801 |
| Motel One (One Hotels GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 4.25%) | 6.19% | 05/03/2032 | EUR | 1084 | &nbsp;&nbsp; 1281610 |
| Penn Entertainment, Inc., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 05/03/2029 |  | 5679 | &nbsp;&nbsp; 5692091 |
| Tortuga Resorts Ghd LLC, Term Loan<sup>(e)(f)</sup> <br>| – | 08/13/2032 |  | 4962 | &nbsp;&nbsp; 4971126 |
| Travel + Leisure Co., Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 12/14/2029 |  | 2843 | &nbsp;&nbsp; 2851841 |
| Voyager Parent, LLC, Term Loan B (3 mo. Term SOFR + 4.75%) | 9.04% | 05/10/2032 |  | 14938 | &nbsp;&nbsp; 14987360 |
|  |  |  |  |  | &nbsp;&nbsp; 75574147 |
| **Nonferrous Metals & Minerals–1.34%** | **Nonferrous Metals & Minerals–1.34%** | **Nonferrous Metals & Minerals–1.34%** | **Nonferrous Metals & Minerals–1.34%** |  |  |
| ACNR Holdings, Inc., Term Loan | 13.00% | 12/11/2029 |  | 14553 | &nbsp;&nbsp; 14389417 |
| AZZ, Inc., Term Loan (1 mo. Term SOFR + 2.50%) | 6.07% | 05/14/2029 |  | 779 | &nbsp;&nbsp; 782387 |
| Covia Holdings Corp., Term Loan (3 mo. Term SOFR + 2.75%) | 6.71% | 02/26/2032 |  | 9675 | &nbsp;&nbsp; 9734304 |
| Form Technologies LLC, Term Loan (1 mo. Term SOFR + 5.75%)<sup>(e)</sup> <br>| 10.08% | 05/30/2030 |  | 7379 | &nbsp;&nbsp; 6732926 |
| SCIH Salt Holdings, Inc. (Kissner Group), First Lien Incremental Term Loan B-1 (3 mo. Term <br> SOFR + 4.00%)<br>| 7.20% | 01/31/2029 |  | 7126 | &nbsp;&nbsp; 7148781 |
|  |  |  |  |  | &nbsp;&nbsp; 38787815 |
| **Oil & Gas–2.39%** | **Oil & Gas–2.39%** | **Oil & Gas–2.39%** | **Oil & Gas–2.39%** |  |  |
| EPIC Crude Services L.P., Term Loan B (3 mo. Term SOFR + 2.50%) | 6.83% | 10/15/2031 |  | 955 | &nbsp;&nbsp; 960425 |
| ITT Holdings LLC (IMTT), Term Loan B (1 mo. Term SOFR + 2.48%) | 6.80% | 10/11/2030 |  | 3462 | &nbsp;&nbsp; 3465326 |
| McDermott International Ltd. |  |  |  |  |  |
| LOC<sup>(d)</sup> <br>| 0.00% | 06/30/2027 |  | 9674 | &nbsp;&nbsp; 8174197 |
| LOC (3 mo. Term SOFR + 4.26%) | 8.85% | 06/30/2027 |  | 5404 | &nbsp;&nbsp; 3971559 |
| PIK Term Loan, 3.00% PIK Rate, 5.43% Cash Rate<sup>(j)</sup> <br>| 3.00% | 12/31/2027 |  | 4933 | &nbsp;&nbsp; 2700952 |
| Term Loan (1 mo. Term SOFR + 3.00%) | 7.43% | 06/30/2027 |  | 725 | &nbsp;&nbsp; 535391 |
| Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan B (3 mo. <br> Term SOFR + 3.75%)<br>| 8.03% | 02/28/2030 |  | 4691 | &nbsp;&nbsp; 4693890 |
| PG Investment Co. 59 S.a.r.l./URSA Minor US Bidco LLC (Rosen), Term Loan B (3 mo. Term <br> SOFR + 3.00%)<br>| 7.05% | 03/26/2031 |  | 2148 | &nbsp;&nbsp; 2158810 |
| Prairie ECI Acquiror L.P., Term Loan B (1 mo. Term SOFR + 3.75%) | 8.07% | 08/01/2029 |  | 5370 | &nbsp;&nbsp; 5424208 |
| Rockpoint Gas Storage Partners L.P. (Canada), Term Loan B (3 mo. Term SOFR + 3.00%) | 7.30% | 09/18/2031 |  | 7986 | &nbsp;&nbsp; 8019308 |
| Rockwood Service Corp., Term Loan B (1 mo. Term SOFR + 2.75%) | 7.07% | 07/30/2031 |  | 3662 | &nbsp;&nbsp; 3674050 |
| Stakeholder Midstream, Term Loan<sup>(e)(f)</sup> <br>| – | 11/20/2030 |  | 5098 | &nbsp;&nbsp; 5085458 |
| Third Coast Super Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.75%) | 8.07% | 09/25/2030 |  | 14343 | &nbsp;&nbsp; 14424036 |
| TransMontaigne Partners LLC, Term Loan B (1 mo. Term SOFR + 3.50%) | 6.82% | 11/17/2028 |  | 3480 | &nbsp;&nbsp; 3489742 |
| WhiteWater Matterhorn, Term Loan B (3 mo. Term SOFR + 2.31%) | 6.57% | 06/16/2032 |  | 2218 | &nbsp;&nbsp; 2223226 |
|  |  |  |  |  | &nbsp;&nbsp; 69000578 |

---

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** |
| **Publishing–1.84%** | **Publishing–1.84%** | **Publishing–1.84%** | **Publishing–1.84%** |  |  |
| Adtalem Global Education, Inc., Term Loan B (1 mo. Term SOFR + 2.75%) | 7.07% | 08/12/2028 |  | $628 | &nbsp;&nbsp; $629148 |
| Cengage Learning, Inc., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.82% | 03/22/2031 |  | 17225 | &nbsp;&nbsp; 17275345 |
| Century DE Buyer LLC (Simon & Schuster), Term Loan (3 mo. Term SOFR + 3.50%) | 7.30% | 10/30/2030 |  | 2778 | &nbsp;&nbsp; 2783844 |
| Dotdash Meredith, Inc., Term Loan B (1 mo. Term SOFR + 3.50%) | 7.85% | 06/17/2032 |  | 6976 | &nbsp;&nbsp; 6978517 |
| Harbor Purchaser, Inc. (Houghton Mifflin Harcourt) |  |  |  |  |  |
| First Lien Term Loan B (1 mo. Term SOFR + 5.25%) | 9.67% | 04/09/2029 |  | 11569 | &nbsp;&nbsp; 10907367 |
| Second Lien Term Loan B (1 mo. Term SOFR + 8.00%) | 12.82% | 04/08/2030 |  | 8093 | &nbsp;&nbsp; 7397318 |
| McGraw-Hill Education, Inc., Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 08/06/2031 |  | 7227 | &nbsp;&nbsp; 7262974 |
|  |  |  |  |  | &nbsp;&nbsp; 53234513 |
| **Radio & Television–0.24%** | **Radio & Television–0.24%** | **Radio & Television–0.24%** | **Radio & Television–0.24%** |  |  |
| iHeartCommunications, Inc., Term Loan (1 mo. Term SOFR + 5.89%) | 10.21% | 05/01/2029 |  | 7422 | &nbsp;&nbsp; 6269231 |
| Univision Communications, Inc., Incremental Term Loan B (1 mo. Term SOFR + 3.61%) | 7.93% | 01/31/2029 |  | 589 | &nbsp;&nbsp; 588849 |
|  |  |  |  |  | &nbsp;&nbsp; 6858080 |
| **Retailers (except Food & Drug)–1.34%** | **Retailers (except Food & Drug)–1.34%** | **Retailers (except Food & Drug)–1.34%** | **Retailers (except Food & Drug)–1.34%** |  |  |
| Action Holding B.V. (Peer Holdings) (Netherlands) |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.80% | 07/01/2031 |  | 2730 | &nbsp;&nbsp; 2738813 |
| Term Loan B-4 (3 mo. Term SOFR + 2.50%) | 6.80% | 10/28/2030 |  | 5682 | &nbsp;&nbsp; 5698405 |
| Bass Pro Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%) | 7.57% | 01/31/2032 |  | 13079 | &nbsp;&nbsp; 13133156 |
| CNT Holdings I Corp. (1-800 Contacts), Term Loan B (3 mo. Term SOFR + 2.50%) | 6.56% | 11/08/2032 |  | 8747 | &nbsp;&nbsp; 8754728 |
| PetSmart, Inc., Term Loan B (1 mo. Term SOFR + 4.00%) | 8.36% | 08/06/2032 |  | 2974 | &nbsp;&nbsp; 2949041 |
| Savers, Inc., Term Loan (1 mo. Term SOFR + 5.50%) | 8.05% | 04/26/2028 |  | 5375 | &nbsp;&nbsp; 5389778 |
|  |  |  |  |  | &nbsp;&nbsp; 38663921 |
| **Surface Transport–1.61%** | **Surface Transport–1.61%** | **Surface Transport–1.61%** | **Surface Transport–1.61%** |  |  |
| Beacon Mobility Corp. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 08/06/2030 |  | 276 | &nbsp;&nbsp; 277340 |
| Delayed Draw Term Loan (3 mo. Term SOFR + 3.25%) | 7.48% | 08/06/2030 |  | 431 | &nbsp;&nbsp; 433789 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 7.50% | 06/17/2030 |  | 5162 | &nbsp;&nbsp; 5191242 |
| First Student Bidco Inc. |  |  |  |  |  |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.71% | 08/21/2030 |  | 17041 | &nbsp;&nbsp; 17076839 |
| Term Loan C (3 mo. Term SOFR + 2.50%) | 6.71% | 08/21/2030 |  | 948 | &nbsp;&nbsp; 949623 |
| Hurtigruten Group AS (Explorer II AS) (Norway) |  |  |  |  |  |
| Term Loan A (1 mo. EURIBOR + 7.50%) <br>(Acquired 02/06/2025-02/18/2025; Cost $5,620,793)<sup>(g)</sup> <br>| 9.58% | 01/30/2030 | EUR | 5492 | &nbsp;&nbsp; 6558602 |
| Term Loan B (1 mo. EURIBOR + 8.00%) <br>(Acquired 02/06/2025-08/12/2025; Cost $1,874,300)<sup>(g)</sup> <br>| 10.08% | 07/30/2030 | EUR | 1793 | &nbsp;&nbsp; 1895768 |
| Patriot Rail Co. LLC, Term Loan B (3 mo. Term SOFR + 3.00%) | 7.31% | 03/01/2032 |  | 5987 | &nbsp;&nbsp; 6022875 |
| STG Distribution LLC, PIK Term Loan, 7.25% PIK Rate, 5.45% Cash Rate <br>(Acquired 10/03/2024-08/07/2025; Cost $2,969,007)<sup>(e)(g)(j)</sup> <br>| 7.25% | 10/03/2029 |  | 3117 | &nbsp;&nbsp; 2836834 |
| Student Transportation of America Holdings, Inc. |  |  |  |  |  |
| Delayed Draw Term Loan<sup>(d)</sup> <br>| 0.00% | 06/24/2032 |  | 238 | &nbsp;&nbsp; 239376 |
| Delayed Draw Term Loan (3 mo. Term SOFR + 3.25%) | 1.63% | 06/24/2032 |  | 112 | &nbsp;&nbsp; 112648 |
| Term Loan B (3 mo. Term SOFR + 3.25%) | 7.57% | 06/10/2032 |  | 4903 | &nbsp;&nbsp; 4928338 |
|  |  |  |  |  | &nbsp;&nbsp; 46523274 |
| **Telecommunications–4.06%** | **Telecommunications–4.06%** | **Telecommunications–4.06%** | **Telecommunications–4.06%** |  |  |
| 2Degrees Group Ltd. (New Zealand), Term Loan (3 mo. Term SOFR + 3.25%) | 7.44% | 05/11/2029 |  | 7222 | &nbsp;&nbsp; 7258552 |
| Avaya, Inc., Term Loan (1 mo. Term SOFR + 7.50%) | 11.86% | 08/01/2028 |  | 8239 | &nbsp;&nbsp; 6982613 |
| Crown Subsea Communications Holding, Inc., Term Loan B (3 mo. Term SOFR + 3.50%) | 7.82% | 01/30/2031 |  | 14228 | &nbsp;&nbsp; 14365618 |
| Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. Term SOFR + <br> 3.00%)<br>| 7.56% | 11/12/2027 |  | 3592 | &nbsp;&nbsp; 3569304 |
| Genesys Cloud Services Holdings I LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.82% | 01/26/2032 |  | 2297 | &nbsp;&nbsp; 2301088 |
| II-VI, Inc., Term Loan B (1 mo. Term SOFR + 2.00%) | 6.32% | 07/02/2029 |  | 2562 | &nbsp;&nbsp; 2567746 |
| Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 4.50%) | 8.82% | 09/27/2029 |  | 9423 | &nbsp;&nbsp; 9321022 |
| Level 3 Financing, Inc., Term Loan B (1 mo. Term SOFR + 4.25%) | 8.57% | 03/30/2032 |  | 16602 | &nbsp;&nbsp; 16719279 |
| Lumen Technologies, Inc. |  |  |  |  |  |
| Term Loan B-1 (1 mo. Term SOFR + 2.35%) | 6.78% | 04/15/2029 |  | 2 | &nbsp;&nbsp; 2489 |
| Term Loan B-2 (1 mo. Term SOFR + 2.35%) | 6.78% | 04/15/2030 |  | 3464 | &nbsp;&nbsp; 3447456 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**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** |
| **Telecommunications–(continued)** | **Telecommunications–(continued)** | **Telecommunications–(continued)** | **Telecommunications–(continued)** |  |  |
| Midcontinent Communications, Term Loan B (1 mo. Term SOFR + 2.50%) | 9.00% | 08/13/2031 |  | $307 | &nbsp;&nbsp; $307997 |
| MLN US HoldCo LLC (dba Mitel) |  |  |  |  |  |
| Term Loan B (1 mo. Term SOFR + 4.00%) <br>(Acquired 06/25/2025-08/21/2025; Cost $3,742,167)<sup>(g)</sup> <br>| 2.50% | 05/08/2028 |  | 3812 | &nbsp;&nbsp; 3648294 |
| Term Loan B (1 mo. Term SOFR + 2.00%) <br>(Acquired 06/20/2025-08/21/2025; Cost $12,518,333)<sup>(g)</sup> <br>| 6.00% | 06/01/2030 |  | 14475 | &nbsp;&nbsp; 12014428 |
| ViaSat, Inc. |  |  |  |  |  |
| Term Loan (1 mo. Term SOFR + 4.61%) | 8.93% | 03/02/2029 |  | 2761 | &nbsp;&nbsp; 2749397 |
| Term Loan B (1 mo. Term SOFR + 4.50%) | 8.97% | 05/30/2030 |  | 2863 | &nbsp;&nbsp; 2846829 |
| Windstream Services LLC, Term Loan B (1 mo. Term SOFR + 4.75%)<sup>(e)</sup> <br>| 9.17% | 09/25/2031 |  | 10155 | &nbsp;&nbsp; 10192984 |
| Zayo Group Holdings, Inc. |  |  |  |  |  |
| Incremental Term Loan (1 mo. Term SOFR + 4.25%) <br>(Acquired 04/29/2022-09/21/2023; Cost $4,770,996)<sup>(g)</sup> <br>| 8.49% | 03/09/2027 |  | 4902 | &nbsp;&nbsp; 4824623 |
| Term Loan (1 mo. Term SOFR + 3.00%) <br>(Acquired 03/22/2022-08/20/2025; Cost $14,402,345)<sup>(g)</sup> <br>| 7.43% | 03/09/2027 |  | 14718 | &nbsp;&nbsp; 14280984 |
|  |  |  |  |  | &nbsp;&nbsp; 117400703 |
| **Utilities–2.24%** | **Utilities–2.24%** | **Utilities–2.24%** | **Utilities–2.24%** |  |  |
| Alpha Generation LLC, Term Loan B (1 mo. Term SOFR + 2.50%) | 6.32% | 09/30/2031 |  | 7838 | &nbsp;&nbsp; 7836718 |
| Astoria Energy LLC, Term Loan B (1 mo. Term SOFR + 2.75%) | 7.04% | 06/16/2032 |  | 2755 | &nbsp;&nbsp; 2768222 |
| Cornerstone Generation LLC, Term Loan B (3 mo. Term SOFR + 3.25%) | 7.48% | 10/28/2031 |  | 9811 | &nbsp;&nbsp; 9889630 |
| Covanta Holding Corp. |  |  |  |  |  |
| Incremental Term Loan B (1 mo. Term SOFR + 2.25%) | 6.59% | 11/30/2028 |  | 428 | &nbsp;&nbsp; 429296 |
| Incremental Term Loan C (1 mo. Term SOFR + 2.25%) | 6.59% | 11/30/2028 |  | 24 | &nbsp;&nbsp; 23636 |
| Eastern Power LLC, Term Loan (1 mo. Term SOFR + 5.25%) | 9.57% | 04/03/2028 |  | 6890 | &nbsp;&nbsp; 6936279 |
| Edgewater Generation, Term Loan B (1 mo. Term SOFR + 3.00%) | 7.32% | 08/01/2030 |  | 3172 | &nbsp;&nbsp; 3186819 |
| Frontera Generation Holdings LLC, Second Lien Term Loan (3 mo. Term SOFR + 1.76%) <br>(Acquired 07/28/2021; Cost $2,804,819)<sup>(e)(g)</sup> <br>| 6.06% | 07/28/2028 |  | 4043 | &nbsp;&nbsp; 3779813 |
| Hamilton Projects Acquiror, LLC, Term Loan (1 mo. Term SOFR + 2.50%) | 6.82% | 05/30/2031 |  | 2921 | &nbsp;&nbsp; 2935898 |
| Lackawanna Energy Center LLC, Term Loan (1 mo. Term SOFR + 3.00%) | 7.35% | 07/23/2032 |  | 5490 | &nbsp;&nbsp; 5526579 |
| Lightning Power LLC, Term Loan B (3 mo. Term SOFR + 2.25%) | 6.55% | 08/16/2031 |  | 10827 | &nbsp;&nbsp; 10844671 |
| Talen Energy Supply LLC |  |  |  |  |  |
| Incremental Term Loan (3 mo. Term SOFR + 2.50%) | 6.73% | 12/13/2031 |  | 3395 | &nbsp;&nbsp; 3411350 |
| Term Loan B (3 mo. Term SOFR + 2.50%) | 6.73% | 05/17/2030 |  | 7187 | &nbsp;&nbsp; 7218023 |
|  |  |  |  |  | &nbsp;&nbsp; 64786934 |
| Total Variable Rate Senior Loan Interests (Cost $2,438,969,623) | Total Variable Rate Senior Loan Interests (Cost $2,438,969,623) | Total Variable Rate Senior Loan Interests (Cost $2,438,969,623) | Total Variable Rate Senior Loan Interests (Cost $2,438,969,623) |  | &nbsp;&nbsp; 2386695385 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–6.86%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.86%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.86%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.86%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.86%**<sup>(k)</sup>  | **Common Stocks & Other Equity Interests–6.86%**<sup>(k)</sup>  |
| **Automotive–0.02%** | **Automotive–0.02%** | **Automotive–0.02%** | **Automotive–0.02%** |  |  |
| Cabonline, Class D (Acquired 10/30/2023; Cost $271,002) (Sweden)<sup>(e)(g)</sup> <br>|  |  |  | 301850286 | &nbsp;&nbsp; 430554 |
| Cabonline, Class D1 (Acquired 10/30/2023; Cost $10) (Sweden)<sup>(e)(g)</sup> <br>|  |  |  | 10623352 | &nbsp;&nbsp; 1128 |
| Cabonline, Class D2 (Acquired 10/31/2023; Cost $8) (Sweden)<sup>(e)(g)</sup> <br>|  |  |  | 9066619 | &nbsp;&nbsp; 484 |
|  |  |  |  |  | &nbsp;&nbsp; 432166 |
| **Beverage & Tobacco–0.00%** | **Beverage & Tobacco–0.00%** | **Beverage & Tobacco–0.00%** | **Beverage & Tobacco–0.00%** |  |  |
| City Brewing Co. LLC<sup>(e)</sup> <br>|  |  |  | 34042 | &nbsp;&nbsp; 27536 |
| **Business Equipment & Services–2.64%** | **Business Equipment & Services–2.64%** | **Business Equipment & Services–2.64%** | **Business Equipment & Services–2.64%** |  |  |
| Bloom Parent, Inc.<sup>(e)</sup> <br>|  |  |  | 3285 | &nbsp;&nbsp; 3042287 |
| Monitronics International, Inc. (Acquired 06/30/2023; Cost $8,930,896)<sup>(e)(g)</sup> <br>|  |  |  | 443661 | &nbsp;&nbsp; 20821011 |
| My Alarm Center LLC, Class A (Acquired 03/09/2021-05/17/2024; <br> Cost $14,582,747)<sup>(e)(g)(l)</sup> <br>|  |  |  | 162068 | &nbsp;&nbsp; 52503597 |
|  |  |  |  |  | &nbsp;&nbsp; 76366895 |
| **Chemicals & Plastics–0.00%** | **Chemicals & Plastics–0.00%** | **Chemicals & Plastics–0.00%** | **Chemicals & Plastics–0.00%** |  |  |
| Flint Group (ColourOz Inv), Class A, PIK Term Loan, 6.90% PIK Rate, 4.68% Cash Rate <br> (Acquired 09/19/2023; Cost $0) (Germany)<sup>(e)(g)</sup> <br>|  |  |  | 92541 | &nbsp;&nbsp; 0 |
| **Containers & Glass Products–0.38%** | **Containers & Glass Products–0.38%** | **Containers & Glass Products–0.38%** | **Containers & Glass Products–0.38%** |  |  |
| Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $3,769,108)<sup>(e)(g)</sup> <br>|  |  |  | 864916 | &nbsp;&nbsp; 10993082 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Senior Floating Rate Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Electronics & Electrical–0.11%** | **Electronics & Electrical–0.11%** |  |  |
| Internap Holding LLC (Acquired 02/06/2018-02/10/2023; Cost $7,928,094)<sup>(e)(g)(l)</sup> <br>|  | 2996076 | &nbsp;&nbsp; $3145880 |
| Sandvine Corp. (Acquired 06/28/2024; Cost $0)<sup>(e)(g)</sup> <br>|  | 30037 | &nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp; 3145880 |
| **Food Service–0.37%** | **Food Service–0.37%** |  |  |
| Selecta Group B.V., Class A1 (Switzerland)<sup>(e)(m)</sup> <br>|  | 57671 | &nbsp;&nbsp; 6746930 |
| Selecta Group B.V., Class A2 (Switzerland)<sup>(e)(m)</sup> <br>|  | 15266 | &nbsp;&nbsp; 1785969 |
| WW International, Inc.<sup>(n)</sup> <br>|  | 69678 | &nbsp;&nbsp; 2222031 |
|  |  |  | &nbsp;&nbsp; 10754930 |
| **Forest Products–0.52%** | **Forest Products–0.52%** |  |  |
| NewLife Forest Restoration LLC<sup>(e)(l)</sup> <br>|  | 175329 | &nbsp;&nbsp; 15120353 |
| **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; 3410361 |
| **Industrial Equipment–0.02%** | **Industrial Equipment–0.02%** |  |  |
| North American Lifting Holdings, Inc.<sup>(l)</sup> <br>|  | 679193 | &nbsp;&nbsp; 611274 |
| **Leisure Goods, Activities & Movies–0.64%** | **Leisure Goods, Activities & Movies–0.64%** |  |  |
| Crown Finance US, Inc. |  | 632808 | &nbsp;&nbsp; 14260962 |
| Hurtigruten Group AS (Acquired 02/12/2025; Cost $2,271,941) (Norway)<sup>(g)</sup> <br>|  | 145586 | &nbsp;&nbsp; 3946637 |
| Hurtigruten Norway (Acquired 02/12/2025; Cost $0) (Norway)<sup>(e)(g)</sup> <br>|  | 29323 | &nbsp;&nbsp; 326972 |
| Vue Entertainment International Ltd., Class A4 (United Kingdom)<sup>(e)</sup> <br>|  | 2094370 | &nbsp;&nbsp; 2 |
| Vue International Bidco PLC, Class A1 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(e)(g)</sup> <br>|  | 9996 | &nbsp;&nbsp; 0 |
| Vue International Bidco PLC, Class A2 (Acquired 02/20/2024; Cost $0) (United <br> Kingdom)<sup>(e)(g)</sup> <br>|  | 4982596 | &nbsp;&nbsp; 6 |
| Vue International Bidco PLC, Class A3 (United Kingdom)<sup>(e)</sup> <br>|  | 3004226 | &nbsp;&nbsp; 3 |
|  |  |  | &nbsp;&nbsp; 18534582 |
| **Lodging & Casinos–0.24%** | **Lodging & Casinos–0.24%** |  |  |
| Aimbridge Acquisition Co., Inc.<sup>(e)</sup> <br>|  | 106385 | &nbsp;&nbsp; 6968218 |
| **Nonferrous Metals & Minerals–0.34%** | **Nonferrous Metals & Minerals–0.34%** |  |  |
| ACNR Holdings, Inc. |  | 125987 | &nbsp;&nbsp; 9750827 |
| **Oil & Gas–0.62%** | **Oil & Gas–0.62%** |  |  |
| McDermott International Ltd.<sup>(n)</sup> <br>|  | 442728 | &nbsp;&nbsp; 4648642 |
| Sabine Oil & Gas Holdings, Inc. (Acquired 01/16/2013-03/12/2021; <br> Cost $18,267,226)<sup>(e)(g)(n)</sup> <br>|  | 18025 | &nbsp;&nbsp; 1261 |
| Seadrill Ltd. (Norway)<sup>(n)</sup> <br>|  | 1 | &nbsp;&nbsp; 32 |
| Talos Energy, Inc.<sup>(n)</sup> <br>|  | 439702 | &nbsp;&nbsp; 4344256 |
| Tribune Resources LLC (Acquired 03/30/2018; Cost $18,014,717)<sup>(g)(l)</sup> <br>|  | 5811199 | &nbsp;&nbsp; 9010264 |
|  |  |  | &nbsp;&nbsp; 18004455 |
| **Surface Transport–0.28%** | **Surface Transport–0.28%** |  |  |
| Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; <br> Cost $1,838,610)<sup>(e)(g)</sup> <br>|  | 35397 | &nbsp;&nbsp; 3679872 |
| Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired <br> 02/23/2024-08/20/2025; Cost $375,431)<sup>(e)(g)(l)</sup> <br>|  | 700805 | &nbsp;&nbsp; 438003 |
| Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired <br> 01/31/2020-08/25/2020; Cost $1,932,877)<sup>(e)(g)(l)</sup> <br>|  | 37211 | &nbsp;&nbsp; 3868456 |
|  |  |  | &nbsp;&nbsp; 7986331 |
| **Telecommunications–0.46%** | **Telecommunications–0.46%** |  |  |
| Avaya Holdings Corp. (Acquired 05/01/2023; Cost $4,295,205)<sup>(g)</sup> <br>|  | 286347 | &nbsp;&nbsp; 2290776 |
| Avaya, Inc. (Acquired 05/01/2023; Cost $778,995)<sup>(g)</sup> <br>|  | 51933 | &nbsp;&nbsp; 415464 |
| MLN US HoldCo LLC (dba Mitel) (Acquired 06/20/2025; Cost $6,558,758)<sup>(e)(g)(l)</sup> <br>|  | 1820133 | &nbsp;&nbsp; 10502167 |
|  |  |  | &nbsp;&nbsp; 13208407 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Shares** | **Shares** | **Value** |
| **Utilities–0.10%** | **Utilities–0.10%** | **Utilities–0.10%** | **Utilities–0.10%** |  |  |
| Frontera Generation Holdings LLC (Acquired 07/28/2021-11/30/2021; <br> Cost $1,035,881)<sup>(e)(g)</sup> <br>|  |  |  | 295967 | &nbsp;&nbsp; $2950791 |
| Total Common Stocks & Other Equity Interests (Cost $191,839,753) | Total Common Stocks & Other Equity Interests (Cost $191,839,753) | Total Common Stocks & Other Equity Interests (Cost $191,839,753) | Total Common Stocks & Other Equity Interests (Cost $191,839,753) |  | &nbsp;&nbsp; 198266088 |
|  | **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–4.78%** | **U.S. Dollar Denominated Bonds & Notes–4.78%** | **U.S. Dollar Denominated Bonds & Notes–4.78%** | **U.S. Dollar Denominated Bonds & Notes–4.78%** | **U.S. Dollar Denominated Bonds & Notes–4.78%** | **U.S. Dollar Denominated Bonds & Notes–4.78%** |
| **Aerospace & Defense–0.31%** | **Aerospace & Defense–0.31%** | **Aerospace & Defense–0.31%** | **Aerospace & Defense–0.31%** |  |  |
| Rand Parent LLC <sup>(m)</sup> <br>| 8.50% | 02/15/2030 |  | $8729 | &nbsp;&nbsp; 9054120 |
| **Automotive–0.04%** | **Automotive–0.04%** | **Automotive–0.04%** | **Automotive–0.04%** |  |  |
| Clarios Global L.P./Clarios US Finance Co. <sup>(m)</sup> <br>| 6.75% | 02/15/2030 |  | 1078 | &nbsp;&nbsp; 1117719 |
| **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>(m)</sup> <br>| 5.75% | 05/15/2026 |  | 4527 | &nbsp;&nbsp; 4526802 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(m)</sup> <br>| 4.50% | 04/01/2027 |  | 6067 | &nbsp;&nbsp; 5966773 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC<sup>(m)</sup> <br>| 6.75% | 04/01/2032 |  | 911 | &nbsp;&nbsp; 939686 |
| Quikrete Holdings, Inc.<sup>(m)</sup> <br>| 6.38% | 03/01/2032 |  | 232 | &nbsp;&nbsp; 239418 |
| QXO Building Products, Inc.<sup>(m)</sup> <br>| 6.75% | 04/30/2032 |  | 2111 | &nbsp;&nbsp; 2185528 |
| Signal Parent, Inc. (Acquired 09/11/2023-07/11/2024; Cost $4,904,977)<sup>(g)(m)</sup> <br>| 6.13% | 04/01/2029 |  | 6686 | &nbsp;&nbsp; 2440390 |
|  |  |  |  |  | &nbsp;&nbsp; 16298597 |
| **Business Equipment & Services–0.75%** | **Business Equipment & Services–0.75%** | **Business Equipment & Services–0.75%** | **Business Equipment & Services–0.75%** |  |  |
| Acuris Finance US, Inc./Acuris Finance S.a.r.l. <sup>(m)</sup> <br>| 9.00% | 08/01/2029 |  | 10162 | &nbsp;&nbsp; 10475752 |
| Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)<sup>(m)</sup> <br>| 6.88% | 06/15/2030 |  | 1021 | &nbsp;&nbsp; 1052270 |
| Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)<sup>(m)</sup> <br>| 7.88% | 02/15/2031 |  | 6739 | &nbsp;&nbsp; 7087103 |
| Boost Newco Borrower LLC<sup>(m)</sup> <br>| 7.50% | 01/15/2031 |  | 2313 | &nbsp;&nbsp; 2455395 |
| Cloud Software Group, Inc.<sup>(m)</sup> <br>| 6.63% | 08/15/2033 |  | 573 | &nbsp;&nbsp; 581411 |
|  |  |  |  |  | &nbsp;&nbsp; 21651931 |
| **Cable & Satellite Television–0.90%** | **Cable & Satellite Television–0.90%** | **Cable & Satellite Television–0.90%** | **Cable & Satellite Television–0.90%** |  |  |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg) <sup>(m)</sup> <br>| 5.75% | 08/15/2029 |  | 1414 | &nbsp;&nbsp; 1122221 |
| Altice Financing S.A. (Altice-Int'l) (Luxembourg)<sup>(m)</sup> <br>| 5.00% | 01/15/2028 |  | 18761 | &nbsp;&nbsp; 15338244 |
| Altice France S.A. (France)<sup>(m)</sup> <br>| 5.50% | 10/15/2029 |  | 6838 | &nbsp;&nbsp; 5868987 |
| Virgin Media Secured Finance PLC (United Kingdom)<sup>(m)</sup> <br>| 4.50% | 08/15/2030 |  | 3741 | &nbsp;&nbsp; 3514363 |
|  |  |  |  |  | &nbsp;&nbsp; 25843815 |
| **Chemicals & Plastics–0.51%** | **Chemicals & Plastics–0.51%** | **Chemicals & Plastics–0.51%** | **Chemicals & Plastics–0.51%** |  |  |
| SK Invictus Intermediate II S.a.r.l. <sup>(m)</sup> <br>| 5.00% | 10/30/2029 |  | 10605 | &nbsp;&nbsp; 10400271 |
| W. R. Grace Holdings LLC<sup>(m)</sup> <br>| 6.63% | 08/15/2032 |  | 2189 | &nbsp;&nbsp; 2184545 |
| Windsor Holdings III LLC<sup>(m)</sup> <br>| 8.50% | 06/15/2030 |  | 1984 | &nbsp;&nbsp; 2110833 |
|  |  |  |  |  | &nbsp;&nbsp; 14695649 |
| **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** | **Containers & Glass Products–0.01%** |  |  |
| Flex Acquisition Co., Inc. <sup>(m)</sup> <br>| 6.75% | 04/15/2032 |  | 256 | &nbsp;&nbsp; 263207 |
| **Electronics & Electrical–0.04%** | **Electronics & Electrical–0.04%** | **Electronics & Electrical–0.04%** | **Electronics & Electrical–0.04%** |  |  |
| Diebold Nixdorf, Inc. <sup>(m)</sup> <br>| 7.75% | 03/31/2030 |  | 1031 | &nbsp;&nbsp; 1093358 |
| **Food Products–0.33%** | **Food Products–0.33%** | **Food Products–0.33%** | **Food Products–0.33%** |  |  |
| Viking Baked Goods Acquisition Corp. <sup>(m)</sup> <br>| 8.63% | 11/01/2031 |  | 9476 | &nbsp;&nbsp; 9408530 |
| **Health Care–0.27%** | **Health Care–0.27%** | **Health Care–0.27%** | **Health Care–0.27%** |  |  |
| Global Medical Response, Inc. <sup>(m)</sup> <br>| 0.75% | 10/31/2028 |  | 2229 | &nbsp;&nbsp; 2235014 |
| Opal Bidco SAS (France) (Acquired 03/31/2025; Cost $1,912,000)<sup>(g)(m)</sup> <br>| 6.50% | 03/31/2032 |  | 1912 | &nbsp;&nbsp; 1946892 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V.<sup>(m)</sup> <br>| 6.75% | 05/15/2034 |  | 2479 | &nbsp;&nbsp; 2350016 |
| Raven Acquisition Holdings LLC<sup>(m)</sup> <br>| 6.88% | 11/15/2031 |  | 1238 | &nbsp;&nbsp; 1264264 |
|  |  |  |  |  | &nbsp;&nbsp; 7796186 |
| **Industrial Equipment–0.10%** | **Industrial Equipment–0.10%** | **Industrial Equipment–0.10%** | **Industrial Equipment–0.10%** |  |  |
| Chart Industries, Inc. <sup>(m)</sup> <br>| 7.50% | 01/01/2030 |  | 669 | &nbsp;&nbsp; 702008 |

---

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** |
| **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** | **Industrial Equipment–(continued)** |  |  |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc.<sup>(m)</sup> <br>| 6.63% | 12/15/2030 |  | $1966 | &nbsp;&nbsp; $2021590 |
|  |  |  |  |  | &nbsp;&nbsp; 2723598 |
| **Insurance–0.49%** | **Insurance–0.49%** | **Insurance–0.49%** | **Insurance–0.49%** |  |  |
| Acrisure LLC <sup>(m)</sup> <br>| 6.75% | 07/01/2032 |  | 292 | &nbsp;&nbsp; 299820 |
| Acrisure LLC<sup>(m)</sup> <br>| 7.50% | 11/06/2030 |  | 909 | &nbsp;&nbsp; 942639 |
| Alliant Holdings Intermediate LLC<sup>(m)</sup> <br>| 6.50% | 10/01/2031 |  | 1707 | &nbsp;&nbsp; 1747074 |
| Alliant Holdings Intermediate LLC<sup>(m)</sup> <br>| 7.00% | 01/15/2031 |  | 3408 | &nbsp;&nbsp; 3527491 |
| HUB International Ltd.<sup>(m)</sup> <br>| 7.25% | 06/15/2030 |  | 1857 | &nbsp;&nbsp; 1943590 |
| Panther Escrow Issuer LLC<sup>(m)</sup> <br>| 7.13% | 06/01/2031 |  | 5520 | &nbsp;&nbsp; 5732051 |
|  |  |  |  |  | &nbsp;&nbsp; 14192665 |
| **Lodging & Casinos–0.03%** | **Lodging & Casinos–0.03%** | **Lodging & Casinos–0.03%** | **Lodging & Casinos–0.03%** |  |  |
| Travel + Leisure Co. <sup>(m)</sup> <br>| 6.13% | 09/01/2033 |  | 982 | &nbsp;&nbsp; 986265 |
| **Publishing–0.02%** | **Publishing–0.02%** | **Publishing–0.02%** | **Publishing–0.02%** |  |  |
| McGraw-Hill Education, Inc. <sup>(m)</sup> <br>| 7.38% | 09/01/2031 |  | 660 | &nbsp;&nbsp; 693444 |
| **Retailers (except Food & Drug)–0.23%** | **Retailers (except Food & Drug)–0.23%** | **Retailers (except Food & Drug)–0.23%** | **Retailers (except Food & Drug)–0.23%** |  |  |
| Evergreen Acqco 1 L.P./TVI, Inc. <sup>(m)</sup> <br>| 9.75% | 04/26/2028 |  | 2418 | &nbsp;&nbsp; 2521698 |
| PetSmart LLC/PetSmart Finance Corp.<sup>(m)</sup> <br>| 7.50% | 09/15/2032 |  | 4274 | &nbsp;&nbsp; 4240322 |
|  |  |  |  |  | &nbsp;&nbsp; 6762020 |
| **Surface Transport–0.06%** | **Surface Transport–0.06%** | **Surface Transport–0.06%** | **Surface Transport–0.06%** |  |  |
| Beacon Mobility Corp. <sup>(m)</sup> <br>| 7.25% | 08/01/2030 |  | 1754 | &nbsp;&nbsp; 1819279 |
| **Telecommunications–0.13%** | **Telecommunications–0.13%** | **Telecommunications–0.13%** | **Telecommunications–0.13%** |  |  |
| Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(m)</sup> <br>| 8.25% | 10/01/2031 |  | 3508 | &nbsp;&nbsp; 3651993 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $140,538,374) | Total U.S. Dollar Denominated Bonds & Notes (Cost $140,538,374) | Total U.S. Dollar Denominated Bonds & Notes (Cost $140,538,374) | Total U.S. Dollar Denominated Bonds & Notes (Cost $140,538,374) |  | &nbsp;&nbsp; 138052376 |
| **Non-U.S. Dollar Denominated Bonds & Notes–2.66%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.66%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.66%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.66%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.66%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.66%**<sup>(o)</sup>  |
| **Air Transport–0.31%** | **Air Transport–0.31%** | **Air Transport–0.31%** | **Air Transport–0.31%** |  |  |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.25%)<sup>(p)</sup> <br>| 6.28% | 02/24/2031 | EUR | 3396 | &nbsp;&nbsp; 4064220 |
| SGL Group ApS (Denmark) (3 mo. EURIBOR + 4.75%)<sup>(p)</sup> <br>| 6.75% | 04/22/2030 | EUR | 4174 | &nbsp;&nbsp; 4983152 |
|  |  |  |  |  | &nbsp;&nbsp; 9047372 |
| **Automotive–0.15%** | **Automotive–0.15%** | **Automotive–0.15%** | **Automotive–0.15%** |  |  |
| Cabonline Group Holding AB (Sweden) (Acquired 10/13/2023; Cost $792,530)<sup>(g)(m)</sup> <br>| 10.00% | 03/19/2028 | SEK | 9067 | &nbsp;&nbsp; 922037 |
| Cabonline Group Holding AB (Sweden) (Acquired 10/12/2023; Cost $1,648,768)<sup>(g)(m)</sup> <br>| 12.00% | 03/19/2028 | SEK | 18133 | &nbsp;&nbsp; 1844075 |
| Cabonline Group Holding AB (Sweden) (Acquired 03/24/2022; Cost $3,724,562)<sup>(g)(i)(m)</sup> <br>| 0.00% | 04/19/2029 | SEK | 35057 | &nbsp;&nbsp; 1648306 |
|  |  |  |  |  | &nbsp;&nbsp; 4414418 |
| **Business Equipment & Services–0.05%** | **Business Equipment & Services–0.05%** | **Business Equipment & Services–0.05%** | **Business Equipment & Services–0.05%** |  |  |
| Pachelbel Bidco S.p.A. (Italy) (3 mo. EURIBOR + 4.25%)<sup>(m)(p)</sup> <br>| 6.27% | 05/17/2031 | EUR | 1136 | &nbsp;&nbsp; 1342350 |
| **Cosmetics & Toiletries–0.14%** | **Cosmetics & Toiletries–0.14%** | **Cosmetics & Toiletries–0.14%** | **Cosmetics & Toiletries–0.14%** |  |  |
| Bausch + Lomb Netherlands B.V. and Bausch & Lomb, Inc. (3 mo. EURIBOR + 3.88%)<sup>(m)(p)</sup> <br>| 5.87% | 01/15/2031 | EUR | 3462 | &nbsp;&nbsp; 4096118 |
| **Electronics & Electrical–0.01%** | **Electronics & Electrical–0.01%** | **Electronics & Electrical–0.01%** | **Electronics & Electrical–0.01%** |  |  |
| Cerved Group S.p.A. (Italy) (3 mo. EURIBOR + 5.25%)<sup>(m)(p)</sup> <br>| 7.23% | 02/15/2029 | EUR | 270 | &nbsp;&nbsp; 296207 |
| **Financial Intermediaries–1.33%** | **Financial Intermediaries–1.33%** | **Financial Intermediaries–1.33%** | **Financial Intermediaries–1.33%** |  |  |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) (3 mo. EURIBOR + 7.50%) (Acquired <br> 04/01/2021-11/24/2021; Cost $15,526,967)<sup>(e)(g)(m)(p)</sup> <br>| 9.52% | 07/15/2030 | EUR | 13583 | &nbsp;&nbsp; 8183736 |
| AnaCap (AFE S.A. SICAV-RAIF) (Italy) (3 mo. EURIBOR + 7.50%) (Acquired 10/14/2024; <br> Cost $605,407)<sup>(e)(g)(m)(p)</sup> <br>| 9.52% | 07/15/2030 | EUR | 1000 | &nbsp;&nbsp; 602498 |
| Garfunkelux Holdco 3 S.A. (Luxembourg)<sup>(q)</sup> <br>| 0.00% | 11/01/2028 | EUR | 1559 | &nbsp;&nbsp; 1354041 |
| Garfunkelux Holdco 3 S.A. (Luxembourg)<sup>(m)</sup> <br>| 9.00% | 09/01/2028 | EUR | 5985 | &nbsp;&nbsp; 7200603 |
| Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 7.45%)<sup>(m)(p)</sup> <br>| 9.46% | 05/01/2029 | EUR | 6933 | &nbsp;&nbsp; 6005866 |
| Garfunkelux Holdco 4 S.A. (Luxembourg)<sup>(m)</sup> <br>| 10.50% | 05/01/2030 | EUR | 1441 | &nbsp;&nbsp; 305407 |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(m)(p)</sup> <br>| 7.48% | 12/15/2029 | EUR | 9600 | &nbsp;&nbsp; 11243807 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**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** |
| **Financial Intermediaries–(continued)** | **Financial Intermediaries–(continued)** | **Financial Intermediaries–(continued)** | **Financial Intermediaries–(continued)** |  |  |
| Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 5.50%)<sup>(m)(p)</sup> <br>| 7.48% | 12/15/2029 | EUR | 3000 | &nbsp;&nbsp; $3513690 |
|  |  |  |  |  | &nbsp;&nbsp; 38409648 |
| **Food Service–0.20%** | **Food Service–0.20%** | **Food Service–0.20%** | **Food Service–0.20%** |  |  |
| Seagull Bidco Ltd. (Switzerland)<sup>(e)(m)</sup> <br>| 15.00% | 10/01/2030 |  | 4786 | &nbsp;&nbsp; 5599491 |
| **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>(m)(p)</sup> <br>| 6.29% | 02/15/2030 | EUR | 1537 | &nbsp;&nbsp; 1792795 |
| **Leisure Goods, Activities & Movies–0.02%** | **Leisure Goods, Activities & Movies–0.02%** | **Leisure Goods, Activities & Movies–0.02%** | **Leisure Goods, Activities & Movies–0.02%** |  |  |
| HX Hold Co. Ltd. (Norway) (Acquired 02/06/2025-02/20/2025; Cost $496,098)<sup>(g)</sup> <br>| 7.00% | 02/12/2030 | EUR | 500 | &nbsp;&nbsp; 511221 |
| **Surface Transport–0.39%** | **Surface Transport–0.39%** | **Surface Transport–0.39%** | **Surface Transport–0.39%** |  |  |
| APCOA Group GmbH (Germany) (3 mo. EURIBOR + 4.13%)<sup>(p)</sup> <br>| 6.15% | 04/15/2031 | EUR | 1000 | &nbsp;&nbsp; 1177240 |
| Zenith Finco PLC (United Kingdom)<sup>(m)</sup> <br>| 6.50% | 06/30/2027 | GBP | 9042 | &nbsp;&nbsp; 9376046 |
| Zenith Finco PLC (United Kingdom)<sup>(m)</sup> <br>| 6.50% | 06/30/2027 | GBP | 752 | &nbsp;&nbsp; 779782 |
|  |  |  |  |  | &nbsp;&nbsp; 11333068 |
| Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $87,074,125) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $87,074,125) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $87,074,125) | Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $87,074,125) |  | &nbsp;&nbsp; 76842688 |
|  |  |  | **Shares** | **Shares** |  |
| **Preferred Stocks–0.88%**<sup>(k)</sup>  | **Preferred Stocks–0.88%**<sup>(k)</sup>  | **Preferred Stocks–0.88%**<sup>(k)</sup>  | **Preferred Stocks–0.88%**<sup>(k)</sup>  | **Preferred Stocks–0.88%**<sup>(k)</sup>  | **Preferred Stocks–0.88%**<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>(e)(g)</sup> <br>|  |  |  | 11609066 | &nbsp;&nbsp; 68494 |
| **Surface Transport–0.88%** | **Surface Transport–0.88%** | **Surface Transport–0.88%** | **Surface Transport–0.88%** |  |  |
| Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; <br> Cost $3,389,672)<sup>(e)(g)</sup> <br>|  |  |  | 142554 | &nbsp;&nbsp; 14819914 |
| 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>(e)(g)(l)</sup> <br>|  |  |  | 100115 | &nbsp;&nbsp; 10407955 |
|  |  |  |  |  | &nbsp;&nbsp; 25227869 |
| Total Preferred Stocks (Cost $17,377,253) | Total Preferred Stocks (Cost $17,377,253) | Total Preferred Stocks (Cost $17,377,253) | Total Preferred Stocks (Cost $17,377,253) |  | &nbsp;&nbsp; 25296363 |
|  | **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–0.56%** | **Asset-Backed Securities–0.56%** | **Asset-Backed Securities–0.56%** | **Asset-Backed Securities–0.56%** | **Asset-Backed Securities–0.56%** | **Asset-Backed Securities–0.56%** |
| **Structured Products–0.56%** | **Structured Products–0.56%** | **Structured Products–0.56%** | **Structured Products–0.56%** |  |  |
| AGL CLO 1 Ltd., Series 2019-1A, Class ERR (Cayman Islands) (3 mo. Term SOFR + 6.50%) <br> <sup>(m)(p)</sup> <br>| 10.83% | 10/20/2034 |  | $1675 | &nbsp;&nbsp; 1620184 |
| AGL CLO 12 Ltd., Series 2021-12A, Class E (Cayman Islands) (3 mo. Term SOFR + <br> 6.41%)<sup>(m)(p)</sup> <br>| 10.74% | 07/20/2034 |  | 2575 | &nbsp;&nbsp; 2552003 |
| Ballyrock CLO 19 Ltd., Series 2022-19A, Class D (3 mo. Term SOFR + 7.11%)<sup>(m)(p)</sup> <br>| 11.44% | 04/20/2035 |  | 4175 | &nbsp;&nbsp; 4190735 |
| CIFC Funding Ltd., Series 2014-4RA, Class DRR (Cayman Islands) (3 mo. Term SOFR + <br> 5.80%)<sup>(m)(p)</sup> <br>| 10.12% | 01/17/2035 |  | 1250 | &nbsp;&nbsp; 1226225 |
| Empower CLO Ltd., Series 2023-1A, Class ER (Cayman Islands) (3 mo. Term SOFR + <br> 7.34%)<sup>(m)(p)</sup> <br>| 11.66% | 04/25/2038 |  | 3500 | &nbsp;&nbsp; 3602144 |
| Rad CLO 19 Ltd., Series 2023-19A, Class D2R (Cayman Islands) (3 mo. Term SOFR + <br> 5.00%)<sup>(m)(p)</sup> <br>| 9.33% | 03/20/2038 |  | 3000 | &nbsp;&nbsp; 3064281 |
| Total Asset-Backed Securities (Cost $16,094,608) | Total Asset-Backed Securities (Cost $16,094,608) | Total Asset-Backed Securities (Cost $16,094,608) | Total Asset-Backed Securities (Cost $16,094,608) |  | &nbsp;&nbsp; 16255572 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–5.13%** | **Money Market Funds–5.13%** | **Money Market Funds–5.13%** | **Money Market Funds–5.13%** | **Money Market Funds–5.13%** | **Money Market Funds–5.13%** |
| Invesco Government & Agency Portfolio,Institutional Class, 4.21%<sup>(l)(r)</sup>  | Invesco Government & Agency Portfolio,Institutional Class, 4.21%<sup>(l)(r)</sup>  | Invesco Government & Agency Portfolio,Institutional Class, 4.21%<sup>(l)(r)</sup>  |  | 88967739 | &nbsp;&nbsp; 88967739 |
| Invesco Treasury Portfolio,Institutional Class, 4.17%<sup>(l)(r)</sup>  | Invesco Treasury Portfolio,Institutional Class, 4.17%<sup>(l)(r)</sup>  | Invesco Treasury Portfolio,Institutional Class, 4.17%<sup>(l)(r)</sup>  |  | 59309927 | &nbsp;&nbsp; 59309927 |
| Total Money Market Funds (Cost $148,277,666) | Total Money Market Funds (Cost $148,277,666) | Total Money Market Funds (Cost $148,277,666) | Total Money Market Funds (Cost $148,277,666) |  | &nbsp;&nbsp; 148277666 |
| TOTAL INVESTMENTS IN SECURITIES–103.45% (Cost $3,040,171,402) | TOTAL INVESTMENTS IN SECURITIES–103.45% (Cost $3,040,171,402) | TOTAL INVESTMENTS IN SECURITIES–103.45% (Cost $3,040,171,402) | TOTAL INVESTMENTS IN SECURITIES–103.45% (Cost $3,040,171,402) |  | &nbsp;&nbsp; 2989686138 |
| OTHER ASSETS LESS LIABILITIES–(3.45)% | OTHER ASSETS LESS LIABILITIES–(3.45)% | OTHER ASSETS LESS LIABILITIES–(3.45)% | OTHER ASSETS LESS LIABILITIES–(3.45)% |  | &nbsp;&nbsp; (99646605)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2890039533 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Senior Floating Rate Fund**

------

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 |
| 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> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(f)</sup> This variable rate interest will settle after August 31, 2025, at which time the interest rate will be determined.

<sup>(g)</sup> Restricted security. The aggregate value of these securities at August 31, 2025 was $364,292,905, which represented 12.61% of the Fund's Net Assets.

<sup>(h)</sup> The borrower has filed for protection in federal bankruptcy court.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2025 was $2,184,372, which represented less than 1% of the Fund's Net Assets. 

<sup>(j)</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>(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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $45562551 | &nbsp;&nbsp; $572410862 | &nbsp;&nbsp; $(529005674) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $88967739 | &nbsp;&nbsp; $2120376 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 30373136 | &nbsp;&nbsp; 381607240 | &nbsp;&nbsp; (352670449) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 59309927 | &nbsp;&nbsp; 1353351 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **August 31, 2025**<br>| **Dividend Income** |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Commercial Barge Line Co., Wts., expiring <br> 04/27/2045<br>| $3514207 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $354249 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3868456 | &nbsp;&nbsp; $- |
| Commercial Barge Line Co., Series B, <br> Pfd.,Wts., expiring 04/27/2045<br>| 9748198 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 659757 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10407955 | &nbsp;&nbsp; 250288 |
| Commercial Barge Line Co., Series B, Wts., <br> expiring 04/30/2045<br>| 187716 | &nbsp;&nbsp; 250287 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 438003 | &nbsp;&nbsp; - |
| Frontera Generation Holdings LLC\* | 2950791 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2950791 | &nbsp;&nbsp; - |
| HGIM Corp. | 4677040 | &nbsp;&nbsp; - | &nbsp;&nbsp; (6430930) | &nbsp;&nbsp; 5400410 | &nbsp;&nbsp; (3646520) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Hurtigruten (Explorer II AS), Wts.\*\* | 2 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | (2) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Internap Holding LLC | 3145880 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3145880 | &nbsp;&nbsp; - |
| Libbey Glass LLC\* | 13051583 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (2058501) | &nbsp;&nbsp; - | &nbsp;&nbsp; 10993082 | &nbsp;&nbsp; - |
| MLN US HoldCo LLC (dba Mitel)\*\* | - | &nbsp;&nbsp; 6558758 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3943409 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10502167 | &nbsp;&nbsp; - |
| My Alarm Center LLC, Class A | 38235117 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14268480 | &nbsp;&nbsp; - | &nbsp;&nbsp; 52503597 | &nbsp;&nbsp; - |
| NewLife Forest Restoration LLC | 21102429 | &nbsp;&nbsp; 2862843 | &nbsp;&nbsp; - | &nbsp;&nbsp; (8844919) | &nbsp;&nbsp; - | &nbsp;&nbsp; 15120353 | &nbsp;&nbsp; - |
| North American Lifting Holdings, Inc. | 1103689 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (492415) | &nbsp;&nbsp; - | &nbsp;&nbsp; 611274 | &nbsp;&nbsp; - |
| Southcross Energy Partners L.P. | 3 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29026221 | &nbsp;&nbsp; (29026224) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Southcross Energy Partners L.P., Pfd.\* | 68493 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 68493 | &nbsp;&nbsp; 171313 |
| Tribune Resources LLC | 7891608 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1118656 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9010264 | &nbsp;&nbsp; 2382592 |
| Total | $181612443 | &nbsp;&nbsp; $963689990 | &nbsp;&nbsp; $(888107053) | &nbsp;&nbsp; $43375345 | &nbsp;&nbsp; $(32672744) | &nbsp;&nbsp; $267897981 | &nbsp;&nbsp; $6277920 |

---

\* At August 31, 2025, this security was no longer an affiliate of the Fund. <br> \*\* As of August 31, 2024, this security was not considered as an affiliate of the Fund.

<sup>(m)</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 August 31, 2025 was $227,593,661, which represented 7.88% of the Fund's Net Assets. 

<sup>(n)</sup> Non-income producing security.

<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 August 31, 2025.

<sup>(q)</sup> Zero coupon bond issued at a discount.

<sup>(r)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

The aggregate value of securities considered illiquid at August 31, 2025 was $317,475,363, which represented 10.99% 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** |  |  |  |  |  |  |
| 09/29/2025 | Barclays Bank PLC | GBP | 121556 | USD | 164418 | &nbsp;&nbsp;&nbsp; $81 |
| 09/29/2025 | Barclays Bank PLC | USD | 175979 | NOK | 1801627 | &nbsp;&nbsp;&nbsp; 3277 |
| 09/29/2025 | BNP Paribas S.A. | EUR | 76099322 | USD | 89910854 | &nbsp;&nbsp;&nbsp; 733285 |
| 09/29/2025 | BNP Paribas S.A. | USD | 4349220 | EUR | 3755472 | &nbsp;&nbsp;&nbsp; 51659 |
| 09/29/2025 | BNP Paribas S.A. | USD | 3907255 | NOK | 39275354 | &nbsp;&nbsp;&nbsp; 511 |
| 09/29/2025 | BNP Paribas S.A. | USD | 5331621 | SEK | 50525392 | &nbsp;&nbsp;&nbsp; 15631 |
| 10/31/2025 | BNP Paribas S.A. | EUR | 72445946 | USD | 85297074 | &nbsp;&nbsp;&nbsp; 228595 |
| 10/31/2025 | BNP Paribas S.A. | GBP | 3861830 | USD | 5225935 | &nbsp;&nbsp;&nbsp; 4042 |
| 09/29/2025 | Canadian Imperial Bank of Commerce | GBP | 3840418 | USD | 5195993 | &nbsp;&nbsp;&nbsp; 3982 |
| 09/29/2025 | Citibank, N.A. | GBP | 3783098 | USD | 5117162 | &nbsp;&nbsp;&nbsp; 2643 |
| 09/29/2025 | Morgan Stanley and Co. International PLC | USD | 14551915 | EUR | 12500000 | &nbsp;&nbsp;&nbsp; 96305 |
| 10/31/2025 | Morgan Stanley and Co. International PLC | EUR | 72445945 | USD | 85323205 | &nbsp;&nbsp;&nbsp; 254727 |
| 09/29/2025 | Royal Bank of Canada | EUR | 77252342 | USD | 91328955 | &nbsp;&nbsp;&nbsp; 800210 |
| 10/31/2025 | Royal Bank of Canada | EUR | 72445946 | USD | 85403990 | &nbsp;&nbsp;&nbsp; 335511 |
| 10/31/2025 | Royal Bank of Canada | GBP | 3861830 | USD | 5226585 | &nbsp;&nbsp;&nbsp; 4692 |
| 09/29/2025 | State Street Bank & Trust Co. | GBP | 3840418 | USD | 5194049 | &nbsp;&nbsp;&nbsp; 2038 |
| 09/29/2025 | Toronto-Dominion Bank (The) | EUR | 77252342 | USD | 91279575 | &nbsp;&nbsp;&nbsp; 750830 |
| 10/31/2025 | Toronto-Dominion Bank (The) | GBP | 3861830 | USD | 5228654 | &nbsp;&nbsp;&nbsp; 6761 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**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)** |
| 09/29/2025 | UBS AG | USD | 3507387 | EUR | 3000000 | &nbsp;&nbsp;&nbsp; $8186 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 3302966 |
| **Currency Risk** |  |  |  |  |  |  |
| 09/29/2025 | BNP Paribas S.A. | EUR | 5989303 | USD | 7006081 | &nbsp;&nbsp;&nbsp; (12529)<br>|
| 09/29/2025 | BNP Paribas S.A. | NOK | 41076981 | USD | 4064485 | &nbsp;&nbsp;&nbsp; (22537)<br>|
| 09/29/2025 | BNP Paribas S.A. | SEK | 49475309 | USD | 5220459 | &nbsp;&nbsp;&nbsp; (15660)<br>|
| 09/29/2025 | BNP Paribas S.A. | USD | 85128253 | EUR | 72445945 | &nbsp;&nbsp;&nbsp; (231921)<br>|
| 09/29/2025 | BNP Paribas S.A. | USD | 5225013 | GBP | 3861830 | &nbsp;&nbsp;&nbsp; (4053)<br>|
| 10/31/2025 | BNP Paribas S.A. | NOK | 39275354 | USD | 3907788 | &nbsp;&nbsp;&nbsp; (686)<br>|
| 10/31/2025 | BNP Paribas S.A. | SEK | 50525392 | USD | 5342491 | &nbsp;&nbsp;&nbsp; (15932)<br>|
| 09/29/2025 | Morgan Stanley and Co. International PLC | SEK | 506086 | USD | 53171 | &nbsp;&nbsp;&nbsp; (390)<br>|
| 09/29/2025 | Morgan Stanley and Co. International PLC | USD | 85155398 | EUR | 72445945 | &nbsp;&nbsp;&nbsp; (259066)<br>|
| 09/29/2025 | Royal Bank of Canada | USD | 85235336 | EUR | 72445946 | &nbsp;&nbsp;&nbsp; (339003)<br>|
| 09/29/2025 | Royal Bank of Canada | USD | 5225631 | GBP | 3861830 | &nbsp;&nbsp;&nbsp; (4672)<br>|
| 09/29/2025 | State Street Bank & Trust Co. | SEK | 543997 | USD | 56842 | &nbsp;&nbsp;&nbsp; (731)<br>|
| 09/29/2025 | Toronto-Dominion Bank (The) | USD | 5227751 | GBP | 3861830 | &nbsp;&nbsp;&nbsp; (6792)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (913972)<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; $2388994 |

---

---

| | |
|:---|:---|
| 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.

**20**

**Invesco Senior Floating Rate Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,792,417,068)<br>| &nbsp;&nbsp; $2735800523 |
| Investments in affiliates, at value <br>(Cost $247,754,334)<br>| &nbsp;&nbsp; 253885615 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 3302966 |
| Cash | &nbsp;&nbsp; 22094321 |
| Foreign currencies, at value (Cost $9,008,889) | &nbsp;&nbsp; 9009346 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 36181691 |
| Fund shares sold | &nbsp;&nbsp; 1703597 |
| Dividends | &nbsp;&nbsp; 759157 |
| Interest | &nbsp;&nbsp; 24144061 |
| Investments matured, at value (Cost $1,397,995) | &nbsp;&nbsp; 1242973 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 312334 |
| Other assets | &nbsp;&nbsp; 425450 |
| Total assets | &nbsp;&nbsp; 3088862034 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 913972 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 149688260 |
| Dividends | &nbsp;&nbsp; 5900049 |
| Fund shares reacquired | &nbsp;&nbsp; 1961294 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1169005 |
| Accrued interest expense | &nbsp;&nbsp; 146075 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 6021 |
| Accrued other operating expenses | &nbsp;&nbsp; 257474 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 312334 |
| Unfunded loan commitments | &nbsp;&nbsp; 38468017 |
| Total liabilities | &nbsp;&nbsp; 198822501 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2890039533 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $5617888990 |
| Distributable earnings (loss) | &nbsp;&nbsp; (2727849457)<br>|
|  | &nbsp;&nbsp; $2890039533 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1459271421 |
| Class C | &nbsp;&nbsp; $134061838 |
| Class R | &nbsp;&nbsp; $48429977 |
| Class Y | &nbsp;&nbsp; $1120127256 |
| Class R5 | &nbsp;&nbsp; $19263 |
| Class R6 | &nbsp;&nbsp; $128129778 |
| **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; 224397401 |
| Class C | &nbsp;&nbsp; 20605695 |
| Class R | &nbsp;&nbsp; 7451180 |
| Class Y | &nbsp;&nbsp; 172521094 |
| Class R5 | &nbsp;&nbsp; 2962 |
| Class R6 | &nbsp;&nbsp; 19733329 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.50 |
| Maximum offering price per share <br>(Net asset value of $6.50 ÷ 96.75%)<br>| &nbsp;&nbsp; $6.72 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.51 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.50 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.49 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.50 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.49 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco Senior Floating Rate Fund**

------

**Statement of Operations**

*For the year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $256643091 |
| Dividends (net of foreign withholding taxes of $(79)) | &nbsp;&nbsp; 599265 |
| Dividends from affiliates | &nbsp;&nbsp; 6277920 |
| Total investment income | &nbsp;&nbsp; 263520276 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 17833432 |
| Administrative services fees | &nbsp;&nbsp; 412835 |
| Custodian fees | &nbsp;&nbsp; 244787 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3675359 |
| Class C | &nbsp;&nbsp; 1523576 |
| Class R | &nbsp;&nbsp; 248730 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 1507309 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3373245 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 13 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 34838 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 43435 |
| Registration and filing fees | &nbsp;&nbsp; 158614 |
| Reports to shareholders | &nbsp;&nbsp; 168247 |
| Professional services fees | &nbsp;&nbsp; 1380364 |
| Other | &nbsp;&nbsp; 51151 |
| Total expenses | &nbsp;&nbsp; 30655935 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (205582)<br>|
| Net expenses | &nbsp;&nbsp; 30450353 |
| Net investment income | &nbsp;&nbsp; 233069923 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (116253602)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (32672744)<br>|
| Foreign currencies | &nbsp;&nbsp; (286892)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (20537939)<br>|
|  | &nbsp;&nbsp; (169751177)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 64972256 |
| Affiliated investment securities | &nbsp;&nbsp; 43375345 |
| Foreign currencies | &nbsp;&nbsp; (178351)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 8138717 |
|  | &nbsp;&nbsp; 116307967 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (53443210)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $179626713 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco Senior Floating Rate Fund**

------

**Statement of Changes in Net Assets**

*For the years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $233069923 | &nbsp;&nbsp; $273736734 |
| Net realized gain (loss) | &nbsp;&nbsp; (169751177)<br>| &nbsp;&nbsp; 40845078 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 116307967 | &nbsp;&nbsp; (32327056)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 179626713 | &nbsp;&nbsp; 282254756 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (111447872)<br>| &nbsp;&nbsp; (130100577)<br>|
| Class C | &nbsp;&nbsp; (10454731)<br>| &nbsp;&nbsp; (14343400)<br>|
| Class R | &nbsp;&nbsp; (3628795)<br>| &nbsp;&nbsp; (4257187)<br>|
| Class Y | &nbsp;&nbsp; (84993402)<br>| &nbsp;&nbsp; (102123264)<br>|
| Class R5 | &nbsp;&nbsp; (1511)<br>| &nbsp;&nbsp; (1712)<br>|
| Class R6 | &nbsp;&nbsp; (9307347)<br>| &nbsp;&nbsp; (14224107)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (219833658)<br>| &nbsp;&nbsp; (265050247)<br>|
| **Return of capital:** |  |  |
| Class A | &nbsp;&nbsp; (12462474)<br>| &nbsp;&nbsp; (13590921)<br>|
| Class C | &nbsp;&nbsp; (1169083)<br>| &nbsp;&nbsp; (1498380)<br>|
| Class R | &nbsp;&nbsp; (405784)<br>| &nbsp;&nbsp; (444726)<br>|
| Class Y | &nbsp;&nbsp; (9504247)<br>| &nbsp;&nbsp; (10668279)<br>|
| Class R5 | &nbsp;&nbsp; (169)<br>| &nbsp;&nbsp; (179)<br>|
| Class R6 | &nbsp;&nbsp; (1040779)<br>| &nbsp;&nbsp; (1485917)<br>|
| Total return of capital | &nbsp;&nbsp; (24582536)<br>| &nbsp;&nbsp; (27688402)<br>|
| Total distributions | &nbsp;&nbsp; (244416194)<br>| &nbsp;&nbsp; (292738649)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (46328635)<br>| &nbsp;&nbsp; (14500310)<br>|
| Class C | &nbsp;&nbsp; (33147230)<br>| &nbsp;&nbsp; (29037066)<br>|
| Class R | &nbsp;&nbsp; (2079166)<br>| &nbsp;&nbsp; (1790702)<br>|
| Class Y | &nbsp;&nbsp; (12236278)<br>| &nbsp;&nbsp; (17132581)<br>|
| Class R6 | &nbsp;&nbsp; 16064618 | &nbsp;&nbsp; (84905288)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (77726691)<br>| &nbsp;&nbsp; (147365947)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (142516172)<br>| &nbsp;&nbsp; (157849840)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3032555705 | &nbsp;&nbsp; 3190405545 |
| End of year | &nbsp;&nbsp; $2890039533 | &nbsp;&nbsp; $3032555705 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco Senior Floating Rate Fund**

------

**Statement of Cash Flows**

*For the year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Cash provided by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $179626713 |
| **Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:** |  |
| Purchases of investments | &nbsp;&nbsp; (1398993053)<br>|
| Proceeds from sales of investments | &nbsp;&nbsp; 1679363769 |
| Purchases of short-term investments, net | &nbsp;&nbsp; (91293020)<br>|
| Amortization (accretion) of premiums and discounts, net | &nbsp;&nbsp; (19026503)<br>|
| Net realized loss from investment securities | &nbsp;&nbsp; 148926346 |
| Net change in unrealized appreciation on investment securities | &nbsp;&nbsp; (108347601)<br>|
| Net change in unrealized appreciation on forward foreign currency contracts and foreign currency | &nbsp;&nbsp; (8136172)<br>|
| Change in operating assets and liabilities: |  |
| Decrease in receivables and other assets | &nbsp;&nbsp; 8675167 |
| Decrease in accrued expenses and other payables | &nbsp;&nbsp; (10666901)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 380128745 |
| **Cash provided by (used in) financing activities:** |  |
| Dividends paid to shareholders from distributable earnings | &nbsp;&nbsp; (53990797)<br>|
| Return of capital | &nbsp;&nbsp; (24582536)<br>|
| Proceeds from shares of beneficial interest sold | &nbsp;&nbsp; 592311197 |
| Disbursements from shares of beneficial interest reacquired | &nbsp;&nbsp; (836901345)<br>|
| Net cash provided by (used in) financing activities | &nbsp;&nbsp; (323163481)<br>|
| **Cash impact from foreign exchange fluctuations:** |  |
| Net change in appreciation (depreciation) on foreign currency | &nbsp;&nbsp; $(2545)<br>|
| Net increase in cash and cash equivalents | &nbsp;&nbsp; 56962719 |
| Cash and cash equivalents at beginning of period | &nbsp;&nbsp; 122418614 |
| Cash and cash equivalents at end of period | &nbsp;&nbsp; $179381333 |
| **Non-cash financing activities:** |  |
| Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | &nbsp;&nbsp; $166835293 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid during the period for interest, facilities and maintenance fees | &nbsp;&nbsp; $1361234 |

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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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**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **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** |
| 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<br> %<br>| $1459271 | 1.12 %<sup>(d)</sup><br>| 1.12 %<sup>(d)</sup><br>| 1.07<br> %<br>| 7.96<br> %<br>| 49<br> %<br>|
| 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** |
| 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>(d)</sup><br>| 1.87 <br><sup>(d)</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** |
| 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>(d)</sup><br>| 1.37 <br><sup>(d)</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** |
| 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>(d)</sup><br>| 0.87 <br><sup>(d)</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** |
| 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>(d)</sup><br>| 0.82 <br><sup>(d)</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** |
| 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>(d)</sup><br>| 0.78 <br><sup>(d)</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> 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.

**25**

**Invesco Senior Floating Rate Fund**

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**Notes to Financial Statements**

*August 31, 2025*

**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. 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**26**

**Invesco Senior Floating Rate Fund**

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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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **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** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**27**

**Invesco Senior Floating Rate Fund**

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overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**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 and other investments held in lieu of cash and excludes investments made with cash collateral received.

**L.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**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

**28**

**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 year ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.61%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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, 2025, the Adviser has agreed, through at least December 31, 2025, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class 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%, of the Fund's average daily net assets (the "expense limits"). Prior to January 1, 2025, the Adviser had contractually agreed, through at least December 31, 2024, 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 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, 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 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. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2025. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended August 31, 2025, the Adviser waived advisory fees of $85,096 and reimbursed class level expenses of $29,509, $4,144, $1,418, $32,671, $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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

**29**

**Invesco Senior Floating Rate Fund**

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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 year ended August 31, 2025, IDI advised the Fund that IDI retained $90,243 in front-end sales commissions from the sale of Class A shares and $27,170 and $27,856 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2166575808 | &nbsp;&nbsp;&nbsp;&nbsp; $220119577 | &nbsp;&nbsp;&nbsp;&nbsp; $2386695385 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 11214961 | &nbsp;&nbsp;&nbsp;&nbsp; 43696565 | &nbsp;&nbsp;&nbsp;&nbsp; 143354562 | &nbsp;&nbsp;&nbsp;&nbsp; 198266088 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138052376 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138052376 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62456963 | &nbsp;&nbsp;&nbsp;&nbsp; 14385725 | &nbsp;&nbsp;&nbsp;&nbsp; 76842688 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25296363 | &nbsp;&nbsp;&nbsp;&nbsp; 25296363 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16255572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16255572 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 148277666 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 148277666 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 159492627 | &nbsp;&nbsp;&nbsp;&nbsp; 2427037284 | &nbsp;&nbsp;&nbsp;&nbsp; 403156227 | &nbsp;&nbsp;&nbsp;&nbsp; 2989686138 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1242973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1242973 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3302966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3302966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4545939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4545939 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (913972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (913972)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3631967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3631967 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $159492627 | &nbsp;&nbsp;&nbsp;&nbsp; $2430669251 | &nbsp;&nbsp;&nbsp;&nbsp; $403156227 | &nbsp;&nbsp;&nbsp;&nbsp; $2993318105 |

---

\* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**08/31/24\***<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>| **Transfers** <br>**into** <br>**Level 3\*\***<br>| **Transfers** <br>**out of** <br>**Level 3\*\***<br>| **Value** <br>**08/31/25**<br>|
| Variable Rate Senior Loan Interests | $190816267 | $113499040 | $(55827996)<br>| $2047389 | $(24023926)<br>| $4249385 | $31326005 | $(41966587)<br>| $220119577 |
| Common Stocks & Other Equity <br> Interests<br>| 94334115 | 25275658 | (6825865)<br>|  | (32672743)<br>| 53815601 | 9427796 |  | 143354562 |
| Preferred Stocks | 24849979 |  |  |  |  | 446384 |  |  | 25296363 |
| Non-U.S. Dollar Denominated Bonds <br> & Notes<br>| 221602 | 6031320 | (219387)<br>| 97486 | 219386 | 28007 | 8007311 |  | 14385725 |
| Total | $310221963 | $144806018 | $(62873248)<br>| $2144875 | $(56477283)<br>| $58539377 | $48761112 | $(41966587)<br>| $403156227 |

---

\*Prior year balances have been adjusted for a change in security classification.

\*\*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.

**30**

**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 08/31/25<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; 220119577 | Discounted Cash Flow Model | Discount Rate | 7.93% - 19.50% | 12.28% |
|  |  | Third-Party Pricing | Broker Quote | 87.00% - 113.92% of Par | 99.69% of Par |
|  |  | Transaction Value | EBITDA Multiple | 6.58x | - |
| Common Stocks & Other Equity Interests | 143354562 | Comparable Companies | EBITDA Multiple | 3.63x - 6.00x | 5.33x |
|  |  | Discounted Cash Flow Model | Discount Rate | 14.50% | - |
|  |  |  | EBITDA Multiple | 21.24x | - |
| Preferred Stocks | 25296363 | Comparable Companies | EBITDA Multiple | 8.75x | - |
| Non-U.S. Dollar Denominated Bonds & Notes | 14385725 | Third-Party Pricing | Broker Quote | 60.25% of Par | - |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp; 403156227 |  |  |  |  |

---

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $3302966 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $3302966 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(913972)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(913972)<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 August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $3358 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3358 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3358 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 1033723 | &nbsp;&nbsp;&nbsp; (303318)<br>| &nbsp;&nbsp;&nbsp; 730405 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 730405 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 3982 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3982 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3982 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 2643 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2643 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2643 |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 351032 | &nbsp;&nbsp;&nbsp; (259456)<br>| &nbsp;&nbsp;&nbsp; 91576 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91576 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 1140413 | &nbsp;&nbsp;&nbsp; (343675)<br>| &nbsp;&nbsp;&nbsp; 796738 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 796738 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 2038 | &nbsp;&nbsp;&nbsp; (731)<br>| &nbsp;&nbsp;&nbsp; 1307 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1307 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp; 757591 | &nbsp;&nbsp;&nbsp; (6792)<br>| &nbsp;&nbsp;&nbsp; 750799 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 750799 |
| UBS AG | &nbsp;&nbsp;&nbsp; 8186 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8186 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8186 |
| Total | &nbsp;&nbsp;&nbsp; $3302966 | &nbsp;&nbsp;&nbsp; $(913972)<br>| &nbsp;&nbsp;&nbsp; $2388994 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2388994 |

---

**31**

**Invesco Senior Floating Rate Fund**

------

**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(20537939)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 8138717 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(12399222)<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; $936633778 |

---

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $52,744.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

Effective February 14, 2025, 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 $900 million, collectively by certain Invesco Funds, and which will expire on February 13, 2026. Prior to February 14, 2025, the credit agreement permitted borrowings up to $1,027,500,000. 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 year ended August 31, 2025, 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.

**32**

**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 August 31, 2025. 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>|
| Arxis | Delayed Draw Term Loan | $188989 | &nbsp;&nbsp;&nbsp;&nbsp; $828 |
| Azuria Water Solutions, Inc. | Delayed Draw Term Loan | 237152 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 |
| Beacon Mobility Corp. | Delayed Draw Term Loan | 273721 | &nbsp;&nbsp;&nbsp;&nbsp; 3619 |
| Citrin Cooperman Advisors, LLC | Delayed Draw Term Loan | 265944 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| Eisner Advisory Group LLC | Delayed Draw Term Loan | 4880239 | &nbsp;&nbsp;&nbsp;&nbsp; 55318 |
| Flex Acquisition Co., Inc. | Delayed Draw Term Loan | 163470 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| GC Ferry Acquisition I, Inc. | Term Loan B | 1335600 | &nbsp;&nbsp;&nbsp;&nbsp; (10047)<br>|
| Groundworks LLC | Delayed Draw Term Loan | 551103 | &nbsp;&nbsp;&nbsp;&nbsp; 2069 |
| Hasa Intermediate Holdings LLC | Incremental Delayed Draw Term Loan | 376565 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| Hasa Intermediate Holdings LLC | Revolver Loan | 1559423 | &nbsp;&nbsp;&nbsp;&nbsp; 16207 |
| Kantar (Summer BC Bidco/KANGRP) | Revolver Loan | 10037137 | &nbsp;&nbsp;&nbsp;&nbsp; (248387)<br>|
| MB2 Dental Solutions LLC | Delayed Draw Term Loan | 1059491 | &nbsp;&nbsp;&nbsp;&nbsp; 10594 |
| MB2 Dental Solutions LLC | Revolver Loan | 234536 | &nbsp;&nbsp;&nbsp;&nbsp; 2369 |
| McDermott International Ltd. | LOC | 9673606 | &nbsp;&nbsp;&nbsp;&nbsp; (1499409)<br>|
| Parques Reunidos (Piolin Bidco S.A.U.) | Revolver Loan | 1595559 | &nbsp;&nbsp;&nbsp;&nbsp; 210694 |
| R1 RCM, Inc. | Delayed Draw Term Loan B | 468486 | &nbsp;&nbsp;&nbsp;&nbsp; 4120 |
| Selecta Group B.V. | Term Loan | 3910384 | &nbsp;&nbsp;&nbsp;&nbsp; 74929 |
| Student Transportation of America Holdings, Inc. | Delayed Draw Term Loan | 236957 | &nbsp;&nbsp;&nbsp;&nbsp; 2419 |
| Tank Holding Corp. | Revolver Loan | 913752 | &nbsp;&nbsp;&nbsp;&nbsp; (65010)<br>|
| USALCO LLC | Delayed Draw Term Loan | 431616 | &nbsp;&nbsp;&nbsp;&nbsp; (197)<br>|
| V Global Holdings LLC | Revolver Loan | 74287 | &nbsp;&nbsp;&nbsp;&nbsp; (3480)<br>|
|  |  | $38468017 | &nbsp;&nbsp;&nbsp;&nbsp; $(1437606)<br>|

---

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $219833658 | &nbsp;&nbsp;&nbsp;&nbsp; $265050247 |
| Return of capital | &nbsp;&nbsp; 24582536 | &nbsp;&nbsp;&nbsp;&nbsp; 27688402 |
| Total distributions | &nbsp;&nbsp; $244416194 | &nbsp;&nbsp;&nbsp;&nbsp; $292738649 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; $(50066966)<br>|
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (378978)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (292074)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (2677111439)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 5617888990 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2890039533 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, partnerships, amortization and accretion on debt securities and derivative instruments.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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.

**33**

**Invesco Senior Floating Rate Fund**

------

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $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 year ended August 31, 2025 was $1,419,343,360 and $1,636,356,149, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $167932084 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (217999050)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(50066966)<br>|

---

Cost of investments for tax purposes is $3,043,385,071.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital distributions, on August 31, 2025, undistributed net investment income was increased by $3,728,777, undistributed net realized gain (loss) was increased by $20,882,652 and shares of beneficial interest was decreased by $24,611,429. This reclassification had no effect on the net assets of the Fund.

**NOTE 12—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 year ended August 31, 2025, 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; $8851349 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1889102 | &nbsp;&nbsp;&nbsp;&nbsp; 2452155 |

---

**NOTE 13—Dividends**

The Fund declared the following monthly dividends from net investment income subsequent to August 31, 2025.

---

| | | |
|:---|:---|:---|
|  |  | **Amount Per Share** |
| **Share Class** | **Record Date** | **Payable September 30, 2025** |
| Class A | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0418 |
| Class C | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0377 |
| Class R | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0404 |
| Class Y | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0431 |
| Class R5 | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0434 |
| Class R6 | Daily | &nbsp;&nbsp;&nbsp;&nbsp; $0.0436 |

---

**NOTE 14—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 22528015 | &nbsp;&nbsp;&nbsp; $147160307 | &nbsp;&nbsp;&nbsp; 30320602 | &nbsp;&nbsp;&nbsp; $202110341 |
| Class C | &nbsp;&nbsp;&nbsp; 4828490 | &nbsp;&nbsp;&nbsp; 31644851 | &nbsp;&nbsp;&nbsp; 5233446 | &nbsp;&nbsp;&nbsp; 34864279 |
| Class R | &nbsp;&nbsp;&nbsp; 1031233 | &nbsp;&nbsp;&nbsp; 6755240 | &nbsp;&nbsp;&nbsp; 944722 | &nbsp;&nbsp;&nbsp; 6287859 |
| Class Y | &nbsp;&nbsp;&nbsp; 57138530 | &nbsp;&nbsp;&nbsp; 373026817 | &nbsp;&nbsp;&nbsp; 61430238 | &nbsp;&nbsp;&nbsp; 408467303 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5105466 | &nbsp;&nbsp;&nbsp; 33374399 | &nbsp;&nbsp;&nbsp; 7914139 | &nbsp;&nbsp;&nbsp; 52496866 |

---

**34**

**Invesco Senior Floating Rate Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2025**<sup>(a)</sup> | **Year ended**<br> **August 31, 2024** | **Year ended**<br> **August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 13665587 | &nbsp;&nbsp;&nbsp; $89435828 | &nbsp;&nbsp;&nbsp; 15559733 | &nbsp;&nbsp;&nbsp; $103628340 |
| Class C | &nbsp;&nbsp;&nbsp; 1375657 | &nbsp;&nbsp;&nbsp; 9012148 | &nbsp;&nbsp;&nbsp; 1830780 | &nbsp;&nbsp;&nbsp; 12202630 |
| Class R | &nbsp;&nbsp;&nbsp; 593254 | &nbsp;&nbsp;&nbsp; 3880234 | &nbsp;&nbsp;&nbsp; 679138 | &nbsp;&nbsp;&nbsp; 4521518 |
| Class Y | &nbsp;&nbsp;&nbsp; 8947500 | &nbsp;&nbsp;&nbsp; 58467386 | &nbsp;&nbsp;&nbsp; 10800317 | &nbsp;&nbsp;&nbsp; 71803559 |
| Class R6 | &nbsp;&nbsp;&nbsp; 925078 | &nbsp;&nbsp;&nbsp; 6039697 | &nbsp;&nbsp;&nbsp; 1339541 | &nbsp;&nbsp;&nbsp; 8910381 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5757789 | &nbsp;&nbsp;&nbsp; 37596396 | &nbsp;&nbsp;&nbsp; 5086324 | &nbsp;&nbsp;&nbsp; 33718731 |
| Class C | &nbsp;&nbsp;&nbsp; (5754872)<br>| &nbsp;&nbsp;&nbsp; (37596396)<br>| &nbsp;&nbsp;&nbsp; (5083935)<br>| &nbsp;&nbsp;&nbsp; (33718731)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (49037851)<br>| &nbsp;&nbsp;&nbsp; (320521166)<br>| &nbsp;&nbsp;&nbsp; (53153435)<br>| &nbsp;&nbsp;&nbsp; (353957722)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (5525246)<br>| &nbsp;&nbsp;&nbsp; (36207833)<br>| &nbsp;&nbsp;&nbsp; (6342021)<br>| &nbsp;&nbsp;&nbsp; (42385244)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1943447)<br>| &nbsp;&nbsp;&nbsp; (12714640)<br>| &nbsp;&nbsp;&nbsp; (1892395)<br>| &nbsp;&nbsp;&nbsp; (12600079)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (67930593)<br>| &nbsp;&nbsp;&nbsp; (443730481)<br>| &nbsp;&nbsp;&nbsp; (74878814)<br>| &nbsp;&nbsp;&nbsp; (497403443)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3579759)<br>| &nbsp;&nbsp;&nbsp; (23349478)<br>| &nbsp;&nbsp;&nbsp; (21950456)<br>| &nbsp;&nbsp;&nbsp; (146312535)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (11875169)<br>| &nbsp;&nbsp;&nbsp; $(77726691)<br>| &nbsp;&nbsp;&nbsp; (22162076)<br>| &nbsp;&nbsp;&nbsp; $(147365947)<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 58% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**35**

**Invesco Senior Floating Rate Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Senior Floating Rate Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Floating Rate Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations and cash flows for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**36**

**Invesco Senior Floating Rate Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Senior Floating Rate Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Senior Secured Management, Inc. currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the J.P Morgan Leveraged Loan Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and five year periods and the second quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as

**37**

**Invesco Senior Floating Rate Fund**

------

other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees and total expense ratio were in the fifth and fourth quintile of its expense group, respectively, and discussed with management reasons for such relative actual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's leveraging of Invesco's private credit platform and the narrow range of expenses among the Fund's peers.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.

The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a

result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**38**

**Invesco Senior Floating Rate Fund**

------

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**39**

**Invesco Senior Floating Rate Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 1.25% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 1.25% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 98.75% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**40**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**41**

**Invesco Senior Floating Rate Fund**

------

![](img211d5abd1.jpg)

SEC file number(s):

Invesco Distributors, Inc.

O-SFLR-NCSR

------

![](img83ceefaf1.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Short Duration High Yield Municipal Fund**

Nasdaq:

A: ISHAX ■ C: ISHCX ■ Y: ISHYX ■ R5: ISHFX ■ R6: ISHSX

------

---

| | |
|:---|:---|
| [2](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_SOI-Continued-96_1) | Schedule of Investments |
| [22](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_FS-Continued-96_1) | Financial Statements |
| [25](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_FS-Continued-96_4) | Financial Highlights |
| [26](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_NTF-Continued-96_1) | Notes to Financial Statements |
| [33](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_ARS-Continued-96_1) | Report of Independent Registered Public Accounting Firm |
| [34](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_AOC-Continued-96_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [36](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_TI-Continued-96_1) | Tax Information |
| [37](#xx_bf26ad6f-466f-44f8-885f-be7adae15f36_OIRSR-Continued-96_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–97.81%** | **Municipal Obligations–97.81%** | **Municipal Obligations–97.81%** | **Municipal Obligations–97.81%** | **Municipal Obligations–97.81%** |
| **Alabama–2.22%** | **Alabama–2.22%** | **Alabama–2.22%** | **Alabama–2.22%** | **Alabama–2.22%** |
| Black Belt Energy Gas District (The) (Gas); Series 2022 F, RB<sup>(a)</sup> <br>| 5.50% | 12/01/2028 | $2500 | &nbsp;&nbsp; $2643205 |
| Black Belt Energy Gas District (The) (No. 6); Series 2021 B, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2026 | 3000 | &nbsp;&nbsp; 3031280 |
| Energy Southeast, A Cooperative District; Series 2024 B, RB<sup>(a)</sup> <br>| 5.25% | 06/01/2032 | 1500 | &nbsp;&nbsp; 1611255 |
| Fairfield (City of), AL; Series 2012, GO Wts. | 6.00% | 06/01/2031 | 2765 | &nbsp;&nbsp; 2488503 |
| Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); |  |  |  |  |
| Series 2007, RB (Acquired 12/29/2015; Cost $90,000)<sup>(b)(c)</sup> <br>| 5.50% | 01/01/2028 | 90 | &nbsp;&nbsp; 64350 |
| Series 2014, RB (Acquired 09/28/2019; Cost $2,410,793)<sup>(c)</sup> <br>| 3.50% | 07/01/2026 | 5022 | &nbsp;&nbsp; 3591076 |
| Jefferson (County of), AL; Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2044 | 1500 | &nbsp;&nbsp; 1525952 |
| Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB | 5.25% | 08/01/2030 | 200 | &nbsp;&nbsp; 201486 |
| Southeast Energy Authority, A Cooperative District (No. 2); Series 2021 B, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2031 | 5390 | &nbsp;&nbsp; 5370143 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(a)</sup> <br>| 5.50% | 12/01/2029 | 5000 | &nbsp;&nbsp; 5359242 |
| Talladega (County of), AL; Series 2002 D, Tax Anticipation Wts. (INS - NATL)<sup>(d)</sup> <br>| 5.25% | 01/01/2029 | 25 | &nbsp;&nbsp; 25048 |
| Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. <br> IDR<sup>(e)</sup> <br>| 5.25% | 05/01/2044 | 4000 | &nbsp;&nbsp; 3914011 |
|  |  |  |  | &nbsp;&nbsp; 29825551 |
| **American Samoa–0.07%** | **American Samoa–0.07%** | **American Samoa–0.07%** | **American Samoa–0.07%** | **American Samoa–0.07%** |
| American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB | 6.25% | 09/01/2029 | 1000 | &nbsp;&nbsp; 1001938 |
| **Arizona–4.69%** | **Arizona–4.69%** | **Arizona–4.69%** | **Arizona–4.69%** | **Arizona–4.69%** |
| Arizona (State of) Industrial Development Authority (ACCEL Schools); |  |  |  |  |
| Series 2018 A, RB<sup>(e)</sup> <br>| 4.63% | 08/01/2028 | 625 | &nbsp;&nbsp; 629541 |
| Series 2018 A, RB<sup>(e)</sup> <br>| 5.00% | 08/01/2033 | 1955 | &nbsp;&nbsp; 1962765 |
| Arizona (State of) Industrial Development Authority (American Charter Schools Foundation); <br> Series 2017, Ref. RB<sup>(e)</sup> <br>| 6.00% | 07/01/2047 | 2645 | &nbsp;&nbsp; 2663017 |
| Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2026 | 110 | &nbsp;&nbsp; 111021 |
| 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; 388313 |
| Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, <br> RB<sup>(e)</sup> <br>| 5.75% | 07/01/2036 | 1275 | &nbsp;&nbsp; 1283661 |
| Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); <br> Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2039 | 4520 | &nbsp;&nbsp; 4254975 |
| Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2031 | 7045 | &nbsp;&nbsp; 7093777 |
| Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, <br> Inspirada and St. Rose Campus Projects); Series 2018 A, RB<sup>(e)</sup> <br>| 5.00% | 07/15/2028 | 475 | &nbsp;&nbsp; 479715 |
| Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone <br> Mountain Campus); Series 2019 A, IDR<sup>(e)</sup> <br>| 5.00% | 12/15/2039 | 400 | &nbsp;&nbsp; 386828 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022-1, RB<sup>(a)(f)</sup> <br>| 5.00% | 09/01/2027 | 2000 | &nbsp;&nbsp; 2038702 |
| Greater Arizona Development Authority; Series 2007 A, RB (INS - NATL)<sup>(d)</sup> <br>| 4.38% | 08/01/2032 | 5 | &nbsp;&nbsp; 5004 |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2034 | 1225 | &nbsp;&nbsp; 647866 |
| Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); <br> Series 2018, RB<sup>(e)</sup> <br>| 4.80% | 07/01/2028 | 2295 | &nbsp;&nbsp; 2352171 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); <br> Series 2019, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2039 | 2250 | &nbsp;&nbsp; 2246269 |
| Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools); |  |  |  |  |
| Series 2023, RB<sup>(e)</sup> <br>| 5.25% | 07/01/2033 | 725 | &nbsp;&nbsp; 722766 |
| Series 2023, RB<sup>(e)</sup> <br>| 6.00% | 07/01/2043 | 1885 | &nbsp;&nbsp; 1795276 |
| Phoenix (City of), AZ Industrial Development Authority (Basis Schools) (The); Series 2016 A, Ref. <br> RB<sup>(e)</sup> <br>| 5.00% | 07/01/2035 | 2900 | &nbsp;&nbsp; 2900827 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Legacy Traditional Schools); <br> Series 2015, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2035 | 3365 | &nbsp;&nbsp; 3365691 |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(e)</sup> <br>| 5.00% | 09/01/2026 | 50 | &nbsp;&nbsp; 50117 |
| Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB | 4.13% | 07/01/2029 | 100 | &nbsp;&nbsp; 98194 |
| Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); <br> Series 2015, Ref. RB<sup>(e)</sup> <br>| 5.38% | 06/15/2035 | 3370 | &nbsp;&nbsp; 3371238 |

---

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) (Arizona Charter Schools); <br> Series 2013 Q, Ref. RB<br>| 5.38% | 07/01/2031 | $5365 | &nbsp;&nbsp; $5366018 |
| Pima (County of), AZ Industrial Development Authority (The) (Career Success Schools); <br> Series 2020, Ref. RB<sup>(e)</sup> <br>| 4.75% | 05/01/2030 | 1300 | &nbsp;&nbsp; 1304765 |
| Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy); <br> Series 2018, RB<sup>(e)</sup> <br>| 4.13% | 07/01/2026 | 265 | &nbsp;&nbsp; 264404 |
| Pima (County of), AZ Industrial Development Authority (The) (Imagine East Mesa Charter Schools); |  |  |  |  |
| Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2029 | 245 | &nbsp;&nbsp; 246702 |
| Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2034 | 400 | &nbsp;&nbsp; 400507 |
| Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2039 | 500 | &nbsp;&nbsp; 472522 |
| Pima (County of), AZ Industrial Development Authority (The) (Riverbend Prep); Series 2010, RB<sup>(e)</sup> <br>| 7.00% | 09/01/2037 | 1886 | &nbsp;&nbsp; 1886010 |
| Pinal (County of), AZ Industrial Development Authority (Green Bonds); Series 2021 C, RB<sup>(e)(f)</sup> <br>| 5.50% | 10/01/2033 | 4000 | &nbsp;&nbsp; 4154114 |
| Sierra (City of), AZ Vista Industrial Development Authority; |  |  |  |  |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.25% | 06/01/2034 | 1645 | &nbsp;&nbsp; 1633255 |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.88% | 06/01/2044 | 1500 | &nbsp;&nbsp; 1395846 |
| Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project); <br> Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2034 | 1730 | &nbsp;&nbsp; 1777240 |
| Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy); <br> Series 2025, RB<br>| 6.25% | 06/15/2045 | 5270 | &nbsp;&nbsp; 5252967 |
|  |  |  |  | &nbsp;&nbsp; 63002084 |
| **Arkansas–1.22%** | **Arkansas–1.22%** | **Arkansas–1.22%** | **Arkansas–1.22%** | **Arkansas–1.22%** |
| Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB<sup>(e)(f)</sup> <br>| 4.50% | 09/01/2049 | 2000 | &nbsp;&nbsp; 1834743 |
| Arkansas (State of) Development Finance Authority (Big River Steel) (Green Bonds); Series 2020, <br> RB<sup>(e)(f)</sup> <br>| 4.75% | 09/01/2049 | 7370 | &nbsp;&nbsp; 6814036 |
| Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB<sup>(f)</sup> <br>| 5.45% | 09/01/2052 | 8000 | &nbsp;&nbsp; 7771256 |
|  |  |  |  | &nbsp;&nbsp; 16420035 |
| **California–5.94%** | **California–5.94%** | **California–5.94%** | **California–5.94%** | **California–5.94%** |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); |  |  |  |  |
| Series 2022 A-1, RB<sup>(a)</sup> <br>| 4.00% | 08/01/2028 | 16065 | &nbsp;&nbsp; 16268174 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 08/01/2032 | 5000 | &nbsp;&nbsp; 5216366 |
| 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; 115819 |
| 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; 610557 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB | 4.38% | 09/20/2036 | 2450 | &nbsp;&nbsp; 2460148 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(a)(e)(f)</sup> <br>| 9.50% | 01/01/2035 | 6000 | &nbsp;&nbsp; 5517230 |
| California (State of) Municipal Finance Authority (Ascent 613); |  |  |  |  |
| Series 2025 A, RB<sup>(e)</sup> <br>| 5.00% | 01/01/2038 | 1000 | &nbsp;&nbsp; 979811 |
| Series 2025 A, RB<sup>(e)</sup> <br>| 5.00% | 01/01/2040 | 500 | &nbsp;&nbsp; 479379 |
| California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 <br> A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2038 | 3345 | &nbsp;&nbsp; 3276299 |
| California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB<sup>(a)(f)</sup> <br>| 4.13% | 10/01/2025 | 4000 | &nbsp;&nbsp; 4000410 |
| 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>(b)(c)(e)(f)</sup> <br>| 7.50% | 07/01/2032 | 4950 | &nbsp;&nbsp; 55687 |
| Series 2020, RB (Acquired 10/06/2020; Cost $955,203)<sup>(b)(c)(e)(f)</sup> <br>| 7.50% | 07/01/2032 | 1000 | &nbsp;&nbsp; 11250 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); Series 2012, RB<sup>(e)(f)</sup> <br>| 5.00% | 07/01/2037 | 2000 | &nbsp;&nbsp; 2000549 |
| California (State of) Public Finance Authority (California University of Science and Medicine); <br> Series 2019 A, RB<sup>(e)</sup> <br>| 6.25% | 07/01/2054 | 6100 | &nbsp;&nbsp; 6213891 |
| California (State of) Public Finance Authority (Sunrise of Long Beach); Series 2025, RB<sup>(e)</sup> <br>| 5.38% | 06/01/2035 | 1000 | &nbsp;&nbsp; 1013860 |
| California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 B, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2026 | 40 | &nbsp;&nbsp; 39616 |
| California (State of) School Finance Authority (Partnership to Uplift Communities) (Social Bonds); |  |  |  |  |
| Series 2023, Ref. RB<sup>(e)</sup> <br>| 5.00% | 08/01/2033 | 620 | &nbsp;&nbsp; 635479 |
| Series 2023, Ref. RB<sup>(e)</sup> <br>| 5.25% | 08/01/2038 | 500 | &nbsp;&nbsp; 501801 |
| California (State of) Statewide Communities Development Authority; Series 2025, RB | 3.54% | 02/20/2041 | 4987 | &nbsp;&nbsp; 4388697 |
| California (State of) Statewide Communities Development Authority (California Baptist University); <br> Series 2025, Ref. RB<sup>(e)</sup> <br>| 5.13% | 11/01/2040 | 1650 | &nbsp;&nbsp; 1658262 |

---

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; $8696175 |
| Series 2016 A, RB<sup>(e)</sup> <br>| 5.25% | 12/01/2056 | 3000 | &nbsp;&nbsp; 2738827 |
| Series 2018 A, RB<sup>(e)</sup> <br>| 5.50% | 12/01/2058 | 3000 | &nbsp;&nbsp; 2889106 |
| Palomar Health; Series 2016, Ref. RB | 4.00% | 11/01/2039 | 1250 | &nbsp;&nbsp; 914128 |
| Pomona Unified School District; Series 2021 F, GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 3.00% | 08/01/2048 | 1000 | &nbsp;&nbsp; 715144 |
| Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)<sup>(d)</sup> <br>| 5.00% | 12/01/2034 | 5405 | &nbsp;&nbsp; 5413662 |
| San Francisco Unified School District; Series 2015, GO Bonds | 4.00% | 06/15/2033 | 1040 | &nbsp;&nbsp; 1040127 |
| West Covina (City of), CA Public Financing Authority (Big League Dreams); Series 2006 A, RB | 5.00% | 06/01/2030 | 1965 | &nbsp;&nbsp; 1969052 |
|  |  |  |  | &nbsp;&nbsp; 79819506 |
| **Colorado–5.94%** | **Colorado–5.94%** | **Colorado–5.94%** | **Colorado–5.94%** | **Colorado–5.94%** |
| 3rd and Havana Metropolitan District; Series 2020 A, GO Bonds | 4.50% | 12/01/2030 | 2240 | &nbsp;&nbsp; 2137598 |
| Amber Creek Metropolitan District; Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2037 | 678 | &nbsp;&nbsp; 658147 |
| Brighton Crossing Metropolitan District No. 6; |  |  |  |  |
| Series 2020 A, GO Bonds | 5.00% | 12/01/2035 | 525 | &nbsp;&nbsp; 525337 |
| Series 2020 A, GO Bonds | 5.00% | 12/01/2040 | 515 | &nbsp;&nbsp; 490240 |
| Canyon Pines Metropolitan District; Series 2024, GO Bonds<sup>(e)</sup> <br>| 8.25% | 12/01/2053 | 5000 | &nbsp;&nbsp; 4825885 |
| Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2020 A, Ref. GO Bonds | 4.00% | 12/01/2029 | 1115 | &nbsp;&nbsp; 1115080 |
| Colliers Hill Metropolitan District No. 2; Series 2022 B-2, GO Bonds | 7.63% | 12/15/2042 | 2000 | &nbsp;&nbsp; 1999365 |
| Colorado (State of) Educational & Cultural Facilities Authority (Ascent Classical Academy); <br> Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.25% | 04/01/2039 | 2500 | &nbsp;&nbsp; 2440007 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); |  |  |  |  |
| Series 2021 A, RB (Acquired 12/15/2021; Cost $4,215,463)<sup>(c)</sup> <br>| 5.00% | 05/15/2035 | 4035 | &nbsp;&nbsp; 3639381 |
| Series 2021 A, RB (Acquired 05/30/2023; Cost $914,729)<sup>(c)</sup> <br>| 5.00% | 05/15/2044 | 1170 | &nbsp;&nbsp; 883318 |
| Series 2021 B, RB (Acquired 12/15/2021; Cost $1,125,000)<sup>(c)</sup> <br>| 2.63% | 05/15/2029 | 1125 | &nbsp;&nbsp; 1080533 |
| Colorado (State of) International Center Metropolitan District No. 14; Series 2018, GO Bonds | 5.63% | 12/01/2032 | 996 | &nbsp;&nbsp; 998875 |
| Copperleaf Metropolitan District No. 6; Series 2022 B, GO Bonds | 6.00% | 12/15/2041 | 1225 | &nbsp;&nbsp; 1217807 |
| Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB<sup>(f)</sup> <br>| 5.00% | 10/01/2032 | 1000 | &nbsp;&nbsp; 999961 |
| Denver (City & County of), CO Health & Hospital Authority; Series 2025 A, RB | 5.00% | 12/01/2045 | 500 | &nbsp;&nbsp; 483310 |
| Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds | 5.50% | 12/01/2038 | 2673 | &nbsp;&nbsp; 2615313 |
| Dominion Water & Sanitation District; |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 12/01/2027 | 1659 | &nbsp;&nbsp; 1670412 |
| Series 2022, Ref. RB | 5.25% | 12/01/2032 | 3415 | &nbsp;&nbsp; 3477704 |
| Frisco (Town of), CO (Marina Enterprise); Series 2019, RB | 5.00% | 12/01/2036 | 600 | &nbsp;&nbsp; 600361 |
| Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds<sup>(e)</sup> <br>| 4.88% | 12/01/2028 | 460 | &nbsp;&nbsp; 462029 |
| Hess Ranch Metropolitan District No. 5; |  |  |  |  |
| Series 2024 A-1, RB | 6.00% | 12/01/2043 | 478 | &nbsp;&nbsp; 476112 |
| Series 2024 A-2, RB | 6.50% | 12/01/2043 | 300 | &nbsp;&nbsp; 298716 |
| Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB | 5.75% | 12/15/2050 | 5499 | &nbsp;&nbsp; 5418429 |
| Kinston Metropolitan District No. 5; Series 2020 A, GO Bonds | 4.63% | 12/01/2035 | 1000 | &nbsp;&nbsp; 959625 |
| Midtown Metropoltan District; |  |  |  |  |
| Series 2022 A-1, Ref. GO Bonds | 6.75% | 12/01/2033 | 1000 | &nbsp;&nbsp; 994886 |
| Series 2022 A-1, Ref. GO Bonds | 6.75% | 12/01/2051 | 1000 | &nbsp;&nbsp; 1019905 |
| Morgan Hill Metropolitan District No. 3; |  |  |  |  |
| Series 2021 A, GO Bonds | 3.00% | 12/01/2031 | 980 | &nbsp;&nbsp; 851897 |
| Series 2021 A, GO Bonds | 3.50% | 12/01/2041 | 2940 | &nbsp;&nbsp; 2176457 |
| Mulberry Metropolitan District No. 2; Series 2022, RB | 7.00% | 12/01/2034 | 6000 | &nbsp;&nbsp; 6131491 |
| Nine Mile Metropolitan District; Series 2020, RB | 4.63% | 12/01/2030 | 1855 | &nbsp;&nbsp; 1873840 |
| Parker Automotive Metropolitan District; Series 2023 B, Ref. GO Bonds | 8.25% | 12/15/2037 | 2225 | &nbsp;&nbsp; 2233581 |
| Parterre Metropolitan District No. 5; Series 2025 A, GO Bonds | 5.13% | 12/01/2035 | 885 | &nbsp;&nbsp; 913431 |
| Peak Metropolitan District No. 1; Series 2021 A, GO Bonds<sup>(e)</sup> <br>| 5.00% | 12/01/2041 | 1670 | &nbsp;&nbsp; 1452765 |
| Plaza Metropolitan District No. 1; Series 2013, Ref. RB<sup>(e)</sup> <br>| 5.00% | 12/01/2040 | 1465 | &nbsp;&nbsp; 1434589 |
| Prairie Center Metropolitan District No. 7; Series 2021, GO Bonds | 6.38% | 06/15/2046 | 1330 | &nbsp;&nbsp; 1286905 |
| Rampart Range Metropolitan District No. 5; Series 2021, RB | 4.00% | 12/01/2036 | 1250 | &nbsp;&nbsp; 1162428 |
| Redtail Ridge Metropolitan District; Series 2025, GO Bonds<sup>(g)</sup> <br>| 0.00% | 12/01/2032 | 4000 | &nbsp;&nbsp; 2421848 |
| Riverpark Metropolitan District (County of Arapahoe); Series 2024, GO Bonds | 6.00% | 12/01/2042 | 1900 | &nbsp;&nbsp; 1854974 |
| Riverwalk Metropolitan District No. 2; Series 2022 A, RB | 4.50% | 12/01/2032 | 4000 | &nbsp;&nbsp; 3707895 |

---

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>(e)</sup> <br>| 5.00% | 12/01/2031 | $3445 | &nbsp;&nbsp; $3465856 |
| Series 2021 A, GO Bonds<sup>(e)</sup> <br>| 5.00% | 12/01/2041 | 2000 | &nbsp;&nbsp; 1875196 |
| Sterling Ranch Community Authority Board; |  |  |  |  |
| Series 2024 A, Ref. RB | 6.13% | 12/01/2039 | 550 | &nbsp;&nbsp; 558993 |
| Series 2024, RB | 5.63% | 12/01/2043 | 852 | &nbsp;&nbsp; 839099 |
| Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 3.25% | 12/15/2050 | 646 | &nbsp;&nbsp; 471423 |
| Verve Metropolitan District No. 1; Series 2023, GO Bonds | 5.75% | 12/01/2033 | 2895 | &nbsp;&nbsp; 2928744 |
| Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds<sup>(e)</sup> <br>| 5.70% | 12/01/2051 | 166 | &nbsp;&nbsp; 150397 |
| Westerly Metropolitan District No. 4; Series 2021 A, GO Bonds | 4.13% | 12/01/2031 | 615 | &nbsp;&nbsp; 592790 |
|  |  |  |  | &nbsp;&nbsp; 79872935 |
| **Connecticut–0.08%** | **Connecticut–0.08%** | **Connecticut–0.08%** | **Connecticut–0.08%** | **Connecticut–0.08%** |
| Connecticut (State of) Health & Educational Facilities Authority; Series 2025 A, RB<sup>(e)</sup> <br>| 12.00% | 09/01/2030 | 1000 | &nbsp;&nbsp; 1074235 |
| **Delaware–0.10%** | **Delaware–0.10%** | **Delaware–0.10%** | **Delaware–0.10%** | **Delaware–0.10%** |
| Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2028 | 1336 | &nbsp;&nbsp; 1351116 |
| **District of Columbia–1.53%** | **District of Columbia–1.53%** | **District of Columbia–1.53%** | **District of Columbia–1.53%** | **District of Columbia–1.53%** |
| District of Columbia (Ingleside at Rock Creek); |  |  |  |  |
| Series 2017 A, RB | 4.13% | 07/01/2027 | 495 | &nbsp;&nbsp; 497576 |
| Series 2017 A, RB | 5.00% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1014260 |
| District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00% | 10/01/2035 | 1285 | &nbsp;&nbsp; 1269222 |
| District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB | 6.75% | 05/15/2040 | 17230 | &nbsp;&nbsp; 17769066 |
|  |  |  |  | &nbsp;&nbsp; 20550124 |
| **Florida–9.39%** | **Florida–9.39%** | **Florida–9.39%** | **Florida–9.39%** | **Florida–9.39%** |
| Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.); |  |  |  |  |
| Series 2014, RB (Acquired 12/04/2020; Cost $57,423)<sup>(b)(c)</sup> <br>| 5.63% | 11/15/2029 | 58 | &nbsp;&nbsp; 861 |
| Series 2014, RB (Acquired 06/04/2020; Cost $267,154)<sup>(b)(c)</sup> <br>| 6.00% | 11/15/2029 | 310 | &nbsp;&nbsp; 4653 |
| Series 2014, RB (Acquired 01/17/2020; Cost $438,044)<sup>(b)(c)</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 (Acquired 01/25/2022; Cost $965,000)<sup>(c)(e)</sup> <br>| 5.00% | 11/15/2061 | 965 | &nbsp;&nbsp; 686295 |
| Babcock Ranch Community Independent Special District; Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 05/01/2044 | 500 | &nbsp;&nbsp; 473024 |
| Boggy Creek Improvement District; Series 2023, Ref. RB | 4.50% | 05/01/2033 | 935 | &nbsp;&nbsp; 953600 |
| Broward (County of), FL; Series 2015 A, RB<sup>(f)</sup> <br>| 5.00% | 10/01/2045 | 10000 | &nbsp;&nbsp; 9850765 |
| Capital Projects Finance Authority (Kissimmee Charter Academy); Series 2024, RB<sup>(e)</sup> <br>| 6.13% | 06/15/2044 | 150 | &nbsp;&nbsp; 150291 |
| Capital Projects Finance Authority (Millenia Orlando); |  |  |  |  |
| Series 2025 A, RB<sup>(e)</sup> <br>| 6.00% | 01/01/2035 | 2250 | &nbsp;&nbsp; 2260209 |
| Series 2025 A, RB<sup>(e)</sup> <br>| 6.38% | 01/01/2040 | 4310 | &nbsp;&nbsp; 4206210 |
| Capital Projects Finance Authority (Navigator Academy of Leadership Obligated Group); <br> Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 06/15/2044 | 1760 | &nbsp;&nbsp; 1601048 |
| Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019, RB | 5.00% | 12/15/2029 | 405 | &nbsp;&nbsp; 407165 |
| Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); Series 2017, RB<sup>(e)</sup> <br>| 5.38% | 08/01/2032 | 1000 | &nbsp;&nbsp; 955079 |
| Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.); Series 2016, RB<sup>(e)</sup> <br>| 6.25% | 06/15/2036 | 5000 | &nbsp;&nbsp; 5034895 |
| Capital Trust Agency, Inc. (Imagine School at North Manatee); |  |  |  |  |
| Series 2021 C, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2041 | 465 | &nbsp;&nbsp; 417312 |
| Series 2021, RB<sup>(e)</sup> <br>| 3.25% | 06/01/2031 | 230 | &nbsp;&nbsp; 211190 |
| Series 2021, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2041 | 1615 | &nbsp;&nbsp; 1449374 |
| Capital Trust Agency, Inc. (University Bridge LLC Student Housing); Series 2018 A, RB<sup>(e)</sup> <br>| 4.00% | 12/01/2028 | 6175 | &nbsp;&nbsp; 6191542 |
| Capital Trust Authority (Academir Charter Schools, Inc.); Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 06/01/2044 | 2000 | &nbsp;&nbsp; 1768095 |
| Capital Trust Authority (Central Florida Preparatory School Project); Series 2024, RB<sup>(e)</sup> <br>| 6.25% | 06/15/2040 | 3000 | &nbsp;&nbsp; 2981572 |
| Capital Trust Authority (Classical Academy of Sarasota (The)); |  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2039 | 1475 | &nbsp;&nbsp; 1418690 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2044 | 1140 | &nbsp;&nbsp; 1026828 |
| Capital Trust Authority (Florida Institute of Technology); Series 2025, RB<sup>(e)</sup> <br>| 4.75% | 07/01/2040 | 1250 | &nbsp;&nbsp; 1199953 |
| Capital Trust Authority (Imagine School At West Pasco Project); Series 2023, RB<sup>(e)</sup> <br>| 6.25% | 12/15/2043 | 2135 | &nbsp;&nbsp; 2018710 |
| Capital Trust Authority (KIPP Miami N Campus); Series 2024 A, RB<sup>(e)</sup> <br>| 5.63% | 06/15/2044 | 410 | &nbsp;&nbsp; 403450 |
| Capital Trust Authority (Plato Academy Schools); Series 2024, RB | 5.00% | 12/15/2044 | 3000 | &nbsp;&nbsp; 2736761 |
| Capital Trust Authority (St.Johns Classical Academy, Inc.); Series 2025, Ref. RB<sup>(e)</sup> <br>| 4.75% | 06/15/2040 | 815 | &nbsp;&nbsp; 753370 |

---

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)** |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); |  |  |  |  |
| Series 2019, RB<sup>(e)(f)</sup> <br>| 5.00% | 10/01/2029 | $1115 | &nbsp;&nbsp; $1149191 |
| Series 2025, RB<sup>(f)</sup> <br>| 5.88% | 10/01/2045 | 1640 | &nbsp;&nbsp; 1655701 |
| Creekview Community Development District (Phase 2); Series 2024, RB | 5.38% | 05/01/2044 | 2000 | &nbsp;&nbsp; 1896260 |
| 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; 1681673 |
| Florida (State of) Municipal Loan Council (Shingle Creek Transit & Utility Community Development <br> District); Series 2024, RB<sup>(f)</sup> <br>| 5.15% | 05/01/2044 | 405 | &nbsp;&nbsp; 394825 |
| Florida Development Finance Corp.; Series 2023, RB<sup>(a)(e)(f)</sup> <br>| 6.13% | 07/01/2026 | 3400 | &nbsp;&nbsp; 3436209 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)(e)(f)</sup> <br>| 12.00% | 07/15/2028 | 3250 | &nbsp;&nbsp; 2015000 |
| Series 2024, Ref. RB<sup>(f)</sup> <br>| 5.00% | 07/01/2035 | 5505 | &nbsp;&nbsp; 4553508 |
| Series 2024, Ref. RB (INS - AGI)<sup>(d)(f)</sup> <br>| 5.00% | 07/01/2044 | 4000 | &nbsp;&nbsp; 3834201 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail); Series 2024, RB<sup>(a)(e)(f)</sup> <br>| 10.00% | 07/15/2028 | 2000 | &nbsp;&nbsp; 1240000 |
| Florida Development Finance Corp. (Brightline West Passenger Rail); Series 2025, RB<sup>(a)(e)(f)</sup> <br>| 10.00% | 06/15/2026 | 6000 | &nbsp;&nbsp; 5100329 |
| Florida Development Finance Corp. (GFL Solid Waste Southeast LLC); Series 2024, RB<sup>(a)(e)(f)</sup> <br>| 4.38% | 10/01/2031 | 2500 | &nbsp;&nbsp; 2487345 |
| Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB<sup>(e)</sup> <br>| 5.25% | 06/15/2029 | 1000 | &nbsp;&nbsp; 1004167 |
| Florida Development Finance Corp. (Mater Academy); Series 2020 A, RB | 5.00% | 06/15/2050 | 3000 | &nbsp;&nbsp; 2732797 |
| Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB<sup>(a)(e)</sup> <br>| 6.25% | 06/15/2028 | 3000 | &nbsp;&nbsp; 2947981 |
| Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2020, Ref. RB<sup>(e)</sup> <br>| 5.00% | 09/15/2040 | 1045 | &nbsp;&nbsp; 948610 |
| Florida Housing Finance Corp.; Series 2024 3, RB (CEP - GNMA) | 6.25% | 01/01/2055 | 1220 | &nbsp;&nbsp; 1342879 |
| Florida Local Government Finance Commission (Bridgeprep Academy); Series 2025, RB<sup>(e)</sup> <br>| 5.50% | 06/15/2040 | 2000 | &nbsp;&nbsp; 2002127 |
| Gas Worx Community Development District; Series 2025, RB<sup>(e)</sup> <br>| 5.75% | 05/01/2045 | 1000 | &nbsp;&nbsp; 983678 |
| Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB | 5.50% | 08/15/2030 | 2885 | &nbsp;&nbsp; 2999607 |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); |  |  |  |  |
| Series 2018 A, RB<sup>(e)</sup> <br>| 5.00% | 07/15/2028 | 265 | &nbsp;&nbsp; 268495 |
| Series 2018 A, RB<sup>(e)</sup> <br>| 5.38% | 07/15/2038 | 1300 | &nbsp;&nbsp; 1232776 |
| Lakes of Sarasota Community Development District; Series 2024 B, RB | 5.25% | 05/01/2034 | 2320 | &nbsp;&nbsp; 2329443 |
| Lakewood Ranch Stewardship District (Palm Grove); Series 2024, RB | 4.50% | 05/01/2031 | 550 | &nbsp;&nbsp; 557854 |
| Lee (County of), FL Housing Finance Authority (Aria Landings); Series 2023 B, RB<sup>(a)(e)</sup> <br>| 5.50% | 07/01/2026 | 6965 | &nbsp;&nbsp; 6975786 |
| 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; 1512665 |
| Lowery Hills Community Development District (Assessment Area One); Series 2025, RB<sup>(e)</sup> <br>| 5.63% | 05/01/2045 | 725 | &nbsp;&nbsp; 689742 |
| Madeira Community Development District (Assessment Area No.2); Series 2025, RB | 4.70% | 05/01/2035 | 860 | &nbsp;&nbsp; 862002 |
| Middleton Community Development District A; Series 2024, RB | 4.00% | 05/01/2034 | 735 | &nbsp;&nbsp; 725433 |
| Northridge Community Development District; Series 2025, RB<sup>(e)</sup> <br>| 5.75% | 05/01/2045 | 1750 | &nbsp;&nbsp; 1717444 |
| Orange (County of), FL Health Facilities Authority (Presbyterian Retirement Communities Obligated <br> Group); Series 2024, Ref. RB<br>| 5.00% | 08/01/2047 | 1900 | &nbsp;&nbsp; 1785618 |
| Parrish Lakes Community Development District; Series 2024, RB | 5.50% | 05/01/2044 | 925 | &nbsp;&nbsp; 889046 |
| Pembroke Harbor Community Development District; Series 2008 A, RB | 7.00% | 05/01/2038 | 900 | &nbsp;&nbsp; 901546 |
| 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; 1684842 |
| 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; 2215629 |
| Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB <br> (Acquired 10/23/2020; Cost $2,855,000)<sup>(b)(c)(e)(f)</sup> <br>| 5.88% | 01/01/2033 | 2855 | &nbsp;&nbsp; 1570250 |
| Ranches at Lake Mcleod Community Development District (Assessment Area Two); Series 2025, RB | 5.45% | 06/15/2045 | 600 | &nbsp;&nbsp; 577622 |
| Rivers Edge III Community Development District; Series 2025, RB | 5.75% | 05/01/2045 | 450 | &nbsp;&nbsp; 447839 |
| V-Dana Community Development District (Assessment Area Two - 2025 Project Area); |  |  |  |  |
| Series 2025, RB | 5.38% | 05/01/2045 | 875 | &nbsp;&nbsp; 835544 |
| Series 2025, RB | 5.55% | 05/01/2055 | 1250 | &nbsp;&nbsp; 1176233 |
| Venice (City of), FL (Village on the Isle); Series 2024, RB<sup>(e)</sup> <br>| 4.25% | 01/01/2030 | 900 | &nbsp;&nbsp; 903461 |
| West Villages Improvement District (Develepmont Unit No. 10); Series 2024, RB | 5.38% | 05/01/2044 | 500 | &nbsp;&nbsp; 482323 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; |  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 4.20% | 05/01/2039 | 1500 | &nbsp;&nbsp; 1402865 |
| Series 2024, RB<sup>(e)</sup> <br>| 4.55% | 05/01/2044 | 1000 | &nbsp;&nbsp; 926940 |
|  |  |  |  | &nbsp;&nbsp; 126245407 |

---

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** |
| **Georgia–1.94%** | **Georgia–1.94%** | **Georgia–1.94%** | **Georgia–1.94%** | **Georgia–1.94%** |
| Albany (City of) & Dougherty (Country of), GA Payroll Development Authority (Procter & Gamble <br> Paper Products Co. (The)); Series 1998, RB<sup>(f)</sup> <br>| 5.30% | 05/15/2026 | $810 | &nbsp;&nbsp; $811445 |
| Atlanta Development Authority (The) (Westside Gulch Area); Series 2024 A, RB<sup>(e)</sup> <br>| 5.00% | 04/01/2034 | 1750 | &nbsp;&nbsp; 1753531 |
| Cobb (County of), GA Development Authority (The) (Northwest Classical Academy); Series 2023, <br> RB<sup>(e)</sup> <br>| 5.20% | 06/15/2033 | 1000 | &nbsp;&nbsp; 1013836 |
| Conyers (City of), GA (Salem Gate); Series 2024, RB | 5.38% | 03/01/2036 | 2870 | &nbsp;&nbsp; 2812416 |
| DeKalb (County of), IL Development Authority (The Globe Academy, Inc.); |  |  |  |  |
| Series 2024 A, RB | 5.00% | 06/01/2040 | 400 | &nbsp;&nbsp; 396337 |
| Series 2024 A, RB | 5.00% | 06/01/2045 | 415 | &nbsp;&nbsp; 391616 |
| Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB | 5.50% | 12/01/2028 | 1560 | &nbsp;&nbsp; 1562535 |
| Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); <br> Series 2017 A, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2027 | 170 | &nbsp;&nbsp; 172031 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2022 C, RB<sup>(a)(e)</sup> <br>| 4.00% | 11/01/2027 | 11000 | &nbsp;&nbsp; 10993242 |
| Series 2023 B, RB<sup>(a)</sup> <br>| 5.00% | 03/01/2030 | 2000 | &nbsp;&nbsp; 2118798 |
| Series 2024 C, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2031 | 2000 | &nbsp;&nbsp; 2126105 |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); <br> Series 2018 A-1, RB<br>| 5.75% | 12/01/2028 | 1850 | &nbsp;&nbsp; 1870406 |
|  |  |  |  | &nbsp;&nbsp; 26022298 |
| **Guam–0.49%** | **Guam–0.49%** | **Guam–0.49%** | **Guam–0.49%** | **Guam–0.49%** |
| Guam (Territory of); |  |  |  |  |
| Series 2015 D, Ref. RB<sup>(a)(h)</sup> <br>| 5.00% | 11/15/2025 | 940 | &nbsp;&nbsp; 944644 |
| Series 2015 D, Ref. RB<sup>(a)(h)</sup> <br>| 5.00% | 11/15/2025 | 3000 | &nbsp;&nbsp; 3014821 |
| Guam (Territory of) Department of Education (John F. Kennedy); Series 2020, Ref. COP | 5.00% | 02/01/2040 | 2750 | &nbsp;&nbsp; 2652138 |
|  |  |  |  | &nbsp;&nbsp; 6611603 |
| **Idaho–0.69%** | **Idaho–0.69%** | **Idaho–0.69%** | **Idaho–0.69%** | **Idaho–0.69%** |
| Avimor Community Infrastructure District No. 1 (Assessment Area Five); Series 2024, RB<sup>(e)</sup> <br>| 5.88% | 09/01/2053 | 1703 | &nbsp;&nbsp; 1707171 |
| Idaho (State of) Health Facilities Authority (Trinity Health Credit Group); Series 2015 D, Ref. RB | 5.50% | 12/01/2027 | 1750 | &nbsp;&nbsp; 1759347 |
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB | 4.00% | 11/15/2027 | 635 | &nbsp;&nbsp; 636907 |
| Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); Series 2018 <br> A, RB<sup>(e)</sup> <br>| 4.63% | 07/01/2029 | 110 | &nbsp;&nbsp; 110615 |
| Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB<sup>(e)</sup> <br>| 4.00% | 05/01/2042 | 2280 | &nbsp;&nbsp; 1794383 |
| Idaho (State of) Housing & Finance Association (North Star Charter School); |  |  |  |  |
| Series 2014 A, Ref. RB | 6.75% | 07/01/2028 | 205 | &nbsp;&nbsp; 209313 |
| Series 2014 A, Ref. RB | 6.75% | 07/01/2036 | 526 | &nbsp;&nbsp; 532922 |
| Series 2014 A, Ref. RB | 6.75% | 07/01/2048 | 2384 | &nbsp;&nbsp; 2383900 |
| Power County Industrial Development Corp. (FMC Corp.); Series 1999, RB<sup>(f)</sup> <br>| 6.45% | 08/01/2032 | 130 | &nbsp;&nbsp; 130460 |
|  |  |  |  | &nbsp;&nbsp; 9265018 |
| **Illinois–3.49%** | **Illinois–3.49%** | **Illinois–3.49%** | **Illinois–3.49%** | **Illinois–3.49%** |
| Aurora (City of), IL (East River Area TIF No. 6); Series 2018 A, Ref. RB | 5.00% | 12/30/2027 | 550 | &nbsp;&nbsp; 555934 |
| Berwyn (City of), IL (South Berwyn Corridor); Series 2020, RB<sup>(e)</sup> <br>| 4.00% | 12/01/2028 | 1015 | &nbsp;&nbsp; 994023 |
| Bradley (Village of), IL (Bradley Commons); |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 01/01/2026 | 505 | &nbsp;&nbsp; 506815 |
| Series 2018 A, Ref. RB | 5.00% | 01/01/2027 | 530 | &nbsp;&nbsp; 537599 |
| Chicago (City of), IL; |  |  |  |  |
| Series 2017 A, Ref. GO Bonds | 5.63% | 01/01/2029 | 1000 | &nbsp;&nbsp; 1027312 |
| Series 2017 A, Ref. GO Bonds | 5.75% | 01/01/2034 | 1500 | &nbsp;&nbsp; 1528672 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 01/01/2041 | 1000 | &nbsp;&nbsp; 1000341 |
| Series 2024 C, Ref. RB<sup>(f)</sup> <br>| 5.25% | 01/01/2043 | 1700 | &nbsp;&nbsp; 1748122 |
| Evanston (City of), IL (Roycemore School); |  |  |  |  |
| Series 2021, RB<sup>(e)</sup> <br>| 4.00% | 04/01/2032 | 245 | &nbsp;&nbsp; 221761 |
| Series 2021, RB<sup>(e)</sup> <br>| 4.38% | 04/01/2041 | 930 | &nbsp;&nbsp; 727376 |
| Hillside (Village of), IL (Mannheim Redevelopment); Series 2018, Ref. RB | 5.00% | 01/01/2030 | 1830 | &nbsp;&nbsp; 1846763 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(f)</sup> <br>| 8.00% | 06/01/2032 | 11805 | &nbsp;&nbsp; 11818762 |
| Illinois (State of) Finance Authority; Series 2025, Ref. RB<sup>(e)</sup> <br>| 5.88% | 09/01/2046 | 1500 | &nbsp;&nbsp; 1448988 |
| Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB<sup>(e)</sup> <br>| 5.25% | 12/01/2025 | 100 | &nbsp;&nbsp; 100139 |

---

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)** |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |  |  |  |  |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $2,157,178)<sup>(c)</sup> <br>| 5.00% | 11/01/2027 | $2065 | &nbsp;&nbsp; $1430012 |
| Series 2019 A, Ref. RB (Acquired 09/08/2022; Cost $1,885,670)<sup>(c)</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; 764053 |
| Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB | 5.00% | 11/15/2038 | 8700 | &nbsp;&nbsp; 8700177 |
| Illinois (State of) Medical District Commission; |  |  |  |  |
| Series 2002, COP (INS - NATL)<sup>(d)</sup> <br>| 5.13% | 06/01/2026 | 10 | &nbsp;&nbsp; 10012 |
| Series 2002, COP (INS - NATL)<sup>(d)</sup> <br>| 5.25% | 06/01/2032 | 140 | &nbsp;&nbsp; 140167 |
| Illinois (State of) Toll Highway Authority; Series 2016 B, RB | 5.00% | 01/01/2041 | 2375 | &nbsp;&nbsp; 2380245 |
| Marion (City of), IL (Star Bond District Project Area No. 1); Series 2025, RB | 6.38% | 06/01/2045 | 7755 | &nbsp;&nbsp; 7362208 |
| Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB | 4.25% | 01/01/2029 | 640 | &nbsp;&nbsp; 640037 |
|  |  |  |  | &nbsp;&nbsp; 46888368 |
| **Indiana–0.85%** | **Indiana–0.85%** | **Indiana–0.85%** | **Indiana–0.85%** | **Indiana–0.85%** |
| Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB | 4.80% | 01/01/2028 | 200 | &nbsp;&nbsp; 196530 |
| Indiana (State of) Finance Authority (Good Samaritan Hospital); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 04/01/2037 | 200 | &nbsp;&nbsp; 200162 |
| Series 2016 A, RB | 5.50% | 04/01/2046 | 5785 | &nbsp;&nbsp; 5621180 |
| Indiana (State of) Finance Authority (Irvington Community School); Series 2018 A, Ref. RB<sup>(e)</sup> <br>| 5.50% | 07/01/2028 | 400 | &nbsp;&nbsp; 400142 |
| Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB | 4.25% | 11/01/2030 | 1580 | &nbsp;&nbsp; 1617758 |
| Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB | 5.25% | 09/01/2037 | 1865 | &nbsp;&nbsp; 1891086 |
| Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB<sup>(e)</sup> <br>| 5.10% | 01/01/2032 | 425 | &nbsp;&nbsp; 416812 |
| Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB<sup>(a)(f)</sup> <br>| 4.40% | 06/10/2031 | 1000 | &nbsp;&nbsp; 1035026 |
|  |  |  |  | &nbsp;&nbsp; 11378696 |
| **Iowa–1.40%** | **Iowa–1.40%** | **Iowa–1.40%** | **Iowa–1.40%** | **Iowa–1.40%** |
| Ackley (City of), IA (Grand Jivante); Series 2018 A, RB | 4.50% | 08/01/2033 | 600 | &nbsp;&nbsp; 517882 |
| Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB | 4.30% | 10/01/2028 | 660 | &nbsp;&nbsp; 650240 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(a)(h)</sup> <br>| 5.00% | 12/01/2032 | 5410 | &nbsp;&nbsp; 6142935 |
| Iowa (State of) Finance Authority (Union at the Marina); Series 2024 A-1, RB<sup>(e)</sup> <br>| 6.00% | 11/01/2027 | 1345 | &nbsp;&nbsp; 1362222 |
| PEFA, Inc.; Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 09/01/2026 | 10000 | &nbsp;&nbsp; 10172317 |
|  |  |  |  | &nbsp;&nbsp; 18845596 |
| **Kansas–0.68%** | **Kansas–0.68%** | **Kansas–0.68%** | **Kansas–0.68%** | **Kansas–0.68%** |
| Pittsburgh (City of), KS (North Broadway - Pittsburgh Town Center); Series 2006, RB | 4.80% | 04/01/2027 | 40 | &nbsp;&nbsp; 36301 |
| Wichita (City of), KS (Presbyterian Manors, Inc.); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 05/15/2027 | 1165 | &nbsp;&nbsp; 1172841 |
| Series 2019, Ref. RB | 5.00% | 05/15/2029 | 1280 | &nbsp;&nbsp; 1295509 |
| Series 2019, Ref. RB | 5.00% | 05/15/2034 | 2950 | &nbsp;&nbsp; 2923977 |
| Series 2024 VIII, Ref. RB | 5.25% | 05/15/2039 | 2000 | &nbsp;&nbsp; 1908002 |
| Series 2024 VIII, Ref. RB | 5.75% | 05/15/2045 | 2000 | &nbsp;&nbsp; 1854778 |
|  |  |  |  | &nbsp;&nbsp; 9191408 |
| **Kentucky–0.82%** | **Kentucky–0.82%** | **Kentucky–0.82%** | **Kentucky–0.82%** | **Kentucky–0.82%** |
| Christian (County of), KY (Jennie Stuart Medical Center, Inc.); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 02/01/2026 | 165 | &nbsp;&nbsp; 166161 |
| Series 2016, Ref. RB | 5.38% | 02/01/2036 | 5000 | &nbsp;&nbsp; 5015391 |
| Series 2016, Ref. RB | 5.50% | 02/01/2044 | 2170 | &nbsp;&nbsp; 2147256 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care <br> Communities); Series 2021, Ref. RB<br>| 4.25% | 07/01/2031 | 2665 | &nbsp;&nbsp; 2573119 |
| 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; 1001090 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); <br> Series 2015, Ref. RB<br>| 5.00% | 11/15/2025 | 135 | &nbsp;&nbsp; 134771 |
|  |  |  |  | &nbsp;&nbsp; 11037788 |
| **Louisiana–0.95%** | **Louisiana–0.95%** | **Louisiana–0.95%** | **Louisiana–0.95%** | **Louisiana–0.95%** |
| Juban Crossing Community Development District; Series 2024 B, RB | 6.25% | 06/01/2034 | 1000 | &nbsp;&nbsp; 1019294 |

---

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** |
| **Louisiana–(continued)** | **Louisiana–(continued)** | **Louisiana–(continued)** | **Louisiana–(continued)** | **Louisiana–(continued)** |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Christwood);<br>|  |  |  |  |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 4.25% | 11/15/2030 | $1050 | &nbsp;&nbsp; $1054315 |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 11/15/2037 | 1900 | &nbsp;&nbsp; 1896455 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB<sup>(e)</sup> <br>| 5.38% | 11/01/2038 | 3165 | &nbsp;&nbsp; 3222272 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB<sup>(e)</sup> <br>| 4.63% | 11/01/2038 | 1460 | &nbsp;&nbsp; 1452129 |
| Plaquemines Port Harbor & Terminal District (NOLA Terminal LLC); Series 2024 A, RB<sup>(e)</sup> <br>| 9.00% | 12/01/2044 | 5000 | &nbsp;&nbsp; 4178915 |
|  |  |  |  | &nbsp;&nbsp; 12823380 |
| **Maryland–0.49%** | **Maryland–0.49%** | **Maryland–0.49%** | **Maryland–0.49%** | **Maryland–0.49%** |
| Baltimore (City of), MD (Convention Center Hotel); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 09/01/2026 | 2160 | &nbsp;&nbsp; 2185145 |
| Series 2017, Ref. RB | 5.00% | 09/01/2027 | 1100 | &nbsp;&nbsp; 1125344 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); <br> Series 2017 A, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2027 | 215 | &nbsp;&nbsp; 216956 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Medical <br> Institutions Parking Facilities); Series 1996, RB (INS - AMBAC)<sup>(d)</sup> <br>| 5.50% | 07/01/2026 | 10 | &nbsp;&nbsp; 10074 |
| Tender Option Bond Trust Receipts/Certificates; Series 2024, VRD RB<sup>(e)(i)</sup> <br>| 2.67% | 07/01/2032 | 3000 | &nbsp;&nbsp; 3000000 |
|  |  |  |  | &nbsp;&nbsp; 6537519 |
| **Massachusetts–1.59%** | **Massachusetts–1.59%** | **Massachusetts–1.59%** | **Massachusetts–1.59%** | **Massachusetts–1.59%** |
| Ashland (Town of), MA; Series 2022, GO Bonds | 4.00% | 08/01/2042 | 1000 | &nbsp;&nbsp; 943480 |
| Lynn Housing Authority & Neighborhood Development; |  |  |  |  |
| Series 2018, Ref. RB | 4.00% | 10/01/2026 | 100 | &nbsp;&nbsp; 100013 |
| Series 2018, Ref. RB | 4.00% | 10/01/2027 | 150 | &nbsp;&nbsp; 150022 |
| Series 2018, Ref. RB | 4.25% | 10/01/2028 | 320 | &nbsp;&nbsp; 320068 |
| Series 2018, Ref. RB | 4.38% | 10/01/2029 | 385 | &nbsp;&nbsp; 385085 |
| Series 2018, Ref. RB | 4.50% | 10/01/2030 | 690 | &nbsp;&nbsp; 690152 |
| Massachusetts (Commonwealth of) Development Finance Agency; Series 2025, RB | 5.00% | 07/01/2040 | 4000 | &nbsp;&nbsp; 4034244 |
| Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music); <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2039 | 4000 | &nbsp;&nbsp; 4022108 |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University); Series 2025, <br> RB<br>| 5.25% | 08/15/2041 | 5475 | &nbsp;&nbsp; 5675061 |
| Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); |  |  |  |  |
| Series 2025, Ref. RB | 5.25% | 01/01/2040 | 1070 | &nbsp;&nbsp; 1098647 |
| Series 2025, Ref. RB | 5.25% | 01/01/2045 | 1000 | &nbsp;&nbsp; 984479 |
| Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility); <br> Series 2018, RB<sup>(e)</sup> <br>| 5.00% | 11/15/2033 | 1500 | &nbsp;&nbsp; 1548197 |
| Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); <br> Series 2017, Ref. RB<sup>(e)</sup> <br>| 5.00% | 10/01/2047 | 1500 | &nbsp;&nbsp; 1392001 |
|  |  |  |  | &nbsp;&nbsp; 21343557 |
| **Michigan–1.46%** | **Michigan–1.46%** | **Michigan–1.46%** | **Michigan–1.46%** | **Michigan–1.46%** |
| Advanced Technology Academy; Series 2019, Ref. RB | 5.00% | 11/01/2034 | 1600 | &nbsp;&nbsp; 1618516 |
| Detroit (City of), MI; Series 2014 B-1, GO Bonds | 4.00% | 04/01/2044 | 2486 | &nbsp;&nbsp; 1953752 |
| Ecorse (City of), MI; Series 2011, GO Bonds | 5.80% | 11/01/2026 | 750 | &nbsp;&nbsp; 751236 |
| Ivywood Classical Academy; Series 2023, RB | 5.00% | 01/01/2034 | 1830 | &nbsp;&nbsp; 1847609 |
| Michigan (State of) Finance Authority (Henry Ford Health System) (Green Bonds); Series 2024, RB | 5.25% | 02/29/2040 | 1000 | &nbsp;&nbsp; 1051547 |
| Michigan (State of) Finance Authority (Huron Academy); Series 2024, Ref. RB | 4.50% | 10/01/2034 | 2345 | &nbsp;&nbsp; 2286259 |
| Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB | 4.25% | 12/01/2039 | 1450 | &nbsp;&nbsp; 1172270 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2019 A, Ref. RB | 4.00% | 12/01/2049 | 1145 | &nbsp;&nbsp; 965739 |
| Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB | 5.50% | 06/01/2047 | 2820 | &nbsp;&nbsp; 2117647 |
| Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB<sup>(a)(f)</sup> <br>| 4.00% | 10/01/2026 | 5610 | &nbsp;&nbsp; 5580570 |
| Waterford Township Economic Development Corp.; Series 2016 A, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2026 | 980 | &nbsp;&nbsp; 218540 |
|  |  |  |  | &nbsp;&nbsp; 19563685 |

---

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** |
| **Minnesota–2.04%** | **Minnesota–2.04%** | **Minnesota–2.04%** | **Minnesota–2.04%** | **Minnesota–2.04%** |
| Bethel (City of), MN (Ecumen Obligated Group); |  |  |  |  |
| Series 2024, Ref. RB | 5.25% | 03/01/2034 | $750 | &nbsp;&nbsp; $755870 |
| Series 2024, Ref. RB | 6.13% | 03/01/2044 | 1500 | &nbsp;&nbsp; 1436833 |
| Bethel (City of), MN (Spectrum High School); Series 2024, RB | 5.00% | 07/01/2059 | 1500 | &nbsp;&nbsp; 1337057 |
| Brainerd (City of), MN; Series 2025, RB | 5.50% | 05/01/2045 | 4700 | &nbsp;&nbsp; 4456110 |
| Brooklyn Park (City of), MN (Prairie Seeds Academy); Series 2024, Ref. RB | 5.00% | 06/15/2044 | 2835 | &nbsp;&nbsp; 2551962 |
| Coon Rapids (City of), MN (Athlos Leadership Academy); Series 2025, Ref. RB | 6.50% | 06/15/2047 | 2000 | &nbsp;&nbsp; 1999836 |
| Dakota (County of), MN Community Development Agency (Quill); Series 2021, RB<sup>(e)</sup> <br>| 3.55% | 04/01/2039 | 5000 | &nbsp;&nbsp; 3927327 |
| 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; 591060 |
| Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy); |  |  |  |  |
| Series 2018 A, Ref. RB | 4.25% | 11/01/2028 | 1375 | &nbsp;&nbsp; 1337595 |
| Series 2018 A, Ref. RB | 5.00% | 11/01/2033 | 1070 | &nbsp;&nbsp; 1022382 |
| Minneapolis (City of), MN (Spero Academy); |  |  |  |  |
| Series 2017 A, RB<sup>(e)</sup> <br>| 5.50% | 07/01/2027 | 350 | &nbsp;&nbsp; 353770 |
| Series 2017 A, RB<sup>(e)</sup> <br>| 6.00% | 07/01/2032 | 1080 | &nbsp;&nbsp; 1094068 |
| Ramsey (City of), MN (Pact Charter School); Series 2022 A, Ref. RB | 5.00% | 06/01/2032 | 2000 | &nbsp;&nbsp; 1983302 |
| Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB | 6.88% | 12/01/2048 | 1000 | &nbsp;&nbsp; 1000175 |
| St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; <br> Cost $1,927,397)<sup>(a)(b)(c)(e)</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>(e)</sup> <br>| 5.25% | 07/01/2033 | 140 | &nbsp;&nbsp; 141137 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, <br> Ref. RB<br>| 4.25% | 12/01/2032 | 1085 | &nbsp;&nbsp; 1098923 |
| 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; 215899 |
| 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; 1433045 |
| 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; 236843 |
| Series 2018, Ref. RB | 4.13% | 10/01/2033 | 250 | &nbsp;&nbsp; 232040 |
|  |  |  |  | &nbsp;&nbsp; 27397974 |
| **Mississippi–0.20%** | **Mississippi–0.20%** | **Mississippi–0.20%** | **Mississippi–0.20%** | **Mississippi–0.20%** |
| Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB<sup>(e)</sup> <br>| 3.63% | 11/01/2036 | 3040 | &nbsp;&nbsp; 2746115 |
| **Missouri–0.95%** | **Missouri–0.95%** | **Missouri–0.95%** | **Missouri–0.95%** | **Missouri–0.95%** |
| Cape Girardeau (County of), MO Industrial Development Authority (Procter & Gamble Paper <br> Products Co. (The)); Series 1998, RB<sup>(f)</sup> <br>| 5.30% | 05/15/2028 | 30 | &nbsp;&nbsp; 30070 |
| I-470 Western Gateway Transportation Development District; Series 2019 A, RB<sup>(e)</sup> <br>| 4.50% | 12/01/2029 | 30 | &nbsp;&nbsp; 30086 |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District);<br>|  |  |  |  |
| Series 2016 A, Ref. RB<sup>(e)</sup> <br>| 4.25% | 04/01/2026 | 100 | &nbsp;&nbsp; 99918 |
| Series 2016 A, Ref. RB<sup>(e)</sup> <br>| 5.00% | 04/01/2036 | 2000 | &nbsp;&nbsp; 1923153 |
| Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); <br> Series 2018 B, RB<sup>(e)</sup> <br>| 4.38% | 02/01/2031 | 450 | &nbsp;&nbsp; 444361 |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2037 | 1000 | &nbsp;&nbsp; 970609 |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2042 | 1750 | &nbsp;&nbsp; 1581632 |
| Maryland Heights (City of), MO (Westport Plaza Redevelopment); Series 2020, RB | 4.13% | 11/01/2038 | 2305 | &nbsp;&nbsp; 2116237 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2025, Ref. RB<sup>(e)</sup> <br>| 6.00% | 10/01/2045 | 3000 | &nbsp;&nbsp; 2883394 |
| St Louis County Industrial Development Authority; Series 2017, Ref. RB | 5.00% | 09/01/2037 | 1195 | &nbsp;&nbsp; 1195883 |
| 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; 1498786 |
|  |  |  |  | &nbsp;&nbsp; 12774129 |
| **Montana–0.37%** | **Montana–0.37%** | **Montana–0.37%** | **Montana–0.37%** | **Montana–0.37%** |
| Montana (State of) Facility Finance Authority (Franklin School Apartments); Series 2025, RB<sup>(a)</sup> <br>| 5.15% | 12/01/2026 | 2500 | &nbsp;&nbsp; 2514881 |
| Montana Board of Housing (Baxter Apartments Projects); Series 2023, RB<sup>(a)</sup> <br>| 6.50% | 03/01/2026 | 2500 | &nbsp;&nbsp; 2500000 |
|  |  |  |  | &nbsp;&nbsp; 5014881 |

---

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** |
| **Nevada–0.20%** | **Nevada–0.20%** | **Nevada–0.20%** | **Nevada–0.20%** | **Nevada–0.20%** |
| Las Vegas (City of), NV Special Improvement District No. 613; Series 2024, RB | 5.00% | 12/01/2039 | $400 | &nbsp;&nbsp; $394898 |
| Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB | 4.75% | 12/01/2040 | 325 | &nbsp;&nbsp; 310431 |
| 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; 495038 |
| North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village <br> 1); Series 2022, RB<sup>(e)</sup> <br>| 5.50% | 06/01/2037 | 730 | &nbsp;&nbsp; 745957 |
| Reno (City of), NV; Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2041 | 825 | &nbsp;&nbsp; 802513 |
|  |  |  |  | &nbsp;&nbsp; 2748837 |
| **New Hampshire–2.37%** | **New Hampshire–2.37%** | **New Hampshire–2.37%** | **New Hampshire–2.37%** | **New Hampshire–2.37%** |
| New Hampshire (State of) Business Finance Authority; Series 2025, RB | 5.15% | 09/28/2037 | 2000 | &nbsp;&nbsp; 1946217 |
| New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB<sup>(a)(e)</sup> <br>| 3.63% | 07/02/2040 | 3455 | &nbsp;&nbsp; 2769719 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School); Series 2025, RB | 5.13% | 08/01/2040 | 1500 | &nbsp;&nbsp; 1462800 |
| New Hampshire (State of) Business Finance Authority (Megatel); Series 2025, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2033 | 5000 | &nbsp;&nbsp; 3019601 |
| New Hampshire (State of) Business Finance Authority (River Ranch); Series 2025, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/01/2031 | 10000 | &nbsp;&nbsp; 6912890 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); |  |  |  |  |
| Series 2022-1A, RB | 4.38% | 09/20/2036 | 1533 | &nbsp;&nbsp; 1488964 |
| Series 2022-2A, RB | 4.00% | 10/20/2036 | 3843 | &nbsp;&nbsp; 3630630 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); Series 2024-1A, RB | 4.25% | 07/20/2041 | 2932 | &nbsp;&nbsp; 2806969 |
| New Hampshire (State of) Business Finance Authority (The Attwater); Series 2024, RB<sup>(e)(g)</sup> <br>| 0.00% | 04/01/2032 | 3000 | &nbsp;&nbsp; 2001166 |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/01/2034 | 7500 | &nbsp;&nbsp; 4101498 |
| New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, <br> Inc.);<br>|  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 5.63% | 12/15/2033 | 840 | &nbsp;&nbsp; 856500 |
| Series 2024, RB<sup>(e)</sup> <br>| 6.25% | 12/15/2038 | 810 | &nbsp;&nbsp; 817941 |
|  |  |  |  | &nbsp;&nbsp; 31814895 |
| **New Jersey–0.29%** | **New Jersey–0.29%** | **New Jersey–0.29%** | **New Jersey–0.29%** | **New Jersey–0.29%** |
| New Jersey (State of) Economic Development Authority (Golden Door Charter School); <br> Series 2018 A, RB<sup>(e)</sup> <br>| 5.13% | 11/01/2029 | 190 | &nbsp;&nbsp; 192107 |
| New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter <br> School); Series 2017 A, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2027 | 170 | &nbsp;&nbsp; 171495 |
| New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); <br> Series 2018 A, RB<sup>(e)</sup> <br>| 4.75% | 10/01/2028 | 645 | &nbsp;&nbsp; 644042 |
| 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; 1012517 |
| New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); <br> Series 2017 A, Ref. RB<sup>(e)</sup> <br>| 4.25% | 09/01/2027 | 115 | &nbsp;&nbsp; 115701 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2008 A, RB<sup>(g)</sup> <br>| 0.00% | 12/15/2028 | 715 | &nbsp;&nbsp; 652165 |
| Series 2009 A, RB<sup>(g)</sup> <br>| 0.00% | 12/15/2032 | 1465 | &nbsp;&nbsp; 1137890 |
|  |  |  |  | &nbsp;&nbsp; 3925917 |
| **New Mexico–0.83%** | **New Mexico–0.83%** | **New Mexico–0.83%** | **New Mexico–0.83%** | **New Mexico–0.83%** |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare); Series 2008, <br> VRD RB<sup>(i)</sup> <br>| 2.45% | 08/01/2034 | 10000 | &nbsp;&nbsp; 10000000 |
| Winrock Town Center Tax Increment Development District No. 1; Series 2022, Ref. RB<sup>(e)</sup> <br>| 4.00% | 05/01/2033 | 1250 | &nbsp;&nbsp; 1204232 |
|  |  |  |  | &nbsp;&nbsp; 11204232 |
| **New York–6.43%** | **New York–6.43%** | **New York–6.43%** | **New York–6.43%** | **New York–6.43%** |
| Buffalo & Erie County Industrial Land Development Corp. (Medaille College); |  |  |  |  |
| Series 2018, Ref. RB (Acquired 08/16/2018; Cost $220,094)<sup>(b)(c)(e)</sup> <br>| 5.00% | 10/01/2028 | 213 | &nbsp;&nbsp; 3088 |
| Series 2018, Ref. RB (Acquired 08/16/2018; Cost $1,403,843)<sup>(b)(c)(e)</sup> <br>| 5.00% | 10/01/2038 | 1389 | &nbsp;&nbsp; 20135 |
| Build NYC Resource Corp. (Brooklyn Navy Yard); |  |  |  |  |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(e)(f)(j)</sup> <br>| 5.25% | 12/31/2033 | 3000 | &nbsp;&nbsp; 3007762 |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(e)(f)(j)</sup> <br>| 5.50% | 12/31/2040 | 5000 | &nbsp;&nbsp; 4674715 |
| Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB | 5.00% | 07/01/2030 | 2365 | &nbsp;&nbsp; 2370043 |
| Build NYC Resource Corp. (Shefa School); Series 2021 A, RB<sup>(e)</sup> <br>| 2.50% | 06/15/2031 | 375 | &nbsp;&nbsp; 340775 |
| Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn); Series 2023, RB<sup>(e)</sup> <br>| 5.25% | 06/15/2043 | 525 | &nbsp;&nbsp; 501691 |
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 3210 | &nbsp;&nbsp; 2595790 |
| Metropolitan Transportation Authority; Subseries 2015 C-1, Ref. RB | 5.25% | 11/15/2031 | 2000 | &nbsp;&nbsp; 2006535 |

---

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 York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| Nassau (County of), NY Industrial Development Agency<sup>(g)(k)</sup> <br>| 0.00% | 01/01/2058 | $967 | &nbsp;&nbsp; $0 |
| New York & New Jersey (States of) Port Authority; One Hundred Eighty Third Series 2014, RB | 4.00% | 12/15/2038 | 2000 | &nbsp;&nbsp; 1955594 |
| New York (City of), NY; Subseries 2016 A-4, VRD GO Bonds<sup>(i)</sup> <br>| 2.20% | 08/01/2044 | 2000 | &nbsp;&nbsp; 2000000 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 08/01/2035 | 1250 | &nbsp;&nbsp; 1262425 |
| Series 2024, RB | 5.25% | 11/01/2043 | 1500 | &nbsp;&nbsp; 1524109 |
| New York Counties Tobacco Trust IV; Series 2010 A, RB<sup>(e)</sup> <br>| 6.25% | 06/01/2041 | 2849 | &nbsp;&nbsp; 2677658 |
| New York Counties Tobacco Trust VI; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.63% | 06/01/2035 | 720 | &nbsp;&nbsp; 731322 |
| Series 2016 A, Ref. RB | 6.00% | 06/01/2043 | 2640 | &nbsp;&nbsp; 2541810 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-3, Ref. RB<sup>(e)</sup> <br>| 7.25% | 11/15/2044 | 5400 | &nbsp;&nbsp; 5402668 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(f)</sup> <br>| 5.00% | 08/01/2026 | 2400 | &nbsp;&nbsp; 2400067 |
| Series 2016, Ref. RB<sup>(f)</sup> <br>| 5.00% | 08/01/2031 | 8680 | &nbsp;&nbsp; 8680075 |
| Series 2020, Ref. RB<sup>(f)</sup> <br>| 5.25% | 08/01/2031 | 2170 | &nbsp;&nbsp; 2224581 |
| Series 2021, Ref. RB<sup>(f)</sup> <br>| 3.00% | 08/01/2031 | 1545 | &nbsp;&nbsp; 1427753 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment);<br>|  |  |  |  |
| Series 2018, RB<sup>(f)</sup> <br>| 5.00% | 01/01/2032 | 4315 | &nbsp;&nbsp; 4396394 |
| Series 2018, RB<sup>(f)</sup> <br>| 5.00% | 01/01/2034 | 6500 | &nbsp;&nbsp; 6587176 |
| Series 2020, RB<sup>(f)</sup> <br>| 5.00% | 10/01/2035 | 5000 | &nbsp;&nbsp; 5072676 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds);<br>|  |  |  |  |
| Series 2023, RB<sup>(f)</sup> <br>| 5.50% | 06/30/2038 | 2000 | &nbsp;&nbsp; 2063209 |
| Series 2023, RB<sup>(f)</sup> <br>| 5.50% | 06/30/2039 | 1000 | &nbsp;&nbsp; 1028694 |
| Series 2023, RB<sup>(f)</sup> <br>| 5.50% | 06/30/2040 | 875 | &nbsp;&nbsp; 894232 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); <br> Series 2023, RB<sup>(f)</sup> <br>| 5.63% | 04/01/2040 | 2500 | &nbsp;&nbsp; 2576547 |
| Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB<sup>(e)(f)</sup> <br>| 4.75% | 11/01/2042 | 1000 | &nbsp;&nbsp; 884081 |
| Oneida Indian Nation; Series 2024 B, RB<sup>(e)</sup> <br>| 6.00% | 09/01/2043 | 2400 | &nbsp;&nbsp; 2510199 |
| Suffolk Regional Off-Track Betting Corp.; |  |  |  |  |
| Series 2024, RB | 5.00% | 12/01/2034 | 1600 | &nbsp;&nbsp; 1629155 |
| Series 2024, RB | 5.75% | 12/01/2044 | 1500 | &nbsp;&nbsp; 1500534 |
| Tompkins County Development Corp. (Ithaca College); Series 2015, Ref. RB | 5.00% | 07/01/2034 | 750 | &nbsp;&nbsp; 750639 |
| Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); |  |  |  |  |
| Series 2013 A, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2027 | 1000 | &nbsp;&nbsp; 200000 |
| Series 2013 A, RB<sup>(b)</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>(e)(f)</sup> <br>| 7.00% | 06/01/2046 | 3500 | &nbsp;&nbsp; 3642707 |
| Westchester County Local Development Corp.; Series 2025, RB | 6.50% | 11/01/2030 | 4150 | &nbsp;&nbsp; 4150000 |
|  |  |  |  | &nbsp;&nbsp; 86434839 |
| **North Carolina–0.34%** | **North Carolina–0.34%** | **North Carolina–0.34%** | **North Carolina–0.34%** | **North Carolina–0.34%** |
| Greater Asheville Regional Airport Authority; Series 2023, RB (INS - AGI)<sup>(d)(f)</sup> <br>| 5.25% | 07/01/2048 | 3625 | &nbsp;&nbsp; 3630465 |
| North Carolina (State of) Medical Care Commission (Southminster); Series 2016, Ref. RB | 5.00% | 10/01/2037 | 1000 | &nbsp;&nbsp; 1001246 |
|  |  |  |  | &nbsp;&nbsp; 4631711 |
| **North Dakota–0.39%** | **North Dakota–0.39%** | **North Dakota–0.39%** | **North Dakota–0.39%** | **North Dakota–0.39%** |
| Burleigh (County of), ND (University of Mary); Series 2016, RB | 4.38% | 04/15/2026 | 220 | &nbsp;&nbsp; 219767 |
| Grand Forks (City of), ND (Altru Health System); Series 2021, Ref. RB | 4.00% | 12/01/2040 | 3375 | &nbsp;&nbsp; 2955794 |
| Horace (City of), ND; Series 2024 C, Ref. GO Bonds | 4.75% | 05/01/2044 | 1100 | &nbsp;&nbsp; 1019915 |
| North Dakota (State of) Housing Finance Agency (Social Bonds); Series 2024 C, RB | 6.25% | 01/01/2055 | 990 | &nbsp;&nbsp; 1108308 |
|  |  |  |  | &nbsp;&nbsp; 5303784 |
| **Ohio–4.46%** | **Ohio–4.46%** | **Ohio–4.46%** | **Ohio–4.46%** | **Ohio–4.46%** |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| Series 2020 A-2, Ref. RB | 3.00% | 06/01/2048 | 2755 | &nbsp;&nbsp; 1839906 |
| Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 2470 | &nbsp;&nbsp; 1998498 |

---

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** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); <br> Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.25% | 01/01/2034 | $1000 | &nbsp;&nbsp; $1018710 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB | 6.00% | 11/15/2035 | 1000 | &nbsp;&nbsp; 1001884 |
| Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB<sup>(f)</sup> <br>| 5.38% | 09/15/2027 | 485 | &nbsp;&nbsp; 485298 |
| Cuyahoga (County of), OH (MetroHealth System); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 02/15/2037 | 6220 | &nbsp;&nbsp; 6213621 |
| Series 2017, Ref. RB | 5.00% | 02/15/2042 | 3500 | &nbsp;&nbsp; 3330258 |
| Dayton-Montgomery County Port Authority (Liberty Assisted Living Springfield); Series 2025, RB<sup>(e)</sup> <br>| 6.63% | 01/01/2045 | 3640 | &nbsp;&nbsp; 3670398 |
| Franklin (County of), OH; Series 2015, RB | 5.00% | 05/15/2040 | 5800 | &nbsp;&nbsp; 5799780 |
| Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB | 5.25% | 11/15/2040 | 1500 | &nbsp;&nbsp; 1437489 |
| Greater Cincinnati (Port of), OH Development Authority; Series 2004, RB<sup>(a)(h)</sup> <br>| 6.40% | 09/19/2025 | 1805 | &nbsp;&nbsp; 1808118 |
| Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB<sup>(a)</sup> <br>| 4.38% | 06/15/2026 | 3500 | &nbsp;&nbsp; 3454842 |
| Muskingum (County of), OH (Genesis Healthcare System); |  |  |  |  |
| Series 2013, RB | 5.00% | 02/15/2033 | 1000 | &nbsp;&nbsp; 1003670 |
| Series 2013, RB | 5.00% | 02/15/2044 | 4880 | &nbsp;&nbsp; 4497487 |
| Series 2013, RB | 5.00% | 02/15/2048 | 5300 | &nbsp;&nbsp; 4774308 |
| Ohio (State of) (Portsmouth Bypass); Series 2015, RB<sup>(f)</sup> <br>| 5.00% | 12/31/2039 | 3665 | &nbsp;&nbsp; 3664823 |
| Ohio (State of) (University Hospitals Health System, Inc.); Series 2015, Ref. VRD RB<sup>(i)</sup> <br>| 2.90% | 01/15/2045 | 8000 | &nbsp;&nbsp; 8000000 |
| Ohio (State of) Higher Educational Facility Commission; Series 2016, Ref. RB | 5.00% | 11/01/2041 | 1000 | &nbsp;&nbsp; 1000931 |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University); Series 2025, RB | 5.38% | 10/01/2045 | 3425 | &nbsp;&nbsp; 3292920 |
| Ohio (State of) Housing Finance Agency (Haven's Edge Apartments); Series 2025, RB<sup>(e)</sup> <br>| 5.70% | 08/01/2043 | 1200 | &nbsp;&nbsp; 1205107 |
| RiverSouth Authority; Series 2007 A, RB | 5.75% | 12/01/2027 | 405 | &nbsp;&nbsp; 405188 |
|  |  |  |  | &nbsp;&nbsp; 59903236 |
| **Oklahoma–0.62%** | **Oklahoma–0.62%** | **Oklahoma–0.62%** | **Oklahoma–0.62%** | **Oklahoma–0.62%** |
| Oklahoma (County of), OK Finance Authority (Astec); |  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 5.25% | 06/15/2034 | 1200 | &nbsp;&nbsp; 1192565 |
| Series 2024, RB<sup>(e)</sup> <br>| 6.00% | 06/15/2044 | 1500 | &nbsp;&nbsp; 1406096 |
| Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB (INS - AGI)<sup>(d)</sup> <br>| 4.00% | 08/15/2048 | 2430 | &nbsp;&nbsp; 2108032 |
| Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB<sup>(f)</sup> <br>| 5.50% | 12/01/2035 | 2000 | &nbsp;&nbsp; 1999930 |
| Tulsa Municipal Airport Trust Trustees; Series 2025, Ref. RB<sup>(f)</sup> <br>| 6.25% | 12/01/2035 | 1500 | &nbsp;&nbsp; 1657655 |
|  |  |  |  | &nbsp;&nbsp; 8364278 |
| **Oregon–0.43%** | **Oregon–0.43%** | **Oregon–0.43%** | **Oregon–0.43%** | **Oregon–0.43%** |
| Local Oregon Capital Assets Program; Series 2011 C, COP | 4.60% | 06/01/2031 | 35 | &nbsp;&nbsp; 35014 |
| Morrow (Port of), OR (Bonneville Cooperation Project No. 4); Series 2024 A, GO Bonds<sup>(e)</sup> <br>| 5.15% | 10/01/2026 | 5000 | &nbsp;&nbsp; 4999780 |
| Oregon (State of) Facilities Authority; |  |  |  |  |
| Series 2025, Ref. RB<sup>(e)</sup> <br>| 4.63% | 06/15/2035 | 270 | &nbsp;&nbsp; 269572 |
| Series 2025, Ref. RB<sup>(e)</sup> <br>| 5.50% | 06/15/2045 | 475 | &nbsp;&nbsp; 458436 |
|  |  |  |  | &nbsp;&nbsp; 5762802 |
| **Pennsylvania–0.94%** | **Pennsylvania–0.94%** | **Pennsylvania–0.94%** | **Pennsylvania–0.94%** | **Pennsylvania–0.94%** |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 <br> Waterfront); Series 2021, RB<sup>(e)</sup> <br>| 6.00% | 05/01/2042 | 620 | &nbsp;&nbsp; 633487 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); <br> Series 2018, RB<sup>(e)</sup> <br>| 5.00% | 05/01/2028 | 620 | &nbsp;&nbsp; 642299 |
| Commonwealth Financing Authority; Series 2015 A, RB | 5.00% | 06/01/2034 | 500 | &nbsp;&nbsp; 500350 |
| Crawford (County of), PA Hospital Authority Meadville Medical Center); |  |  |  |  |
| Series 2016 A, Ref. RB | 6.00% | 06/01/2046 | 2755 | &nbsp;&nbsp; 2757168 |
| Series 2016, Ref. RB | 6.00% | 06/01/2036 | 1915 | &nbsp;&nbsp; 1920939 |
| Northampton (County of), PA Industrial Development Authority; Series 2013, RB<sup>(b)</sup> <br>| 5.00% | 06/30/2027 | 193 | &nbsp;&nbsp; 34713 |
| Northampton (County of), PA Industrial Development Authority (Northampton Generating Co. L.P.); <br> Series 2013 A, RB (Acquired 04/03/2013; Cost $308,057)<sup>(b)(c)</sup> <br>| 5.00% | 06/30/2027 | 350 | &nbsp;&nbsp; 154062 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2024-145A, RB | 6.00% | 10/01/2054 | 1575 | &nbsp;&nbsp; 1718608 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); <br> Series 2016, Ref. RB<br>| 5.00% | 06/01/2036 | 1000 | &nbsp;&nbsp; 1009140 |
| 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; 1719806 |

---

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** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |
| 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; $504958 |
| Series 2017, Ref. RB | 5.00% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1007417 |
|  |  |  |  | &nbsp;&nbsp; 12602947 |
| **Puerto Rico–4.96%** | **Puerto Rico–4.96%** | **Puerto Rico–4.96%** | **Puerto Rico–4.96%** | **Puerto Rico–4.96%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | 8375 | &nbsp;&nbsp; 8484119 |
| Series 2002, RB | 5.63% | 05/15/2043 | 7645 | &nbsp;&nbsp; 7764903 |
| PRHTA Custodial Trust; Series 2023, RB<sup>(b)</sup> <br>| 5.75% | 12/06/2049 | 193 | &nbsp;&nbsp; 53168 |
| PRPBA Custodial Trust; Series 2022, RB<sup>(g)</sup> <br>| 0.00% | 03/15/2049 | 278 | &nbsp;&nbsp; 3347 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(g)</sup> <br>| 0.00% | 07/01/2033 | 2035 | &nbsp;&nbsp; 1424747 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 10510 | &nbsp;&nbsp; 10869865 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 3300 | &nbsp;&nbsp; 3228730 |
| Subseries 2022, RN<sup>(g)</sup> <br>| 0.00% | 11/01/2043 | 3886 | &nbsp;&nbsp; 2443562 |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| Series 2005 RR, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2026 | 155 | &nbsp;&nbsp; 155006 |
| Series 2007 TT, RB (INS - NATL)<sup>(d)</sup> <br>| 5.00% | 07/01/2026 | 165 | &nbsp;&nbsp; 165006 |
| Series 2007 TT, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2037 | 65 | &nbsp;&nbsp; 43144 |
| Series 2007 UU, Ref. RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2026 | 1435 | &nbsp;&nbsp; 1435053 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(d)</sup> <br>| 5.25% | 07/01/2030 | 1000 | &nbsp;&nbsp; 1009138 |
| Series 2010 CCC, RB<sup>(b)</sup> <br>| 5.25% | 07/01/2026 | 1765 | &nbsp;&nbsp; 1171519 |
| Series 2010 XX, RB<sup>(b)</sup> <br>| 5.25% | 07/01/2027 | 250 | &nbsp;&nbsp; 165937 |
| Series 2010 ZZ, Ref. RB<sup>(b)</sup> <br>| 5.25% | 07/01/2026 | 1180 | &nbsp;&nbsp; 780275 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 | 3748 | &nbsp;&nbsp; 3590607 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |
| Series 2023 A, RB | 6.63% | 01/01/2027 | 596 | &nbsp;&nbsp; 594233 |
| Series 2023 A, RB | 6.63% | 01/01/2028 | 4548 | &nbsp;&nbsp; 4535995 |
| Puerto Rico (Commonwealth of) Municipal Finance Agency; |  |  |  |  |
| Series 2002 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 08/01/2027 | 440 | &nbsp;&nbsp; 441160 |
| Series 2005 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 08/01/2030 | 305 | &nbsp;&nbsp; 305803 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2027 | 734 | &nbsp;&nbsp; 691306 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2029 | 1003 | &nbsp;&nbsp; 880699 |
| Series 2018 A-1, RB | 4.50% | 07/01/2034 | 8408 | &nbsp;&nbsp; 8407625 |
| Series 2018 A-1, RB | 4.55% | 07/01/2040 | 538 | &nbsp;&nbsp; 513453 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2046 | 8831 | &nbsp;&nbsp; 2791103 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2051 | 11268 | &nbsp;&nbsp; 2630128 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 | 163 | &nbsp;&nbsp; 140588 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 | 2196 | &nbsp;&nbsp; 1940003 |
|  |  |  |  | &nbsp;&nbsp; 66660222 |
| **Rhode Island–0.98%** | **Rhode Island–0.98%** | **Rhode Island–0.98%** | **Rhode Island–0.98%** | **Rhode Island–0.98%** |
| Pawtucket (City of), RI Housing Authority; Series 2010, RB | 5.50% | 09/01/2028 | 195 | &nbsp;&nbsp; 195422 |
| Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB | 6.50% | 04/01/2027 | 80 | &nbsp;&nbsp; 80192 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 4445 | &nbsp;&nbsp; 4413540 |
| Series 2015 B, Ref. RB | 4.50% | 06/01/2045 | 3620 | &nbsp;&nbsp; 3496753 |
| Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 5175 | &nbsp;&nbsp; 4975712 |
|  |  |  |  | &nbsp;&nbsp; 13161619 |
| **South Carolina–0.86%** | **South Carolina–0.86%** | **South Carolina–0.86%** | **South Carolina–0.86%** | **South Carolina–0.86%** |
| Patriots Energy Group Financing Agency; Series 2023 A-1, RB<sup>(a)</sup> <br>| 5.25% | 08/01/2031 | 2500 | &nbsp;&nbsp; 2664776 |
| 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; 1372013 |

---

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** |
| **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** |
| South Carolina (State of) Jobs-Economic Development Authority (Greer Preparatory Academy <br> Project);<br>|  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 6.00% | 06/15/2035 | $1310 | &nbsp;&nbsp; $1337115 |
| Series 2024, RB<sup>(e)</sup> <br>| 6.38% | 06/15/2045 | 1000 | &nbsp;&nbsp; 974387 |
| South Carolina (State of) Jobs-Economic Development Authority (Oceanside Collegiate Academy); <br> Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 06/15/2044 | 2790 | &nbsp;&nbsp; 2538024 |
| South Carolina (State of) Jobs-Economic Development Authority (South Carolina SAVES Green <br> Community Program - AAC East LLC) (Green Bonds); Series 2019, RB<sup>(e)</sup> <br>| 7.00% | 05/01/2026 | 385 | &nbsp;&nbsp; 379972 |
| South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB (INS - <br> AGI)<sup>(d)</sup> <br>| 5.00% | 12/01/2042 | 2250 | &nbsp;&nbsp; 2313614 |
|  |  |  |  | &nbsp;&nbsp; 11579901 |
| **Tennessee–2.49%** | **Tennessee–2.49%** | **Tennessee–2.49%** | **Tennessee–2.49%** | **Tennessee–2.49%** |
| Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB | 5.00% | 06/01/2027 | 2590 | &nbsp;&nbsp; 2511049 |
| Jackson (City of), TN; Series 2015, RB | 5.00% | 04/01/2030 | 2890 | &nbsp;&nbsp; 2891753 |
| 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; 2615839 |
| 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; 258249 |
| 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>(b)(c)(e)</sup> <br>| 5.25% | 04/01/2028 | 1588 | &nbsp;&nbsp; 19845 |
| Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway <br> Development);<br>|  |  |  |  |
| Series 2018, RB<sup>(e)</sup> <br>| 4.50% | 06/01/2028 | 685 | &nbsp;&nbsp; 693655 |
| Series 2018, RB<sup>(e)</sup> <br>| 5.13% | 06/01/2036 | 1600 | &nbsp;&nbsp; 1608967 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); |  |  |  |  |
| Series 2013 A, Ref. RB<sup>(e)</sup> <br>| 5.38% | 09/01/2041 | 705 | &nbsp;&nbsp; 604967 |
| Series 2013 A, Ref. RB<sup>(e)</sup> <br>| 5.50% | 09/01/2047 | 200 | &nbsp;&nbsp; 167557 |
| Series 2016 A, Ref. RB<sup>(e)</sup> <br>| 5.00% | 09/01/2031 | 3000 | &nbsp;&nbsp; 2800591 |
| Tennergy Corp.; |  |  |  |  |
| Series 2021 A, RB<sup>(a)</sup> <br>| 4.00% | 09/01/2028 | 3610 | &nbsp;&nbsp; 3666440 |
| Series 2022 A, RB<sup>(a)</sup> <br>| 5.50% | 12/01/2030 | 5950 | &nbsp;&nbsp; 6334781 |
| Tennessee Energy Acquisition Corp.; Series 2006 B, RB | 5.63% | 09/01/2026 | 9150 | &nbsp;&nbsp; 9320985 |
|  |  |  |  | &nbsp;&nbsp; 33494678 |
| **Texas–10.08%** | **Texas–10.08%** | **Texas–10.08%** | **Texas–10.08%** | **Texas–10.08%** |
| Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1); Series 2017, RB | 4.25% | 09/01/2027 | 135 | &nbsp;&nbsp; 135656 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); |  |  |  |  |
| Series 2023, RB<sup>(a)(e)(h)</sup> <br>| 4.88% | 09/03/2025 | 1000 | &nbsp;&nbsp; 1000059 |
| Series 2024, RB<sup>(e)</sup> <br>| 4.50% | 06/15/2044 | 1660 | &nbsp;&nbsp; 1455564 |
| Series 2024, RB<sup>(e)</sup> <br>| 4.75% | 06/15/2049 | 1830 | &nbsp;&nbsp; 1591030 |
| Series 2025, Ref. RB<sup>(e)</sup> <br>| 5.63% | 06/15/2045 | 2000 | &nbsp;&nbsp; 1971024 |
| Arlington Higher Education Finance Corp. (Cypress Christian School); Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2033 | 3790 | &nbsp;&nbsp; 3864738 |
| Arlington Higher Education Finance Corp. (Great Hearts America - Texas); Series 2024, RB | 4.50% | 08/15/2039 | 1500 | &nbsp;&nbsp; 1423747 |
| Arlington Higher Education Finance Corp. (Legacy Traditional Schools); |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 02/15/2031 | 2290 | &nbsp;&nbsp; 2163203 |
| Series 2021, Ref. RB | 4.13% | 02/15/2041 | 3325 | &nbsp;&nbsp; 2572764 |
| Arlington Higher Education Finance Corp. (Newman International Academy); |  |  |  |  |
| Series 2016, RB | 5.38% | 08/15/2036 | 3835 | &nbsp;&nbsp; 3410251 |
| Series 2021, RB | 5.00% | 08/15/2041 | 900 | &nbsp;&nbsp; 695577 |
| Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.); Series 2023 A, RB<sup>(e)</sup> <br>| 5.25% | 02/15/2033 | 1950 | &nbsp;&nbsp; 1862140 |
| Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 4.55% | 08/15/2028 | 315 | &nbsp;&nbsp; 316231 |
| Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB | 5.15% | 08/15/2029 | 1140 | &nbsp;&nbsp; 1147758 |
| Aubrey (City of), TX; Series 2025, RB<sup>(e)</sup> <br>| 4.63% | 12/31/2035 | 500 | &nbsp;&nbsp; 492109 |
| Aurora (City of), IL; Series 2014, RB<sup>(f)</sup> <br>| 5.00% | 11/15/2030 | 2000 | &nbsp;&nbsp; 2001371 |
| Austin (City of), TX; Series 2014, RB<sup>(f)</sup> <br>| 5.00% | 11/15/2044 | 4000 | &nbsp;&nbsp; 3940774 |
| Bastrop (City of), TX; Series 2025, RB<sup>(e)</sup> <br>| 5.38% | 09/01/2045 | 500 | &nbsp;&nbsp; 480192 |

---

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** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 07/15/2026 | $250 | &nbsp;&nbsp; $251406 |
| Series 2016, Ref. RB | 5.00% | 07/15/2041 | 1000 | &nbsp;&nbsp; 903698 |
| Series 2018, Ref. RB | 5.00% | 07/15/2026 | 1170 | &nbsp;&nbsp; 1176580 |
| Series 2018, Ref. RB | 5.00% | 07/15/2033 | 2630 | &nbsp;&nbsp; 2633756 |
| Boyd (City of), TX; Series 2025, RB<sup>(e)</sup> <br>| 5.63% | 09/15/2045 | 700 | &nbsp;&nbsp; 697721 |
| Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); |  |  |  |  |
| Series 2019, RB (Acquired 02/23/2022; Cost $400,919)<sup>(b)(c)(f)</sup> <br>| 7.00% | 03/01/2039 | 385 | &nbsp;&nbsp; 96250 |
| Series 2019, RB (Acquired 05/27/2021-02/23/2022; Cost $2,172,209)<sup>(b)(c)(e)(f)</sup> <br>| 9.00% | 03/01/2039 | 2035 | &nbsp;&nbsp; 508750 |
| Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); <br> Series 2021, RN<sup>(e)(f)</sup> <br>| 3.63% | 07/01/2026 | 3800 | &nbsp;&nbsp; 3685084 |
| Celina (City of), TX; Series 2025, RB<sup>(e)</sup> <br>| 5.38% | 09/01/2045 | 500 | &nbsp;&nbsp; 472791 |
| Celina (City of), TX (Mosaic Public Improvement District Improvement Area No. 2); Series 2024, <br> RB<sup>(e)</sup> <br>| 5.13% | 09/01/2044 | 1250 | &nbsp;&nbsp; 1162903 |
| Crandall (City of), TX; |  |  |  |  |
| Series 2021, RB<sup>(e)</sup> <br>| 4.13% | 09/15/2026 | 50 | &nbsp;&nbsp; 50100 |
| Series 2021, RB<sup>(e)</sup> <br>| 4.75% | 09/15/2031 | 200 | &nbsp;&nbsp; 201048 |
| Series 2021, RB<sup>(e)</sup> <br>| 5.25% | 09/15/2051 | 1000 | &nbsp;&nbsp; 913183 |
| Crandall (City of), TX (River Ridge Public Improvement Disctrict Improvement Area #3); <br> Series 2025, RB<sup>(e)</sup> <br>| 5.25% | 09/15/2045 | 545 | &nbsp;&nbsp; 511452 |
| Decatur (City of), TX (Paloma Trails Public Improvement District Area No. 1); Series 2025, RB<sup>(e)</sup> <br>| 5.50% | 09/15/2045 | 560 | &nbsp;&nbsp; 527461 |
| Gladieux Metals Recycling LLC; |  |  |  |  |
| IDR<sup>(k)</sup> <br>| 15.00% | 05/08/2026 | 315 | &nbsp;&nbsp; 302100 |
| IDR<sup>(k)</sup> <br>| 15.00% | 05/08/2026 | 315 | &nbsp;&nbsp; 282470 |
| Gulf Coast Industrial Development Authority; Series 1998, RB<sup>(f)</sup> <br>| 8.00% | 04/01/2028 | 340 | &nbsp;&nbsp; 340475 |
| Houston (City of), TX; |  |  |  |  |
| Series 2011, Ref. RB<sup>(f)</sup> <br>| 6.50% | 07/15/2030 | 1245 | &nbsp;&nbsp; 1248168 |
| Series 2014 D, Ref. RB | 5.00% | 11/15/2044 | 2000 | &nbsp;&nbsp; 2000453 |
| Series 2015 B-1, RB<sup>(f)</sup> <br>| 5.00% | 07/15/2030 | 5000 | &nbsp;&nbsp; 5000099 |
| Series 2015 B-1, RB<sup>(f)</sup> <br>| 5.00% | 07/15/2035 | 7700 | &nbsp;&nbsp; 7700211 |
| Series 2024 B, RB<sup>(f)</sup> <br>| 5.50% | 07/15/2036 | 1000 | &nbsp;&nbsp; 1057528 |
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB<sup>(f)</sup> <br>| 5.00% | 07/01/2029 | 1230 | &nbsp;&nbsp; 1230024 |
| Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB<sup>(f)</sup> <br>| 5.00% | 07/15/2028 | 1000 | &nbsp;&nbsp; 1021026 |
| Houston Higher Education Finance Corp. (Houston Baptist University); Series 2021, RB | 3.38% | 10/01/2037 | 700 | &nbsp;&nbsp; 594601 |
| Laredo (City of), TX; Series 2024, RB | 5.00% | 03/01/2040 | 1000 | &nbsp;&nbsp; 1048488 |
| Lavon (City of), TX (Trails of Lavon Public Improvements District Projetcs); Series 2025, RB<sup>(e)</sup> <br>| 5.75% | 09/15/2045 | 875 | &nbsp;&nbsp; 876530 |
| Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2016, Ref. <br> RB<sup>(b)</sup> <br>| 5.00% | 02/15/2035 | 220 | &nbsp;&nbsp; 2200 |
| Mission Economic Development Corp. (Green Bonds); Series 2025, RB<sup>(a)(f)</sup> <br>| 5.00% | 06/01/2030 | 2125 | &nbsp;&nbsp; 2160736 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(e)(f)</sup> <br>| 4.63% | 10/01/2031 | 7500 | &nbsp;&nbsp; 7492181 |
| New Hope Cultural Education Facilities Finance Corp.; Series 2025 A, RB | 6.25% | 10/01/2045 | 5000 | &nbsp;&nbsp; 4841834 |
| New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); |  |  |  |  |
| Series 2016, Ref. RB | 4.00% | 07/01/2028 | 1815 | &nbsp;&nbsp; 1816088 |
| Series 2016, Ref. RB | 5.00% | 07/01/2036 | 3950 | &nbsp;&nbsp; 3950500 |
| New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); Series 2020 A, RB<sup>(e)</sup> <br>| 4.00% | 08/15/2030 | 4085 | &nbsp;&nbsp; 3884663 |
| New Hope Cultural Education Facilities Finance Corp. (Forefront Living - Bella Vida); Series 2025, <br> Ref. RB<br>| 4.25% | 10/01/2030 | 3000 | &nbsp;&nbsp; 3011290 |
| New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. <br> RB<sup>(e)</sup> <br>| 4.00% | 08/15/2027 | 1040 | &nbsp;&nbsp; 1043261 |
| New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2025, RB | 5.25% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1003862 |
| New Hope Cultural Education Facilities Finance Corp. (Legacy Preparatory Charter Academy); <br> Series 2018 A, RB<sup>(e)</sup> <br>| 6.00% | 08/15/2037 | 1000 | &nbsp;&nbsp; 942222 |
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2022, Ref. <br> RB<br>| 4.00% | 01/01/2032 | 1500 | &nbsp;&nbsp; 1400593 |
| New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); <br> Series 2016 A, RB<br>| 5.38% | 11/15/2036 | 1165 | &nbsp;&nbsp; 1031414 |
| New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022, <br> RB<br>| 5.50% | 10/01/2027 | 860 | &nbsp;&nbsp; 860446 |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, <br> Ref. RB<br>| 5.00% | 10/01/2039 | 1000 | &nbsp;&nbsp; 922245 |

---

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)** |
| North East Texas Regional Mobility Authority; Series 2016 A, RB | 5.00% | 01/01/2041 | $1000 | &nbsp;&nbsp; $990020 |
| Port Beaumont Navigation District (Jefferson Gulf Coast Energy); |  |  |  |  |
| Series 2021, RB<sup>(e)(f)</sup> <br>| 2.50% | 01/01/2030 | 2150 | &nbsp;&nbsp; 1992073 |
| Series 2021, RB<sup>(e)(f)</sup> <br>| 2.63% | 01/01/2031 | 800 | &nbsp;&nbsp; 727409 |
| Princeton (City of), TX; |  |  |  |  |
| Series 2025, RB<sup>(e)</sup> <br>| 5.38% | 09/01/2045 | 420 | &nbsp;&nbsp; 404815 |
| Series 2025, RB<sup>(e)</sup> <br>| 5.38% | 09/01/2045 | 500 | &nbsp;&nbsp; 476757 |
| Providence Village (Town of), TX (Foree Ranch Public Improvement District Improvement Area No. <br> 2); Series 2025, RB<sup>(e)</sup> <br>| 5.35% | 09/01/2045 | 750 | &nbsp;&nbsp; 710375 |
| Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, <br> RB<br>| 5.38% | 09/15/2030 | 570 | &nbsp;&nbsp; 574108 |
| Seagoville (City of), TX; Series 2025, RB<sup>(e)</sup> <br>| 4.75% | 09/15/2035 | 645 | &nbsp;&nbsp; 646690 |
| Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |  |  |  |  |
| Series 2017 A, RB (Acquired 12/15/2016; Cost $1,011,589)<sup>(b)(c)</sup> <br>| 6.00% | 02/15/2031 | 1000 | &nbsp;&nbsp; 650000 |
| Series 2017, RB (Acquired 11/05/2019; Cost $3,271,528)<sup>(b)(c)</sup> <br>| 6.38% | 02/15/2041 | 3000 | &nbsp;&nbsp; 1950000 |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center); <br> Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 12/01/2049 | 10000 | &nbsp;&nbsp; 10291310 |
| Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); <br> Series 2008 A, VRD RB (LOC - Td Bank N.A.)<sup>(i)(j)</sup> <br>| 2.20% | 10/01/2041 | 10000 | &nbsp;&nbsp; 10000000 |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); |  |  |  |  |
| Series 2020, Ref. RB | 4.00% | 11/15/2027 | 130 | &nbsp;&nbsp; 127967 |
| Series 2020, Ref. RB | 6.25% | 11/15/2031 | 1000 | &nbsp;&nbsp; 979150 |
| 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; 1389003 |
| Travis County Development Authority (Longview 71 Public Improvement District Improvement <br> Area No. 1); Series 2024, RB<sup>(e)</sup> <br>| 4.25% | 09/01/2032 | 474 | &nbsp;&nbsp; 471023 |
| 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; 655013 |
| Series 2025, RB | 5.25% | 09/01/2054 | 1175 | &nbsp;&nbsp; 1070685 |
|  |  |  |  | &nbsp;&nbsp; 135488477 |
| **Utah–2.90%** | **Utah–2.90%** | **Utah–2.90%** | **Utah–2.90%** | **Utah–2.90%** |
| Black Desert Public Infrastructure District; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(e)</sup> <br>| 3.25% | 03/01/2031 | 1050 | &nbsp;&nbsp; 1007658 |
| Series 2021 A, GO Bonds<sup>(e)</sup> <br>| 3.50% | 03/01/2036 | 1750 | &nbsp;&nbsp; 1569664 |
| Firefly Public Infrastructure District No. 1 (Firefly Assessment Area No.1); Series 2024, RB<sup>(e)</sup> <br>| 5.63% | 12/01/2043 | 1939 | &nbsp;&nbsp; 1879640 |
| Mida Golf and Equestrian Center Public Infrastructure District; |  |  |  |  |
| Series 2021, GO Bonds<sup>(e)</sup> <br>| 4.25% | 06/01/2041 | 2205 | &nbsp;&nbsp; 1872158 |
| Series 2021, GO Bonds<sup>(e)</sup> <br>| 4.50% | 06/01/2051 | 2500 | &nbsp;&nbsp; 2016577 |
| Mida Mountain Village Public Infrastructure District; |  |  |  |  |
| Series 2020 A, RB<sup>(e)</sup> <br>| 4.25% | 08/01/2035 | 1645 | &nbsp;&nbsp; 1610318 |
| Series 2020 A, RB<sup>(e)</sup> <br>| 4.50% | 08/01/2040 | 1205 | &nbsp;&nbsp; 1142761 |
| Series 2024-2, RB<sup>(e)</sup> <br>| 5.50% | 06/15/2039 | 2250 | &nbsp;&nbsp; 2226427 |
| Military Installation Development Authority; Series 2021 A-2, RB | 4.00% | 06/01/2041 | 1250 | &nbsp;&nbsp; 1071140 |
| Olympia Public Infrastructure District No. 1; Series 2024 A-2, RB<sup>(e)</sup> <br>| 5.13% | 12/01/2029 | 4000 | &nbsp;&nbsp; 4048613 |
| Peaks Public Infrastructure District (Peaks Assessment Area); Series 2024, RB<sup>(e)</sup> <br>| 5.25% | 12/01/2053 | 1450 | &nbsp;&nbsp; 1300676 |
| Point Phase 1 Public Infrastructure District No. 1; Series 2025 A-1, RB | 5.88% | 03/01/2045 | 5500 | &nbsp;&nbsp; 5508297 |
| Sienna Hills Public Infrastructure District No. 1; Series 2023 A, GO Bonds<sup>(e)</sup> <br>| 6.75% | 07/01/2035 | 2500 | &nbsp;&nbsp; 2511929 |
| Utah (State of) Charter School Finance Authority (Ascent Academies of Utah); |  |  |  |  |
| Series 2022, RB<sup>(e)</sup> <br>| 4.25% | 06/15/2027 | 960 | &nbsp;&nbsp; 954885 |
| Series 2022, RB<sup>(e)</sup> <br>| 4.50% | 06/15/2032 | 2000 | &nbsp;&nbsp; 1931413 |
| Series 2022, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2037 | 3515 | &nbsp;&nbsp; 3309097 |
| Utah (State of) Charter School Finance Authority (Freedom Academy Foundation (The)); <br> Series 2017, Ref. RB<sup>(e)</sup> <br>| 4.50% | 06/15/2027 | 100 | &nbsp;&nbsp; 99722 |
| Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); |  |  |  |  |
| Series 2019 A, RB<sup>(e)</sup> <br>| 4.50% | 06/15/2029 | 685 | &nbsp;&nbsp; 680758 |
| Series 2019 A, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2034 | 1270 | &nbsp;&nbsp; 1240968 |
| Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB<sup>(e)</sup> <br>| 7.00% | 12/01/2042 | 3000 | &nbsp;&nbsp; 3054844 |
|  |  |  |  | &nbsp;&nbsp; 39037545 |

---

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** |
| **Vermont–0.13%** | **Vermont–0.13%** | **Vermont–0.13%** | **Vermont–0.13%** | **Vermont–0.13%** |
| East Central Vermont Telecommunications District; Series 2020 A, RB<sup>(e)</sup> <br>| 4.00% | 12/01/2030 | $1760 | &nbsp;&nbsp; $1724533 |
| **Virginia–0.61%** | **Virginia–0.61%** | **Virginia–0.61%** | **Virginia–0.61%** | **Virginia–0.61%** |
| Peninsula Town Center Community Development Authority; Series 2018, Ref. RB<sup>(e)</sup> <br>| 4.50% | 09/01/2028 | 960 | &nbsp;&nbsp; 970397 |
| Virginia (Commonwealth of) Small Business Financing Authority (Covanta); Series 2018, RB<sup>(a)(e)(f)</sup> <br>| 5.00% | 07/01/2038 | 2310 | &nbsp;&nbsp; 2162639 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); |  |  |  |  |
| Series 2023 B-3, RB | 5.38% | 09/01/2029 | 4000 | &nbsp;&nbsp; 4045646 |
| Series 2023, RB | 7.00% | 09/01/2059 | 1000 | &nbsp;&nbsp; 1078500 |
|  |  |  |  | &nbsp;&nbsp; 8257182 |
| **Washington–1.32%** | **Washington–1.32%** | **Washington–1.32%** | **Washington–1.32%** | **Washington–1.32%** |
| Kalispel Tribe of Indians; Series 2018 B, RB<sup>(e)</sup> <br>| 5.00% | 01/01/2032 | 600 | &nbsp;&nbsp; 613694 |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 65 | &nbsp;&nbsp; 65023 |
| King (County of), WA Housing Authority (Rural Preservation); Series 1997, RB<sup>(f)</sup> <br>| 5.75% | 01/01/2028 | 5 | &nbsp;&nbsp; 5021 |
| King (County of), WA Public Hospital District No. 4; Series 2015 A, RB | 6.25% | 12/01/2045 | 1700 | &nbsp;&nbsp; 1658006 |
| Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB<sup>(f)</sup> <br>| 5.00% | 04/01/2030 | 6475 | &nbsp;&nbsp; 6475033 |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. <br> RB<sup>(e)</sup> <br>| 4.00% | 07/01/2026 | 125 | &nbsp;&nbsp; 125027 |
| Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, <br> Ref. RB<sup>(e)</sup> <br>| 5.00% | 01/01/2036 | 1755 | &nbsp;&nbsp; 1758683 |
| Washington (State of) Housing Finance Commission (Spokane International Academy); <br> Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 07/01/2040 | 1640 | &nbsp;&nbsp; 1379590 |
| Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB<sup>(e)</sup> <br>| 4.50% | 07/01/2028 | 575 | &nbsp;&nbsp; 554823 |
| Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB<sup>(e)</sup> <br>| 5.00% | 01/01/2039 | 2500 | &nbsp;&nbsp; 2442564 |
| Washington State Housing Finance Commission; Series 2025, RB (INS - BAM)<sup>(d)(e)</sup> <br>| 5.00% | 07/01/2045 | 2750 | &nbsp;&nbsp; 2692415 |
|  |  |  |  | &nbsp;&nbsp; 17769879 |
| **West Virginia–0.71%** | **West Virginia–0.71%** | **West Virginia–0.71%** | **West Virginia–0.71%** | **West Virginia–0.71%** |
| Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development <br> District); Series 2019 A, RB<sup>(b)(e)(k)</sup> <br>| 5.75% | 06/01/2042 | 1000 | &nbsp;&nbsp; 688490 |
| Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, <br> Ref. RB<sup>(e)</sup> <br>| 5.75% | 06/01/2043 | 875 | &nbsp;&nbsp; 895543 |
| Monongalia (County of), WV Building Commission (Monongalia Health System Obligated Group); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 07/01/2026 | 1000 | &nbsp;&nbsp; 1000908 |
| Series 2015, Ref. RB | 4.00% | 07/01/2035 | 190 | &nbsp;&nbsp; 167679 |
| Monongalia (County of), WV Commission Special District (University Town Centre Economic <br> Opportunity Development District); Series 2017 A, Ref. RB<sup>(e)</sup> <br>| 4.50% | 06/01/2027 | 1340 | &nbsp;&nbsp; 1350137 |
| West Virginia (State of) Economic Development Authority (Commercial Metals Co.); Series 2025, <br> RB<sup>(a)(f)</sup> <br>| 4.63% | 05/15/2032 | 5000 | &nbsp;&nbsp; 4920208 |
| West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); |  |  |  |  |
| Series 2016, RB<sup>(b)(e)(f)</sup> <br>| 6.75% | 02/01/2026 | 1000 | &nbsp;&nbsp; 350000 |
| Series 2018, RB<sup>(b)(e)(f)</sup> <br>| 8.75% | 02/01/2036 | 320 | &nbsp;&nbsp; 208000 |
|  |  |  |  | &nbsp;&nbsp; 9580965 |
| **Wisconsin–5.88%** | **Wisconsin–5.88%** | **Wisconsin–5.88%** | **Wisconsin–5.88%** | **Wisconsin–5.88%** |
| Lomira (Village of), WI Community Development Authority; |  |  |  |  |
| Series 2018 B, Ref. RB | 3.65% | 10/01/2028 | 540 | &nbsp;&nbsp; 540020 |
| Series 2018 B, Ref. RB | 3.75% | 10/01/2029 | 175 | &nbsp;&nbsp; 173788 |
| Public Finance Authority; Series 2025, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2033 | 5110 | &nbsp;&nbsp; 3006312 |
| Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2039 | 5000 | &nbsp;&nbsp; 1652614 |
| Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 06/01/2028 | 1205 | &nbsp;&nbsp; 1222637 |
| Series 2017, Ref. RB | 5.00% | 06/01/2037 | 2770 | &nbsp;&nbsp; 2643848 |
| Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 11/01/2039 | 1000 | &nbsp;&nbsp; 958178 |
| Series 2019, Ref. RB | 5.00% | 11/01/2046 | 1650 | &nbsp;&nbsp; 1440520 |
| Wisconsin (State of) Health & Educational Facilities Authority (Dickson Hollow Phase II); <br> Series 2024, RB<br>| 6.00% | 10/01/2044 | 300 | &nbsp;&nbsp; 304668 |
| Wisconsin (State of) Health & Educational Facilities Authority (The Medical College of <br> Wisconsin,Inc.); Series 2008, Ref. VRD RB (LOC - Td Bank N.A.)<sup>(i)(j)</sup> <br>| 2.25% | 12/01/2033 | 2000 | &nbsp;&nbsp; 2000000 |

---

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)** | &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; |  |  |  |  |  |
| Series 2022 B, RB<sup>(e)</sup> <br>| 7.00% | 02/01/2028 |  | $665 | &nbsp;&nbsp; $666435 |
| Series 2022, RB<sup>(e)</sup> <br>| 5.38% | 06/01/2037 |  | 670 | &nbsp;&nbsp; 640354 |
| Series 2023 A, Ref. RB<sup>(e)</sup> <br>| 5.75% | 10/01/2043 |  | 1775 | &nbsp;&nbsp; 1762024 |
| Series 2024, RB<sup>(e)</sup> <br>| 12.00% | 05/16/2029 |  | 1315 | &nbsp;&nbsp; 1485552 |
| Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB <br> (Acquired 12/01/2017; Cost $2,000,000)<sup>(b)(c)(e)</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>(e)</sup> <br>| 5.00% | 06/15/2041 |  | 510 | &nbsp;&nbsp; 442752 |
| Wisconsin (State of) Public Finance Authority (Alpha Ranch); Series 2024, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2038 |  | 5000 | &nbsp;&nbsp; 2251712 |
| Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); |  |  |  |  |  |
| Series 2017, RB<sup>(e)</sup> <br>| 6.25% | 08/01/2027 |  | 500 | &nbsp;&nbsp; 400000 |
| Series 2017, RB<sup>(e)</sup> <br>| 6.75% | 08/01/2031 |  | 500 | &nbsp;&nbsp; 385000 |
| Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy); |  |  |  |  |  |
| Series 2021 A, RB<sup>(e)</sup> <br>| 4.25% | 06/15/2031 |  | 550 | &nbsp;&nbsp; 511689 |
| Series 2021 A, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2041 |  | 615 | &nbsp;&nbsp; 512327 |
| Wisconsin (State of) Public Finance Authority (Campus Real Estate Holdings); Series 2025, Ref. RB | 5.25% | 06/01/2045 |  | 350 | &nbsp;&nbsp; 338712 |
| Wisconsin (State of) Public Finance Authority (Cincinnati Classical Academy); |  |  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 5.38% | 06/15/2039 |  | 250 | &nbsp;&nbsp; 243940 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.70% | 06/15/2044 |  | 400 | &nbsp;&nbsp; 382018 |
| Wisconsin (State of) Public Finance Authority (Community School of Davidson); Series 2018, RB | 5.00% | 10/01/2033 |  | 325 | &nbsp;&nbsp; 328164 |
| Wisconsin (State of) Public Finance Authority (Explore Academy); |  |  |  |  |  |
| Series 2020 A, RB<sup>(e)</sup> <br>| 6.13% | 02/01/2039 |  | 4200 | &nbsp;&nbsp; 4110980 |
| Series 2022 A, RB<sup>(e)</sup> <br>| 6.13% | 02/01/2039 |  | 4175 | &nbsp;&nbsp; 4086510 |
| Wisconsin (State of) Public Finance Authority (Indigo); Series 2023, RB<sup>(e)(g)</sup> <br>| 0.00% | 12/01/2028 |  | 6000 | &nbsp;&nbsp; 4626605 |
| 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; 540689 |
| Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB<sup>(e)(g)</sup> <br>| 0.00% | 09/01/2029 |  | 2225 | &nbsp;&nbsp; 1670684 |
| Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB<sup>(e)</sup> <br>| 4.38% | 06/15/2029 |  | 1045 | &nbsp;&nbsp; 1044991 |
| Wisconsin (State of) Public Finance Authority (Mater Academy of Nevada - East Las Vegas Campus); |  |  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 12/15/2034 |  | 825 | &nbsp;&nbsp; 832279 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 12/15/2039 |  | 700 | &nbsp;&nbsp; 665524 |
| Wisconsin (State of) Public Finance Authority (Miami Worldcenter); Series 2024 A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2041 |  | 2300 | &nbsp;&nbsp; 2249399 |
| Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); |  |  |  |  |  |
| Series 2017 A, RB<sup>(f)</sup> <br>| 7.25% | 06/01/2035 |  | 3800 | &nbsp;&nbsp; 4000941 |
| Series 2017, Ref. RB<sup>(e)(f)</sup> <br>| 7.13% | 06/01/2041 |  | 145 | &nbsp;&nbsp; 150929 |
| Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.); Series 2021 A, Ref. RB | 3.75% | 07/01/2031 |  | 2965 | &nbsp;&nbsp; 2801421 |
| Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); |  |  |  |  |  |
| Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2039 |  | 440 | &nbsp;&nbsp; 416488 |
| Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2049 |  | 540 | &nbsp;&nbsp; 473557 |
| Wisconsin (State of) Public Finance Authority (Pinecrest Academy of Nevada - Sloan Canyon <br> Campus); Series 2024, Ref. RB<sup>(e)</sup> <br>| 4.00% | 07/15/2039 |  | 750 | &nbsp;&nbsp; 663199 |
| Wisconsin (State of) Public Finance Authority (Proton International); |  |  |  |  |  |
| Series 2021 A, RB<sup>(e)</sup> <br>| 5.50% | 01/01/2031 |  | 5375 | &nbsp;&nbsp; 4579190 |
| Series 2021 A, RB<sup>(e)</sup> <br>| 6.50% | 01/01/2041 |  | 3110 | &nbsp;&nbsp; 2264809 |
| Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB<sup>(e)</sup> <br>| 6.00% | 07/15/2043 |  | 690 | &nbsp;&nbsp; 700910 |
| Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB<sup>(e)</sup> <br>| 5.63% | 12/15/2030 |  | 4191 | &nbsp;&nbsp; 4198028 |
| Wisconsin (State of) Public Finance Authority (Rans-Elevon); Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 07/15/2030 |  | 1762 | &nbsp;&nbsp; 1766764 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2016, Ref. <br> RB<br>| 5.00% | 06/01/2040 |  | 3500 | &nbsp;&nbsp; 3501365 |
| Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); <br> Series 2022, RB<sup>(e)(h)</sup> <br>| 4.00% | 04/01/2032 |  | 10 | &nbsp;&nbsp; 10380 |
| Wisconsin (State of) Public Finance Authority (Signorelli); Series 2024, RB<sup>(e)</sup> <br>| 5.38% | 12/15/2032 |  | 4278 | &nbsp;&nbsp; 4278152 |
| Wisconsin (State of) Public Finance Authority (Town of Scarborough - The Downs); Series 2024, RB | 5.00% | 08/01/2039 |  | 1550 | &nbsp;&nbsp; 1500852 |
| Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB<sup>(e)</sup> <br>| 4.50% | 06/15/2032 |  | 500 | &nbsp;&nbsp; 506595 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 |  | 3000 | &nbsp;&nbsp; 2939692 |
|  |  |  |  |  | &nbsp;&nbsp; 79074197 |
| Total Municipal Obligations (Cost $1,360,030,820) | Total Municipal Obligations (Cost $1,360,030,820) | Total Municipal Obligations (Cost $1,360,030,820) | Total Municipal Obligations (Cost $1,360,030,820) |  | &nbsp;&nbsp; 1315131622 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco Short Duration High Yield Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Shares** | **Shares** | **Value** |
| **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>(m)</sup> <br>|  |  |  | 17000 | &nbsp;&nbsp; $844625 |
|  | **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–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** |
| **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** |
| CalPlant I LLC; Exit Facility<sup>(e)(k)</sup> <br>| 15.00% | 02/28/2027 |  | $770 | &nbsp;&nbsp; 151086 |
| **Puerto Rico–0.00%** | **Puerto Rico–0.00%** | **Puerto Rico–0.00%** | **Puerto Rico–0.00%** | **Puerto Rico–0.00%** | **Puerto Rico–0.00%** |
| AES Puerto Rico, Inc.<sup>(k)</sup> <br>| 12.50% | 03/04/2026 |  | 33 | &nbsp;&nbsp; 32371 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $803,194) | Total U.S. Dollar Denominated Bonds & Notes (Cost $803,194) | Total U.S. Dollar Denominated Bonds & Notes (Cost $803,194) | Total U.S. Dollar Denominated Bonds & Notes (Cost $803,194) |  | &nbsp;&nbsp; 183457 |
|  |  |  | **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%** |
| Resolute Forest Products, Inc. <br>(Cost $9,595)<sup>(k)</sup> <br>|  |  |  | 6757 | &nbsp;&nbsp; 0 |
| **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>(g)(k)</sup> <br>|  |  |  | 100023 | &nbsp;&nbsp; 0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–97.88% (Cost $1,361,716,219) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–97.88% (Cost $1,361,716,219) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–97.88% (Cost $1,361,716,219) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–97.88% (Cost $1,361,716,219) |  | &nbsp;&nbsp; 1316159704 |
| FLOATING RATE NOTE OBLIGATIONS–(0.57)% | FLOATING RATE NOTE OBLIGATIONS–(0.57)% | FLOATING RATE NOTE OBLIGATIONS–(0.57)% | FLOATING RATE NOTE OBLIGATIONS–(0.57)% |  |  |
| Note with an interest and fee rate of 2.53% at 08/31/2025 and <br>a contractual maturity of collateral of 12/01/2049 (See Note 1)<sup>(o)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (7665000)<br>|
| OTHER ASSETS LESS LIABILITIES–2.69% | OTHER ASSETS LESS LIABILITIES–2.69% | OTHER ASSETS LESS LIABILITIES–2.69% | OTHER ASSETS LESS LIABILITIES–2.69% |  | &nbsp;&nbsp; 36147095 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1344641799 |

---

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 |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| 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.

**20**

**Invesco Short Duration High Yield Municipal Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(b)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2025 was $9,406,346, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> Restricted security. The aggregate value of these securities at August 31, 2025 was $18,218,365, which represented 1.35% of the Fund's Net Assets.

<sup>(d)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(e)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2025 was $458,304,062, which represented 34.08% of the Fund's Net Assets. 

<sup>(f)</sup> Security subject to the alternative minimum tax.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(i)</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 August 31, 2025. 

<sup>(j)</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>(k)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(l)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(m)</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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| Invesco Rochester High Yield Municipal ETF\* | $873372 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(28747) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $844625 | &nbsp;&nbsp; $38167 |

---

\* Effective February 24, 2025, the underlying fund's name changed.

<sup>(n)</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>(o)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2025. At August 31, 2025, the Fund's investments with a value of $10,291,310 are held by TOB Trusts and serve as collateral for the $7,665,000 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.

**21**

**Invesco Short Duration High Yield Municipal Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,360,843,609)<br>| &nbsp;&nbsp; $1315315079 |
| Investments in affiliates, at value <br>(Cost $872,610)<br>| &nbsp;&nbsp; 844625 |
| Cash | &nbsp;&nbsp; 7295902 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2262245 |
| Fund shares sold | &nbsp;&nbsp; 2437006 |
| Interest | &nbsp;&nbsp; 20669495 |
| Investments matured, at value (Cost $16,788,101) | &nbsp;&nbsp; 8630489 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 94449 |
| Other assets | &nbsp;&nbsp; 182081 |
| Total assets | &nbsp;&nbsp; 1357731371 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 7665000 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1958920 |
| Dividends | &nbsp;&nbsp; 1876256 |
| Fund shares reacquired | &nbsp;&nbsp; 999593 |
| Due to broker | &nbsp;&nbsp; 1005 |
| Accrued fees to affiliates | &nbsp;&nbsp; 394419 |
| Accrued interest expense | &nbsp;&nbsp; 14648 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4212 |
| Accrued other operating expenses | &nbsp;&nbsp; 81070 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 94449 |
| Total liabilities | &nbsp;&nbsp; 13089572 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1344641799 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1916570777 |
| Distributable earnings (loss) | &nbsp;&nbsp; (571928978)<br>|
|  | &nbsp;&nbsp; $1344641799 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $738874740 |
| Class C | &nbsp;&nbsp; $27621263 |
| Class Y | &nbsp;&nbsp; $543769997 |
| Class R5 | &nbsp;&nbsp; $9325 |
| Class R6 | &nbsp;&nbsp; $34366474 |
| **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; 79969903 |
| Class C | &nbsp;&nbsp; 2992978 |
| Class Y | &nbsp;&nbsp; 58821917 |
| Class R5 | &nbsp;&nbsp; 1001 |
| Class R6 | &nbsp;&nbsp; 3717301 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.24 |
| Maximum offering price per share <br>(Net asset value of $9.24 ÷ 97.50%)<br>| &nbsp;&nbsp; $9.48 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.23 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.24 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.32 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.25 |

---

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 Operations**

*For the year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $63702755 |
| Dividends from affiliates | &nbsp;&nbsp; 38167 |
| Total investment income | &nbsp;&nbsp; 63740922 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5034243 |
| Administrative services fees | &nbsp;&nbsp; 175220 |
| Custodian fees | &nbsp;&nbsp; 11761 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1800906 |
| Class C | &nbsp;&nbsp; 317534 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 994625 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 826936 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 5489 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 30560 |
| Registration and filing fees | &nbsp;&nbsp; 137526 |
| Reports to shareholders | &nbsp;&nbsp; 77605 |
| Professional services fees | &nbsp;&nbsp; 193660 |
| Other | &nbsp;&nbsp; 24066 |
| Total expenses | &nbsp;&nbsp; 9630132 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (9555)<br>|
| Net expenses | &nbsp;&nbsp; 9620577 |
| Net investment income | &nbsp;&nbsp; 54120345 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(601906)) | &nbsp;&nbsp; (11183454)<br>|
| Futures contracts | &nbsp;&nbsp; (1347131)<br>|
|  | &nbsp;&nbsp; (12530585)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (26280406)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (28747)<br>|
|  | &nbsp;&nbsp; (26309153)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (38839738)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $15280607 |

---

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 Changes in Net Assets**

*For the years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $54120345 | &nbsp;&nbsp; $54390325 |
| Net realized gain (loss) | &nbsp;&nbsp; (12530585)<br>| &nbsp;&nbsp; (13009800)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (26309153)<br>| &nbsp;&nbsp; 58719261 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 15280607 | &nbsp;&nbsp; 100099786 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (31980099)<br>| &nbsp;&nbsp; (30048279)<br>|
| Class C | &nbsp;&nbsp; (1155325)<br>| &nbsp;&nbsp; (1499517)<br>|
| Class Y | &nbsp;&nbsp; (21454831)<br>| &nbsp;&nbsp; (18131043)<br>|
| Class R5 | &nbsp;&nbsp; (449)<br>| &nbsp;&nbsp; (412)<br>|
| Class R6 | &nbsp;&nbsp; (1663928)<br>| &nbsp;&nbsp; (1438598)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (56254632)<br>| &nbsp;&nbsp; (51117849)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 47878993 | &nbsp;&nbsp; (98445773)<br>|
| Class C | &nbsp;&nbsp; (7881616)<br>| &nbsp;&nbsp; (20598794)<br>|
| Class Y | &nbsp;&nbsp; 142438636 | &nbsp;&nbsp; (15021898)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33)<br>|
| Class R6 | &nbsp;&nbsp; 2781213 | &nbsp;&nbsp; (3369282)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 185217226 | &nbsp;&nbsp; (137435780)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 144243201 | &nbsp;&nbsp; (88453843)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1200398598 | &nbsp;&nbsp; 1288852441 |
| End of year | &nbsp;&nbsp; $1344641799 | &nbsp;&nbsp; $1200398598 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**24**

**Invesco Short Duration High Yield Municipal Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **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** |
| Year ended 08/31/25 | $9.55 | $0.40 | $(0.30)<br>| $0.10 | $(0.41)<br>| $9.24 | 1.10<br> %<br>| $738875 | 0.85<br> %<br>| 0.85<br> %<br>| 0.77<br> %<br>| 4.23<br> %<br>| 29<br> %<br>|
| 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** |
| 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** |
| 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** |
| 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** |
| 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 |

---

<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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**25**

**Invesco Short Duration High Yield Municipal Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

**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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**26**

**Invesco Short Duration High Yield Municipal Fund**

------

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on 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 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** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**27**

**Invesco Short Duration High Yield Municipal Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund 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.

**L.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**M.** **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 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.

**28**

**Invesco Short Duration High Yield Municipal Fund**

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Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

The 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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.483% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.433% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.408% |
| Next $4.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.383% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.373% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.353% |

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For the year ended August 31, 2025, 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%, 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments.

For the year ended August 31, 2025, the Adviser waived advisory fees of $3,385.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2025, IDI advised the Fund that IDI retained $15,050 in front-end sales commissions from the sale of Class A shares and $50,936 and $1,574 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

**29**

**Invesco Short Duration High Yield Municipal Fund**

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Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1313858562 | &nbsp;&nbsp;&nbsp;&nbsp; $1273060 | &nbsp;&nbsp;&nbsp;&nbsp; $1315131622 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 844625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 844625 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183457 | &nbsp;&nbsp;&nbsp;&nbsp; 183457 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| 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; 844625 | &nbsp;&nbsp;&nbsp;&nbsp; 1313858562 | &nbsp;&nbsp;&nbsp;&nbsp; 1456517 | &nbsp;&nbsp;&nbsp;&nbsp; 1316159704 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8580454 | &nbsp;&nbsp;&nbsp;&nbsp; 50035 | &nbsp;&nbsp;&nbsp;&nbsp; 8630489 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $844625 | &nbsp;&nbsp;&nbsp;&nbsp; $1322439016 | &nbsp;&nbsp;&nbsp;&nbsp; $1506552 | &nbsp;&nbsp;&nbsp;&nbsp; $1324790193 |

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**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.

**Effect of Derivative Investments for the year ended August 31, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain (Loss): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1347131)<br>|

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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; $41763708 |

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**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended August 31, 2025, the Fund engaged in securities purchases of $102,281,001 and securities sales of $74,446,193, which resulted in net realized gains (losses) of $(601,906).

**30**

**Invesco Short Duration High Yield Municipal Fund**

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**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $6,170.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

Effective February 20, 2025, 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 19, 2026. Prior to February 20, 2025, the revolving credit and security agreement permitted borrowings up to $2.0 billion. 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 year ended August 31, 2025, 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 year ended August 31, 2025 were $5,334,615 and 8.99%, respectively.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $1369491 | &nbsp;&nbsp;&nbsp;&nbsp; $1769014 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 54885141 | &nbsp;&nbsp;&nbsp;&nbsp; 49348835 |
| Total distributions | &nbsp;&nbsp; $56254632 | &nbsp;&nbsp;&nbsp;&nbsp; $51117849 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $10697390 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (56788828)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (80775)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (525756765)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1916570777 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1344641799 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $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.

**31**

**Invesco Short Duration High Yield Municipal Fund**

------

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2025 was $499,229,712 and $348,391,683, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $16673810 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (73462638)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(56788828)<br>|

---

Cost of investments for tax purposes is $1,381,579,021.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts,defaulted bonds and amortization and accretion on debt securities, on August 31, 2025, undistributed net investment income was increased by $2,326,072 and undistributed net realized gain (loss) was decreased by $2,326,072. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 26818790 | &nbsp;&nbsp;&nbsp; $251600022 | &nbsp;&nbsp;&nbsp; 20106640 | &nbsp;&nbsp;&nbsp; $185963897 |
| Class C | &nbsp;&nbsp;&nbsp; 1017600 | &nbsp;&nbsp;&nbsp; 9523299 | &nbsp;&nbsp;&nbsp; 622719 | &nbsp;&nbsp;&nbsp; 5722821 |
| Class Y | &nbsp;&nbsp;&nbsp; 32348710 | &nbsp;&nbsp;&nbsp; 302717908 | &nbsp;&nbsp;&nbsp; 31396999 | &nbsp;&nbsp;&nbsp; 287911534 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3410051 | &nbsp;&nbsp;&nbsp; 31935595 | &nbsp;&nbsp;&nbsp; 1880536 | &nbsp;&nbsp;&nbsp; 17496690 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2187559 | &nbsp;&nbsp;&nbsp; 20579004 | &nbsp;&nbsp;&nbsp; 2031706 | &nbsp;&nbsp;&nbsp; 18899754 |
| Class C | &nbsp;&nbsp;&nbsp; 86004 | &nbsp;&nbsp;&nbsp; 809132 | &nbsp;&nbsp;&nbsp; 114788 | &nbsp;&nbsp;&nbsp; 1064983 |
| Class Y | &nbsp;&nbsp;&nbsp; 1460676 | &nbsp;&nbsp;&nbsp; 13736667 | &nbsp;&nbsp;&nbsp; 1140961 | &nbsp;&nbsp;&nbsp; 10635855 |
| Class R6 | &nbsp;&nbsp;&nbsp; 123410 | &nbsp;&nbsp;&nbsp; 1163157 | &nbsp;&nbsp;&nbsp; 106861 | &nbsp;&nbsp;&nbsp; 995967 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 898025 | &nbsp;&nbsp;&nbsp; 8456636 | &nbsp;&nbsp;&nbsp; 914726 | &nbsp;&nbsp;&nbsp; 8512056 |
| Class C | &nbsp;&nbsp;&nbsp; (899145)<br>| &nbsp;&nbsp;&nbsp; (8456636)<br>| &nbsp;&nbsp;&nbsp; (915903)<br>| &nbsp;&nbsp;&nbsp; (8512056)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (24773979)<br>| &nbsp;&nbsp;&nbsp; (232756669)<br>| &nbsp;&nbsp;&nbsp; (33603967)<br>| &nbsp;&nbsp;&nbsp; (311821480)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1039425)<br>| &nbsp;&nbsp;&nbsp; (9757411)<br>| &nbsp;&nbsp;&nbsp; (2041197)<br>| &nbsp;&nbsp;&nbsp; (18874542)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (18563250)<br>| &nbsp;&nbsp;&nbsp; (174015939)<br>| &nbsp;&nbsp;&nbsp; (34040570)<br>| &nbsp;&nbsp;&nbsp; (313569287)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (33)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3258530)<br>| &nbsp;&nbsp;&nbsp; (30317539)<br>| &nbsp;&nbsp;&nbsp; (2360067)<br>| &nbsp;&nbsp;&nbsp; (21861939)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 19816496 | &nbsp;&nbsp;&nbsp; $185217226 | &nbsp;&nbsp;&nbsp; (14645771)<br>| &nbsp;&nbsp;&nbsp; $(137435780)<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 63% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**32**

**Invesco Short Duration High Yield Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Short Duration High Yield Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Short Duration High Yield Municipal Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, portfolio company investees and brokers; when replies were not received from the portfolio company investee, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**33**

**Invesco Short Duration High Yield Municipal Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the Company) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Duration High Yield Municipal Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Short Duration High Yield Municipal Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the first quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.

**34**

**Invesco Short Duration High Yield Municipal Fund**

------

The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns

of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**35**

**Invesco Short Duration High Yield Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 100.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 97.57% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**36**

**Invesco Short Duration High Yield 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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**37**

**Invesco Short Duration High Yield Municipal Fund**

------

![](img83ceefaf1.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

SDHYM-NCSR

------

![](img0ea27f291.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Short Term Municipal Fund**

Nasdaq:

A: ORSTX ■ Y: ORSYX ■ R6: STMUX

------

---

| | |
|:---|:---|
| [2](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_SOI-Continued-753_1) | Schedule of Investments |
| [20](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_FS-Continued-753_1) | Financial Statements |
| [23](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_FS-Continued-753_4) | Financial Highlights |
| [24](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_NTF-Continued-753_1) | Notes to Financial Statements |
| [29](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_ARS-Continued-753_1) | Report of Independent Registered Public Accounting Firm |
| [30](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_AOC-Continued-753_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [33](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_TI-Continued-753_1) | Tax Information |
| [34](#xx_cbb6bba3-e938-4587-b608-4d716895b5f6_OIRSR-Continued-753_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–98.20%** | **Municipal Obligations–98.20%** | **Municipal Obligations–98.20%** | **Municipal Obligations–98.20%** | **Municipal Obligations–98.20%** |
| **Alabama–2.86%** | **Alabama–2.86%** | **Alabama–2.86%** | **Alabama–2.86%** | **Alabama–2.86%** |
| 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; $10009 |
| Black Belt Energy Gas District (The); Series 2024 A, RB<sup>(b)</sup> <br>| 5.25% | 09/01/2032 | 1585 | &nbsp;&nbsp; 1677688 |
| Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2025 | 20675 | &nbsp;&nbsp; 20709310 |
| Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB<sup>(b)</sup> <br>| 4.00% | 10/01/2026 | 5000 | &nbsp;&nbsp; 5035684 |
| Black Belt Energy Gas District (The) (No. 7); Series 2021, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2026 | 8820 | &nbsp;&nbsp; 8911964 |
| Mobile (City of), AL Industrial Development Board (Alabama Power Co. Barry Plant); <br> Series 2008, RB<sup>(b)</sup> <br>| 3.30% | 03/12/2026 | 3500 | &nbsp;&nbsp; 3509342 |
| Tender Option Bond Trust Receipts/Certificates; Series 2022, VRD RB<sup>(c)(d)</sup> <br>| 2.80% | 02/01/2028 | 5000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; 44853997 |
| **Alaska–0.23%** | **Alaska–0.23%** | **Alaska–0.23%** | **Alaska–0.23%** | **Alaska–0.23%** |
| Alaska (State of) International Airports System; Series 2025 A, Ref. RB | 5.00% | 10/01/2026 | 510 | &nbsp;&nbsp; 523803 |
| Alaska Housing Finance Corp.; Series 2025 A, Ref. RB | 5.00% | 12/01/2029 | 2000 | &nbsp;&nbsp; 2179497 |
| Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2050 | 965 | &nbsp;&nbsp; 904469 |
|  |  |  |  | &nbsp;&nbsp; 3607769 |
| **Arizona–3.00%** | **Arizona–3.00%** | **Arizona–3.00%** | **Arizona–3.00%** | **Arizona–3.00%** |
| Arizona (State of) Game & Fish Department & Commission (AGF Administration Building); <br> Series 2006, RB<br>| 5.00% | 07/01/2032 | 105 | &nbsp;&nbsp; 105151 |
| Arizona (State of) Industrial Development Authority; Series 2024, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2026 | 1000 | &nbsp;&nbsp; 1020505 |
| Arizona (State of) Industrial Development Authority (Social Bonds); Series 2023, RB | 5.00% | 11/01/2028 | 1500 | &nbsp;&nbsp; 1580095 |
| Arizona (State of) Industrial Development Authority (Unity at West Glendale); Series 2024, <br> RB<sup>(b)</sup> <br>| 5.00% | 09/01/2026 | 1100 | &nbsp;&nbsp; 1116211 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022-1, RB<sup>(b)(e)</sup> <br>| 5.00% | 09/01/2027 | 10000 | &nbsp;&nbsp; 10193511 |
| Glendale (City of), AZ; |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 07/01/2026 | 1500 | &nbsp;&nbsp; 1532370 |
| Series 2025, Ref. RB | 5.00% | 07/01/2031 | 2000 | &nbsp;&nbsp; 2249839 |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(c)(f)</sup> <br>| 0.00% | 12/15/2034 | 1000 | &nbsp;&nbsp; 528870 |
| 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; 5038461 |
| Maricopa County Unified School District No. 69 Paradise Valley; Series 2025 A, GO Bonds | 5.00% | 07/01/2026 | 1000 | &nbsp;&nbsp; 1022831 |
| 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; 1048673 |
| Phoenix (City of), AZ Industrial Development Authority (Broadway Farms); Series 2025, RB<sup>(b)</sup> <br>| 3.10% | 02/01/2028 | 4000 | &nbsp;&nbsp; 4018115 |
| Phoenix Civic Improvement Corp.; |  |  |  |  |
| Series 2014 B, Ref. RB | 5.00% | 07/01/2027 | 2565 | &nbsp;&nbsp; 2569485 |
| Series 2017, Ref. RB | 5.00% | 07/01/2038 | 5145 | &nbsp;&nbsp; 5193092 |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(c)</sup> <br>| 5.00% | 09/01/2026 | 25 | &nbsp;&nbsp; 25059 |
| Pima (County of), AZ Industrial Development Authority (Leading Edge Academy Maricopa); <br> Series 2015, RB<sup>(b)(c)(g)</sup> <br>| 6.25% | 12/01/2025 | 4820 | &nbsp;&nbsp; 4858733 |
| Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); <br> Series 2019, RB<br>| 4.13% | 07/01/2029 | 120 | &nbsp;&nbsp; 117833 |
| Pinal (county of), AZ; Series 2025, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/01/2031 | 1100 | &nbsp;&nbsp; 1236354 |
| Pinal County Electric District No. 3; Series 2016, Ref. RB | 5.00% | 07/01/2035 | 1100 | &nbsp;&nbsp; 1114883 |
| Sun Devil Energy Center LLC (Arizona State University); |  |  |  |  |
| Series 2008, Ref. RB | 5.00% | 07/01/2027 | 100 | &nbsp;&nbsp; 100160 |
| Series 2008, Ref. RB | 5.00% | 07/01/2030 | 155 | &nbsp;&nbsp; 155237 |
| University of Arizona Board of Regents; Series 2015 D, RB<sup>(b)(g)</sup> <br>| 5.00% | 09/17/2025 | 1450 | &nbsp;&nbsp; 1451680 |
| Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center); <br> Series 2024, Ref. RB<br>| 5.00% | 08/01/2035 | 500 | &nbsp;&nbsp; 549022 |
| Yuma County Library District; Series 2025, Ref. GO Bonds | 5.00% | 07/01/2027 | 285 | &nbsp;&nbsp; 297825 |
|  |  |  |  | &nbsp;&nbsp; 47123995 |
| **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; 1131750 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Short Term Municipal Fund**

------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–2.52%** | **California–2.52%** | **California–2.52%** | **California–2.52%** | **California–2.52%** |
| California (State of); |  |  |  |  |
| Series 2012, Ref. GO Bonds | 5.00% | 09/01/2025 | $10 | &nbsp;&nbsp; $10000 |
| Series 2013, Ref. GO Bonds | 5.00% | 10/01/2026 | 5 | &nbsp;&nbsp; 5010 |
| Series 2014, Ref. GO Bonds | 5.00% | 10/01/2034 | 145 | &nbsp;&nbsp; 145184 |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); <br> Series 2023, RB<sup>(b)</sup> <br>| 5.25% | 04/01/2030 | 2945 | &nbsp;&nbsp; 3153843 |
| California (State of) Health Facilities Financing Authority; Series 2024 A, RB | 3.85% | 11/15/2027 | 1850 | &nbsp;&nbsp; 1851735 |
| California (State of) Health Facilities Financing Authority (Sutter Health); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 11/15/2032 | 1285 | &nbsp;&nbsp; 1343180 |
| Series 2018 A, RB | 5.00% | 11/15/2032 | 1630 | &nbsp;&nbsp; 1703800 |
| California (State of) Housing Finance Agency (Social Certificates); |  |  |  |  |
| Series 2021-2A, Revenue Ctfs. (CEP - FHLMC) | 3.75% | 03/25/2035 | 3782 | &nbsp;&nbsp; 3781969 |
| Series 2023-1, RB | 4.38% | 09/20/2036 | 2450 | &nbsp;&nbsp; 2460148 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger <br> Rail) (Green Bonds); Series 2025 B, Ref. RB<sup>(b)(c)(e)</sup> <br>| 9.50% | 01/01/2035 | 2000 | &nbsp;&nbsp; 1839077 |
| California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, <br> RB<sup>(b)(e)</sup> <br>| 4.13% | 10/01/2025 | 5000 | &nbsp;&nbsp; 5000512 |
| 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; 170278 |
| East Side Union High School District (Election of 2016); Series 2025 D, GO Bonds | 5.00% | 08/01/2027 | 4000 | &nbsp;&nbsp; 4213748 |
| 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; 325994 |
| Imperial Irrigation District; Series 2012 A, Ref. RB | 5.00% | 11/01/2027 | 225 | &nbsp;&nbsp; 225442 |
| Long Beach Unified School District; |  |  |  |  |
| Series 2012, Ref. GO Bonds | 5.00% | 08/01/2028 | 775 | &nbsp;&nbsp; 778795 |
| Series 2012, Ref. GO Bonds | 5.00% | 08/01/2029 | 100 | &nbsp;&nbsp; 100489 |
| Los Angeles (City of), CA; Series 2025, RN | 5.00% | 06/25/2026 | 2000 | &nbsp;&nbsp; 2048346 |
| Northern California Energy Authority; Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.00% | 08/01/2030 | 3600 | &nbsp;&nbsp; 3840700 |
| Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 | 590 | &nbsp;&nbsp; 553095 |
| Pasadena (City of), CA; Series 2015 A, Ref. COP | 5.00% | 02/01/2031 | 1000 | &nbsp;&nbsp; 1001292 |
| Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 1285 | &nbsp;&nbsp; 1292093 |
| San Jose (City of), CA; Series 2017 B, Ref. RB | 5.00% | 03/01/2042 | 3730 | &nbsp;&nbsp; 3751887 |
|  |  |  |  | &nbsp;&nbsp; 39596617 |
| **Colorado–1.61%** | **Colorado–1.61%** | **Colorado–1.61%** | **Colorado–1.61%** | **Colorado–1.61%** |
| Adams & Arapahoe Joint School District No. 28J Aurora; Series 2017 A, Ref. GO Bonds | 5.00% | 12/01/2032 | 2700 | &nbsp;&nbsp; 2767688 |
| Colorado (State of) Department of Transportation; Series 2016, COP | 5.00% | 06/15/2035 | 1330 | &nbsp;&nbsp; 1347346 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB (Acquired <br> 12/15/2021; Cost $1,000,000)<sup>(h)</sup> <br>| 2.13% | 05/15/2028 | 1000 | &nbsp;&nbsp; 973037 |
| Colorado (State of) Regional Transportation District (Fastracks); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 11/01/2036 | 2715 | &nbsp;&nbsp; 2760789 |
| Series 2017 A, RB | 5.00% | 11/01/2033 | 1000 | &nbsp;&nbsp; 1022734 |
| Series 2017 A, RB | 5.00% | 11/01/2036 | 2940 | &nbsp;&nbsp; 2989584 |
| Denver City & County School District No. 1; |  |  |  |  |
| Series 2025 A, GO Bonds | 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1033014 |
| Series 2025 A, GO Bonds | 5.25% | 12/01/2036 | 1500 | &nbsp;&nbsp; 1712046 |
| Fort Collins Urban Renewal Authority; |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 12/01/2026 | 765 | &nbsp;&nbsp; 784983 |
| Series 2025, Ref. RB | 5.00% | 12/01/2028 | 1180 | &nbsp;&nbsp; 1256530 |
| Larimer County School District No. R-1 Poudre; Series 2018, GO Bonds | 5.00% | 12/15/2040 | 2660 | &nbsp;&nbsp; 2708865 |
| Rio Blanco County School District No. Re-1 Meeker; Series 2014, Ref. GO Bonds | 4.50% | 12/01/2025 | 1685 | &nbsp;&nbsp; 1686884 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and <br> County of Broomfield); Series 2024, GO Bonds<br>| 5.00% | 12/15/2025 | 1000 | &nbsp;&nbsp; 1006757 |
| 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; 1539731 |
| Weld County School District No. RE-7 Platte Valley; Series 2024, GO Bonds | 5.00% | 12/01/2025 | 1735 | &nbsp;&nbsp; 1745611 |
|  |  |  |  | &nbsp;&nbsp; 25335599 |

---

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** |
| **Connecticut–1.27%** | **Connecticut–1.27%** | **Connecticut–1.27%** | **Connecticut–1.27%** | **Connecticut–1.27%** |
| Connecticut (State of); |  |  |  |  |
| Series 2016 E, GO Bonds | 5.00% | 10/15/2034 | $3280 | &nbsp;&nbsp; $3341082 |
| Series 2025 A, GO Bonds | 5.00% | 03/15/2026 | 2000 | &nbsp;&nbsp; 2027464 |
| Series 2025 A, GO Bonds | 5.00% | 03/15/2027 | 3125 | &nbsp;&nbsp; 3250504 |
| Connecticut (State of) (Transportation Infrastructure); Series 2015 A, RB | 5.00% | 08/01/2028 | 1980 | &nbsp;&nbsp; 1983739 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); |  |  |  |  |
| Series 2014 E, RB | 5.00% | 07/01/2026 | 1000 | &nbsp;&nbsp; 1003399 |
| Series 2014 E, RB | 5.00% | 07/01/2027 | 1265 | &nbsp;&nbsp; 1268997 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2025, <br> RB<sup>(b)</sup> <br>| 5.00% | 07/01/2030 | 5000 | &nbsp;&nbsp; 5546234 |
| Connecticut (State of) Housing Finance Authority (Green Bonds); Series 2024, RB<sup>(b)</sup> <br>| 3.35% | 05/15/2027 | 1500 | &nbsp;&nbsp; 1501272 |
|  |  |  |  | &nbsp;&nbsp; 19922691 |
| **Delaware–0.27%** | **Delaware–0.27%** | **Delaware–0.27%** | **Delaware–0.27%** | **Delaware–0.27%** |
| Delaware (State of) Economic Development Authority; Series 2020, Ref. RB<sup>(b)</sup> <br>| 1.25% | 10/01/2025 | 4250 | &nbsp;&nbsp; 4238393 |
| **District of Columbia–1.85%** | **District of Columbia–1.85%** | **District of Columbia–1.85%** | **District of Columbia–1.85%** | **District of Columbia–1.85%** |
| District of Columbia; |  |  |  |  |
| Series 2012, RB | 5.00% | 12/01/2026 | 100 | &nbsp;&nbsp; 100180 |
| Series 2023 A, GO Bonds | 5.00% | 01/01/2037 | 3000 | &nbsp;&nbsp; 3245678 |
| Series 2025 A, Ref. RB | 5.00% | 06/01/2027 | 3000 | &nbsp;&nbsp; 3138748 |
| District of Columbia (Children's Hospital Obligated Group); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 07/15/2032 | 1000 | &nbsp;&nbsp; 1006152 |
| Series 2015, Ref. RB | 5.00% | 07/15/2040 | 3190 | &nbsp;&nbsp; 3194379 |
| District of Columbia Housing Finance Agency; Series 2025 A-2, RB<sup>(b)</sup> <br>| 3.60% | 09/01/2030 | 2000 | &nbsp;&nbsp; 2004928 |
| Metropolitan Washington Airports Authority; Series 2010 D, VRD RB (LOC - Td Bank N.A.)<sup>(d)(i)</sup> <br>| 2.68% | 10/01/2040 | 10000 | &nbsp;&nbsp; 10000000 |
| Washington Metropolitan Area Transit Authority; |  |  |  |  |
| Series 2017 B, RB | 5.00% | 07/01/2031 | 1110 | &nbsp;&nbsp; 1152735 |
| Series 2017 B, RB | 5.00% | 07/01/2035 | 1400 | &nbsp;&nbsp; 1434758 |
| Series 2017 B, RB | 5.00% | 07/01/2042 | 3750 | &nbsp;&nbsp; 3781184 |
|  |  |  |  | &nbsp;&nbsp; 29058742 |
| **Florida–8.81%** | **Florida–8.81%** | **Florida–8.81%** | **Florida–8.81%** | **Florida–8.81%** |
| Alachua (County of), FL Housing Finance Authority (Woodland Park II); Series 2025 B, RB<sup>(b)(c)</sup> <br>| 4.90% | 07/01/2028 | 500 | &nbsp;&nbsp; 505725 |
| Board of Governors of Florida Atlantic University; Series 2016 A, Ref. RB | 5.00% | 07/01/2031 | 1000 | &nbsp;&nbsp; 1014582 |
| Broward (County of), FL; |  |  |  |  |
| Series 2013 B, RB | 5.00% | 10/01/2026 | 260 | &nbsp;&nbsp; 260477 |
| Series 2015 A, Ref. RB | 5.00% | 10/01/2028 | 3895 | &nbsp;&nbsp; 3902795 |
| Broward (County of), FL School Board; Series 2016 A, Ref. COP | 5.00% | 07/01/2032 | 4135 | &nbsp;&nbsp; 4206300 |
| Capital Trust Agency, Inc. (UF Health Projects); Series 2025 A, Ref. RB | 5.00% | 12/01/2030 | 7700 | &nbsp;&nbsp; 8389155 |
| Central Florida Expressway Authority; |  |  |  |  |
| Series 2016 B, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 07/01/2026 | 3005 | &nbsp;&nbsp; 3068346 |
| Series 2017, Ref. RB | 5.00% | 07/01/2038 | 1535 | &nbsp;&nbsp; 1554866 |
| Series 2017, Ref. RB | 5.00% | 07/01/2039 | 2020 | &nbsp;&nbsp; 2036979 |
| 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; 1338079 |
| Escambia (County of), FL School Board; |  |  |  |  |
| Series 2025 A, COP | 5.00% | 02/01/2028 | 250 | &nbsp;&nbsp; 265062 |
| Series 2025 A, COP | 5.00% | 02/01/2030 | 675 | &nbsp;&nbsp; 746678 |
| Florida (State of) Board of Governors (University of North Florida); Series 2023 A, RB | 5.00% | 11/01/2025 | 1270 | &nbsp;&nbsp; 1274537 |
| Florida (State of) Municipal Loan Council (Shingle Creek Transit & Utility Community <br> Development District); Series 2024, RB<sup>(e)</sup> <br>| 4.50% | 05/01/2031 | 230 | &nbsp;&nbsp; 233279 |
| Florida (State of) Municipal Power Agency; |  |  |  |  |
| Series 2015, RB<sup>(b)(g)</sup> <br>| 5.00% | 10/01/2025 | 1930 | &nbsp;&nbsp; 1933752 |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2027 | 2385 | &nbsp;&nbsp; 2448706 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2024, <br> Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2035 | 1000 | &nbsp;&nbsp; 827159 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail); Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2037 | 3000 | &nbsp;&nbsp; 2478779 |
| Florida Housing Finance Corp.; Series 2024 3, RB (CEP - GNMA) | 6.25% | 01/01/2055 | 1610 | &nbsp;&nbsp; 1772160 |
| Florida Housing Finance Corp. (Social Bonds); Series 2022-3, RB (CEP - GNMA) | 5.50% | 01/01/2054 | 3710 | &nbsp;&nbsp; 3907500 |
| Florida Municipal Power Agency; Series 2025, Ref. RB | 5.00% | 10/01/2030 | 1500 | &nbsp;&nbsp; 1666068 |

---

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)** |
| Gainesville (City of), FL; Series 2017 A, RB | 5.00% | 10/01/2031 | $1265 | &nbsp;&nbsp; $1318903 |
| Greater Orlando Aviation Authority; |  |  |  |  |
| Series 2016 B, RB<sup>(b)(g)</sup> <br>| 5.00% | 10/01/2026 | 210 | &nbsp;&nbsp; 215797 |
| Series 2016 B, RB | 5.00% | 10/01/2039 | 2165 | &nbsp;&nbsp; 2180871 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 F, <br> RB<br>| 5.00% | 10/01/2043 | 1305 | &nbsp;&nbsp; 1317249 |
| 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; 6737537 |
| Hillsborough (County of), FL School Board (Master Lease Program); Series 2015 A, Ref. COP | 5.00% | 07/01/2030 | 2330 | &nbsp;&nbsp; 2333895 |
| JEA Electric System; |  |  |  |  |
| Series 2017 B, Ref. RB | 5.00% | 10/01/2032 | 3410 | &nbsp;&nbsp; 3542276 |
| Series 2017 B, Ref. RB | 5.00% | 10/01/2033 | 4000 | &nbsp;&nbsp; 4140635 |
| JEA Water & Sewer System; Series 2025 A, Ref. RB | 5.00% | 10/01/2025 | 1800 | &nbsp;&nbsp; 1803692 |
| Lee (County of), FL Housing Finance Authority; Series 2025 B, RB<sup>(b)</sup> <br>| 3.13% | 10/01/2028 | 1000 | &nbsp;&nbsp; 1006687 |
| Lee (County of), FL Housing Finance Authority (Aria Landings); Series 2023 B, RB<sup>(b)(c)</sup> <br>| 5.50% | 07/01/2026 | 4150 | &nbsp;&nbsp; 4156427 |
| 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; 1164752 |
| Lee County School Board (The); Series 2016 A, COP | 5.00% | 08/01/2035 | 1000 | &nbsp;&nbsp; 1018878 |
| Miami (City of) & Dade (County of), FL School Board (The); |  |  |  |  |
| Series 2015 D, Ref. COP | 5.00% | 02/01/2034 | 2220 | &nbsp;&nbsp; 2237582 |
| Series 2016 A, Ref. COP | 5.00% | 05/01/2032 | 3295 | &nbsp;&nbsp; 3339408 |
| Series 2025 A, Ref. COP | 5.00% | 05/01/2028 | 5000 | &nbsp;&nbsp; 5309789 |
| Series 2025, Ref. COP | 5.00% | 05/01/2026 | 3000 | &nbsp;&nbsp; 3046829 |
| Miami-Dade (County of), FL; Series 2014, RB | 5.00% | 10/01/2032 | 1160 | &nbsp;&nbsp; 1161080 |
| Miami-Dade (County of), FL Expressway Authority; |  |  |  |  |
| Series 2010 A, RB | 5.00% | 07/01/2040 | 10000 | &nbsp;&nbsp; 9981883 |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2032 | 2000 | &nbsp;&nbsp; 2031180 |
| Miami-Dade (County of), FL Housing Finance Authority (Amber Station); Series 2025 A, RB<sup>(b)</sup> <br>| 3.25% | 08/01/2029 | 3000 | &nbsp;&nbsp; 3022707 |
| Miami-Dade (County of), FL Housing Finance Authority (Running Brooks Apartments); <br> Series 2023, RB<sup>(b)</sup> <br>| 3.55% | 01/01/2026 | 1525 | &nbsp;&nbsp; 1527725 |
| Orlando (City of), FL Utilities Commission; Series 2025 A, RB | 5.00% | 10/01/2036 | 1000 | &nbsp;&nbsp; 1114455 |
| Osceola (County of), FL; Series 2016 A, Ref. RB | 5.00% | 10/01/2030 | 1000 | &nbsp;&nbsp; 1001697 |
| Palm Beach County School District; Series 2025 A, Ref. COP | 5.00% | 08/01/2029 | 1250 | &nbsp;&nbsp; 1369292 |
| Peace River Manasota Regional Water Supply Authority; Series 2025 A, RB | 5.00% | 10/01/2037 | 1725 | &nbsp;&nbsp; 1872060 |
| Seminole (County of), FL; |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 10/01/2030 | 1000 | &nbsp;&nbsp; 1115244 |
| Series 2025, RB | 5.00% | 10/01/2027 | 1300 | &nbsp;&nbsp; 1367584 |
| Series 2025, RB | 5.00% | 10/01/2028 | 1500 | &nbsp;&nbsp; 1613921 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); <br> Series 2025, RB<sup>(b)</sup> <br>| 5.00% | 08/15/2030 | 7000 | &nbsp;&nbsp; 7558463 |
| St. Johns (County of), FL Housing Finance Authority (Oaks at St. John); Series 2023 B, RB<sup>(b)(c)</sup> <br>| 5.50% | 12/01/2026 | 6000 | &nbsp;&nbsp; 6010403 |
| Tallahassee (City of), FL; Series 2017, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 10/01/2025 | 1225 | &nbsp;&nbsp; 1227482 |
| USF Financing Corp.; Series 2012 A, Ref. COP | 5.00% | 07/01/2032 | 4550 | &nbsp;&nbsp; 4556641 |
| Volusia County Educational Facility Authority; |  |  |  |  |
| Series 2025, RB | 5.00% | 10/15/2028 | 800 | &nbsp;&nbsp; 860678 |
| Series 2025, RB | 5.00% | 10/15/2030 | 2000 | &nbsp;&nbsp; 2226305 |
|  |  |  |  | &nbsp;&nbsp; 138320991 |
| **Georgia–2.60%** | **Georgia–2.60%** | **Georgia–2.60%** | **Georgia–2.60%** | **Georgia–2.60%** |
| Atlanta (City of), GA; Series 2015, Ref. RB | 5.00% | 11/01/2040 | 3460 | &nbsp;&nbsp; 3459941 |
| Burke (County of), GA Development Authority (The) (Georgia Power Co. Plant Vogtle); <br> Series 2012, Ref. RB<sup>(b)</sup> <br>| 2.90% | 08/21/2029 | 5000 | &nbsp;&nbsp; 5001382 |
| Carroll (County of), GA; Series 2021, GO Bonds | 5.00% | 06/01/2026 | 1250 | &nbsp;&nbsp; 1272691 |
| DeKalb (County of), GA Development Authority (The Globe Academy, Inc.); Series 2024 A, RB | 4.00% | 06/01/2035 | 690 | &nbsp;&nbsp; 665932 |
| DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB | 4.00% | 03/01/2034 | 3250 | &nbsp;&nbsp; 3223181 |
| Fulton (County of), GA; Series 2013, Ref. RB | 5.00% | 01/01/2027 | 1605 | &nbsp;&nbsp; 1612967 |

---

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)** |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2019 C, RB<sup>(b)</sup> <br>| 4.00% | 09/01/2026 | $7000 | &nbsp;&nbsp; $7040511 |
| Series 2021 A, RB<sup>(b)</sup> <br>| 4.00% | 09/01/2027 | 5120 | &nbsp;&nbsp; 5196761 |
| Series 2021 C, RB | 4.00% | 12/01/2025 | 1100 | &nbsp;&nbsp; 1102482 |
| Series 2022 C, RB<sup>(b)(c)</sup> <br>| 4.00% | 11/01/2027 | 12200 | &nbsp;&nbsp; 12192504 |
|  |  |  |  | &nbsp;&nbsp; 40768352 |
| **Hawaii–0.62%** | **Hawaii–0.62%** | **Hawaii–0.62%** | **Hawaii–0.62%** | **Hawaii–0.62%** |
| Hawaii (State of); |  |  |  |  |
| Series 2014 EO, GO Bonds | 5.00% | 08/01/2028 | 1880 | &nbsp;&nbsp; 1882898 |
| Series 2016 FG, GO Bonds | 5.00% | 10/01/2030 | 2890 | &nbsp;&nbsp; 2959085 |
| Honolulu (City & County of), HI; |  |  |  |  |
| Series 2016 A, RB | 5.00% | 07/01/2036 | 1000 | &nbsp;&nbsp; 1011968 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.00% | 06/01/2026 | 2125 | &nbsp;&nbsp; 2158813 |
| Honolulu (City & County of), HI (Honolulu Rail Transit); Series 2015 B, Ref. GO Bonds<sup>(b)(g)</sup> <br>| 5.00% | 10/01/2025 | 1750 | &nbsp;&nbsp; 1753546 |
|  |  |  |  | &nbsp;&nbsp; 9766310 |
| **Idaho–0.24%** | **Idaho–0.24%** | **Idaho–0.24%** | **Idaho–0.24%** | **Idaho–0.24%** |
| Boise State University; Series 2016 A, Ref. RB | 5.00% | 04/01/2033 | 2000 | &nbsp;&nbsp; 2023158 |
| Idaho (State of) Housing & Finance Association; Series 2024 A, RB (CEP - GNMA) | 6.00% | 07/01/2054 | 1630 | &nbsp;&nbsp; 1803045 |
|  |  |  |  | &nbsp;&nbsp; 3826203 |
| **Illinois–7.41%** | **Illinois–7.41%** | **Illinois–7.41%** | **Illinois–7.41%** | **Illinois–7.41%** |
| Aurora (City of), IL; Series 2025 C, GO Bonds | 5.00% | 12/30/2036 | 1195 | &nbsp;&nbsp; 1310371 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2016 C, Ref. RB | 5.00% | 01/01/2038 | 3000 | &nbsp;&nbsp; 3006291 |
| Series 2024 B, RB | 5.00% | 01/01/2036 | 1000 | &nbsp;&nbsp; 1103485 |
| Series 2024 D, Ref. RB | 5.00% | 01/01/2027 | 5110 | &nbsp;&nbsp; 5279197 |
| Chicago (City of), IL Metropolitan Water Reclamation District; Series 2021 C, Ref. GO Bonds | 5.00% | 12/01/2031 | 1245 | &nbsp;&nbsp; 1404183 |
| Chicago (City of), IL Transit Authority; Series 2024 A, Ref. RB | 5.00% | 12/01/2025 | 2000 | &nbsp;&nbsp; 2012181 |
| Collinsville (City of), IL Area Recreation District; |  |  |  |  |
| Series 2004, GO Bonds (INS - NATL)<sup>(a)</sup> <br>| 4.60% | 12/01/2025 | 350 | &nbsp;&nbsp; 350447 |
| Series 2004, GO Bonds (INS - NATL)<sup>(a)</sup> <br>| 4.65% | 12/01/2026 | 450 | &nbsp;&nbsp; 450568 |
| Series 2007, Ref. GO Bonds (INS - AMBAC)<sup>(a)</sup> <br>| 4.00% | 12/01/2027 | 65 | &nbsp;&nbsp; 65022 |
| Cook (County of), IL; |  |  |  |  |
| Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2029 | 1000 | &nbsp;&nbsp; 1025738 |
| Series 2016 A, Ref. GO Bonds | 5.00% | 11/15/2030 | 4950 | &nbsp;&nbsp; 5071480 |
| Series 2018, Ref. GO Bonds | 5.00% | 11/15/2034 | 1150 | &nbsp;&nbsp; 1173151 |
| Cook County High School District No.203 New Trier Township; Series 2021 A, GO Bonds | 5.00% | 12/15/2027 | 1255 | &nbsp;&nbsp; 1328168 |
| DuPage County Forest Preserve District; Series 2025, GO Bonds | 5.00% | 11/01/2026 | 1000 | &nbsp;&nbsp; 1029274 |
| Elk Grove Village (Village of), IL; Series 2017, GO Bonds | 5.00% | 01/01/2035 | 1000 | &nbsp;&nbsp; 1021736 |
| Elmhurst Park District; |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 12/15/2025 | 820 | &nbsp;&nbsp; 825659 |
| Series 2025, GO Bonds | 5.00% | 12/15/2026 | 250 | &nbsp;&nbsp; 258094 |
| Series 2025, GO Bonds | 5.00% | 12/15/2035 | 400 | &nbsp;&nbsp; 449333 |
| Series 2025, GO Bonds | 5.00% | 12/15/2036 | 875 | &nbsp;&nbsp; 970442 |
| Grundy Kendall & Will Counties Community High School District No. 111 (Minooka); |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 12/01/2026 | 200 | &nbsp;&nbsp; 206003 |
| Series 2025, GO Bonds | 5.00% | 12/01/2034 | 650 | &nbsp;&nbsp; 715423 |
| Illinois (State of); |  |  |  |  |
| Series 2016, GO Bonds | 5.00% | 11/01/2025 | 2000 | &nbsp;&nbsp; 2007627 |
| Series 2016, GO Bonds | 5.00% | 01/01/2027 | 3510 | &nbsp;&nbsp; 3536524 |
| Series 2019 A, GO Bonds | 5.00% | 11/01/2026 | 2935 | &nbsp;&nbsp; 3014794 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(e)</sup> <br>| 8.00% | 06/01/2032 | 560 | &nbsp;&nbsp; 560653 |
| Illinois (State of) Finance Authority (Carle Foundation (The)); Series 2016 A, Ref. RB | 5.00% | 02/15/2032 | 4300 | &nbsp;&nbsp; 4331170 |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |  |  |  |  |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $441,306)<sup>(h)</sup> <br>| 5.00% | 11/01/2025 | 440 | &nbsp;&nbsp; 304700 |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $468,806)<sup>(h)</sup> <br>| 5.00% | 11/01/2026 | 460 | &nbsp;&nbsp; 318550 |

---

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; $439764 |
| Series 2017, Ref. RB | 5.00% | 08/01/2028 | 500 | &nbsp;&nbsp; 517137 |
| Series 2017, Ref. RB | 5.00% | 08/01/2029 | 325 | &nbsp;&nbsp; 335471 |
| Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB | 5.00% | 11/15/2034 | 3980 | &nbsp;&nbsp; 3980699 |
| Illinois (State of) Finance Authority (The University of Chicago); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 04/01/2027 | 2210 | &nbsp;&nbsp; 2299074 |
| Series 2025, Ref. RB | 5.00% | 04/01/2028 | 770 | &nbsp;&nbsp; 818819 |
| Illinois (State of) Finance Authority (Uchicago Medicine); Series 2022 B-2, RB<sup>(b)</sup> <br>| 5.00% | 08/15/2027 | 9850 | &nbsp;&nbsp; 10213357 |
| Illinois (State of) Housing Development Authority; Series 2005, RB (INS - AGI)<sup>(a)</sup> <br>| 4.60% | 09/01/2025 | 5 | &nbsp;&nbsp; 5000 |
| Illinois (State of) Housing Development Authority (6900 Crandon); Series 2023, RB (CEP - <br> Federal Housing Administration)<sup>(b)</sup> <br>| 5.00% | 02/01/2026 | 4570 | &nbsp;&nbsp; 4610095 |
| Illinois (State of) Housing Development Authority (Green Bonds); Series 2024 E, Ref. VRD RB <br> (CEP - Federal Housing Administration)<sup>(d)</sup> <br>| 2.65% | 01/01/2065 | 3475 | &nbsp;&nbsp; 3475000 |
| Illinois (State of) Municipal Electric Agency; Series 2015 A, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 09/09/2025 | 3900 | &nbsp;&nbsp; 3901826 |
| Illinois (State of) Toll Highway Authority; |  |  |  |  |
| Series 2015 A, RB | 5.00% | 01/01/2036 | 4700 | &nbsp;&nbsp; 4702294 |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2032 | 9115 | &nbsp;&nbsp; 9162878 |
| Series 2024 A, Ref. RB | 5.00% | 01/01/2036 | 1275 | &nbsp;&nbsp; 1407255 |
| Kane Cook & DuPage Counties School District No. U-46 Elgin; Series 2025, GO Bonds | 5.00% | 01/01/2036 | 1115 | &nbsp;&nbsp; 1220839 |
| 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; 1001626 |
| Kendall, Kane & Will (Counties of), IL Community Unit School District No. 308; Series 2016, <br> Ref. GO Bonds<br>| 5.00% | 02/01/2035 | 3000 | &nbsp;&nbsp; 3019546 |
| 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; 1337119 |
| Rockford (City of), IL (Waterworks System Alternative Revenue Source); Series 2010, GO <br> Bonds<br>| 3.75% | 12/15/2025 | 140 | &nbsp;&nbsp; 140090 |
| Tender Option Bond Trust Receipts/Certificates; Series 2023, VRD RB (INS - AGI)<sup>(a)(c)(d)</sup> <br>| 2.67% | 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; 1022061 |
| Series 2023 A, Ref. RB | 5.00% | 04/01/2031 | 3050 | &nbsp;&nbsp; 3393348 |
| West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)<sup>(a)</sup> <br>| 4.75% | 01/01/2029 | 15 | &nbsp;&nbsp; 15013 |
| Will County Community Unit School District No. 201-U Crete-Monee; Series 2005, GO <br> Bonds<sup>(f)(g)</sup> <br>| 0.00% | 11/01/2025 | 1755 | &nbsp;&nbsp; 1746516 |
| Winnebago-Boone Etc Counties Community College District No. 511 Rock Valley Clg; <br> Series 2025 B, Ref. GO Bonds<br>| 5.00% | 01/01/2030 | 2715 | &nbsp;&nbsp; 2977085 |
|  |  |  |  | &nbsp;&nbsp; 116402176 |
| **Indiana–0.89%** | **Indiana–0.89%** | **Indiana–0.89%** | **Indiana–0.89%** | **Indiana–0.89%** |
| Indiana (State of) Finance Authority; Series 2016, Ref. RB | 5.00% | 09/01/2028 | 1280 | &nbsp;&nbsp; 1309785 |
| Indiana (State of) Finance Authority (CWA Authority); Series 2014 A, RB | 5.00% | 10/01/2026 | 1750 | &nbsp;&nbsp; 1753252 |
| Indiana (State of) Finance Authority (Greenwood Village South); Series 2025, RB | 3.75% | 05/15/2032 | 1000 | &nbsp;&nbsp; 1000658 |
| Indiana (State of) Housing & Community Development Authority (Social Bonds); Series 2023 <br> A-1, RB (CEP - GNMA)<br>| 5.75% | 07/01/2053 | 2550 | &nbsp;&nbsp; 2716649 |
| Indiana (State of) Municipal Power Agency; |  |  |  |  |
| Series 2016 C, Ref. RB | 5.00% | 01/01/2039 | 1000 | &nbsp;&nbsp; 1011968 |
| Series 2025 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 01/01/2026 | 1000 | &nbsp;&nbsp; 1008540 |
| Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB | 5.05% | 04/01/2026 | 100 | &nbsp;&nbsp; 99720 |
| Rockport (City of), IN (Indiana Michigan Power Co.); Series 2025, Ref. RB<sup>(b)</sup> <br>| 3.70% | 06/01/2029 | 5000 | &nbsp;&nbsp; 5075427 |
|  |  |  |  | &nbsp;&nbsp; 13975999 |
| **Iowa–2.10%** | **Iowa–2.10%** | **Iowa–2.10%** | **Iowa–2.10%** | **Iowa–2.10%** |
| Ames (City of), IA (Mary Greely Medical Center); Series 2016, Ref. RB | 5.00% | 06/15/2032 | 4430 | &nbsp;&nbsp; 4482264 |
| Iowa (State of) Finance Authority (Unitypoint Health); |  |  |  |  |
| Series 2014 C, RB | 5.00% | 02/15/2031 | 810 | &nbsp;&nbsp; 811686 |
| Series 2014 C, RB | 5.00% | 02/15/2032 | 3405 | &nbsp;&nbsp; 3412066 |
| Iowa (State of) Higher Education Loan Authority (Grinnell College); Series 2014, Ref. RB | 5.00% | 12/01/2032 | 1675 | &nbsp;&nbsp; 1676326 |
| Le Mars Community School District; Series 2025, GO Bonds | 5.00% | 06/01/2029 | 1410 | &nbsp;&nbsp; 1528554 |
| PEFA, Inc.; Series 2019, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2026 | 19695 | &nbsp;&nbsp; 20034378 |

---

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** |
| **Iowa–(continued)** | **Iowa–(continued)** | **Iowa–(continued)** | **Iowa–(continued)** | **Iowa–(continued)** |
| Waukee Community School District; Series 2025 A, GO Bonds | 5.00% | 06/01/2032 | $960 | &nbsp;&nbsp; $1074638 |
|  |  |  |  | &nbsp;&nbsp; 33019912 |
| **Kansas–1.55%** | **Kansas–1.55%** | **Kansas–1.55%** | **Kansas–1.55%** | **Kansas–1.55%** |
| Kansas (State of) Department of Transportation; Series 2025 A, Ref. RB | 5.00% | 09/01/2028 | 7000 | &nbsp;&nbsp; 7554826 |
| Kansas (State of) Development Finance Authority; Series 2025 F, RB<sup>(b)</sup> <br>| 2.95% | 09/01/2027 | 3300 | &nbsp;&nbsp; 3302483 |
| University of Kansas Hospital Authority (KU Health System); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 09/01/2030 | 1930 | &nbsp;&nbsp; 1931804 |
| Series 2015, Ref. RB | 5.00% | 09/01/2032 | 2765 | &nbsp;&nbsp; 2767045 |
| Series 2015, Ref. RB | 5.00% | 09/01/2035 | 2000 | &nbsp;&nbsp; 2000980 |
| Valley Center (City of), KS; Series 2023-1, GO Notes | 4.38% | 12/01/2025 | 4820 | &nbsp;&nbsp; 4822995 |
| Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2024 VIII, Ref. RB | 5.25% | 05/15/2039 | 1000 | &nbsp;&nbsp; 954001 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2016 C, RB | 5.00% | 09/01/2030 | 1000 | &nbsp;&nbsp; 1023484 |
|  |  |  |  | &nbsp;&nbsp; 24357618 |
| **Kentucky–1.09%** | **Kentucky–1.09%** | **Kentucky–1.09%** | **Kentucky–1.09%** | **Kentucky–1.09%** |
| Jefferson County Capital Projects Corp.; Series 2007 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 4.38% | 06/01/2028 | 25 | &nbsp;&nbsp; 25036 |
| 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; 1001220 |
| 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; 2002249 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 112); Series 2016 A, RB | 5.00% | 02/01/2034 | 1950 | &nbsp;&nbsp; 1962785 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132); Series 2025 A, RB | 5.00% | 04/01/2026 | 1000 | &nbsp;&nbsp; 1015004 |
| Kentucky (Commonwealth of) Public Energy Authority; Series 2025 A, Ref. RB<sup>(b)</sup> <br>| 5.25% | 12/01/2029 | 3500 | &nbsp;&nbsp; 3727883 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization); Series 2016, RB | 5.00% | 07/01/2031 | 1715 | &nbsp;&nbsp; 1742303 |
| 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; 2888822 |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2032 | 2660 | &nbsp;&nbsp; 2706405 |
|  |  |  |  | &nbsp;&nbsp; 17071707 |
| **Louisiana–1.32%** | **Louisiana–1.32%** | **Louisiana–1.32%** | **Louisiana–1.32%** | **Louisiana–1.32%** |
| Louisiana (State of); |  |  |  |  |
| Series 2022 A, Ref. RB (SOFR + 0.50%)<sup>(b)(j)</sup> <br>| 3.54% | 05/01/2026 | 3075 | &nbsp;&nbsp; 3068581 |
| Series 2024 A, GO Bonds | 5.00% | 05/01/2031 | 1215 | &nbsp;&nbsp; 1359378 |
| Series 2025 B, RB | 5.00% | 05/01/2027 | 3200 | &nbsp;&nbsp; 3338191 |
| Series 2025 B, RB | 5.00% | 05/01/2028 | 3000 | &nbsp;&nbsp; 3202660 |
| 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; 1278512 |
| Series 2018, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 01/01/2037 | 1440 | &nbsp;&nbsp; 1466430 |
| St. John the Baptist (Parish of), LA (Marathon Oil Corp.); |  |  |  |  |
| Series 2017, Ref. RB<sup>(b)</sup> <br>| 3.30% | 07/03/2028 | 5000 | &nbsp;&nbsp; 5045605 |
| Subseries 2017 A-3, Ref. RB<sup>(b)</sup> <br>| 2.20% | 07/01/2026 | 2000 | &nbsp;&nbsp; 1987075 |
|  |  |  |  | &nbsp;&nbsp; 20746432 |
| **Maine–0.18%** | **Maine–0.18%** | **Maine–0.18%** | **Maine–0.18%** | **Maine–0.18%** |
| Maine (State of) Turnpike Authority; Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2028 | 1680 | &nbsp;&nbsp; 1797901 |
| Portland (City of), ME; Series 2016, Ref. RB | 5.00% | 01/01/2032 | 1000 | &nbsp;&nbsp; 1003551 |
|  |  |  |  | &nbsp;&nbsp; 2801452 |
| **Maryland–1.53%** | **Maryland–1.53%** | **Maryland–1.53%** | **Maryland–1.53%** | **Maryland–1.53%** |
| Maryland (State of) Health & Higher Educational Facilities Authority; Series 2017, Ref. RB | 5.00% | 07/01/2031 | 3000 | &nbsp;&nbsp; 3065587 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); |  |  |  |  |
| Series 2013 B, RB | 5.00% | 08/15/2027 | 200 | &nbsp;&nbsp; 200550 |
| Series 2017 A, RB | 5.00% | 05/15/2042 | 1875 | &nbsp;&nbsp; 1875919 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Medstar Health, Inc.); <br> Series 2015, Ref. RB<br>| 5.00% | 08/15/2032 | 6840 | &nbsp;&nbsp; 6844589 |
| Maryland Economic Development Corp.; Series 2025, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 03/27/2035 | 2155 | &nbsp;&nbsp; 2172007 |
| Montgomery (County of), MD; Series 2017 E, VRD GO Bonds<sup>(d)</sup> <br>| 2.20% | 11/01/2037 | 5780 | &nbsp;&nbsp; 5780000 |
| Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB<sup>(d)</sup> <br>| 2.25% | 06/01/2027 | 4085 | &nbsp;&nbsp; 4085000 |
|  |  |  |  | &nbsp;&nbsp; 24023652 |

---

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–1.18%** | **Massachusetts–1.18%** | **Massachusetts–1.18%** | **Massachusetts–1.18%** | **Massachusetts–1.18%** |
| Hudson (Town of), MA; Series 2025, GO Notes | 5.00% | 06/11/2026 | $1000 | &nbsp;&nbsp; $1009488 |
| Massachusetts (Commonwealth of); Series 2025 E, GO Bonds | 5.00% | 08/01/2032 | 2500 | &nbsp;&nbsp; 2841295 |
| Massachusetts (Commonwealth of) Bay Transportation Authority; |  |  |  |  |
| Series 2025 B, RB | 5.00% | 07/01/2029 | 2255 | &nbsp;&nbsp; 2484505 |
| Series 2025 B, RB | 5.00% | 07/01/2030 | 2500 | &nbsp;&nbsp; 2800869 |
| Massachusetts (Commonwealth of) Development Finance Agency; |  |  |  |  |
| Series 2015 F, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 09/15/2025 | 1600 | &nbsp;&nbsp; 1601392 |
| Series 2015, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 09/15/2025 | 3735 | &nbsp;&nbsp; 3738250 |
| Series 2025, RB | 5.00% | 07/01/2029 | 1800 | &nbsp;&nbsp; 1916280 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority; Series 2007 C, <br> RB (SIFMA Municipal Swap Index + 0.90%)<sup>(j)</sup> <br>| 3.67% | 11/15/2032 | 2155 | &nbsp;&nbsp; 2092086 |
| Waltham (City of), MA; Series 2008, GO Bonds | 4.20% | 09/15/2027 | 15 | &nbsp;&nbsp; 15018 |
|  |  |  |  | &nbsp;&nbsp; 18499183 |
| **Michigan–4.12%** | **Michigan–4.12%** | **Michigan–4.12%** | **Michigan–4.12%** | **Michigan–4.12%** |
| Ann Arbor School District; Series 2025, Ref. GO Bonds | 5.00% | 05/01/2029 | 2885 | &nbsp;&nbsp; 3140915 |
| Chippewa Valley Schools; Series 2025, Ref. GO Bonds | 5.00% | 05/01/2030 | 1000 | &nbsp;&nbsp; 1111788 |
| Detroit (City of), MI; Series 2006, Ref. RB (3 mo. Term SOFR + 0.60%)<sup>(j)</sup> <br>| 3.65% | 07/01/2032 | 7825 | &nbsp;&nbsp; 7755172 |
| Garden City (City of), MI; Series 2024, GO Bonds | 5.00% | 10/01/2025 | 1195 | &nbsp;&nbsp; 1197245 |
| Great Lakes Water Authority; Series 2016 D, Ref. RB | 5.00% | 07/01/2036 | 5000 | &nbsp;&nbsp; 5056638 |
| Karegnondi Water Authority (Karegnondi Water Pipeline); Series 2024, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 11/01/2025 | 1000 | &nbsp;&nbsp; 1004072 |
| L'Anse Creuse Public Schools; Series 2025 I, GO Bonds | 5.00% | 05/01/2036 | 1000 | &nbsp;&nbsp; 1124342 |
| Michigan (State of) Building Authority (Facilities Program); |  |  |  |  |
| Series 2015 I, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 10/15/2025 | 1565 | &nbsp;&nbsp; 1569707 |
| Series 2015 I, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 10/15/2025 | 2330 | &nbsp;&nbsp; 2337007 |
| Series 2020, Ref. VRD RB<sup>(d)</sup> <br>| 2.73% | 10/15/2042 | 3100 | &nbsp;&nbsp; 3100000 |
| Series 2025 I, Ref. RB | 5.00% | 04/15/2030 | 1800 | &nbsp;&nbsp; 1992385 |
| Michigan (State of) Finance Authority; Series 2025 A, Ref. RB | 5.00% | 02/15/2029 | 2385 | &nbsp;&nbsp; 2590946 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2022, Ref. RB | 5.00% | 04/15/2036 | 2000 | &nbsp;&nbsp; 2147242 |
| Michigan (State of) Finance Authority (McLaren Health Care); Series 2015, Ref. RB | 5.00% | 05/15/2034 | 1340 | &nbsp;&nbsp; 1341019 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group); |  |  |  |  |
| Series 2015, Ref. RB | 5.50% | 12/01/2028 | 2245 | &nbsp;&nbsp; 2254911 |
| Series 2015, Ref. RB | 5.50% | 12/01/2029 | 3075 | &nbsp;&nbsp; 3088547 |
| Michigan (State of) Housing Development Authority (Social Bonds); Series 2024 A, RB | 6.00% | 06/01/2054 | 3805 | &nbsp;&nbsp; 4146856 |
| Muskegon Heights (City of), MI; Series 2006, Ref. RB (INS - NATL)<sup>(a)</sup> <br>| 4.00% | 11/01/2026 | 185 | &nbsp;&nbsp; 185112 |
| Portage Public Schools; Series 2025, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 6.00% | 11/01/2025 | 1000 | &nbsp;&nbsp; 1005657 |
| Rib Floater Trust; Series 2022-047, VRD RB<sup>(c)(d)</sup> <br>| 2.28% | 12/01/2045 | 10000 | &nbsp;&nbsp; 10000000 |
| Utica Community Schools; Series 2016, Ref. GO Bonds | 5.00% | 05/01/2031 | 1990 | &nbsp;&nbsp; 2016425 |
| Wayne (County of), MI; Series 2017 C, Ref. RB | 5.00% | 12/01/2026 | 2495 | &nbsp;&nbsp; 2573311 |
| Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport); Series 2015 <br> D, RB<br>| 5.00% | 12/01/2029 | 1700 | &nbsp;&nbsp; 1705618 |
| Wayne State University; Series 2018 A, RB | 5.00% | 11/15/2038 | 2220 | &nbsp;&nbsp; 2228252 |
|  |  |  |  | &nbsp;&nbsp; 64673167 |
| **Minnesota–0.38%** | **Minnesota–0.38%** | **Minnesota–0.38%** | **Minnesota–0.38%** | **Minnesota–0.38%** |
| Elk River Independent School District No. 728; Series 2024 A, GO Bonds, (CEP - Federal <br> Housing Administration)<br>| 5.00% | 02/01/2031 | 2000 | &nbsp;&nbsp; 2244557 |
| 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; 10004 |
| Minnesota (State of) Health & Education Facilities Authority (ST. OLAF College); Series 2025, <br> Ref. RB<br>| 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1029385 |
| 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; 1461873 |
| Minnesota State Colleges And Universities Foundation; Series 2013 A, RB | 4.00% | 10/01/2025 | 1000 | &nbsp;&nbsp; 1000879 |
| St. Paul (City of), MN Housing & Redevelopment Authority (St. Paul City School); Series 2016 <br> A, Ref. RB<sup>(b)(g)</sup> <br>| 4.50% | 07/01/2026 | 175 | &nbsp;&nbsp; 177684 |
|  |  |  |  | &nbsp;&nbsp; 5924382 |
| **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; 1502896 |

---

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; $25010 |
|  |  |  |  | &nbsp;&nbsp; 1527906 |
| **Missouri–1.42%** | **Missouri–1.42%** | **Missouri–1.42%** | **Missouri–1.42%** | **Missouri–1.42%** |
| Cassville School District No. R-IV; Series 2023, GO Bonds | 5.25% | 03/01/2039 | 2220 | &nbsp;&nbsp; 2276460 |
| Jackson County Consolidated School District No. 4; |  |  |  |  |
| Series 2022, GO Bonds | 5.00% | 03/01/2038 | 1825 | &nbsp;&nbsp; 1854058 |
| Series 2022, GO Bonds | 5.00% | 03/01/2039 | 3005 | &nbsp;&nbsp; 3044010 |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District); Series 2016 A, Ref. RB<sup>(c)</sup> <br>| 4.25% | 04/01/2026 | 100 | &nbsp;&nbsp; 99918 |
| Maryland Heights (City of), MO (Westport Plaza Redevelopment); Series 2020, RB | 4.13% | 11/01/2038 | 920 | &nbsp;&nbsp; 844658 |
| 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; 6245329 |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2015 <br> A, RB<br>| 5.00% | 10/01/2038 | 4500 | &nbsp;&nbsp; 4504901 |
| 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; 1232020 |
| St. Charles (County of), MO Public Water Supply District No. 2; Series 2016, Ref. COP | 5.00% | 12/01/2030 | 2255 | &nbsp;&nbsp; 2264456 |
|  |  |  |  | &nbsp;&nbsp; 22365810 |
| **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; 1043902 |
| Gretna Public Schools; Series 2022 B, GO Bonds | 5.00% | 12/15/2027 | 1000 | &nbsp;&nbsp; 1006046 |
| Nebraska (State of) Municipal Energy Agency; Series 2022 A, Ref. RB | 5.00% | 04/01/2026 | 1250 | &nbsp;&nbsp; 1267229 |
| Omaha School District; Series 2016, GO Bonds | 5.00% | 12/15/2032 | 5000 | &nbsp;&nbsp; 5134356 |
| Public Power Generation Agency (Whelan Energy Center Unit 2); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 01/01/2032 | 2980 | &nbsp;&nbsp; 3037808 |
| Series 2024, Ref. RB | 5.00% | 01/01/2026 | 1000 | &nbsp;&nbsp; 1008173 |
|  |  |  |  | &nbsp;&nbsp; 12497514 |
| **Nevada–1.48%** | **Nevada–1.48%** | **Nevada–1.48%** | **Nevada–1.48%** | **Nevada–1.48%** |
| Clark (County of), NV; Series 2015 A, Ref. GO Bonds | 5.00% | 07/01/2026 | 2125 | &nbsp;&nbsp; 2129028 |
| Clark (County of), NV Water Reclamation District; Series 2015, Ref. GO Bonds | 5.00% | 07/01/2032 | 2000 | &nbsp;&nbsp; 2002777 |
| Clark County School District; |  |  |  |  |
| Series 2015 D, GO Bonds | 5.00% | 06/15/2029 | 1755 | &nbsp;&nbsp; 1766718 |
| Series 2021 A, GO Bonds | 5.00% | 06/15/2026 | 2000 | &nbsp;&nbsp; 2040625 |
| Las Vegas Valley Water District; Series 2016 B, Ref. GO Bonds | 5.00% | 06/01/2036 | 2805 | &nbsp;&nbsp; 2836047 |
| Nevada (State of) (Casa Grande); Series 2024, COP | 5.00% | 04/01/2026 | 1030 | &nbsp;&nbsp; 1045634 |
| Truckee Meadows Water Authority; |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 07/01/2031 | 2775 | &nbsp;&nbsp; 2823309 |
| Series 2016, Ref. RB | 5.00% | 07/01/2032 | 2000 | &nbsp;&nbsp; 2032336 |
| Washoe (County of), NV (Sierra Pacific Power Corp.); |  |  |  |  |
| Series 2016, Ref. RB<sup>(b)</sup> <br>| 3.63% | 10/01/2029 | 1500 | &nbsp;&nbsp; 1502030 |
| Series 2016, Ref. RB<sup>(b)(e)</sup> <br>| 4.13% | 10/01/2029 | 5000 | &nbsp;&nbsp; 5015989 |
|  |  |  |  | &nbsp;&nbsp; 23194493 |
| **New Hampshire–1.10%** | **New Hampshire–1.10%** | **New Hampshire–1.10%** | **New Hampshire–1.10%** | **New Hampshire–1.10%** |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB | 4.00% | 10/20/2036 | 5212 | &nbsp;&nbsp; 4924042 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); |  |  |  |  |
| Series 2024-1A, RB | 4.25% | 07/20/2041 | 3896 | &nbsp;&nbsp; 3730066 |
| Series 2024-3, Revenue Ctfs. | 4.16% | 10/20/2041 | 4967 | &nbsp;&nbsp; 4555859 |
| New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB | 5.50% | 06/01/2031 | 4000 | &nbsp;&nbsp; 4061558 |
|  |  |  |  | &nbsp;&nbsp; 17271525 |
| **New Jersey–3.01%** | **New Jersey–3.01%** | **New Jersey–3.01%** | **New Jersey–3.01%** | **New Jersey–3.01%** |
| Camden (County of), NJ Improvement Authority (The) (County Capital Program); Series 2024, <br> RB<sup>(b)</sup> <br>| 5.00% | 03/01/2026 | 4000 | &nbsp;&nbsp; 4042546 |
| Essex (County of), NJ (Family Court Building Project); Series 2025, RN | 5.00% | 03/17/2026 | 2500 | &nbsp;&nbsp; 2532913 |
| Gloucester (County of), NJ Improvement Authority (The); Series 2015 B, Ref. RB | 5.00% | 07/01/2027 | 2000 | &nbsp;&nbsp; 2004695 |
| 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; 843798 |

---

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 (Inspira Health Obligated <br> Group); Series 2016, Ref. RB<br>| 5.00% | 07/01/2031 | $5100 | &nbsp;&nbsp; $5173731 |
| 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; 9272441 |
| New Jersey (State of) Housing & Mortgage Finance Agency; Series 2024 B, RB | 3.50% | 05/01/2029 | 3625 | &nbsp;&nbsp; 3686996 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); |  |  |  |  |
| Series 2022 I, RB | 5.00% | 10/01/2053 | 2480 | &nbsp;&nbsp; 2576933 |
| Subseries 2024 D, RB (CEP - GNMA) | 2.90% | 11/01/2027 | 2500 | &nbsp;&nbsp; 2500856 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2016 A-1, RN | 5.00% | 06/15/2028 | 1140 | &nbsp;&nbsp; 1161854 |
| Series 2018 A, Ref. RN | 5.00% | 06/15/2029 | 5000 | &nbsp;&nbsp; 5089406 |
| Series 2024 A, Ref. RB | 5.00% | 06/15/2036 | 1000 | &nbsp;&nbsp; 1093049 |
| New Jersey (State of) Turnpike Authority; |  |  |  |  |
| Series 2014 A, RB | 5.00% | 01/01/2027 | 3090 | &nbsp;&nbsp; 3095866 |
| Series 2025 B, RB | 5.00% | 01/01/2028 | 4000 | &nbsp;&nbsp; 4238527 |
|  |  |  |  | &nbsp;&nbsp; 47313611 |
| **New Mexico–0.91%** | **New Mexico–0.91%** | **New Mexico–0.91%** | **New Mexico–0.91%** | **New Mexico–0.91%** |
| Albuquerque Municipal School District No. 12; |  |  |  |  |
| Series 2017, GO Bonds | 5.00% | 08/01/2029 | 2575 | &nbsp;&nbsp; 2626659 |
| Series 2017, GO Bonds | 5.00% | 08/01/2031 | 1700 | &nbsp;&nbsp; 1732247 |
| Series 2017, GO Bonds | 5.00% | 08/01/2032 | 2910 | &nbsp;&nbsp; 2963084 |
| Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB<sup>(b)</sup> <br>| 3.90% | 06/01/2028 | 3700 | &nbsp;&nbsp; 3766690 |
| New Mexico Mortgage Finance Authority (Mountain View II & III Apartments); Series 2023, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2025 | 3000 | &nbsp;&nbsp; 3000000 |
| Saltillo Public Improvement District; Series 2018, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 10/01/2025 | 160 | &nbsp;&nbsp; 160160 |
|  |  |  |  | &nbsp;&nbsp; 14248840 |
| **New York–8.81%** | **New York–8.81%** | **New York–8.81%** | **New York–8.81%** | **New York–8.81%** |
| Long Island (City of), NY Power Authority; Series 2025 B, RB<sup>(b)</sup> <br>| 3.00% | 09/01/2028 | 5000 | &nbsp;&nbsp; 5000000 |
| Metropolitan Transportation Authority; Series 2015 F, Ref. RB | 5.00% | 11/15/2027 | 525 | &nbsp;&nbsp; 527131 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |
| Series 2016 A2, Ref. RB | 4.00% | 11/15/2025 | 145 | &nbsp;&nbsp; 145351 |
| Series 2017 C-1, Ref. RB | 5.00% | 11/15/2026 | 605 | &nbsp;&nbsp; 623380 |
| Monroe County Industrial Development Corp. (Andrews Terrace Community); Series 2024, <br> RB<sup>(b)</sup> <br>| 5.00% | 07/01/2027 | 5000 | &nbsp;&nbsp; 5198527 |
| Monroe County Industrial Development Corp. (University of Rochester); |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2030 | 3275 | &nbsp;&nbsp; 3279422 |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2032 | 2000 | &nbsp;&nbsp; 2002532 |
| 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; 1500927 |
| Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB | 5.25% | 06/01/2026 | 2414 | &nbsp;&nbsp; 2379709 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |
| One Hundred Ninety Third Series 2015, Ref. RB<sup>(e)</sup> <br>| 5.00% | 10/15/2032 | 2380 | &nbsp;&nbsp; 2384407 |
| One Hundred Seventy Fifth Series 2012, RB | 5.00% | 12/01/2025 | 480 | &nbsp;&nbsp; 480861 |
| One Hundred Seventy Fifth Series 2012, RB | 4.00% | 12/01/2026 | 470 | &nbsp;&nbsp; 470535 |
| New York (City of), NY; Series 2012, VRD GO Bonds<sup>(d)</sup> <br>| 2.30% | 04/01/2042 | 12885 | &nbsp;&nbsp; 12885000 |
| New York (City of), NY Municipal Water Finance Authority; Series 2016 BB, VRD RB<sup>(d)</sup> <br>| 2.30% | 06/15/2049 | 11400 | &nbsp;&nbsp; 11400000 |
| New York (City of), NY Transitional Finance Authority; Series 2016, RB | 5.00% | 05/01/2032 | 3940 | &nbsp;&nbsp; 3994144 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| Series 2015 B, RB | 5.00% | 03/15/2032 | 5370 | &nbsp;&nbsp; 5378524 |
| Series 2016 D, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 08/15/2026 | 3965 | &nbsp;&nbsp; 4071059 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2025, Ref. <br> RB<br>| 5.00% | 05/01/2034 | 3000 | &nbsp;&nbsp; 3335267 |
| New York (State of) Dormitory Authority (St. John's University); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 07/01/2027 | 450 | &nbsp;&nbsp; 469921 |
| Series 2025, Ref. RB | 5.00% | 07/01/2028 | 1000 | &nbsp;&nbsp; 1065936 |

---

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) Dormitory Authority (White Plains Hospital Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.00% | 10/01/2029 | $750 | &nbsp;&nbsp; $802284 |
| Series 2024, RB | 5.00% | 10/01/2030 | 750 | &nbsp;&nbsp; 808236 |
| Series 2024, RB | 5.00% | 10/01/2031 | 1000 | &nbsp;&nbsp; 1079595 |
| Series 2024, RB | 5.00% | 10/01/2033 | 1100 | &nbsp;&nbsp; 1185918 |
| New York (State of) Housing Finance Agency (Green Bonds); |  |  |  |  |
| Series 2023 E-2, RB<sup>(b)</sup> <br>| 3.80% | 05/01/2027 | 4000 | &nbsp;&nbsp; 4001680 |
| Series 2023 E-2, RB<sup>(b)</sup> <br>| 3.88% | 05/01/2028 | 4380 | &nbsp;&nbsp; 4394518 |
| Series 2024, RB<sup>(b)</sup> <br>| 3.45% | 11/01/2029 | 7200 | &nbsp;&nbsp; 7219710 |
| New York (State of), NY Housing Development Corp. (Green Bonds); |  |  |  |  |
| Series 2022 B-2, RB (CEP - Federal Housing Administration)<sup>(b)</sup> <br>| 3.40% | 12/22/2026 | 12495 | &nbsp;&nbsp; 12497325 |
| Series 2022 C-3, VRD RB<sup>(d)</sup> <br>| 2.60% | 05/01/2062 | 5000 | &nbsp;&nbsp; 5000000 |
| New York State Urban Development Corp.; Series 2015 A, Ref. RB | 5.00% | 03/15/2032 | 4235 | &nbsp;&nbsp; 4241074 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(e)</sup> <br>| 5.00% | 08/01/2026 | 3090 | &nbsp;&nbsp; 3090087 |
| Series 2016, Ref. RB<sup>(e)</sup> <br>| 5.00% | 08/01/2031 | 20070 | &nbsp;&nbsp; 20070173 |
| Series 2020, Ref. RB<sup>(e)</sup> <br>| 5.25% | 08/01/2031 | 7145 | &nbsp;&nbsp; 7324714 |
|  |  |  |  | &nbsp;&nbsp; 138307947 |
| **North Carolina–1.85%** | **North Carolina–1.85%** | **North Carolina–1.85%** | **North Carolina–1.85%** | **North Carolina–1.85%** |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 E, RB<sup>(b)</sup> <br>| 0.80% | 10/31/2025 | 5000 | &nbsp;&nbsp; 4978985 |
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); |  |  |  |  |
| Series 2013 A, Ref. RB | 5.00% | 01/15/2026 | 230 | &nbsp;&nbsp; 230398 |
| Series 2016, Ref. RB | 5.00% | 01/15/2034 | 1500 | &nbsp;&nbsp; 1509369 |
| East Carolina University; Series 2016 A, RB | 5.00% | 10/01/2028 | 1030 | &nbsp;&nbsp; 1042522 |
| North Carolina (State of) (Garvee); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 03/01/2027 | 10000 | &nbsp;&nbsp; 10398925 |
| Series 2025, Ref. RB | 5.00% | 03/01/2028 | 6000 | &nbsp;&nbsp; 6391638 |
| North Carolina (State of) Medical Care Commission; Series 2025, RB | 3.90% | 01/01/2029 | 680 | &nbsp;&nbsp; 681438 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2015 A, Ref. RB | 5.00% | 01/01/2031 | 1610 | &nbsp;&nbsp; 1621418 |
| Raleigh Housing Authority; Series 2025, RB<sup>(b)</sup> <br>| 2.95% | 03/01/2029 | 2240 | &nbsp;&nbsp; 2240000 |
| University of North Carolina; Series 2008 A, RB (INS - AGI)<sup>(a)</sup> <br>| 4.75% | 10/01/2028 | 10 | &nbsp;&nbsp; 10015 |
|  |  |  |  | &nbsp;&nbsp; 29104708 |
| **North Dakota–0.57%** | **North Dakota–0.57%** | **North Dakota–0.57%** | **North Dakota–0.57%** | **North Dakota–0.57%** |
| Horace (City of), ND; |  |  |  |  |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2030 | 520 | &nbsp;&nbsp; 555230 |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2031 | 550 | &nbsp;&nbsp; 589651 |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2032 | 580 | &nbsp;&nbsp; 622590 |
| Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2033 | 610 | &nbsp;&nbsp; 654431 |
| North Dakota (State of) Housing Finance Agency; Series 2015, VRD RB<sup>(d)</sup> <br>| 2.60% | 07/01/2036 | 6540 | &nbsp;&nbsp; 6540000 |
|  |  |  |  | &nbsp;&nbsp; 8961902 |
| **Ohio–2.45%** | **Ohio–2.45%** | **Ohio–2.45%** | **Ohio–2.45%** | **Ohio–2.45%** |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2023, RB<sup>(b)</sup> <br>| 5.00% | 02/01/2027 | 3000 | &nbsp;&nbsp; 3065781 |
| Columbus (City of), OH; Series 2015, Ref. RB | 5.00% | 06/01/2030 | 1575 | &nbsp;&nbsp; 1600623 |
| Columbus City School District (Construction and Improvement); Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2031 | 6260 | &nbsp;&nbsp; 6359972 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport); <br> Series 2025, Ref. RB<br>| 5.00% | 01/01/2036 | 850 | &nbsp;&nbsp; 950475 |
| Cuyahoga (County of), OH (Shaker Square); Series 2010 D, Ref. RB | 5.00% | 12/01/2025 | 145 | &nbsp;&nbsp; 145244 |
| Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGI)<sup>(a)(e)</sup> <br>| 5.00% | 12/01/2026 | 1335 | &nbsp;&nbsp; 1336233 |
| Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB<sup>(b)</sup> <br>| 4.38% | 06/15/2026 | 1500 | &nbsp;&nbsp; 1480647 |
| Hamilton (County of), OH; Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 3430 | &nbsp;&nbsp; 3521520 |
| Huber Heights (City of), OH; Series 2025, GO Notes | 5.00% | 06/25/2026 | 1500 | &nbsp;&nbsp; 1526105 |
| Martins Ferry (City of), OH; Series 2024, GO Notes<sup>(c)</sup> <br>| 4.25% | 12/16/2025 | 1200 | &nbsp;&nbsp; 1203565 |
| Ohio (State of) Air Quality Development Authority (Ohio Valley Electrical Corp.); |  |  |  |  |
| Series 2009 A, RB | 2.88% | 02/01/2026 | 1440 | &nbsp;&nbsp; 1437494 |
| Series 2009, RB | 2.88% | 02/01/2026 | 4610 | &nbsp;&nbsp; 4601977 |

---

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 2025); <br> Series 2025, Ref. RB<br>| 5.00% | 02/01/2036 | $780 | &nbsp;&nbsp; $873121 |
| Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2018, <br> Ref. RB<br>| 5.00% | 12/01/2035 | 2000 | &nbsp;&nbsp; 2062820 |
| RiverSouth Authority; Series 2007 A, RB | 5.75% | 12/01/2027 | 400 | &nbsp;&nbsp; 400186 |
| Scioto (County of), OH (Southern Ohio Medical Center); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 02/15/2032 | 2550 | &nbsp;&nbsp; 2565556 |
| Series 2016, Ref. RB | 5.00% | 02/15/2033 | 2855 | &nbsp;&nbsp; 2871182 |
| Westerville City School District; Series 2018, COP | 5.00% | 12/01/2039 | 2450 | &nbsp;&nbsp; 2508451 |
|  |  |  |  | &nbsp;&nbsp; 38510952 |
| **Oklahoma–0.84%** | **Oklahoma–0.84%** | **Oklahoma–0.84%** | **Oklahoma–0.84%** | **Oklahoma–0.84%** |
| Oklahoma (State of) Capitol Improvement Authority (Capitol Repair); Series 2018 C, RB | 5.00% | 01/01/2038 | 2320 | &nbsp;&nbsp; 2366185 |
| Oklahoma (State of) Development Finance Authority; |  |  |  |  |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2027 | 430 | &nbsp;&nbsp; 448681 |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2028 | 325 | &nbsp;&nbsp; 347075 |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2029 | 595 | &nbsp;&nbsp; 647692 |
| Oklahoma (State of) Turnpike Authority (Senior Bonds); Series 2025 A, RB | 5.00% | 01/01/2036 | 1000 | &nbsp;&nbsp; 1126688 |
| Tulsa County Independent School District No. 1 Tulsa; Series 2025 B, GO Bonds | 5.00% | 08/01/2028 | 5000 | &nbsp;&nbsp; 5341893 |
| Tulsa County Independent School District No. 4 Bixby; Series 2025, GO Bonds | 5.00% | 06/01/2027 | 1000 | &nbsp;&nbsp; 1038908 |
| Tulsa Municipal Airport Trust Trustees; Series 2025, Ref. RB<sup>(e)</sup> <br>| 6.25% | 12/01/2035 | 1000 | &nbsp;&nbsp; 1105104 |
| University of Oklahoma (The); |  |  |  |  |
| Series 2014 C, Ref. RB | 5.00% | 07/01/2027 | 500 | &nbsp;&nbsp; 500874 |
| Series 2014 C, Ref. RB | 5.00% | 07/01/2029 | 250 | &nbsp;&nbsp; 250364 |
|  |  |  |  | &nbsp;&nbsp; 13173464 |
| **Oregon–0.74%** | **Oregon–0.74%** | **Oregon–0.74%** | **Oregon–0.74%** | **Oregon–0.74%** |
| Morrow (Port of), OR (Bonneville Cooperation Project No. 4); Series 2024 A, GO Bonds<sup>(c)</sup> <br>| 5.15% | 10/01/2026 | 5000 | &nbsp;&nbsp; 4999780 |
| Oregon (State of); Series 2020 J, Ref. VRD GO Bonds<sup>(d)</sup> <br>| 2.15% | 06/01/2039 | 600 | &nbsp;&nbsp; 600000 |
| Oregon Health & Science University; |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 07/01/2033 | 1275 | &nbsp;&nbsp; 1293615 |
| Series 2016 B, Ref. RB | 5.00% | 07/01/2036 | 3270 | &nbsp;&nbsp; 3305918 |
| Series 2016 B, Ref. RB | 5.00% | 07/01/2039 | 1390 | &nbsp;&nbsp; 1400044 |
|  |  |  |  | &nbsp;&nbsp; 11599357 |
| **Pennsylvania–3.39%** | **Pennsylvania–3.39%** | **Pennsylvania–3.39%** | **Pennsylvania–3.39%** | **Pennsylvania–3.39%** |
| Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); <br> Series 2017, RB<sup>(g)</sup> <br>| 5.00% | 10/15/2026 | 205 | &nbsp;&nbsp; 207791 |
| 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; 3950854 |
| 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; 2071557 |
| Chester (County of), PA Industrial Development Authority (Renaissance Academy Charter <br> School);<br>|  |  |  |  |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 10/01/2029 | 350 | &nbsp;&nbsp; 365838 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 10/01/2034 | 705 | &nbsp;&nbsp; 732162 |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy <br> Generation, LLC); Series 2023 A, Ref. RB<sup>(b)</sup> <br>| 4.10% | 04/03/2028 | 3000 | &nbsp;&nbsp; 3070622 |
| Pennsylvania (Commonwealth of); Series 2025 B, Ref. GO Bonds | 5.00% | 08/15/2026 | 5000 | &nbsp;&nbsp; 5128678 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority; |  |  |  |  |
| Series 2016 AT-1, RB | 5.00% | 06/15/2031 | 1965 | &nbsp;&nbsp; 1998773 |
| Series 2016 AT-1, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2031 | 355 | &nbsp;&nbsp; 390731 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University); Series 2015 B, VRD RB<sup>(d)</sup> <br>| 3.43% | 09/01/2045 | 10095 | &nbsp;&nbsp; 10095000 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2024-145A, <br> RB<br>| 6.00% | 10/01/2054 | 1450 | &nbsp;&nbsp; 1582211 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2030 | 9990 | &nbsp;&nbsp; 10280288 |
| Series 2023 B, VRD Ref. RB (LOC - Td Bank N.A.)<sup>(d)(i)</sup> <br>| 2.62% | 12/01/2043 | 6650 | &nbsp;&nbsp; 6650000 |

---

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; $3345353 |
| Fourteenth Series 2016, Ref. RB | 5.00% | 10/01/2032 | 1400 | &nbsp;&nbsp; 1430907 |
| Philadelphia (City of), PA Housing Authority (PHADC Acquition Program); Series 2025, RB | 5.00% | 03/01/2027 | 1400 | &nbsp;&nbsp; 1447047 |
| Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00% | 07/01/2028 | 530 | &nbsp;&nbsp; 533918 |
|  |  |  |  | &nbsp;&nbsp; 53281730 |
| **Puerto Rico–0.38%** | **Puerto Rico–0.38%** | **Puerto Rico–0.38%** | **Puerto Rico–0.38%** | **Puerto Rico–0.38%** |
| 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; 100004 |
| Series 2005 RR, RB (INS - SGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2026 | 3905 | &nbsp;&nbsp; 3905144 |
| Series 2005 RR, RB (INS - SGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2027 | 1505 | &nbsp;&nbsp; 1505098 |
| Series 2008 WW, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 07/01/2033 | 500 | &nbsp;&nbsp; 499410 |
|  |  |  |  | &nbsp;&nbsp; 6009656 |
| **Rhode Island–1.56%** | **Rhode Island–1.56%** | **Rhode Island–1.56%** | **Rhode Island–1.56%** | **Rhode Island–1.56%** |
| Bristol Warren Regional School District; Series 2025, GO Notes | 5.00% | 06/04/2026 | 12400 | &nbsp;&nbsp; 12606515 |
| Rhode Island Health & Educational Building Corp.; Series 2017 G, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 05/15/2039 | 2520 | &nbsp;&nbsp; 2544565 |
| Rhode Island Housing & Mortgage Finance Corp. (Green Bonds); Series 2024 1-A, RB (CEP - <br> Federal Housing Administration)<sup>(b)</sup> <br>| 3.60% | 10/01/2027 | 3000 | &nbsp;&nbsp; 3011815 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2026 | 1145 | &nbsp;&nbsp; 1146466 |
| Series 2015 B, Ref. RB | 4.50% | 06/01/2045 | 5385 | &nbsp;&nbsp; 5201661 |
|  |  |  |  | &nbsp;&nbsp; 24511022 |
| **South Carolina–1.43%** | **South Carolina–1.43%** | **South Carolina–1.43%** | **South Carolina–1.43%** | **South Carolina–1.43%** |
| Corp ForGreer (City Improvement Projects); Series 2025, RB | 5.00% | 09/01/2028 | 150 | &nbsp;&nbsp; 161257 |
| Florence & Darlington (Counties of), SC Commission for Technical Education; Series 2014, Ref. <br> RB<br>| 5.00% | 03/01/2028 | 620 | &nbsp;&nbsp; 621128 |
| Piedmont Municipal Power Agency; Series 2021 C, Ref. RB | 5.00% | 01/01/2032 | 4000 | &nbsp;&nbsp; 4075622 |
| SCAGO Educational Facilities Corp. for Pickens School District; |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 12/01/2028 | 1800 | &nbsp;&nbsp; 1802448 |
| Series 2015, Ref. RB | 5.00% | 12/01/2030 | 1190 | &nbsp;&nbsp; 1191400 |
| 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; 258500 |
| Series 2024, RB | 5.00% | 11/15/2028 | 275 | &nbsp;&nbsp; 287690 |
| Series 2024, RB | 5.00% | 11/15/2029 | 250 | &nbsp;&nbsp; 263620 |
| Series 2024, RB | 5.00% | 11/15/2030 | 250 | &nbsp;&nbsp; 264533 |
| Series 2024, RB | 5.00% | 11/15/2031 | 280 | &nbsp;&nbsp; 295841 |
| South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health); <br> Series 2025, Ref. RB<sup>(b)</sup> <br>| 5.00% | 11/01/2030 | 3140 | &nbsp;&nbsp; 3435385 |
| South Carolina (State of) Public Service Authority; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2029 | 1885 | &nbsp;&nbsp; 1913185 |
| Series 2016 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2032 | 5000 | &nbsp;&nbsp; 5057820 |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2035 | 1750 | &nbsp;&nbsp; 1763928 |
| Series 2025 B, Ref. RB | 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1030388 |
|  |  |  |  | &nbsp;&nbsp; 22422745 |
| **Tennessee–2.75%** | **Tennessee–2.75%** | **Tennessee–2.75%** | **Tennessee–2.75%** | **Tennessee–2.75%** |
| Clarksville (City of), TN; |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 09/01/2026 | 1000 | &nbsp;&nbsp; 1026179 |
| Series 2025, Ref. RB | 5.00% | 09/01/2027 | 1220 | &nbsp;&nbsp; 1282940 |
| Series 2025, Ref. RB | 5.00% | 09/01/2028 | 1000 | &nbsp;&nbsp; 1075947 |
| Metropolitan Nashville Airport Authority (The); Series 2015 B, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2033 | 1550 | &nbsp;&nbsp; 1550588 |
| Shelby (County of), TN; Series 2022 A, GO Bonds | 5.00% | 04/01/2031 | 1980 | &nbsp;&nbsp; 2225747 |
| Tennessee Energy Acquisition Corp.; |  |  |  |  |
| Series 2006 C, RB | 5.00% | 02/01/2027 | 1835 | &nbsp;&nbsp; 1874918 |
| Series 2018, RB<sup>(b)(g)</sup> <br>| 4.00% | 11/01/2025 | 19060 | &nbsp;&nbsp; 19106724 |
| Tennessee Energy Acquisition Corp. (Gas); Series 2023 A-1, Ref. RB<sup>(b)</sup> <br>| 5.00% | 05/01/2028 | 7415 | &nbsp;&nbsp; 7697684 |

---

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 Housing Development Agency (Social Bonds); Series 2022, RB | 5.50% | 01/01/2053 | $2950 | &nbsp;&nbsp; $3109813 |
| Williamson (County of), TX Industrial Development Board; Series 2023, RB<sup>(b)</sup> <br>| 5.00% | 05/01/2027 | 4125 | &nbsp;&nbsp; 4227246 |
|  |  |  |  | &nbsp;&nbsp; 43177786 |
| **Texas–10.41%** | **Texas–10.41%** | **Texas–10.41%** | **Texas–10.41%** | **Texas–10.41%** |
| Alamo Community College District; Series 2007, GO Bonds<sup>(b)(g)</sup> <br>| 4.50% | 10/02/2025 | 590 | &nbsp;&nbsp; 590919 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); |  |  |  |  |
| Series 2021, RB<sup>(b)(c)(g)</sup> <br>| 4.50% | 09/03/2025 | 1100 | &nbsp;&nbsp; 1100054 |
| Series 2025, Ref. RB<sup>(c)</sup> <br>| 5.00% | 06/15/2030 | 2500 | &nbsp;&nbsp; 2642101 |
| Austin (City of), TX; Series 2015 A, Ref. RB | 5.00% | 11/15/2029 | 5600 | &nbsp;&nbsp; 5624841 |
| Austin Independent School District; Series 2017, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 08/01/2035 | 1160 | &nbsp;&nbsp; 1177480 |
| Board of Regents of the University of Texas System; Series 2025 A, RB | 5.00% | 08/15/2026 | 500 | &nbsp;&nbsp; 512629 |
| Boerne Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(b)</sup> <br>| 3.85% | 12/01/2027 | 2490 | &nbsp;&nbsp; 2551773 |
| Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream <br> Texas LLC); Series 2021, RN<sup>(c)(e)</sup> <br>| 3.63% | 07/01/2026 | 2200 | &nbsp;&nbsp; 2133470 |
| Central Texas Regional Mobility Authority; Series 2021 C, RB | 5.00% | 01/01/2027 | 5700 | &nbsp;&nbsp; 5742472 |
| 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; 792800 |
| Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2025, Ref. <br> RB (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2026 | 2225 | &nbsp;&nbsp; 2248773 |
| Conroe Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2028 | 7810 | &nbsp;&nbsp; 7896175 |
| Dallas (City of), TX; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 10/01/2032 | 3835 | &nbsp;&nbsp; 3840185 |
| Series 2017, RB | 5.00% | 10/01/2031 | 1745 | &nbsp;&nbsp; 1820044 |
| Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 1000 | &nbsp;&nbsp; 1004480 |
| Dallas (City of), TX (Palladium Bucker Station); Series 2025, RB<sup>(b)</sup> <br>| 3.05% | 08/01/2028 | 4000 | &nbsp;&nbsp; 4026687 |
| Dallas (City of), TX Independent School District; Series 2025 A-1, GO Bonds (CEP - Texas <br> Permanent School Fund)<sup>(b)</sup> <br>| 5.00% | 02/15/2026 | 3560 | &nbsp;&nbsp; 3597714 |
| Dallas College; Series 2022, GO Bonds | 5.00% | 02/15/2035 | 3250 | &nbsp;&nbsp; 3252064 |
| Denton (City of), TX; |  |  |  |  |
| Series 2017, RB | 5.00% | 12/01/2030 | 1320 | &nbsp;&nbsp; 1355401 |
| Series 2017, RB | 5.00% | 12/01/2035 | 3240 | &nbsp;&nbsp; 3299700 |
| DeSoto Independent School District; Series 2015 B, Ref. GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/15/2032 | 2000 | &nbsp;&nbsp; 2002717 |
| Dripping Springs Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2031 | 1000 | &nbsp;&nbsp; 1119429 |
| Ector County Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/15/2027 | 2015 | &nbsp;&nbsp; 2112257 |
| Forney Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/15/2028 | 750 | &nbsp;&nbsp; 805259 |
| Fort Bend (County of), TX; Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 03/01/2028 | 1000 | &nbsp;&nbsp; 1061517 |
| Friendswood Independent School District; Series 2024, GO Notes | 5.00% | 02/15/2031 | 1500 | &nbsp;&nbsp; 1517981 |
| Garland (City of), TX; |  |  |  |  |
| Series 2016 B, RB | 5.00% | 03/01/2031 | 1000 | &nbsp;&nbsp; 1010161 |
| Series 2016 B, RB | 5.00% | 03/01/2033 | 1000 | &nbsp;&nbsp; 1008094 |
| Series 2016 B, RB | 5.00% | 03/01/2034 | 1000 | &nbsp;&nbsp; 1007102 |
| Grand Prairie Independent School District; Series 2011, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 4.00% | 02/15/2026 | 675 | &nbsp;&nbsp; 675574 |
| 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; 3897421 |
| Gulf Coast Authority (Bayport Area System); Series 2015, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2031 | 1410 | &nbsp;&nbsp; 1412277 |
| 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; 620280 |
| Harris (County of), TX; Series 2016 A, Ref. RB | 5.00% | 08/15/2034 | 1685 | &nbsp;&nbsp; 1708940 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); <br> Series 2016, RB<br>| 5.00% | 07/01/2038 | 1605 | &nbsp;&nbsp; 1615183 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project); Series 2017, Ref. RB | 5.00% | 11/15/2033 | 3675 | &nbsp;&nbsp; 3772153 |
| Highland Park Independent School District; Series 2018, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.25% | 02/15/2026 | 1145 | &nbsp;&nbsp; 1160283 |

---

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)** |
| Houston (City of), TX Convention & Entertainment Facilities Department; Series 2001 B, RB <br> (INS - AGI)<sup>(a)(f)</sup> <br>| 0.00% | 09/01/2025 | $4650 | &nbsp;&nbsp; $4650000 |
| Irving Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2028 | 425 | &nbsp;&nbsp; 452051 |
| Katy Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2027 | 1500 | &nbsp;&nbsp; 1556066 |
| Klein Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 08/01/2029 | 2000 | &nbsp;&nbsp; 2193220 |
| La Porte (County of), TX; Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2031 | 2720 | &nbsp;&nbsp; 3025849 |
| La Vernia (City of), TX; Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2030 | 1000 | &nbsp;&nbsp; 1101949 |
| Lamar Consolidated Independent School District; Series 2018, GO Bonds (CEP - Texas <br> Permanent School Fund)<br>| 5.00% | 02/15/2043 | 1000 | &nbsp;&nbsp; 1006713 |
| 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; 780893 |
| Series 2025 B, Ref. GO Bonds<sup>(f)</sup> <br>| 0.00% | 08/15/2026 | 1400 | &nbsp;&nbsp; 1365278 |
| Lovejoy Independent School District; Series 2016, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2033 | 2665 | &nbsp;&nbsp; 2689699 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2025, Ref. RB | 5.00% | 05/15/2026 | 1000 | &nbsp;&nbsp; 1017043 |
| Lubbock (City of), TX; Series 2025, RB | 5.00% | 02/15/2036 | 1160 | &nbsp;&nbsp; 1297767 |
| Lubbock Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2031 | 1540 | &nbsp;&nbsp; 1719774 |
| Mansfield Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2028 | 1725 | &nbsp;&nbsp; 1832670 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(c)(e)</sup> <br>| 4.63% | 10/01/2031 | 1000 | &nbsp;&nbsp; 998957 |
| Mueller Local Government Corp.; Series 2009, RB | 4.25% | 09/01/2029 | 30 | &nbsp;&nbsp; 30030 |
| North East Independent School District; Series 2015, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<sup>(b)(g)</sup> <br>| 5.00% | 10/01/2025 | 2355 | &nbsp;&nbsp; 2359482 |
| 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; 205302 |
| North Texas Municipal Water District; |  |  |  |  |
| Series 2015, Ref. RB<sup>(b)(g)</sup> <br>| 5.00% | 09/01/2025 | 5000 | &nbsp;&nbsp; 5000000 |
| Series 2025, Ref. RB | 5.00% | 09/01/2030 | 1750 | &nbsp;&nbsp; 1952531 |
| North Texas Tollway Authority; Series 2016 A, Ref. RB | 5.00% | 01/01/2031 | 1000 | &nbsp;&nbsp; 1007402 |
| Pecos Barstow Toyah Independent School District; |  |  |  |  |
| Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2038 | 1350 | &nbsp;&nbsp; 1357283 |
| Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2040 | 1885 | &nbsp;&nbsp; 1892636 |
| Permanent University Fund - University of Texas System; Series 2025 A, Ref. RB | 5.00% | 07/01/2036 | 6695 | &nbsp;&nbsp; 7600657 |
| Plano (City of), TX; Series 2023, Ref. GO Bonds | 5.00% | 09/01/2036 | 3370 | &nbsp;&nbsp; 3692871 |
| San Antonio (City of), TX Water System; Series 2024 A, VRD GO Bonds<sup>(d)</sup> <br>| 2.40% | 05/01/2054 | 8000 | &nbsp;&nbsp; 8000000 |
| 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; 1648932 |
| Sherman Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2028 | 800 | &nbsp;&nbsp; 850919 |
| Tarrant (County of), TX Regional Water District; Series 2015, Ref. RB | 5.00% | 03/01/2028 | 1055 | &nbsp;&nbsp; 1056804 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health); <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2032 | 1020 | &nbsp;&nbsp; 1031841 |
| Texas (State of) Water Development Board (State Water Implementation Fund); Series 2015 A, <br> RB<br>| 5.00% | 10/15/2031 | 2875 | &nbsp;&nbsp; 2881861 |
| Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap <br> Index + 0.55%)<sup>(j)</sup> <br>| 2.91% | 09/15/2027 | 6305 | &nbsp;&nbsp; 6270693 |
| Tomball Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2030 | 1300 | &nbsp;&nbsp; 1439463 |
| University of Houston; |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 02/15/2033 | 2275 | &nbsp;&nbsp; 2296187 |
| Series 2017 A, Ref. RB | 5.00% | 02/15/2034 | 5000 | &nbsp;&nbsp; 5044983 |
| West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/15/2030 | 45 | &nbsp;&nbsp; 46882 |
| Wink-Loving Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2034 | 500 | &nbsp;&nbsp; 509409 |
|  |  |  |  | &nbsp;&nbsp; 163580487 |
| **Utah–0.81%** | **Utah–0.81%** | **Utah–0.81%** | **Utah–0.81%** | **Utah–0.81%** |
| Downtown Revitalization Public Infrastructure District; Series 2025, RB | 5.00% | 06/01/2027 | 1000 | &nbsp;&nbsp; 1042221 |

---

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** |
| **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** |
| Grand (County of), UT School District Local Building Authority; |  |  |  |  |
| Series 2019, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/15/2030 | $1370 | &nbsp;&nbsp; $1379075 |
| Series 2019, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/15/2038 | 2040 | &nbsp;&nbsp; 2046757 |
| Local Building Authority of Alpine School District (West School District); |  |  |  |  |
| Series 2025, RB | 5.00% | 03/15/2029 | 1000 | &nbsp;&nbsp; 1090660 |
| Series 2025, RB | 5.00% | 03/15/2030 | 1000 | &nbsp;&nbsp; 1110545 |
| Ogden City School District; Series 2020, GO Bonds (CEP - Oregon School Bond Guaranty) | 5.00% | 06/15/2029 | 1000 | &nbsp;&nbsp; 1096162 |
| Utah Housing Corp. (Liberty Corner); Series 2025, RB<sup>(b)</sup> <br>| 3.00% | 09/01/2029 | 3300 | &nbsp;&nbsp; 3301944 |
| Utah Transit Authority; Series 2025, Ref. RB | 5.00% | 12/15/2028 | 1600 | &nbsp;&nbsp; 1736509 |
|  |  |  |  | &nbsp;&nbsp; 12803873 |
| **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; 2258060 |
| **Virginia–0.33%** | **Virginia–0.33%** | **Virginia–0.33%** | **Virginia–0.33%** | **Virginia–0.33%** |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); <br> Series 2023 B-3, RB<br>| 5.38% | 09/01/2029 | 1850 | &nbsp;&nbsp; 1871111 |
| Virginia Port Authority; |  |  |  |  |
| Series 2025, RB | 5.00% | 07/01/2027 | 675 | &nbsp;&nbsp; 706118 |
| Series 2025, RB | 5.00% | 07/01/2030 | 510 | &nbsp;&nbsp; 566206 |
| Wise County Industrial Development Authority; Series 2009, RB<sup>(b)</sup> <br>| 3.13% | 10/01/2030 | 2000 | &nbsp;&nbsp; 2002706 |
|  |  |  |  | &nbsp;&nbsp; 5146141 |
| **Washington–2.74%** | **Washington–2.74%** | **Washington–2.74%** | **Washington–2.74%** | **Washington–2.74%** |
| Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)<sup>(a)</sup> <br>| 4.75% | 02/01/2028 | 940 | &nbsp;&nbsp; 941052 |
| Discovery Clean Water Alliance; Series 2022, RB | 5.00% | 12/01/2025 | 1210 | &nbsp;&nbsp; 1217279 |
| Energy Northwest; Series 2025 A, Ref. RB | 5.00% | 07/01/2027 | 5000 | &nbsp;&nbsp; 5242446 |
| Grant (County of), WA Public Utility District No. 2; Series 2023 U, Ref. RB | 4.00% | 01/01/2026 | 5725 | &nbsp;&nbsp; 5748546 |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 10 | &nbsp;&nbsp; 10004 |
| 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; 786005 |
| Lewis (County of), WA Public Utility District No. 1; Series 2013, Ref. RB | 5.25% | 04/01/2032 | 5000 | &nbsp;&nbsp; 5020479 |
| Seattle (City of), WA; Series 2025, Ref. RB | 5.00% | 02/01/2030 | 1000 | &nbsp;&nbsp; 1107515 |
| Seattle (Port of), WA; Series 2017, GO Bonds | 5.00% | 01/01/2036 | 4000 | &nbsp;&nbsp; 4071423 |
| 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; 1125337 |
| Washington (State of); |  |  |  |  |
| Series 2016 B, GO Bonds | 5.00% | 08/01/2031 | 1205 | &nbsp;&nbsp; 1230053 |
| Series 2016 C, GO Bonds | 5.00% | 02/01/2034 | 2760 | &nbsp;&nbsp; 2781859 |
| Series 2025 A, GO Bonds | 5.00% | 08/01/2032 | 2690 | &nbsp;&nbsp; 3053616 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services); |  |  |  |  |
| Series 2012 A, RB | 5.00% | 10/01/2025 | 125 | &nbsp;&nbsp; 125140 |
| Series 2012 A, RB | 5.00% | 10/01/2026 | 2540 | &nbsp;&nbsp; 2541940 |
| Series 2012 A, RB | 5.00% | 10/01/2027 | 2415 | &nbsp;&nbsp; 2423374 |
| Series 2012 A, RB | 5.00% | 10/01/2028 | 165 | &nbsp;&nbsp; 165572 |
| Series 2012 A, RB | 4.25% | 10/01/2040 | 2800 | &nbsp;&nbsp; 2616384 |
| Washington State University; Series 2025, Ref. RB | 5.00% | 04/01/2035 | 2490 | &nbsp;&nbsp; 2826802 |
|  |  |  |  | &nbsp;&nbsp; 43034826 |
| **West Virginia–0.20%** | **West Virginia–0.20%** | **West Virginia–0.20%** | **West Virginia–0.20%** | **West Virginia–0.20%** |
| West Virginia (State of) Economic Development Authority (Appalachain Power Company- AMOS <br> Project); Series 2011 A, RB<sup>(b)(e)</sup> <br>| 3.30% | 09/01/2028 | 2000 | &nbsp;&nbsp; 1998808 |
| 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; 1120240 |
|  |  |  |  | &nbsp;&nbsp; 3119048 |
| **Wisconsin–2.28%** | **Wisconsin–2.28%** | **Wisconsin–2.28%** | **Wisconsin–2.28%** | **Wisconsin–2.28%** |
| Central Brown (County of), WI Water Authority; Series 2024 A, Ref. RB | 5.00% | 11/01/2026 | 1455 | &nbsp;&nbsp; 1493699 |
| Public Finance Authority; Series 2025, RB<sup>(c)(f)</sup> <br>| 0.00% | 12/15/2033 | 1700 | &nbsp;&nbsp; 1000143 |
| Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(c)(f)</sup> <br>| 0.00% | 12/15/2039 | 3000 | &nbsp;&nbsp; 991568 |

---

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** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| 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; $1354257 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); |  |  |  |  |  |
| Series 2013, RB | 5.00% | 08/15/2026 |  | 100 | &nbsp;&nbsp; 100247 |
| Series 2013, RB | 5.00% | 08/15/2027 |  | 800 | &nbsp;&nbsp; 801924 |
| Wisconsin (State of) Health & Educational Facilities Authority (Forensic Science and Protective <br> Medicine Facility); Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 08/01/2027 |  | 7770 | &nbsp;&nbsp; 7891426 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB | 5.00% | 06/01/2027 |  | 3225 | &nbsp;&nbsp; 3234461 |
| Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health); |  |  |  |  |  |
| Series 2014 A, RB | 5.00% | 12/01/2028 |  | 980 | &nbsp;&nbsp; 982137 |
| Series 2014 A, RB | 5.00% | 12/01/2029 |  | 1475 | &nbsp;&nbsp; 1478171 |
| Wisconsin (State of) Housing & Economic Development Authority; Series 2023 E, RB<sup>(b)</sup> <br>| 3.88% | 05/01/2027 |  | 4260 | &nbsp;&nbsp; 4266792 |
| Wisconsin (State of) Public Finance Authority (Cincinnati Classical Academy); Series 2024, <br> RB<sup>(c)</sup> <br>| 5.25% | 06/15/2035 |  | 1070 | &nbsp;&nbsp; 1069935 |
| Wisconsin (State of) Public Finance Authority (Duke Energy Progress); Series 2022, Ref. RB<sup>(b)</sup> <br>| 3.30% | 10/01/2026 |  | 1745 | &nbsp;&nbsp; 1751145 |
| 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; 2396632 |
| Series 2016, RB | 5.00% | 03/01/2032 |  | 4315 | &nbsp;&nbsp; 4346427 |
| Series 2016, RB | 5.00% | 03/01/2035 |  | 2000 | &nbsp;&nbsp; 2009753 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 <br> A, RB<br>| 5.00% | 12/01/2027 |  | 660 | &nbsp;&nbsp; 671815 |
|  |  |  |  |  | &nbsp;&nbsp; 35840532 |
| Total Municipal Obligations (Cost $1,536,038,924) | Total Municipal Obligations (Cost $1,536,038,924) | Total Municipal Obligations (Cost $1,536,038,924) | Total Municipal Obligations (Cost $1,536,038,924) |  | &nbsp;&nbsp; 1542311024 |
|  |  |  | **Shares** | **Shares** |  |
| **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** |
| Nuveen AMT-Free Quality Municipal Income Fund, MFP, Series D<sup>(c)(d)</sup> <br>|  |  |  | 10000000 | &nbsp;&nbsp; 10000000 |
| Nuveen AMT-Free Quality Municipal Income Fund<sup>(c)(d)</sup> <br>|  |  |  | 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 |
| **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; 844625 |
|  | **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>(c)(l)</sup> <br>| 15.00% | 02/28/2027 |  | $75 | &nbsp;&nbsp; 14716 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–99.45% (Cost $1,555,866,874) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–99.45% (Cost $1,555,866,874) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–99.45% (Cost $1,555,866,874) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–99.45% (Cost $1,555,866,874) |  | &nbsp;&nbsp; 1562050365 |
| OTHER ASSETS LESS LIABILITIES–0.55% | OTHER ASSETS LESS LIABILITIES–0.55% | OTHER ASSETS LESS LIABILITIES–0.55% | OTHER ASSETS LESS LIABILITIES–0.55% |  | &nbsp;&nbsp; 8596493 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1570646858 |

---

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 |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| 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 has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2025 was $102,942,438, which represented 6.55% of the Fund's Net Assets. 

<sup>(d)</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 August 31, 2025. 

<sup>(e)</sup> Security subject to the alternative minimum tax.

<sup>(f)</sup> Zero coupon bond issued at a discount.

<sup>(g)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(h)</sup> Restricted security. The aggregate value of these securities at August 31, 2025 was $1,596,287, which represented less than 1% of the Fund's Net Assets.

<sup>(i)</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>(j)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2025.

<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 fiscal year ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<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>**August 31, 2025**<br>| **Dividend Income** |
| Invesco Rochester High Yield Municipal ETF\* | $873372 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(28747) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $844625 | &nbsp;&nbsp; $38167 |

---

\* Effective February 24, 2025, the underlying fund's name changed.

<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**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,554,993,924)<br>| &nbsp;&nbsp; $1561205740 |
| Investments in affiliates, at value <br>(Cost $872,950)<br>| &nbsp;&nbsp; 844625 |
| Cash | &nbsp;&nbsp; 10086227 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2784077 |
| Fund shares sold | &nbsp;&nbsp; 1269059 |
| Interest | &nbsp;&nbsp; 15947669 |
| Investments matured, at value (Cost $926,990) | &nbsp;&nbsp; 11318 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 60236 |
| Other assets | &nbsp;&nbsp; 96388 |
| Total assets | &nbsp;&nbsp; 1592305339 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 17506277 |
| Dividends | &nbsp;&nbsp; 1557406 |
| Fund shares reacquired | &nbsp;&nbsp; 2078958 |
| Accrued fees to affiliates | &nbsp;&nbsp; 375939 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4495 |
| Accrued other operating expenses | &nbsp;&nbsp; 75170 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 60236 |
| Total liabilities | &nbsp;&nbsp; 21658481 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1570646858 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1608486210 |
| Distributable earnings (loss) | &nbsp;&nbsp; (37839352)<br>|
|  | &nbsp;&nbsp; $1570646858 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $458528426 |
| Class Y | &nbsp;&nbsp; $1006463991 |
| Class R6 | &nbsp;&nbsp; $105654441 |
| **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; 123545962 |
| Class Y | &nbsp;&nbsp; 271145676 |
| Class R6 | &nbsp;&nbsp; 28379533 |
| Class A: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.71 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.71 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.72 |

---

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 year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $57037298 |
| Dividends from affiliates | &nbsp;&nbsp; 38167 |
| Total investment income | &nbsp;&nbsp; 57075465 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6043706 |
| Administrative services fees | &nbsp;&nbsp; 220294 |
| Custodian fees | &nbsp;&nbsp; 8265 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1137097 |
| Transfer agent fees — A and Y | &nbsp;&nbsp; 1241106 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 12897 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 31584 |
| Registration and filing fees | &nbsp;&nbsp; 110842 |
| Reports to shareholders | &nbsp;&nbsp; 48502 |
| Professional services fees | &nbsp;&nbsp; 102950 |
| Other | &nbsp;&nbsp; 26018 |
| Total expenses | &nbsp;&nbsp; 8983261 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (6081)<br>|
| Net expenses | &nbsp;&nbsp; 8977180 |
| Net investment income | &nbsp;&nbsp; 48098285 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(398459)) | &nbsp;&nbsp; (1464424)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (4510278)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (28747)<br>|
|  | &nbsp;&nbsp; (4539025)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (6003449)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $42094836 |

---

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 years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $48098285 | &nbsp;&nbsp; $52996774 |
| Net realized gain (loss) | &nbsp;&nbsp; (1464424)<br>| &nbsp;&nbsp; (7424526)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (4539025)<br>| &nbsp;&nbsp; 16756299 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 42094836 | &nbsp;&nbsp; 62328547 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (14436044)<br>| &nbsp;&nbsp; (17003397)<br>|
| Class Y | &nbsp;&nbsp; (34218730)<br>| &nbsp;&nbsp; (37110485)<br>|
| Class R6 | &nbsp;&nbsp; (3203952)<br>| &nbsp;&nbsp; (2270388)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (51858726)<br>| &nbsp;&nbsp; (56384270)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (8126574)<br>| &nbsp;&nbsp; (144263341)<br>|
| Class Y | &nbsp;&nbsp; (10103887)<br>| &nbsp;&nbsp; (124962677)<br>|
| Class R6 | &nbsp;&nbsp; 23421325 | &nbsp;&nbsp; 19654419 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 5190864 | &nbsp;&nbsp; (249571599)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (4573026)<br>| &nbsp;&nbsp; (243627322)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1575219884 | &nbsp;&nbsp; 1818847206 |
| End of year | &nbsp;&nbsp; $1570646858 | &nbsp;&nbsp; $1575219884 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco Short Term Municipal Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **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** |
| Year ended 08/31/25 | $3.73 | $0.11 | $(0.01)<br>| $0.10 | $(0.12)<br>| $3.71 | 2.66<br> %<br>| $458528 | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 2.93<br> %<br>| 56<br> %<br>|
| 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** |
| 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** |
| 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.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco Short Term Municipal Fund**

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**Notes to Financial Statements**

*August 31, 2025*

**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 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.

**24**

**Invesco Short Term Municipal Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on 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** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**L.** **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 year ended August 31, 2025, 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.

For the year ended August 31, 2025, the Adviser waived advisory fees of $3,385.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into 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 year ended August 31, 2025, 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 year ended August 31, 2025, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $639 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 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.

**26**

**Invesco Short Term Municipal Fund**

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The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1542311024 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1542311024 |
| 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; 844625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 844625 |
| 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; 844625 | &nbsp;&nbsp;&nbsp;&nbsp; 1561191024 | &nbsp;&nbsp;&nbsp;&nbsp; 14716 | &nbsp;&nbsp;&nbsp;&nbsp; 1562050365 |
| **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; $844625 | &nbsp;&nbsp;&nbsp;&nbsp; $1561197437 | &nbsp;&nbsp;&nbsp;&nbsp; $19621 | &nbsp;&nbsp;&nbsp;&nbsp; $1562061683 |

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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 year ended August 31, 2025, the Fund engaged in securities purchases of $58,734,443 and securities sales of $73,844,128, which resulted in net realized gains (losses) of $(398,459).

**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 year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,696.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $623737 | &nbsp;&nbsp;&nbsp;&nbsp; $964003 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 51234989 | &nbsp;&nbsp;&nbsp;&nbsp; 55420267 |
| Total distributions | &nbsp;&nbsp; $51858726 | &nbsp;&nbsp;&nbsp;&nbsp; $56384270 |

---

\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $2442726 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 5618772 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (45498)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (45855352)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1608486210 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1570646858 |

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**27**

**Invesco Short Term Municipal Fund**

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

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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; $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 year ended August 31, 2025 was $837,552,485 and $860,786,544, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10073750 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (4454978)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $5618772 |

---

Cost of investments for tax purposes is $1,556,442,911.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and amortization and accretion on debt securities, on August 31, 2025, undistributed net investment income was increased by $762 and undistributed net realized gain (loss) was decreased by $762. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 36500673 | &nbsp;&nbsp;&nbsp; $135445347 | &nbsp;&nbsp;&nbsp; 23308550 | &nbsp;&nbsp;&nbsp; $86734783 |
| Class Y | &nbsp;&nbsp;&nbsp; 136086370 | &nbsp;&nbsp;&nbsp; 505203808 | &nbsp;&nbsp;&nbsp; 133904494 | &nbsp;&nbsp;&nbsp; 497883618 |
| Class R6 | &nbsp;&nbsp;&nbsp; 17788742 | &nbsp;&nbsp;&nbsp; 66252436 | &nbsp;&nbsp;&nbsp; 11743513 | &nbsp;&nbsp;&nbsp; 43897180 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2846019 | &nbsp;&nbsp;&nbsp; 10573557 | &nbsp;&nbsp;&nbsp; 3344632 | &nbsp;&nbsp;&nbsp; 12429023 |
| Class Y | &nbsp;&nbsp;&nbsp; 5840533 | &nbsp;&nbsp;&nbsp; 21699366 | &nbsp;&nbsp;&nbsp; 6267975 | &nbsp;&nbsp;&nbsp; 23295078 |
| Class R6 | &nbsp;&nbsp;&nbsp; 166081 | &nbsp;&nbsp;&nbsp; 618553 | &nbsp;&nbsp;&nbsp; 127894 | &nbsp;&nbsp;&nbsp; 477225 |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (41511863)<br>| &nbsp;&nbsp;&nbsp; (154145478)<br>| &nbsp;&nbsp;&nbsp; (65466764)<br>| &nbsp;&nbsp;&nbsp; (243427147)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (144687708)<br>| &nbsp;&nbsp;&nbsp; (537007061)<br>| &nbsp;&nbsp;&nbsp; (173760266)<br>| &nbsp;&nbsp;&nbsp; (646141373)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (11652725)<br>| &nbsp;&nbsp;&nbsp; (43449664)<br>| &nbsp;&nbsp;&nbsp; (6626925)<br>| &nbsp;&nbsp;&nbsp; (24719986)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1376122 | &nbsp;&nbsp;&nbsp; $5190864 | &nbsp;&nbsp;&nbsp; (67156897)<br>| &nbsp;&nbsp;&nbsp; $(249571599)<br>|

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<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.

**28**

**Invesco Short Term Municipal Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Short Term Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Short Term Municipal Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**29**

**Invesco Short Term Municipal Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Term Municipal Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond Short Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**30**

**Invesco Short Term Municipal Fund**

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more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each above the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual and contractual management fees and total expense ratio were in the fourth, fifth and fifth quintile, respectively, of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to how the services provided by the municipal investment team to the Fund may be distinguished from those provided by peer municipal managers and how the Fund generally holds more positions, as well as different types of securities such as variable rate demand notes, than others in its expense group and the related additional resources necessary. The independent Trustees also considered information presented by management regarding the Fund's consistent level of income provided to shareholders, and how such income levels compare to peers

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and

measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement

and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the

**31**

**Invesco Short Term Municipal Fund**

------

federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**32**

**Invesco Short Term Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 98.80% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**33**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**34**

**Invesco Short Term Municipal Fund**

------

![](img0ea27f291.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

O-STM-NCSR

------

![](img6c15ee201.jpg)

------

**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco SMA Municipal Bond Fund**

Nasdaq:

SMBMX

------

---

| | |
|:---|:---|
| [2](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_SOI-Continued-901_1) | Schedule of Investments |
| [6](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_FS-Continued-901_1) | Financial Statements |
| [9](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_FS-Continued-901_4) | Financial Highlights |
| [10](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_NTF-Continued-901_1) | Notes to Financial Statements |
| [15](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_ARS-Continued-901_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_AOC-Continued-901_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_TI-Continued-901_1) | Tax Information |
| [19](#xx_21cc98cd-f028-47c8-8e0d-10d685d74a6e_OIRSR-Continued-901_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–98.78%** | **Municipal Obligations–98.78%** | **Municipal Obligations–98.78%** | **Municipal Obligations–98.78%** | **Municipal Obligations–98.78%** |
| **Arizona–9.37%** | **Arizona–9.37%** | **Arizona–9.37%** | **Arizona–9.37%** | **Arizona–9.37%** |
| 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; $1208174 |
| Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2031 | 925 | &nbsp;&nbsp; 931404 |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(a)(b)</sup> <br>| 0.00% | 12/15/2034 | 1000 | &nbsp;&nbsp; 528870 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional School); Series 2025, RB | 5.00% | 07/01/2035 | 965 | &nbsp;&nbsp; 1005085 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, <br> Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 250 | &nbsp;&nbsp; 249586 |
| 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; 1403125 |
| 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; 915687 |
| 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; 1223221 |
| 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; 954005 |
| Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy); Series 2025, RB | 6.25% | 06/15/2045 | 1500 | &nbsp;&nbsp; 1495152 |
|  |  |  |  | &nbsp;&nbsp; 9914309 |
| **California–4.96%** | **California–4.96%** | **California–4.96%** | **California–4.96%** | **California–4.96%** |
| California (State of) Housing Finance Agency; Series 2019 A-2, RB | 4.00% | 03/20/2033 | 215 | &nbsp;&nbsp; 218077 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) (Green <br> Bonds); Series 2025 B, Ref. RB<sup>(a)(c)(d)</sup> <br>| 9.50% | 01/01/2035 | 750 | &nbsp;&nbsp; 689654 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 B, Ref. RB | 5.00% | 07/01/2037 | 1105 | &nbsp;&nbsp; 1100439 |
| California (State of) Public Finance Authority (Sunrise of Long Beach); Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 06/01/2040 | 1250 | &nbsp;&nbsp; 1257621 |
| 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; 483766 |
| San Francisco Unified School District; Series 2015, GO Bonds | 4.00% | 06/15/2033 | 1500 | &nbsp;&nbsp; 1500183 |
|  |  |  |  | &nbsp;&nbsp; 5249740 |
| **District of Columbia–0.75%** | **District of Columbia–0.75%** | **District of Columbia–0.75%** | **District of Columbia–0.75%** | **District of Columbia–0.75%** |
| District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB | 6.75% | 05/15/2040 | 770 | &nbsp;&nbsp; 794091 |
| **Florida–8.94%** | **Florida–8.94%** | **Florida–8.94%** | **Florida–8.94%** | **Florida–8.94%** |
| Alachua (County of), FL Housing Finance Authority (Woodland Park II); Series 2025 B, RB<sup>(a)(d)</sup> <br>| 4.90% | 07/01/2028 | 1350 | &nbsp;&nbsp; 1365457 |
| Capital Projects Finance Authority (Kissimmee Charter Academy); Series 2024, RB<sup>(a)</sup> <br>| 6.13% | 06/15/2044 | 250 | &nbsp;&nbsp; 250485 |
| Capital Projects Finance Authority (Millenia Orlando); Series 2025 A, RB<sup>(a)</sup> <br>| 6.00% | 01/01/2035 | 500 | &nbsp;&nbsp; 502269 |
| Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019, RB | 5.00% | 12/15/2029 | 1605 | &nbsp;&nbsp; 1613580 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2024, Ref. RB <br> (INS - AGI)<sup>(c)(e)</sup> <br>| 5.00% | 07/01/2044 | 500 | &nbsp;&nbsp; 479275 |
| Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB | 5.00% | 06/15/2031 | 235 | &nbsp;&nbsp; 240327 |
| Florida Local Government Finance Commission (Bridgeprep Academy); Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 06/15/2040 | 1290 | &nbsp;&nbsp; 1291372 |
| Miami Beach (City of), FL; Series 2017, Ref. RB | 5.00% | 09/01/2047 | 250 | &nbsp;&nbsp; 251883 |
| Mid-Bay Bridge Authority; Series 2015 A, Ref. RB<sup>(d)(f)</sup> <br>| 5.00% | 10/01/2025 | 1000 | &nbsp;&nbsp; 1001780 |
| Polk (County of), FL Industrial Development Authority (Carpenter's Home Estates); Series 2019, Ref. IDR | 5.00% | 01/01/2039 | 2000 | &nbsp;&nbsp; 1971010 |
| Two Ridges Community Development District; Series 2025, RB | 5.75% | 05/01/2045 | 500 | &nbsp;&nbsp; 497599 |
|  |  |  |  | &nbsp;&nbsp; 9465037 |
| **Georgia–1.89%** | **Georgia–1.89%** | **Georgia–1.89%** | **Georgia–1.89%** | **Georgia–1.89%** |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2022 C, RB<sup>(a)(d)</sup> <br>| 4.00% | 11/01/2027 | 1500 | &nbsp;&nbsp; 1499078 |
| Series 2023 A, RB<sup>(d)</sup> <br>| 5.00% | 06/01/2030 | 475 | &nbsp;&nbsp; 503007 |
|  |  |  |  | &nbsp;&nbsp; 2002085 |
| **Guam–0.95%** | **Guam–0.95%** | **Guam–0.95%** | **Guam–0.95%** | **Guam–0.95%** |
| Guam (Territory of); Series 2015 D, Ref. RB<sup>(d)(f)</sup> <br>| 5.00% | 11/15/2025 | 1000 | &nbsp;&nbsp; 1004940 |
| **Idaho–1.43%** | **Idaho–1.43%** | **Idaho–1.43%** | **Idaho–1.43%** | **Idaho–1.43%** |
| Idaho (State of) Health Facilities Authority (Trinity Health Credit Group); Series 2015 D, Ref. RB | 5.50% | 12/01/2027 | 1500 | &nbsp;&nbsp; 1508012 |

---

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–4.19%** | **Illinois–4.19%** | **Illinois–4.19%** | **Illinois–4.19%** | **Illinois–4.19%** |
| Chicago (City of), IL (O'Hare International Airport); Series 2016 B, Ref. RB | 5.00% | 01/01/2041 | $1200 | &nbsp;&nbsp; $1200410 |
| Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB | 5.00% | 11/15/2035 | 1135 | &nbsp;&nbsp; 1135950 |
| Illinois (State of) Toll Highway Authority; Series 2016 B, RB | 5.00% | 01/01/2041 | 1250 | &nbsp;&nbsp; 1252760 |
| Marion (City of), IL (Star Bond District Project Area No. 1); Series 2025, RB | 6.38% | 06/01/2045 | 895 | &nbsp;&nbsp; 849668 |
|  |  |  |  | &nbsp;&nbsp; 4438788 |
| **Indiana–2.17%** | **Indiana–2.17%** | **Indiana–2.17%** | **Indiana–2.17%** | **Indiana–2.17%** |
| Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB | 4.80% | 01/01/2028 | 355 | &nbsp;&nbsp; 348841 |
| Fort Wayne (City of), IN (Silver Birch of Fort Wayne); Series 2017, RB | 5.13% | 01/01/2032 | 500 | &nbsp;&nbsp; 479157 |
| Indiana (State of) Finance Authority (Unidy Properties LLC); Series 2025, RB | 5.25% | 07/01/2037 | 1000 | &nbsp;&nbsp; 1018818 |
| Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB<sup>(a)</sup> <br>| 5.10% | 01/01/2032 | 200 | &nbsp;&nbsp; 196147 |
| Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB<sup>(c)(d)</sup> <br>| 4.40% | 06/10/2031 | 250 | &nbsp;&nbsp; 258757 |
|  |  |  |  | &nbsp;&nbsp; 2301720 |
| **Iowa–0.32%** | **Iowa–0.32%** | **Iowa–0.32%** | **Iowa–0.32%** | **Iowa–0.32%** |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(d)(f)</sup> <br>| 5.00% | 12/01/2032 | 300 | &nbsp;&nbsp; 340643 |
| **Kentucky–2.92%** | **Kentucky–2.92%** | **Kentucky–2.92%** | **Kentucky–2.92%** | **Kentucky–2.92%** |
| Christian (County of), KY (Jennie Stuart Medical Center, Inc.); Series 2016, Ref. RB | 5.38% | 02/01/2036 | 1500 | &nbsp;&nbsp; 1504617 |
| Kentucky (Commonwealth of) Public Energy Authority; Series 2024 A, RB<sup>(d)</sup> <br>| 5.00% | 07/01/2030 | 1500 | &nbsp;&nbsp; 1586229 |
|  |  |  |  | &nbsp;&nbsp; 3090846 |
| **Louisiana–0.24%** | **Louisiana–0.24%** | **Louisiana–0.24%** | **Louisiana–0.24%** | **Louisiana–0.24%** |
| St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB<sup>(d)</sup> <br>| 4.05% | 07/01/2026 | 250 | &nbsp;&nbsp; 252147 |
| **Maine–0.95%** | **Maine–0.95%** | **Maine–0.95%** | **Maine–0.95%** | **Maine–0.95%** |
| Finance Authority of Maine; Series 2015, RB<sup>(a)(c)</sup> <br>| 5.00% | 08/01/2035 | 1000 | &nbsp;&nbsp; 1007925 |
| **Massachusetts–4.20%** | **Massachusetts–4.20%** | **Massachusetts–4.20%** | **Massachusetts–4.20%** | **Massachusetts–4.20%** |
| Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music); <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2039 | 1000 | &nbsp;&nbsp; 1005527 |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University); Series 2025, RB | 5.25% | 08/15/2044 | 1500 | &nbsp;&nbsp; 1520691 |
| Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2025, Ref. <br> RB<br>| 5.25% | 01/01/2045 | 200 | &nbsp;&nbsp; 196896 |
| 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; 1215681 |
| Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2025, Ref. <br> RB<br>| 5.50% | 07/01/2045 | 500 | &nbsp;&nbsp; 503375 |
|  |  |  |  | &nbsp;&nbsp; 4442170 |
| **Minnesota–3.04%** | **Minnesota–3.04%** | **Minnesota–3.04%** | **Minnesota–3.04%** | **Minnesota–3.04%** |
| Bethal (City of), MN (Spectrum High School); Series 2017, Ref. RB | 4.00% | 07/01/2032 | 1265 | &nbsp;&nbsp; 1244931 |
| Bethel (City of), MN (Spectrum High School); Series 2024, RB | 5.00% | 07/01/2059 | 250 | &nbsp;&nbsp; 222843 |
| Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB | 5.00% | 05/01/2032 | 1750 | &nbsp;&nbsp; 1753095 |
|  |  |  |  | &nbsp;&nbsp; 3220869 |
| **Missouri–2.74%** | **Missouri–2.74%** | **Missouri–2.74%** | **Missouri–2.74%** | **Missouri–2.74%** |
| 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; 1000303 |
| 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; 981562 |
| 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; 915378 |
|  |  |  |  | &nbsp;&nbsp; 2897243 |
| **New Hampshire–4.94%** | **New Hampshire–4.94%** | **New Hampshire–4.94%** | **New Hampshire–4.94%** | **New Hampshire–4.94%** |
| New Hampshire (State of) Business Finance Authority; Series 2025, RB | 5.15% | 09/28/2037 | 1000 | &nbsp;&nbsp; 973108 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School); Series 2025, RB | 5.13% | 08/01/2040 | 1000 | &nbsp;&nbsp; 975200 |
| 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; 1534202 |
| New Hampshire Health and Education Facilities Authority Act; Series 2015, Ref. RB | 5.00% | 07/01/2036 | 1750 | &nbsp;&nbsp; 1751386 |
|  |  |  |  | &nbsp;&nbsp; 5233896 |

---

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–4.87%** | **New York–4.87%** | **New York–4.87%** | **New York–4.87%** | **New York–4.87%** |
| Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB | 5.00% | 07/01/2030 | $1500 | &nbsp;&nbsp; $1503198 |
| Metropolitan Transportation Authority; |  |  |  |  |
| Series 2002 D, VRD Ref. RB (LOC - Truist Bank)<sup>(g)(h)</sup> <br>| 2.35% | 11/01/2032 | 1000 | &nbsp;&nbsp; 1000000 |
| Subseries 2012, VRD Ref. RB (LOC - Royal Bank Of Canada)<sup>(g)(h)</sup> <br>| 2.35% | 11/01/2031 | 10 | &nbsp;&nbsp; 10000 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(c)</sup> <br>| 5.00% | 08/01/2031 | 250 | &nbsp;&nbsp; 250002 |
| Series 2020, Ref. RB<sup>(c)</sup> <br>| 5.25% | 08/01/2031 | 1090 | &nbsp;&nbsp; 1117416 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); <br> Series 2023, RB<sup>(c)</sup> <br>| 5.63% | 04/01/2040 | 1000 | &nbsp;&nbsp; 1030619 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds); <br> Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.50% | 12/31/2054 | 250 | &nbsp;&nbsp; 243261 |
|  |  |  |  | &nbsp;&nbsp; 5154496 |
| **North Carolina–1.89%** | **North Carolina–1.89%** | **North Carolina–1.89%** | **North Carolina–1.89%** | **North Carolina–1.89%** |
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007, Ref. VRD <br> RB<sup>(g)</sup> <br>| 3.95% | 01/15/2037 | 2000 | &nbsp;&nbsp; 2000000 |
| **North Dakota–0.23%** | **North Dakota–0.23%** | **North Dakota–0.23%** | **North Dakota–0.23%** | **North Dakota–0.23%** |
| Horace (City of), ND; Series 2024 C, Ref. GO Bonds | 4.50% | 05/01/2039 | 250 | &nbsp;&nbsp; 243185 |
| **Ohio–9.41%** | **Ohio–9.41%** | **Ohio–9.41%** | **Ohio–9.41%** | **Ohio–9.41%** |
| American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB | 5.00% | 02/15/2041 | 1000 | &nbsp;&nbsp; 1001418 |
| Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB | 5.00% | 02/15/2037 | 1250 | &nbsp;&nbsp; 1248718 |
| Dayton-Montgomery County Port Authority (Liberty Assisted Living Springfield); Series 2025, RB<sup>(a)</sup> <br>| 6.63% | 01/01/2045 | 1000 | &nbsp;&nbsp; 1008351 |
| Franklin (County of), OH; Series 2015, RB | 5.00% | 05/15/2040 | 1250 | &nbsp;&nbsp; 1249952 |
| Hamilton (County of), OH (TriHealth, Inc. Obligated); Series 2021, Ref. VRD RB<sup>(g)</sup> <br>| 3.95% | 08/15/2051 | 1940 | &nbsp;&nbsp; 1940000 |
| Ohio (State of) (Portsmouth Bypass); Series 2015, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2039 | 1375 | &nbsp;&nbsp; 1374934 |
| Ohio (State of) Higher Educational Facility Commission; Series 2016, Ref. RB | 5.00% | 11/01/2041 | 1410 | &nbsp;&nbsp; 1411312 |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University); Series 2025, RB | 5.38% | 10/01/2045 | 500 | &nbsp;&nbsp; 480718 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College); Series 2015, Ref. RB | 5.00% | 07/01/2041 | 250 | &nbsp;&nbsp; 250059 |
|  |  |  |  | &nbsp;&nbsp; 9965462 |
| **Oregon–1.48%** | **Oregon–1.48%** | **Oregon–1.48%** | **Oregon–1.48%** | **Oregon–1.48%** |
| Morrow (Port of), OR (Bonneville Cooperation Project No. 4); Series 2024 A, GO Bonds<sup>(a)</sup> <br>| 5.15% | 10/01/2026 | 1250 | &nbsp;&nbsp; 1249945 |
| Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB<sup>(c)</sup> <br>| 5.25% | 07/01/2039 | 300 | &nbsp;&nbsp; 317002 |
|  |  |  |  | &nbsp;&nbsp; 1566947 |
| **Pennsylvania–6.44%** | **Pennsylvania–6.44%** | **Pennsylvania–6.44%** | **Pennsylvania–6.44%** | **Pennsylvania–6.44%** |
| 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; 160575 |
| 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; 1369877 |
| Commonwealth Financing Authority; Series 2015 A, RB | 5.00% | 06/01/2034 | 1250 | &nbsp;&nbsp; 1250875 |
| Crawford (County of), PA Hospital Authority Meadville Medical Center); Series 2016 A, Ref. RB | 6.00% | 06/01/2046 | 1000 | &nbsp;&nbsp; 1000787 |
| 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; 259729 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge <br> Replacement); Series 2015, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2038 | 1250 | &nbsp;&nbsp; 1245401 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); <br> Series 2016, Ref. RB<br>| 5.00% | 06/01/2036 | 1520 | &nbsp;&nbsp; 1533892 |
|  |  |  |  | &nbsp;&nbsp; 6821136 |
| **Rhode Island–1.31%** | **Rhode Island–1.31%** | **Rhode Island–1.31%** | **Rhode Island–1.31%** | **Rhode Island–1.31%** |
| Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 1400 | &nbsp;&nbsp; 1390091 |
| **South Carolina–1.42%** | **South Carolina–1.42%** | **South Carolina–1.42%** | **South Carolina–1.42%** | **South Carolina–1.42%** |
| 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; 245002 |
| South Carolina (State of) Public Service Authority; Series 2016 A, Ref. RB | 5.00% | 12/01/2035 | 1250 | &nbsp;&nbsp; 1259949 |
|  |  |  |  | &nbsp;&nbsp; 1504951 |

---

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–2.38%** | **Tennessee–2.38%** | **Tennessee–2.38%** | **Tennessee–2.38%** | **Tennessee–2.38%** | **Tennessee–2.38%** |
| Jackson (City of), TN; Series 2015, RB | 5.00% | 04/01/2030 |  | $1500 | &nbsp;&nbsp; $1500910 |
| Tennessee Energy Acquisition Corp.; Series 2006 B, RB | 5.63% | 09/01/2026 |  | 1000 | &nbsp;&nbsp; 1018687 |
|  |  |  |  |  | &nbsp;&nbsp; 2519597 |
| **Texas–9.98%** | **Texas–9.98%** | **Texas–9.98%** | **Texas–9.98%** | **Texas–9.98%** | **Texas–9.98%** |
| Arlington Higher Education Finance Corp. (Great Hearts America - Texas); Series 2024, RB | 5.00% | 08/15/2049 |  | 1100 | &nbsp;&nbsp; 1005386 |
| Aurora (City of), IL; Series 2014, RB<sup>(c)</sup> <br>| 5.00% | 11/15/2030 |  | 1500 | &nbsp;&nbsp; 1501028 |
| Cultural Education Facilities Finance (Harris County), TX; Series 2016, Ref. RB | 5.00% | 01/01/2037 |  | 750 | &nbsp;&nbsp; 750366 |
| Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB | 5.00% | 10/01/2041 |  | 1000 | &nbsp;&nbsp; 1004480 |
| Harris (County of), TX Municipal Utility District No. 489; Series 2023 A, GO Bonds | 6.50% | 09/01/2029 |  | 505 | &nbsp;&nbsp; 538771 |
| Houston (City of), TX; Series 2024 B, RB<sup>(c)</sup> <br>| 5.50% | 07/15/2036 |  | 1000 | &nbsp;&nbsp; 1057528 |
| Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB<sup>(c)</sup> <br>| 5.00% | 07/15/2028 |  | 500 | &nbsp;&nbsp; 510513 |
| Mission Economic Development Corp. (Green Bonds); Series 2025, RB<sup>(c)(d)</sup> <br>| 5.00% | 06/01/2030 |  | 500 | &nbsp;&nbsp; 508409 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(a)(c)</sup> <br>| 4.63% | 10/01/2031 |  | 1455 | &nbsp;&nbsp; 1453483 |
| New Hope Cultural Education Facilities Finance Corp.; Series 2025 A, RB | 6.25% | 10/01/2045 |  | 1000 | &nbsp;&nbsp; 968367 |
| North East Texas Regional Mobility Authority; Series 2016 A, RB | 5.00% | 01/01/2041 |  | 1280 | &nbsp;&nbsp; 1267225 |
|  |  |  |  |  | &nbsp;&nbsp; 10565556 |
| **Utah–1.42%** | **Utah–1.42%** | **Utah–1.42%** | **Utah–1.42%** | **Utah–1.42%** | **Utah–1.42%** |
| Point Phase 1 Public Infrastructure District No. 1; Series 2025 A-1, RB | 5.88% | 03/01/2045 |  | 1500 | &nbsp;&nbsp; 1502263 |
| **Virginia–0.17%** | **Virginia–0.17%** | **Virginia–0.17%** | **Virginia–0.17%** | **Virginia–0.17%** | **Virginia–0.17%** |
| Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes); Series 2022, Ref. <br> RB<sup>(c)</sup> <br>| 5.00% | 12/31/2040 |  | 180 | &nbsp;&nbsp; 181545 |
| **Wisconsin–3.78%** | **Wisconsin–3.78%** | **Wisconsin–3.78%** | **Wisconsin–3.78%** | **Wisconsin–3.78%** | **Wisconsin–3.78%** |
| Public Finance Authority; Series 2025, RB<sup>(a)(b)</sup> <br>| 0.00% | 12/15/2033 |  | 1700 | &nbsp;&nbsp; 1000143 |
| Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(a)(b)</sup> <br>| 0.00% | 12/15/2039 |  | 1500 | &nbsp;&nbsp; 495784 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB | 5.00% | 12/01/2027 |  | 160 | &nbsp;&nbsp; 162864 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2016, Ref. RB | 5.00% | 06/01/2040 |  | 1400 | &nbsp;&nbsp; 1400546 |
| Wisconsin (State of) Public Finance Authority (Signorelli); Series 2024, RB<sup>(a)</sup> <br>| 5.38% | 12/15/2032 |  | 946 | &nbsp;&nbsp; 946034 |
|  |  |  |  |  | &nbsp;&nbsp; 4005371 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–98.78% (Cost $104,437,660) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–98.78% (Cost $104,437,660) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–98.78% (Cost $104,437,660) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–98.78% (Cost $104,437,660) |  | &nbsp;&nbsp; 104585061 |
| OTHER ASSETS LESS LIABILITIES–1.22% | OTHER ASSETS LESS LIABILITIES–1.22% | OTHER ASSETS LESS LIABILITIES–1.22% | OTHER ASSETS LESS LIABILITIES–1.22% |  | &nbsp;&nbsp; 1292070 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $105877131 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| VRD | – Variable Rate Demand |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2025 was $25,519,840, which represented 24.10% of the Fund's Net Assets. 

<sup>(b)</sup> Zero coupon bond issued at a discount.

<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> 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 August 31, 2025. 

<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> 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.

**5**

**Invesco SMA Municipal Bond Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $104,437,660)<br>| &nbsp;&nbsp; $104585061 |
| Cash | &nbsp;&nbsp; 593994 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 276000 |
| Fund expenses absorbed | &nbsp;&nbsp; 32950 |
| Interest | &nbsp;&nbsp; 1186919 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 9791 |
| Other assets | &nbsp;&nbsp; 13877 |
| Total assets | &nbsp;&nbsp; 106698592 |
| **Liabilities:** |  |
| Payable for: |  |
| Dividends | &nbsp;&nbsp; 404490 |
| Fund shares reacquired | &nbsp;&nbsp; 360341 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2960 |
| Accrued other operating expenses | &nbsp;&nbsp; 43879 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 9791 |
| Total liabilities | &nbsp;&nbsp; 821461 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $105877131 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $105812577 |
| Distributable earnings | &nbsp;&nbsp; 64554 |
|  | &nbsp;&nbsp; $105877131 |
| **Shares outstanding, no par value, with an** <br> **unlimited number of shares authorized:**<br>|  |
| Shares outstanding | &nbsp;&nbsp; 10526899 |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.06 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco SMA Municipal Bond Fund**

------

**Statement of Operations**

*For the year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $1464048 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 2475 |
| Custodian fees | &nbsp;&nbsp; 312 |
| Transfer agent fees | &nbsp;&nbsp; 2676 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 21477 |
| Registration and filing fees | &nbsp;&nbsp; 21730 |
| Reports to shareholders | &nbsp;&nbsp; 8187 |
| Professional services fees | &nbsp;&nbsp; 67607 |
| Other | &nbsp;&nbsp; 2329 |
| Total expenses | &nbsp;&nbsp; 126793 |
| Less: Expenses reimbursed | &nbsp;&nbsp; (126796)<br>|
| Net expenses | &nbsp;&nbsp; (3)<br>|
| Net investment income | &nbsp;&nbsp; 1464051 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(23768)) | &nbsp;&nbsp; (107260)<br>|
| Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | &nbsp;&nbsp; (81943)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (189203)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1274848 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco SMA Municipal Bond Fund**

------

**Statement of Changes in Net Assets**

*For the years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1464051 | &nbsp;&nbsp; $478823 |
| Net realized gain (loss) | &nbsp;&nbsp; (107260)<br>| &nbsp;&nbsp; (15827)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (81943)<br>| &nbsp;&nbsp; 253093 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1274848 | &nbsp;&nbsp; 716089 |
| Distributions to shareholders from distributable earnings | &nbsp;&nbsp; (1537119)<br>| &nbsp;&nbsp; (447892)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 94579627 | &nbsp;&nbsp; 1232950 |
| Net increase in net assets | &nbsp;&nbsp; 94317356 | &nbsp;&nbsp; 1501147 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 11559775 | &nbsp;&nbsp; 10058628 |
| End of year | &nbsp;&nbsp; $105877131 | &nbsp;&nbsp; $11559775 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco SMA Municipal Bond Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** <br>**August 31,** | **Years Ended** <br>**August 31,** | &nbsp;&nbsp; **Period Ended** <br>**August 31,** <br>**2023**<sup>(a)</sup>  |
|  | **2025** | **2024** | &nbsp;&nbsp; **Period Ended** <br>**August 31,** <br>**2023**<sup>(a)</sup>  |
| Net asset value, beginning of period | &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;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net gains (losses) on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total from investment operations | &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; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net asset value, end of period | &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; 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; $105877 | &nbsp;&nbsp;&nbsp; $11560 | &nbsp;&nbsp;&nbsp; $10059 |
| Portfolio turnover rate<sup>(d)</sup> <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<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; 0.38<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; 4.38<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.

**9**

**Invesco SMA Municipal Bond Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

**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 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.

**10**

**Invesco SMA Municipal Bond Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

**F.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**G.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**H.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**I.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**J.** **Other Risks** - 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.

**11**

**Invesco SMA Municipal Bond 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 does not pay an advisory fee. However, Invesco will be compensated directly or indirectly by clients or account program sponsors for managed account advisory services, including with respect to assets that may be invested in the Fund.

The Adviser has entered into a master sub-advisory agreement with each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers"). Because the Adviser does not receive a fee from the Fund for providing investment advisory services pursuant to its investment advisory agreement with the Trust, the Affiliated Sub-Advisers will not receive compensation for providing investment management services to the Fund.

Invesco has contractually agreed to reimburse expenses necessary to limit total fund operating expenses after expense reimbursement (excluding (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement) to 0.00% of the Fund's average daily net assets (the "expense limit"). This expense reimbursement agreement will continue in effect for so long as Invesco serves as adviser to the Fund. The expense reimbursement agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

For the year ended August 31, 2025, the Adviser reimbursed expenses of $126,796.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

Certain officers and trustees of the Trust are officers and directors of Invesco.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of August 31, 2025, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—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 year ended August 31, 2025, the Fund engaged in securities purchases of $15,407,861 and securities sales of $1,541,684, which resulted in net realized gains (losses) of $(23,768).

**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.

**12**

**Invesco SMA Municipal Bond Fund**

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**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $16757 | &nbsp;&nbsp;&nbsp;&nbsp; $1323 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 1520362 | &nbsp;&nbsp;&nbsp;&nbsp; 446569 |
| Total distributions | &nbsp;&nbsp; $1537119 | &nbsp;&nbsp;&nbsp;&nbsp; $447892 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $65002 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 147495 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (6591)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (141352)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 105812577 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $105877131 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $122233 | &nbsp;&nbsp;&nbsp;&nbsp; $19119 | &nbsp;&nbsp;&nbsp;&nbsp; $141352 |

---

\*

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 year ended August 31, 2025 was $165,731,021 and $72,080,031, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $467479 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (319984)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $147495 |

---

Cost of investments for tax purposes is $104,437,566.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and amortization and accretion on debt securities, on August 31, 2025, undistributed net investment income was increased by $16,960 and undistributed net realized gain (loss) was decreased by $16,960. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**13**

**Invesco SMA Municipal Bond Fund**

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**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**August 31, 2024** | **Year ended** <br>**August 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Sold | &nbsp;&nbsp;&nbsp; 9515427 | &nbsp;&nbsp;&nbsp; $95688510 | &nbsp;&nbsp;&nbsp; 123207 | &nbsp;&nbsp;&nbsp; $1249946 |
| Reacquired | &nbsp;&nbsp;&nbsp; (110077)<br>| &nbsp;&nbsp;&nbsp; (1108883)<br>| &nbsp;&nbsp;&nbsp; (1658)<br>| &nbsp;&nbsp;&nbsp; (16996)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 9405350 | &nbsp;&nbsp;&nbsp; $94579627 | &nbsp;&nbsp;&nbsp; 121549 | &nbsp;&nbsp;&nbsp; $1232950 |

---

---

| | |
|:---|:---|
| <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 89% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**14**

**Invesco SMA Municipal Bond Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco SMA Municipal Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco SMA Municipal Bond Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended August 31, 2025 and for the period February 21, 2023 (commencement date) through August 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the two years in the period ended August 31, 2025 and for the period February 21, 2023 (commencement date) through August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco SMA Municipal Bond Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Counselor Series Trust (Invesco Counselor Series Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco SMA Municipal Bond Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered that the Fund is only offered and sold to wrap fee, separately managed and other discretionary investment account (collectively, "SMA") clients where Invesco Advisers (or one of its affiliates) has an agreement with the program sponsor or directly with the client to provide investment management services to the SMA. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security

program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board noted that the Fund had recently commenced operations in March 2023 and that therefore performance information for the Fund was limited. The Board compared the Fund's investment performance for the one year period ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Short Duration High Yield Municipal Index (Index). The Board noted that performance of the Fund was in the first quintile of its performance universe for the one year period. The Board noted that performance of the Fund was below the performance of the Index for the one year period. The Board also considered information provided by Invesco Advisers regarding the role that the Fund plays in SMAs managed by Invesco Advisers or an affiliate. The Board acknowledged that, because the Fund is designed to meet the specialized investment objectives of SMA clients by providing access to the relevant fixed-income market segments, certain principal investment strategies of the Fund are

**16**

**Invesco SMA Municipal Bond Fund**

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different from other Invesco Funds investing in municipal bond markets.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement. The Board considered that the Fund is available for investment only by investors as a part of an SMA arrangement managed by Invesco Advisers or an affiliate, and that because Invesco Advisers (or one of its affiliates) receives fees from SMA clients invested in the Fund at the SMA level, the Fund is not charged an advisory fee by Invesco Advisers to avoid duplication of fees at the Fund and SMA level.

The Board considered that Invesco Advisers contractually agreed to an expense limit for the Fund so that the Fund's total expenses (excluding (i) interest; (ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary or non-routine items, including litigation expenses; (v) expenses that the Fund incurs but does not actually pay because of an expense offset arrangement and (vi) acquired fund fees and expenses, in each case if applicable) are equal to 0.0% of average daily net assets. The Board noted that such expense limit was permanent and had no expiration date.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation will be payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, but that Invesco Advisers does receive fees that are charged at the SMA level. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers and Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity. The Board also noted that the Fund benefits from economies of scale through Invesco Advisers' commitment to waive fees or reimburse expenses so that the Fund's total expenses (other than the excluded items referred to above) are equal to 0.0% of average daily net assets.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and

commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers and its affiliates do not make a profit from managing the Fund because no advisory fee is charged to the Fund and other fees payable to Invesco Advisers or its affiliates by the Fund are either waived or reimbursed to the Fund, although Invesco Advisers does receive fees at the SMA level. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the revenue Invesco Advisers (or its affiliates) receives from SMA clients invested in the Fund at the SMA level and the potential growth of Invesco Advisers' and its affiliates' SMA business because the Fund may enhance their ability to personalize the SMA client experience and provide investment exposure ordinarily unavailable in SMAs.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash may be invested in registered money market funds advised by Invesco Advisers, and that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**17**

**Invesco SMA Municipal Bond Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 98.91% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**18**

**Invesco SMA Municipal Bond Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco SMA Municipal Bond Fund**

------

![](img6c15ee201.jpg)

SEC file number(s): 811-09913 and 333-36074

Invesco Distributors, Inc.

SMAMB-NCSR

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### 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: November 7, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: November 7, 2025

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: November 7, 2025

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Counselor Series Trust (Invesco Counselor Series Trust) on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 7, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Counselor Series Trust (Invesco Counselor Series Trust) on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 7, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------

## Ex-99.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; November 7, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM 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>November 7, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, including (unless otherwise specifically excluded), their respective series (together with the Invesco Funds, each a "Fund," and collectively, the "Funds").  |
| &nbsp;&nbsp; **Risk Addressed by Policy**  | &nbsp;&nbsp; Ethics Violations by Principals  |
| &nbsp;&nbsp; **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002  |
| &nbsp;&nbsp; **Revision Date**  | &nbsp;&nbsp; May 2024  |
| &nbsp;&nbsp; **Effective Date**  | &nbsp;&nbsp; June 2024  |

---

#### GLOSSARY
I. **PURPOSE** 

This Code of Ethics (the "Code") for the Invesco Funds and series of the Trusts (with each Invesco Fund and series of the Trusts being referred to herein as a "Fund," and collectively as the "Funds") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

------

The Code shall be administered by the Chief Compliance Officer of the Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II. **COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

· act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

· observe both the form and spirit of laws and governmental rules and regulations, and accounting standards;

· adhere to a high standard of business ethics; and

· place the interests of the Funds and its shareholders before the Covered Officer's own personal interests .

III. **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

***Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.***

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

------

· avoid conflicts of interest wherever possible;

· handle any actual or apparent conflict of interest ethically;

· not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

· not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

· not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

· as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer.

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Fund or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

· service or significant business relationships as a trustee/ director on the board of any public or private company;

· being in the position of supervising, reviewing, or having any influence on the job evaluation, pay or benefit of any immediate family member;

· any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

------

IV. **DISCLOSURE AND COMPLIANCE** 

Each Covered Officer should:

· familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

· not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

· to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

· upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

· annually thereafter affirm to the Chief Compliance Officer that he/she has complied with the requirements of the Code;

· not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

· the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

· if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

------

· any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Fund's Audit Committee;

· if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

· the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. **OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. **AMENDMENTS** 

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee, other applicable committee of the Board, or to the Board at the next scheduled in-person meeting of the Board.

VIII. **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the

------

Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX. **INTERNAL USE** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

#### Exhibit A
<u>Persons Covered by this Code of Ethics:</u>

· **Invesco Funds** 

o President and Principal Executive Officer – Glenn Brightman

o Treasurer and Principal Financial Officer – Adrian Deberghes

· **Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust** 

o President and Principal Executive Officer — Brian Hartigan

o Treasurer and Principal Financial Officer — Kelli Gallegos

---

| | |
|:---|:---|
| 1 | Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act, of the registrant."  |

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