Aim Counselor Series Trust NCSR Certified annual shareholder report (management investment company)

Aim Counselor Series Trust N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09913

AIM Counselor Series Trust (Invesco Counselor Series Trust)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 8/31

Date of reporting period: 8/31/2023

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 is as follows:

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco American Franchise Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco American Franchise Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	20.96	%
Class C Shares	20.07
Class R Shares	20.68
Class Y Shares	21.24
Class R5 Shares	21.28
Class R6 Shares	21.41
S&P 500 Index^▼(Broad Market Index)	15.94
Russell 1000 Growth Index^▼(Style-Specific Index)	21.94
Lipper Large-Cap Growth Funds Index^∎(Peer Group Index)	22.46
Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.¹ After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair

Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is

moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

The Fund also had strong returns, outperforming the broad market and producing a double-digit return for the fiscal year. The Fund trailed its style-specific index by approximately 1%. Relative to the Russell 1000 Growth Index, security selection in health care and an underweight in information technology were the largest detractors. Ancillary cash was also a drag on returns given the strength of the equity markets. Conversely, stock selection in energy and industrials, as well as underweight exposure in consumer staples and real estate, was beneficial to relative returns.

The top individual detractors from an absolute perspective during the fiscal year included JD.com, SVB Financial and Tesla.

A few concerns emerged for Chinese eCommerce business JD.com over the period. Initially there were concerns the company was getting too aggressive with promotions. Later in the period, concerns arose that its eCommerce business was not geared enough to reopening in China given the company has less exposure to verticals such as apparel. We sold the holding during the fiscal year.

A small position was initiated in SVB Financial Group, also known as Silicon Valley Bank, in the fourth quarter of 2022, because it appeared to be one of the few banks with tangible growth. At the time of purchase, we believed that SVB had more than sufficient liquidity to meet deposit outflows even in a slowing economic environment. However, an attempt by SVB’s management team to raise capital catalyzed a significant and coordinated run on deposits and a decline in the share price as fear quickly spread among deposit holders and investors. We began to sell the position when the probability of a bank run increased and before trading was halted.

Despite growing competition, Tesla maintains its electric vehicle (EV) lead among both pure-plays and large auto original equipment manufacturers (OEMs). Further, Tesla has secured battery materials through 2025 and has been fairly adept at maintaining its profit margin. The stock, however, sold off at various points during the fiscal year due to EV price cuts in the U.S. and China.

Top individual contributors on an absolute basis during the fiscal year included NVIDIA, Microsoft and Alphabet.

NVIDIA is a company at the heart of digital transformation as it produces graphics processing units (GPUs). The stock exhibited strong momentum due to excitement about generative artificial intelligence (AI) and upward revisions to estimates for production of silicon wafers used in semiconductors.

Microsoft produces products and services across computers, applications and games,


2		Invesco American Franchise Fund

and is among the largest cloud providers globally. The stock has benefited from continued rotation toward growth stocks, increased interest in efficiency and profitability, as well as exposure to AI. We believe Microsoft will benefit as Copilot, an AI tool to help with creating content and summarizing information, is introduced for nearly all Microsoft products over the next twelve months. In our view it appears that Microsoft’s Azure cloud growth is beginning to stabilize and is poised to reaccelerate in 2024.

Search engine and video sharing platform Alphabet has benefited from a general rotation back towards secular and mega-cap growth companies, as well as companies that have undertaken significant cost cutting measures. The company is also seeing momentum in its new advertising products, particularly its AI-driven performance max campaigns. We believe search activity remains on a positive trend as mobile smartphones rise in penetration, as more information, commerce and services find their home on the web.

At the close of the fiscal year, the largest overweight sector exposures relative to the Russell 1000 Growth Index included communication services, financials and industrials. We believe communication services has multiple tailwinds, including a rising focus on efficiencies across the sector and AI-enabled new product cycles and improvements. Industrials is skewed towards pro-cyclical stocks, while financials exposure is focused on payments, alternative asset managers and ratings research agencies rather than banks. Consumer discretionary, information technology and consumer staples are the largest underweight exposures for the Fund relative to the Russell 1000 Growth Index. Much of the underweight here is due to the Fund’s benchmark-relative underweight in Tesla (consumer discretionary) and Apple (information technology).

Market conditions have been more favorable in 2023, even as the Fed continued to raise interest rates, as consumer spending and capital spending have remained resilient despite these higher rates. We believe conditions are likely to slow in the coming year as the impact of higher rates sets in on a lag. We believe this will likely continue to cool inflation, which is also set to see pressure from the lagged effect of slowing rent inflation in Consumer Price Index data over the next 12 months. In our view, a slowing economy likely favors companies with resilient secular growth and those focused on finding cost efficiencies to deliver earnings stability. This has been our focus as a result.

Longer term, we believe that change is the fuel for growth and portfolios, thus we generally seek “share-takers”, companies that can gain market share through technology-enabled advantages in their business models and with offerings that benefit from the continued disruptive shifts in enterprise and consumer behavior.

Thank you for your commitment to the Invesco American Franchise Fund and for sharing our long-term investment horizon.

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Lipper Inc.

Portfolio manager(s):

Ido Cohen

Ronald Zibelli, Jr.- Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco American Franchise Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco American Franchise Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (6/23/05)	9.64	%
10 Years	12.11
5 Years	8.79
1 Year	14.29
Class C Shares
Inception (6/23/05)	9.63	%
10 Years	12.07
5 Years	9.21
1 Year	19.07
Class R Shares
Inception (5/23/11)	11.40	%
10 Years	12.46
5 Years	9.76
1 Year	20.68
Class Y Shares
Inception (6/23/05)	10.24	%
10 Years	13.03
5 Years	10.31
1 Year	21.24
Class R5 Shares
Inception (12/22/10)	12.16	%
10 Years	13.10
5 Years	10.35
1 Year	21.28
Class R6 Shares
Inception (9/24/12)	13.44	%
10 Years	13.19
5 Years	10.44
1 Year	21.41

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen American Franchise Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen American Franchise Fund (renamed Invesco American Franchise Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


5		Invesco American Franchise Fund

Supplemental Information

Invesco American Franchise Fund’s investment objective is to seek long-term capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎	The Russell 1000^® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/ service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Lipper Large-Cap Growth Funds Index is an unmanaged index considered representative of large-cap growth funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures

providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s

adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco American Franchise Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		40.30	%

Communication Services		14.15

Consumer Discretionary		13.03

Health Care		9.68

Financials		9.04

Industrials		8.05

Consumer Staples		2.11

Other Sectors, Each Less than 2% of Net Assets		3.20

Money Market Funds Plus Other Assets Less Liabilities		0.44

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.		10.35	%

2.	NVIDIA Corp.		8.28

3.	Amazon.com, Inc.		7.03

4.	Alphabet, Inc., Class A		6.41

5.	Apple, Inc.		6.14

6.	Visa, Inc., Class A		4.53

7.	Meta Platforms, Inc., Class A		3.05

8.	Eli Lilly and Co.		2.38

9.	Intuitive Surgical, Inc.		2.19

10.	S&P Global, Inc.		2.17

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco American Franchise Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–99.56%
Advertising–0.84%
Trade Desk, Inc. (The), Class A^(b)(c)		1,335,609	$	106,888,788



Aerospace & Defense–0.97%
Airbus SE (France)		559,368		81,900,390


Lockheed Martin Corp.		94,592		42,410,323


				124,310,713



Agricultural & Farm Machinery–0.62%
Deere & Co.		192,068		78,928,424



Aluminum–0.36%
Alcoa Corp.		1,508,815		45,385,155



Application Software–5.76%
Adobe, Inc.^(b)		359,551		201,111,256


HubSpot, Inc.^(b)		278,789		152,363,764


Salesforce, Inc.^(b)		435,785		96,508,946


Synopsys, Inc.^(b)		364,490		167,260,816


Workday, Inc., Class A^(b)(c)		482,919		118,073,696


				735,318,478



Asset Management & Custody Banks–2.35%
Blackstone, Inc., Class A		375,788		39,972,570


KKR & Co., Inc., Class A		4,132,441		259,558,619


				299,531,189



Automobile Manufacturers–0.76%
General Motors Co.		1,333,994		44,702,139


Tesla, Inc.^(b)(c)		203,635		52,554,121


				97,256,260



Automotive Retail–0.87%
O’Reilly Automotive, Inc.^(b)		117,712		110,613,966



Broadline Retail–7.70%
Amazon.com, Inc.^(b)		6,501,182		897,228,128


MercadoLibre, Inc. (Brazil)^(b)		62,682		86,022,269


				983,250,397



Casinos & Gaming–0.98%
Las Vegas Sands Corp.		2,283,337		125,263,868



Construction Machinery & Heavy Transportation Equipment– 0.45%
Caterpillar, Inc.		203,366		57,172,284



Construction Materials–0.60%
Martin Marietta Materials, Inc.		171,236		76,441,463



Consumer Electronics–0.56%
Sony Group Corp. (Japan)		857,400		71,343,723



Copper–0.30%
Freeport-McMoRan, Inc.^(c)		949,960		37,912,904



Diversified Support Services–0.46%
Cintas Corp.		116,537		58,754,459



Electrical Components & Equipment–2.20%
Eaton Corp. PLC		542,166		124,898,782


	Shares		Value


Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.^(c)		279,815	$	87,324,665


Vertiv Holdings Co.		1,747,413		68,830,598


				281,054,045



Environmental & Facilities Services–0.30%
Republic Services, Inc.		261,721		37,721,848



Financial Exchanges & Data–2.16%
S&P Global, Inc.		707,053		276,358,736



Food Distributors–0.87%
US Foods Holding Corp.^(b)		2,731,266		110,425,084



Health Care Equipment–4.68%
Boston Scientific Corp.^(b)		1,733,011		93,478,613


DexCom, Inc.^(b)		1,218,836		123,078,059


Intuitive Surgical, Inc.^(b)		892,183		278,967,781


Stryker Corp.		360,917		102,338,015


				597,862,468



Health Care Technology–0.88%
Veeva Systems, Inc., Class A^(b)(c)		537,717		112,221,538



Home Improvement Retail–1.02%
Lowe’s Cos., Inc.		563,624		129,904,059



Hotels, Resorts & Cruise Lines–1.14%
Booking Holdings, Inc.^(b)		47,020		145,998,511



Industrial Machinery & Supplies & Components–0.78%
Parker-Hannifin Corp.		240,343		100,198,997



Integrated Oil & Gas–0.46%
Suncor Energy, Inc. (Canada)		1,721,076		58,310,055



Interactive Home Entertainment–1.47%
Nintendo Co. Ltd. (Japan)		1,434,900		61,682,452


Take-Two Interactive Software, Inc.^(b)		881,551		125,356,552


				187,039,004



Interactive Media & Services–9.86%
Alphabet, Inc., Class A^(b)		6,012,867		818,772,100


Baidu, Inc., ADR (China)^(b)(c)		356,893		50,975,027


Meta Platforms, Inc., Class A^(b)		1,315,888		389,358,100


				1,259,105,227



Internet Services & Infrastructure–2.14%
MongoDB, Inc.^(b)		364,830		139,109,679


Snowflake, Inc., Class A^(b)		858,065		134,587,495


				273,697,174



Managed Health Care–0.70%
UnitedHealth Group, Inc.		188,246		89,714,279



Movies & Entertainment–1.98%
Netflix, Inc.^(b)		581,909		252,362,295



Oil & Gas Equipment & Services–0.61%
Schlumberger N.V.		1,316,144		77,599,850

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


8		Invesco American Franchise Fund


	Shares		Value


Oil & Gas Exploration & Production–0.87%
Hess Corp.^(c)		719,042	$	111,091,989



Passenger Ground Transportation–1.20%
Uber Technologies, Inc.^(b)		3,248,724		153,437,234



Pharmaceuticals–3.42%
Bayer AG (Germany)		2,432,962		133,508,068


Eli Lilly and Co.		547,873		303,631,216


				437,139,284



Semiconductor Materials & Equipment–0.24%
ASML Holding N.V., New York Shares (Netherlands)		45,762		30,227,174



Semiconductors–11.89%
Advanced Micro Devices, Inc.^(b)		563,147		59,535,901


Broadcom, Inc.		148,789		137,315,880


First Solar, Inc.^(b)(c)		428,155		80,972,674


Monolithic Power Systems, Inc.		352,287		183,615,507


NVIDIA Corp.		2,140,983		1,056,682,160


				1,518,122,122



Soft Drinks & Non-alcoholic Beverages–1.24%
Monster Beverage Corp.^(b)		2,751,798		157,980,723



Systems Software–14.14%
Microsoft Corp.		4,030,559		1,321,056,018


Oracle Corp.		1,499,513		180,526,370


Palo Alto Networks, Inc.^(b)(c)		343,286		83,521,484


ServiceNow, Inc.^(b)		372,371		219,263,216


				1,804,367,088



Technology Hardware, Storage & Peripherals–6.13%
Apple, Inc.		4,168,177		783,075,413



Trading Companies & Distributors–1.07%
Fastenal Co.^(c)		1,044,274		60,129,297


United Rentals, Inc.^(c)		160,233		76,357,434


				136,486,731


	Shares		Value


Transaction & Payment Processing Services–4.53%
Visa, Inc., Class A^(c)		2,355,646	$	578,735,109


Total Common Stocks & Other Equity Interests (Cost $7,088,135,193)				12,708,608,108



Money Market Funds–0.36%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e)		16,193,539		16,193,539


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(d)(e)		11,558,738		11,559,894


Invesco Treasury Portfolio, Institutional Class, 5.25%^(d)(e)		18,506,902		18,506,902


Total Money Market Funds (Cost $46,260,214)				46,260,335


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $7,134,395,407)				12,754,868,443



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.69%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		203,220,752		203,220,752


Invesco Private Prime Fund, 5.51%^(d)(e)(f)		522,567,644		522,567,644


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $725,760,904)				725,788,396


TOTAL INVESTMENTS IN SECURITIES-105.61% (Cost $7,860,156,311)				13,480,656,839


OTHER ASSETS LESS LIABILITIES-(5.61)%				(716,524,835	)


NET ASSETS-100.00%			$	12,764,132,004

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	53,285,703	$	719,393,605	$	(756,485,769	)	$	-		$	-		$	16,193,539	$	1,563,462
Invesco Liquid Assets Portfolio, Institutional Class		38,065,065		513,852,575		(540,346,502	)		(3,685	)		(7,559	)		11,559,894		1,151,399
Invesco Treasury Portfolio, Institutional Class		60,897,946		822,164,120		(864,555,164	)		-			-			18,506,902		1,787,085

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


9		Invesco American Franchise Fund


	Value August 31, 2022	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023	Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$178,796,448	$1,065,081,040	$(1,040,656,736)	$	-		$	-		$203,220,752	$7,530,144*
Invesco Private Prime Fund	459,762,305	2,186,584,492	(2,123,726,373)		(8,856	)		(43,924	)	522,567,644	20,203,419*
Total	$790,807,467	$5,307,075,832	$(5,325,770,544)	$	(12,541	)	$	(51,483	)	$772,048,731	$32,235,509

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

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

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


10		Invesco American Franchise Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $7,088,135,193)*	$	12,708,608,108


Investments in affiliated money market funds, at value (Cost $772,021,118)		772,048,731


Foreign currencies, at value (Cost $50,076)		49,670


Receivable for:
Investments sold		29,560,310


Fund shares sold		1,160,044


Dividends		8,624,807


Investment for trustee deferred compensation and retirement plans		1,718,142


Other assets		151,963


Total assets		13,521,921,775



Liabilities:
Payable for:
Investments purchased		18,797,435


Fund shares reacquired		4,575,338


Collateral upon return of securities loaned		725,760,904


Accrued fees to affiliates		6,599,462


Accrued trustees’ and officers’ fees and benefits		5,400


Accrued other operating expenses		184,405


Trustee deferred compensation and retirement plans		1,866,827


Total liabilities		757,789,771


Net assets applicable to shares outstanding	$	12,764,132,004



Net assets consist of:
Shares of beneficial interest	$	7,756,259,267


Distributable earnings		5,007,872,737


	$	12,764,132,004


Net Assets:
Class A	$	12,047,012,338


Class C	$	105,284,002


Class R	$	68,815,144


Class Y	$	421,844,640


Class R5	$	41,963,417


Class R6	$	79,212,463



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		572,095,146


Class C		6,168,456


Class R		3,448,034


Class Y		18,953,177


Class R5		1,874,040


Class R6		3,485,438


Class A:
Net asset value per share	$	21.06


Maximum offering price per share (Net asset value of $21.06 ÷ 94.50%)	$	22.29


Class C:
Net asset value and offering price per share	$	17.07


Class R:
Net asset value and offering price per share	$	19.96


Class Y:
Net asset value and offering price per share	$	22.26


Class R5:
Net asset value and offering price per share	$	22.39


Class R6:
Net asset value and offering price per share	$	22.73

*	At August 31, 2023, securities with an aggregate value of $717,702,705 were on loan to brokers.

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


11		Invesco American Franchise Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $3,438,029)	$	85,876,363


Dividends from affiliated money market funds (includes net securities lending income of $944,683)		5,446,629


Total investment income		91,322,992



Expenses:
Advisory fees		65,215,027


Administrative services fees		1,496,751


Custodian fees		127,800


Distribution fees:
Class A		26,551,224


Class C		938,408


Class R		281,434


Transfer agent fees – A, C, R and Y		14,394,828


Transfer agent fees – R5		34,955


Transfer agent fees – R6		20,344


Trustees’ and officers’ fees and benefits		102,146


Registration and filing fees		442,793


Reports to shareholders		651,639


Professional services fees		140,144


Other		126,200


Total expenses		110,523,693


Less: Fees waived and/or expense offset arrangement(s)		(349,328	)


Net expenses		110,174,365


Net investment income (loss)		(18,851,373	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(433,900,754	)


Affiliated investment securities		(51,483	)


Foreign currencies		(556,963	)


		(434,509,200	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		2,667,351,524


Affiliated investment securities		(12,541	)


Foreign currencies		88,282


		2,667,427,265


Net realized and unrealized gain		2,232,918,065


Net increase in net assets resulting from operations	$	2,214,066,692

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


12		Invesco American Franchise Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:


Net investment income (loss)	$	(18,851,373	)	$	(41,472,994	)


Net realized gain (loss)		(434,509,200	)		1,381,464,564


Change in net unrealized appreciation (depreciation)		2,667,427,265			(5,733,987,602	)


Net increase (decrease) in net assets resulting from operations		2,214,066,692			(4,393,996,032	)



Distributions to shareholders from distributable earnings:
Class A		(743,113,224	)		(3,197,662,688	)


Class C		(7,974,418	)		(37,450,406	)


Class R		(3,890,838	)		(14,396,356	)


Class Y		(25,919,532	)		(126,355,901	)


Class R5		(2,323,344	)		(9,536,193	)


Class R6		(4,321,886	)		(17,938,544	)


Total distributions from distributable earnings		(787,543,242	)		(3,403,340,088	)



Share transactions–net:
Class A		(78,588,773	)		2,073,894,575


Class C		(2,875,398	)		13,665,928


Class R		9,323,787			18,215,682


Class Y		(35,372,792	)		72,997,685


Class R5		1,573,371			6,488,719


Class R6		3,426,695			11,416,507


Net increase (decrease) in net assets resulting from share transactions		(102,513,110	)		2,196,679,096


Net increase (decrease) in net assets		1,324,010,340			(5,600,657,024	)



Net assets:
Beginning of year		11,440,121,664			17,040,778,688


End of year	$	12,764,132,004		$	11,440,121,664

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


13		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 value, beginning of period	Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period	Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 08/31/23	$18.84		$(0.03	)		$3.58			$3.55			$(1.33	)	$21.06		20.96	%		$12,047,012		0.99	%		0.99	%		(0.18	)%		73	%
Year ended 08/31/22	32.86		(0.07	)		(7.28	)		(7.35	)		(6.67	)	18.84		(26.95	)		10,777,375		0.95			0.95			(0.29	)		97
Year ended 08/31/21	28.90		(0.14	)		6.62			6.48			(2.52	)	32.86		24.04			16,037,060		0.97			0.97			(0.47	)		57
Year ended 08/31/20	21.27		(0.03	)		9.17			9.14			(1.51	)	28.90		45.42			13,733,417		1.00			1.00			(0.15	)		52
Year ended 08/31/19	23.12		(0.01	)		(0.04	)		(0.05	)		(1.80	)	21.27		1.21			10,115,813		1.01			1.01			(0.04	)		43
Class C
Year ended 08/31/23	15.65		(0.14	)		2.89			2.75			(1.33	)	17.07		20.07			105,284		1.74			1.74			(0.93	)		73
Year ended 08/31/22	28.67		(0.21	)		(6.14	)		(6.35	)		(6.67	)	15.65		(27.50	)		98,920		1.70			1.70			(1.04	)		97
Year ended 08/31/21	25.70		(0.32	)		5.81			5.49			(2.52	)	28.67		23.11			164,671		1.72			1.72			(1.22	)		57
Year ended 08/31/20	19.21		(0.18	)		8.18			8.00			(1.51	)	25.70		44.30			185,177		1.75			1.75			(0.90	)		52
Year ended 08/31/19	21.23		(0.15	)		(0.07	)		(0.22	)		(1.80	)	19.21		0.46			139,839		1.76			1.76			(0.79	)		43
Class R
Year ended 08/31/23	17.97		(0.07	)		3.39			3.32			(1.33	)	19.96		20.68			68,815		1.24			1.24			(0.43	)		73
Year ended 08/31/22	31.73		(0.12	)		(6.97	)		(7.09	)		(6.67	)	17.97		(27.12	)		51,531		1.20			1.20			(0.54	)		97
Year ended 08/31/21	28.06		(0.21	)		6.40			6.19			(2.52	)	31.73		23.70			66,494		1.22			1.22			(0.72	)		57
Year ended 08/31/20	20.75		(0.09	)		8.91			8.82			(1.51	)	28.06		45.00			50,219		1.25			1.25			(0.40	)		52
Year ended 08/31/19	22.65		(0.06	)		(0.04	)		(0.10	)		(1.80	)	20.75		0.99			34,114		1.26			1.26			(0.29	)		43
Class Y
Year ended 08/31/23	19.79		0.02			3.78			3.80			(1.33	)	22.26		21.24			421,845		0.74			0.74			0.07			73
Year ended 08/31/22	34.08		(0.01	)		(7.61	)		(7.62	)		(6.67	)	19.79		(26.75	)		410,990		0.70			0.70			(0.04	)		97
Year ended 08/31/21	29.81		(0.07	)		6.86			6.79			(2.52	)	34.08		24.36			624,045		0.72			0.72			(0.22	)		57
Year ended 08/31/20	21.85		0.03			9.44			9.47			(1.51	)	29.81		45.74			496,757		0.75			0.75			0.10			52
Year ended 08/31/19	23.63		0.04			(0.02	)		0.02			(1.80	)	21.85		1.50			350,473		0.76			0.76			0.21			43
Class R5
Year ended 08/31/23	19.89		0.02			3.81			3.83			(1.33	)	22.39		21.28			41,963		0.71			0.71			0.10			73
Year ended 08/31/22	34.22		(0.01	)		(7.65	)		(7.66	)		(6.67	)	19.89		(26.76	)		35,453		0.69			0.69			(0.03	)		97
Year ended 08/31/21	29.92		(0.06	)		6.88			6.82			(2.52	)	34.22		24.37			51,787		0.70			0.70			(0.20	)		57
Year ended 08/31/20	21.91		0.04			9.48			9.52			(1.51	)	29.92		45.85			43,712		0.70			0.70			0.15			52
Year ended 08/31/19	23.68		0.05			(0.02	)		0.03			(1.80	)	21.91		1.54			75,149		0.71			0.71			0.26			43
Class R6
Year ended 08/31/23	20.16		0.03			3.87			3.90			(1.33	)	22.73		21.35			79,212		0.64			0.64			0.17			73
Year ended 08/31/22	34.55		0.01			(7.73	)		(7.72	)		(6.67	)	20.16		(26.67	)		65,853		0.62			0.62			0.04			97
Year ended 08/31/21	30.17		(0.04	)		6.94			6.90			(2.52	)	34.55		24.44			96,722		0.63			0.63			(0.13	)		57
Year ended 08/31/20	22.07		0.05			9.56			9.61			(1.51	)	30.17		45.93			69,977		0.62			0.62			0.23			52
Year ended 08/31/19	23.81		0.07			(0.01	)		0.06			(1.80	)	22.07		1.66			129,831		0.62			0.62			0.35			43

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

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

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


14		Invesco American Franchise Fund

Notes to Financial Statements

August 31, 2023

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.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

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

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

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

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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


15		Invesco American Franchise Fund

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.

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.

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.

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.

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.

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.

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, 2023, the Fund paid the Adviser $72,645 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.


16		Invesco American Franchise Fund

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

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

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

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

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

L.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate


First $250 million		0.695%


Next $250 million		0.670%


Next $500 million		0.645%


Next $550 million		0.620%


Next $3.45 billion		0.600%


Next $250 million		0.595%


Next $2.25 billion		0.570%


Next $2.5 billion		0.545%


Over $10 billion		0.520%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.58%.

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended August 31, 2023, the Adviser waived advisory fees of $122,344.

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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.


17		Invesco American Franchise 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

For the year ended August 31, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $855,569 in front-end sales commissions from the sale of Class A shares and $17,070 and $3,814 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $246,419 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests		$12,360,173,475		$348,434,633		$–		$12,708,608,108

Money Market Funds		46,260,335		725,788,396		–		772,048,731

Total Investments		$12,406,433,810		$1,074,223,029		$–		$13,480,656,839

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $226,984.

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.


18		Invesco American Franchise Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	–	$	285,826,090


Long-term capital gain		787,543,242		3,117,513,998


Total distributions	$	787,543,242	$	3,403,340,088

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

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation – investments		$ 5,515,130,926


Net unrealized appreciation – foreign currencies		24,025


Temporary book/tax differences		(1,310,743	)


Late-Year ordinary loss deferral		(11,916,054	)


Capital loss carryforward		(494,055,417	)


Shares of beneficial interest		7,756,259,267


Total net assets		$12,764,132,004

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, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total



Not subject to expiration	$	494,055,417	$–	$	494,055,417

*	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, 2023 was $8,256,510,134 and $8,944,682,937, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$5,587,616,688


Aggregate unrealized (depreciation) of investments	(72,485,762	)


Net unrealized appreciation of investments	$5,515,130,926

Cost of investments for tax purposes is $7,965,525,913.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on August 31, 2023, undistributed net investment income (loss) was increased by $21,376,061, undistributed net realized gain (loss) was increased by $1,168,900 and shares of beneficial interest was decreased by $22,544,961. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended				Year ended
	August 31, 2023^(a)				August 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		16,986,519	$	312,472,522		16,184,114	$	384,989,991


Class C		1,200,060		18,205,076		722,554		14,637,079


Class R		939,588		16,253,420		716,859		16,325,164


Class Y		3,856,890		73,499,009		4,503,348		115,561,494


Class R5		123,897		2,468,141		315,779		8,550,807


Class R6		914,776		17,859,766		751,440		19,326,649


19		Invesco American Franchise Fund


	Summary of Share Activity


	Year ended						Year ended
	August 31, 2023^(a)						August 31, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		43,008,977		$	697,605,148			122,714,946		$	2,985,654,474


Class C		581,058			7,681,585			1,760,545			35,774,296


Class R		252,436			3,887,528			616,831			14,341,328


Class Y		1,107,125			18,942,913			3,622,697			92,415,012


Class R5		133,788			2,302,493			367,816			9,430,807


Class R6		233,360			4,074,460			655,813			17,031,460



Automatic conversion of Class C shares to Class A shares:
Class A		612,680			11,245,269			493,734			11,696,904


Class C		(751,411	)		(11,245,269	)		(586,530	)		(11,696,904	)



Reacquired:
Class A		(60,508,444	)		(1,099,911,712	)		(55,504,429	)		(1,308,446,794	)


Class C		(1,181,038	)		(17,516,790	)		(1,320,833	)		(25,048,543	)


Class R		(611,104	)		(10,817,161	)		(561,984	)		(12,450,810	)


Class Y		(6,781,586	)		(127,814,714	)		(5,668,956	)		(134,978,821	)


Class R5		(165,854	)		(3,197,263	)		(414,921	)		(11,492,895	)


Class R6		(929,900	)		(18,507,531	)		(939,122	)		(24,941,602	)


Net increase (decrease) in share activity		(978,183	)	$	(102,513,110	)		88,429,701		$	2,196,679,096

^(a)

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


20		Invesco American Franchise 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 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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended 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, 2023 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 23, 2023

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.


21		Invesco American Franchise Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2023 through August 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


	Beginning Account Value (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,238.10	$5.58	$1,020.21	$5.04	0.99%
Class C	1,000.00	1,233.40	9.80	1,016.43	8.84	1.74
Class R	1,000.00	1,236.70	6.99	1,018.95	6.31	1.24
Class Y	1,000.00	1,240.10	4.18	1,021.48	3.77	0.74
Class R5	1,000.00	1,239.80	4.01	1,021.63	3.62	0.71
Class R6	1,000.00	1,240.70	3.61	1,021.98	3.26	0.64

The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco American Franchise Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory 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, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal 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 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 mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge 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 contract renewal 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 2, 2023 and June 13, 2023, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of 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 in prior years 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

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 are appropriate and satisfactory.

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, 2022 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 third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). 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 underwent a portfolio management team change


23		Invesco American Franchise Fund

in November 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 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.

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 difficulty 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’ 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 realized as to that 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

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 determination that the services are required for the operation of the Fund.

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 (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


24		Invesco American Franchise 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.


25		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, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions		$787,543,242
Qualified Dividend Income*		0.00%
Corporate Dividends Received Deduction*		0.00%
U.S. Treasury Obligations*		0.00%
Qualified Business Income*		0.00%
Business Interest Income*		0.00%

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


26		Invesco American Franchise Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Fund includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco American Franchise Fund

(This page intentionally left blank)

LOGO

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

LOGO


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

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco Capital Appreciation Fund

Nasdaq:

A: OPTFX ∎ C: OTFCX ∎ R: OTCNX ∎ Y: OTCYX ∎ R5: CPTUX ∎ R6: OPTIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Capital Appreciation Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Growth Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.73	%
Class C Shares	14.86
Class R Shares	15.43
Class Y Shares	16.01
Class R5 Shares	16.00
Class R6 Shares	16.09
S&P 500 Index^▼	15.94
Russell 1000 Growth Index^▼	21.94

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

In this environment, the Fund’s Class A shares at NAV underperformed the Russell 1000 Growth Index during the fiscal year. Stock selection in the information technology, consumer discretionary and health care sectors detracted from the Fund’s relative performance.

At the stock level, the largest contributors to Fund performance on an absolute basis during the fiscal year were NVIDIA, Microsoft and Meta Platforms.

NVIDIA designs, develops and markets 3D graphic processors and related software. The stock outperformed due to excitement about generative artificial intelligence (AI) and upward revisions to estimates for production of silicon wafers used in semiconductors.

Microsoft develops and markets software, services and hardware devices. Microsoft has benefited from a rotation toward growth stocks this year, increased interest in efficiency and profitability and exposure to AI.

Meta Platforms engages in the development of social media applications. The stock has benefited from the general outperformance of the largest cap technology stocks this year. The stock also performed well after the company announced steps to reduce its cost structure and after reporting a return to revenue growth.

The largest individual detractors from absolute Fund performance during the fiscal year were Tesla, Atlassian and CrowdStrike.

Tesla designs, develops, manufactures and sells fully electric vehicles and energy generation and storage systems. The stock underperformed due to concerns about their automotive segment fundamentals. While auto fundamentals began the fiscal year with improvements, fundamentals deteriorated in the back half of the fiscal year. Despite this, investors attributed value to their non-automotive segments such as full self-driving and software and the stock performed better than we expected.

Atlassian provides team collaboration and productivity software. During the last year, customers moderated the use of Atlassian’s products as demand for technology innovation faltered. We exited our position during the fiscal year.

CrowdStrike provides cloud-delivered cybersecurity. The stock underperformed late last year in anticipation of weaker earnings as many of their industry peers reported weaker operating results. We exited our position during the fiscal year.

At the end of the fiscal year, the Fund’s largest overweight sector exposures relative to the Russell 1000 Growth Index were in the industrials, energy and financials sectors. The Fund’s largest underweight exposures relative to the Russell 1000 Growth Index were in the


2		Invesco Capital Appreciation Fund

consumer staples, information technology and consumer discretionary sectors.

Our long-term investment process remains the same. We seek dynamic companies with above-average, sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of success.

We thank you for your continued conviction and investment in Invesco Capital Appreciation Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Ash Shah

Ronald J. Zibelli, Jr. - Lead

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Capital Appreciation Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Capital Appreciation Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (1/22/81)	11.62	%
10 Years	11.56
5 Years	9.34
1 Year	9.37

Class C Shares
Inception (12/1/93)	9.21	%
10 Years	11.50
5 Years	9.73
1 Year	13.86

Class R Shares
Inception (3/1/01)	6.04	%
10 Years	11.90
5 Years	10.28
1 Year	15.43

Class Y Shares
Inception (11/3/97)	7.89	%
10 Years	12.45
5 Years	10.83
1 Year	16.01

Class R5 Shares
10 Years	12.33	%
5 Years	10.85
1 Year	16.00

Class R6 Shares
Inception (12/29/11)	13.10	%
10 Years	12.65
5 Years	11.02
1 Year	16.09

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Capital Appreciation Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Capital Appreciation Fund. The Fund was subsequently renamed the Invesco Capital Appreciation Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Capital Appreciation Fund

Supplemental Information

Invesco Capital Appreciation Fund’s investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^®Index is an unmanaged index considered representative of the US stock market.

∎	The Russell 1000^®Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Capital Appreciation Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Information Technology		40.26	%
Consumer Discretionary		14.23
Communication Services		12.33
Health Care		10.61
Industrials		8.15
Financials		7.66
Energy		2.15
Other Sectors, Each Less than 2% of Net Assets		3.76
Money Market Funds Plus Other Assets Less Liabilities		0.85

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.		9.71	%

2.	NVIDIA Corp.		7.15

3.	Apple, Inc.		6.06

4.	Alphabet, Inc., Class C		5.84

5.	Amazon.com, Inc.		5.77

6.	Mastercard, Inc., Class A		3.33

7.	Meta Platforms, Inc., Class A		3.22

8.	Netflix, Inc.		2.26

9.	Visa, Inc., Class A		2.20

10.	Eli Lilly and Co.		2.09

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Capital Appreciation Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–99.15%
Advertising–1.01%
Trade Desk, Inc. (The), Class A^(b)		559,759	$	44,797,513



Aerospace & Defense–1.00%
TransDigm Group, Inc.^(b)		49,435		44,681,825



Apparel Retail–1.03%
TJX Cos., Inc. (The)		497,448		46,003,991



Application Software–6.55%
Adobe, Inc.^(b)		125,909		70,425,940


HubSpot, Inc.^(b)		97,084		53,058,348


Salesforce, Inc.^(b)		154,113		34,129,865


Synopsys, Inc.^(b)		198,328		91,010,736


Workday, Inc., Class A^(b)		174,781		42,733,954


				291,358,843



Asset Management & Custody Banks–1.30%
Ares Management Corp., Class A		217,907		22,540,300


KKR & Co., Inc., Class A^(c)		562,859		35,353,174


				57,893,474



Automobile Manufacturers–1.28%
Ferrari N.V. (Italy)^(c)		86,601		27,516,602


Tesla, Inc.^(b)		113,434		29,275,046


				56,791,648



Automotive Retail–1.00%
O’Reilly Automotive, Inc.^(b)		47,503		44,638,569



Biotechnology–2.23%
Argenx SE, ADR (Netherlands)^(b)		32,445		16,303,288


Regeneron Pharmaceuticals, Inc.^(b)		48,113		39,764,914


Vertex Pharmaceuticals, Inc.^(b)		124,051		43,211,925


				99,280,127



Broadline Retail–5.77%
Amazon.com, Inc.^(b)		1,861,066		256,845,719



Cargo Ground Transportation–0.90%
Old Dominion Freight Line, Inc.		93,296		39,871,912



Casinos & Gaming–0.99%
Las Vegas Sands Corp.		800,082		43,892,499



Construction & Engineering–1.73%
Quanta Services, Inc.		366,756		76,971,082



Construction Machinery & Heavy Transportation Equipment–0.59%
Caterpillar, Inc.		92,661		26,049,787



Construction Materials–0.48%
Vulcan Materials Co.		98,559		21,510,502



Copper–0.37%
Freeport-McMoRan, Inc.		415,953		16,600,684



Electrical Components & Equipment–0.79%
Eaton Corp. PLC		151,738		34,955,883


	Shares		Value


Financial Exchanges & Data–0.83%
S&P Global, Inc.		94,264	$	36,844,027



Health Care Equipment–4.57%
Boston Scientific Corp.^(b)		1,148,331		61,940,974


DexCom, Inc.^(b)		471,479		47,609,950


Intuitive Surgical, Inc.^(b)		132,377		41,391,640


Stryker Corp.		184,555		52,330,570


				203,273,134



Health Care Facilities–0.45%
HCA Healthcare, Inc.		72,111		19,996,380



Homebuilding–1.00%
D.R. Horton, Inc.		374,680		44,594,414



Hotels, Resorts & Cruise Lines–1.57%
Booking Holdings, Inc.^(b)		11,234		34,881,907


Marriott International, Inc., Class A		172,837		35,174,058


				70,055,965



Industrial Machinery & Supplies & Components–0.79%
Parker-Hannifin Corp.		84,503		35,229,301



Interactive Media & Services–9.06%
Alphabet, Inc., Class C^(b)		1,891,445		259,789,971


Meta Platforms, Inc., Class A^(b)		484,511		143,361,960


				403,151,931



Internet Services & Infrastructure–2.50%
MongoDB, Inc.^(b)		129,748		49,472,912


Shopify, Inc., Class A (Canada)^(b)		341,564		22,710,590


Snowflake, Inc., Class A^(b)		249,889		39,195,090


				111,378,592



Managed Health Care–1.27%
UnitedHealth Group, Inc.		118,457		56,454,237



Movies & Entertainment–2.26%
Netflix, Inc.^(b)		231,977		100,603,785



Oil & Gas Equipment & Services–1.16%
Schlumberger N.V.		876,993		51,707,507



Oil & Gas Exploration & Production–0.99%
Diamondback Energy, Inc.		290,339		44,067,653



Packaged Foods & Meats–0.46%
Lamb Weston Holdings, Inc.		212,195		20,669,915



Passenger Ground Transportation–1.33%
Uber Technologies, Inc.^(b)		1,248,360		58,960,043



Pharmaceuticals–2.09%
Eli Lilly and Co.		167,710		92,944,882



Real Estate Services–0.46%
CoStar Group, Inc.^(b)		251,479		20,618,763



Restaurants–1.59%
Chipotle Mexican Grill, Inc.^(b)		20,453		39,405,568

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


8		Invesco Capital Appreciation Fund


	Shares		Value


Restaurants–(continued)
McDonald’s Corp.		111,790	$	31,429,758


				70,835,326



Semiconductor Materials & Equipment–0.50%
Lam Research Corp.		31,405		22,058,872



Semiconductors–11.44%
Advanced Micro Devices, Inc.^(b)		199,922		21,135,754


Broadcom, Inc.		50,172		46,303,237


First Solar, Inc.^(b)		178,079		33,678,301


Monolithic Power Systems, Inc.		131,529		68,554,230


NVIDIA Corp.		644,040		317,865,942


ON Semiconductor Corp.^(b)		220,572		21,717,519


				509,254,983



Soft Drinks & Non-alcoholic Beverages–1.02%
Monster Beverage Corp.^(b)		789,878		45,346,896



Specialty Chemicals–0.97%
Albemarle Corp.^(c)		57,108		11,347,931


Sherwin-Williams Co. (The)		117,723		31,987,693


				43,335,624



Systems Software–13.21%
Microsoft Corp.		1,317,997		431,986,697


Oracle Corp.		547,576		65,922,675


Palo Alto Networks, Inc.^(b)(c)		119,695		29,121,793


ServiceNow, Inc.^(b)		103,066		60,688,353


				587,719,518



Technology Hardware, Storage & Peripherals–6.06%
Apple, Inc.		1,435,859		269,754,830



Trading Companies & Distributors–1.02%
United Rentals, Inc.		95,608		45,561,036


	Shares		Value


Transaction & Payment Processing Services–5.53%
Mastercard, Inc., Class A		359,221	$	148,228,953


Visa, Inc., Class A^(c)		398,450		97,891,196


				246,120,149


Total Common Stocks & Other Equity Interests (Cost $2,727,142,322)				4,412,681,821



Money Market Funds–0.79%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e)		12,338,397		12,338,397


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(d)(e)		8,810,299		8,811,180


Invesco Treasury Portfolio, Institutional Class, 5.25%^(d)(e)		14,101,025		14,101,025


Total Money Market Funds (Cost $35,250,635)				35,250,602


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $2,762,392,957)				4,447,932,423



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–3.46%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		43,066,889		43,066,889


Invesco Private Prime Fund, 5.51%^(d)(e)(f)		110,743,431		110,743,431


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $153,810,433)				153,810,320


TOTAL INVESTMENTS IN SECURITIES–103.40% (Cost $2,916,203,390)				4,601,742,743


OTHER ASSETS LESS LIABILITIES—(3.40)%				(151,228,265	)


NET ASSETS–100.00%			$	4,450,514,478

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	5,004,019	$	363,783,351	$	(356,448,973	)	$	-		$	-	$	12,338,397	$	592,307
Invesco Liquid Assets Portfolio, Institutional Class		3,562,398		259,845,251		(254,600,010	)		(1,445	)		4,986		8,811,180		430,732
Invesco Treasury Portfolio, Institutional Class		5,718,878		415,752,402		(407,370,255	)		-			-		14,101,025		671,175

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


9		Invesco Capital Appreciation Fund


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2023			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	46,053,462		$	469,565,258		$	(472,551,831	)		$	–			$	–			$	43,066,889		$	1,588,779	*
Invesco Private Prime Fund			118,423,189			1,014,735,101			(1,022,400,710	)			(4,371	)			(9,778	)			110,743,431			4,304,625	*
Total		$	178,761,946		$	2,523,681,363		$	(2,513,371,779	)		$	(5,816	)		$	(4,792	)		$	189,060,922		$	7,587,618

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

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


10		Invesco Capital Appreciation Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $2,727,142,322)*	$	4,412,681,821


Investments in affiliated money market funds, at value (Cost $189,061,068)		189,060,922


Cash		5,000,000


Foreign currencies, at value (Cost $289)		272


Receivable for:
Fund shares sold		1,153,976


Dividends		2,041,651


Investment for trustee deferred compensation and retirement plans		433,727


Other assets		70,610


Total assets		4,610,442,979



Liabilities:
Payable for:
Fund shares reacquired		3,366,709


Collateral upon return of securities loaned		153,810,433


Accrued fees to affiliates		1,854,429


Accrued trustees’ and officers’ fees and benefits		366,288


Accrued other operating expenses		96,915


Trustee deferred compensation and retirement plans		433,727


Total liabilities		159,928,501


Net assets applicable to shares outstanding	$	4,450,514,478



Net assets consist of:
Shares of beneficial interest	$	2,991,004,162


Distributable earnings		1,459,510,316


	$	4,450,514,478


Net Assets:
Class A	$	4,017,461,000


Class C	$	145,370,110


Class R	$	145,497,000


Class Y	$	126,483,405


Class R5	$	62,088


Class R6	$	15,640,875



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		66,765,863


Class C		4,656,470


Class R		2,751,341


Class Y		1,805,151


Class R5		1,016


Class R6		219,445


Class A:
Net asset value per share	$	60.17


Maximum offering price per share (Net asset value of $60.17 ÷ 94.50%)	$	63.67


Class C:
Net asset value and offering price per share	$	31.22


Class R:
Net asset value and offering price per share	$	52.88


Class Y:
Net asset value and offering price per share	$	70.07


Class R5:
Net asset value and offering price per share	$	61.11


Class R6:
Net asset value and offering price per share	$	71.27

*	At August 31, 2023, securities with an aggregate value of $152,111,048 were on loan to brokers.

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


11		Invesco Capital Appreciation Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $11,356)	$	28,566,355


Dividends from affiliated money market funds (includes net securities lending income of $488,489)		2,182,703


Total investment income		30,749,058



Expenses:
Advisory fees		23,502,277


Administrative services fees		573,967


Custodian fees		19,963


Distribution fees:
Class A		8,164,742


Class C		1,364,601


Class R		634,422


Transfer agent fees – A, C, R and Y		4,774,382


Transfer agent fees – R5		67


Transfer agent fees – R6		3,827


Trustees’ and officers’ fees and benefits		99,148


Registration and filing fees		277,569


Reports to shareholders		191,201


Professional services fees		79,594


Other		52,205


Total expenses		39,737,965


Less: Fees waived and/or expense offset arrangement(s)		(213,507	)


Net expenses		39,524,458


Net investment income (loss)		(8,775,400	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(211,263,984	)


Affiliated investment securities		(4,792	)


Foreign currencies		(32,807	)


		(211,301,583	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		821,374,712


Affiliated investment securities		(5,816	)


Foreign currencies		31,241


		821,400,137


Net realized and unrealized gain		610,098,554


Net increase in net assets resulting from operations	$	601,323,154

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


12		Invesco Capital Appreciation Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:


Net investment income (loss)	$	(8,775,400	)	$	(18,749,690	)


Net realized gain (loss)		(211,301,583	)		255,924,524


Change in net unrealized appreciation (depreciation)		821,400,137			(1,577,727,401	)


Net increase (decrease) in net assets resulting from operations		601,323,154			(1,340,552,567	)



Distributions to shareholders from distributable earnings:
Class A		(29,171,892	)		(1,172,869,924	)


Class C		(2,131,574	)		(75,716,804	)


Class R		(1,132,464	)		(42,298,265	)


Class Y		(701,899	)		(30,905,063	)


Class R5		(606	)		(10,229	)


Class R6		(83,781	)		(3,523,987	)


Total distributions from distributable earnings		(33,222,216	)		(1,325,324,272	)



Share transactions–net:
Class A		(264,763,529	)		786,681,347


Class C		(17,953,661	)		51,369,367


Class R		(73,739	)		34,913,203


Class Y		1,348,296			15,696,964


Class R5		(24,187	)		54,228


Class R6		659,402			524,910


Net increase (decrease) in net assets resulting from share transactions		(280,807,418	)		889,240,019


Net increase (decrease) in net assets		287,293,520			(1,776,636,820	)



Net assets:
Beginning of year		4,163,220,958			5,939,857,778


End of year	$	4,450,514,478		$	4,163,220,958

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


13		Invesco Capital Appreciation Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 08/31/23		$52.44		$(0.10	)		$8.25			$8.15			$–			$(0.42	)		$(0.42	)		$60.17		15.73	%^(e)		$4,017,461		0.97	%^(e)		0.97	%^(e)		(0.20	)%^(e)		83	%
Year ended 08/31/22		88.67		(0.22	)		(16.26	)		(16.48	)		–			(19.75	)		(19.75	)		52.44		(23.55	)^(e)		3,767,413		0.94	^(e)		0.94	^(e)		(0.35	)^(e)		70
Year ended 08/31/21		70.34		(0.35	)		21.03			20.68			–			(2.35	)		(2.35	)		88.67		30.19	^(e)		5,364,306		0.95	^(e)		0.95	^(e)		(0.46	)^(e)		78
Year ended 08/31/20		62.38		(0.12	)		21.17			21.05			–			(13.09	)		(13.09	)		70.34		39.41	^(e)		4,478,067		1.00	^(e)		1.00	^(e)		(0.22	)^(e)		31
Year ended 08/31/19		65.82		(0.03	)		1.23			1.20			–			(4.64	)		(4.64	)		62.38		2.97			3,566,269		1.03	^(f)		1.03			(0.06	)		64
Class C
Year ended 08/31/23		27.63		(0.26	)		4.27			4.01			–			(0.42	)		(0.42	)		31.22		14.86			145,370		1.74			1.74			(0.97	)		83
Year ended 08/31/22		56.55		(0.40	)		(8.77	)		(9.17	)		–			(19.75	)		(19.75	)		27.63		(24.16	)		146,841		1.71			1.71			(1.12	)		70
Year ended 08/31/21		46.01		(0.60	)		13.49			12.89			–			(2.35	)		(2.35	)		56.55		29.17			221,514		1.73			1.73			(1.24	)		78
Year ended 08/31/20		45.21		(0.39	)		14.28			13.89			–			(13.09	)		(13.09	)		46.01		38.34			230,567		1.78			1.78			(1.00	)		31
Year ended 08/31/19		49.50		(0.36	)		0.71			0.35			–			(4.64	)		(4.64	)		45.21		2.18			201,751		1.80	^(f)		1.80			(0.83	)		64
Class R
Year ended 08/31/23		46.26		(0.21	)		7.25			7.04			–			(0.42	)		(0.42	)		52.88		15.43			145,497		1.24			1.24			(0.47	)		83
Year ended 08/31/22		80.77		(0.36	)		(14.40	)		(14.76	)		–			(19.75	)		(19.75	)		46.26		(23.76	)		127,130		1.21			1.21			(0.62	)		70
Year ended 08/31/21		64.44		(0.51	)		19.19			18.68			–			(2.35	)		(2.35	)		80.77		29.83			175,274		1.23			1.23			(0.74	)		78
Year ended 08/31/20		58.28		(0.26	)		19.51			19.25			–			(13.09	)		(13.09	)		64.44		39.04			147,187		1.28			1.28			(0.50	)		31
Year ended 08/31/19		62.00		(0.18	)		1.10			0.92			–			(4.64	)		(4.64	)		58.28		2.68			117,019		1.30	^(f)		1.30			(0.32	)		64
Class Y
Year ended 08/31/23		60.85		0.02			9.62			9.64			–			(0.42	)		(0.42	)		70.07		16.01			126,483		0.74			0.74			0.03			83
Year ended 08/31/22		99.48		(0.09	)		(18.79	)		(18.88	)		–			(19.75	)		(19.75	)		60.85		(23.38	)		108,866		0.71			0.71			(0.12	)		70
Year ended 08/31/21		78.49		(0.21	)		23.55			23.34			–			(2.35	)		(2.35	)		99.48		30.44			158,879		0.73			0.73			(0.24	)		78
Year ended 08/31/20		68.08		0.01			23.49			23.50			–			(13.09	)		(13.09	)		78.49		39.75			114,061		0.78			0.78			0.00			31
Year ended 08/31/19		71.23		0.11			1.40			1.51			(0.02	)		(4.64	)		(4.66	)		68.08		3.20			95,438		0.80	^(f)		0.80			0.17			64
Class R5
Year ended 08/31/23		53.11		0.03			8.39			8.42			–			(0.42	)		(0.42	)		61.11		16.04			62		0.72			0.72			0.05			83
Year ended 08/31/22		89.38		(0.06	)		(16.46	)		(16.52	)		–			(19.75	)		(19.75	)		53.11		(23.38	)		77		0.70			0.70			(0.11	)		70
Year ended 08/31/21		70.69		(0.14	)		21.18			21.04			–			(2.35	)		(2.35	)		89.38		30.55			46		0.67			0.69			(0.18	)		78
Year ended 08/31/20		62.44		0.07			21.27			21.34			–			(13.09	)		(13.09	)		70.69		39.90			36		0.67			0.67			0.11			31
Period ended 08/31/19^(g)		58.66		0.05			3.73			3.78			–			–			–			62.44		6.44			11		0.68	^(f)(h)		0.68	^(h)		0.29	^(h)		64
Class R6
Year ended 08/31/23		61.84		0.07			9.78			9.85			–			(0.42	)		(0.42	)		71.27		16.09			15,641		0.65			0.65			0.12			83
Year ended 08/31/22		100.70		(0.03	)		(19.08	)		(19.11	)		–			(19.75	)		(19.75	)		61.84		(23.32	)		12,895		0.63			0.63			(0.04	)		70
Year ended 08/31/21		79.32		(0.12	)		23.85			23.73			–			(2.35	)		(2.35	)		100.70		30.62			19,838		0.62			0.63			(0.13	)		78
Year ended 08/31/20		68.60		0.10			23.71			23.81			–			(13.09	)		(13.09	)		79.32		39.91			14,514		0.63			0.67			0.15			31
Year ended 08/31/19		71.57		0.23			1.58			1.81			(0.14	)		(4.64	)		(4.78	)		68.60		3.66			9,747		0.63	^(f)		0.63			0.33			64

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended August 31, 2019.

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23%, 0.23%, 0.22% and 0.22% for the years ended August 31, 2023, 2022, 2021 and 2020, respectively.

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

^(g)	Commencement date after the close of business on May 24, 2019.

^(h)	Annualized.

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


14		Invesco Capital Appreciation Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

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 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.


15		Invesco Capital Appreciation Fund

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

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.

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, 2023, the Fund paid the Adviser $45,731 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.


16		Invesco Capital Appreciation Fund

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

L.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate*
Up to $200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $700 million		0.600%
Next $1 billion		0.580%
Next $2 billion		0.560%
Next $2 billion		0.540%
Next $2 billion		0.520%
Next $2.5 billion		0.500%
Over $11 billion		0.480%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.59%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with Oppenheimer Funds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 and/or reimburse expenses during the period under these boundary limits.

For the year ended August 31, 2023, the Adviser waived advisory fees of $48,250.

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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as


17		Invesco Capital Appreciation Fund

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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $334,592 in front-end sales commissions from the sale of Class A shares and $2,123 and $2,933 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $64,980 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


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests		$4,412,681,821	$	-		$-	$	4,412,681,821


Money Market Funds		35,250,602		153,810,320		-		189,060,922


Total Investments		$4,447,932,423	$	153,810,320		$-	$	4,601,742,743

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


18		Invesco Capital Appreciation Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	–	$	179,293,277


Long-term capital gain		33,222,216		1,146,030,995


Total distributions	$	33,222,216	$	1,325,324,272

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

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation – investments	$	1,668,528,269


Net unrealized appreciation (depreciation) – foreign currencies		(17	)


Temporary book/tax differences		(789,360	)


Late-Year ordinary loss deferral		(9,500,063	)


Capital loss carryforward		(198,728,513	)


Shares of beneficial interest		2,991,004,162


Total net assets	$	4,450,514,478

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$198,728,513

$–

$198,728,513

*	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, 2023 was $3,321,415,162 and $3,660,726,351, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,694,121,654


Aggregate unrealized (depreciation) of investments	(25,593,385	)


Net unrealized appreciation of investments	$1,668,528,269

Cost of investments for tax purposes is $2,933,214,474.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on August 31, 2023, undistributed net investment income (loss) was increased by $7,492,412, undistributed net realized gain (loss) was increased by $234,721 and shares of beneficial interest was decreased by $7,727,133. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended August 31, 2023				Year ended August 31, 2022
	Shares		Amount		Shares		Amount


Sold:
Class A		2,848,488	$	148,836,766		3,044,971	$	199,645,690


Class C		696,702		18,855,076		717,796		26,211,160


Class R		464,153		21,363,902		366,932		21,109,593


Class Y		671,686		40,535,147		693,565		53,097,385


Class R5		-		-		838		47,366


Class R6		68,973		4,249,700		65,904		4,906,211


19		Invesco Capital Appreciation Fund


	Summary of Share Activity


	Year ended August 31, 2023						Year ended August 31, 2022
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		587,370		$	28,299,452			16,812,823		$	1,134,361,740


Class C		84,255			2,118,157			2,093,379			74,838,311


Class R		26,613			1,129,190			707,191			42,169,792


Class Y		10,602			593,926			324,392			25,357,728


Class R5		11			535			101			6,862


Class R6		1,300			74,042			37,350			2,965,201



Automatic conversion of Class C shares to Class A shares:
Class A		293,650			15,248,127			267,782			17,193,893


Class C		(562,734	)		(15,248,127	)		(489,776	)		(17,193,893	)



Reacquired:
Class A		(8,810,555	)		(457,147,874	)		(8,776,105	)		(564,519,976	)


Class C		(875,419	)		(23,678,767	)		(924,712	)		(32,486,211	)


Class R		(487,446	)		(22,566,831	)		(496,246	)		(28,366,182	)


Class Y		(666,224	)		(39,780,777	)		(825,924	)		(62,758,149	)


Class R5		(452	)		(24,722	)		-			-


Class R6		(59,356	)		(3,664,340	)		(91,732	)		(7,346,502	)


Net increase (decrease) in share activity		(5,708,383	)	$	(280,807,418	)		13,528,529		$	889,240,019


20		Invesco Capital Appreciation 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 Capital Appreciation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Capital Appreciation Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, 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, 2023, 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, 2023 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

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, 2023 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 23, 2023


21		Invesco Capital Appreciation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,226.40	$5.44	$1,020.32	$4.94	0.97%
Class C	1,000.00	1,221.50	9.74	1,016.43	8.84	1.74
Class R	1,000.00	1,224.60	6.95	1,018.95	6.31	1.24
Class Y	1,000.00	1,227.80	4.16	1,021.48	3.77	0.74
Class R5	1,000.00	1,227.60	4.04	1,021.58	3.67	0.72
Class R6	1,000.00	1,228.10	3.65	1,021.93	3.31	0.65

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco Capital Appreciation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 Capital Appreciation 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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 contract renewal 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 2, 2023 and June 13, 2023, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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

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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B. Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 third quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was


23		Invesco Capital Appreciation Fund

below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s investment process and portfolio management team underwent changes in December 2020. 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D. Economies of Scale and Breakpoints

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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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 determination that the services are required for the operation of the Fund.

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.


24		Invesco Capital Appreciation Fund

Tax Information

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, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions		$33,222,216
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*	��	0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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


25		Invesco Capital Appreciation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (nonprofit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Capital Appreciation Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco Core Plus Bond Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

30		Financial Statements

33		Financial Highlights

34		Notes to Financial Statements

43		Report of Independent Registered Public Accounting Firm

44		Fund Expenses

45		Approval of Investment Advisory and Sub-Advisory Contracts

47		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Core Plus Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Aggregate Bond Index, the Fund’s broad market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.59	%
Class C Shares	-1.34
Class R Shares	-0.84
Class Y Shares	-0.33
Class R5 Shares	-0.34
Class R6 Shares	-0.41
Bloomberg U.S. Aggregate Bond Index^▼(Broad Market/Style-Specific Index)	-1.19
Lipper Core Plus Bond Funds Index^∎(Peer Group Index)	-0.60

Source(s):^▼RIMES Technologies Corp.;^∎Lipper Inc.

Market conditions and your Fund

The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its federal funds rate at the beginning of the fiscal year: a 0.75% hike in November, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.¹

A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with their hawkish policy with two 0.25% hikes in March and May to a target federal funds rate of 5.00% to 5.25%. Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of

May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led to developed central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, bringing the target rate from 5.25% to 5.50%, its highest level since June 2006.¹ While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.² At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA^† on the premise of expected fiscal deterioration over the next three years.³

We believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectations that the US is likely to avoid a substantial broad-based recession. We expect some weakness in the second half of the calendar year as policymakers accomplish a bumpy landing.

We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.

The Fund, at NAV, generated negative returns for the fiscal year, but outperformed its broad market/style-specific benchmark. Overweight exposure to investment-grade corporates was the notable contributor to the Fund’s relative performance, specifically in the consumer-cyclical and electric subsectors. An overweight in the banking sector was the primary detractor to the Fund’s relative performance, driven by tightening financial conditions and slowing economic growth. Outperformance from the securitized sector,

particularly within asset-backed securities (ABS) was driven by a rise in yields.

Overweight exposure to commercial mortgage-backed securities, particularly conduit and single borrower issues, contributed to the Fund’s performance relative to its broad market/style-specific benchmark during the fiscal year. The Fund’s out-of-index exposure to US dollar-denominated emerging market corporate debt during the fiscal year also contributed to the Fund’s relative performance. Security selection within Treasuries slightly detracted from relative Fund performance, as the Fed continued their hawkish monetary policies.

The Fund benefited from incremental income earned from transactions in the highly liquid to-be-announced market for agency mortgage-backed securities (MBS). Such transactions involve the Fund selling an MBS to a financial institution, with an agreement to repurchase a substantially similar security at an agreed upon price and date. Cash received by the Fund as a result of this repurchase transaction may be invested in short-term instruments, and the income from these investments, together with any additional fee income received from this activity, generates income for the Fund.

The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus its broad market/style-specific benchmark. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. Duration of the portfolio was maintained close to that of the broad market/style-specific benchmark, on average, and the timing of changes and the degree of variance from the Fund’s broad market/style-specific benchmark during the fiscal year contributed to relative returns. Buying and selling US Treasury futures and interest rate swaptions were important tools used for the management of interest rate risk and to maintain our targeted portfolio duration.

Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this was effective in managing the currency positioning within the Fund.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the


2		Invesco Core Plus Bond Fund

increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Thank you for investing in Invesco Core Plus Bond Fund and for sharing our long-term investment horizon.

1	Source: Federal Reserve of Economic Data

2	Source: US Department of the Treasury

^† 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.

Portfolio manager(s):

Matthew Brill

Chuck Burge

Michael Hyman

Todd Schomberg

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Core Plus Bond Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Core Plus Bond Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (6/3/09)	2.80	%
10 Years	1.76
5 Years	-0.19
1 Year	-4.82

Class C Shares
Inception (6/3/09)	2.67	%
10 Years	1.58
5 Years	-0.07
1 Year	-2.29

Class R Shares
Inception (6/3/09)	2.86	%
10 Years	1.94
5 Years	0.44
1 Year	-0.84

Class Y Shares
Inception (6/3/09)	3.38	%
10 Years	2.45
5 Years	0.94
1 Year	-0.33

Class R5 Shares
Inception (6/3/09)	3.38	%
10 Years	2.46
5 Years	0.94
1 Year	-0.34

Class R6 Shares
Inception (9/24/12)	2.09	%
10 Years	2.50
5 Years	0.99
1 Year	-0.41

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


5		Invesco Core Plus Bond Fund

Supplemental Information

Invesco Core Plus Bond Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎	The Lipper Core Plus Bond Funds Index is an unmanaged index considered representative of core plus bond funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Core Plus Bond Fund

Fund Information

Portfolio Composition


By security type	% of total investments

U.S. Dollar Denominated Bonds & Notes		33.80	%

U.S. Government Sponsored Agency Mortgage- Backed Securities		21.28

Asset-Backed Securities		18.52

U.S. Treasury Securities		6.62

Preferred Stocks		1.39

Security types each less than 1% of portfolio		1.04

Money Market Funds		17.35

Top Five Debt Issuers*


		% of total net assets

1.	Federal National Mortgage Association		23.08	%

2.	U.S. Treasury		8.59

3.	Government National Mortgage Association		4.17

4.	Philip Morris International, Inc.		1.03

5.	Bayview MSR Opportunity Master Fund Trust		0.98

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Core Plus Bond Fund

Schedule of Investments^(a)

August 31, 2023


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–44.87%
Aerospace & Defense–0.74%
Boeing Co. (The), 2.20%,
02/04/2026	$	400,000	$	369,209


L3Harris Technologies, Inc.,
5.40%, 07/31/2033		5,828,000		5,841,477


5.60%, 07/31/2053		2,681,000		2,701,859


Lockheed Martin Corp.,
5.10%, 11/15/2027		2,294,000		2,320,557


5.90%, 11/15/2063^(b)		1,667,000		1,839,191


RTX Corp., 5.15%,
02/27/2033^(b)		6,502,000		6,431,966


TransDigm, Inc.,
6.75%, 08/15/2028^(c)		4,650,000		4,672,113


6.88%, 12/15/2030^(b)(c)		10,475,000		10,555,553


				34,731,925



Air Freight & Logistics–0.30%
United Parcel Service, Inc.,
4.88%, 03/03/2033^(b)		4,562,000		4,560,837


5.05%, 03/03/2053^(b)		9,721,000		9,514,266


				14,075,103



Asset Management & Custody Banks–0.63%
Ameriprise Financial, Inc.,
5.15%, 05/15/2033		7,678,000		7,518,305


Apollo Management Holdings
L.P., 2.65%,


06/05/2030^(b)(c)		573,000		470,724


Ares Capital Corp.,
2.88%, 06/15/2028^(b)		500,000		422,213


3.20%, 11/15/2031		900,000		700,257


Bank of New York Mellon Corp. (The),
5.83%, 10/25/2033^(d)		2,439,000		2,501,000


Series J, 4.97%,
04/26/2034^(b)(d)		4,245,000		4,078,097


Series I, 3.75%^(d)(e)		925,000		756,225


Blackstone Secured Lending
Fund, 2.13%, 02/15/2027		4,882,000		4,144,637


Northern Trust Corp., 6.13%,
11/02/2032		2,985,000		3,049,085


State Street Corp., 5.16%,
05/18/2034^(b)(d)		6,217,000		6,036,754


				29,677,297



Automobile Manufacturers–1.30%
Ford Motor Credit Co. LLC,
6.95%, 06/10/2026		9,322,000		9,343,254


7.35%, 11/04/2027		7,967,000		8,115,343


6.80%, 05/12/2028^(b)		12,525,000		12,532,405


7.35%, 03/06/2030		5,404,000		5,505,990


7.20%, 06/10/2030		9,394,000		9,552,007


Hyundai Capital America,
5.60%, 03/30/2028^(c)		5,565,000		5,539,688


2.00%, 06/15/2028^(b)(c)		800,000		675,520


5.80%, 04/01/2030^(b)(c)		1,155,000		1,152,174


Mercedes-Benz Finance North
America LLC (Germany),
5.10%, 08/03/2028^(c)		8,985,000		8,961,164


	Principal Amount		Value
Automobile Manufacturers–(continued)
Volkswagen Group of America
Finance LLC (Germany),
4.60%, 06/08/2029^(c)	$	217,000	$	207,752


				61,585,297



Automotive Parts & Equipment–0.65%
ERAC USA Finance LLC,
4.90%, 05/01/2033^(c)		6,885,000		6,724,925


5.40%, 05/01/2053^(c)		6,663,000		6,533,261


Nemak S.A.B. de C.V. (Mexico),
3.63%, 06/28/2031^(c)		4,329,000		3,308,325


ZF North America Capital, Inc.
(Germany),
6.88%, 04/14/2028^(c)		5,242,000		5,230,235


7.13%, 04/14/2030^(b)(c)		8,695,000		8,817,799


				30,614,545



Automotive Retail–0.16%
Advance Auto Parts, Inc.,
5.95%, 03/09/2028^(b)		2,387,000		2,362,096


AutoZone, Inc., 5.20%,
08/01/2033		4,788,000		4,679,457


Sonic Automotive, Inc., 4.63%,
11/15/2029^(b)(c)		439,000		375,771


				7,417,324



Biotechnology–0.71%
Amgen, Inc.,
5.25%, 03/02/2025		4,553,000		4,536,431


5.15%, 03/02/2028		5,835,000		5,831,622


5.25%, 03/02/2030^(b)		2,529,000		2,533,798


5.25%, 03/02/2033		6,273,000		6,243,013


5.60%, 03/02/2043		5,008,000		4,918,293


5.65%, 03/02/2053		9,685,000		9,608,006


				33,671,163



Brewers–0.00%
Cia Cervecerias Unidas S.A.
(Chile), 3.35%,
01/19/2032^(c)		250,000		209,177



Broadline Retail–0.07%
Alibaba Group Holding Ltd.
(China), 4.20%,
12/06/2047		600,000		448,324


B2W Digital Lux S.a.r.l. (Brazil),
4.38%, 12/20/2030^(c)(f)		600,000		78,139


Falabella S.A. (Chile), 3.75%,
10/30/2027^(c)		200,000		177,040


Macy’s Retail Holdings LLC,
6.13%, 03/15/2032^(c)		150,000		128,760


Prosus N.V. (China),
3.26%, 01/19/2027^(c)		2,597,000		2,333,814


3.06%, 07/13/2031^(c)		200,000		152,029


4.19%, 01/19/2032^(c)		200,000		163,277


				3,481,383

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


8		Invesco Core Plus Bond Fund


	Principal Amount		Value
Cable & Satellite–0.44%
CCO Holdings LLC/CCO Holdings
Capital Corp.,
6.38%, 09/01/2029^(b)(c)	$	8,833,000	$	8,370,478


7.38%, 03/01/2031^(b)(c)		4,925,000		4,899,734


4.50%, 06/01/2033^(c)		533,000		421,214


Charter Communications
Operating LLC/Charter
Communications Operating
Capital Corp., 3.50%,
06/01/2041		372,000		246,816


Comcast Corp., 5.50%,
11/15/2032		4,463,000		4,580,905


Cox Communications, Inc.,
5.70%, 06/15/2033^(c)		2,095,000		2,090,467


				20,609,614



Cargo Ground Transportation–0.34%
Penske Truck Leasing Co. L.P./PTL
Finance Corp.,
5.75%, 05/24/2026^(c)		1,537,000		1,527,196


5.70%, 02/01/2028^(c)		2,377,000		2,351,738


5.55%, 05/01/2028^(c)		4,820,000		4,732,919


6.05%, 08/01/2028^(c)		5,143,000		5,152,747


6.20%, 06/15/2030^(b)(c)		2,259,000		2,271,103


				16,035,703



Casinos & Gaming–0.01%
Wynn Macau Ltd. (Macau),
5.13%, 12/15/2029^(c)		400,000		327,888



Commercial & Residential Mortgage Finance–0.10%
Aviation Capital Group LLC,
6.25%, 04/15/2028^(c)		3,910,000		3,893,514


6.38%, 07/15/2030^(c)		555,000		550,716


Rocket Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.,
2.88%, 10/15/2026^(b)(c)		531,000		472,457


				4,916,687



Commodity Chemicals–0.00%
Alpek S.A.B. de C.V. (Mexico),
3.25%, 02/25/2031^(c)		200,000		163,317



Computer & Electronics Retail–0.12%
Booz Allen Hamilton, Inc.,
5.95%, 08/04/2033^(b)		1,975,000		2,000,023


Leidos, Inc.,
2.30%, 02/15/2031		500,000		396,422


5.75%, 03/15/2033		3,378,000		3,359,131


				5,755,576



Construction & Engineering–0.02%
Bioceanico Sovereign Certificate
Ltd. (Paraguay), 0.00%,
06/05/2034^(c)(g)		133,586		94,899


Mexico City Airport Trust (Mexico),
3.88%, 04/30/2028^(c)		200,000		184,632


5.50%, 07/31/2047^(c)		600,000		498,430


Rutas 2 and 7 Finance Ltd.
(Paraguay), 0.00%,
09/30/2036^(c)(g)		216,000		139,051


				917,012


	Principal Amount		Value
Construction Machinery & Heavy Transportation Equipment– 0.48%
Caterpillar Financial Services Corp., 5.15%,
08/11/2025^(b)	$	16,071,000	$	16,071,074


SMBC Aviation Capital Finance
DAC (Ireland), 5.70%,
07/25/2033^(c)		6,942,000		6,733,581


				22,804,655



Construction Materials–0.01%
CEMEX S.A.B. de C.V. (Mexico),
9.13%^(c)(d)(e)		600,000		627,557



Consumer Finance–0.32%
Ally Financial, Inc., 2.20%,
11/02/2028^(b)		542,000		437,797


Capital One Financial Corp.,
6.31%, 06/08/2029^(b)(d)		6,310,000		6,310,578


5.27%, 05/10/2033^(b)(d)		1,100,000		1,023,483


6.38%, 06/08/2034^(d)		5,660,000		5,594,538


General Motors Financial Co.,
Inc., 5.40%, 04/06/2026^(b)		1,146,000		1,132,315


Synchrony Financial, 4.50%,
07/23/2025		670,000		639,877


				15,138,588



Consumer Staples Merchandise Retail–0.11%
Dollar General Corp.,
5.00%, 11/01/2032^(b)		365,000		347,739


5.50%, 11/01/2052		2,106,000		1,911,302


Target Corp., 4.80%,
01/15/2053^(b)		2,945,000		2,717,650


				4,976,691



Copper–0.09%
Freeport-McMoRan, Inc.,
5.40%, 11/14/2034		385,000		365,186


PT Freeport Indonesia (Indonesia),
4.76%, 04/14/2027^(c)		217,000		209,491


5.32%, 04/14/2032^(c)		3,845,000		3,589,530


				4,164,207



Data Processing & Outsourced Services–0.47%
Concentrix Corp., 6.85%,
08/02/2033		23,131,000		22,160,242



Distillers & Vintners–0.04%
Brown-Forman Corp., 4.75%,
04/15/2033^(b)		818,000		810,288


Constellation Brands, Inc.,
4.90%, 05/01/2033		1,294,000		1,248,448


				2,058,736



Distributors–0.01%
Genuine Parts Co., 2.75%,
02/01/2032		331,000		269,977



Diversified Banks–8.15%
Africa Finance Corp.
(Supranational), 4.38%,
04/17/2026^(c)		20,285,000		19,001,162

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


9		Invesco Core Plus Bond Fund


	Principal Amount		Value
Diversified Banks–(continued)
Australia and New Zealand Banking
Group Ltd. (Australia),
6.74%, 12/08/2032^(b)(c)	$	3,661,000	$	3,784,789


6.75%^(c)(d)(e)		2,837,000		2,779,083


Banco de Bogota S.A.
(Colombia), 4.38%,
08/03/2027^(c)		400,000		369,182


Banco GNB Sudameris S.A.
(Colombia), 7.50%,
04/16/2031^(c)(d)		200,000		165,877


Bank Gospodarstwa Krajowego
(Poland), 5.38%,
05/22/2033^(c)		200,000		195,660


Bank of America Corp.,
6.39% (SOFR + 1.05%),
02/04/2028^(h)		2,919,000		2,914,855


4.95%, 07/22/2028^(b)(d)		2,245,000		2,199,144


5.20%, 04/25/2029^(b)(d)		11,402,000		11,233,335


5.02%, 07/22/2033^(b)(d)		3,562,000		3,429,792


5.29%, 04/25/2034^(b)(d)		5,431,000		5,301,741


Bank of Nova Scotia (The)
(Canada), 8.63%,
10/27/2082^(b)(d)		4,868,000		4,974,488


Barclays PLC (United Kingdom),
4.84%, 05/09/2028		600,000		556,302


8.00%^(d)(e)		8,981,000		8,050,209


BBVA Bancomer S.A. (Mexico),
8.45%, 06/29/2038^(c)(d)		300,000		300,361


BNP Paribas S.A. (France),
4.38%, 03/01/2033^(c)(d)		600,000		543,592


8.50%^(b)(c)(d)(e)		5,866,000		5,860,134


BPCE S.A. (France), 2.28%,
01/20/2032^(b)(c)(d)		447,000		345,907


Citigroup, Inc.,
2.57%, 06/03/2031^(d)		651,000		537,919


6.17%, 05/25/2034^(d)		11,914,000		11,879,062


3.88%^(b)(d)(e)		12,654,000		11,104,391


7.38%^(b)(d)(e)		15,736,000		15,873,690


Series A, 9.70%(3 mo. Term
SOFR + 4.33%)^(e)(h)		2,199,000		2,199,056


Commonwealth Bank of Australia
(Australia), 2.69%,
03/11/2031^(c)		525,000		411,900


Credit Suisse AG (Switzerland),
3.63%, 09/09/2024		2,607,000		2,536,881


Export-Import Bank of India
(India), 3.38%,
08/05/2026^(c)		200,000		188,925


Federation des caisses Desjardins du
Quebec (Canada),
5.28%, 01/23/2026^(c)(d)		1,980,000		1,956,270


4.55%, 08/23/2027^(b)(c)		5,009,000		4,881,353


Fifth Third Bancorp,
2.38%, 01/28/2025		2,170,000		2,066,397


1.71%, 11/01/2027^(d)		2,330,000		2,028,965


6.34%, 07/27/2029^(b)(d)		2,277,000		2,305,829


4.77%, 07/28/2030^(d)		5,768,000		5,402,292


4.34%, 04/25/2033^(d)		290,000		256,373


		Principal Amount		Value
Diversified Banks–(continued)
HSBC Holdings PLC (United Kingdom),
5.89%, 08/14/2027^(d)		$	9,554,000	$	9,526,820


5.21%, 08/11/2028^(d)			2,171,000		2,119,674


2.36%, 08/18/2031^(d)			288,000		228,292


2.87%, 11/22/2032^(d)			790,000		629,050


5.40%, 08/11/2033^(d)			540,000		515,725


6.33%, 03/09/2044^(d)			8,104,000		8,179,420


Israel Discount Bank Ltd.
(Israel), 5.38%,
01/26/2028^(c)			400,000		394,274


JPMorgan Chase & Co.,
4.85%, 07/25/2028^(b)(d)			2,386,000		2,339,381


5.30%, 07/24/2029^(b)(d)			9,271,000		9,222,473


2.96%, 05/13/2031^(d)			300,000		255,172


5.72%, 09/14/2033^(b)(d)			5,938,000		5,937,258


5.35%, 06/01/2034^(b)(d)			17,819,000		17,614,143


Series W, 6.63%(3 mo. Term SOFR + 1.26%),
05/15/2047^(h)			1,400,000		1,205,578


KeyBank N.A.,
3.30%, 06/01/2025			2,322,000		2,177,259


4.15%, 08/08/2025			1,587,000		1,502,925


5.85%, 11/15/2027			2,362,000		2,279,812


4.90%, 08/08/2032			700,000		578,053


KeyCorp,
3.88%, 05/23/2025^(b)(d)			3,264,000		3,115,633


2.55%, 10/01/2029			2,110,000		1,674,111


Lloyds Banking Group PLC
(United Kingdom), 4.98%,
08/11/2033^(d)			357,000		330,824


Magyar Export-Import Bank
Zartkoruen Mukodo
Reszvenytarsasag (Hungary),
6.13%, 12/04/2027^(c)			325,000		323,465


Manufacturers & Traders Trust Co.,
2.90%, 02/06/2025			4,686,000		4,455,355


4.70%, 01/27/2028			4,060,000		3,798,234


Mitsubishi UFJ Financial Group, Inc. (Japan),
5.24%, 04/19/2029^(b)(d)			2,023,000		1,998,966


1.80%, 07/20/2033^(d)			2,765,000		2,686,783


5.41%, 04/19/2034^(b)(d)			2,126,000		2,097,260


Mizuho Financial Group, Inc. (Japan),
5.78%, 07/06/2029^(d)			4,433,000		4,442,138


5.67%, 09/13/2033^(d)			3,830,000		3,798,348


Multibank, Inc. (Panama),
7.75%, 02/03/2028^(c)			6,576,000		6,684,701


National Australia Bank Ltd.
(Australia), 2.33%,
08/21/2030^(c)			632,000		492,978


National Bank of Oman SAOG	��
(Oman), 5.63%,
09/25/2023^(c)			400,000		399,388


National Securities Clearing Corp.,
5.10%, 11/21/2027^(c)			4,169,000		4,162,608


5.00%, 05/30/2028^(c)			2,499,000		2,485,615

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


10		Invesco Core Plus Bond Fund


	Principal Amount		Value
Diversified Banks–(continued)
PNC Financial Services Group, Inc.
(The),
5.58%, 06/12/2029^(b)(d)	$	10,499,000	$	10,416,613


6.04%, 10/28/2033^(d)		3,160,000		3,211,751


5.07%, 01/24/2034^(b)(d)		3,673,000		3,481,120


Series V, 6.20%^(d)(e)		4,592,000		4,293,881


Series W, 6.25%^(d)(e)		6,972,000		6,184,792


Royal Bank of Canada (Canada),
6.03%(SOFR + 0.71%),
01/21/2027^(h)		2,114,000		2,089,886


Shinhan Financial Group Co. Ltd.
(South Korea), 3.34%,
02/05/2030^(c)(d)		200,000		191,800


Standard Chartered PLC (United Kingdom),
6.19%, 07/06/2027^(c)(d)		3,542,000		3,551,457


2.68%, 06/29/2032^(c)(d)		3,192,000		2,514,668


6.30%, 07/06/2034^(c)(d)		410,000		409,576


4.30%^(c)(d)(e)		9,045,000		6,675,948


7.75%^(c)(d)(e)		11,053,000		10,800,409


Sumitomo Mitsui Financial Group, Inc. (Japan),
5.77%, 01/13/2033^(b)		10,083,000		10,234,941


6.18%, 07/13/2043^(b)		3,016,000		3,035,091


Sumitomo Mitsui Trust Bank Ltd.
(Japan), 5.65%,
03/09/2026^(c)		2,010,000		2,012,970


Synovus Bank, 5.63%,
02/15/2028		3,033,000		2,813,464


Toronto-Dominion Bank (The)
(Canada), 8.13%,
10/31/2082^(d)		4,400,000		4,433,097


U.S. Bancorp,
5.78%, 06/12/2029^(b)(d)		8,064,000		8,049,767


4.97%, 07/22/2033^(d)		1,928,000		1,759,707


5.85%, 10/21/2033^(d)		4,053,000		4,039,073


4.84%, 02/01/2034^(b)(d)		7,639,000		7,089,249


5.84%, 06/12/2034^(b)(d)		7,698,000		7,694,272


Wells Fargo & Co.,
4.81%, 07/25/2028^(d)		1,378,000		1,337,368


5.57%, 07/25/2029^(d)		6,382,000		6,357,759


4.90%, 07/25/2033^(b)(d)		1,353,000		1,273,649


5.39%, 04/24/2034^(d)		3,553,000		3,462,083


5.56%, 07/25/2034^(b)(d)		16,797,000		16,582,975


7.63%^(b)(d)(e)		6,679,000		6,854,324


Westpac Banking Corp. (Australia),
5.41%, 08/10/2033^(d)		481,000		452,987


2.67%, 11/15/2035^(d)		225,000		173,083


				384,764,392



Diversified Capital Markets–0.01%
Credit Suisse Group AG (Switzerland),
4.50%^(c)(d)(e)(f)		5,650,000		339,000


5.25%^(c)(d)(e)(f)		3,522,000		211,320


				550,320



Diversified Chemicals–0.02%
Braskem Netherlands Finance B.V.
(Brazil),
4.50%, 01/31/2030^(c)		200,000		167,152


7.25%, 02/13/2033^(b)(c)		400,000		379,252


5.88%, 01/31/2050^(c)		200,000		154,030


	Principal Amount		Value
Diversified Chemicals–(continued)
MEGlobal B.V. (Kuwait), 2.63%,
04/28/2028^(c)	$	200,000	$	176,451


SABIC Capital II B.V. (Saudi Arabia), 4.50%,
10/10/2028^(c)		200,000		193,299


				1,070,184



Diversified Financial Services–0.83%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
5.75%, 06/06/2028		8,975,000		8,904,478


3.00%, 10/29/2028		223,000		193,418


Arab Petroleum Investments Corp. (Supranational),
4.13%, 09/18/2023^(c)		200,000		199,886


BOC Aviation (USA) Corp.
(China), 4.88%,
05/03/2033^(c)		310,000		295,551


Gabon Blue Bond Master Trust,
Series 2, 6.10%,
08/01/2038^(c)		12,220,000		12,006,229


Jackson Financial, Inc., 5.67%,
06/08/2032^(b)		548,000		522,485


OPEC Fund for International
Development (The)
(Supranational), 4.50%,
01/26/2026^(c)		9,425,000		9,258,811


Pershing Square Holdings Ltd.,
3.25%, 11/15/2030^(c)		4,200,000		3,262,510


3.25%, 10/01/2031^(c)		5,900,000		4,414,889


Peru Enhanced Pass-Through
Finance Ltd. (Peru),
Class A-2, 0.00%,
06/02/2025^(c)(g)		44,698		41,881


				39,100,138



Diversified Metals & Mining–0.08%
Corp. Nacional del Cobre de
Chile (Chile), 5.13%,
02/02/2033^(c)		3,583,000		3,445,052


Minera Mexico S.A. de C.V.
(Mexico), 4.50%,
01/26/2050^(c)		200,000		152,838


				3,597,890



Diversified REITs–0.28%
Trust Fibra Uno (Mexico),
5.25%, 12/15/2024^(c)		325,000		320,565


5.25%, 01/30/2026^(b)(c)		7,067,000		6,835,764


4.87%, 01/15/2030^(b)(c)		3,434,000		3,001,685


6.39%, 01/15/2050^(c)		3,343,000		2,695,918


VICI Properties L.P., 5.13%,
05/15/2032^(b)		500,000		463,860


				13,317,792



Diversified Support Services–0.13%
Ritchie Bros. Holdings, Inc. (Canada),
6.75%, 03/15/2028^(b)(c)		1,297,000		1,314,509


7.75%, 03/15/2031^(b)(c)		4,665,000		4,830,701


				6,145,210

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


11		Invesco Core Plus Bond Fund


	Principal Amount		Value
Drug Retail–0.14%
CK Hutchison International (23) Ltd. (United Kingdom),
4.88%, 04/21/2033^(c)	$	6,846,000	$	6,617,424



Education Services–0.20%
Grand Canyon University,
3.25%, 10/01/2023		7,113,500		7,098,387


Johns Hopkins University (The),
Series A, 4.71%,
07/01/2032^(b)		2,372,000		2,348,432


				9,446,819



Electric Utilities–1.86%
Alexander Funding Trust II,
7.47%, 07/31/2028^(b)(c)		5,394,000		5,467,980


Alfa Desarrollo S.p.A. (Chile),
4.55%, 09/27/2051^(c)		199,014		143,956


American Electric Power Co.,
Inc., 5.75%, 11/01/2027		2,282,000		2,324,468


Comision Federal de Electricidad
(Mexico), 6.26%,
02/15/2052^(c)		600,000		509,102


Drax Finco PLC (United
Kingdom), 6.63%,
11/01/2025^(c)		6,116,000		6,019,788


Duke Energy Carolinas LLC,
5.35%, 01/15/2053		3,241,000		3,155,387


Duke Energy Corp., 5.00%,
08/15/2052		2,783,000		2,443,720


Duke Energy Indiana LLC,
5.40%, 04/01/2053		3,923,000		3,819,535


Electricidad Firme de Mexico
Holdings S.A. de C.V.
(Mexico), 4.90%,
11/20/2026^(c)		400,000		352,174


Electricite de France S.A. (France),
5.70%, 05/23/2028^(c)		1,488,000		1,490,562


4.88%, 09/21/2038^(c)		550,000		467,275


9.13%^(c)(d)(e)		3,285,000		3,444,281


Empresa de Transmision
Electrica S.A. (Panama),
5.13%, 05/02/2049^(c)		200,000		157,736


Enel Finance International N.V.
(Italy), 6.80%,
10/14/2025^(c)		2,089,000		2,131,564


Evergy Metro, Inc., 4.95%,
04/15/2033		1,962,000		1,910,869


Eversource Energy, Series R,
1.65%, 08/15/2030		213,000		167,831


Exelon Corp., 5.60%,
03/15/2053		3,489,000		3,371,759


Florida Power & Light Co.,
4.80%, 05/15/2033		2,140,000		2,091,819


Georgia Power Co., 4.95%,
05/17/2033^(b)		6,571,000		6,363,144


Greenko Power II Ltd. (India),
4.30%, 12/13/2028^(c)		185,500		161,119


Kallpa Generacion S.A. (Peru),
4.13%, 08/16/2027^(c)		200,000		186,001


Mercury Chile Holdco LLC (Chile),
6.50%, 01/24/2027^(c)		6,181,000		5,747,143


Metropolitan Edison Co.,
5.20%, 04/01/2028^(c)		1,610,000		1,591,075


	Principal Amount		Value
Electric Utilities–(continued)
MVM Energetika Zrt (Hungary),
7.50%, 06/09/2028^(c)	$	200,000	$	203,330


National Rural Utilities Cooperative
Finance Corp.,
5.80%, 01/15/2033^(b)		2,621,000		2,707,436


7.13%, 09/15/2053^(d)		5,792,000		5,835,458


NextEra Energy Capital Holdings, Inc.,
6.05%, 03/01/2025		3,541,000		3,557,057


5.00%, 07/15/2032		151,000		146,016


Oklahoma Gas and Electric Co.,
5.60%, 04/01/2053		1,901,000		1,893,225


Pennsylvania Electric Co.,
5.15%, 03/30/2026^(c)		447,000		439,972


PT Perusahaan Perseroan (Persero)
Perusahaan Listrik Negara
(Indonesia),
5.45%, 05/21/2028^(c)		200,000		198,173


3.38%, 02/05/2030^(c)		200,000		174,310


Public Service Co. of Colorado,
5.25%, 04/01/2053		2,995,000		2,769,899


Public Service Electric and Gas
Co., 5.13%, 03/15/2053^(b)		1,890,000		1,846,586


San Diego Gas & Electric Co.,
5.35%, 04/01/2053		7,355,000		7,136,734


Southern Co. (The), 5.70%,
10/15/2032^(b)		1,763,000		1,791,548


Southwestern Electric Power
Co., 5.30%, 04/01/2033		2,631,000		2,578,018


State Grid Overseas Investment
BVI Ltd. (China), 3.50%,
05/04/2027^(c)		200,000		190,914


Virginia Electric and Power Co.,
5.00%, 04/01/2033		2,853,000		2,777,285


Vistra Operations Co. LLC,
4.38%, 05/01/2029^(c)		172,000		151,813


				87,916,062



Electrical Components & Equipment–0.30%
CenterPoint Energy Houston
Electric LLC, Series AJ,
4.85%, 10/01/2052		2,397,000		2,222,009


Regal Rexnord Corp.,
6.05%, 04/15/2028^(c)		4,804,000		4,756,829


6.30%, 02/15/2030^(c)		2,407,000		2,398,549


6.40%, 04/15/2033^(c)		2,961,000		2,935,766


Sensata Technologies B.V.,
5.88%, 09/01/2030^(b)(c)		2,099,000		1,987,933


				14,301,086



Electronic Equipment & Instruments–0.01%
Trimble, Inc., 6.10%,
03/15/2033^(b)		423,000		427,415



Electronic Manufacturing Services–0.26%
Emerald Debt Merger Sub LLC,
6.63%, 12/15/2030^(c)		12,229,000		12,053,758



Environmental & Facilities Services–0.14%
Clean Harbors, Inc., 6.38%,
02/01/2031^(b)(c)		3,452,000		3,435,884


Republic Services, Inc.,
4.88%, 04/01/2029		975,000		962,592


5.00%, 04/01/2034		2,052,000		2,017,139


				6,415,615

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


12		Invesco Core Plus Bond Fund


	Principal Amount		Value
Financial Exchanges & Data–0.43%
B3 S.A. - Brasil, Bolsa, Balcao
(Brazil), 4.13%,
09/20/2031^(c)	$	5,670,000	$	4,799,366


Intercontinental Exchange, Inc.,
4.95%, 06/15/2052^(b)		1,893,000		1,768,755


5.20%, 06/15/2062^(b)		3,947,000		3,747,887


Nasdaq, Inc.,
5.35%, 06/28/2028^(b)		2,172,000		2,174,803


5.55%, 02/15/2034^(b)		3,239,000		3,235,413


5.95%, 08/15/2053^(b)		1,500,000		1,495,798


6.10%, 06/28/2063		3,236,000		3,196,888


				20,418,910



Forest Products–0.01%
Celulosa Arauco y Constitucion S.A.
(Chile),
4.50%, 08/01/2024		500,000		491,518


5.15%, 01/29/2050^(c)		200,000		160,971


				652,489



Gas Utilities–0.15%
Infraestructura Energetica Nova,
S.A.P.I. de C.V. (Mexico),
4.88%, 01/14/2048^(c)		400,000		304,537


Piedmont Natural Gas Co., Inc.,
5.40%, 06/15/2033		4,293,000		4,240,995


Promigas S.A. ESP/Gases del
Pacifico SAC (Colombia),
3.75%, 10/16/2029^(c)		400,000		338,496


Southwest Gas Corp., 5.45%,
03/23/2028		2,010,000		2,005,669


				6,889,697



Gold–0.00%
Endeavour Mining PLC (Burkina
Faso), 5.00%,
10/14/2026^(c)		200,000		176,334



Health Care Distributors–0.02%
McKesson Corp., 5.10%,
07/15/2033^(b)		885,000		878,757



Health Care Equipment–0.01%
Teleflex, Inc., 4.63%,
11/15/2027		385,000		363,444



Health Care Facilities–0.28%
HCA, Inc.,
5.50%, 06/01/2033^(b)		1,046,000		1,027,982


5.90%, 06/01/2053		6,406,000		6,151,006


UPMC,
5.04%, 05/15/2033		4,724,000		4,656,154


5.38%, 05/15/2043		1,570,000		1,523,916


				13,359,058



Health Care REITs–0.03%
Omega Healthcare Investors, Inc.,
3.38%, 02/01/2031		514,000		415,794


3.25%, 04/15/2033		512,000		382,696


Welltower OP LLC, 3.10%,
01/15/2030		600,000		522,170


				1,320,660


	Principal Amount		Value
Health Care Services–0.51%
CVS Health Corp.,
5.00%, 01/30/2029	$	4,706,000	$	4,638,159


5.25%, 01/30/2031^(b)		616,000		608,937


5.30%, 06/01/2033^(b)		5,494,000		5,384,082


5.88%, 06/01/2053		2,378,000		2,324,602


6.00%, 06/01/2063^(b)		2,482,000		2,433,060


Piedmont Healthcare, Inc.,
Series 2032, 2.04%,
01/01/2032		700,000		550,111


Series 2042, 2.72%,
01/01/2042		2,672,000		1,781,297


2.86%, 01/01/2052		3,213,000		2,048,375


Providence St. Joseph Health
Obligated Group, Series 21-A,
2.70%, 10/01/2051		7,745,000		4,533,610


				24,302,233



Health Care Supplies–0.01%
Medline Borrower L.P., 3.88%,
04/01/2029^(c)		624,000		545,329



Highways & Railtracks–0.02%
TransJamaican Highway Ltd.
(Jamaica), 5.75%,
10/10/2036^(c)		1,251,708		1,036,872



Home Improvement Retail–0.44%
Lowe’s Cos., Inc.,
5.00%, 04/15/2033^(b)		4,100,000		4,007,496


5.15%, 07/01/2033^(b)		5,103,000		5,043,823


5.75%, 07/01/2053^(b)		1,537,000		1,521,204


5.80%, 09/15/2062		1,464,000		1,417,803


5.85%, 04/01/2063		8,908,000		8,728,041


				20,718,367



Homebuilding–0.01%
M.D.C. Holdings, Inc., 6.00%,
01/15/2043		390,000		341,328



Hotel & Resort REITs–0.01%
Service Properties Trust,
4.95%, 02/15/2027^(b)		565,000		489,708



Hotels, Resorts & Cruise Lines–0.12%
Carnival Corp., 7.00%,
08/15/2029^(b)(c)		1,799,000		1,826,989


Marriott International, Inc.,
4.90%, 04/15/2029^(b)		4,052,000		3,947,362


				5,774,351



Housewares & Specialties–0.01%
Newell Brands, Inc., 6.38%,
09/15/2027^(b)		350,000		343,966



Independent Power Producers & Energy Traders–0.30%
AES Panama Generation Holdings
S.R.L. (Panama), 4.38%,
05/31/2030^(c)		198,210		171,586


Colbun S.A. (Chile), 3.95%,
10/11/2027^(c)		200,000		186,805


Emirates SembCorp Water &
Power Co. PJSC (United Arab
Emirates), 4.45%,
08/01/2035^(c)		200,000		187,370

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


13		Invesco Core Plus Bond Fund


	Principal Amount		Value


Independent Power Producers & Energy Traders–(continued)
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia),
5.38%, 12/30/2030^(c)	$	650,000	$	479,803


5.38%, 12/30/2030^(c)		11,848,000		8,745,694


Vistra Corp., 7.00%^(c)(d)(e)		4,491,000		4,160,914


				13,932,172



Industrial Conglomerates–0.26%
Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026^(c)		5,946,000		5,302,940


Honeywell International, Inc., 5.00%, 02/15/2033		6,979,000		7,040,621


				12,343,561



Industrial Machinery & Supplies & Components–0.28%
Flowserve Corp., 2.80%, 01/15/2032		782,000		621,826


HTA Group Ltd. (Tanzania), 7.00%, 12/18/2025^(c)		200,000		189,536


Ingersoll Rand, Inc.,
5.40%, 08/14/2028		1,486,000		1,490,164


5.70%, 08/14/2033		5,419,000		5,498,048


nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		5,460,000		5,289,641


				13,089,215



Industrial REITs–0.38%
Cibanco S.A. Ibm/PLA Administradora Industrial S de RL de C.V. (Mexico), 4.96%, 07/18/2029^(c)		200,000		186,237


Prologis L.P.,
4.88%, 06/15/2028^(b)		4,289,000		4,247,726


5.13%, 01/15/2034		4,133,000		4,071,968


5.25%, 06/15/2053		9,649,000		9,211,453


				17,717,384



Insurance Brokers–0.04%
Marsh & McLennan Cos., Inc., 5.45%, 03/15/2053		1,881,000		1,860,180



Integrated Oil & Gas–0.89%
BP Capital Markets America, Inc.,
4.81%, 02/13/2033		6,912,000		6,693,599


4.89%, 09/11/2033^(b)		466,000		453,713


3.06%, 06/17/2041		840,000		616,994


ConocoPhillips Co.,
5.55%, 03/15/2054^(b)		7,669,000		7,694,443


5.70%, 09/15/2063		3,287,000		3,311,922


Ecopetrol S.A. (Colombia), 4.63%, 11/02/2031		136,000		107,549


Occidental Petroleum Corp., 4.63%, 06/15/2045		4,288,000		3,266,856


Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029^(b)		11,641,000		10,388,556


6.70%, 02/16/2032		7,361,000		5,571,620


10.00%, 02/07/2033^(b)(c)		4,260,000		3,883,750


	Principal Amount		Value


Integrated Oil & Gas–(continued)
Saudi Arabian Oil Co. (Saudi Arabia), 3.50%, 04/16/2029^(c)	$	200,000	$	183,530


				42,172,532



Integrated Telecommunication Services–0.54%
AT&T, Inc., 5.40%, 02/15/2034^(b)		6,512,000		6,326,432


British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081^(c)(d)		10,020,000		8,842,708


IHS Holding Ltd. (Nigeria),
5.63%, 11/29/2026^(c)		4,630,000		3,998,977


6.25%, 11/29/2028^(c)		3,440,000		2,780,071


Sitios Latinoamerica S.A.B. de C.V. (Brazil), 5.38%, 04/04/2032^(c)		4,137,000		3,703,155


				25,651,343



Interactive Media & Services–0.28%
Baidu, Inc. (China), 4.13%, 06/30/2025		200,000		194,538


Globo Comunicacao e Participacoes S.A. (Brazil), 5.50%, 01/14/2032^(c)		300,000		252,861


Match Group Holdings II LLC,
5.63%, 02/15/2029^(c)		5,956,000		5,619,649


3.63%, 10/01/2031^(c)		120,000		97,933


Meta Platforms, Inc., 5.75%, 05/15/2063		6,522,000		6,591,486


Telecomunicaciones Digitales S.A. (Panama), 4.50%, 01/30/2030^(c)		200,000		170,356


Weibo Corp. (China), 3.38%, 07/08/2030		200,000		156,827


				13,083,650



Investment Banking & Brokerage–1.94%
Charles Schwab Corp. (The), 5.64%, 05/19/2029^(d)		5,780,000		5,772,299


5.85%, 05/19/2034^(d)		5,778,000		5,787,502


6.14%, 08/24/2034^(b)(d)		14,310,000		14,565,799


Series G, 5.38%^(b)(d)(e)		578,000		560,660


Series K, 5.00%^(b)(d)(e)		1,719,000		1,507,461


Goldman Sachs Group, Inc. (The),
5.99%(SOFR + 0.79%),
12/09/2026^(h)		2,961,000		2,935,539


Series T, 3.80%^(d)(e)		378,000		317,792


Series V, 4.13%^(d)(e)		4,136,000		3,478,975


Series W, 7.50%^(b)(d)(e)		21,987,000		22,151,903


Jefferies Financial Group, Inc., 4.15%, 01/23/2030^(b)		335,000		302,083


Morgan Stanley,
5.12%, 02/01/2029^(d)		2,205,000		2,162,146


5.16%, 04/20/2029^(d)		7,265,000		7,127,940

��
5.45%, 07/20/2029^(b)(d)		3,413,000		3,394,130


5.25%, 04/21/2034^(d)		12,704,000		12,344,860


5.42%, 07/21/2034^(d)		7,397,000		7,275,848


5.95%, 01/19/2038^(d)		1,773,000		1,725,161


				91,410,098

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


14		Invesco Core Plus Bond Fund


	Principal Amount		Value


Leisure Products–0.04%
Brunswick Corp., 5.10%, 04/01/2052	$	2,585,000	$	1,903,593



Life & Health Insurance–1.78%
Athene Holding Ltd., 4.13%, 01/12/2028^(b)		850,000		794,985


Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025^(c)		11,863,000		11,162,609


Series 21-1, 2.66%, 06/29/2026^(c)		31,380,000		28,213,130


F&G Annuities & Life, Inc., 7.40%, 01/13/2028^(c)		3,906,000		3,977,201


MAG Mutual Holding Co., 4.75%, 04/30/2041^(c)(i)		27,101,000		21,812,370


MetLife, Inc.,
5.25%, 01/15/2054^(b)		5,805,000		5,509,988


Series D, 5.88%^(d)(e)		200,000		187,740


Pacific Life Global Funding II, 6.06%(SOFR + 0.80%), 03/30/2025^(c)(h)		7,356,000		7,349,177


Principal Financial Group, Inc., 5.38%, 03/15/2033		3,834,000		3,804,378


Sammons Financial Group, Inc., 4.75%, 04/08/2032^(c)		1,500,000		1,247,903


				84,059,481



Managed Health Care–0.57%
Centene Corp., 2.50%, 03/01/2031		773,000		616,277


Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041		6,139,000		4,367,392


3.00%, 06/01/2051		4,509,000		3,040,056


UnitedHealth Group, Inc.,
5.25%, 02/15/2028^(b)		3,263,000		3,327,501


5.30%, 02/15/2030		5,546,000		5,661,016


5.35%, 02/15/2033^(b)		4,768,000		4,895,698


5.05%, 04/15/2053		2,804,000		2,678,527


5.20%, 04/15/2063		2,330,000		2,235,214


				26,821,681



Marine Ports & Services–0.00%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037^(c)		200,000		214,893



Movies & Entertainment–0.18%
Walt Disney Co. (The), 6.55%, 03/15/2033		40,000		44,214


Warnermedia Holdings, Inc.,
4.28%, 03/15/2032		590,000		520,885


5.05%, 03/15/2042		3,495,000		2,876,289


5.14%, 03/15/2052		2,473,000		1,972,742


5.39%, 03/15/2062		3,833,000		3,044,777


				8,458,907



Multi-line Insurance–0.13%
Allianz SE (Germany), 3.20%^(c)(d)(e)		345,000		262,182


Metropolitan Life Global Funding I, 5.15%, 03/28/2033^(c)		6,109,000		5,978,029


				6,240,211


	Principal Amount		Value


Multi-Sector Holdings–0.01%
SURA Asset Management S.A. (Colombia), 4.88%, 04/17/2024^(c)	$	300,000	$	297,249



Multi-Utilities–0.27%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), 4.70%, 04/24/2033^(c)		400,000		392,066


Ameren Illinois Co., 4.95%, 06/01/2033		3,338,000		3,272,692


Dominion Energy, Inc., 5.38%, 11/15/2032^(b)		5,507,000		5,424,208


NiSource, Inc., 5.25%, 03/30/2028		1,375,000		1,370,061


WEC Energy Group, Inc., 5.15%, 10/01/2027		2,356,000		2,351,526


				12,810,553



Office REITs–0.10%
Alexandria Real Estate Equities, Inc.,
1.88%, 02/01/2033		200,000		147,763


2.95%, 03/15/2034		206,000		163,224


4.75%, 04/15/2035		119,000		110,190


Brandywine Operating Partnership L.P., 7.55%, 03/15/2028^(b)		4,102,000		3,850,286


Office Properties Income Trust, 4.50%, 02/01/2025		330,000		295,480


				4,566,943



Oil & Gas Drilling–0.12%
Valaris Ltd., 8.38%, 04/30/2030^(c)		5,589,000		5,697,930



Oil & Gas Equipment & Services–0.15%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027^(c)		3,963,000		3,946,079


Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026^(c)		4,383,000		3,368,117


				7,314,196



Oil & Gas Exploration & Production–0.68%
Apache Corp., 7.75%, 12/15/2029		2,888,000		3,011,991


Baytex Energy Corp. (Canada), 8.50%, 04/30/2030^(c)		4,292,000		4,355,891


Civitas Resources, Inc.,
8.38%, 07/01/2028^(b)(c)		4,075,000		4,202,344


8.75%, 07/01/2031^(b)(c)		5,072,000		5,255,860


Gran Tierra Energy, Inc. (Colombia), 7.75%, 05/23/2027^(c)		400,000		318,293


Murphy Oil Corp., 6.38%, 07/15/2028^(b)		4,384,000		4,385,720


Sinopec Group Overseas Development (2018) Ltd. (China), 2.95%, 08/08/2029^(c)		200,000		180,771


Tengizchevroil Finance Co. International Ltd. (Kazakhstan), 4.00%, 08/15/2026^(c)		200,000		181,283


Transocean Titan Financing Ltd., 8.38%, 02/01/2028^(c)		4,013,000		4,126,497

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


15		Invesco Core Plus Bond Fund


	Principal Amount		Value


Oil & Gas Exploration & Production–(continued)
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028^(c)	$	7,487,000	$	6,165,559


				32,184,209



Oil & Gas Refining & Marketing–0.30%
Cosan Luxembourg S.A. (Brazil), 7.50%, 06/27/2030^(c)		8,425,000		8,429,464


Empresa Nacional del Petroleo (Chile), 6.15%, 05/10/2033^(c)		600,000		593,388


Phillips 66 Co., 5.30%, 06/30/2033^(b)		5,065,000		5,017,316


Puma International Financing S.A. (Singapore), 5.00%, 01/24/2026^(c)		200,000		186,300


				14,226,468



Oil & Gas Storage & Transportation–2.19%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 3.65%, 11/02/2029^(c)		200,000		186,380


Cheniere Energy Partners L.P., 5.95%, 06/30/2033^(c)		4,313,000		4,309,617


Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026^(c)		2,100,000		2,121,980


Enbridge, Inc. (Canada),
5.70%, 03/08/2033		5,496,000		5,501,111


7.38%, 01/15/2083^(d)		3,673,000		3,619,668


7.63%, 01/15/2083^(d)		3,229,000		3,262,769


Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030^(b)		2,485,000		2,477,478


GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia),
6.13%, 02/23/2038^(c)		4,010,000		4,029,543


6.51%, 02/23/2042^(c)		5,385,000		5,463,086


Kinder Morgan, Inc.,
7.75%, 01/15/2032		680,000		760,457


4.80%, 02/01/2033		2,826,000		2,635,762


5.20%, 06/01/2033		4,897,000		4,693,125


5.45%, 08/01/2052^(b)		4,060,000		3,629,352


MPLX L.P.,
5.00%, 03/01/2033		2,980,000		2,814,417


4.95%, 03/14/2052		2,269,000		1,872,324


ONEOK, Inc.,
5.65%, 11/01/2028		2,795,000		2,800,544


5.80%, 11/01/2030		4,076,000		4,086,705


6.35%, 01/15/2031^(b)		495,000		509,138


6.05%, 09/01/2033^(b)		6,998,000		7,055,522


6.63%, 09/01/2053		9,957,000		10,049,413


Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037		2,954,000		2,970,032


Targa Resources Corp.,
5.20%, 07/01/2027		593,000		587,373


6.25%, 07/01/2052		1,941,000		1,866,582


TMS Issuer S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032^(c)		2,210,000		2,251,367


Western Midstream Operating L.P., 6.15%, 04/01/2033^(b)		3,996,000		3,980,441


	Principal Amount		Value


Oil & Gas Storage & Transportation–(continued)
Williams Cos., Inc. (The),
5.30%, 08/15/2028	$	13,189,000	$	13,129,472


2.60%, 03/15/2031		1,017,000		835,323


4.65%, 08/15/2032^(b)		527,000		495,158


5.65%, 03/15/2033^(b)		5,509,000		5,542,508


				103,536,647



Other Specialty Retail–0.04%
Tractor Supply Co., 5.25%, 05/15/2033^(b)		1,882,000		1,844,257



Packaged Foods & Meats–0.35%
Frigorifico Concepcion S.A. (Paraguay), 7.70%, 07/21/2028^(c)		900,000		762,953


McCormick & Co., Inc., 4.95%, 04/15/2033^(b)		1,644,000		1,593,679


Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031^(c)		17,753,000		14,141,498


				16,498,130



Paper Products–0.00%
Suzano Austria GmbH (Brazil), 7.00%, 03/16/2047^(c)		205,000		205,329



Passenger Airlines–0.39%
American Airlines Pass-Through Trust,
Series 2017-1, Class B, 4.95%, 02/15/2025		297,500		288,367


Series 2021-1, Class A, 2.88%, 07/11/2034		590,539		490,646


British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035^(c)		2,384,034		2,008,946


Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025^(c)		1,227,347		1,200,270


4.75%, 10/20/2028^(c)		2,927,541		2,812,906


United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		1,639,483		1,638,252


5.80%, 07/15/2037		10,114,000		10,118,512


				18,557,899



Personal Care Products–0.49%
Kenvue, Inc.,
5.35%, 03/22/2026^(c)		1,065,000		1,070,805


5.05%, 03/22/2028^(b)(c)		2,665,000		2,673,732


5.00%, 03/22/2030^(c)		4,975,000		4,981,636


4.90%, 03/22/2033^(b)(c)		6,640,000		6,607,982


5.10%, 03/22/2043^(b)(c)		2,587,000		2,540,163


5.05%, 03/22/2053^(b)(c)		2,958,000		2,899,116


5.20%, 03/22/2063^(c)		2,510,000		2,458,222


				23,231,656



Pharmaceuticals–0.37%
Eli Lilly and Co., 4.88%, 02/27/2053^(b)		2,442,000		2,404,611


Merck & Co., Inc.,
5.00%, 05/17/2053		2,709,000		2,648,248


5.15%, 05/17/2063		1,739,000		1,699,259

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


16		Invesco Core Plus Bond Fund


	Principal Amount		Value


Pharmaceuticals–(continued)
Pfizer Investment Enterprises Pte. Ltd.,
4.75%, 05/19/2033	$	710,000	$	699,040


5.30%, 05/19/2053		9,825,000		9,835,842


				17,287,000



Precious Metals & Minerals–0.00%
ALROSA Finance S.A. (Russia), 4.65%, 04/09/2024^(c)(f)(i)		200,000		0



Property & Casualty Insurance–0.07%
Fairfax Financial Holdings Ltd. (Canada), 4.63%, 04/29/2030		700,000		644,808


Travelers Cos., Inc. (The), 5.45%, 05/25/2053		2,619,000		2,659,271


				3,304,079



Rail Transportation–0.33%
Autoridad del Canal de Panama (Panama), 4.95%, 07/29/2035^(c)		300,000		284,147


Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061^(c)		209,000		136,072


Norfolk Southern Corp.,
5.05%, 08/01/2030^(b)		4,801,000		4,756,169


5.35%, 08/01/2054^(b)		6,579,000		6,401,566


Union Pacific Corp., 5.15%, 01/20/2063		4,213,000		4,042,961


				15,620,915



Real Estate Development–0.64%
Agile Group Holdings Ltd. (China),
5.75%, 01/02/2025^(c)		390,000		48,750


5.50%, 04/21/2025^(c)		4,142,000		517,750


Arabian Centres Sukuk II Ltd. (Saudi Arabia), 5.63%, 10/07/2026^(c)		200,000		184,131


Country Garden Holdings Co. Ltd. (China), 5.40%, 05/27/2025^(c)		935,000		85,085


Essential Properties L.P., 2.95%, 07/15/2031		1,000,000		750,599


Logan Group Co. Ltd. (China),
4.25%, 07/12/2025^(c)(f)		2,055,000		154,125


4.50%, 01/13/2028^(c)(f)		1,750,000		135,625


Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		27,056,000		27,703,344


Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024^(c)		2,251,000		260,306


Sino-Ocean Land Treasure IV Ltd. (China), 3.25%, 05/05/2026^(c)		2,025,000		222,082


				30,061,797



Real Estate Services–0.01%
CBRE Services, Inc., 5.95%, 08/15/2034^(b)		475,000		470,374



Regional Banks–1.13%
Banco Internacional del Peru S.A.A. Interbank (Peru), 3.25%, 10/04/2026^(c)		200,000		185,781


	Principal Amount		Value


Regional Banks–(continued)
Citizens Financial Group, Inc.,
5.64%, 05/21/2037^(d)	$	2,872,000	$	2,533,486


Series G, 4.00%^(d)(e)		6,015,000		4,564,904


Huntington Bancshares, Inc., 6.21%, 08/21/2029^(d)		16,192,000		16,305,175


M&T Bank Corp., 5.05%, 01/27/2034^(b)(d)		3,313,000		3,014,872


Truist Financial Corp.,
6.05%, 06/08/2027^(d)		5,842,000		5,840,530


4.87%, 01/26/2029^(d)		3,570,000		3,426,668


4.92%, 07/28/2033^(d)		6,052,000		5,398,889


6.12%, 10/28/2033^(b)(d)		3,114,000		3,135,214


5.12%, 01/26/2034^(b)(d)		3,153,000		2,959,306


5.87%, 06/08/2034^(b)(d)		6,264,000		6,209,484


				53,574,309



Reinsurance–0.19%
Global Atlantic (Fin) Co., 7.95%, 06/15/2033^(c)		291,000		285,878


Global Atlantic Fin Co.,
3.13%, 06/15/2031^(c)		308,000		228,628


4.70%, 10/15/2051^(c)(d)		11,381,000		8,238,395


				8,752,901



Renewable Electricity–0.02%
Adani Green Energy Ltd. (India), 4.38%, 09/08/2024^(c)		200,000		187,250


Aydem Yenilenebilir Enerji A.S. (Turkey), 7.75%, 02/02/2027^(c)		400,000		356,128


Empresa Electrica Cochrane S.p.A. (Chile), 5.50%, 05/14/2027^(c)		120,160		112,288


ENN Clean Energy International Investment Ltd. (China), 3.38%, 05/12/2026^(c)		200,000		180,241


				835,907



Restaurants–1.02%
Alsea S.A.B. de C.V. (Mexico), 7.75%, 12/14/2026^(c)		400,000		403,176


Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029^(c)		7,783,000		7,509,038


McDonald’s Corp.,
4.80%, 08/14/2028^(b)		15,274,000		15,211,004


4.95%, 08/14/2033		12,716,000		12,599,795


5.15%, 09/09/2052		3,720,000		3,567,964


5.45%, 08/14/2053^(b)		8,758,000		8,770,219


				48,061,196



Retail REITs–0.15%
Agree L.P., 2.60%, 06/15/2033		921,000		700,977


Kimco Realty OP LLC, 2.25%, 12/01/2031		265,000		205,480


Kite Realty Group Trust, 4.75%, 09/15/2030		432,000		395,892


NNN REIT, Inc., 5.60%, 10/15/2033		3,201,000		3,140,049


Realty Income Corp., 5.63%, 10/13/2032^(b)		2,104,000		2,104,184

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


17		Invesco Core Plus Bond Fund


	Principal Amount		Value


Retail REITs–(continued)
Spirit Realty L.P., 2.70%, 02/15/2032	$	787,000	$	617,824


				7,164,406



Self-Storage REITs–0.34%
Extra Space Storage L.P.,
5.70%, 04/01/2028		1,846,000		1,855,668


3.90%, 04/01/2029		99,000		90,758


2.55%, 06/01/2031		382,000		307,022


2.40%, 10/15/2031		482,000		378,901


2.35%, 03/15/2032		296,000		230,477


Public Storage,
5.10%, 08/01/2033		7,436,000		7,380,043


5.35%, 08/01/2053^(b)		4,456,000		4,362,788


Public Storage Operating Co., 5.13%, 01/15/2029^(b)		1,297,000		1,296,186


				15,901,843



Semiconductors–0.22%
Broadcom, Inc.,
2.45%, 02/15/2031^(c)		658,000		530,805


3.19%, 11/15/2036^(c)		290,000		218,105


Foundry JV Holdco LLC, 5.88%, 01/25/2034^(c)		8,978,000		8,864,208


SK hynix, Inc. (South Korea), 6.38%, 01/17/2028^(c)		600,000		608,282


Skyworks Solutions, Inc., 3.00%, 06/01/2031		279,000		227,271


				10,448,671



Single-Family Residential REITs–0.67%
Invitation Homes Operating Partnership L.P.,
5.45%, 08/15/2030		16,226,000		15,894,150


5.50%, 08/15/2033		16,367,000		15,858,155


				31,752,305



Sovereign Debt–1.26%
Colombia Government International Bond (Colombia),
3.25%, 04/22/2032		200,000		150,295


8.00%, 04/20/2033		5,622,000		5,822,089


7.50%, 02/02/2034		3,455,000		3,438,282


Dominican Republic International Bond (Dominican Republic), 4.50%, 01/30/2030^(c)		200,000		174,939


Egypt Government International Bond (Egypt),
5.25%, 10/06/2025^(c)		4,150,000		3,226,662


7.50%, 01/31/2027^(c)		4,000,000		2,893,432


Ghana Government International Bond (Ghana), 7.75%, 04/07/2029^(c)(f)		4,937,000		2,146,188


Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		76,000		75,839


Indonesia Government International Bond (Indonesia), 6.63%, 02/17/2037^(c)		400,000		446,578


Israel Government International Bond (Israel), 4.50%, 01/17/2033		200,000		192,977


	Principal Amount		Value


Sovereign Debt–(continued)
Jordan Government International Bond (Jordan), 7.50%, 01/13/2029^(c)	$	600,000	$	610,212


KSA Sukuk Ltd. (Saudi Arabia), 3.63%, 04/20/2027^(c)		200,000		191,028


Mexico Government International Bond (Mexico),
4.50%, 04/22/2029		200,000		193,317


4.88%, 05/19/2033		200,000		189,851


6.35%, 02/09/2035		3,380,000		3,514,113


6.34%, 05/04/2053^(b)		12,774,000		12,783,044


Oman Government International Bond (Oman),
6.00%, 08/01/2029^(c)		200,000		201,581


6.25%, 01/25/2031^(c)		3,290,000		3,336,748


Panama Government International Bond (Panama),
6.40%, 02/14/2035		500,000		514,331


6.85%, 03/28/2054^(b)		2,520,000		2,583,860


Philippine Government International Bond (Philippines), 5.50%, 01/17/2048		2,231,000		2,246,341


Republic of Poland Government International Bond (Poland), 5.75%, 11/16/2032		310,000		322,677


Republic of South Africa Government International Bond (South Africa), 5.75%, 09/30/2049		200,000		142,136


Romanian Government International Bond (Romania),
5.25%, 11/25/2027^(c)		300,000		295,200


6.63%, 02/17/2028^(c)		5,030,000		5,205,934


3.63%, 03/27/2032^(c)		300,000		252,230


7.13%, 01/17/2033^(c)		6,774,000		7,134,715


7.63%, 01/17/2053^(c)		500,000		539,040


Saudi Government International Bond (Saudi Arabia),
4.38%, 04/16/2029^(c)		415,000		403,797


5.00%, 01/18/2053^(c)		200,000		177,940


Serbia International Bond (Serbia), 6.50%, 09/26/2033^(c)		300,000		296,739


				59,702,115



Specialized Finance–0.03%
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031^(c)		189,000		140,865


Blackstone Private Credit Fund,
2.63%, 12/15/2026		449,000		386,558


3.25%, 03/15/2027		793,000		691,279


India Airport Infra (India), 6.25%, 10/25/2025^(c)		400,000		392,365


				1,611,067



Specialty Chemicals–0.76%
Braskem Idesa S.A.P.I. (Mexico),
7.45%, 11/15/2029^(b)(c)		7,775,000		4,928,666


6.99%, 02/20/2032^(c)		5,888,000		3,530,509


OCP S.A. (Morocco), 3.75%, 06/23/2031^(c)		200,000		165,553

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


18		Invesco Core Plus Bond Fund


	Principal Amount		Value


Specialty Chemicals–(continued)
Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026	$	8,796,000	$	7,913,355


6.50%, 09/27/2028		300,000		270,406


8.75%, 05/03/2029^(c)		7,995,000		7,813,234


5.50%, 03/18/2031^(b)		14,272,000		11,436,659


				36,058,382



Steel–0.08%
POSCO (South Korea), 5.75%, 01/17/2028^(c)		3,669,000		3,698,459



Systems Software–0.49%
Oracle Corp.,
6.25%, 11/09/2032		10,029,000		10,500,604


4.90%, 02/06/2033^(b)		5,387,000		5,148,025


6.90%, 11/09/2052		4,144,000		4,516,730


5.55%, 02/06/2053		2,722,000		2,532,090


VMware, Inc., 2.20%, 08/15/2031		297,000		231,709


				22,929,158



Technology Hardware, Storage & Peripherals–0.01%
Lenovo Group Ltd. (China), 6.54%, 07/27/2032^(c)		400,000		403,077



Tobacco–1.12%
B.A.T Capital Corp. (United Kingdom),
2.73%, 03/25/2031		357,000		282,947


7.08%, 08/02/2043		1,495,000		1,487,875


7.08%, 08/02/2053		2,493,000		2,456,728


Philip Morris International, Inc.,
5.00%, 11/17/2025		1,807,000		1,797,402


5.13%, 11/17/2027		5,365,000		5,357,876


4.88%, 02/15/2028^(b)		11,783,000		11,638,108


5.13%, 02/15/2030		13,105,000		12,959,495


5.75%, 11/17/2032^(b)		3,007,000		3,051,431


5.38%, 02/15/2033		13,877,000		13,711,752


				52,743,614



Trading Companies & Distributors–0.56%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045^(c)(d)		8,778,000		8,664,465


Air Lease Corp., 3.63%, 12/01/2027		340,000		312,701


Avolon Holdings Funding Ltd. (Ireland),
2.75%, 02/21/2028^(c)		725,000		624,669


6.38%, 05/04/2028^(c)		6,641,000		6,593,994


GATX Corp., 4.90%,


03/15/2033^(b)		2,274,000		2,131,393


Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026^(c)		4,028,000		3,586,975


3.15%, 06/15/2031^(c)		5,734,000		4,419,801


				26,333,998



Transaction & Payment Processing Services–0.54%
Fiserv, Inc.,
5.38%, 08/21/2028^(b)		10,277,000		10,308,730


5.63%, 08/21/2033^(b)		7,843,000		7,906,315


	Principal Amount		Value


Transaction & Payment Processing Services–(continued)
Mastercard, Inc., 4.85%, 03/09/2033^(b)	$	7,455,000	$	7,494,333


				25,709,378



Wireless Telecommunication Services–0.57%
Axiata SPV2 Bhd. (Malaysia), 4.36%, 03/24/2026^(c)		200,000		194,589


Bharti Airtel Ltd. (India), 4.38%, 06/10/2025^(c)		200,000		195,514


Liquid Telecommunications Financing PLC (South Africa), 5.50%, 09/04/2026^(c)		200,000		125,137


Oztel Holdings SPC Ltd. (Oman), 5.63%, 10/24/2023^(c)		200,000		199,839


SixSigma Networks Mexico S.A.de C.V. (Mexico), 7.50%, 05/02/2025^(c)		325,000		290,774


Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025^(c)		1,498,438		1,483,735


5.15%, 03/20/2028^(c)		3,248,050		3,221,044


T-Mobile USA, Inc.,
5.05%, 07/15/2033		4,645,000		4,484,700


5.65%, 01/15/2053		5,313,000		5,186,757


VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027^(c)		4,049,000		2,854,545


Vodafone Group PLC (United Kingdom),
4.13%, 06/04/2081^(d)		5,448,000		4,261,709


5.13%, 06/04/2081^(d)		6,245,000		4,363,042


Xiaomi Best Time International Ltd. (China), 4.10%, 07/14/2051^(c)		400,000		239,374


				27,100,759


Total U.S. Dollar Denominated Bonds & Notes (Cost $2,236,631,490)				2,119,181,349



U.S. Government Sponsored Agency Mortgage-Backed Securities–28.26%
Collateralized Mortgage Obligations–0.73%
Fannie Mae REMICs, IO,
7.00%, 05/25/2033^(j)		3,392		563


6.00%, 07/25/2033^(j)		2,742		447


Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K038, Class X1, IO, 1.23%, 03/25/2024^(k)		21,753,869		73,752


Series K083, Class AM, 4.03%, 10/25/2028^(l)		4,736,000		4,542,004


Series K085, Class AM, 4.06%, 10/25/2028^(l)		4,736,000		4,563,449


Series K089, Class AM, 3.63%, 01/25/2029^(l)		8,018,000		7,558,640


Series K088, Class AM, 3.76%, 01/25/2029^(l)		18,944,000		17,980,148


				34,719,003

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


19		Invesco Core Plus Bond Fund


	Principal Amount		Value


Federal Home Loan Mortgage Corp. (FHLMC)–0.28%
3.50%, 08/01/2026	$	109,371	$	106,821


7.00%, 05/01/2028 to 06/01/2032		279,140		284,135


6.00%, 03/01/2029 to 10/01/2032		8,210		8,397


7.50%, 05/01/2030 to 05/01/2035		264,942		268,985


8.50%, 08/01/2031		15,287		15,989


3.00%, 02/01/2032		1,056,933		999,628


6.50%, 08/01/2032 to 09/01/2036		63,705		66,031


8.00%, 08/01/2032		11,093		11,466


5.50%, 01/01/2034 to 07/01/2040		663,182		669,076


5.00%, 07/01/2034 to 06/01/2040		906,450		906,514


4.50%, 02/01/2040 to 10/01/2046		10,081,377		9,830,789


ARM, 4.31% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 2.06%), 12/01/2036^(h)		29,291		29,805


4.60% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 2.11%), 02/01/2037^(h)		4,239		4,170


5.49% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.88%), 05/01/2037^(h)		41,407		40,737


				13,242,543



Federal National Mortgage Association (FNMA)–23.08%
6.50%, 07/01/2028 to 01/01/2037		43,517		44,478


7.50%, 02/01/2030 to 08/01/2037		357,914		369,232


9.50%, 04/01/2030		766		774


3.50%, 12/01/2030 to 05/01/2047		24,912,024		22,793,396


7.00%, 03/01/2032 to 02/01/2034		145,853		146,446


8.50%, 10/01/2032		23,752		24,894


5.50%, 04/01/2033 to 06/01/2040		311,769		311,084


8.00%, 04/01/2033		20,971		21,858


6.00%, 04/01/2037 to 10/01/2039		6,928		7,070


5.00%, 12/01/2039		288,855		288,841


3.00%, 08/01/2043		1,940,269		1,718,416


4.00%, 12/01/2048		16,447,061		15,442,535


ARM, 5.05% (1 yr. U.S. Treasury Yield Curve Rate + 2.20%), 05/01/2035^(h)		47,993		48,680


3.99% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.64%), 01/01/2037^(h)		27,064		27,347


4.47% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.71%), 03/01/2038^(h)		14,813		14,604


	Principal Amount		Value


Federal National Mortgage Association (FNMA)–(continued)
TBA, 5.50%, 09/01/2053^(m)	$	235,700,000	$	232,735,338


2.50%, 10/01/2053^(m)		253,500,000		210,335,680


3.00%, 10/01/2053^(m)		21,000,000		18,116,602


3.50%, 10/01/2053^(m)		212,000,000		189,781,406


4.00%, 10/01/2053^(m)		49,704,000		45,929,602


4.50%, 10/01/2053^(m)		49,705,000		47,161,502


5.00%, 10/01/2053^(m)		314,042,000		304,675,945


				1,089,995,730



Government National Mortgage Association (GNMA)–4.17%
ARM, 3.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 01/20/2025^(h)		2,502		2,453


4.00% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 05/20/2025^(h)		1,224		1,211


4.50% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 06/20/2025^(h)		1,544		1,521


8.00%, 08/15/2025 to 09/15/2026		7,427		7,415


6.56%, 01/15/2027		45,641		46,288


7.00%, 10/15/2028 to 09/15/2032		66,038		65,343


6.00%, 11/15/2028 to 02/15/2033		33,689		34,142


6.50%, 01/15/2029 to 09/15/2034		46,700		47,784


7.50%, 05/15/2031 to 05/15/2032		3,407		3,411


5.50%, 06/15/2035		25,160		25,260


5.00%, 07/15/2035		2,360		2,333


4.00%, 03/20/2048		2,703,903		2,529,884


TBA, 4.50%, 09/01/2053^(m)		99,574,000		94,898,690


5.00%, 09/01/2053^(m)		23,000,000		22,382,324


5.50%, 09/01/2053^(m)		77,448,000		76,667,470


				196,715,529


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,343,561,258)				1,334,672,805



Asset-Backed Securities–24.59%
Adjustable Rate Mortgage Trust,
Series 2004-2, Class 6A1, 0.71%, 02/25/2035^(l)		272,367		268,059


Series 2005-1, Class 4A1, 4.37%, 05/25/2035^(l)		424,551		398,751


AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038^(c)		13,340,000		11,764,831

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


20		Invesco Core Plus Bond Fund


	Principal Amount		Value
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059^(c)(l)	$	963,223	$	902,623


Series 2020-3, Class A1, 1.69%, 04/25/2065^(c)(l)		3,553,227		3,259,905


Series 2020-5, Class A1, 1.37%, 05/25/2065^(c)(l)		2,122,815		1,955,361


Series 2021-3, Class A1, 1.07%, 05/25/2066^(c)(l)		2,816,003		2,345,259


Series 2021-7, Class A1, 1.98%, 10/25/2066^(c)(l)		7,213,012		5,985,729


Series 2022-1, Class A1, 2.88%, 12/25/2066^(c)(n)		13,314,368		11,738,854


Avis Budget Rental Car Funding (AESOP) LLC,
Series 2022-1A, Class A, 3.83%, 08/21/2028^(c)		20,133,000		18,810,677


Series 2022-1A, Class C, 4.84%, 08/21/2028^(c)		5,417,000		5,016,446


Series 2023-1A, Class A, 5.25%, 04/20/2029^(c)		3,919,000		3,843,142


Series 2023-2A, Class A, 5.20%, 10/20/2027^(c)		2,475,000		2,436,574


Series 2023-4A, Class A, 5.49%, 06/20/2029^(c)		13,131,000		12,952,668


Bain Capital Credit CLO Ltd.,
Series 2017-2A, Class AR2, 6.79% (3 mo. Term SOFR + 1.44%), 07/25/2034^(c)(h)		21,505,000		21,376,722


Banc of America Commercial Mortgage Trust,
Series 2015-UBS7, Class AS, 3.99%, 09/15/2048^(l)		4,394,000		4,108,056


Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051^(c)(l)		10,791,710		8,968,128


Series 2021-4, Class A4, 2.50%, 10/25/2051^(c)(l)		10,790,877		8,568,972


Series 2021-4, Class A8, 2.50%, 10/25/2051^(c)(l)		10,069,837		8,639,949


Series 2021-5, Class A1, 3.00%, 11/25/2051^(c)(l)		11,369,570		9,448,341


Series 2021-5, Class A2, 2.50%, 11/25/2051^(c)(l)		13,873,045		11,016,505


Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3, 5.50%, 08/25/2033^(l)		15,268		14,573


Series 2004-10, Class 21A1, 4.11%, 01/25/2035^(l)		257,268		235,143


Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(h)		141,644		135,920


Bear Stearns ALT-A Trust,
Series 2004-11, Class 2A3, 4.92%, 11/25/2034^(l)		209,519		209,659


	Principal Amount		Value
Benchmark Mortgage Trust,
Series 2018-B3, Class C, 4.68%, 04/10/2051^(l)	$	6,921,000	$	5,375,143


Series 2019-B14, Class A5, 3.05%, 12/15/2062		16,455,000		14,196,816


Series 2019-B14, Class C, 3.90%, 12/15/2062^(l)		14,875,350		10,271,429


Series 2019-B15, Class B, 3.56%, 12/15/2072		12,220,000		9,181,821


BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060^(c)(l)		2,408,926		2,248,341


BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 6.27% (1 mo. Term SOFR + 0.96%), 11/15/2038^(c)(h)		6,655,000		6,539,424


Series 2021-VOLT, Class C, 6.52% (1 mo. Term SOFR + 1.21%), 09/15/2036^(c)(h)		5,345,000		5,119,844


Series 2021-VOLT, Class D, 7.07% (1 mo. Term SOFR + 1.76%), 09/15/2036^(c)(h)		12,367,000		11,778,040


BX Trust,
Series 2022-CLS, Class A, 5.76%, 10/13/2027^(c)		4,640,000		4,280,532


Series 2022-LBA6, Class A, 6.31% (1 mo. Term SOFR + 1.00%), 01/15/2039^(c)(h)		10,965,000		10,744,931


Series 2022-LBA6, Class B, 6.61% (1 mo. Term SOFR + 1.30%), 01/15/2039^(c)(h)		6,790,000		6,638,512


Series 2022-LBA6, Class C, 6.91% (1 mo. Term SOFR + 1.60%), 01/15/2039^(c)(h)		3,630,000		3,531,895


Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049^(c)(l)		4,209,334		3,716,139


Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(c)(l)		1,041,386		899,392


Series 2016-SH2, Class M2, 3.75%, 12/25/2045^(c)(l)		4,118,293		3,662,070


Series 2016-SH2, Class M3, 3.75%, 12/25/2045^(c)(l)		2,042,679		1,763,305


CIFC Funding Ltd. (Cayman Islands),
Series 2014-5A, Class A1R2, 6.77% (3 mo. Term SOFR + 1.46%), 10/17/2031^(c)(h)		4,417,000		4,413,148


Series 2016-1A, Class ARR, 6.68% (3 mo. Term SOFR + 1.34%), 10/21/2031^(c)(h)		4,761,000		4,738,757


Citigroup Commercial Mortgage Trust,
Series 2014-GC23, Class B, 4.18%, 07/10/2047^(l)		2,816,000		2,648,509


Series 2015-GC27, Class A5, 3.14%, 02/10/2048		1,233,335		1,185,320


Citigroup Mortgage Loan Trust,
Series 2004-UST1, Class A4, 5.91%, 08/25/2034^(l)		120,256		111,310


Series 2021-INV3, Class A3, 2.50%, 05/25/2051^(c)(l)		10,864,475		8,627,416

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


21		Invesco Core Plus Bond Fund


	Principal Amount		Value
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065^(c)(l)	$	100,682	$	100,053


Series 2021-5, Class A1, 1.73%, 11/26/2066^(c)(l)		5,515,102		4,608,082


Series 2022-1, Class A1, 2.28%, 12/27/2066^(c)(l)		7,927,885		6,808,249


Series 2022-2, Class A1, 2.99%, 02/25/2067^(c)(n)		7,779,498		6,899,796


Series 2022-3, Class A1, 3.90%, 02/25/2067^(c)(l)		10,848,499		9,980,890


COMM Mortgage Trust,
Series 2015-CR25, Class B, 4.67%, 08/10/2048^(l)		5,267,000		4,913,054


Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2007-13, Class A10, 6.00%, 08/25/2037		187,371		97,440


Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065^(c)(n)		442,126		437,236


Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065^(c)(l)		1,786,263		1,497,726


Series 2021-NQM2, Class A1, 1.18%, 02/25/2066^(c)(l)		2,451,005		2,055,359


Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067^(c)(l)		10,151,063		9,361,355


Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067^(c)(l)		5,772,399		5,031,318


Series 2022-ATH2, Class A1, 4.55%, 05/25/2067^(c)(l)		11,050,635		10,585,348


CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		22,374,000		18,542,855


CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 4.07%, 06/25/2034^(l)		514,911		482,378


DB Master Finance LLC,
Series 2019-1A, Class A23, 4.35%, 05/20/2049^(c)		9,801,600		9,165,184


Series 2019-1A, Class A2II, 4.02%, 05/20/2049^(c)		10,353,600		9,754,127


Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 4.05%, 06/27/2037^(c)(l)		3,285,246		2,904,092


Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049^(c)		18,684,330		16,433,526


Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.65% (3 mo. Term SOFR + 1.34%), 01/15/2034^(c)(h)		3,239,313		3,220,133


DT Auto Owner Trust,
Series 2019-3A, Class D, 2.96%, 04/15/2025^(c)		3,082,333		3,067,230


	Principal Amount		Value
Ellington Financial Mortgage Trust,
Series 2019-2, Class A1, 2.74%, 11/25/2059^(c)(l)	$	2,534,701	$	2,351,489


Series 2020-1, Class A1, 2.01%, 05/25/2065^(c)(l)		448,519		429,429


Series 2021-1, Class A1, 0.80%, 02/25/2066^(c)(l)		847,017		709,920


Series 2022-1, Class A1, 2.21%, 01/25/2067^(c)(l)		7,484,873		6,214,762


Series 2022-3, Class A1, 5.00%, 08/25/2067^(c)(n)		9,982,549		9,673,229


Extended Stay America Trust, Series 2021-ESH, Class B, 6.80% (1 mo. Term SOFR + 1.49%), 07/15/2038^(c)(h)		4,909,918		4,848,080


First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 2A1, 5.00%, 09/25/2035		40,534		40,264


Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051^(c)(l)		17,163,348		14,692,686


Series 2021-8INV, Class A6, 2.50%, 09/25/2051^(c)(l)		3,680,592		3,122,806


Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053^(c)		11,786,710		11,430,707


GCAT Trust,
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059^(c)(l)		1,455,727		1,349,654


Series 2020-NQM2, Class A1, 1.56%,
04/25/2065^(c)(n)		1,242,019		1,124,823
GMACM Mortgage Loan Trust,
Series 2006-AR1, Class 1A1, 3.28%, 04/19/2036^(l)		381,361		296,637


GoldenTree Loan Management
US CLO 1 Ltd., Series 2021-9A, Class A, 6.66% (3 mo. Term SOFR + 1.33%), 01/20/2033^(c)(h)		5,015,000		4,990,948


GoldenTree Loan Management
US CLO 2 Ltd., Series 2017-2A, Class AR, 6.50% (3 mo. Term SOFR + 1.17%), 11/20/2030^(c)(h)		12,929,819		12,876,652


GoldenTree Loan Management
US CLO 5 Ltd., Series 2019-5A, Class AR, 6.66% (3 mo. Term SOFR + 1.33%), 10/20/2032^(c)(h)		6,576,000		6,539,398


Golub Capital Partners CLO
35(B) Ltd., Series 2017- 35A, Class AR, 6.78% (3 mo. Term SOFR + 1.45%), 07/20/2029^(c)(h)		12,882,486		12,871,188


Golub Capital Partners CLO
40(B) Ltd., Series 2019- 40A, Class AR, 6.70% (3 mo. Term SOFR + 1.35%), 01/25/2032^(c)(h)		15,988,000		15,874,038


GS Mortgage Securities Trust,
Series 2020-GC45, Class A5, 2.91%, 02/13/2053		8,325,000		7,173,770


Series 2020-GC47, Class A5, 2.38%, 05/12/2053		8,750,000		7,195,768

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


22		Invesco Core Plus Bond Fund


	Principal Amount		Value
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051^(c)(l)	$	9,024,725	$	7,741,467


GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A2, 4.02%, 09/25/2035^(l)		102,065		92,308


HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 6.33% (1 mo. Term SOFR + 1.01%), 06/20/2035^(h)		12,942		11,744


Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027^(c)		3,927,000		3,466,455


Series 2021-2A, Class B, 2.12%, 12/27/2027^(c)		2,100,000		1,850,427


Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/2025^(c)		1,289,000		1,217,582


ICG US CLO Ltd., Series 2016- 1A, Class A1RR, 6.88% (3 mo. Term SOFR + 1.51%), 04/29/2034^(c)(h)		11,399,000		11,317,440


IP Lending III Ltd., Series 2022-3A, Class SNR, 3.38%, 11/02/2026^(c)(i)		1,255,520		1,079,747


IP Lending IV Ltd., Series 2022-4A, Class SNR, 6.05%, 04/28/2027^(c)(i)		12,002,000		11,233,872


IP Lending VII Ltd., Series 2022-7A, Class SNR, 8.00%, 10/11/2027^(c)(i)		15,459,000		15,459,000


Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047^(c)		5,580,000		5,193,178


JP Morgan Mortgage Trust,
Series 2005-A3, Class 1A1, 4.15%, 06/25/2035^(l)		85,992		81,316


Series 2005-A3, Class 6A5, 4.44%, 06/25/2035^(l)		158,145		156,964


Series 2005-A5, Class 1A2, 4.40%, 08/25/2035^(l)		77,324		73,886


Series 2007-A4, Class 3A1, 4.29%, 06/25/2037^(l)		350,946		275,281


Series 20153, Class B2, 3.59%, 05/25/2045^(c)(l)		4,188,442		3,828,859


Series 2021-LTV2, Class A1, 2.52%, 05/25/2052^(c)(l)		12,621,437		10,219,434


JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class C, 5.04%, 01/15/2047^(l)		12,750,000		11,476,594


Series 2015-C31, Class A3, 3.80%, 08/15/2048		918,961		873,198


Series 2016-C1, Class B, 4.86%, 03/17/2049^(l)		5,083,000		4,706,175


JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class A5, 2.18%, 05/13/2053		6,200,000		4,896,868


KKR CLO 30 Ltd., Series 30A, Class A1R, 6.59% (3 mo. Term SOFR + 1.28%), 10/17/2031^(c)(h)		11,305,000		11,251,471


	Principal Amount		Value
Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.50%, 02/25/2036	$	91,280	$	64,337


Life Mortgage Trust,
Series 2021-BMR, Class A, 6.12% (1 mo. Term SOFR + 0.81%), 03/15/2038^(c)(h)		6,679,282		6,551,376


Series 2021-BMR, Class B, 6.30% (1 mo. Term SOFR + 0.99%), 03/15/2038^(c)(h)		10,837,246		10,590,906


Series 2021-BMR, Class C, 6.52% (1 mo. Term SOFR + 1.21%), 03/15/2038^(c)(h)		4,546,237		4,421,054


MAD Mortgage Trust, Series 2017-330M, Class A, 3.29%, 08/15/2034^(c)(l)		11,633,000		10,717,457


Med Trust, Series 2021-MDLN, Class A, 6.37% (1 mo. Term SOFR + 1.06%), 11/15/2038^(c)(h)		7,936,909		7,748,465


Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051^(c)(l)		6,981,327		5,985,419


Series 2021-INV3, Class A4, 2.50%, 10/25/2051^(c)(l)		6,847,984		5,859,844


Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class 3A, 2.39%, 11/25/2035^(l)		379,263		350,974


Series 2005-A5, Class A9, 4.42%, 06/25/2035^(l)		382,671		360,297


MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056^(c)(l)		9,025,578		7,591,503


MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 6.13% (1 mo. Term SOFR + 0.81%), 07/15/2038^(c)		5,810,000		5,702,910


Series 2021-STOR, Class B, 6.33% (1 mo. Term SOFR + 1.01%), 07/15/2038^(c)(h)		4,355,000		4,255,278


Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.67%, 10/15/2048^(l)		15,769,000		14,543,517


Morgan Stanley Capital I Trust,
Series 2014-150E, Class C, 4.44%, 09/09/2032^(c)(l)		3,350,000		2,207,997


Series 2019-L2, Class A4, 4.07%, 03/15/2052		17,430,000		16,015,885


Series 2019-L3, Class AS, 3.49%, 11/15/2052		10,950,000		9,336,119


Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class E, 3.92%, 11/15/2032^(c)(l)		6,250,000		3,523,611


Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.60% (3 mo. Term SOFR + 1.28%), 04/19/2030^(c)(h)		9,888,525		9,871,339

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


23		Invesco Core Plus Bond Fund


	Principal Amount		Value
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059^(c)(l)	$	1,621,309	$	1,507,084


Series 2020-NQM1, Class A1, 2.46%, 01/26/2060^(c)(l)		2,843,554		2,581,977


Series 2022-NQM2, Class A1, 3.08%, 03/27/2062^(c)(l)		7,413,917		6,604,119


OBX Trust,
Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059^(c)(l)		292,327		279,788


Series 2022-NQM1, Class A1, 2.31%, 11/25/2061^(c)(l)		9,277,641		7,852,131


Series 2022-NQM2, Class A1, 2.95%, 01/25/2062^(c)(l)		11,266,647		10,045,674


Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062^(c)(n)		7,161,261		6,507,441


Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062^(c)(n)		7,063,333		5,956,853


Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051^(c)(l)		7,803,781		6,714,212


OCP CLO Ltd. (Cayman Islands),
Series 2014-7A, Class A1RR, 6.71% (3 mo. Term SOFR + 1.38%), 07/20/2029^(c)(h)		14,476,585		14,473,472


Series 2017-13A, Class A1AR, 6.53% (3 mo. Term SOFR + 1.22%), 07/15/2030^(c)(h)		9,467,930		9,430,806


Series 2020-8RA, Class A1, 6.79% (3 mo. Term SOFR + 1.48%), 01/17/2032^(c)(h)		17,937,000		17,881,144


Octagon Investment Partners 31 Ltd., Series 2017-1A, Class AR, 6.64% (3 mo. Term SOFR + 1.31%), 07/20/2030^(c)(h)		13,980,511		13,930,517


Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 6.79% (3 mo. Term SOFR + 1.48%), 01/15/2033^(c)(h)		16,476,000		16,445,388


OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.85% (3 mo. Term SOFR + 1.52%), 01/20/2033^(c)(h)		10,543,683		10,514,477


One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054^(c)		21,801,000		17,757,252


Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061^(c)(l)		10,947,585		8,792,071


PPM CLO 3 Ltd., Series 2019- 3A, Class AR, 6.66% (3 mo. Term SOFR + 1.35%), 04/17/2034^(c)(h)		9,626,000		9,470,280


	Principal Amount		Value
Progress Residential Trust,
Series 2021-SFR10, Class A, 2.39%, 12/17/2040^(c)	$	7,196,190	$	6,144,445


Series 2022-SFR5, Class A, 4.45%, 06/17/2039^(c)		9,635,746		9,200,453


Provident Home Equity Loan Trust, Series 2000-2, Class A1, 5.97% (1 mo. Term SOFR + 0.65%), 08/25/2031^(h)		103,142		92,114


Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.68% (3 mo. Term SOFR + 1.30%), 02/20/2030^(c)(h)		9,292,565		9,288,588


Residential Mortgage Loan Trust,
Series 2019-3, Class A1, 2.63%, 09/25/2059^(c)(l)		337,605		327,574


Series 2020-1, Class A1, 2.38%, 01/26/2060^(c)(l)		737,119		700,953


RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067^(c)		6,198,155		5,858,562


Sequoia Mortgage Trust,
Series 2013-3, Class A1, 2.00%, 03/25/2043^(l)		357,999		290,133


Series 2013-7, Class A2, 3.00%, 06/25/2043^(l)		282,468		244,663


SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062^(c)(l)		13,021,878		11,468,501


Series 2022-1, Class A2, 3.58%, 03/27/2062^(c)(l)		5,469,551		4,763,470


Shellpoint Asset Funding Trust,
Series 2013-1, Class A3, 3.75%, 07/25/2043^(c)(l)		369,689		340,247


Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(c)		9,147,100		8,392,339


Series 2021-1A, Class A2I, 2.19%, 08/20/2051^(c)		5,463,242		4,457,137


Series 2021-1A, Class A2II, 2.64%, 08/20/2051^(c)		5,365,158		4,080,626


STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065^(c)(l)		5,064,309		4,352,659


Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050^(c)(l)		244,905		227,654


Series 2020-INV1, Class A1, 1.03%, 11/25/2055^(c)(l)		2,367,953		2,092,340


Series 2021-6, Class A1, 1.92%, 11/25/2066^(c)(l)		13,379,499		10,865,012


Series 2022-1, Class A1, 2.45%, 12/25/2066^(c)(l)		9,832,103		8,335,405


Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-12, Class 3A2, 5.43%, 09/25/2034^(l)		143,161		139,053


Series 2004-8, Class 3A, 6.17%, 07/25/2034^(l)		608,337		584,452


Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, 6.00%, 12/25/2035		84,251		76,349

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


24		Invesco Core Plus Bond Fund


	Principal Amount		Value


Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046^(c)	$	12,387,067	$	10,697,395


Thornburg Mortgage Securities Trust,
Series 2003-6, Class A2, 6.43% (1 mo. Term SOFR + 1.11%), 12/25/2033^(h)		184,387		176,001


Series 2005-1, Class A3, 4.66%, 04/25/2045^(l)		383,162		363,712


TICP CLO XV Ltd., Series 2020-15A, Class A, 6.87% (3 mo. Term SOFR + 1.54%), 04/20/2033^(c)(h)		9,701,000		9,701,097


TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053^(c)		13,378,000		12,787,553


Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057^(c)(l)		172,774		171,466


Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039^(c)		12,015,221		10,237,593


UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.60%, 04/15/2052		16,770,000		15,043,000


Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060^(c)(n)		1,517,258		1,457,172


Series 2020-1, Class A2, 2.64%, 01/25/2060^(c)(n)		1,910,723		1,830,080


Series 2020-INV1, Class A1, 0.33%, 03/25/2060^(c)(l)		266,883		261,210


Series 2021-1, Class A1B, 1.32%, 01/25/2066^(c)(l)		2,362,847		2,014,819


Series 2021-7, Class A1, 1.83%, 10/25/2066^(c)(l)		10,548,663		8,991,489


Series 2021-R1, Class A1, 0.82%, 10/25/2063^(c)(l)		3,198,646		2,865,908


Series 2022-1, Class A1, 2.72%, 01/25/2067^(c)(n)		7,423,211		6,524,570


Series 2022-3, Class A1, 4.13%, 02/25/2067^(c)(n)		11,597,779		10,648,144


Series 2022-7, Class A1, 5.15%, 07/25/2067^(c)(n)		3,668,592		3,591,112


Series 2022-INV2, Class A1, 6.79%, 10/25/2067^(c)(n)		4,992,274		5,015,202


Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055^(c)		2,252,963		1,999,599


WaMu Mortgage Pass-Through Ctfs. Trust, Series 2007- HY2, Class 2A2, 4.47%, 11/25/2036^(l)		193,994		175,316


Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14, Class A1, 5.95%, 08/25/2035^(l)		83,932		80,768


Wendy’s Funding LLC,
Series 2018-1A, Class A2II, 3.88%, 03/15/2048^(c)		10,631,250		9,688,404


Series 2019-1A, Class A2II, 4.08%, 06/15/2049^(c)		4,977,500		4,475,561


	Principal Amount		Value


WFRBS Commercial Mortgage Trust,
Series 2012-C9, Class D, 4.88%, 11/15/2045^(c)(l)	$	159,752	$	147,297


Series 2013-C16, Class B, 5.07%, 09/15/2046^(l)		3,127,000		2,995,424


Series 2014-C23, Class B, 4.54%, 10/15/2057^(l)		4,693,000		4,321,856


Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(c)		21,529,130		18,192,761


Total Asset-Backed Securities (Cost $1,295,128,146)				1,161,548,098


U.S. Treasury Securities–8.79%
U.S. Treasury Bills–0.20%
4.75% - 5.36%, 04/18/2024^(o)(p)		9,959,000		9,628,378


U.S. Treasury Bonds–2.09%
4.38%, 08/15/2043		6,518,200		6,501,905


3.63%, 05/15/2053		102,023,900		92,036,717


				98,538,622



U.S. Treasury Notes–6.50%
4.75%, 07/31/2025		41,120,000		41,012,381


4.38%, 08/15/2026		11,972,500		11,918,717


4.13%, 07/31/2028		92,112,800		91,580,273


4.00%, 07/31/2030		14,278,100		14,110,779


3.88%, 08/15/2033		150,791,000		148,116,815


				306,738,965


Total U.S. Treasury Securities (Cost $411,129,899)				414,905,965



	Shares
Preferred Stocks–1.84%
Asset Management & Custody Banks–0.01%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(d)		302,000		293,744



Diversified Banks–1.16%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		1,100		1,274,779


Citigroup, Inc., 6.25%, Series T, Pfd.^(b)(d)		5,247,000		5,175,641


Citigroup, Inc., 5.00%, Series U, Pfd.^(b)(d)		13,825,000		13,267,852


Citigroup, Inc., 4.00%, Series W, Pfd.^(d)		7,226,000		6,485,655


Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		24,803		28,628,863


				54,832,790



Diversified Financial Services–0.31%
Apollo Global Management, Inc., 7.63%, Pfd.^(d)		508,150		13,059,455


Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(b)(d)		1,682,000		1,617,252


				14,676,707



Investment Banking & Brokerage–0.26%
Goldman Sachs Group, Inc. (The), 8.50% (3 mo. Term SOFR + 3.14%), Series P, Pfd.^(b)(h)		6,141,000		6,139,117

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


25		Invesco Core Plus Bond Fund


		Shares		Value


Investment Banking & Brokerage–(continued)
Morgan Stanley, 6.88%, Series F, Pfd.			249,737	$	6,313,351


					12,452,468

Multi-Utilities–0.10%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.^(d)			4,568,000		4,568,000


Total Preferred Stocks (Cost $91,979,583)					86,823,709



		Principal
		Amount

Agency Credit Risk Transfer Notes–0.81%
Fannie Mae Connecticut Avenue Securities, Series 2019-R03, Class 1M2, 7.55% (30 Day Average SOFR + 2.26%), 09/25/2031^(c)		$	56,518		56,520


Series 2022-R03, Class 1M1, 7.39% (30 Day Average SOFR + 2.10%), 03/25/2042^(c)(h)			10,283,279		10,389,223


Series 2022-R04, Class 1M1, 7.29% (30 Day Average SOFR + 2.00%), 03/25/2042^(c)(h)			5,351,454		5,393,008


Series 2023-R02, Class 1M1, 7.59% (30 Day Average SOFR + 2.30%), 01/25/2043^(c)(h)			3,425,120		3,470,263


Freddie Mac,
Series 2022-DNA3, Class M1A, STACR^® , 7.29% (30 Day Average SOFR + 2.00%), 04/25/2042^(c)(h)			7,596,930		7,654,543


Series 2022-HQA3, Class M1, STACR^® , 7.59% (30 Day Average SOFR + 2.30%), 08/25/2042^(c)(h)			4,661,267		4,722,216


Series 2023-DNA1, Class M1, STACR^® , 7.40% (30 Day Average SOFR + 2.10%), 03/25/2043^(c)(h)			2,840,973		2,868,555


Series 2020-DNA5, Class M2, STACR^® , 8.09% (30 Day Average SOFR + 2.80%), 10/25/2050^(c)(h)			3,682,564		3,737,099


Total Agency Credit Risk Transfer Notes (Cost $37,904,607)					38,291,427



Non-U.S. Dollar Denominated Bonds & Notes–0.30%^(q)
Diversified Banks–0.05%
HSBC Holdings PLC (United Kingdom), Series MPLE, 3.20%, 12/05/2023^(c)	CAD		2,934,000		2,158,275



Integrated Telecommunication Services–0.05%
AT&T, Inc., Series MPLE, 5.10%, 11/25/2048	CAD		3,703,000		2,407,591



Movies & Entertainment–0.12%
Netflix, Inc., 3.88%, 11/15/2029^(c)	EUR		5,311,000		5,690,517


		Principal Amount		Value


Sovereign Debt–0.03%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032^(c)(f)	EUR		6,000,000	$	1,591,367



Technology Hardware, Storage & Peripherals–0.05%
Apple, Inc., Series MPLE, 2.51%, 08/19/2024	CAD		2,974,000		2,143,994


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $19,797,515)					13,991,744



Municipal Obligations–0.14%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		$	4,000,000		3,632,459


Series 2022, RB, 4.35%, 06/01/2041			2,980,000		2,645,836


Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057			521,000		583,275


Total Municipal Obligations (Cost $6,499,563)					6,861,570



		Shares
Exchange-Traded Funds–0.11%
Invesco High Yield Select ETF^(r)			10,000		249,082


Invesco Short Duration Bond ETF^(r)			12,000		296,220


Invesco Total Return Bond ETF^(b)(r)			100,000		4,596,000


Total Exchange-Traded Funds (Cost $6,333,935)					5,141,302



Common Stocks & Other Equity Interests–0.00%
Agricultural Products & Services–0.00%
Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032⁽ⁱ⁾			80		0



Oil & Gas Drilling–0.00%
Vantage Drilling International^(s)			95		2,221



Paper & Plastic Packaging Products & Materials–0.00%
WestRock Co.			65		2,126



Specialty Chemicals–0.00%
Ingevity Corp.^(s)			10		539


Total Common Stocks & Other Equity Interests (Cost $5,671)					4,886



Money Market Funds–14.92%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(r)(t)			246,646,745		246,646,745


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(r)(t)			176,129,284		176,146,897


Invesco Treasury Portfolio, Institutional Class, 5.25%^(r)(t)			281,881,994		281,881,994


Total Money Market Funds (Cost $704,684,428)					704,675,636

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


26		Invesco Core Plus Bond Fund


	Shares		Value


Options Purchased–0.03%
(Cost $1,877,869)^(u)			$	1,366,470


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-124.66% (Cost $6,155,533,964)				5,887,464,961



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.12%
Invesco Private Government Fund, 5.30%^(r)(t)(v)		108,303,142		108,303,142


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 5.51%^(r)(t)(v)		275,096,423	$	275,096,423


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $383,399,565)				383,399,565


TOTAL INVESTMENTS IN SECURITIES–132.78% (Cost $6,538,933,529)				6,270,864,526


OTHER ASSETS LESS LIABILITIES–(32.78)%				(1,548,188,104	)


NET ASSETS–100.00%			$	4,722,676,422


Investment Abbreviations:

ARM		- Adjustable Rate Mortgage
CAD		- Canadian Dollar
Conv.		- Convertible
Ctfs.		- Certificates
ETF		- Exchange-Traded Fund
EUR		- Euro
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^®		- 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.


27		Invesco Core Plus Bond Fund

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $1,709,273,667, which represented 36.19% of the Fund’s Net Assets.

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

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

^(f)	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, 2023 was $4,655,764, which represented less than 1% of the Fund’s Net Assets.

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

^(h)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

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

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

^(k)

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2023.

^(l)	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, 2023.

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

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

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

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

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

^(r)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Invesco High Yield Select ETF	$	-	$	249,153	$	-		$	(71	)	$	-	$	249,082	$	6,127
Invesco Short Duration Bond ETF		-		298,782		-			(2,562	)		-		296,220		5,640
Invesco Total Return Bond ETF		4,826,000		-		-			(230,000	)		-		4,596,000		189,796
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		28,528,503		769,042,027		(550,923,785	)		-			-		246,646,745		5,820,389
Invesco Liquid Assets Portfolio, Institutional Class		20,483,790		549,315,733		(393,620,743	)		(12,432	)(19,451)				176,146,897		4,257,249
Invesco Treasury Portfolio, Institutional Class		32,604,004		878,905,174		(629,627,184	)		-			-		281,881,994		6,640,729
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		60,813,993		692,542,121		(645,052,972	)		-			-		108,303,142		4,040,101	*
Invesco Private Prime Fund		157,313,815		1,475,076,201		(1,357,316,525	)		(9,657	)		32,589		275,096,423		10,954,838	*
Total	$	304,570,105	$	4,365,429,191	$	(3,576,541,209	)	$	(254,722	)	$	13,138	$	1,093,216,503	$	31,914,869

^(s)	Non-income producing security.

^(t)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

^(u)	The table below details options purchased.

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

Open Exchange-Traded Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise Price

Notional Value^(a)

Value

Equity Risk

S&P 500 Index

Call

12/15/2023

USD 4,600.00

USD 38,180,000

881,460

Equity Risk

S&P 500 Index

Put

12/15/2023

102

USD 4,250.00

USD 43,350,000

485,010

Total Index Options Purchased

1,366,470

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

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


28		Invesco Core Plus Bond Fund


Open Futures Contracts


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)


Interest Rate Risk


U.S. Treasury 2 Year Notes		2,111		December-2023	$	430,231,696		$	1,100,713		$	1,100,713


U.S. Treasury 10 Year Notes		445		December-2023		49,408,906			117,363			117,363


U.S. Treasury Long Bonds		562		December-2023		68,388,375			802,225			802,225


U.S. Treasury Ultra Bonds		1,473		December-2023		190,707,469			2,531,844			2,531,844


Subtotal-Long Futures Contracts									4,552,145			4,552,145



Short Futures Contracts


Interest Rate Risk


U.S. Treasury 5 Year Notes		1,472		December-2023		(157,389,000	)		(1,279,752	)		(1,279,752	)��


U.S. Treasury 10 Year Ultra Notes		4,230		December-2023		(491,142,656	)		(6,421,894	)		(6,421,894	)


Subtotal-Short Futures Contracts									(7,701,646	)		(7,701,646	)


Total Futures Contracts								$	(3,149,501	)	$	(3,149,501	)

Open Forward Foreign Currency Contracts

Contract to

Settlement

Date

Counterparty

Deliver

Receive

Unrealized

Appreciation

Currency Risk

11/17/2023

Goldman Sachs International

CAD 15,758,000

USD 11,749,180

74,442

11/17/2023

State Street Bank & Trust Co.

EUR 12,107,000

USD 13,330,625

156,200

Total Forward Foreign Currency Contracts

230,642

Abbreviations:

CAD -Canadian Dollar

EUR -Euro

USD -U.S. Dollar

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


29		Invesco Core Plus Bond Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $5,444,515,601)*	$	5,177,648,023



Investments in affiliates, at value (Cost $1,094,417,928)		1,093,216,503


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		230,642


Deposits with brokers:
Cash collateral – OTC Derivatives		1,510


Cash collateral – TBA commitments		1,783,496


Cash		5,459,631


Foreign currencies, at value (Cost $19,842,814)		19,818,116


Receivable for:
Investments sold		905,865,763


Fund shares sold		5,812,026


Dividends		3,699,704


Interest		37,167,997


Investments matured, at value (Cost $4,270,650)		226,587


Principal paydowns		3,045


Investment for trustee deferred compensation and retirement plans		104,581


Other assets		222,745


Total assets		7,251,260,369



Liabilities:
Other investments:
Variation margin payable – futures contracts		101,703


Payable for:
Investments purchased		2,137,061,369


Dividends		2,305,129


Fund shares reacquired		4,320,539


Collateral upon return of securities loaned		383,399,565


Accrued fees to affiliates		1,106,656


Accrued trustees’ and officers’ fees and benefits		3,368


Accrued other operating expenses		153,907


Trustee deferred compensation and retirement plans		131,711


Total liabilities		2,528,583,947


Net assets applicable to shares outstanding	$	4,722,676,422


Net assets consist of:

Shares of beneficial interest	$	5,787,395,037


Distributable earnings (loss)		(1,064,718,615	)


	$	4,722,676,422



Net Assets:
Class A	$	1,215,588,475


Class C	$	47,344,029


Class R	$	27,488,765


Class Y	$	1,007,179,798


Class R5	$	14,364,210


Class R6	$	2,410,711,145



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		135,346,955


Class C		5,272,890


Class R		3,061,394


Class Y		112,063,402


Class R5		1,600,080


Class R6		268,613,536


Class A:
Net asset value per share	$	8.98


Maximum offering price per share (Net asset value of $8.98 ÷ 95.75%)	$	9.38


Class C:
Net asset value and offering price per share	$	8.98


Class R:
Net asset value and offering price per share	$	8.98


Class Y:
Net asset value and offering price per share	$	8.99


Class R5:
Net asset value and offering price per share	$	8.98


Class R6:
Net asset value and offering price per share	$	8.97

*	At August 31, 2023, securities with an aggregate value of $370,968,909 were on loan to brokers.

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


30		Invesco Core Plus Bond Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Interest (net of foreign withholding taxes of $(50,664))	$	205,063,748


Dividends		2,379,285


Dividends from affiliates (includes net securities lending income of $881,945)		17,801,875


Total investment income		225,244,908



Expenses:
Advisory fees		18,137,172


Administrative services fees		642,507


Custodian fees		155,804


Distribution fees:


Class A		2,984,695


Class C		504,094


Class R		130,537


Transfer agent fees – A, C, R and Y		3,263,120


Transfer agent fees – R5		13,976


Transfer agent fees – R6		706,013


Trustees’ and officers’ fees and benefits		51,859


Registration and filing fees		194,119


Reports to shareholders		303,763


Professional services fees		109,375


Other		54,914


Total expenses		27,251,948


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(2,056,283	)


Net expenses		25,195,665


Net investment income		200,049,243



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(420,499,631	)


Affiliated investment securities		13,138


Foreign currencies		(1,870,571	)


Forward foreign currency contracts		1,601,287


Futures contracts		686,404


Option contracts written		(336,494	)


Swap agreements		(4,996,293	)


		(425,402,160	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		206,255,771


Affiliated investment securities		(254,722	)


Foreign currencies		37,862


Forward foreign currency contracts		(422,143	)


Futures contracts		(7,083,779	)


Option contracts written		(393,198	)


		198,139,791


Net realized and unrealized gain (loss)		(227,262,369	)


Net increase (decrease) in net assets resulting from operations	$	(27,213,126	)

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


31		Invesco Core Plus Bond Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	200,049,243		$	136,115,494


Net realized gain (loss)		(425,402,160	)		(345,598,105	)


Change in net unrealized appreciation (depreciation)		198,139,791			(612,669,926	)


Net increase (decrease) in net assets resulting from operations		(27,213,126	)		(822,152,537	)



Distributions to shareholders from distributable earnings:
Class A		(53,845,475	)		(46,793,655	)


Class C		(1,892,008	)		(1,969,609	)


Class R		(1,111,448	)		(880,664	)


Class Y		(44,669,184	)		(45,692,099	)


Class R5		(665,367	)		(506,235	)


Class R6		(112,518,988	)		(101,570,665	)


Total distributions from distributable earnings		(214,702,470	)		(197,412,927	)



Share transactions–net:
Class A		72,965,788			(38,051,571	)


Class C		(5,633,396	)		(21,448,475	)


Class R		2,945,593			1,636,528


Class Y		99,521,145			(215,267,957	)


Class R5		1,083,557			3,366,309


Class R6		126,964,986			(30,369,092	)


Net increase (decrease) in net assets resulting from share transactions		297,847,673			(300,134,258	)


Net increase (decrease) in net assets		55,932,077			(1,319,699,722	)



Net assets:
Beginning of year		4,666,744,345			5,986,444,067


End of year	$	4,722,676,422		$	4,666,744,345

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


32		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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 08/31/23		$9.45		$0.38		$(0.44	)		$(0.06	)		$(0.41	)		$-			$-			$(0.41	)		$8.98		(0.59	)%		$1,215,588		0.74	%		0.83	%		4.19	%		461	%
Year ended 08/31/22		11.39		0.24		(1.83	)		(1.59	)		(0.24	)		(0.11	)		-			(0.35	)		9.45		(14.19	)		1,203,731		0.75			0.81			2.30			321
Year ended 08/31/21		11.61		0.19		0.17			0.36			(0.22	)		(0.36	)		-			(0.58	)		11.39		3.18			1,497,641		0.74			0.79			1.70			366
Year ended 08/31/20		11.13		0.29		0.51			0.80			(0.32	)		-			-			(0.32	)		11.61		7.29			1,364,591		0.75			0.82			2.55			329
Year ended 08/31/19		10.53		0.36		0.62			0.98			(0.32	)		-			(0.06	)		(0.38	)		11.13		9.57			1,079,416		0.74			0.84			3.41			250
Class C
Year ended 08/31/23		9.45		0.31		(0.44	)		(0.13	)		(0.34	)		-			-			(0.34	)		8.98		(1.34	)		47,344		1.49			1.58			3.44			461
Year ended 08/31/22		11.38		0.16		(1.81	)		(1.65	)		(0.17	)		(0.11	)		-			(0.28	)		9.45		(14.76	)		55,695		1.50			1.56			1.55			321
Year ended 08/31/21		11.61		0.11		0.16			0.27			(0.14	)		(0.36	)		-			(0.50	)		11.38		2.32			90,811		1.49			1.54			0.95			366
Year ended 08/31/20		11.12		0.20		0.52			0.72			(0.23	)		-			-			(0.23	)		11.61		6.59			107,350		1.50			1.57			1.80			329
Year ended 08/31/19		10.53		0.28		0.61			0.89			(0.24	)		-			(0.06	)		(0.30	)		11.12		8.67			87,046		1.49			1.59			2.66			250
Class R
Year ended 08/31/23		9.45		0.36		(0.44	)		(0.08	)		(0.39	)		-			-			(0.39	)		8.98		(0.84	)		27,489		0.99			1.08			3.94			461
Year ended 08/31/22		11.38		0.21		(1.81	)		(1.60	)		(0.22	)		(0.11	)		-			(0.33	)		9.45		(14.33	)		25,914		1.00			1.06			2.05			321
Year ended 08/31/21		11.61		0.16		0.16			0.32			(0.19	)		(0.36	)		-			(0.55	)		11.38		2.83			29,466		0.99			1.04			1.45			366
Year ended 08/31/20		11.12		0.26		0.52			0.78			(0.29	)		-			-			(0.29	)		11.61		7.12			23,193		1.00			1.07			2.30			329
Year ended 08/31/19		10.53		0.33		0.61			0.94			(0.29	)		-			(0.06	)		(0.35	)		11.12		9.21			17,598		0.99			1.09			3.16			250
Class Y
Year ended 08/31/23		9.46		0.41		(0.44	)		(0.03	)		(0.44	)		-			-			(0.44	)		8.99		(0.33	)		1,007,180		0.49			0.58			4.44			461
Year ended 08/31/22		11.40		0.27		(1.83	)		(1.56	)		(0.27	)		(0.11	)		-			(0.38	)		9.46		(13.95	)		961,066		0.50			0.56			2.55			321
Year ended 08/31/21		11.62		0.22		0.17			0.39			(0.25	)		(0.36	)		-			(0.61	)		11.40		3.43			1,407,185		0.49			0.54			1.95			366
Year ended 08/31/20		11.14		0.31		0.51			0.82			(0.34	)		-			-			(0.34	)		11.62		7.56			1,170,121		0.50			0.57			2.80			329
Year ended 08/31/19		10.54		0.39		0.62			1.01			(0.35	)		-			(0.06	)		(0.41	)		11.14		9.84			892,952		0.49			0.59			3.66			250
Class R5
Year ended 08/31/23		9.45		0.41		(0.45	)		(0.04	)		(0.43	)		-			-			(0.43	)		8.98		(0.34	)		14,364		0.49			0.53			4.44			461
Year ended 08/31/22		11.38		0.26		(1.81	)		(1.55	)		(0.27	)		(0.11	)		-			(0.38	)		9.45		(13.89	)		14,000		0.50			0.52			2.55			321
Year ended 08/31/21		11.61		0.22		0.16			0.38			(0.25	)		(0.36	)		-			(0.61	)		11.38		3.35			13,274		0.49			0.51			1.95			366
Year ended 08/31/20		11.12		0.31		0.52			0.83			(0.34	)		-			-			(0.34	)		11.61		7.65			11,555		0.50			0.54			2.80			329
Year ended 08/31/19		10.53		0.39		0.61			1.00			(0.35	)		-			(0.06	)		(0.41	)		11.12		9.75			7,586		0.49			0.54			3.66			250
Class R6
Year ended 08/31/23		9.45		0.41		(0.45	)		(0.04	)		(0.44	)		-			-			(0.44	)		8.97		(0.41	)		2,410,711		0.45			0.46			4.48			461
Year ended 08/31/22		11.38		0.27		(1.81	)		(1.54	)		(0.28	)		(0.11	)		-			(0.39	)		9.45		(13.85	)		2,406,339		0.45			0.45			2.60			321
Year ended 08/31/21		11.60		0.23		0.17			0.40			(0.26	)		(0.36	)		-			(0.62	)		11.38		3.51			2,948,067		0.41			0.42			2.03			366
Year ended 08/31/20		11.12		0.32		0.51			0.83			(0.35	)		-			-			(0.35	)		11.60		7.62			2,746,570		0.45			0.45			2.85			329
Year ended 08/31/19		10.52		0.39		0.62			1.01			(0.35	)		-			(0.06	)		(0.41	)		11.12		9.91			2,159,063		0.44			0.45			3.71			250

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	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.


33		Invesco Core Plus Bond Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


34		Invesco Core Plus Bond 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.

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 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.

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.

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.

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.

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.

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.

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.

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


35		Invesco Core Plus Bond Fund

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, 2023, the Fund paid the Adviser $1,660 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.

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.

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

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

Call Options Purchased and Written - The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

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

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

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

N.	Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or


36		Invesco Core Plus Bond Fund

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

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

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

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the


37		Invesco Core Plus Bond Fund

terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of August 31, 2023, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.

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

Q.	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.

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. 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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $ 500 million		0.450%
Next $500 million		0.425%
Next $1.5 billion		0.400%
Next $2.5 billion		0.375%
Over $5 billion		0.350%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.40%.

The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.50%, 1.00%, 0.50%, 0.50% and 0.50%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the year ended August 31, 2023, the Adviser waived advisory fees of $345,265 and reimbursed class level expenses of $916,079, $38,729, $20,001, $717,456, $4,138 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.


38		Invesco Core Plus Bond Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $116,393 in front-end sales commissions from the sale of Class A shares and $15,326 and $1,905 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


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1				Level 2			Level 3			Total

Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	–			$	2,097,368,979		$	21,812,370		$	2,119,181,349
U.S. Government Sponsored Agency Mortgage-Backed Securities			–				1,334,672,805			–			1,334,672,805
Asset-Backed Securities			–				1,133,775,479			27,772,619			1,161,548,098
U.S. Treasury Securities			–				414,905,965			–			414,905,965
Preferred Stocks			49,276,448				37,547,261			–			86,823,709
Agency Credit Risk Transfer Notes			–				38,291,427			–			38,291,427
Non-U.S. Dollar Denominated Bonds & Notes			–				13,991,744			–			13,991,744
Municipal Obligations			–				6,861,570			–			6,861,570
Exchange-Traded Funds			5,141,302				–			–			5,141,302
Common Stocks & Other Equity Interests			4,886				–			0			4,886
Money Market Funds			704,675,636				383,399,565			–			1,088,075,201
Options Purchased			1,366,470				–			–			1,366,470
Total Investments in Securities			760,464,742				5,460,814,795			49,584,989			6,270,864,526

Other Investments - Assets*
Investments Matured			–				226,587			–			226,587
Futures Contracts			4,552,145				–			–			4,552,145
Forward Foreign Currency Contracts			–				230,642			–			230,642
			4,552,145				457,229			–			5,009,374

Other Investments - Liabilities*
Futures Contracts			(7,701,646	)			–			–			(7,701,646	)
Total Other Investments			(3,149,501	)			457,229			–			(2,692,272	)
Total Investments		$	757,315,241			$	5,461,272,024		$	49,584,989		$	6,268,172,254

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

NOTE 4–Derivative Investments

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

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


39		Invesco Core Plus Bond Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2023:


	Value
	Currency		Equity			Interest
Derivative Assets	Risk		Risk			Rate Risk			Total


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	–	$	–		$	4,552,145		$	4,552,145


Unrealized appreciation on forward foreign currency contracts outstanding		230,642		–			–			230,642


Options purchased, at value – Exchange-Traded^(b)		–		1,366,470			–			1,366,470


Total Derivative Assets		230,642		1,366,470			4,552,145			6,149,257


Derivatives not subject to master netting agreements		–		(1,366,470	)		(4,552,145	)		(5,918,615	)


Total Derivative Assets subject to master netting agreements	$	230,642	$	–		$	–		$	230,642


	Value
	Interest
Derivative Liabilities	Rate Risk


Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	(7,701,646	)


Derivatives not subject to master netting agreements		7,701,646


Total Derivative Liabilities subject to master netting agreements	$	–

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

^(b)	Options purchased, at value as reported in the Schedule of Investments.

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, 2023.

Financial

Derivative

Collateral

Assets

(Received)/Pledged

Forward Foreign

Net Value of

Net

Counterparty

Currency Contracts

Derivatives

Non-Cash

Cash

Amount

Goldman Sachs International

$ 74,442

$–

$ 74,442

State Street Bank & Trust Co.

156,200

–

156,200

Total

$230,642

$–

$230,642

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain (Loss) on Statement of Operations
	Credit			Currency			Equity			Interest
	Risk			Risk			Risk			Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	1,601,287		$	-		$	-		$	1,601,287


Futures contracts		-			-			-			686,404			686,404


Options purchased^(a)		-			-			(325,703	)		-			(325,703	)


Options written		-			-			(336,494	)		-			(336,494	)


Swap agreements		(4,996,293	)		-			-			-			(4,996,293	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(422,143	)		-			-			(422,143	)


Futures contracts		-			-			-			(7,083,779	)		(7,083,779	)


Options purchased^(a)		-			-			2,539,005			-			2,539,005


Options written		-			-			(393,198	)		-			(393,198	)


Total	$	(4,996,293	)	$	1,179,144		$	1,483,610		$	(6,397,375	)	$	(8,730,914	)

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


40		Invesco Core Plus Bond Fund

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


	Forward Foreign Currency Contracts		Futures Contracts		Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written		Swap Agreements


Average notional value		$23,630,567		$1,191,405,434		$42,473,850		$61,304,792		$60,898,500		$36,747,214		$196,374,000


Average contracts		-		-		8,474		143		9,369		83		-

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	214,702,470	$	142,328,512


Long-term capital gain		-		55,084,415


Total distributions	$	214,702,470	$	197,412,927

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	927,052


Net unrealized appreciation (depreciation) – investments		(275,428,524	)


Net unrealized appreciation (depreciation) – foreign currencies		(19,939	)


Temporary book/tax differences		(104,690	)


Capital loss carryforward		(790,092,514	)


Shares of beneficial interest		5,787,395,037


Total net assets	$	4,722,676,422

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$483,863,797

$306,228,717

$790,092,514

*	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.


41		Invesco Core Plus Bond Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended August 31, 2023 was $3,802,855,187 and $4,132,588,922, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 22,536,083


Aggregate unrealized (depreciation) of investments	(297,964,607	)


Net unrealized appreciation (depreciation) of investments	$(275,428,524	)

Cost of investments for tax purposes is $6,543,600,778.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, amortization and accretion on debt securities, dollar rolls and paydowns, on August 31, 2023, undistributed net investment income was decreased by $845,297 and undistributed net realized gain (loss) was increased by $845,297.This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		28,785,198		$	262,484,547			19,627,235		$	206,578,400


Class C		1,172,591			10,736,154			903,781			9,532,418


Class R		889,433			8,136,487			760,428			7,968,829


Class Y		66,119,597			606,456,207			57,895,532			608,845,308


Class R5		244,753			2,245,682			723,728			7,544,397


Class R6		54,450,561			497,141,060			44,723,131			472,163,860



Issued as reinvestment of dividends:
Class A		5,166,836			47,116,744			3,959,645			41,638,848


Class C		176,852			1,612,433			161,155			1,708,395


Class R		121,152			1,104,496			83,451			876,070


Class Y		3,201,829			29,212,939			2,948,242			31,219,691


Class R5		72,971			664,906			48,507			505,837


Class R6		11,856,400			107,986,171			9,392,012			98,511,714



Automatic conversion of Class C shares to Class A shares:
Class A		424,180			3,868,465			511,438			5,340,987


Class C		(424,224	)		(3,868,465	)		(511,675	)		(5,340,987	)



Reacquired:
Class A		(26,363,942	)		(240,503,968	)		(28,299,228	)		(291,609,806	)


Class C		(1,545,819	)		(14,113,518	)		(2,639,087	)		(27,348,301	)


Class R		(691,090	)		(6,295,390	)		(690,586	)		(7,208,371	)


Class Y		(58,844,200	)		(536,148,001	)		(82,739,710	)		(855,332,956	)


Class R5		(199,271	)		(1,827,031	)		(456,933	)		(4,683,925	)


Class R6		(52,434,871	)		(478,162,245	)		(58,455,166	)		(601,044,666	)


Net increase (decrease) in share activity		32,178,936		$	297,847,673			(32,054,100	)	$	(300,134,258	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


42		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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2023 by correspondence with the custodian, transfer agent, portfolio company investee 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 23, 2023


43		Invesco Core Plus Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$996.90	$3.72	$1,021.48	$3.77	0.74%
Class C	1,000.00	994.30	7.49	1,017.69	7.58	1.49
Class R	1,000.00	996.80	4.98	1,020.21	5.04	0.99
Class Y	1,000.00	999.30	2.47	1,022.74	2.50	0.49
Class R5	1,000.00	999.30	2.47	1,022.74	2.50	0.49
Class R6	1,000.00	998.40	2.27	1,022.94	2.29	0.45

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


44		Invesco Core Plus Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). 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 recognized


45		Invesco Core Plus Bond Fund

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

D.	Economies of Scale and Breakpoints

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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.


46		Invesco Core Plus 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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	5.32	%
Corporate Dividends Received Deduction*	4.45	%
U.S. Treasury Obligations*	6.51	%
Qualified Business Income*	0.00	%
Business Interest Income*	88.59	%

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


47		Invesco Core Plus Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza Houston, TX 77046-1173	Invesco Advisers, Inc. 1331 Spring Street, NW, Suite 2500 Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021

Counsel to the Fund Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Counsel to the Independent Trustees Sidley Austin LLP 787 Seventh Avenue New York, NY 10019	Transfer Agent Invesco Investment Services, Inc. 11 Greenway Plaza Houston, TX 77046-1173	Custodian State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801


T-6		Invesco Core Plus Bond Fund

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		CPB-AR-1

LOGO

Annual Report to Shareholders

August 31, 2023

Invesco Discovery Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Discovery Fund (the Fund), at net asset value (NAV), underperformed the Russell 2000 Growth Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	6.75	%
Class C Shares	5.96
Class R Shares	6.47
Class Y Shares	7.01
Class R5 Shares	7.13
Class R6 Shares	7.15
S&P 500 Index^q	15.94
Russell 2000 Growth Index^q	6.78
Russell 2000 Index^q	4.65
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

0.75% in September.¹ After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.¹

to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

In this environment, the Fund’s Class A shares at NAV outperformed the Russell 2000 Growth Index during the fiscal year. Strong stock selection in the consumer staples, financials and consumer discretionary sectors was additive to relative performance. This was partially offset by weaker stock selection within the health care and information technology sectors.

At the stock level, the largest contributors to Fund performance on an absolute basis were e.l.f. Beauty, Lattice Semiconductor and Celsius Holdings.

e.l.f. Beauty provides cosmetic and skin-care products. The company reported strong fiscal third and fourth quarter results where revenues, EPS (earnings-per-share) and EBITDA (earnings before interest, taxes, depreciation and amortization) all exceeded expectations. Management also raised its fiscal 2023 guidance and initial fiscal 2024 guidance above Wall Street expectations. The company increased its market share, innovation has been strong and the company has been gaining distribution for its value-priced beauty products.

Lattice Semiconductor designs, develops and markets programmable logic products and related software. Lattice Semiconductor was one of the few semiconductor companies to beat and raise guidance during earnings season late last year. Earlier this year, the company also posted numbers ahead of street consensus estimates due to strong product cycles in the datacenter segment while most semiconductor companies were reducing forward guidance. In addition, the company benefited from an artificial intelligence (AI) upgrade cycle in cloud spending.

Celsius Holdings, through its subsidiaries, provides thermogenic calorie-burning beverages. The company beat expectations on revenues, earnings, EBITDA and operating margins. Celsius Holdings has been benefiting from its healthier positioning (low sugar, added nutrients) and from an agreement signed in 2022 with Pepsi through which Pepsi took over as Celsius’ distributor.

The largest individual detractors from absolute Fund performance during the fiscal year were Chart Industries, Repligen and Paylocity.

Chart Industries is a global manufacturer of equipment used in the production, storage and end-use of hydrocarbon and industrial gases. Chart Industries declined after the company announced plans to acquire gas handling product and service company Howden from private equity in a deal that would significantly increase the company’s debt


2		Invesco Discovery Fund

when a recession was considered to be looming. We exited our position during the fiscal year.

Repligen is a healthcare company that supplies equipment used in the drug manufacturing process by pharmaceutical and biotechnology companies. The stock underperformed during the fiscal year due to a slowdown in revenue growth. During and immediately after the COVID-19 pandemic, pharma/ biotech companies purchased equipment from suppliers like Repligen at elevated rates which built inventory. The process of working down this inventory by Repligen’s customers has taken longer than expected which caused the slowdown in revenue growth in the past year. This dynamic has also affected Repligen’s peers, not to mention many other parts of the global economy as supply chains reset. We believe Repligen has a great management team and isn’t losing market share but given this broader industry destocking issue we did reduce our position during the fiscal year.

Paylocity provides cloud-based payroll and human capital management software solutions. The stock succumbed to general weakness in software growth stocks at the end of the calendar year even though the company’s fundamentals were completely intact. We exited our position during the fiscal year.

At the end of the fiscal year, the Fund’s largest overweight positions relative to the Russell 2000 Growth Index were in the information technology, financials and energy sectors. The Fund’s largest underweight exposures relative to the Russell 2000 Growth Index were in the health care, real estate and utilities sectors.

We thank you for your continued conviction and investment in Invesco Discovery Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Ash Shah

Ronald Zibelli, Jr. - Lead

these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Discovery Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Discovery Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (9/11/86)	10.39	%
10 Years	9.90
5 Years	6.30
1 Year	0.87

Class C Shares
Inception (10/2/95)	8.03	%
10 Years	9.86
5 Years	6.70
1 Year	4.96

Class R Shares
Inception (3/1/01)	8.08	%
10 Years	10.24
5 Years	7.23
1 Year	6.47

Class Y Shares
Inception (6/1/94)	9.17	%
10 Years	10.79
5 Years	7.77
1 Year	7.01

Class R5 Shares
10 Years	10.68	%
5 Years	7.82
1 Year	7.13

Class R6 Shares
Inception (1/27/12)	12.72	%
10 Years	10.98
5 Years	7.93
1 Year	7.15

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Discovery Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Discovery Fund. The Fund was subsequently renamed the Invesco Discovery Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Discovery Fund

Supplemental Information

Invesco Discovery Fund’s investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Russell 2000^®Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 2000 Growth Index is a trademark/ service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.

∎	The Russell 2000^®Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.

∎	The S&P 500^®Index is an unmanaged index considered representative of the US stock market.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the

Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Discovery Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Information Technology		23.87%

Industrials		20.71

Health Care		18.04

Consumer Discretionary		11.89

Financials		7.55

Energy		6.37

Consumer Staples		5.03

Materials		3.72

Communication Services		1.16

Money Market Funds Plus Other Assets Less Liabilities		1.66

Top 10 Equity Holdings*


		% of total net assets

1.	Kinsale Capital Group, Inc.	2.47%

2.	Lattice Semiconductor Corp.	2.40

3.	Hamilton Lane, Inc., Class A	2.36

4.	elf Beauty, Inc.	2.35

5.	Clean Harbors, Inc.	2.23

6.	Celsius Holdings, Inc.	2.13

7.	Saia, Inc.	2.04

8.	Comfort Systems USA, Inc.	1.80

9.	Shockwave Medical, Inc.	1.59

10.	Manhattan Associates, Inc.	1.58

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Discovery Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–98.34%
Aerospace & Defense–2.75%
Curtiss-Wright Corp.		285,749	$	59,432,934


Hexcel Corp.		609,399		44,668,947


				104,101,881



Application Software–7.63%
Altair Engineering, Inc., Class A^(b)		595,365		39,579,865


Braze, Inc., Class A^(b)		688,625		31,855,793


CCC Intelligent Solutions Holdings, Inc.^(b)		2,767,722		29,614,625


Confluent, Inc., Class A^(b)		1,087,497		35,985,276


DoubleVerify Holdings, Inc.^(b)		708,781		23,963,886


Manhattan Associates, Inc.^(b)		294,292		59,629,445


Samsara, Inc., Class A^(b)		967,290		26,465,054


Sprout Social, Inc., Class A^(b)		357,732		19,152,971


Workiva, Inc.^(b)		206,220		23,065,707


				289,312,622



Asset Management & Custody Banks–2.36%
Hamilton Lane, Inc., Class A		963,436		89,397,226



Automotive Parts & Equipment–1.32%
Visteon Corp.^(b)		358,902		49,984,282



Biotechnology–1.55%
Cytokinetics, Inc.^(b)		385,034		13,453,088


Halozyme Therapeutics, Inc.^(b)		396,774		16,886,702


ImmunoGen, Inc.^(b)		345,130		5,466,859


Karuna Therapeutics, Inc.^(b)		83,862		15,745,929


Ultragenyx Pharmaceutical, Inc.^(b)		195,733		7,201,017


				58,753,595



Broadline Retail–0.95%
Global-e Online Ltd. (Israel)^(b)		675,355		26,764,319


Savers Value Village, Inc.^(b)		372,503		9,219,449


				35,983,768



Building Products–2.14%
AAON, Inc.		573,136		36,141,988


AZEK Co., Inc. (The)^(b)		573,697		19,511,435


Trex Co., Inc.^(b)		356,508		25,443,976


				81,097,399



Cargo Ground Transportation–2.04%
Saia, Inc.^(b)		181,650		77,419,230



Casinos & Gaming–2.09%
DraftKings, Inc., Class A^(b)		753,191		22,332,113


Red Rock Resorts, Inc., Class A		1,298,295		57,034,099


				79,366,212



Construction & Engineering–3.21%
Comfort Systems USA, Inc.		369,148		68,133,646


EMCOR Group, Inc.		163,308		36,621,819


MasTec, Inc.^(b)		171,043		17,017,068


				121,772,533



Construction Materials–0.86%
Eagle Materials, Inc.		171,890		32,542,215


	Shares		Value


Education Services–1.44%
Duolingo, Inc.^(b)		370,893	$	54,580,614



Electrical Components & Equipment–2.90%
Atkore, Inc.^(b)		203,973		31,405,723


Nextracker, Inc., Class A^(b)		695,206		29,282,077


Vertiv Holdings Co.		1,245,662		49,066,626


				109,754,426



Electronic Equipment & Instruments–2.60%
Badger Meter, Inc.		241,658		40,134,561


Novanta, Inc.^(b)		349,041		58,282,866


				98,417,427



Environmental & Facilities Services–3.40%
Casella Waste Systems, Inc., Class A^(b)		566,564		44,628,246


Clean Harbors, Inc.^(b)		498,048		84,339,449


				128,967,695



Footwear–1.24%
Deckers Outdoor Corp.^(b)		52,528		27,792,040


On Holding AG, Class A (Switzerland)^(b)		662,282		19,093,590


				46,885,630



Health Care Equipment–5.42%
Axonics, Inc.^(b)		765,057		43,837,766


Glaukos Corp.^(b)		130,202		9,783,378


Inspire Medical Systems, Inc.^(b)		254,396		57,717,365


iRhythm Technologies, Inc.^(b)		146,095		15,101,840


Shockwave Medical, Inc.^(b)		273,223		60,215,617


TransMedics Group, Inc.^(b)		283,093		18,579,394


				205,235,360



Health Care Facilities–3.70%
Acadia Healthcare Co., Inc.^(b)		687,258		52,987,592


Encompass Health Corp.		594,058		42,201,880


Surgery Partners, Inc.^(b)		1,237,274		44,863,555


				140,053,027



Health Care Services–1.19%
Privia Health Group, Inc.^(b)		921,756		24,196,095


RadNet, Inc.^(b)		625,829		20,908,947


				45,105,042



Health Care Supplies–1.80%
Haemonetics Corp.^(b)		315,508		28,310,533


Lantheus Holdings, Inc.^(b)		241,740		16,544,685


Merit Medical Systems, Inc.^(b)		360,532		23,535,529


				68,390,747



Health Care Technology–0.60%
Evolent Health, Inc., Class A^(b)		894,254		22,812,420



Homebuilding–2.72%
Meritage Homes Corp.		142,344		19,791,510


Taylor Morrison Home Corp., Class A^(b)		907,016		42,992,558


TopBuild Corp.^(b)		138,773		40,255,272


				103,039,340

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


8		Invesco Discovery Fund


	Shares		Value


Industrial Machinery & Supplies & Components–0.90%
Esab Corp.		474,443	$	34,240,551



Internet Services & Infrastructure–0.41%
DigitalOcean Holdings, Inc.^(b)		567,187		15,342,408



Investment Banking & Brokerage–1.23%
Evercore, Inc., Class A		333,117		46,653,036



Life Sciences Tools & Services–2.61%
10X Genomics, Inc., Class A^(b)		528,931		27,425,072


Medpace Holdings, Inc.^(b)		217,517		58,788,320


Repligen Corp.^(b)		72,596		12,625,170


				98,838,562



Managed Health Care–0.38%
Progyny, Inc.^(b)		388,314		14,499,645



Movies & Entertainment–1.16%
World Wrestling Entertainment, Inc., Class A		455,266		43,955,932



Oil & Gas Equipment & Services–3.03%
TechnipFMC PLC (United Kingdom)		2,948,731		56,143,838


Weatherford International PLC^(b)		663,810		58,760,461


				114,904,299



Oil & Gas Exploration & Production–3.34%
Matador Resources Co.		902,957		57,337,770


Northern Oil and Gas, Inc.		912,105		38,153,352


SM Energy Co.		737,798		31,216,233


				126,707,355



Personal Care Products–2.90%
BellRing Brands, Inc.^(b)		504,845		20,951,067


elf Beauty, Inc.^(b)		642,114		89,067,633


				110,018,700



Pharmaceuticals–0.79%
Intra-Cellular Therapies, Inc.^(b)		447,092		24,822,548


Revance Therapeutics, Inc.^(b)		295,886		5,216,470


				30,039,018



Property & Casualty Insurance–2.47%
Kinsale Capital Group, Inc.		234,690		93,554,475



Research & Consulting Services–1.19%
KBR, Inc.		732,474		45,061,800



Restaurants–2.13%
CAVA Group, Inc.^(c)		285,461		12,677,323


Shake Shack, Inc., Class A^(b)		291,758		20,423,060


Wingstop, Inc.		297,064		47,720,361


				80,820,744



Semiconductor Materials & Equipment–2.93%
Axcelis Technologies, Inc.^(b)		307,499		59,085,933


Nova Ltd. (Israel)^(b)		240,453		31,004,010


Onto Innovation, Inc.^(b)		149,557		20,785,432


				110,875,375



Semiconductors–6.94%
Allegro MicroSystems, Inc. (Japan)^(b)		548,074		20,963,831


Diodes, Inc.^(b)		352,672		28,866,203


Lattice Semiconductor Corp.^(b)		935,558		90,992,371


	Shares		Value


Semiconductors–(continued)
MACOM Technology Solutions Holdings, Inc.^(b)		461,634	$	39,035,771


Power Integrations, Inc.		327,035		27,477,481


Rambus, Inc.^(b)		692,730		39,118,463


Silicon Laboratories, Inc.^(b)		123,298		16,627,968


				263,082,088



Soft Drinks & Non-alcoholic Beverages–2.13%
Celsius Holdings, Inc.^(b)		412,016		80,771,617



Specialty Chemicals–0.91%
Livent Corp.^(b)		1,607,433		34,511,586



Steel–1.95%
ATI, Inc.^(b)		1,125,223		51,006,358


Commercial Metals Co.		407,113		22,916,391


				73,922,749



Systems Software–3.36%
CyberArk Software Ltd.^(b)		311,744		51,761,974


Gitlab, Inc., Class A^(b)		777,751		36,842,065


Monday.com Ltd.^(b)		217,360		38,568,358


				127,172,397



Trading Companies & Distributors–2.18%
Applied Industrial Technologies, Inc.		234,022		36,125,976


H&E Equipment Services, Inc.		1,022,621		46,345,184


				82,471,160



Transaction & Payment Processing Services–1.49%
Flywire Corp.^(b)		1,082,111		37,419,398


Remitly Global, Inc.^(b)		368,690		9,272,554


Shift4 Payments, Inc., Class A^(b)		170,292		9,670,883


				56,362,835


Total Common Stocks & Other Equity Interests (Cost $2,864,624,187)				3,726,779,023



Money Market Funds–1.52%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e)		20,168,870		20,168,870


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(d)(e)		14,393,681		14,395,120


Invesco Treasury Portfolio, Institutional Class, 5.25%^(d)(e)		23,050,137		23,050,137


Total Money Market Funds (Cost $57,613,836)				57,614,127


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,922,238,023)				3,784,393,150



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.35%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		3,676,446		3,676,446


Invesco Private Prime Fund, 5.51%^(d)(e)(f)		9,453,716		9,453,716


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,130,454)				13,130,162


TOTAL INVESTMENTS IN SECURITIES–100.21% (Cost $2,935,368,477)				3,797,523,312


OTHER ASSETS LESS LIABILITIES–(0.21)%				(7,811,121	)


NET ASSETS–100.00%			$	3,789,712,191

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


9		Invesco Discovery Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 41,276,475		$ 488,782,871		$ (509,890,476	)		$ -			$ -			$20,168,870		$1,300,012
Invesco Liquid Assets Portfolio, Institutional Class		27,605,645		349,130,621		(362,331,475	)		(8,966	)		(705	)		14,395,120		933,456
Invesco Treasury Portfolio, Institutional Class		47,173,115		558,608,995		(582,731,973	)		-			-			23,050,137		1,482,038
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		579,616		15,344,046		(12,247,216	)		-			-			3,676,446		9,394	*
Invesco Private Prime Fund		1,490,441		31,145,126		(23,181,801	)		(292	)		242			9,453,716		20,393	*
Total		$118,125,292		$1,443,011,659		$(1,490,382,941	)		$(9,258	)		$(463)			$70,744,289		$3,745,293

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

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


10		Invesco Discovery Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $ 2,864,624,187)*	$	3,726,779,023


Investments in affiliated money market funds, at value (Cost $ 70,744,290)		70,744,289


Cash		1,000,000


Receivable for:
Investments sold		23,916,739


Fund shares sold		1,745,606


Dividends		1,477,524


Investment for trustee deferred compensation and retirement plans		141,696


Other assets		94,585


Total assets		3,825,899,462



Liabilities:
Payable for:
Investments purchased		18,748,964


Fund shares reacquired		2,417,466


Collateral upon return of securities loaned		13,130,454


Accrued fees to affiliates		1,568,978


Accrued trustees’ and officers’ fees and benefits		39,975


Accrued other operating expenses		94,433


Trustee deferred compensation and retirement plans		187,001


Total liabilities		36,187,271


Net assets applicable to shares outstanding	$	3,789,712,191



Net assets consist of:
Shares of beneficial interest	$	3,152,321,915


Distributable earnings		637,390,276


	$	3,789,712,191


Net Assets:
Class A	$	1,394,517,185


Class C	$	28,808,287


Class R	$	40,864,418


Class Y	$	1,490,868,274


Class R5	$	1,364,337


Class R6	$	833,289,690



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,283,666


Class C		729,707


Class R		589,920


Class Y		14,961,189


Class R5		16,628


Class R6		8,081,190


Class A:
Net asset value per share	$	80.68


Maximum offering price per share
(Net asset value of $80.68 ÷ 94.50%)	$	85.38


Class C:
Net asset value and offering price per share	$	39.48


Class R:
Net asset value and offering price per share	$	69.27


Class Y:
Net asset value and offering price per share	$	99.65


Class R5:
Net asset value and offering price per share	$	82.05


Class R6:
Net asset value and offering price per share	$	103.11

*	At August 31, 2023, security with a value of $12,383,532 was on loan to brokers.

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


11		Invesco Discovery Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Dividends	$	16,111,831


Dividends from affiliated money market funds (includes net securities lending income of $ 48,337)		3,763,843


Total investment income		19,875,674



Expenses:
Advisory fees		21,487,572


Administrative services fees		515,579


Custodian fees		22,971
Distribution fees:
Class A		3,226,484


Class C		296,881


Class R		199,428


Transfer agent fees – A, C, R and Y		4,778,284


Transfer agent fees – R5		582


Transfer agent fees – R6		207,904


Trustees’ and officers’ fees and benefits		56,333


Registration and filing fees		235,182


Reports to shareholders		243,591


Professional services fees		74,672


Other		45,240


Total expenses		31,390,703


Less: Fees waived and/or expense offset arrangement(s)		(161,164	)


Net expenses		31,229,539


Net investment income (loss)		(11,353,865	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(884,698	)


Affiliated investment securities		(463	)


		(885,161	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		257,804,102


Affiliated investment securities		(9,258	)


		257,794,844


Net realized and unrealized gain		256,909,683


Net increase in net assets resulting from operations	$	245,555,818

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


12		Invesco Discovery Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income (loss)	$	(11,353,865	)	$	(15,846,365	)


Net realized gain (loss)		(885,161	)		(99,418,822	)


Change in net unrealized appreciation (depreciation)		257,794,844			(1,093,338,447	)


Net increase (decrease) in net assets resulting from operations		245,555,818			(1,208,603,634	)



Distributions to shareholders from distributable earnings:
Class A		–			(354,060,785	)


Class C		–			(15,739,383	)


Class R		–			(11,989,177	)


Class Y		–			(268,868,549	)


Class R5		–			(2,650,365	)


Class R6		–			(81,370,610	)


Total distributions from distributable earnings		–			(734,678,869	)



Share transactions–net:
Class A		(120,045,922	)		220,367,991


Class C		(5,877,866	)		6,122,111


Class R		(3,108,459	)		4,679,546


Class Y		(138,581,797	)		523,205,689


Class R5		126,866			(10,267,213	)


Class R6		199,582,949			259,920,043


Net increase (decrease) in net assets resulting from share transactions		(67,904,229	)		1,004,028,167


Net increase (decrease) in net assets		177,651,589			(939,254,336	)



Net assets:
Beginning of year		3,612,060,602			4,551,314,938


End of year	$	3,789,712,191		$	3,612,060,602

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


13		Invesco Discovery Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Year ended 08/31/23		$ 75.57		$ (0.36)			$ 5.47			$ 5.11			$ -			$ 80.68		6.76	%^(e)		$1,394,517		1.03	%^(e)		1.03	%^(e)		(0.48	)%^(e)		83	%
Year ended 08/31/22		124.56		(0.49	)		(27.15	)		(27.64	)		(21.35	)		75.57		(26.13	)^(e)		1,425,847		1.02	^(e)		1.02	^(e)		(0.54	)^(e)		84
Year ended 08/31/21		101.13		(0.85	)		36.59			35.74			(12.31	)		124.56		37.24	^(e)		2,090,984		1.01	^(e)		1.01	^(e)		(0.74	)^(e)		61
Year ended 08/31/20		84.02		(0.59	)		22.93			22.34			(5.23	)		101.13		28.07	^(e)		1,656,602		1.05	^(e)		1.05	^(e)		(0.71	)^(e)		76
Eleven months ended 08/31/19		94.78		(0.50	)		1.69			1.19			(11.95	)		84.02		4.57			1,432,064		1.08	^(f)		1.08	^(f)		(0.70	)^(f)		83
Year ended 09/30/18		81.76		(0.65	)		23.33			22.68			(9.66	)		94.78		30.77			1,442,859		1.07			1.07			(0.76	)		91
Class C
Year ended 08/31/23		37.26		(0.46	)		2.68			2.22			-			39.48		5.96			28,808		1.79			1.79			(1.24	)		83
Year ended 08/31/22		73.13		(0.63	)		(13.89	)		(14.52	)		(21.35	)		37.26		(26.68	)		33,135		1.78			1.78			(1.30	)		84
Year ended 08/31/21		64.09		(1.03	)		22.38			21.35			(12.31	)		73.13		36.20			56,388		1.78			1.78			(1.51	)		61
Year ended 08/31/20		55.50		(0.79	)		14.61			13.82			(5.23	)		64.09		27.08			74,315		1.82			1.82			(1.48	)		76
Eleven months ended 08/31/19		67.90		(0.70	)		0.25			(0.45	)		(11.95	)		55.50		3.84			78,075		1.84	^(f)		1.84	^(f)		(1.47	)^(f)		83
Year ended 09/30/18		61.61		(0.94	)		16.89			15.95			(9.66	)		67.90		29.78			159,027		1.83			1.83			(1.52	)		91
Class R
Year ended 08/31/23		65.06		(0.48	)		4.69			4.21			-			69.27		6.47			40,864		1.29			1.29			(0.74	)		83
Year ended 08/31/22		110.57		(0.64	)		(23.52	)		(24.16	)		(21.35	)		65.06		(26.31	)		41,445		1.28			1.28			(0.80	)		84
Year ended 08/31/21		91.16		(1.03	)		32.75			31.72			(12.31	)		110.57		36.89			64,908		1.28			1.28			(1.01	)		61
Year ended 08/31/20		76.43		(0.74	)		20.70			19.96			(5.23	)		91.16		27.72			53,981		1.32			1.32			(0.98	)		76
Eleven months ended 08/31/19		87.70		(0.62	)		1.30			0.68			(11.95	)		76.43		4.32			53,737		1.33	^(f)		1.33	^(f)		(0.96	)^(f)		83
Year ended 09/30/18		76.52		(0.81	)		21.65			20.84			(9.66	)		87.70		30.43			54,734		1.33			1.33			(1.02	)		91
Class Y
Year ended 08/31/23		93.12		(0.22	)		6.75			6.53			-			99.65		7.01			1,490,868		0.79			0.79			(0.24	)		83
Year ended 08/31/22		147.99		(0.33	)		(33.19	)		(33.52	)		(21.35	)		93.12		(25.94	)		1,532,285		0.78			0.78			(0.30	)		84
Year ended 08/31/21		117.95		(0.69	)		43.04			42.35			(12.31	)		147.99		37.56			1,769,717		0.78			0.78			(0.51	)		61
Year ended 08/31/20		96.93		(0.46	)		26.71			26.25			(5.23	)		117.95		28.37			1,316,860		0.82			0.82			(0.48	)		76
Eleven months ended 08/31/19		106.92		(0.38	)		2.34			1.96			(11.95	)		96.93		4.80			882,530		0.84	^(f)		0.84	^(f)		(0.47	)^(f)		83
Year ended 09/30/18		90.84		(0.51	)		26.25			25.74			(9.66	)		106.92		31.07			791,784		0.84			0.84			(0.53	)		91
Class R5
Year ended 08/31/23		76.48		(0.09	)		5.66			5.57			-			82.05		7.28			1,364		0.68			0.68			(0.13	)		83
Year ended 08/31/22		125.62		(0.28	)		(27.51	)		(27.79	)		(21.35	)		76.48		(26.01	)		1,139		0.71			0.71			(0.23	)		84
Year ended 08/31/21		101.62		(0.52	)		36.83			36.31			(12.31	)		125.62		37.67			15,580		0.72			0.72			(0.45	)		61
Year ended 08/31/20		84.11		(0.27	)		23.01			22.74			(5.23	)		101.62		28.54			15,413		0.68			0.68			(0.34	)		76
Period ended 08/31/19^(g)		77.56		(0.08	)		6.63			6.55			-			84.11		8.44			11		0.71	^(f)		0.71	^(f)		(0.34	)^(f)		83
Class R6
Year ended 08/31/23		96.23		(0.10	)		6.98			6.88			-			103.11		7.15			833,290		0.66			0.66			(0.11	)		83
Year ended 08/31/22		152.02		(0.19	)		(34.25	)		(34.44	)		(21.35	)		96.23		(25.85	)		578,210		0.65			0.65			(0.17	)		84
Year ended 08/31/21		120.70		(0.50	)		44.13			43.63			(12.31	)		152.02		37.78			553,738		0.63			0.63			(0.36	)		61
Year ended 08/31/20		98.92		(0.30	)		27.31			27.01			(5.23	)		120.70		28.58			329,915		0.65			0.65			(0.31	)		76
Eleven months ended 08/31/19		108.66		(0.25	)		2.46			2.21			(11.95	)		98.92		4.96			269,645		0.67	^(f)		0.67	^(f)		(0.30	)^(f)		83
Year ended 09/30/18		92.03		(0.35	)		26.64			26.29			(9.66	)		108.66		31.29			254,704		0.67			0.67			(0.36	)		91

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.00% for the eleven months ended August 31, 2019 and the years ended September 30, 2019 and 2018, respectively.

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended August 31, 2023 and 2022 and 0.23% for the years ended August 31, 2021 and 2020.

^(f)	Annualized.

^(g)	Commencement date after the close of business on May 24, 2019.

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


14		Invesco Discovery Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


15		Invesco Discovery Fund

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.

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

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.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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, 2023, the Fund paid the Adviser $4,105 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.


16		Invesco Discovery Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*
First $ 200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $700 million		0.600	%
Next $3.5 billion		0.580	%
Over $5 billion		0.550	%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.60%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, 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 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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, 2023, the Adviser waived advisory fees of $100,493.

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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $56,688 in front-end sales commissions from the sale of Class A shares and $618 and $442 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $98,862 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


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


17		Invesco Discovery Fund


		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		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.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	3,726,779,023	$	–		$–	$	3,726,779,023



Money Market Funds		57,614,127		13,130,162		–		70,744,289


Total Investments	$	3,784,393,150	$	13,130,162		$–	$	3,797,523,312

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*		$–	$	22,727,558


Long-term capital gain		–		711,951,311


Total distributions		$–	$	734,678,869

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

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation – investments	$	847,162,483


Temporary book/tax differences		(217,249	)


Late-Year ordinary loss deferral		(7,476,991	)


Capital loss carryforward		(202,077,967	)


Shares of beneficial interest		3,152,321,915


Total net assets	$	3,789,712,191


18		Invesco Discovery Fund

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

202,077,967

$–

202,077,967

*	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, 2023 was $2,924,652,399 and $2,952,341,376, respectively. Cost of investments, including any derivatives,on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$930,726,303


Aggregate unrealized (depreciation) of investments	(83,563,820	)


Net unrealized appreciation of investments	$847,162,483

Cost of investments for tax purposes is $ 2,950,360,829.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on August 31, 2023, undistributed net investment income (loss) was increased by $14,526,501, undistributed net realized gain (loss) was decreased by $161,274 and shares of beneficial interest was decreased by $14,365,227. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	August 31, 2023^(a)						August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		820,338		$	62,017,183			1,208,272		$	116,489,369


Class C		83,171			3,101,262			85,337			3,993,568


Class R		58,327			3,778,805			101,434			8,019,432


Class Y		4,789,861			445,426,604			8,720,576			964,036,930


Class R5		6,070			462,884			19,628			2,068,656


Class R6		3,484,168			336,163,469			2,733,589			296,912,306



Issued as reinvestment of dividends:
Class A		-			-			3,477,493			341,211,448


Class C		-			-			315,765			15,355,670


Class R		-			-			141,026			11,932,191


Class Y		-			-			1,887,533			227,806,408


Class R5		-			-			26,687			2,648,184


Class R6		-			-			633,504			78,934,555



Automatic conversion of Class C shares to Class A shares:
Class A		38,869			2,932,479			53,151			4,874,729


Class C		(79,150	)		(2,932,479	)		(104,647	)		(4,874,729	)



Reacquired:
Class A		(2,442,321	)		(184,995,584	)		(2,659,455	)		(242,207,555	)


Class C		(163,560	)		(6,046,649	)		(178,287	)		(8,352,398	)


Class R		(105,466	)		(6,887,264	)		(192,450	)		(15,272,077	)


Class Y		(6,283,418	)		(584,008,401	)		(6,111,474	)		(668,637,649	)


Class R5		(4,332	)		(336,018	)		(155,453	)		(14,984,053	)


Class R6		(1,411,452	)		(136,580,520	)		(1,001,122	)		(115,926,818	)


Net increase (decrease) in share activity		(1,208,895	)	$	(67,904,229	)		9,001,107		$	1,004,028,167

^(a)

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


19		Invesco Discovery 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 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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated in the table below (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, 2023, 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, 2023 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the four years in the period ended August 31, 2023 and the eleven months ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the four years in the period ended August 31, 2023 and the period May 24, 2019 (commencement date) through August 31, 2019 for Class R5.

The financial statements of Oppenheimer Discovery Fund (subsequently renamed Invesco Discovery Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


20		Invesco Discovery Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,053.40	$5.33	$1,020.01	$5.24	1.03%
Class C	1,000.00	1,049.50	9.25	1,016.18	9.10	1.79
Class R	1,000.00	1,052.10	6.67	1,018.70	6.56	1.29
Class Y	1,000.00	1,054.70	4.09	1,021.22	4.02	0.79
Class R5	1,000.00	1,055.40	3.52	1,021.78	3.47	0.68
Class R6	1,000.00	1,055.30	3.42	1,021.88	3.36	0.66

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco Discovery Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 fourth quintile of its performance universe for the one year period and first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below


22		Invesco Discovery Fund

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 considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor 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 also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates 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, 2022.

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 difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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 determination that the services are required for the operation of the Fund.


23		Invesco Discovery 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.


24		Invesco Discovery Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


25		Invesco Discovery Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Discovery Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Discovery Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Discovery Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Discovery Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Discovery Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Discovery Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		O-DIS-AR-1

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco Equally-Weighted S&P 500 Fund

Nasdaq:

A: VADAX ∎ C: VADCX ∎ R: VADRX ∎ Y: VADDX ∎ R6: VADFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

16		Financial Statements

19		Financial Highlights

20		Notes to Financial Statements

26		Report of Independent Registered Public Accounting Firm

27		Fund Expenses

28		Approval of Investment Advisory and Sub-Advisory Contracts

31		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Equally-Weighted S&P 500 Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Equal Weight Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	8.11	%

Class C Shares	7.30

Class R Shares	7.82

Class Y Shares	8.38

Class R6 Shares	8.48

S&P 500 Index^▼(Broad Market Index)	15.94

S&P 500 Equal Weight Index^▼(Style-Specific Index)	8.67

Lipper Multi-Cap Core Funds Index^∎(Peer Group Index)	14.61

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

The Fund generally invests in each common stock represented in the S&P 500 Equal Weight Index, which is an equally weighted version of the S&P 500 Index. The S&P 500 Index is a stock market index that includes common stocks of 500 companies in proportion to their market capitalization.

During the fiscal year, on an absolute basis, holdings in the industrials, information technology (IT) and consumer discretionary sectors contributed most significantly to the Fund’s return. On an absolute basis, holdings in the utilities, real estate, and financials sectors detracted most significantly from the Fund’s return during the fiscal year.

Leading contributors to the Fund’s performance for the fiscal year included NVIDIA, Royal Caribbean and Meta Platforms. NVIDIA, an information technology company, was a primary beneficiary of investor enthusiasm for artificial intelligence. The stock price surged as first-quarter revenue numbers significantly outperformed analyst estimates and management revised its three-month sales forecast to more than 50% above analyst projections. Royal Caribbean, a consumer discretionary company, reported booking volumes notably higher than those in the last corresponding pre-pandemic period while also achieving meaningful gains in pricing, resulting in management revising full-year earnings guidance upwards significantly. Meta Platforms, an IT company, was another notable beneficiary of the artificial intelligence theme. The stock price also rose after the company announced it had been able to achieve significant cost improvements due to reductions in headcount in late 2022 and early 2023.

Top detractors from the Fund’s performance for the fiscal year were SVB Financial, First Republic Bank, and Signature Bank. SVB Financial, a financials company, led the way for a regional bank selloff in March as it faced a liquidity crisis due to unrealized losses on its held-to-maturity debt portfolio and the failure of its attempt to raise additional capital. First Republic Bank, a financials company, saw the rapid withdrawal of deposits as banking customers were unsettled by the failure of SVB Financial and Signature Bank, resulting in seizure by the FDIC and a subsequent sale to JPMorgan Chase. Signature Bank, a financials company, was also seized by the government in March after a run on the bank caused it to lose a fifth of its deposits in a single day. We sold our position in all 3 banks before the end of the fiscal year.

Please note that the Fund’s strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including S&P 500 futures contracts, to gain exposure to the equity market. During the fiscal year, the Fund invested in


2		Invesco Equally-Weighted S&P 500 Fund

S&P 500 futures contracts, which generated a positive return and added to the Fund’s absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco Equally-Weighted S&P 500 Fund.

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Lipper Inc.

Portfolio manager(s):

Pratik Doshi

Peter Hubbard

Michael Jeanette

Tony Seisser

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Equally-Weighted S&P 500 Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

*Includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Equally-Weighted S&P 500 Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	8.68	%
10 Years	10.00
5 Years	7.35
1 Year	2.16

Class C Shares
Inception (7/28/97)	8.67	%
10 Years	9.98
5 Years	7.77
1 Year	6.32

Class R Shares
Inception (3/31/08)	9.72	%
10 Years	10.34
5 Years	8.30
1 Year	7.82

Class Y Shares
Inception (7/28/97)	9.18	%
10 Years	10.89
5 Years	8.84
1 Year	8.38

Class R6 Shares
Inception (9/24/12)	11.93	%
10 Years	11.02
5 Years	8.96
1 Year	8.48

Returns above include the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been lower.

Effective June 1, 2010, Class A, Class C, Class R, Class W and Class I shares of the predecessor fund, Morgan Stanley Equally-Weighted S&P 500 Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class C, Class R, Class A and Class Y shares, respectively, of Invesco Equally-Weighted S&P 500 Fund. Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C and Class R and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Equally-Weighted S&P 500 Fund

Supplemental Information

Invesco Equally-Weighted S&P 500 Fund’s investment objective is total return through growth of capital and current income.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎	The S&P 500^® Equal Weight Index is the equally-weighted version of the S&P 500^® Index, which is considered representative of the US stock market.

∎	The Lipper Multi-Cap Core Funds Index is an unmanaged index considered representative of multi-cap core funds tracked by Lipper.

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Equally-Weighted S&P 500 Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Industrials			15.38	%

Financials			14.32

Information Technology			13.21

Health Care			12.70

Consumer Discretionary			10.39

Consumer Staples			7.12

Real Estate			6.00

Materials			5.83

Utilities			5.53

Energy			5.05

Communication Services			3.97

Money Market Funds Plus Other Assets Less Liabilities			0.50

Top 10 Equity Holdings*

		% of total net assets

1.	Old Dominion Freight Line, Inc.		0.27	%

2.	Charter Communications, Inc., Class A		0.26

3.	APA Corp.		0.25

4.	Domino’s Pizza, Inc.		0.25

5.	Catalent, Inc.		0.25

6.	NVIDIA Corp.		0.25

7.	Carrier Global Corp.		0.25

8.	Global Payments, Inc.		0.25

9.	Digital Realty Trust, Inc.		0.24

10.	Marathon Petroleum Corp.		0.24

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Equally-Weighted S&P 500 Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value
Common Stocks & Other Equity Interests–99.50%
Advertising–0.32%

Interpublic Group of Cos., Inc. (The)		307,601	$ 10,030,869

Omnicom Group, Inc.		129,011	10,451,181

			20,482,050

Aerospace & Defense–2.18%

Axon Enterprise, Inc.^(b)		62,571	13,321,992

Boeing Co. (The)^(b)		56,096	12,567,187

General Dynamics Corp.		57,428	13,015,482

Howmet Aerospace, Inc.		265,351	13,126,914

Huntington Ingalls Industries, Inc.		56,617	12,473,857

L3Harris Technologies, Inc.		64,639	11,511,560

Lockheed Martin Corp.		26,346	11,812,229

Northrop Grumman Corp.		26,835	11,621,970

RTX Corp.		122,726	10,559,345

Textron, Inc.		186,709	14,509,156

TransDigm Group, Inc.^(b)		15,238	13,772,866

			138,292,558

Agricultural & Farm Machinery–0.21%

Deere & Co.		32,176	13,222,405

Agricultural Products & Services–0.45%

Archer-Daniels-Midland Co.		168,048	13,326,207

Bunge Ltd.		130,210	14,885,607

			28,211,814

Air Freight & Logistics–0.80%

C.H. Robinson Worldwide, Inc.		135,855	12,285,368

Expeditors International of

Washington, Inc.		105,717	12,338,231

FedEx Corp.		54,479	14,220,109

United Parcel Service, Inc., Class B		71,501	12,112,269

			50,955,977

Apparel Retail–0.45%

Ross Stores, Inc.		118,019	14,375,895

TJX Cos., Inc. (The)		153,607	14,205,575

			28,581,470

Apparel, Accessories & Luxury Goods–0.54%

Ralph Lauren Corp.^(c)		103,897	12,117,507

Tapestry, Inc.		285,552	9,514,593

VF Corp.		637,897	12,604,845

			34,236,945

Application Software–2.32%

Adobe, Inc.^(b)		26,851	15,018,838

ANSYS, Inc.^(b)		37,447	11,940,725

Autodesk, Inc.^(b)		60,531	13,434,250

Cadence Design Systems, Inc.^(b)		53,163	12,782,512

Fair Isaac Corp.^(b)		15,735	14,233,724

Intuit, Inc.		28,248	15,305,049

PTC, Inc.^(b)		87,972	12,946,839

Roper Technologies, Inc.		26,982	13,465,637

Salesforce, Inc.^(b)		56,617	12,538,401

Synopsys, Inc.^(b)		27,782	12,748,882


	Shares		Value
Application Software–(continued)

Tyler Technologies, Inc.^(b)		31,364	$ 12,496,358

			146,911,215

Asset Management & Custody Banks–1.55%

Ameriprise Financial, Inc.		38,780	13,091,352

Bank of New York Mellon Corp. (The)		274,369	12,310,937

BlackRock, Inc.		17,812	12,478,019

Franklin Resources, Inc.		462,276	12,361,260

Invesco Ltd.^(d)		755,279	12,024,042

Northern Trust Corp.		162,905	12,392,183

State Street Corp.		164,933	11,337,495

T. Rowe Price Group, Inc.		106,493	11,951,709

			97,946,997

Automobile Manufacturers–0.55%

Ford Motor Co.		887,206	10,761,809

General Motors Co.^(e)		336,467	11,275,009

Tesla, Inc.^(b)		49,878	12,872,514

			34,909,332

Automotive Parts & Equipment–0.40%

Aptiv PLC^(b)		124,403	12,620,684

BorgWarner, Inc.		305,382	12,444,317

			25,065,001

Automotive Retail–0.61%

AutoZone, Inc.^(b)		5,158	13,056,600

CarMax, Inc.^(b)(c)		154,678	12,634,099

O’Reilly Automotive, Inc.^(b)		13,440	12,629,568

			38,320,267

Biotechnology–1.58%

AbbVie, Inc.		88,220	12,964,811

Amgen, Inc.		55,724	14,284,290

Biogen, Inc.^(b)		39,466	10,551,630

Gilead Sciences, Inc.		156,044	11,934,245

Incyte Corp.^(b)		199,709	12,887,222

Moderna, Inc.^(b)		98,898	11,182,397

Regeneron Pharmaceuticals, Inc.^(b)		16,329	13,495,755

Vertex Pharmaceuticals, Inc.^(b)		36,485	12,709,185

			100,009,535

Brewers–0.18%

Molson Coors Beverage Co., Class B		183,422	11,645,463

Broadcasting–0.37%

Fox Corp., Class A^(c)		246,336	8,143,868

Fox Corp., Class B		125,098	3,817,991

Paramount Global, Class B^(c)		757,155	11,425,469

			23,387,328

Broadline Retail–0.56%

Amazon.com, Inc.^(b)		98,762	13,630,144

eBay, Inc.		266,104	11,916,137

Etsy, Inc.^(b)		133,606	9,829,393

			35,375,674

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


8		Invesco Equally-Weighted S&P 500 Fund


	Shares		Value
Building Products–1.26%

A.O. Smith Corp.		177,210	$ 12,847,725

Allegion PLC		108,213	12,315,721

Carrier Global Corp.^(c)		269,099	15,459,738

Johnson Controls International PLC		191,942	11,336,094

Masco Corp.		225,912	13,331,067

Trane Technologies PLC		69,172	14,198,245

			79,488,590

Cable & Satellite–0.48%

Charter Communications, Inc., Class A^(b)		37,111	16,259,071

Comcast Corp., Class A		303,013	14,168,888

			30,427,959

Cargo Ground Transportation–0.48%

J.B. Hunt Transport Services, Inc.		71,690	13,469,117

Old Dominion Freight Line, Inc.		39,813	17,014,882

			30,483,999

Casinos & Gaming–0.80%

Caesars Entertainment, Inc.^(b)		251,344	13,889,269

Las Vegas Sands Corp.		208,451	11,435,622

MGM Resorts International^(c)		294,948	12,971,813

Wynn Resorts Ltd.		119,266	12,091,187

			50,387,891

Commodity Chemicals–0.42%

Dow, Inc.		235,605	12,854,609

LyondellBasell Industries N.V., Class A		136,938	13,525,366

			26,379,975

Communications Equipment–1.05%

Arista Networks, Inc.^(b)		75,008	14,643,812

Cisco Systems, Inc.		245,474	14,077,934

F5, Inc.^(b)		83,051	13,592,126

Juniper Networks, Inc.		403,783	11,758,161

Motorola Solutions, Inc.		43,851	12,434,828

			66,506,861

Computer & Electronics Retail–0.20%

Best Buy Co., Inc.		162,018	12,386,276

Construction & Engineering–0.22%

Quanta Services, Inc.		66,675	13,993,082

Construction Machinery & Heavy Transportation Equipment–0.85%

Caterpillar, Inc.		51,867	14,581,370

Cummins, Inc.		53,789	12,373,621

PACCAR, Inc.		158,665	13,056,543

Wabtec Corp.		123,071	13,847,949

			53,859,483

Construction Materials–0.40%

Martin Marietta Materials, Inc.		28,532	12,736,970

Vulcan Materials Co.		58,993	12,875,222

			25,612,192

Consumer Electronics–0.19%

Garmin Ltd.		115,722	12,268,846

Consumer Finance–0.69%

American Express Co.		70,989	11,215,552

Capital One Financial Corp.		109,339	11,195,220


	Shares		Value
Consumer Finance–(continued)

Discover Financial Services		106,800	$ 9,619,476

Synchrony Financial		361,834	11,680,002

			43,710,250

Consumer Staples Merchandise Retail–0.95%

Costco Wholesale Corp.		23,566	12,944,333

Dollar General Corp.		79,649	11,031,387

Dollar Tree, Inc.^(b)		92,512	11,319,768

Target Corp.		95,993	12,147,914

Walmart, Inc.		79,628	12,948,309

			60,391,711

Copper–0.20%

Freeport-McMoRan, Inc.		321,726	12,840,085

Data Center REITs–0.45%

Digital Realty Trust, Inc.		116,933	15,402,415

Equinix, Inc.		16,392	12,808,381

			28,210,796

Data Processing & Outsourced Services–0.23%

Broadridge Financial Solutions, Inc.		79,239	14,755,094

Distillers & Vintners–0.41%

Brown-Forman Corp., Class B		189,465	12,529,320

Constellation Brands, Inc., Class A		50,455	13,146,555

			25,675,875

Distributors–0.59%

Genuine Parts Co.		78,233	12,026,759

LKQ Corp.		224,497	11,792,827

Pool Corp.^(c)		37,346	13,653,698

			37,473,284

Diversified Banks–1.75%

Bank of America Corp.		416,474	11,940,309

Citigroup, Inc.		252,385	10,420,977

Comerica, Inc.		289,692	13,937,082

Fifth Third Bancorp		461,575	12,254,816

JPMorgan Chase & Co.		86,449	12,650,082

KeyCorp		1,141,405	12,932,119

PNC Financial Services Group, Inc. (The)		94,549	11,414,901

U.S. Bancorp		370,975	13,551,717

Wells Fargo & Co.		289,347	11,947,138

			111,049,141

Diversified Support Services–0.40%

Cintas Corp.		25,374	12,792,809

Copart, Inc.^(b)		284,354	12,747,590

			25,540,399

Drug Retail–0.15%

Walgreens Boots Alliance, Inc.		387,976	9,819,673

Electric Utilities–3.16%

Alliant Energy Corp.		229,010	11,489,432

American Electric Power Co., Inc.		145,677	11,421,077

Constellation Energy Corp.		130,670	13,610,587

Duke Energy Corp.		133,197	11,827,893

Edison International		180,009	12,393,620

Entergy Corp.		120,171	11,446,288

Evergy, Inc.		205,222	11,281,053

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


9		Invesco Equally-Weighted S&P 500 Fund


	Shares		Value
Electric Utilities–(continued)

Eversource Energy		173,230	$ 11,055,538

Exelon Corp.		304,147	12,202,378

FirstEnergy Corp.		315,727	11,388,273

NextEra Energy, Inc.		164,577	10,993,744

NRG Energy, Inc.		357,694	13,431,410

PG&E Corp.^(b)		722,169	11,771,355

Pinnacle West Capital Corp.^(c)		150,887	11,659,038

PPL Corp.		454,519	11,326,613

Southern Co. (The)		171,066	11,586,300

Xcel Energy, Inc.		192,123	10,975,987

			199,860,586

Electrical Components & Equipment–1.06%

AMETEK, Inc.		81,111	12,938,016

Eaton Corp. PLC		65,083	14,993,171

Emerson Electric Co.		144,777	14,224,340

Generac Holdings, Inc.^(b)(c)		104,395	12,403,170

Rockwell Automation, Inc.		39,902	12,452,616

			67,011,313

Electronic Components–0.41%

Amphenol Corp., Class A		155,825	13,771,813

Corning, Inc.		371,879	12,205,069

			25,976,882

Electronic Equipment & Instruments–0.77%

Keysight Technologies, Inc.^(b)		75,448	10,057,218

Teledyne Technologies, Inc.^(b)		31,098	13,008,294

Trimble, Inc.^(b)		243,270	13,328,763

Zebra Technologies Corp., Class A^(b)		44,383	12,205,769

			48,600,044

Electronic Manufacturing Services–0.20%

TE Connectivity Ltd.		95,236	12,608,294

Environmental & Facilities Services–0.57%

Republic Services, Inc.		85,068	12,260,851

Rollins, Inc.		298,780	11,822,724

Waste Management, Inc.		74,933	11,747,996

			35,831,571

Fertilizers & Agricultural Chemicals–0.76%

CF Industries Holdings, Inc.		179,346	13,822,196

Corteva, Inc.		215,986	10,909,453

FMC Corp.		115,405	9,951,373

Mosaic Co. (The)^(e)		347,497	13,500,259

			48,183,281

Financial Exchanges & Data–1.79%

Cboe Global Markets, Inc.		88,060	13,183,463

CME Group, Inc., Class A		65,951	13,366,949

FactSet Research Systems, Inc.		30,661	13,380,767

Intercontinental Exchange, Inc.		110,860	13,080,371

MarketAxess Holdings, Inc.		44,063	10,616,098

Moody’s Corp.		36,337	12,238,302

MSCI, Inc.		25,726	13,985,168

Nasdaq, Inc.		210,794	11,062,469

S&P Global, Inc.		31,745	12,407,851

			113,321,438


	Shares		Value
Food Distributors–0.18%

Sysco Corp.		168,048	$ 11,704,543

Food Retail–0.19%

Kroger Co. (The)		264,028	12,248,259

Footwear–0.18%

NIKE, Inc., Class B		115,154	11,712,313

Gas Utilities–0.19%

Atmos Energy Corp.		103,896	12,046,741

Gold–0.18%

Newmont Corp.		294,023	11,590,387

Health Care Distributors–0.78%

Cardinal Health, Inc.		140,489	12,268,904

Cencora, Inc.		68,400	12,037,032

Henry Schein, Inc.^(b)		162,841	12,463,850

McKesson Corp.		30,946	12,759,655

			49,529,441

Health Care Equipment–3.11%

Abbott Laboratories		119,877	12,335,343

Baxter International, Inc.		290,451	11,792,311

Becton, Dickinson and Co.		48,470	13,544,941

Boston Scientific Corp.^(b)		237,718	12,822,509

DexCom, Inc.^(b)		98,039	9,899,978

Edwards Lifesciences Corp.^(b)		144,949	11,084,250

GE HealthCare Technologies, Inc.		158,109	11,138,779

Hologic, Inc.^(b)		156,767	11,716,766

IDEXX Laboratories, Inc.^(b)		27,037	13,826,992

Insulet Corp.^(b)		43,061	8,255,224

Intuitive Surgical, Inc.^(b)		38,977	12,187,328

Medtronic PLC		145,589	11,865,504

ResMed, Inc.		57,089	9,110,834

STERIS PLC		58,896	13,521,933

Stryker Corp.		43,437	12,316,561

Teleflex, Inc.		51,423	10,939,729

Zimmer Biomet Holdings, Inc.		89,628	10,676,487

			197,035,469

Health Care Facilities–0.39%

HCA Healthcare, Inc.		44,852	12,437,460

Universal Health Services, Inc., Class B		89,385	12,040,159

			24,477,619

Health Care REITs–0.57%

Healthpeak Properties, Inc.		589,184	12,125,407

Ventas, Inc.		266,628	11,646,311

Welltower, Inc.		150,311	12,457,775

			36,229,493

Health Care Services–0.98%

Cigna Group (The)		45,848	12,665,968

CVS Health Corp.		169,875	11,070,754

DaVita, Inc.^(b)		125,053	12,807,928

Laboratory Corp. of America Holdings		65,629	13,657,395

Quest Diagnostics, Inc.		90,600	11,913,900

			62,115,945

Health Care Supplies–0.63%

Align Technology, Inc.^(b)		40,041	14,820,776

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


10		Invesco Equally-Weighted S&P 500 Fund


	Shares		Value
Health Care Supplies–(continued)

Cooper Cos., Inc. (The)		35,216	$ 13,029,568

DENTSPLY SIRONA, Inc.		317,288	11,768,212

			39,618,556

Home Furnishings–0.20%

Mohawk Industries, Inc.^(b)		127,847	12,962,407

Home Improvement Retail–0.43%

Home Depot, Inc. (The)		40,997	13,541,309

Lowe’s Cos., Inc.		58,293	13,435,371

			26,976,680

Homebuilding–0.83%

D.R. Horton, Inc.		106,922	12,725,857

Lennar Corp., Class A		106,745	12,712,262

NVR, Inc.^(b)(c)		2,095	13,360,506

PulteGroup, Inc.		169,332	13,895,384

			52,694,009

Hotel & Resort REITs–0.17%

Host Hotels & Resorts, Inc.^(c)		687,547	10,856,367

Hotels, Resorts & Cruise Lines–1.47%

Booking Holdings, Inc.^(b)		4,678	14,525,330

Carnival Corp.^(b)		931,261	14,732,549

Expedia Group, Inc.^(b)		110,338	11,959,536

Hilton Worldwide Holdings, Inc.		86,131	12,803,373

Marriott International, Inc., Class A		68,097	13,858,421

Norwegian Cruise Line Holdings Ltd.^(b)(c)		709,971	11,764,219

Royal Caribbean Cruises Ltd.^(b)(c)		133,635	13,221,847

			92,865,275

Household Appliances–0.19%

Whirlpool Corp.		85,810	12,009,968

Household Products–0.96%

Church & Dwight Co., Inc.		129,545	12,536,070

Clorox Co. (The)		77,813	12,173,844

Colgate-Palmolive Co.		160,736	11,809,274

Kimberly-Clark Corp.		90,634	11,676,378

Procter & Gamble Co. (The)		83,176	12,837,384

			61,032,950

Housewares & Specialties–0.24%

Newell Brands, Inc.		1,437,524	15,209,004

Human Resource & Employment Services–1.04%

Automatic Data Processing, Inc.		56,640	14,421,110

Ceridian HCM Holding, Inc.^(b)(c)		192,153	13,934,936

Paychex, Inc.		109,144	13,340,671

Paycom Software, Inc.		40,007	11,795,664

Robert Half, Inc.		167,632	12,398,063

			65,890,444

Independent Power Producers & Energy Traders–0.17%

AES Corp. (The)		606,780	10,879,565

Industrial Conglomerates–0.60%

3M Co.		122,024	13,016,300

General Electric Co.		114,678	13,126,044

Honeywell International, Inc.		61,601	11,577,292

			37,719,636


	Shares		Value
Industrial Gases–0.41%

Air Products and Chemicals, Inc.		43,757	$ 12,929,756

Linde PLC		33,791	13,078,469

			26,008,225

Industrial Machinery & Supplies & Components–2.49%

Dover Corp.		86,369	12,808,523

Fortive Corp.		178,873	14,104,136

IDEX Corp.		58,929	13,341,526

Illinois Tool Works, Inc.^(c)		51,325	12,695,239

Ingersoll Rand, Inc.		195,168	13,585,644

Nordson Corp.		52,510	12,819,791

Otis Worldwide Corp.		142,310	12,174,621

Parker-Hannifin Corp.		34,229	14,270,070

Pentair PLC		206,020	14,474,965

Snap-on, Inc.		45,557	12,236,610

Stanley Black & Decker, Inc.		144,092	13,599,403

Xylem, Inc.		111,113	11,504,640

			157,615,168

Industrial REITs–0.20%

Prologis, Inc.		100,489	12,480,734

Insurance Brokers–1.03%

Aon PLC, Class A		38,783	12,929,864

Arthur J. Gallagher & Co.		58,927	13,581,495

Brown & Brown, Inc.		190,383	14,107,380

Marsh & McLennan Cos., Inc.		68,388	13,334,976

Willis Towers Watson PLC		54,010	11,167,108

			65,120,823

Integrated Oil & Gas–0.60%

Chevron Corp.		76,736	12,362,170

Exxon Mobil Corp.		113,513	12,621,510

Occidental Petroleum Corp.		205,499	12,903,282

			37,886,962

Integrated Telecommunication Services–0.37%

AT&T, Inc.		764,276	11,303,642

Verizon Communications, Inc.		343,676	12,021,787

			23,325,429

Interactive Home Entertainment–0.61%

Activision Blizzard, Inc.		151,657	13,950,928

Electronic Arts, Inc.		96,794	11,613,344

Take-Two Interactive Software, Inc.^(b)		90,951	12,933,232

			38,497,504

Interactive Media & Services–0.65%

Alphabet, Inc., Class A^(b)		53,484	7,282,916

Alphabet, Inc., Class C^(b)		46,007	6,319,062

Match Group, Inc.^(b)		293,105	13,737,831

Meta Platforms, Inc., Class A^(b)		46,010	13,613,899

			40,953,708

Internet Services & Infrastructure–0.40%

Akamai Technologies, Inc.^(b)		131,815	13,852,438

VeriSign, Inc.^(b)		55,167	11,463,151

			25,315,589

Investment Banking & Brokerage–0.80%

Charles Schwab Corp. (The)		221,640	13,110,006

Goldman Sachs Group, Inc. (The)		36,278	11,888,663

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


11		Invesco Equally-Weighted S&P 500 Fund


	Shares		Value
Investment Banking & Brokerage–(continued)

Morgan Stanley		141,402	$ 12,040,380

Raymond James Financial, Inc.		127,406	13,325,394

			50,364,443

IT Consulting & Other Services–1.22%

Accenture PLC, Class A		39,487	12,784,706

Cognizant Technology Solutions Corp., Class A		196,458	14,068,357

DXC Technology Co.^(b)		466,700	9,679,358

EPAM Systems, Inc.^(b)		57,683	14,939,320

Gartner, Inc.^(b)		35,380	12,371,679

International Business Machines Corp.		90,098	13,229,089

			77,072,509

Leisure Products–0.23%

Hasbro, Inc.		202,193	14,557,896

Life & Health Insurance–1.27%

Aflac, Inc.		176,746	13,179,949

Globe Life, Inc.		112,946	12,601,385

Lincoln National Corp.		527,714	13,541,141

MetLife, Inc.		226,289	14,333,146

Principal Financial Group, Inc.		170,755	13,269,371

Prudential Financial, Inc.		144,178	13,649,331

			80,574,323

Life Sciences Tools & Services–2.42%

Agilent Technologies, Inc.		105,278	12,746,007

Bio-Rad Laboratories, Inc., Class A^(b)		33,765	13,512,753

Bio-Techne Corp.		155,428	12,185,555

Charles River Laboratories International, Inc.^(b)(c)		61,667	12,753,969

Danaher Corp.		51,792	13,724,880

Illumina, Inc.^(b)		60,727	10,033,315

IQVIA Holdings, Inc.^(b)		59,007	13,136,728

Mettler-Toledo International, Inc.^(b)		9,435	11,449,184

Revvity, Inc.		109,733	12,842,053

Thermo Fisher Scientific, Inc.		23,525	13,105,778

Waters Corp.^(b)		48,902	13,731,682

West Pharmaceutical Services, Inc.		35,001	14,241,907

			153,463,811

Managed Health Care–0.92%

Centene Corp.^(b)		176,670	10,891,705

Elevance Health, Inc.		25,927	11,459,993

Humana, Inc.		23,747	10,962,328

Molina Healthcare, Inc.^(b)		42,872	13,295,465

UnitedHealth Group, Inc.		24,696	11,769,620

			58,379,111

Metal, Glass & Plastic Containers–0.20%

Ball Corp.^(c)		231,841	12,623,742

Movies & Entertainment–0.75%

Live Nation Entertainment, Inc.^(b)(c)		144,863	12,245,269

Netflix, Inc.^(b)		29,023	12,586,695

Walt Disney Co. (The)^(b)		132,604	11,096,303

Warner Bros Discovery, Inc.^(b)		880,795	11,573,646

			47,501,913

Multi-Family Residential REITs–1.12%

AvalonBay Communities, Inc.		64,735	11,899,588


		Shares		Value
Multi-Family Residential REITs–(continued)

Camden Property Trust			107,650	$ 11,585,293

Equity Residential			184,198	11,941,556

Essex Property Trust, Inc.			52,028	12,402,955

Mid-America Apartment Communities, Inc.			79,019	11,475,929

UDR, Inc.			286,491	11,430,991

				70,736,312

Multi-line Insurance–0.61%

American International Group, Inc.			214,315	12,541,714

Assurant, Inc.			97,117	13,531,312

Hartford Financial Services Group, Inc. (The)			170,922	12,275,618

				38,348,644

Multi-Sector Holdings–0.21%

Berkshire Hathaway, Inc., Class B^(b)			36,357	13,095,791

Multi-Utilities–1.83%

Ameren Corp.			146,235	11,592,049

CenterPoint Energy, Inc.	��		421,078	11,743,865

CMS Energy Corp.			200,860	11,286,323

Consolidated Edison, Inc.			130,390	11,599,494

Dominion Energy, Inc.			229,614	11,145,464

DTE Energy Co.			109,398	11,309,565

NiSource, Inc.^(c)			449,989	12,041,706

Public Service Enterprise Group, Inc.			196,394	11,995,746

Sempra			165,068	11,591,075

WEC Energy Group, Inc.			135,552	11,402,634

				115,707,921

Office REITs–0.42%

Alexandria Real Estate Equities, Inc.			101,088	11,760,578

Boston Properties, Inc.^(c)			225,286	15,042,346

				26,802,924

Oil & Gas Equipment & Services–0.70%

Baker Hughes Co., Class A			406,205	14,700,559

Halliburton Co.			376,939	14,557,384

Schlumberger N.V.			256,474	15,121,707

				44,379,650

Oil & Gas Exploration & Production–2.20%

APA Corp.			364,867	15,995,769

ConocoPhillips			117,338	13,966,742

Coterra Energy, Inc.			496,142	13,986,243

Devon Energy Corp.			244,440	12,488,440

Diamondback Energy, Inc.			92,155	13,987,286

EOG Resources, Inc.			104,862	13,487,350

EQT Corp.^(c)			316,218	13,666,942

Hess Corp.			89,378	13,808,901

Marathon Oil Corp.			517,630	13,639,551

Pioneer Natural Resources Co.			59,523	14,162,307

				139,189,531

Oil & Gas Refining & Marketing–0.69%

Marathon Petroleum Corp.			107,869	15,400,457

Phillips 66			123,432	14,090,997

Valero Energy Corp.			107,507	13,965,160

				43,456,614

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


12		Invesco Equally-Weighted S&P 500 Fund


	Shares		Value
Oil & Gas Storage & Transportation–0.86%

Kinder Morgan, Inc.		715,807	$ 12,326,197

ONEOK, Inc.		203,713	13,282,088

Targa Resources Corp.		172,154	14,848,282

Williams Cos., Inc. (The)		401,125	13,850,846

			54,307,413

Other Specialized REITs–0.40%

Iron Mountain, Inc.^(c)		217,410	13,814,232

VICI Properties, Inc.		377,405	11,639,170

			25,453,402

Other Specialty Retail–0.55%

Bath & Body Works, Inc.		288,662	10,642,968

Tractor Supply Co.^(c)		56,120	12,262,220

Ulta Beauty, Inc.^(b)		28,777	11,943,318

			34,848,506

Packaged Foods & Meats–2.10%

Campbell Soup Co.		264,717	11,038,699

Conagra Brands, Inc.		354,573	10,594,641

General Mills, Inc.		148,119	10,021,732

Hershey Co. (The)		47,652	10,238,509

Hormel Foods Corp.		298,268	11,510,162

JM Smucker Co. (The)		79,379	11,505,986

Kellogg Co.		181,510	11,075,740

Kraft Heinz Co. (The)		330,537	10,937,469

Lamb Weston Holdings, Inc.		107,289	10,451,021

McCormick & Co., Inc.		134,446	11,035,328

Mondelez International, Inc., Class A		167,058	11,904,553

Tyson Foods, Inc., Class A		242,013	12,892,033

			133,205,873

Paper & Plastic Packaging Products & Materials–1.24%

Amcor PLC		1,217,803	11,861,401

Avery Dennison Corp.		75,008	14,130,007

International Paper Co.		384,792	13,436,937

Packaging Corp. of America		93,197	13,895,673

Sealed Air Corp.		315,645	11,697,804

WestRock Co.		411,692	13,466,445

			78,488,267

Passenger Airlines–0.95%

Alaska Air Group, Inc.^(b)		250,569	10,516,381

American Airlines Group, Inc.^(b)		782,929	11,532,544

Delta Air Lines, Inc.		310,342	13,307,465

Southwest Airlines Co.		398,112	12,580,339

United Airlines Holdings, Inc.^(b)		241,773	12,042,713

			59,979,442

Personal Care Products–0.38%

Estee Lauder Cos., Inc. (The), Class A		69,055	11,085,399

Kenvue, Inc.		561,440	12,941,192

			24,026,591

Pharmaceuticals–1.89%

Bristol-Myers Squibb Co.		188,121	11,597,660

Catalent, Inc.^(b)(c)		314,100	15,695,577

Eli Lilly and Co.		27,330	15,146,286

Johnson & Johnson		76,184	12,317,429

Merck & Co., Inc.		110,109	11,999,679

Organon & Co.		614,736	13,499,602


	Shares		Value
Pharmaceuticals–(continued)

Pfizer, Inc.		312,810	$ 11,067,218

Viatris, Inc.		1,299,596	13,970,657

Zoetis, Inc.		74,746	14,239,860

			119,533,968

Property & Casualty Insurance–1.58%

Allstate Corp. (The)		108,880	11,738,353

Arch Capital Group Ltd.^(b)		170,636	13,115,083

Chubb Ltd.		63,773	12,810,082

Cincinnati Financial Corp.		119,594	12,651,849

Loews Corp.		205,435	12,755,459

Progressive Corp. (The)		93,126	12,429,527

Travelers Cos., Inc. (The)		69,420	11,192,587

W.R. Berkley Corp.		213,153	13,185,645

			99,878,585

Publishing–0.22%

News Corp., Class A		483,804	10,396,948

News Corp., Class B		149,141	3,281,102

			13,678,050

Rail Transportation–0.57%

CSX Corp.		377,289	11,394,128

Norfolk Southern Corp.		56,389	11,560,309

Union Pacific Corp.		61,051	13,466,019

			36,420,456

Real Estate Services–0.40%

CBRE Group, Inc., Class A^(b)		154,423	13,133,676

CoStar Group, Inc.^(b)		152,112	12,471,663

			25,605,339

Regional Banks–1.17%

Citizens Financial Group, Inc.		430,141	12,099,866

Huntington Bancshares, Inc.		1,113,261	12,346,065

M&T Bank Corp.		96,047	12,010,677

Regions Financial Corp.		660,000	12,104,400

Truist Financial Corp.		373,589	11,413,144

Zions Bancorporation N.A.^(c)		394,889	14,018,560

			73,992,712

Reinsurance–0.20%

Everest Group Ltd.		35,376	12,759,416

Research & Consulting Services–0.84%

Equifax, Inc.		54,460	11,256,882

Jacobs Solutions, Inc.		104,880	14,139,921

Leidos Holdings, Inc.		147,029	14,336,798

Verisk Analytics, Inc.		55,572	13,460,650

			53,194,251

Restaurants–1.18%

Chipotle Mexican Grill, Inc.^(b)		5,974	11,509,747

Darden Restaurants, Inc.^(c)		75,290	11,708,348

Domino’s Pizza, Inc.		40,897	15,843,498

McDonald’s Corp.		42,506	11,950,562

Starbucks Corp.		124,440	12,125,434

Yum! Brands, Inc.		91,354	11,819,380

			74,956,969

Retail REITs–0.96%

Federal Realty Investment Trust		126,797	12,418,498

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


13		Invesco Equally-Weighted S&P 500 Fund


	Shares		Value
Retail REITs–(continued)

Kimco Realty Corp.		627,348	$ 11,881,971

Realty Income Corp.		200,134	11,215,510

Regency Centers Corp.		201,119	12,509,602

Simon Property Group, Inc.		110,119	12,497,405

			60,522,986

Self-Storage REITs–0.36%

Extra Space Storage, Inc.		84,361	10,855,573

Public Storage		42,497	11,745,321

			22,600,894

Semiconductor Materials & Equipment–1.09%

Applied Materials, Inc.		89,555	13,680,422

Enphase Energy, Inc.^(b)		69,826	8,835,084

KLA Corp.		26,179	13,138,455

Lam Research Corp.		20,096	14,115,430

SolarEdge Technologies, Inc.^(b)(c)		43,177	7,019,285

Teradyne, Inc.^(c)		116,075	12,521,010

			69,309,686

Semiconductors–3.04%

Advanced Micro Devices, Inc.^(b)		97,584	10,316,581

Analog Devices, Inc.		66,811	12,144,904

Broadcom, Inc.		15,151	13,982,706

First Solar, Inc.^(b)		63,491	12,007,418

Intel Corp.		388,967	13,668,300

Microchip Technology, Inc.		152,245	12,459,731

Micron Technology, Inc.		186,309	13,030,451

Monolithic Power Systems, Inc.		24,289	12,659,670

NVIDIA Corp.		31,442	15,518,199

NXP Semiconductors N.V. (China)		65,893	13,555,508

ON Semiconductor Corp.^(b)		136,938	13,482,916

Qorvo, Inc.^(b)		123,934	13,309,272

QUALCOMM, Inc.		102,280	11,714,128

Skyworks Solutions, Inc.		116,664	12,686,043

Texas Instruments, Inc.		71,459	12,009,400

			192,545,227

Single-Family Residential REITs–0.19%

Invitation Homes, Inc.		355,503	12,119,097

Soft Drinks & Non-alcoholic Beverages–0.78%

Coca-Cola Co. (The)		201,591	12,061,190

Keurig Dr Pepper, Inc.		389,339	13,101,257

Monster Beverage Corp.^(b)		212,929	12,224,254

PepsiCo, Inc.		66,850	11,893,952

			49,280,653

Specialty Chemicals–1.59%

Albemarle Corp.^(c)		55,284	10,985,484

Celanese Corp.^(c)		107,280	13,555,901

DuPont de Nemours, Inc.		174,970	13,453,443

Eastman Chemical Co.		151,469	12,876,380

Ecolab, Inc.		68,685	12,624,990

International Flavors & Fragrances, Inc.		155,805	10,976,462

PPG Industries, Inc.		87,278	12,372,529

Sherwin-Williams Co. (The)		50,632	13,757,727

			100,602,916

Steel–0.43%

Nucor Corp.		83,752	14,413,719


	Shares		Value
Steel–(continued)

Steel Dynamics, Inc.		122,861	$ 13,095,754

			27,509,473

Systems Software–1.22%

Fortinet, Inc.^(b)		179,241	10,792,101

Gen Digital, Inc.		684,074	13,852,499

Microsoft Corp.		37,303	12,226,431

Oracle Corp.		110,971	13,359,799

Palo Alto Networks, Inc.^(b)(c)		55,384	13,474,927

ServiceNow, Inc.^(b)		22,827	13,441,222

			77,146,979

Technology Distributors–0.24%

CDW Corp.		71,522	15,101,870

Technology Hardware, Storage & Peripherals–1.25%

Apple, Inc.		67,364	12,655,675

Hewlett Packard Enterprise Co.		772,020	13,116,620

HP, Inc.		409,067	12,153,380

NetApp, Inc.		174,870	13,412,529

Seagate Technology Holdings PLC		200,200	14,172,158

Western Digital Corp.^(b)		306,441	13,789,845

			79,300,207

Telecom Tower REITs–0.55%

American Tower Corp.		65,083	11,800,850

Crown Castle, Inc.		106,969	10,750,384

SBA Communications Corp., Class A		54,391	12,212,411

			34,763,645

Timber REITs–0.21%

Weyerhaeuser Co.		410,998	13,460,185

Tobacco–0.39%

Altria Group, Inc.		269,575	11,920,607

Philip Morris International, Inc.		131,658	12,647,067

			24,567,674

Trading Companies & Distributors–0.63%

Fastenal Co.		222,570	12,815,580

United Rentals, Inc.		31,335	14,932,381

W.W. Grainger, Inc.		17,256	12,323,200

			40,071,161

Transaction & Payment Processing Services–1.67%

Fidelity National Information Services, Inc.		223,019	12,457,841

Fiserv, Inc.^(b)		104,351	12,667,168

FleetCor Technologies, Inc.^(b)		50,926	13,838,122

Global Payments, Inc.		121,792	15,429,829

Jack Henry & Associates, Inc.		77,207	12,104,514

Mastercard, Inc., Class A		33,016	13,623,722

PayPal Holdings, Inc.^(b)		192,002	12,002,045

Visa, Inc., Class A^(c)		54,509	13,391,771

			105,515,012

Water Utilities–0.18%

American Water Works Co., Inc.^(c)		83,119	11,531,930

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


14		Invesco Equally-Weighted S&P 500 Fund


	Shares		Value

Wireless Telecommunication Services–0.20%

T-Mobile US, Inc.^(b)		92,800	$ 12,644,000

Total Common Stocks & Other Equity Interests (Cost $3,286,154,898)			6,299,996,085

Money Market Funds–0.40%

Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(f)		8,944,423	8,944,423

Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(d)(f)		6,386,790	6,387,428

Invesco Treasury Portfolio, Institutional Class, 5.25%^(d)(f)		10,222,198	10,222,198

Total Money Market Funds (Cost $25,554,049)			25,554,049

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $3,311,708,947)			6,325,550,134


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.45%

Invesco Private Government Fund, 5.30%^(d)(f)(g)		61,093,654	$ 61,093,654



Invesco Private Prime Fund, 5.51%^(d)(f)(g)		157,097,966	157,097,966



Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $218,198,672)			218,191,620



TOTAL INVESTMENTS IN SECURITIES–103.35% (Cost $3,529,907,619)			6,543,741,754



OTHER ASSETS LESS LIABILITIES–(3.35)%			(212,397,304)



NET ASSETS–100.00%			$6,331,344,450

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2023		Dividend Income

Invesco Ltd.	$	11,939,169	$	1,819,694	$	(1,444,894)	$	337,141	$	(627,068)	$	12,024,042	$	566,511

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		12,303,927		268,024,152		(271,383,656)		-		-		8,944,423		445,035

Invesco Liquid Assets Portfolio, Institutional Class		8,934,612		191,445,823		(193,989,447)		(4,092)		532		6,387,428		325,931

Invesco Treasury Portfolio, Institutional Class		14,061,631		306,313,317		(310,152,750)		-		-		10,222,198		508,802

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		69,150,158		1,172,942,754		(1,180,999,258)		-		-		61,093,654		3,781,308*

Invesco Private Prime Fund		192,849,474		2,604,995,668		(2,640,659,032)		(16,284)		(71,860)		157,097,966		10,329,581*

Total	$	309,238,971	$	4,545,541,408	$	(4,598,629,037)	$	316,765	$	(698,396)	$	255,769,711	$	15,957,168

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

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)

Equity Risk

CME E-Mini Standard & Poor’s MidCap 400 Index		66		September-2023	$	17,481,420	$	(137,540	)		$(137,540)

E-Mini S&P 500 Index		84		September-2023		18,967,200		(30,691	)		(30,691	)

Total Futures Contracts							$	(168,231	)		$(168,231)

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


15		Invesco Equally-Weighted S&P 500 Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $3,277,455,384)*	$	6,287,972,043



Investments in affiliates, at value (Cost $252,452,235)		255,769,711



Cash		308,526



Receivable for:

Fund shares sold		2,304,337



Dividends		11,601,523



Investment for trustee deferred compensation and retirement plans		154,310



Other assets		375,250



Total assets		6,558,485,700



Liabilities:
Other investments:

Variation margin payable – futures contracts		37,248


Payable for:

Fund shares reacquired		4,740,690



Collateral upon return of securities loaned		218,198,672



Accrued fees to affiliates		3,046,823



Accrued trustees’ and officers’ fees and benefits		4,500



Accrued other operating expenses		883,475



Trustee deferred compensation and retirement plans		229,842



Total liabilities		227,141,250



Net assets applicable to shares outstanding	$	6,331,344,450



Net assets consist of:

Shares of beneficial interest	$	3,168,025,151



Distributable earnings		3,163,319,299



	$	6,331,344,450


Net Assets:

Class A	$	2,838,398,107



Class C	$	539,236,611



Class R	$	175,269,869



Class Y	$	2,188,759,626



Class R6	$	589,680,237



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		41,587,240



Class C		8,456,721



Class R		2,594,493



Class Y		31,546,192



Class R6		8,474,683



Class A:

Net asset value per share	$	68.25



Maximum offering price per share (Net asset value of $68.25 ÷ 94.50%)	$	72.22


Class C:

Net asset value and offering price per share	$	63.76


Class R:

Net asset value and offering price per share	$	67.55


Class Y:

Net asset value and offering price per share	$	69.38


Class R6:

Net asset value and offering price per share	$	69.58

*	At August 31, 2023, securities with an aggregate value of $213,407,897 were on loan to brokers.

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


16		Invesco Equally-Weighted S&P 500 Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $40,326)	$	121,154,364


Dividends from affiliates (includes net securities lending income of $541,098)		2,387,377


Total investment income		123,541,741



Expenses:
Advisory fees		6,704,748


Administrative services fees		883,191


Custodian fees		41,246


Distribution fees:
Class A		6,834,573


Class C		6,125,915


Class R		806,143


Transfer agent fees – A, C, R and Y		7,153,317


Transfer agent fees – R6		169,867


Trustees’ and officers’ fees and benefits		68,366


Registration and filing fees		202,116


Licensing fees		1,428,936


Reports to shareholders		265,218


Professional services fees		108,719


Other		70,060


Total expenses		30,862,415


Less: Fees waived and/or expense offset arrangement(s)		(60,837	)


Net expenses		30,801,578


Net investment income		92,740,163



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		148,962,723


Affiliated investment securities		(698,396	)


Futures contracts		5,828,423


		154,092,750


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		247,306,517


Affiliated investment securities		316,765


Futures contracts		(445,128	)


		247,178,154


Net realized and unrealized gain		401,270,904


Net increase in net assets resulting from operations	$	494,011,067

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


17		Invesco Equally-Weighted S&P 500 Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	92,740,163		$	85,151,233


Net realized gain		154,092,750			646,429,618


Change in net unrealized appreciation (depreciation)		247,178,154			(1,346,080,060	)


Net increase (decrease) in net assets resulting from operations		494,011,067			(614,499,209	)



Distributions to shareholders from distributable earnings:
Class A		(209,942,045	)		(277,149,514	)


Class C		(52,192,427	)		(81,017,860	)


Class R		(12,121,490	)		(13,741,102	)


Class Y		(178,908,251	)		(248,365,021	)


Class R6		(43,715,271	)		(60,065,331	)


Total distributions from distributable earnings		(496,879,484	)		(680,338,828	)



Share transactions–net:
Class A		163,416,324			236,948,870


Class C		(140,098,319	)		(96,841,788	)


Class R		28,083,354			27,584,873


Class Y		(59,477,222	)		39,955,023


Class R6		25,417,946			(241,730,990	)


Net increase (decrease) in net assets resulting from share transactions		17,342,083			(34,084,012	)


Net increase (decrease) in net assets		14,473,666			(1,328,922,049	)



Net assets:
Beginning of year		6,316,870,784			7,645,792,833


End of year	$	6,331,344,450		$	6,316,870,784

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


18		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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 08/31/23		$68.51		$0.96		$ 4.20			$ 5.16			$(0.87	)		$(4.55	)		$(5.42	)		$68.25		8.10	%		$2,838,398		0.52	%		0.52	%		1.44	%		20	%
Year ended 08/31/22		82.72		0.90		(7.40	)		(6.50	)		(0.93	)		(6.78	)		(7.71	)		68.51		(8.85	)		2,670,328		0.53			0.53			1.18			24
Year ended 08/31/21		62.02		0.82		24.05			24.87			(0.99	)		(3.18	)		(4.17	)		82.72		41.81			2,971,521		0.52			0.52			1.13			23
Year ended 08/31/20		60.01		0.99		3.88			4.87			(1.03	)		(1.83	)		(2.86	)		62.02		8.08	^(d)		2,182,945		0.53			0.53			1.67			26
Year ended 08/31/19		64.04		0.92		(1.38	)		(0.46	)		(0.82	)		(2.75	)		(3.57	)		60.01		(0.09	)		2,235,827		0.52			0.52			1.55			22
Class C
Year ended 08/31/23		64.65		0.43		3.94			4.37			(0.71	)		(4.55	)		(5.26	)		63.76		7.29			539,237		1.27			1.27			0.69			20
Year ended 08/31/22		78.47		0.31		(7.00	)		(6.69	)		(0.35	)		(6.78	)		(7.13	)		64.65		(9.53	)		689,583		1.28			1.28			0.43			24
Year ended 08/31/21		58.96		0.30		22.86			23.16			(0.47	)		(3.18	)		(3.65	)		78.47		40.82	^(e)		945,674		1.21	^(e)		1.21	^(e)		0.44	^(e)		23
Year ended 08/31/20		57.18		0.52		3.66			4.18			(0.57	)		(1.83	)		(2.40	)		58.96		7.27	^(d)		879,154		1.28			1.28			0.92			26
Year ended 08/31/19		61.18		0.46		(1.31	)		(0.85	)		(0.40	)		(2.75	)		(3.15	)		57.18		(0.83	)		1,083,024		1.27			1.27			0.80			22
Class R
Year ended 08/31/23		67.97		0.78		4.17			4.95			(0.82	)		(4.55	)		(5.37	)		67.55		7.82			175,270		0.77			0.77			1.19			20
Year ended 08/31/22		82.12		0.70		(7.34	)		(6.64	)		(0.73	)		(6.78	)		(7.51	)		67.97		(9.08	)		146,993		0.78			0.78			0.93			24
Year ended 08/31/21		61.60		0.63		23.88			24.51			(0.81	)		(3.18	)		(3.99	)		82.12		41.44			147,581		0.77			0.77			0.88			23
Year ended 08/31/20		59.63		0.83		3.84			4.67			(0.87	)		(1.83	)		(2.70	)		61.60		7.80	^(d)		127,559		0.78			0.78			1.42			26
Year ended 08/31/19		63.64		0.77		(1.36	)		(0.59	)		(0.67	)		(2.75	)		(3.42	)		59.63		(0.33	)		135,225		0.77			0.77			1.30			22
Class Y
Year ended 08/31/23		69.44		1.14		4.28			5.42			(0.93	)		(4.55	)		(5.48	)		69.38		8.38			2,188,760		0.27			0.27			1.69			20
Year ended 08/31/22		83.74		1.10		(7.50	)		(6.40	)		(1.12	)		(6.78	)		(7.90	)		69.44		(8.64	)		2,248,749		0.28			0.28			1.43			24
Year ended 08/31/21		62.74		1.01		24.32			25.33			(1.15	)		(3.18	)		(4.33	)		83.74		42.15			2,671,007		0.27			0.27			1.38			23
Year ended 08/31/20		60.67		1.15		3.93			5.08			(1.18	)		(1.83	)		(3.01	)		62.74		8.35	^(d)		2,106,008		0.28			0.28			1.92			26
Year ended 08/31/19		64.71		1.08		(1.40	)		(0.32	)		(0.97	)		(2.75	)		(3.72	)		60.67		0.18			2,902,956		0.27			0.27			1.80			22
Class R6
Year ended 08/31/23		69.59		1.21		4.28			5.49			(0.95	)		(4.55	)		(5.50	)		69.58		8.48			589,680		0.18			0.18			1.78			20
Year ended 08/31/22		83.90		1.18		(7.51	)		(6.33	)		(1.20	)		(6.78	)		(7.98	)		69.59		(8.54	)		561,218		0.19			0.19			1.52			24
Year ended 08/31/21		62.86		1.09		24.36			25.45			(1.23	)		(3.18	)		(4.41	)		83.90		42.30			910,010		0.16			0.16			1.49			23
Year ended 08/31/20		60.78		1.22		3.94			5.16			(1.25	)		(1.83	)		(3.08	)		62.86		8.47	^(d)		740,456		0.16			0.16			2.04			26
Year ended 08/31/19		64.83		1.15		(1.40	)		(0.25	)		(1.05	)		(2.75	)		(3.80	)		60.78		0.29			1,024,706		0.16			0.16			1.91			22

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been 6.49%, 5.61%, 6.21%, 6.78% and 6.90% for Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.93% and 0.94% for the years ended August 31, 2021 and 2018, respectively.

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


19		Invesco Equally-Weighted S&P 500 Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


20		Invesco Equally-Weighted S&P 500 Fund

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.

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.

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.

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.


21		Invesco Equally-Weighted S&P 500 Fund

letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $27,035 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.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument 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.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $2 billion		0.120%


Over $ 2 billion		0.100%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.11%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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, 2023, the Adviser waived advisory fees of $34,802.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class C shares and Class R shares to reimburse IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will reimburse annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. The fees are accrued daily and paid monthly. 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, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $497,507 in front-end sales commissions from the sale of Class A shares and $8,007 and $25,181 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $209,816 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.


22		Invesco Equally-Weighted S&P 500 Fund

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	6,299,996,085		$	–		$–	$6,299,996,085

Money Market Funds		25,554,049			218,191,620		–	243,745,669

Total Investments in Securities		6,325,550,134			218,191,620		–	6,543,741,754

Other Investments - Liabilities*

Futures Contracts		(168,231	)		–		–	(168,231)

Total Investments	$	6,325,381,903		$	218,191,620		$–	$6,543,573,523

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2023:


	Value
Derivative Liabilities	Equity Risk


Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	(168,231	)


Derivatives not subject to master netting agreements		168,231


Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain (Loss) on Statement of Operations
	Equity Risk


Realized Gain:
Futures contracts		$5,828,423


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(445,128)


Total		$5,383,295

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


	Futures Contracts


Average notional value	$	35,062,744


23		Invesco Equally-Weighted S&P 500 Fund

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	93,259,970	$	298,055,277


Long-term capital gain		403,619,514		382,283,551


Total distributions	$	496,879,484	$	680,338,828

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	75,102,076


Undistributed long-term capital gain		131,038,411


Net unrealized appreciation – investments		2,957,367,601


Temporary book/tax differences		(188,789	)


Shares of beneficial interest		3,168,025,151


Total net assets	$	6,331,344,450

The Fund does not have a capital loss carryforward as of August 31, 2023.

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, 2023 was $1,254,918,092 and $1,623,355,006, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	3,063,232,531


Aggregate unrealized (depreciation) of investments		(105,864,930	)


Net unrealized appreciation of investments	$	2,957,367,601

Cost of investments for tax purposes is $3,586,205,922.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, on August 31, 2023, undistributed net investment income was increased by $1,739, undistributed net realized gain was increased by $45,560 and shares of beneficial interest was decreased by $47,299. This reclassification had no effect on the net assets of the Fund.


24		Invesco Equally-Weighted S&P 500 Fund

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	August 31, 2023^(a)						August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		3,550,290		$	236,640,132			3,615,028		$	274,289,380


Class C		757,037			47,474,545			766,506			55,091,421


Class R		732,338			48,409,714			594,426			44,284,491


Class Y		7,498,069			509,845,358			6,133,992			468,254,247


Class R6		1,356,154			91,833,344			1,634,835			125,913,809



Issued as reinvestment of dividends:
Class A		2,911,314			185,392,475			3,207,507			246,176,187


Class C		798,907			47,782,627			1,022,234			74,428,870


Class R		190,686			12,039,940			180,083			13,736,685


Class Y		2,129,933			137,636,274			2,427,964			188,555,664


Class R6		641,704			41,563,154			727,726			56,595,240



Automatic conversion of Class C shares to Class A shares:
Class A		2,184,788			145,496,726			1,572,192			118,007,098


Class C		(2,328,673	)		(145,496,726	)		(1,661,097	)		(118,007,098	)



Reacquired:
Class A		(6,039,107	)		(404,113,009	)		(5,336,814	)		(401,523,795	)


Class C		(1,437,750	)		(89,858,765	)		(1,511,113	)		(108,354,981	)


Class R		(491,237	)		(32,366,300	)		(408,831	)		(30,436,303	)


Class Y		(10,464,322	)		(706,958,854	)		(8,074,992	)		(616,854,888	)


Class R6		(1,588,235	)		(107,978,552	)		(5,143,568	)		(424,240,039	)


Net increase (decrease) in share activity		401,896		$	17,342,083			(253,922	)	$	(34,084,012	)

^(a)

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


25		Invesco Equally-Weighted S&P 500 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 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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2023 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 23, 2023


26		Invesco Equally-Weighted S&P 500 Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,030.40	$2.66	$1,022.58	$2.65	0.52%
Class C	1,000.00	1,026.40	6.49	1,018.80	6.46	1.27
Class R	1,000.00	1,028.90	3.94	1,021.32	3.92	0.77
Class Y	1,000.00	1,031.50	1.38	1,023.84	1.38	0.27
Class R6	1,000.00	1,032.00	0.92	1,024.30	0.92	0.18

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


27		Invesco Equally-Weighted S&P 500 Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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

part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal 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 2, 2023 and June 13, 2023, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 noted a delay in rebalancing to the Fund’s underlying index that occurred in 2020, and considered information regarding steps Invesco Advisers took to remediate the impact of that delay, including making a pay-in to the Fund and enhancing compliance controls. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

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.


28		Invesco Equally-Weighted S&P 500 Fund

best performing funds and the fifth quintile being the worst performing funds). 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 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 a 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 also considered that the Fund underwent a change in portfolio management in 2020, 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

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 effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

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 difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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 realized as to that 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


29		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.


30		Invesco Equally-Weighted S&P 500 Fund

Tax Information

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, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions		$403,619,514
Qualified Dividend Income*		75.30%
Corporate Dividends Received Deduction*		72.82%
U.S. Treasury Obligations*		0.00%
Qualified Business Income*		5.15%
Business Interest Income*		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		$12,567,354


31		Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Equally-Weighted S&P 500 Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Equally-Weighted S&P 500 Fund

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		MS-EWSP-AR-1

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco Equity and Income Fund

Nasdaq:

A: ACEIX ∎ C: ACERX ∎ R: ACESX ∎ Y: ACETX ∎ R5: ACEKX ∎ R6: IEIFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

18		Financial Statements

21		Financial Highlights

22		Notes to Financial Statements

29		Report of Independent Registered Public Accounting Firm

30		Fund Expenses

31		Approval of Investment Advisory and Sub-Advisory Contracts

34		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Equity and Income Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Value Index, the Fund’s broad market benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	5.26	%
Class C Shares	4.43
Class R Shares	4.87
Class Y Shares	5.54
Class R5 Shares	5.48
Class R6 Shares	5.56
Russell 1000 Value Index^▼(Broad Market Index)	8.59
Bloomberg U.S. Government/Credit Index^▼(Style-Specific Index)	-0.87
Lipper Mixed-Asset Target Allocation Growth Funds Index^∎(Peer Group Index)	8.86

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

Within the Russell 1000 Value Index, nine out of eleven sectors posted gains for the fiscal year. Industrials, information technology (IT) and communication had the highest returns, while utilities and real estate declined.

In the equity portion of the Fund, stock selection in the IT sector was a positive contributor to relative performance during the fiscal year, due in part to Lam Research. The stock traded higher amid improving investor sentiment for semiconductors, as the cyclical slowdown in the industry appeared to be nearing an end. Despite a difficult environment for chipmakers, the company has executed well, and we maintained our position in the company at fiscal year-end.

Stock selection and an underweight in utilities and real estate also aided relative performance, as these were the weakest sectors within the benchmark for the fiscal year.

Stock selection in consumer discretionary also contributed to the Fund’s relative return, due largely to TJX Companies. The company, which owns off price retailers T.J. Maxx, Marshall’s and Home Goods, reported better-than-expected profit margins and earnings due to strong same store sales at T.J. Maxx and Marshall’s. The company has a more flexible business model than traditional retailers, which in our opinion, has been an advantage in a difficult retail environment. We maintained our position in the stock at fiscal year-end.

Stock selection in financials was the largest detractor from relative performance for the fiscal year, as the failure of several regional banks in March weighed on the overall banking industry and Fund holdings such as Bank of America, Citizens Financial and PNC Financial Services. Charles Schwab was also affected by the banking crisis as investors became concerned about the company’s banking operation’s access to capital. While Charles Schwab’s deposits have exposure to bond losses, we believe the company has adequate liquidity and reserves to meet client withdrawals. Unrelated to banks, electronic payments firm PayPal was a significant detractor in financials. The company reported strong earnings but reduced its margin outlook for the full fiscal year due to growth in its Braintree unit, which includes Venmo. While the Braintree segment is taking share, it has lower profit margins than the flagship business. We maintained our positions in these holdings at fiscal year-end.

Stock selection in energy also detracted from relative performance, due primarily to Devon Energy, an oil and gas producer based in Oklahoma. The company faced a challenging environment as natural gas prices were low for most of the fiscal year, and oil prices


2		Invesco Equity and Income Fund

traded in a narrow range for much the period. Additionally, higher costs and investor concerns about productivity declines in its Permian assets weighed on the stock. We held this stock at fiscal year-end.

Stock selection in the communication services sector was another detractor from relative performance, due primarily to media giant Walt Disney. The company reported earnings that were generally in line with expectations, but the company is losing subscribers from its Disney+ streaming platform. The stock sold off amid investor concerns about long-term growth and profitability in that segment of the business. We maintained our position in Walt Disney at fiscal year-end, as we believe the company’s diversified revenue stream should be able to withstand a period of declining subscriber growth.

The Fund holds investment-grade bonds and convertible securities as a source of income and to provide a measure of stability amid market volatility. Both asset classes underperformed the Russell 1000 Value Index and detracted from the Fund’s relative performance during the fiscal year.

The Fund held currency-forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Fund. These derivatives were not for speculative purposes or leverage, and these positions had negligible impact on the Fund’s relative performance for the fiscal year.

Within the equity portion of the Fund, the team increased the Fund’s exposure to communication services and IT and reduced exposure to consumer discretionary and financials. At fiscal year-end, the Fund’s largest absolute sector exposures were in financials, health care and IT. The largest overweight exposures relative to the Russell 1000 Value Index were in communication services, IT and energy, while the largest underweights were in utilities, materials and consumer staples.

As always, we thank you for your investment in Invesco Equity and Income Fund and for sharing our long-term investment horizon.

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Lipper Inc.

Portfolio manager(s):

Chuck Burge

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - Lead

completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Equity and Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Equity and Income Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (8/3/60)	9.73	%
10 Years	6.56
5 Years	4.58
1 Year	-0.55

Class C Shares
Inception (7/6/93)	8.60	%
10 Years	6.54
5 Years	4.98
1 Year	3.45

Class R Shares
Inception (10/1/02)	7.45	%
10 Years	6.90
5 Years	5.50
1 Year	4.87

Class Y Shares
Inception (12/22/04)	6.96	%
10 Years	7.44
5 Years	6.03
1 Year	5.54

Class R5 Shares
Inception (6/1/10)	8.80	%
10 Years	7.50
5 Years	6.09
1 Year	5.48

Class R6 Shares
Inception (9/24/12)	8.28	%
10 Years	7.59
5 Years	6.17
1 Year	5.56

Effective June 1, 2010, Class A, Class C, Class I and Class R shares of the predecessor fund, Van Kampen Equity and Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C, Class Y and Class R shares, respectively, of Invesco Van Kampen Equity and Income Fund (renamed Invesco Equity and Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Equity and Income Fund

Supplemental Information

Invesco Equity and Income Fund’s investment objective is current income and, secondarily, capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/ servicemark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Bloomberg U.S. Government/Credit Index is a broad-based benchmark that includes investment-grade, US dollar-denominated, fixed-rate Treasuries and government-related and corporate securities.

∎	The Lipper Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index considered representative of mixed-asset target allocation growth funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

senior representatives from relevant business groups at Invesco.

Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Equity and Income Fund

Fund Information

Portfolio Composition


By security type		% of total net assets

Common Stocks & Other Equity Interests			64.25	%

U.S. Dollar Denominated Bonds & Notes			20.01

U.S. Treasury Securities			10.28

Security Types Each Less Than 1% of Portfolio			0.73

Money Market Funds Plus Other Assets Less Liabilities			4.73

Top 10 Equity Holdings*

		% of total net assets

1.	Wells Fargo & Co.		2.37	%

2.	CBRE Group, Inc., Class A		1.86

3.	ConocoPhillips		1.85

4.	Bank of America Corp.		1.68

5.	Exxon Mobil Corp.		1.67

6.	Alphabet, Inc., Class A		1.56

7.	American International Group, Inc.		1.37

8.	Johnson & Johnson		1.35

9.	Cisco Systems, Inc.		1.30

10.	Sanofi		1.29

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Equity and Income Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value
Common Stocks & Other Equity Interests–64.25%
Aerospace & Defense–1.69%

RTX Corp.		1,188,805	$ 102,284,782

Textron, Inc.		1,227,911	95,420,964

			197,705,746

Air Freight & Logistics–0.68%

FedEx Corp.		306,439	79,986,708

Apparel Retail–0.70%

TJX Cos., Inc. (The)		887,016	82,031,240

Application Software–1.42%

Salesforce, Inc.^(b)		357,698	79,215,799

Splunk, Inc.^(b)		714,225	86,606,924

			165,822,723

Asset Management & Custody Banks–1.01%

KKR & Co., Inc., Class A^(c)		1,890,771	118,759,326

Automobile Manufacturers–0.87%

General Motors Co.		3,032,409	101,616,026

Broadline Retail–1.17%

Amazon.com, Inc.^(b)		992,221	136,936,420

Building Products–1.15%

Johnson Controls International PLC		2,282,627	134,811,951

Cable & Satellite–1.71%

Charter Communications, Inc., Class A^(b)(c)		224,726	98,456,955

Comcast Corp., Class A		2,185,106	102,175,557

			200,632,512

Casinos & Gaming–0.74%

Las Vegas Sands Corp.		1,578,575	86,600,624

Communications Equipment–1.29%

Cisco Systems, Inc.		2,640,834	151,451,830

Consumer Finance–0.63%

American Express Co.		466,950	73,773,430

Distillers & Vintners–0.81%

Diageo PLC (United Kingdom)		2,321,488	95,165,765

Distributors–0.60%

Genuine Parts Co.		454,048	69,800,799

Diversified Banks–4.76%

Bank of America Corp.		6,852,873	196,471,869

PNC Financial Services Group, Inc. (The)		687,539	83,006,583

Wells Fargo & Co.		6,725,181	277,682,724

			557,161,176

Electric Utilities–1.65%

American Electric Power Co., Inc.		870,591	68,254,335

Exelon Corp.		1,573,868	63,143,584


	Shares		Value
Electric Utilities–(continued)

FirstEnergy Corp.		1,720,131	$ 62,045,125

			193,443,044

Electrical Components & Equipment–0.63%

Emerson Electric Co.		753,713	74,052,302

Electronic Manufacturing Services–0.63%

TE Connectivity Ltd.		558,400	73,926,576

Fertilizers & Agricultural Chemicals–0.48%

Corteva, Inc.		1,113,227	56,229,096

Food Distributors–1.35%

Sysco Corp.^(c)		1,310,866	91,301,817

US Foods Holding Corp.^(b)		1,635,187	66,110,610

			157,412,427

Gold–0.49%

Barrick Gold Corp. (Canada)		3,523,099	57,109,435

Health Care Equipment–1.76%

GE HealthCare Technologies, Inc.		808,107	56,931,138

Medtronic PLC		1,478,959	120,535,158

Zimmer Biomet Holdings, Inc.		237,506	28,291,715

			205,758,011

Health Care Facilities–0.44%

Universal Health Services, Inc., Class B		378,181	50,940,981

Health Care Services–1.61%

Cigna Group (The)		413,960	114,360,590

CVS Health Corp.		1,133,884	73,895,220

			188,255,810

Industrial Machinery & Supplies & Components–1.85%

Parker-Hannifin Corp.		354,524	147,801,056

Stanley Black & Decker, Inc.		721,993	68,141,699

			215,942,755

Insurance Brokers–0.98%

Willis Towers Watson PLC		553,459	114,433,183

Integrated Oil & Gas–2.78%

Chevron Corp.		365,170	58,828,887

Exxon Mobil Corp.		1,760,830	195,786,688

Shell PLC (Netherlands)		2,305,389	70,487,164

			325,102,739

Interactive Media & Services–2.63%

Alphabet, Inc., Class A^(b)		1,341,995	182,739,459

Meta Platforms, Inc., Class A^(b)		421,090	124,596,320

			307,335,779

Investment Banking & Brokerage–1.73%

Charles Schwab Corp. (The)		1,347,698	79,716,337

Goldman Sachs Group, Inc. (The)		375,024	122,899,115

			202,615,452

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


8		Invesco Equity and Income Fund


	Shares		Value
IT Consulting & Other Services–0.82%

Cognizant Technology Solutions Corp., Class A		1,343,209	$ 96,187,196

Managed Health Care–1.31%

Centene Corp.^(b)		1,691,162	104,260,137

Elevance Health, Inc.		110,431	48,811,607

			153,071,744

Movies & Entertainment–0.74%

Walt Disney Co. (The)^(b)		1,037,170	86,790,386

Multi-line Insurance–1.37%

American International Group, Inc.		2,732,715	159,918,482

Oil & Gas Exploration & Production–3.31%

ConocoPhillips		1,816,585	216,228,113

Devon Energy Corp.^(c)		1,134,146	57,943,519

Pioneer Natural Resources Co.		476,997	113,491,896

			387,663,528

Oil & Gas Refining & Marketing–0.69%

Phillips 66		705,594	80,550,611

Packaged Foods & Meats–0.66%

Kraft Heinz Co. (The)		2,322,459	76,850,168

Pharmaceuticals–5.34%

Bristol-Myers Squibb Co.^(c)		1,910,956	117,810,437

GSK PLC		3,100,180	54,382,451

Johnson & Johnson		975,715	157,753,601

Merck & Co., Inc.		987,520	107,619,930

Pfizer, Inc.		1,044,577	36,957,134

Sanofi		1,418,336	150,927,446

			625,450,999

Rail Transportation–0.76%

CSX Corp.		2,954,980	89,240,396

Real Estate Services–1.86%

CBRE Group, Inc., Class A^(b)		2,555,720	217,363,986

Regional Banks–0.48%

Citizens Financial Group, Inc.		2,010,863	56,565,576

Semiconductor Materials & Equipment–0.69%

Lam Research Corp.		114,451	80,390,382

Semiconductors–2.02%

Intel Corp.		2,304,944	80,995,732

Micron Technology, Inc.		1,021,133	71,418,042

NXP Semiconductors N.V. (China)		405,818	83,484,879

			235,898,653

Specialty Chemicals–0.69%

DuPont de Nemours, Inc.		1,056,495	81,233,901

Systems Software–0.72%

Oracle Corp.		695,510	83,732,449

Tobacco–1.23%

Philip Morris International, Inc.		1,502,236	144,304,790

Trading Companies & Distributors–1.27%

Ferguson PLC^(c)		921,405	148,862,192


	Shares		Value
Transaction & Payment Processing Services–1.10%

Fiserv, Inc.^(b)		870,772	$ 105,703,013

PayPal Holdings, Inc.^(b)		360,055	22,507,038

			128,210,051

Wireless Telecommunication Services–0.95%

T-Mobile US, Inc.^(b)		813,222	110,801,497
Total Common Stocks & Other Equity Interests (Cost $5,756,226,996)			7,517,900,853

	Principal Amount

U.S. Dollar Denominated Bonds & Notes–20.01%
Advertising–0.05%

Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026	$	5,660,000	5,418,132

Aerospace & Defense–0.20%

Boeing Co. (The), 5.81%, 05/01/2050		16,525,000	16,100,057

Lockheed Martin Corp., 4.15%, 06/15/2053^(c)		5,231,000	4,417,595

RTX Corp., 4.45%, 11/16/2038		3,239,000	2,869,754

			23,387,406

Agricultural Products & Services–0.03%

Ingredion, Inc., 6.63%, 04/15/2037		3,940,000	4,005,567

Air Freight & Logistics–0.05%

FedEx Corp., 4.90%, 01/15/2034		4,310,000	4,167,412

United Parcel Service, Inc., 3.40%, 11/15/2046		2,608,000	1,958,920

			6,126,332

Alternative Carriers–0.50%

Liberty Latin America Ltd. (Puerto Rico), Conv., 2.00%, 07/15/2024		28,911,000	27,682,282

Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026^(d)		16,590,000	15,118,467

Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030^(d)		16,603,000	15,638,366

			58,439,115

Application Software–1.10%

Dropbox, Inc., Conv., 0.00%, 03/01/2026^(e)		51,429,000	49,294,697

Salesforce, Inc., 2.70%, 07/15/2041		10,414,000	7,444,922

Splunk, Inc., Conv., 1.13%, 06/15/2027		76,768,000	67,747,760

Workday, Inc., 3.50%, 04/01/2027^(c)		5,033,000	4,758,917

			129,246,296

Asset Management & Custody Banks–0.31%

Apollo Management Holdings L.P., 4.00%, 05/30/2024^(d)		4,260,000	4,193,159

BlackRock, Inc., 4.75%, 05/25/2033		14,671,000	14,262,713

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


9		Invesco Equity and Income Fund


	Principal Amount		Value
Asset Management & Custody Banks–(continued)

Brookfield Corp. (Canada), 4.00%, 01/15/2025	$	4,515,000	$ 4,392,354

KKR Group Finance Co. III LLC, 5.13%, 06/01/2044^(d)		3,217,000	2,788,581

KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032^(d)		11,051,000	10,364,579

			36,001,386

Automobile Manufacturers–0.08%

General Motors Co., 6.60%, 04/01/2036		4,317,000	4,342,748

Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032^(c)		5,448,000	4,767,206

			9,109,954

Biotechnology–1.38%
AbbVie, Inc.,
4.50%, 05/14/2035		7,233,000	6,808,431
4.05%, 11/21/2039		13,812,000	11,847,788
4.85%, 06/15/2044		5,815,000	5,323,290

Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027^(d)		35,337,000	34,453,575

Amgen, Inc., 5.25%, 03/02/2025		7,947,000	7,918,079
Halozyme Therapeutics, Inc., Conv.,
0.25%, 03/01/2027		49,785,000	43,532,004
1.00%, 08/15/2028		5,938,000	5,886,043

Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		16,496,000	17,867,230

Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		19,256,000	28,036,736

			161,673,176

Brewers–0.25%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. (Belgium),
4.70%, 02/01/2036		10,870,000	10,411,079
4.90%, 02/01/2046		6,301,000	5,866,434

Heineken N.V. (Netherlands), 3.50%, 01/29/2028^(c)(d)		9,734,000	9,191,811

Molson Coors Beverage Co., 4.20%, 07/15/2046		4,057,000	3,217,675

			28,686,999

Broadcasting–0.06%

Discovery Communications LLC, 4.90%, 03/11/2026^(c)		3,773,000	3,709,299

Paramount Global, 4.00%, 01/15/2026		3,773,000	3,624,173

			7,333,472

Broadline Retail–0.09%

Amazon.com, Inc., 2.88%, 05/12/2041		13,606,000	10,221,473

Cable & Satellite–1.16%
Cable One, Inc., Conv.,
0.00%, 03/15/2026^(e)		51,123,000	42,278,721
1.13%, 03/15/2028		26,544,000	20,080,536


	Principal Amount		Value
Cable & Satellite–(continued)

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025	$	5,660,000	$ 5,562,954
Comcast Corp.,
3.15%, 03/01/2026^(c)		11,319,000	10,813,176
4.15%, 10/15/2028^(c)		9,915,000	9,564,898
3.90%, 03/01/2038		8,010,000	6,838,317
2.89%, 11/01/2051		3,128,000	2,007,494
2.94%, 11/01/2056		4,539,000	2,826,985

Cox Communications, Inc., 2.95%, 10/01/2050^(d)		2,044,000	1,215,816

Liberty Broadband Corp., Conv., 3.13%, 04/06/2026^(d)(f)		33,219,000	34,962,997

			136,151,894

Commercial & Residential Mortgage Finance–0.06%

Aviation Capital Group LLC, 4.88%, 10/01/2025^(d)		7,745,000	7,467,224

Commodity Chemicals–0.04%

LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027^(d)		4,638,000	4,978,786

Computer & Electronics Retail–0.10%
Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		10,992,000	11,110,628
8.35%, 07/15/2046		69,000	84,709

			11,195,337

Consumer Finance–0.33%
American Express Co.,
3.38%, 05/03/2024		24,770,000	24,375,506
3.63%, 12/05/2024		3,423,000	3,334,701

General Motors Financial Co., Inc., 5.25%, 03/01/2026^(c)		5,467,000	5,385,881

Synchrony Financial, 3.95%, 12/01/2027		5,795,000	5,184,004

			38,280,092

Consumer Staples Merchandise Retail–0.16%

Dollar General Corp., 4.25%, 09/20/2024		18,724,000	18,437,050

Diversified Banks–1.03%
Bank of America Corp.,
3.25%, 10/21/2027^(c)		5,705,000	5,317,828
2.57%, 10/20/2032^(g)		8,683,000	6,962,813

BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024^(c)(d)		6,875,000	6,805,765
Citigroup, Inc.,
3.67%, 07/24/2028^(g)		5,405,000	5,029,124
6.68%, 09/13/2043		8,000,000	8,409,052
5.30%, 05/06/2044^(c)		2,765,000	2,519,556
4.75%, 05/18/2046		4,145,000	3,479,326

HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025^(g)		18,945,000	18,177,224

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


10		Invesco Equity and Income Fund


	Principal Amount		Value
Diversified Banks–(continued)
JPMorgan Chase & Co.,
3.20%, 06/15/2026	$	4,365,000	$ 4,138,421
3.51%, 01/23/2029^(g)		11,170,000	10,303,425
4.26%, 02/22/2048^(g)		5,355,000	4,499,621
3.90%, 01/23/2049^(g)		11,170,000	8,792,696

Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024^(d)		545,000	539,367

PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		7,450,000	6,726,898

Societe Generale S.A. (France), 5.00%, 01/17/2024^(d)		7,365,000	7,315,044

U.S. Bancorp, Series W, 3.10%, 04/27/2026^(c)		3,245,000	3,046,508
Wells Fargo & Co.,
3.55%, 09/29/2025		6,840,000	6,564,938
4.10%, 06/03/2026		4,515,000	4,332,752
4.65%, 11/04/2044^(c)		9,115,000	7,548,024

			120,508,382

Diversified Financial Services–0.05%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.85%, 10/29/2041		4,009,000	2,980,098

Blackstone Holdings Finance Co. LLC, 5.00%, 06/15/2044^(d)		3,975,000	3,396,068

			6,376,166

Diversified Metals & Mining–0.02%

Rio Tinto Finance (USA) Ltd. (Australia), 7.13%, 07/15/2028		2,175,000	2,376,901

Diversified REITs–0.07%

CubeSmart L.P., 2.50%, 02/15/2032^(c)		10,561,000	8,334,332

Drug Retail–0.07%

CVS Pass-Through Trust, 6.04%, 12/10/2028		4,390,852	4,410,639

Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034^(c)		4,519,000	3,951,735

			8,362,374

Electric Utilities–1.13%

Electricite de France S.A. (France), 4.88%, 01/22/2044^(d)		9,110,000	7,562,247

FirstEnergy Corp., Conv., 4.00%, 05/01/2026^(d)		49,904,000	48,609,161

Georgia Power Co., Series B, 3.70%, 01/30/2050		3,665,000	2,717,545

National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032^(c)		9,898,000	8,119,705

NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027^(c)		5,572,000	5,254,688

PPL Capital Funding, Inc., Conv., 2.88%, 03/15/2028^(d)		50,089,000	46,682,948

PPL Electric Utilities Corp., 6.25%, 05/15/2039		355,000	379,946


	Principal Amount		Value
Electric Utilities–(continued)
Xcel Energy, Inc.,
0.50%, 10/15/2023	$	5,750,000	$ 5,715,462
3.50%, 12/01/2049		10,280,000	7,167,048

			132,208,750

Electrical Components & Equipment–0.02%

Rockwell Automation, Inc., 1.75%, 08/15/2031		2,729,000	2,172,443

Financial Exchanges & Data–0.02%

Nasdaq, Inc., 5.95%, 08/15/2053^(c)		2,575,000	2,567,786

Health Care Equipment–0.49%

Becton, Dickinson and Co., 4.88%, 05/15/2044		3,739,000	3,183,505

Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		42,831,000	39,618,675

Medtronic, Inc., 4.38%, 03/15/2035		2,601,000	2,462,858

Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025^(d)		12,393,000	11,634,999

			56,900,037

Health Care REITs–0.16%

Welltower OP LLC, Conv., 2.75%, 05/15/2028^(d)		17,592,000	18,181,332

Health Care Services–0.14%

Cigna Group (The), 4.80%, 08/15/2038		3,240,000	2,989,180

CVS Health Corp., 3.38%, 08/12/2024		3,740,000	3,654,106

Laboratory Corp. of America Holdings, 4.70%, 02/01/2045		2,694,000	2,310,410

NXP B.V./NXP Funding LLC (China), 5.35%, 03/01/2026		7,660,000	7,615,134

			16,568,830

Health Care Supplies–0.06%

Lantheus Holdings, Inc., Conv., 2.63%, 12/15/2027^(d)		6,306,000	7,287,214

Health Care Technology–0.08%

NextGen Healthcare, Inc., Conv., 3.75%, 11/15/2027^(d)		9,190,000	9,419,750

Home Improvement Retail–0.03%

Lowe’s Cos., Inc., 4.25%, 04/01/2052		4,741,000	3,755,290

Homebuilding–0.02%

M.D.C. Holdings, Inc., 6.00%, 01/15/2043		2,117,000	1,852,796

Hotels, Resorts & Cruise Lines–0.45%

Airbnb, Inc., Conv., 0.00%, 03/15/2026^(e)		52,169,000	45,856,551

Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		4,265,000	7,192,070

			53,048,621

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


11		Invesco Equity and Income Fund


	Principal Amount		Value
Industrial Conglomerates–0.13%

Honeywell International, Inc., 4.50%, 01/15/2034	$	16,007,000	$ 15,464,360

Industrial Machinery & Supplies & Components–0.26%

John Bean Technologies Corp., Conv., 0.25%, 05/15/2026		33,206,000	30,632,535

Insurance Brokers–0.02%

Willis North America, Inc., 3.60%, 05/15/2024		2,470,000	2,429,940

Integrated Oil & Gas–0.37%

BP Capital Markets America, Inc., 2.94%, 06/04/2051		10,062,000	6,574,873

Chevron Corp., 2.95%, 05/16/2026		9,807,000	9,349,499
Exxon Mobil Corp.,
2.71%, 03/06/2025^(c)		5,658,000	5,457,893
3.04%, 03/01/2026		11,316,000	10,814,790

Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		11,316,000	10,959,960

			43,157,015

Integrated Telecommunication Services–0.34%
AT&T, Inc.,
4.30%, 02/15/2030		3,526,000	3,288,833
3.50%, 09/15/2053		7,328,000	4,827,076
3.55%, 09/15/2055		4,562,000	2,979,822
3.80%, 12/01/2057		3,619,000	2,442,840
Telefonica Emisiones S.A.U. (Spain),
4.67%, 03/06/2038		3,505,000	2,901,174
5.21%, 03/08/2047		6,725,000	5,639,980
Verizon Communications, Inc.,
3.38%, 02/15/2025^(c)		13,206,000	12,817,096
3.40%, 03/22/2041^(c)		5,788,000	4,301,023

			39,197,844

Interactive Home Entertainment–0.03%

Take-Two Interactive Software, Inc., 3.70%, 04/14/2027		3,559,000	3,374,399

Interactive Media & Services–0.41%
Meta Platforms, Inc., 5.60%, 05/15/2053^(c)		14,968,000	15,040,311
Snap, Inc., Conv., 0.75%, 08/01/2026		33,200,000	29,977,033

TripAdvisor, Inc., Conv., 0.25%, 04/01/2026		3,197,000	2,691,895

			47,709,239

Internet Services & Infrastructure–0.24%

Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		31,379,000	28,664,717

Investment Banking & Brokerage–1.74%
Goldman Sachs Group, Inc. (The),
4.25%, 10/21/2025^(c)		5,807,000	5,637,440
2.91%, 07/21/2042^(g)		3,205,000	2,215,676
GS Finance Corp.,
Series 0003, Conv., 0.50%, 04/11/2028		62,573,000	67,453,694
0.00%, 07/19/2029^(d)(e)		62,330,000	60,503,731
1.00%, 07/30/2029		62,338,000	61,203,448


	Principal Amount		Value
Investment Banking & Brokerage–(continued)

Morgan Stanley, 4.00%, 07/23/2025	$	6,870,000	$ 6,668,119

			203,682,108

Life & Health Insurance–0.63%

American Equity Investment Life Holding Co., 5.00%, 06/15/2027		8,671,000	8,322,365

Athene Global Funding, 2.75%, 06/25/2024^(d)		2,890,000	2,807,764

Brighthouse Financial, Inc., 3.85%, 12/22/2051		18,342,000	11,543,272

Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026^(d)		20,728,000	18,636,130

Guardian Life Global Funding, 2.90%, 05/06/2024^(d)		7,450,000	7,301,950

Jackson National Life Global Funding, 3.25%, 01/30/2024^(d)		4,885,000	4,826,038

Nationwide Financial Services, Inc., 5.30%, 11/18/2044^(d)		4,250,000	3,650,005

Pacific Life Global Funding II, 5.50%, 08/28/2026^(d)		13,319,000	13,370,177

Prudential Financial, Inc., 3.91%, 12/07/2047		4,898,000	3,804,435

			74,262,136

Life Sciences Tools & Services–0.17%

Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024^(c)		21,232,000	20,248,031

Managed Health Care–0.04%

UnitedHealth Group, Inc., 3.50%, 08/15/2039		5,806,000	4,742,527

Movies & Entertainment–0.32%

Liberty Media Corp-Liberty Formula One, Conv., 2.25%, 08/15/2027		3,159,000	3,277,441

TWDC Enterprises 18 Corp., 3.00%, 02/13/2026		3,773,000	3,594,127
Warnermedia Holdings, Inc.,
3.79%, 03/15/2025		16,392,000	15,873,375
5.05%, 03/15/2042		7,965,000	6,554,975
5.14%, 03/15/2052^(c)		9,886,000	7,886,183

			37,186,101

Multi-line Insurance–0.05%

Liberty Mutual Group, Inc., 3.95%, 05/15/2060^(d)		9,030,000	6,091,171

Multi-Utilities–0.08%

NiSource, Inc., 4.38%, 05/15/2047		6,015,000	4,941,042

Sempra, 3.80%, 02/01/2038^(c)		5,871,000	4,786,733

			9,727,775

Oil & Gas Exploration & Production–0.30%

Cameron LNG LLC, 3.70%, 01/15/2039^(d)		6,519,000	5,252,183

ConocoPhillips Co., 4.15%, 11/15/2034		2,403,000	2,181,586

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


12		Invesco Equity and Income Fund


	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)

Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029^(d)	$	21,570,000	$ 27,234,077

			34,667,846

Oil & Gas Refining & Marketing–0.03%

Valero Energy Corp., 4.00%, 06/01/2052^(c)		5,068,000	3,723,776

Oil & Gas Storage & Transportation–0.55%

Enbridge, Inc. (Canada), 5.97%, 03/08/2026		4,267,000	4,270,688
Energy Transfer L.P.,
Series 5Y, 4.20%, 09/15/2023		1,638,000	1,637,210
4.90%, 03/15/2035		3,640,000	3,330,877
5.30%, 04/01/2044		8,165,000	6,965,725
5.00%, 05/15/2050		7,684,000	6,332,252
Enterprise Products Operating LLC,
6.45%, 09/01/2040		555,000	593,078
4.25%, 02/15/2048		7,354,000	5,998,657
Kinder Morgan, Inc.,
4.30%, 06/01/2025^(c)		9,053,000	8,856,132
5.30%, 12/01/2034		4,203,000	4,001,273

MPLX L.P., 4.50%, 04/15/2038		8,564,000	7,262,852

Spectra Energy Partners L.P., 4.50%, 03/15/2045		5,468,000	4,404,691

Texas Eastern Transmission L.P., 7.00%, 07/15/2032		3,835,000	4,242,997

Williams Cos., Inc. (The), 5.40%, 03/02/2026		7,016,000	7,007,061

			64,903,493

Other Specialized REITs–0.14%

EPR Properties, 4.75%, 12/15/2026		17,525,000	16,112,192

Packaged Foods & Meats–0.01%

Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		648,000	631,116

Paper & Plastic Packaging Products & Materials–0.02%

International Paper Co., 6.00%, 11/15/2041		2,855,000	2,894,409

Passenger Airlines–0.29%

American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		2,493,606	2,279,110

JetBlue Airways Corp., Conv., 0.50%, 04/01/2026		16,208,000	12,814,045

Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026		11,355,000	9,646,072
United Airlines Pass-Through Trust,
Series 2012-1, Class A, 4.15%, 04/11/2024		2,919,924	2,884,523
Series 2014-2, Class A, 3.75%, 09/03/2026		3,167,119	2,984,999
Series 2018-1, Class AA, 3.50%, 03/01/2030		4,145,974	3,728,425

			34,337,174


	Principal Amount		Value
Personal Care Products–0.06%

Kenvue, Inc., 5.05%, 03/22/2053^(d)	$	7,142,000	$ 6,999,826

Pharmaceuticals–0.43%

Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028^(d)		9,800,000	9,313,870

Bristol-Myers Squibb Co., 4.13%, 06/15/2039		6,435,000	5,688,808

Haleon US Capital LLC, 4.00%, 03/24/2052^(c)		2,954,000	2,377,734

Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025		31,922,000	29,268,484

Zoetis, Inc., 4.70%, 02/01/2043		4,101,000	3,721,163

			50,370,059

Property & Casualty Insurance–0.14%
Allstate Corp. (The), 3.28%, 12/15/2026		3,260,000	3,082,811
Markel Group, Inc.,
5.00%, 03/30/2043		4,185,000	3,551,821
5.00%, 05/20/2049		5,140,000	4,509,236

Travelers Cos., Inc. (The), 4.60%, 08/01/2043		6,455,000	5,788,824

			16,932,692

Rail Transportation–0.43%

Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023		7,363,000	7,363,000

Canadian Pacific Railway Co. (Canada), 3.00%, 12/02/2041		3,965,000	3,294,356
Norfolk Southern Corp.,
3.85%, 01/15/2024		15,482,000	15,364,517
3.40%, 11/01/2049		4,879,000	3,458,567
5.35%, 08/01/2054^(c)		5,099,000	4,961,481
Union Pacific Corp.,
3.20%, 05/20/2041^(c)		10,131,000	7,736,127
4.15%, 01/15/2045		4,410,000	3,503,140
3.84%, 03/20/2060		5,560,000	4,269,906

			49,951,094

Reinsurance–0.08%

PartnerRe Finance B LLC, 3.70%, 07/02/2029^(c)		5,795,000	5,262,059

Reinsurance Group of America, Inc., 4.70%, 09/15/2023		3,711,000	3,708,798

			8,970,857

Renewable Electricity–0.04%

Oglethorpe Power Corp., 4.55%, 06/01/2044		5,806,000	4,556,810

Restaurants–0.06%

Starbucks Corp., 3.55%, 08/15/2029^(c)		7,440,000	6,895,607

Retail REITs–0.17%

Kimco Realty OP LLC, 3.20%, 04/01/2032^(c)		12,105,000	10,051,211

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


13		Invesco Equity and Income Fund


	Principal Amount		Value


Retail REITs–(continued)
Regency Centers L.P.,
2.95%, 09/15/2029	$	7,960,000	$	6,888,191


4.65%, 03/15/2049		2,970,000		2,411,992

				19,351,394


Self-Storage REITs–0.07%
Extra Space Storage L.P.,
3.50%, 07/01/2026		4,667,000		4,378,602


5.70%, 04/01/2028^(c)		3,806,000		3,825,933

				8,204,535


Semiconductors–0.85%
Broadcom, Inc., 3.47%, 04/15/2034^(d)		6,975,000		5,702,409


Marvell Technology, Inc., 2.45%, 04/15/2028^(c)		12,029,000		10,557,521


Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		51,688,000		55,661,515


Micron Technology, Inc.,
4.66%, 02/15/2030^(c)		7,270,000		6,818,802


3.37%, 11/01/2041		1,778,000		1,233,924


Texas Instruments, Inc., 2.63%, 05/15/2024		2,275,000		2,228,568


Wolfspeed, Inc., Conv., 1.88%, 12/01/2029^(d)		24,220,000		17,741,150

				99,943,889


Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047^(c)		1,665,000		1,421,071


Systems Software–0.23%
Microsoft Corp., 3.50%, 02/12/2035		4,259,000		3,880,575


Oracle Corp., 3.60%, 04/01/2040		10,910,000		8,263,020


VMware, Inc., 1.00%, 08/15/2024		14,992,000		14,333,395

				26,476,990


Technology Distributors–0.06%
Avnet, Inc., 4.63%, 04/15/2026		7,645,000		7,409,223


Technology Hardware, Storage & Peripherals–0.26%
Apple, Inc., 3.35%, 02/09/2027		3,495,000		3,341,920


Western Digital Corp., Conv., 1.50%, 02/01/2024		27,606,000		27,129,797

				30,471,717


Telecom Tower REITs–0.17%
American Tower Corp., 1.60%, 04/15/2026		8,541,000		7,718,458


Crown Castle, Inc.,
2.50%, 07/15/2031^(c)		14,073,000		11,355,092


4.75%, 05/15/2047		470,000		389,020

				19,462,570


Tobacco–0.23%
Altria Group, Inc., 5.80%, 02/14/2039^(c)		12,541,000		12,231,063


	Principal Amount		Value


Tobacco–(continued)
Philip Morris International, Inc.,
3.60%, 11/15/2023^(c)	$	3,940,000	$	3,924,433


4.88%, 11/15/2043		11,740,000		10,335,338

				26,490,834


Trading Companies & Distributors–0.09%
Air Lease Corp.,
3.00%, 09/15/2023		627,000		626,488


4.25%, 09/15/2024		4,355,000		4,276,331


Aircastle Ltd., 4.40%, 09/25/2023		5,510,000		5,501,255

				10,404,074


Transaction & Payment Processing Services–0.41%
Block, Inc., Conv., 0.13%, 03/01/2025		45,518,000		42,263,463


Fiserv, Inc., 3.80%, 10/01/2023		5,200,000		5,191,627

				47,455,090


Wireless Telecommunication Services–0.26%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042^(c)		6,610,000		5,658,650


Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043^(c)		6,080,000		4,869,831


4.30%, 02/15/2048		8,020,000		6,017,780


T-Mobile USA, Inc.,
2.70%, 03/15/2032		10,676,000		8,698,640


3.40%, 10/15/2052		7,422,000		5,034,707

				30,279,608

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,529,673,912)				2,341,968,539


U.S. Treasury Securities–10.28%
U.S. Treasury Bills–0.02%
4.75% - 5.23%, 04/18/2024^(h)(i)		2,061,000		1,992,578


U.S. Treasury Bonds–1.03%
4.50%, 02/15/2036		5,525,000		5,778,805


4.38%, 08/15/2043		57,578,900		57,434,953


3.63%, 05/15/2053		64,005,200		57,739,691

				120,953,449


U.S. Treasury Notes–9.23%
4.75%, 07/31/2025		312,913,000		312,094,047


4.38%, 08/15/2026		227,929,000		226,905,100


4.13%, 07/31/2028		307,741,900		305,962,767


4.00%, 07/31/2030		212,263,000		209,775,543


3.88%, 08/15/2033		25,556,300		25,103,075

				1,079,840,532

Total U.S. Treasury Securities (Cost $1,204,690,926)				1,202,786,559


	Shares
Preferred Stocks–0.55%
Asset Management & Custody Banks–0.20%
AMG Capital Trust II, 5.15%, Conv. Pfd.		483,000		23,884,350

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


14		Invesco Equity and Income Fund


	Shares		Value


Oil & Gas Storage & Transportation–0.35%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		875,900	$	40,624,242

Total Preferred Stocks (Cost $60,254,606)				64,508,592


	Principal Amount
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.13%
Federal Home Loan Mortgage Corp. (FHLMC)–0.07%
6.75%, 03/15/2031	$	7,000,001		8,069,200


5.50%, 02/01/2037		3		3

				8,069,203


Federal National Mortgage Association (FNMA)–0.06%
6.63%, 11/15/2030		6,315,000		7,192,520


7.00%, 07/01/2032		4,175		4,142

				7,196,662


Government National Mortgage Association (GNMA)–0.00%
8.00%, 06/15/2026 to 01/20/2031		4,067		4,087


7.50%, 12/20/2030		412		424

				4,511

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $17,461,928)				15,270,376


Municipal Obligations–0.05%
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057 (Cost $4,721,000)		4,721,000		5,285,303

Investment Abbreviations:


Conv.		– Convertible
Pfd.		– Preferred
RB		– Revenue Bonds


	Shares		Value


Money Market Funds–4.46%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(j)(k)		184,477,754	$	184,477,754


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(j)(k)		126,693,858		126,706,527


Invesco Treasury Portfolio, Institutional Class, 5.25%^(j)(k)		210,831,719		210,831,719

Total Money Market Funds (Cost $521,954,404)				522,016,000

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $10,094,983,772)				11,669,736,222


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.21%
Invesco Private Government Fund, 5.30%^(j)(k)(l)		39,668,762		39,668,762


Invesco Private Prime Fund, 5.51%^(j)(k)(l)		102,005,388		102,005,388

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $141,677,820)				141,674,150

TOTAL INVESTMENTS IN SECURITIES–100.94% (Cost $10,236,661,592)				11,811,410,372

OTHER ASSETS LESS LIABILITIES–(0.94)%				(110,244,036	)

NET ASSETS–100.00%			$	11,701,166,336

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


15		Invesco Equity and Income Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $497,237,737, which represented 4.25% of the Fund’s Net Assets.

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

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

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

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

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

^(j)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	193,530,051	$	638,079,648	$	(647,131,945	)	$	-		$	-	$	184,477,754	$	8,326,470
Invesco Liquid Assets Portfolio, Institutional Class		133,184,545		455,771,178		(462,237,104	)		(39,918	)		27,826		126,706,527		5,889,613
Invesco Treasury Portfolio, Institutional Class		221,177,201		729,233,883		(739,579,365	)		-			-		210,831,719		9,501,342
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		48,966,219		737,740,242		(747,037,699	)		-			-		39,668,762		1,809,272	*
Invesco Private Prime Fund		125,913,139		1,560,381,366		(1,584,285,602	)		(13,954	)		10,439		102,005,388		4,948,588	*
Total	$	722,771,155	$	4,121,206,317	$	(4,180,271,715	)	$	(53,872	)	$	38,265	$	663,690,150	$	30,475,285

^(k)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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


Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 5 Year Notes		100		December-2023	$	(10,692,188	)	$	(86,921	)	$(86,921)
U.S. Treasury 10 Year Notes		221		December-2023		(24,537,906	)		(307,808	)	(307,808)
U.S. Treasury 10 Year Ultra Notes		312		December-2023		(36,226,125	)		(553,989	)	(553,989)
Total Futures Contracts								$	(948,718	)	$(948,718)

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized

Date

Counterparty

Deliver

Receive

Appreciation

Currency Risk

09/29/2023

Bank of New York Mellon (The)

EUR

109,316,171

USD

118,771,364

$97,750

09/29/2023

Bank of New York Mellon (The)

GBP

124,723,952

USD

158,850,545

832,452

09/29/2023

State Street Bank & Trust Co.

EUR

1,096,855

USD

1,191,046

300

09/29/2023

State Street Bank & Trust Co.

GBP

6,947,531

USD

8,842,208

40,085

09/29/2023

State Street Bank & Trust Co.

USD

5,853,203

EUR

5,410,067

19,965

Total Forward Foreign Currency Contracts

$990,552

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


16		Invesco Equity and Income Fund


Abbreviations:

EUR		– Euro
GBP		– British Pound Sterling
USD		– U.S. Dollar

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


17		Invesco Equity and Income Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $9,573,029,368)*	$	11,147,720,222


Investments in affiliated money market funds, at value (Cost $663,632,224)		663,690,150


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		990,552


Foreign currencies, at value (Cost $614)		608


Receivable for:
Investments sold		9,547,814


Fund shares sold		2,324,260


Dividends		20,837,230


Foreign withholding tax claims		1,571,286


Interest		23,693,670


Investment for trustee deferred compensation and retirement plans		964,393


Other assets		116,674

Total assets		11,871,456,859


Liabilities:
Other investments:
Variation margin payable – futures contracts		131,159


Payable for:
Investments purchased		12,119,220


Fund shares reacquired		8,152,895


Collateral upon return of securities loaned		141,677,820


Accrued fees to affiliates		6,871,431


Accrued trustees’ and officers’ fees and benefits		7,046


Accrued other operating expenses		256,737


Trustee deferred compensation and retirement plans		1,074,215

Total liabilities		170,290,523

Net assets applicable to shares outstanding	$	11,701,166,336



Net assets consist of:
Shares of beneficial interest	$	9,730,663,456


Distributable earnings		1,970,502,880

	$	11,701,166,336


Net Assets:
Class A	$	9,563,996,516


Class C	$	230,927,566


Class R	$	103,246,969


Class Y	$	706,187,172


Class R5	$	201,309,557


Class R6	$	895,498,556



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		946,384,459


Class C		23,417,935


Class R		10,141,041


Class Y		69,877,174


Class R5		19,915,408


Class R6		88,624,320


Class A:
Net asset value per share	$	10.11


Maximum offering price per share (Net asset value of $10.11 ÷ 94.50%)	$	10.70


Class C:
Net asset value and offering price per share	$	9.86


Class R:
Net asset value and offering price per share	$	10.18


Class Y:
Net asset value and offering price per share	$	10.11


Class R5:
Net asset value and offering price per share	$	10.11


Class R6:
Net asset value and offering price per share	$	10.10

*	At August 31, 2023, securities with an aggregate value of $137,165,388 were on loan to brokers.

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


18		Invesco Equity and Income Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Interest	$	120,390,734


Dividends (net of foreign withholding taxes of $(172,133))		177,725,007


Dividends from affiliated money market funds (includes net securities lending income of $459,683)		24,177,108


Foreign withholding tax claims		1,551,625

Total investment income		323,844,474


Expenses:
Advisory fees		41,477,487


Administrative services fees		1,660,860


Custodian fees		66,078


Distribution fees:
Class A		23,955,494


Class C		2,503,397


Class R		510,262


Transfer agent fees – A, C, R and Y		15,723,987


Transfer agent fees – R5		208,692


Transfer agent fees – R6		259,624


Trustees’ and officers’ fees and benefits		110,374


Registration and filing fees		301,486


Reports to shareholders		613,191


Professional services fees		173,375


Other		181,890

Total expenses		87,746,197

Less: Fees waived and/or expense offset arrangement(s)		(687,982	)

Net expenses		87,058,215

Net investment income		236,786,259



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		521,628,761


Affiliated investment securities		38,265


Foreign currencies		18,853


Forward foreign currency contracts		(10,274,275	)


Futures contracts		5,378,913

		516,790,517

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(152,987,020	)


Affiliated investment securities		(53,872	)


Foreign currencies		74,988


Forward foreign currency contracts		(3,425,470	)


Futures contracts		(1,244,724	)

		(157,636,098	)

Net realized and unrealized gain		359,154,419

Net increase in net assets resulting from operations	$	595,940,678

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


19		Invesco Equity and Income Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022

Operations:
Net investment income	$	236,786,259		$	163,277,517


Net realized gain		516,790,517			725,789,493


Change in net unrealized appreciation (depreciation)		(157,636,098	)		(1,684,944,417	)

Net increase (decrease) in net assets resulting from operations		595,940,678			(795,877,407	)


Distributions to shareholders from distributable earnings:
Class A		(636,317,908	)		(1,331,277,071	)


Class C		(15,955,994	)		(41,341,537	)


Class R		(6,375,594	)		(12,970,924	)


Class Y		(50,369,784	)		(97,780,944	)


Class R5		(14,865,104	)		(31,158,054	)


Class R6		(59,659,126	)		(116,375,441	)

Total distributions from distributable earnings		(783,543,510	)		(1,630,903,971	)


Share transactions–net:
Class A		61,650,542			798,338,222


Class C		(39,351,727	)		(24,089,966	)


Class R		7,760,427			2,482,302


Class Y		15,704,564			67,528,652


Class R5		(12,905,500	)		20,447,063


Class R6		63,488,724			100,549,556

Net increase in net assets resulting from share transactions		96,347,030			965,255,829

Net increase (decrease) in net assets		(91,255,802	)		(1,461,525,549	)


Net assets:
Beginning of year		11,792,422,138			13,253,947,687

End of year	$	11,701,166,336		$	11,792,422,138

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


20		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 value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 08/31/23		$	10.27		$	0.20		$	0.33			$	0.53			$	(0.22	)		$	(0.47	)		$	(0.69	)		$	10.11		5.26	%		$	9,563,997		0.77	%		0.78	%		1.99	%		142	%
Year ended 08/31/22			12.52			0.14			(0.83	)			(0.69	)			(0.16	)			(1.40	)			(1.56	)			10.27		(6.36	)			9,654,157		0.78			0.78			1.25			152
Year ended 08/31/21			9.83			0.13			2.87				3.00				(0.17	)			(0.14	)			(0.31	)			12.52		31.02				10,841,867		0.78			0.78			1.10			127
Year ended 08/31/20			10.12			0.17			0.18				0.35				(0.19	)			(0.45	)			(0.64	)			9.83		3.53				9,034,006		0.78			0.79			1.75			133
Year ended 08/31/19			11.10			0.19			(0.36	)			(0.17	)			(0.21	)			(0.60	)			(0.81	)			10.12		(0.96	)			9,845,902		0.78			0.79			1.87			138
Class C
Year ended 08/31/23			10.03			0.12			0.32				0.44				(0.14	)			(0.47	)			(0.61	)			9.86		4.43	^(d)			230,928		1.50	^(d)		1.51	^(d)		1.26	^(d)		142
Year ended 08/31/22			12.25			0.06			(0.81	)			(0.75	)			(0.07	)			(1.40	)			(1.47	)			10.03		(7.01	)			275,540		1.53			1.53			0.50			152
Year ended 08/31/21			9.63			0.04			2.81				2.85				(0.09	)			(0.14	)			(0.23	)			12.25		29.94				362,829		1.53			1.53			0.35			127
Year ended 08/31/20			9.91			0.10			0.19				0.29				(0.12	)			(0.45	)			(0.57	)			9.63		2.87				402,761		1.53			1.54			1.00			133
Year ended 08/31/19			10.89			0.12			(0.36	)			(0.24	)			(0.14	)			(0.60	)			(0.74	)			9.91		(1.75	)^(d)			576,794		1.49	^(d)		1.50	^(d)		1.16	^(d)		138
Class R
Year ended 08/31/23			10.35			0.18			0.31				0.49				(0.19	)			(0.47	)			(0.66	)			10.18		4.87				103,247		1.02			1.03			1.74			142
Year ended 08/31/22			12.59			0.11			(0.82	)			(0.71	)			(0.13	)			(1.40	)			(1.53	)			10.35		(6.48	)			96,887		1.03			1.03			1.00			152
Year ended 08/31/21			9.89			0.10			2.88				2.98				(0.14	)			(0.14	)			(0.28	)			12.59		30.61				114,169		1.03			1.03			0.85			127
Year ended 08/31/20			10.17			0.15			0.19				0.34				(0.17	)			(0.45	)			(0.62	)			9.89		3.35				118,249		1.03			1.04			1.50			133
Year ended 08/31/19			11.16			0.17			(0.37	)			(0.20	)			(0.19	)			(0.60	)			(0.79	)			10.17		(1.30	)			148,055		1.03			1.04			1.62			138
Class Y
Year ended 08/31/23			10.27			0.22			0.33				0.55				(0.24	)			(0.47	)			(0.71	)			10.11		5.54				706,187		0.52			0.53			2.24			142
Year ended 08/31/22			12.52			0.17			(0.83	)			(0.66	)			(0.19	)			(1.40	)			(1.59	)			10.27		(6.12	)			702,847		0.53			0.53			1.50			152
Year ended 08/31/21			9.84			0.15			2.87				3.02				(0.20	)			(0.14	)			(0.34	)			12.52		31.22				778,769		0.53			0.53			1.35			127
Year ended 08/31/20			10.12			0.19			0.20				0.39				(0.22	)			(0.45	)			(0.67	)			9.84		3.91				749,507		0.53			0.54			2.00			133
Year ended 08/31/19			11.11			0.22			(0.37	)			(0.15	)			(0.24	)			(0.60	)			(0.84	)			10.12		(0.81	)			987,287		0.53			0.54			2.12			138
Class R5
Year ended 08/31/23			10.28			0.23			0.32				0.55				(0.25	)			(0.47	)			(0.72	)			10.11		5.48				201,310		0.47			0.48			2.29			142
Year ended 08/31/22			12.52			0.18			(0.82	)			(0.64	)			(0.20	)			(1.40	)			(1.60	)			10.28		(5.98	)			218,033		0.48			0.48			1.55			152
Year ended 08/31/21			9.84			0.16			2.86				3.02				(0.20	)			(0.14	)			(0.34	)			12.52		31.28				242,934		0.46			0.46			1.42			127
Year ended 08/31/20			10.12			0.20			0.19				0.39				(0.22	)			(0.45	)			(0.67	)			9.84		3.98				235,461		0.47			0.48			2.06			133
Year ended 08/31/19			11.11			0.22			(0.36	)			(0.14	)			(0.25	)			(0.60	)			(0.85	)			10.12		(0.75	)			397,607		0.47			0.48			2.18			138
Class R6
Year ended 08/31/23			10.27			0.24			0.31				0.55				(0.25	)			(0.47	)			(0.72	)			10.10		5.56				895,499		0.40			0.41			2.36			142
Year ended 08/31/22			12.52			0.18			(0.83	)			(0.65	)			(0.20	)			(1.40	)			(1.60	)			10.27		(6.01	)			844,958		0.41			0.41			1.62			152
Year ended 08/31/21			9.83			0.17			2.87				3.04				(0.21	)			(0.14	)			(0.35	)			12.52		31.50				913,379		0.39			0.39			1.49			127
Year ended 08/31/20			10.12			0.21			0.18				0.39				(0.23	)			(0.45	)			(0.68	)			9.83		3.97				1,001,337		0.38			0.39			2.15			133
Year ended 08/31/19			11.10			0.23			(0.35	)			(0.12	)			(0.26	)			(0.60	)			(0.86	)			10.12		(0.56	)			1,178,312		0.38			0.39			2.27			138

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98% and 0.97% for the years ended August 31, 2023 and August 31, 2019, respectively.

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


21		Invesco Equity and Income Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


22		Invesco Equity and Income Fund

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

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.

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.

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.

Foreign Withholding Taxes - The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the year ended August 31, 2023, the Fund did not enter into any closing agreements.

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.

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.


23		Invesco Equity and Income Fund

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $6,801 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.	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.

N.	Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $ 150 million		0.500%
Next $100 million		0.450%
Next $100 million		0.400%
Over $350 million		0.350%


24		Invesco Equity and Income Fund

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.35%.

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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, 2023, the Adviser waived advisory fees of $608,848.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class C shares and Class R shares to reimburse IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will reimburse annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. The fees are accrued daily and paid monthly. The fees are accrued daily and paid monthly. Of the 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 each Fund. For the year ended August 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $1,985,954 in front-end sales commissions from the sale of Class A shares and $70,552 and $8,801 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $168,393 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


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


25		Invesco Equity and Income Fund


	Level 1			Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	7,146,938,027		$	370,962,826		$–	$	7,517,900,853


U.S. Dollar Denominated Bonds & Notes		–			2,341,968,539	��	–		2,341,968,539


U.S. Treasury Securities		–			1,202,786,559		–		1,202,786,559


Preferred Stocks		64,508,592			–		–		64,508,592


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			15,270,376		–		15,270,376


Municipal Obligations		–			5,285,303		–		5,285,303


Money Market Funds		522,016,000			141,674,150		–		663,690,150


Total Investments in Securities		7,733,462,619			4,077,947,753		–		11,811,410,372


Other Investments - Assets*


Forward Foreign Currency Contracts		–			990,552		–		990,552


Other Investments - Liabilities*


Futures Contracts		(948,718	)		–		–		(948,718	)


Total Other Investments		(948,718	)		990,552		–		41,834


Total Investments	$	7,732,513,901		$	4,078,938,305		$–	$	11,811,452,206

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2023:


	Value
	Currency
Derivative Assets	Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	990,552


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	990,552



	Value
Derivative Liabilities	Interest Rate Risk


Unrealized depreciation on futures contracts -Exchange-Traded^(a)	$	(948,718	)


Derivatives not subject to master netting agreements		948,718


Total Derivative Liabilities subject to master netting agreements	$	–

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

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, 2023.

Financial
Derivative
Assets

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

Bank of New York Mellon (The)

$930,202

$–

930,202

State Street Bank & Trust Co.

60,350

–

60,350

Total

$990,552

$–

990,552


26		Invesco Equity and Income Fund

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(10,274,275	)	$	-		$	(10,274,275	)


Futures contracts		-			5,378,913			5,378,913


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(3,425,470	)		-			(3,425,470	)


Futures contracts		-			(1,244,724	)		(1,244,724	)


Total	$	(13,699,745	)	$	4,134,189		$	(9,565,556	)

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


	Forward
	Foreign Currency	Futures
	Contracts	Contracts


Average notional value	$240,108,950	$	51,026,498

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022

��
Ordinary income*	$	253,597,806	$	405,858,992


Long-term capital gain		529,945,704		1,225,044,979


Total distributions	$	783,543,510	$	1,630,903,971

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	49,110,990


Undistributed long-term capital gain		452,667,395


Net unrealized appreciation – investments		1,469,471,308


Net unrealized appreciation – foreign currencies		21,468


Temporary book/tax differences		(768,281	)


Shares of beneficial interest		9,730,663,456


Total net assets	$	11,701,166,336


27		Invesco Equity and Income Fund

The Fund does not have a capital loss carryforward as of August 31, 2023.

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, 2023 was $2,387,072,814 and $2,869,341,690, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,911,404,257


Aggregate unrealized (depreciation) of investments	(441,932,949	)


Net unrealized appreciation of investments	$1,469,471,308

Cost of investments for tax purposes is $10,341,980,898.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of amortization and accretion on debt securities, equalization and partnerships, on August 31, 2023, undistributed net investment income was increased by $5,052,806, undistributed net realized gain was decreased by $16,142,523 and shares of beneficial interest was increased by $11,089,717. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		69,900,060		$	701,533,346			73,356,241		$	821,391,591


Class C		3,088,954			30,306,026			3,295,934			36,084,783


Class R		2,677,098			27,058,482			1,695,763			19,133,379


Class Y		17,421,501			174,851,176			12,557,499			140,194,636


Class R5		1,871,792			18,765,212			1,999,576			22,716,626


Class R6		17,191,072			172,216,566			13,887,919			154,334,421



Issued as reinvestment of dividends:
Class A		59,396,151			591,080,593			111,734,771			1,239,743,507


Class C		1,530,995			14,912,252			3,557,970			38,628,074


Class R		634,222			6,363,235			1,158,750			12,961,497


Class Y		4,083,765			40,588,620			7,468,159			82,862,940


Class R5		1,495,679			14,865,104			2,808,247			31,157,973


Class R6		5,839,481			58,009,168			10,263,875			113,860,992



Automatic conversion of Class C shares to Class A shares:
Class A		3,791,352			37,881,665			4,151,000			46,487,423


Class C		(3,881,540	)		(37,881,665	)		(4,246,518	)		(46,487,423	)



Reacquired:
Class A		(126,443,474	)		(1,268,845,062	)		(115,674,488	)		(1,309,284,299	)


Class C		(4,786,675	)		(46,688,340	)		(4,757,106	)		(52,315,400	)


Class R		(2,535,199	)		(25,661,290	)		(2,555,545	)		(29,612,574	)


Class Y		(20,034,981	)		(199,735,232	)		(13,823,013	)		(155,528,924	)


Class R5		(4,667,747	)		(46,535,816	)		(2,991,721	)		(33,427,536	)


Class R6		(16,656,810	)		(166,737,010	)		(14,867,094	)		(167,645,857	)


Net increase in share activity		9,915,696		$	96,347,030			89,020,219		$	965,255,829

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 50% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


28		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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


29		Invesco Equity and Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,021.90	$3.92	$1,021.32	$3.92	0.77%
Class C	1,000.00	1,018.30	7.63	1,017.64	7.63	1.50
Class R	1,000.00	1,020.50	5.19	1,020.06	5.19	1.02
Class Y	1,000.00	1,023.20	2.65	1,022.58	2.65	0.52
Class R5	1,000.00	1,023.40	2.40	1,022.84	2.40	0.47
Class R6	1,000.00	1,023.80	2.04	1,023.19	2.04	0.40

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


30		Invesco Equity and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). 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 three year periods and below the performance of the Index for the five year period.


31		Invesco Equity and Income 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 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 difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 determination that the services are required for the operation of the Fund.


32		Invesco Equity and Income Fund

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.


33		Invesco Equity and Income Fund

Tax Information

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, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$542,054,704
Qualified Dividend Income*	75.85	%
Corporate Dividends Received Deduction*	65.88	%
U.S. Treasury Obligations*	19.27	%
Qualified Business Income*	0.00	%
Business Interest Income*	33.40	%

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


34		Invesco Equity and Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Equity and Income Fund

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		VK-EQI-AR-1

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Annual Report to Shareholders		August 31, 2023

Invesco Floating Rate ESG Fund

Nasdaq:

A: AFRAX ∎ C: AFRCX ∎ R: AFRRX ∎ Y: AFRYX ∎ R5: AFRIX ∎ R6: AFRFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

26		Financial Statements

29		Financial Highlights

30		Notes to Financial Statements

39		Report of Independent Registered Public Accounting Firm

40		Fund Expenses

41		Approval of Investment Advisory and Sub-Advisory Contracts

44		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Floating Rate ESG Fund (the Fund), at net asset value (NAV), underperformed the Credit Suisse Leveraged Loan Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.20	%
Class C Shares	7.66
Class R Shares	8.09
Class Y Shares	8.46
Class R5 Shares	8.50
Class R6 Shares	8.73
Bloomberg U.S. Aggregate Bond Index^▼ (Broad Market Index)	-1.19
Credit Suisse Leveraged Loan Index^∎ (Style-Specific Index)	9.08
Lipper Loan Participation Funds Classification Average^◆ (Peer Group)	8.08

Source(s): ^▼RIMES Technologies Corp.; ^∎Bloomberg LP; ^◆Lipper Inc.

Market conditions and your Fund

During the fiscal year covered by this report, the senior loan market was characterized by persistent inflation, rapidly escalating interest rates, rising energy prices, and a softening, but robust economy. Following a volatile start to the fiscal year, in part due to hawkish US Federal Reserve (Fed) guidance and the resulting risk-off sentiment, the senior loan market went on to rebound for the remainder of the first half of the fiscal year. The second half of the fiscal year began with a broad risk-off sentiment as investors reevaluated the interest rate outlook amid stronger inflation data. Risk aversion accelerated in early March with the failures of Silicon Valley Bank and Signature Bank, as concerns around regional banks and the banking sector more broadly, arose. Increased uncertainty drove market volatility, and although loans have no direct exposure to the banking sector, loans, as a credit risk asset class, also experienced price softening. Despite this, loans still outperformed almost all other asset classes. The last quarter of the fiscal year saw the loan market rebound as improved economic sentiment overshadowed hawkish central bank rhetoric to create a positive backdrop for risk assets. Interest rate expectations repriced higher on the back of the hawkish Fed policy guidance, signaling a longer runway for today’s high carry environment to continue and an expectation of “higher for longer” interest rates. The historically strong carry in loans has powered 2023’s year-to-date return profile, comprising nearly three quarters of the year-to-date total return,¹ and we believe it looks increasingly likely to create a similar return tailwind in 2024.

Senior loans, as represented by the Credit Suisse Leveraged Loan Index, returned 9.08% during the Fund’s fiscal year.¹ During the fiscal year, BB-, B- and CCC/Split CCC-

rated^† loans returned 9.40%, 12.65% and 9.51%, respectively.¹ Energy was the best performing sector returning 13.35% for the fiscal year, while media/telecommunications was relatively the worst performing sector returning a positive 5.76%.¹ More recently, the senior loan market was up 8.95% calendar year-to-date, having also outperformed high yield by approximately 130 basis points (bps).^1,3

Throughout the 2022 calendar year, risk assets performed poorly, however loans significantly outperformed most other asset classes with a slight negative return for the full year of -1.06%.¹ The first month of calendar year 2023 reversed this negative trend, leading to a relatively high positive return of 2.57%; however, stronger than expected economic data and broad banking sector returns began to influence performance over the following few months, with loans returning 3.11%¹ during the first quarter. Although starting the next quarter relatively flat, loan returns rebounded towards the end of the fiscal year as improved economic sentiment overshadowed hawkish central bank rhetoric, improving the calendar quarterly return to 3.12%, while also driving the following two months’ returns both above 1.00%.¹ Since the middle of 2022, collateralized loan obligations (CLO) creation has come back in earnest, stabilizing market technicals and acting as a balance to retail outflows, as CLO managers sought to buy assets for new structures, despite a dearth of new issue supply. Overall, this increase in CLO demand, as well as supportive fundamentals and relatively high coupon levels, enabled the loan market to produce only three months of negative returns during the fiscal year covered in this report, two of which were only negative by 10 bps.

During the fiscal year, the loan market continued to benefit from a supportive funda-

mental backdrop. As of August 31, 2023, the 12-month default rate was 1.55%.² Issuer fundamentals ended the most recent quarter relatively robust, with companies showing a strong ability to service their debt, even in a rising rate environment. Interest coverage ratios, while off their near-term highs are currently 3.0x⁵ and still sufficient to absorb higher rates. Economic data is moderating but still trending higher, with persistent core inflation pushing expectations for a “higher for longer” interest rate environment. This may place incremental pressure on certain issuers but the extent to which this creates distress depends more on the corporate earnings environment. The supply/demand balance has remained supportive and loan investors have continued to reap the benefit of interest rates at 20+ year highs through floating rate coupons. Additionally, leverage levels have remained at their pre-pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. Debt maturities concerns are at bay as only 3.3% of outstanding loans mature in the next 18 months as of June 30, 2023.⁴ The average price in the senior loan market was $94.54 as of August 31, 2023.¹ Given the price of senior loans at the end of the fiscal year, they provided a 9.93% yield (represented by the yield to 3-year life).¹ Heading into what we presume will be a period of higher but manageable default activity, it is worth noting that historically the loan market has reliably discounted higher likelihood of defaults (particularly during periods of market turbulence) than what ultimately occurred. Loan prices as of August 31, 2023, were still implying a 4.9%¹ default rate in the market, well in excess of the 3.5%⁴ default rate JP Morgan was forecasting for the end of 2023 and well above the 1.55% August 31, 2023 rolling twelve-month default rate.² While it is impossible to predict where and when loan prices will bottom, the market has time and again over-corrected relative to eventual realized defaults in past episodes of market dislocation and current loan investors are being well compensated for the potential risk of credit loss. This is not to suggest the market cannot or will not trade lower but rather highlights one reason that loans may often provide compelling value for investors.³ Despite expectations of an increase in default rates, loans are senior secured with high average recovery rates, which have historically mitigated potential credit loss.⁴ Spreads and yields continue to remain robust, with the average loan coupon still surpassing the average coupon for high-yield bonds for the first time on record.^1,3

During the fiscal year ending August 31, 2023, QuarterNorth Energy Holding, Robertshaw US Holding and HotelBeds contributed to the Fund’s absolute performance, while Avaya, MLN US HoldCo (dba Mitel) and Crown Finance US detracted from returns.


2		Invesco Floating Rate ESG Fund

In managing the Fund, we seek to take advantage of market opportunities by decreasing risk in the Fund when we believe senior loans are overbought and increasing risk when we believe they are oversold. We seek to efficiently allocate risk within the portfolio in order to maximize risk-adjusted returns.

The senior loan asset class behaves differently from many traditional fixed-income investments. The interest income generated by a portfolio of senior loans is usually determined by a fixed-credit spread over the Secured Overnight Financing Rate (SOFR) or a similar reference rate. Because senior loans generally have a very short duration and the coupons, or interest rates, are usually adjusted every 30 to 90 days as the reference rate changes, the yield on the portfolio adjusts with the changing rates. Interest rate risk refers to the tendency for traditional fixed-income prices to decline when interest rates rise. For senior loans, however, interest rates and income are variable, and the prices of loans are therefore less sensitive to interest rate changes than traditional fixed-income bonds. As a result, senior loans can provide a natural hedge against rising interest rates.

We are monitoring interest rates, the market, macroeconomic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and other central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments and the market price of the Fund’s shares.

As always, we appreciate your continued participation in Invesco Floating Rate ESG Fund.

1	Source: Credit Suisse Leveraged Loan Index

2	Source: Morningstar LSTA Leveraged Loan Index

3	Source: Credit Suisse High Yield Index

4	Source: JP Morgan Research

5	Source: Pitchbook LCD

† 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. Not 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 www.spglobal.com and select Understanding Credit Ratings’ under About Ratings on the homepage.

Portfolio manager(s):

Scott Baskind

Thomas Ewald - Lead

Philip Yarrow

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Floating Rate ESG Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: Bloomberg LP

2 Source: Lipper Inc.

3 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Floating Rate ESG Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (5/1/97)		3.93	%
10 Years		3.22
5 Years		2.95
1 Year		5.47
Class C Shares
Inception (3/31/00)	��	3.67	%
10 Years		3.08
5 Years		2.96
1 Year		6.68
Class R Shares
Inception (4/13/06)		3.40	%
10 Years		3.24
5 Years		3.23
1 Year		8.09
Class Y Shares
Inception (10/3/08)		4.94	%
10 Years		3.75
5 Years		3.71
1 Year		8.46
Class R5 Shares
Inception (4/13/06)		3.94	%
10 Years		3.76
5 Years		3.72
1 Year		8.50
Class R6 Shares
Inception (9/24/12)		4.04	%
10 Years		3.82
5 Years		3.81
1 Year		8.73

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

Class A share performance reflects the maximum 2.50% sales charge and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Floating Rate ESG Fund

Supplemental Information

Invesco Floating Rate ESG Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎	The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, noninvestment-grade loans.

∎	The Lipper Loan Participation Funds Classification Average represents an average of all of the funds in the Lipper Loan Participation Funds classification.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less fre-

quently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales
charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Floating Rate ESG Fund

Fund Information

Portfolio Composition^†


By credit quality		% of total investments

BBB-		1.94%

BB+		0.92

BB		8.55

BB-		8.74

B+		14.59

B		22.26

B-		17.27

CCC+		6.95

CCC		4.30

CCC-		0.26

CC		0.15

D		0.37

Non-Rated		10.54

Equity		3.16

^†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.

Top Five Debt Issuers*


		% of total net assets

1.	Robertshaw US Holding Corp.		1.37	%

2.	Virgin Media 02 - LG		1.27

3.	PetSmart, Inc.		0.94

4.	Acrisure LLC		0.90

5.	Vertellus		0.88

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Floating Rate ESG Fund

Schedule of Investments

August 31, 2023


	Interest Rate			Maturity Date			Principal Amount (000)^(a)		Value


Variable Rate Senior Loan Interests-86.42%^(b)(c)
Aerospace & Defense-2.54%
ADB Safegate (ADBAS/CEP IV) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%)		8.21	%		10/03/2026	EUR		7,531	$	7,561,443


Barnes Group, Inc., Term Loan B^(d)		-			08/10/2030		$	1,313		1,317,288


Brown Group Holding LLC (Signature Aviation US Holdings, Inc.)
Incremental Term Loan B-2 (1 mo. SOFR + 3.75%)		9.17	%		07/02/2029			3,026		3,028,192


Term Loan (1 mo. SOFR + 2.50%)		8.18	%		06/07/2028			8,428		8,340,912


Castlelake Aviation Ltd.
Incremental Term Loan (1 mo. SOFR + 2.75%)		8.00	%		10/22/2027			3,555		3,555,193


Term Loan (3 mo. USD LIBOR + 2.75%)		8.30	%		10/22/2026			14,460		14,464,188


Gogo Intermediate Holdings LLC, Term Loan B (1 mo. SOFR + 3.75%)		9.20	%		04/30/2028			981		984,066


KKR Apple Bidco LLC
First Lien Term Loan (1 mo. SOFR + 2.75%)		8.20	%		09/22/2028			10,114		10,017,134


First Lien Term Loan (1 mo. SOFR + 4.00%)		9.33	%		09/22/2028			1,709		1,712,230


Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		13.23	%		02/01/2029			8,120		7,984,639


Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. SOFR + 4.00%)		8.99	%		09/13/2029			5,839		5,833,741


Rand Parent LLC (Atlas Air), Term Loan B (1 mo. SOFR + 4.25%)		9.49	%		02/09/2030			3,609		3,507,467


Titan Acquisition Holdings L.P., Term Loan B (1 mo. SOFR + 4.50%)^(e)		9.81	%		04/27/2030			3,005		3,012,074


										71,318,567



Air Transport-2.51%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (1 mo. SOFR + 4.75%)		10.34	%		04/20/2028			19,603		20,385,934


Air Canada (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		9.13	%		08/11/2028			2,850		2,856,961


American Airlines, Inc., Term Loan (1 mo. SOFR + 2.75%)		8.54	%		02/09/2028			14,268		14,218,520


Avolon Borrower 1 (US) LLC
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)		6.91	%		02/12/2027			827		827,550


Term Loan B-6 (1 mo. SOFR + 2.50%)		7.81	%		06/08/2028			2,919		2,925,367


Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		10.76	%		06/21/2027			4,873		5,085,934


United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		9.29	%		04/21/2028			19,392		19,471,578


WestJet Airlines Ltd. (Canada), Term Loan (3 mo. SOFR + 3.00%)		8.42	%		12/11/2026			4,851		4,765,687


										70,537,531



Automotive-3.08%
Adient PLC, Term Loan B-1 (1 mo. SOFR + 3.25%)		8.70	%		04/10/2028			8,189		8,210,557


Autokiniton US Holdings, Inc., Term Loan B (1 mo. SOFR + 4.50%)		9.95	%		04/06/2028			8,112		8,081,038


Belron Group S.A., First Lien Term Loan B (3 mo. SOFR + 2.75%)		8.16	%		04/06/2029			3,465		3,472,224


Constellation Auto (CONSTE/BCA) (United Kingdom)
First Lien Term Loan B-1 (3 mo. EURIBOR + 4.00%)		7.78	%		07/28/2028	EUR		2,000		2,033,396


First Lien Term Loan B-2 (6 mo. SONIA + 4.75%)		9.68	%		07/28/2028	GBP		759		883,310


Second Lien Term Loan B-1 (6 mo. SONIA + 7.50%)		12.68	%		07/27/2029	GBP		4,072		3,554,931


DexKo Global, Inc., Incremental Term Loan (1 mo. SOFR + 4.25%)		9.60	%		10/04/2028			5,191		5,082,700


Driven Holdings LLC, Term Loan B (1 mo. SOFR + 3.00%)		8.43	%		12/16/2028			2,000		1,960,000


Engineered Components & Systems LLC (aka CentroMotion), Term Loan B^(d)(e)		-			07/25/2030			5,469		5,428,242


First Brands Group Intermediate LLC
Term Loan B (6 mo. SOFR + 5.00%)		10.88	%		03/30/2027			4,492		4,439,803


Term Loan B (1 mo. SOFR + 5.00%)		10.88	%		03/30/2027			10,148		10,027,411


Highline Aftermarket Acquisition LLC, Term Loan (1 mo. SOFR + 4.50%)		9.93	%		11/09/2027			11,107		10,804,687


Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. SOFR + 4.00%)		9.45	%		05/04/2028			12,067		12,051,620


Panther BF Aggregator 2 L.P. (Canada), Term Loan B (1 mo. SOFR + 3.75%)		9.08	%		05/06/2030			3,807		3,806,811


PowerStop LLC, Term Loan B (3 mo. USD LIBOR + 4.75%)		10.18	%		01/24/2029			8,018		6,667,934


										86,504,664



Beverage & Tobacco-0.67%
Al Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 3.75%)		9.06	%		07/31/2028			15,298		15,270,875


Naked Juice LLC (Tropicana), Second Lien Term Loan (3 mo. SOFR + 6.00%)		11.34	%		01/20/2030			4,430		3,613,273


										18,884,148

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


8		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Brokers, Dealers & Investment Houses-0.13%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)		12.03	%	08/05/2029		$	99	$	93,765


Zebra Buyer LLC, Term Loan (3 mo. SOFR + 4.00%)		9.24	%	11/01/2028			3,518		3,518,748


									3,612,513



Building & Development-3.86%
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.83	%	08/27/2025			2,052		2,045,293


Chariot Buyer LLC, Term Loan B (1 mo. SOFR + 3.25%)		8.68	%	11/03/2028			2,899		2,873,966


Core & Main L.P., Term Loan B (1 mo. SOFR + 2.50%)		7.92	%	07/26/2028			8,064		8,062,661


Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		10.43	%	04/01/2028			13,701		11,311,669


Flakt Woods (Fusilli Holdco) (France), Term Loan B (3 mo. EURIBOR + 6.00%)		9.61	%	10/12/2023	EUR		1,795		1,800,997


Icebox Holdco III, Inc.
First Lien Term Loan (3 mo. SOFR + 3.75%)		9.25	%	12/22/2028			6,553		6,515,135


Second Lien Term Loan (3 mo. SOFR + 6.75%)^(e)		12.25	%	12/21/2029			1,544		1,381,780


IPS Corp./CP Iris Holdco
First Lien Delayed Draw Term Loan^(f)		0.00	%	10/02/2028			424		414,840


First Lien Term Loan (1 mo. SOFR + 3.50%)		9.18	%	10/02/2028			2,448		2,395,945


Janus International Group LLC, Term Loan B (1 mo. SOFR + 3.25%)		8.67	%	07/25/2030			2,500		2,503,436


LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. SOFR + 4.75%)		10.18	%	02/16/2029			18,087		16,063,475


Mayfair Mall LLC, Term Loan (1 mo. SOFR + 3.25%)^(e)		8.68	%	04/20/2024			2,084		1,896,776


Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. SOFR + 4.50%)		9.84	%	04/29/2029			10,218		10,199,135


Quikrete Holdings, Inc.
First Lien Term Loan (1 mo. SOFR + 2.63%)		8.07	%	02/01/2027			4,176		4,178,619


Term Loan B (1 mo. SOFR + 3.00%)		8.32	%	03/18/2029			10,505		10,525,748


Term Loan B (1 mo. SOFR + 2.75%)^(d)		8.20	%	03/19/2029			1,789		1,793,119


Re/Max LLC, Term Loan (1 mo. USD LIBOR + 2.50%)		7.95	%	07/21/2028			7,506		7,309,381


SRS Distribution, Inc.
Term Loan (3 mo. SOFR + 3.50%)		8.93	%	06/02/2028			5,113		5,055,329


Term Loan B (1 mo. USD LIBOR + 3.50%)		8.95	%	06/02/2028			4,811		4,754,294


Standard Industries, Inc., Term Loan B (1 mo. SOFR + 2.25%)		7.93	%	09/22/2028			6,644		6,659,836


Xella (Luxembourg), Term Loan B-4 (3 mo. EURIBOR + 4.18%)		7.77	%	04/12/2028	EUR		723		660,738


									108,402,172



Business Equipment & Services-9.76%
Adevinta ASA (Norway), Term Loan B-2 (3 mo. USD LIBOR + 2.75%)		8.29	%	06/26/2028			3,804		3,809,386


Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Incremental Term Loan (1 mo. SOFR + 4.75%)		9.88	%	05/11/2028			9,808		9,733,072


Camelot Finance L.P.
Incremental Term Loan (1 mo. SOFR + 3.00%)		8.45	%	10/30/2026			10,362		10,372,818


Term Loan (1 mo. SOFR + 3.00%)		8.45	%	10/30/2026			7,969		7,979,407


Checkout Holding Corp., Term Loan (3 mo. SOFR + 9.50%)		12.87	%	05/10/2027			387		234,473


Cimpress USA, Inc., Term Loan B (1 mo. SOFR + 3.50%)		8.95	%	05/17/2028			12,250		12,170,091


Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		13.06	%	02/15/2029			1,329		1,099,484


Term Loan B (1 mo. USD LIBOR + 4.00%)		9.56	%	02/10/2028			7,836		7,546,202


Corporation Service Co., Term Loan B (1 mo. SOFR + 3.25%)		8.68	%	11/02/2029			6,967		6,981,938


CRCI Longhorn Holdings, Inc.
First Lien Term Loan (1 mo. SOFR + 3.50%)		8.91	%	08/08/2025			649		648,795


Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		12.68	%	08/08/2026			234		222,100


Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)		11.01	%	10/05/2028			7,086		6,731,488


Dakota Holding Corp.
First Lien Term Loan (3 mo. SOFR + 3.75%)		8.99	%	04/09/2027			10,199		9,867,898


Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		12.29	%	04/07/2028			1,198		1,133,421


Dun & Bradstreet Corp. (The)
Incremental Term Loan B-2 (1 mo. SOFR + 3.25%)		8.32	%	01/18/2029			5,147		5,152,009


Revolver Loan (1 mo. SOFR + 3.00%)^(e)		4.06	%	09/11/2025			1,349		1,339,700


Revolver Loan^(e)(f)		0.00	%	09/11/2025			7,823		7,770,259


Term Loan B (1 mo. SOFR + 3.00%)		8.17	%	02/06/2026			10,148		10,168,394

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


9		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Business Equipment & Services-(continued)
Garda World Security Corp. (Canada)
Term Loan (1 mo. SOFR + 4.25%)		9.57	%	02/01/2029		$	6,531	$	6,532,851


Term Loan B-2 (1 mo. SOFR + 4.25%)		9.67	%	10/30/2026			5,199		5,203,339


GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		9.45	%	05/12/2028			13,856		13,511,283


I-Logic Tech Bidco Ltd. (United Kingdom), Term Loan (3 mo. SOFR + 4.00%)		9.39	%	02/16/2028			1,008		1,002,898


ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan (3 mo. SOFR + 4.75%)		10.09	%	04/01/2028			7,725		7,582,813


Karman Buyer Corp., First Lien Term Loan B-1 (1 mo. SOFR + 4.50%)		10.04	%	10/28/2027			5,237		5,029,002


KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (3 mo. EURIBOR + 5.75%)		9.45	%	09/30/2029	EUR		1,355		1,439,553


Learning Care Group (US) No. 2, Inc., Term Loan (1 mo. SOFR + 4.75%)		10.12	%	08/08/2028			4,343		4,348,534


Monitronics International, Inc., Term Loan (3 mo. SOFR + 7.50%)		13.00	%	06/30/2028			21,322		21,609,690


Orchid Merger Sub II LLC, Term Loan (1 mo. SOFR + 4.75%)		10.14	%	07/27/2027			9,247		6,785,139


Outfront Media Capital LLC, Term Loan (1 mo. SOFR + 1.75%)		7.08	%	11/18/2026			4,003		3,977,055


Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. SOFR + 2.75%)		8.18	%	09/23/2026			8,635		8,646,880


Prometric Holdings, Inc., Term Loan (3 mo. SOFR + 3.00%)		8.68	%	01/29/2025			124		119,281


QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		10.06	%	06/23/2024	GBP		11,289		14,180,117


Red Ventures LLC (New Imagitas, Inc.), Term Loan B (1 mo. SOFR + 3.00%)		8.33	%	02/24/2030			5,736		5,726,824


Sitel Worldwide Corp., Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%	08/28/2028			10,574		10,475,890


Skillsoft Corp., Term Loan (1 mo. SOFR + 4.75%)		10.68	%	07/14/2028			4,368		4,074,011


Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		9.23	%	03/04/2028			29,559		24,903,411


Tempo Acquisition LLC, Term Loan B (1 mo. SOFR + 3.00%)		8.33	%	08/31/2028			4,905		4,920,151


Trans Union LLC, First Lien Term Loan (1 mo. SOFR + 2.25%)		7.70	%	11/30/2028			5,411		5,416,640


UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 4.75%)^(e)		11.28	%	03/20/2027			1,458		1,275,651


Verra Mobility Corp., Term Loan B (1 mo. SOFR + 3.25%)		8.70	%	03/19/2028			10,452		10,465,180


WebHelp (France), Term Loan B (1 mo. SOFR + 4.00%)		8.81	%	08/04/2028			3,061		3,063,474


WEX, Inc., Term Loan B (1 mo. SOFR + 2.25%)		7.70	%	03/31/2028			598		599,624


									273,850,226



Cable & Satellite Television-3.17%
Atlantic Broadband Finance LLC
Incremental Term Loan B-5 (1 mo. SOFR + 2.50%)		7.95	%	09/01/2028			7,125		7,024,227


Term Loan B (1 mo. SOFR + 2.00%)		7.43	%	01/03/2025			1,516		1,516,635


CSC Holdings LLC
Term Loan (1 mo. SOFR + 2.50%)		7.92	%	04/15/2027			4,827		4,374,802


Term Loan B (1 mo. SOFR + 4.50%)		9.81	%	01/15/2028			1,756		1,658,943


Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (1 mo. SOFR + 4.00%)		9.63	%	08/14/2026			10,670		10,069,691


Term Loan B-11 (1 mo. SOFR + 2.75%)		8.38	%	07/31/2025			964		932,125


Term Loan B-12 (1 mo. SOFR + 3.69%)		9.26	%	01/31/2026			7,654		7,239,237


Telenet - LG, Term Loan AR (6 mo. USD LIBOR + 2.00%)		7.43	%	04/30/2028			5,590		5,428,104


UPC - LG
Term Loan AT (1 mo. USD LIBOR + 2.25%)		7.67	%	04/30/2028			116		112,742


Term Loan AX (1 mo. USD LIBOR + 2.93%)		8.35	%	01/31/2029			15,353		14,905,047


Virgin Media 02 - LG (United Kingdom)
Term Loan N (1 mo. SOFR + 2.50%)		7.92	%	01/31/2028			7,875		7,670,136


Term Loan Q (1 mo. SOFR + 3.25%)		8.67	%	01/31/2029			20,909		20,713,648


Term Loan Y (1 mo. SOFR + 3.25%)		8.31	%	03/06/2031			7,442		7,372,636


									89,017,973



Chemicals & Plastics-7.12%
AkzoNobel Chemicals
Incremental Term Loan (1 mo. SOFR + 4.00%)		9.35	%	03/03/2028			3,977		3,972,031


Term Loan (1 mo. SOFR + 4.00%)		9.32	%	04/03/2028			14,906		14,876,019


Aruba Investments, Inc., Second Lien Term Loan (1 mo. SOFR + 7.75%)		13.18	%	11/24/2028			1,711		1,579,829


Ascend Performance Materials Operations LLC, Term Loan (6 mo. SOFR + 4.75%)		9.71	%	08/27/2026			11,191		10,948,315


Axalta Coating Systems U.S. Holdings, Inc.
Term Loan B (1 mo. SOFR + 2.50%)		7.81	%	12/20/2029			1,172		1,176,473


Term Loan B-4 (3 mo. SOFR + 3.00%)		8.24	%	12/20/2029			2,679		2,686,955

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


10		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Chemicals & Plastics-(continued)
BES (Discovery Purchaser Corp.)
First Lien Term Loan (3 mo. SOFR + 4.38%)		9.62	%	10/03/2029		$	3,855	$	3,712,698


Second Lien Term Loan (1 mo. SOFR + 7.00%)^(e)		12.27	%	08/03/2030			2,903		2,707,401


Charter NEX US, Inc., First Lien Term Loan (1 mo. SOFR + 3.75%)		9.20	%	12/01/2027			9,271		9,227,076


Cyanco Intermediate 2 Corp., Term Loan B (1 mo. SOFR + 4.75%)		10.08	%	07/07/2028			3,447		3,461,517


Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. SOFR + 5.25%)		10.75	%	11/01/2028			11,415		10,421,408


Flint Group (ColourOz Inv) (Germany)
First Lien Term Loan (3 mo. EURIBOR + 4.25%)		6.59	%	09/21/2023	EUR		5		4,052


PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.52% Cash Rate^(g)		5.75	%	09/21/2024			60		17,876


Term Loan		-		07/24/2026			6		5,776


Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. SOFR + 3.75%)		9.39	%	05/28/2029			2,532		2,513,253


ICP Group Holdings LLC, First Lien Term Loan (1 mo. SOFR + 3.75%)		9.25	%	12/29/2027			5,589		4,538,951


INEOS Enterprises (-Holdings II Ltd./-US Finco LLC) (United Kingdom), Incremental Term Loan B (1 mo. SOFR + 3.75%)		9.27	%	06/22/2030			4,310		4,266,753


INEOS Quattro Holdings Ltd. (United Kingdom)
Term Loan B (1 mo. SOFR + 2.75%)		8.20	%	01/29/2026			4,419		4,400,037


Term Loan B (1 mo. SOFR + 3.75%)^(e)		9.18	%	03/03/2030			2,376		2,367,404


INEOS US Finance LLC
Term Loan (1 mo. SOFR + 3.75%)		8.95	%	11/08/2027			7,195		7,176,301


Term Loan (1 mo. SOFR + 2.50%)		7.93	%	11/08/2028			3,644		3,617,706


Term Loan (1 mo. SOFR + 3.50%)^(e)		8.93	%	02/09/2030			8,368		8,323,733


Momentive Performance Materials USA, Inc., Term Loan B (1 mo. SOFR + 4.50%)		9.83	%	03/22/2028			6,681		6,639,260


Oxea Corp., Term Loan B-2 (1 mo. SOFR + 3.25%)		8.92	%	10/14/2024			2,811		2,807,673


Proampac PG Borrower LLC, First Lien Term Loan (1 mo. SOFR + 3.75%)		9.32	%	11/03/2025			3,464		3,464,252


Quantix, Incremental Term Loan (3 mo. PRIME + 5.25%)^(e)		11.65	%	05/03/2025			14,740		14,739,913


Trinseo Materials Finance, Inc.
Term Loan (1 mo. SOFR + 2.00%)		7.54	%	09/06/2024			942		930,268


Term Loan B (1 mo. SOFR + 2.50%)		7.95	%	03/18/2028			5,655		4,384,950


Tronox Finance LLC
Incremental Term Loan B (1 mo. SOFR + 3.25%)		8.49	%	03/03/2029			10,795		10,676,158


Term Loan^(d)		-		08/10/2028			2,849		2,831,318


Univar, Inc., Term Loan B (3 mo. SOFR + 4.50%)		9.82	%	06/22/2030			10,299		10,277,520


Vertellus
Revolver Loan (1 mo. USD LIBOR + 5.75%)^(e)		5.75	%	12/22/2025			994		963,130


Revolver Loan^(e)(f)		0.00	%	12/22/2025			1,825		1,768,135


Term Loan (1 mo. SOFR + 5.75%)^(e)		11.43	%	12/22/2027			22,882		22,172,413


W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)		9.31	%	09/22/2028			16,300		16,313,207


									199,969,761



Clothing & Textiles-0.82%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B-1 (1 mo. SOFR + 3.50%)		8.93	%	12/21/2028			14,563		14,586,672


Second Lien Term Loan (1 mo. SOFR + 6.00%)		11.43	%	12/20/2029			1,620		1,636,467


BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. SOFR + 3.25%)		8.88	%	04/28/2028			6,770		6,760,386


									22,983,525



Conglomerates-0.44%
APi Group DE, Inc., Incremental Term Loan (1 mo. SOFR + 2.75%)		8.20	%	01/03/2029			4,223		4,240,463


CeramTec (CTEC III GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 3.50%)		7.28	%	03/16/2029	EUR		148		159,775


Safe Fleet Holdings LLC
First Lien Incremental Term Loan (1 mo. SOFR + 5.00%)^(e)		10.42	%	02/23/2029			1,442		1,449,310


Second Lien Term Loan (1 mo. SOFR + 6.75%)		12.18	%	02/02/2026			765		731,418


Term Loan B (1 mo. SOFR + 3.75%)		9.17	%	02/17/2029			5,694		5,708,718


									12,289,684



Containers & Glass Products-2.63%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		9.29	%	03/11/2028			8,637		8,570,475


Brook & Whittle Holding Corp., First Lien Term Loan (3 mo. SOFR + 4.00%)		9.43	%	12/14/2028			7,901		7,182,099


Duran Group (Germany), Term loan C-2 (1 mo. SOFR + 5.50%)^(e)		10.33	%	05/31/2026			7,291		7,218,384

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


11		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Containers & Glass Products-(continued)
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%)		7.96	%	10/31/2023	EUR		8,511	$	8,597,528


Term Loan B-3-A (3 mo. EURIBOR + 4.25%)		7.89	%	10/31/2023	EUR		3,817		3,855,084


LABL, Inc. (Multi-Color), Term Loan (1 mo. SOFR + 5.00%)		10.43	%	10/29/2028		$	8,129		8,117,140


Libbey Glass, Inc., Term Loan B (1 mo. SOFR + 6.50%)^(e)		11.91	%	11/22/2027			13,498		13,025,740


Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)		9.49	%	07/07/2028			6,449		6,212,691


Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		9.40	%	10/04/2028			6,359		5,091,793


Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)		12.65	%	10/04/2029			1,022		574,919


Refresco Group N.V. (Netherlands), Term Loan B (3 mo. SOFR + 4.25%)		9.61	%	07/12/2029			5,431		5,443,936


									73,889,789



Cosmetics & Toiletries-0.13%
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		8.71	%	06/29/2028	EUR		3,399		3,563,225



Drugs-0.25%
Grifols Worldwide Operations USA, Inc., Term Loan B (3 mo. SOFR + 2.00%)		7.43	%	11/15/2027			193		191,171


Perrigo Investments LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.68	%	04/06/2029			6,823		6,805,830


									6,997,001



Ecological Services & Equipment-0.75%
Anticimex (Sweden)
Term Loan B-1 (3 mo. SOFR + 3.50%)		8.45	%	11/16/2028			3,177		3,161,593


Term Loan B-2 (1 mo. SOFR + 4.75%)^(e)		9.84	%	11/16/2028			1,818		1,822,734


Term Loan B-4 (3 mo. SOFR + 4.00%)		8.95	%	11/16/2028			1,143		1,141,041


EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		9.29	%	05/11/2025			5,709		5,691,883


GFL Environmental, Inc. (Canada), Term Loan (1 mo. SOFR + 3.00%)		8.47	%	05/31/2027			678		680,791


Groundworks LLC
Delayed Draw Term Loan (3 mo. SOFR + 6.50%)^(e)		11.80	%	03/14/2030			310		302,662


Delayed Draw Term Loan^(e)(f)		0.00	%	03/14/2030			750		731,021


Revolver Loan^(e)(f)		0.00	%	03/14/2029			339		330,779


Term Loan B (3 mo. SOFR + 6.50%)^(e)		11.81	%	01/31/2030			5,810		5,664,585


OGF (VESCAP/Obol France 3/PHM) (France), Term Loan B-2 (6 mo. EURIBOR + 4.75%)		8.38	%	12/31/2025	EUR		848		830,723


Patriot Container Corp., First Lien Term Loan (1 mo. SOFR + 3.75%)		9.18	%	03/20/2025			721		679,765


									21,037,577



Electronics & Electrical-10.85%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. SOFR + 5.60%)		10.49	%	02/01/2030			990		963,081


AppLovin Corp., Term Loan (1 mo. SOFR + 3.00%)		8.43	%	10/25/2028			5,270		5,268,330


Boxer Parent Co., Inc., Term Loan B ( 1 mo. EURIBOR+ 4.00%)		7.63	%	10/02/2025	EUR		90		97,154


Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 4.00%)		9.52	%	04/18/2025			7,125		7,108,901


CommScope, Inc., Term Loan (1 mo. SOFR + 3.25%)		8.70	%	04/06/2026			7,244		6,681,826


ConnectWise LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.95	%	10/01/2028			4		4,279


Diebold Nixdorf, Inc., Term Loan (1 mo. SOFR + 7.50%)		12.82	%	08/11/2028			4,126		4,116,082


Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)^(e)		10.45	%	11/01/2028			3,937		3,944,681


E2Open LLC, Term Loan (1 mo. SOFR + 3.50%)		8.95	%	02/04/2028			8,802		8,814,686


Energizer Holdings, Inc., Term Loan (1 mo. SOFR + 2.25%)		7.68	%	12/22/2027			2,244		2,245,373


Entegris, Inc., Term Loan B (1 mo. SOFR + 2.75%)		7.99	%	07/06/2029			5,358		5,372,961


EverCommerce, Term Loan B (1 mo. SOFR + 3.25%)		8.70	%	07/01/2028			4,160		4,166,741


Go Daddy Operating Co. LLC, Term Loan (1 mo. SOFR + 3.00%)		7.83	%	11/09/2029			538		539,155


GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		10.27	%	08/31/2027			27,817		18,072,415


Idemia (Oberthur Tech/Morpho/OBETEC) (France), Term Loan B (1 mo. SOFR + 4.75%)		10.06	%	09/30/2028			3,519		3,525,242


Imperva, Inc.
First Lien Term Loan (3 mo. SOFR + 4.00%)		9.63	%	01/12/2026			16,365		16,427,969


Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		13.39	%	01/11/2027			5,341		5,367,908


Infinite Electronics
Second Lien Term Loan (3 mo. SOFR + 7.00%)		12.50	%	03/02/2029			749		653,318


Term Loan B (3 mo. SOFR + 3.25%)		9.25	%	03/02/2028			9,488		9,314,152


Informatica Corp., Term Loan (1 mo. SOFR + 2.75%)		8.20	%	10/27/2028			10,413		10,417,542

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


12		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Electronics & Electrical-(continued)
ION Corporates
Term Loan (3 mo. SOFR + 3.75%)		9.14	%	03/11/2028		$	2,000	$	1,986,250


Term Loan B (1 mo. SOFR + 4.25%)		9.60	%	07/12/2030			1,749		1,737,446


Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan (3 mo. SONIA + 6.87%)^(e)		11.80	%	08/17/2028	GBP		1,673		2,080,907


Term Loan (3 mo. SONIA + 6.87%)^(e)		11.80	%	08/17/2028	GBP		422		524,493


Term Loan 1 (3 mo. SONIA + 7.01%)^(e)		12.06	%	08/17/2028			5,256		5,045,822


Term Loan 2 (3 mo. SONIA + 7.01%)^(e)		12.06	%	08/17/2028			2,002		1,922,155


Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)		10.39	%	08/13/2028			11,882		9,175,596


McAfee Enterprise, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.88	%	07/27/2029			1,037		466,609


McAfee LLC, Term Loan B-1 (1 mo. SOFR + 4.50%)		9.17	%	03/01/2029			5,762		5,668,350


Mirion Technologies, Inc., Term Loan (1 mo. SOFR + 2.75%)		8.25	%	10/20/2028			6,449		6,455,163


Natel Engineering Co., Inc., Term Loan (1 mo. SOFR + 6.25%)		11.68	%	04/29/2026			15,695		12,183,085


Native Instruments (Music Creation Group GMBH/APTUS) (Germany), Term Loan (3 mo. EURIBOR + 6.00%)^(e)		9.49	%	03/03/2028	EUR		3,929		3,919,746


NCR Corp., Term Loan B (1 mo. SOFR + 2.50%)		7.95	%	08/28/2026			4,665		4,665,065


Open Text Corp. (Canada), Term Loan B (1 mo. SOFR + 2.75%)		8.18	%	01/31/2030			12,559		12,587,646


Philips Domestic Appliances (Nobel Bidco) (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%)		7.27	%	06/23/2028	EUR		3,000		3,088,366


Project Accelerate Parent LLC, First Lien Term Loan (1 mo. SOFR + 4.25%)		9.88	%	01/02/2025			3,115		3,102,139


Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		8.70	%	08/31/2028			17,805		17,656,849


Quest Software US Holdings, Inc., Term Loan B (3 mo. SOFR + 4.25%)		9.77	%	02/01/2029			18,063		14,868,054


RealPage, Inc., Term Loan B (1 mo. SOFR + 3.00%)		8.45	%	04/24/2028			19,285		19,102,204


Renaissance Holding Corp., Term Loan (3 mo. SOFR + 4.75%)		9.99	%	03/16/2030			4,283		4,295,660


Severin Acquisition LLC, First Lien Term Loan (1 mo. SOFR + 3.25%)		8.37	%	08/01/2025			8		7,838


SonicWall U.S. Holdings, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.93	%	05/18/2026			2,446		2,317,481


Term Loan B^(d)		-		05/16/2028			6,504		6,423,180


Ultimate Software Group, Inc.
First Lien Incremental Term Loan (3 mo. SOFR + 3.25%)		8.62	%	05/04/2026			6,923		6,932,957


First Lien Term Loan (3 mo. SOFR + 3.75%)		9.22	%	05/04/2026			9,787		9,801,631


UST Holdings Ltd., Term Loan B (1 mo. SOFR + 3.75%)		8.95	%	11/19/2028			8,760		8,632,164


Utimaco (Germany)
Term Loan B-1 (3 mo. EURIBOR + 6.00%)^(e)		9.80	%	05/31/2029	EUR		9,126		9,391,095


Term Loan B-2 (3 mo. SOFR + 6.25%)^(e)		11.81	%	05/31/2029			5,122		4,809,473


Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)		10.45	%	09/01/2025			6,079		5,156,617


WebPros, Term Loan (3 mo. USD LIBOR + 5.51%)		10.75	%	02/18/2027			7,420		7,411,032


									304,516,869



Financial Intermediaries-1.38%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. SOFR + 3.75%)		8.95	%	04/07/2028			11,735		11,617,887


Second Lien Term Loan (1 mo. SOFR + 6.75%)		12.20	%	07/20/2026			305		300,180


LendingTree, Inc., First Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%	09/15/2028			12,915		10,826,811


Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. SOFR + 4.00%)^(e)		9.38	%	02/18/2027			6,630		6,182,720


Virtue (Vistra+Tricor/Thevelia LLC)
First Lien Term Loan B (3 mo. SOFR + 4.00%)		9.39	%	06/17/2029			5,718		5,718,193


First Lien Term Loan B (1 mo. SOFR + 4.75%)		9.50	%	06/22/2029			3,937		3,946,230


									38,592,021



Food Products-2.59%
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. SOFR + 4.00%)		9.33	%	12/18/2026			6,725		6,730,567


Biscuit Hld S.A.S.U. (BISPOU/Cookie Acq) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)		7.27	%	02/15/2027	EUR		13,145		12,126,486


Florida Food Products LLC
First Lien Term Loan (1 mo. SOFR + 5.00%)^(e)		10.33	%	10/18/2028			3,556		3,057,951


First Lien Term Loan (1 mo. SOFR + 5.00%)		10.45	%	10/18/2028			14,928		12,875,129


Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)^(e)		13.45	%	10/08/2029			2,863		2,362,504

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


13		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Food Products-(continued)
H-Food Holdings LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)		9.58	%	05/23/2025		$	9,147	$	8,278,321


Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		10.58	%	05/23/2025			5,277		4,812,919


Term Loan (1 mo. USD LIBOR + 3.69%)		9.27	%	05/23/2025			6,769		6,160,355


Hostess Brands LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.74	%	06/28/2030			120		119,920


Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. SOFR + 3.75%)		8.56	%	11/10/2029			2,386		2,392,763


Shearer’s Foods LLC
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		13.20	%	09/22/2028			304		278,895


Term Loan B (1 mo. SOFR + 3.50%)		8.95	%	09/23/2027			2,123		2,125,676


Sigma Bidco (Netherlands), Term Loan B (1 mo. SOFR + 4.75%)		8.21	%	01/02/2028			6,820		6,678,990


United Natural Foods, Inc., Term Loan (1 mo. SOFR + 3.25%)		8.70	%	10/22/2025			3,657		3,667,841


Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (6 mo. EURIBOR + 4.00%)		7.24	%	09/29/2028	EUR		1,129		1,074,397


									72,742,714



Food Service-0.41%
Areas (Telfer Inv/Financiere Pax)
Revolver Loan^(e)(f)		0.00	%	01/02/2026	EUR		1,073		986,618


Term Loan B (6 mo. EURIBOR + 4.75%)		8.49	%	07/01/2026	EUR		6,781		7,082,271


Euro Garages (Netherlands)
Term Loan B (1 mo. SOFR + 4.00%)		9.42	%	02/07/2025			1,785		1,789,258


Term Loan B (1 mo. SOFR + 4.25%)		9.42	%	03/31/2026			761		760,522


US Foods, Inc., Incremental Term Loan B (1 mo. SOFR + 2.75%)		7.95	%	11/22/2028			814		815,454


									11,434,123



Forest Products-0.13%
NewLife Forest Restoration LLC, Term Loan^(e)		0.00	%	11/30/2023			3,744		3,744,412



Health Care-3.59%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Incremental Term Loan B (1 mo. SOFR + 5.25%)^(e)		9.90	%	06/08/2028			2,922		2,768,818


Ascend Learning LLC, First Lien Term Loan (1 mo. SOFR + 3.50%)		8.92	%	12/11/2028			8,193		7,907,340


athenahealth Group, Inc., Term Loan (1 mo. SOFR + 3.50%)		8.57	%	02/15/2029			6,230		6,165,581


Bracket Intermediate Holding Corp. (Signant), Term Loan (1 mo. SOFR + 5.00%)		10.42	%	05/03/2028			3,466		3,456,399


Cerba (Chrome Bidco) (France)
Term Loan B (1 mo. EURIBOR + 3.70%)		7.31	%	05/24/2028	EUR		6,000		6,418,173


Term Loan C (3 mo. EURIBOR + 4.00%)		7.63	%	02/14/2029	EUR		1,681		1,813,441


Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. SOFR + 4.50%)^(e)		9.88	%	07/31/2029			1,892		1,894,392


Ethypharm (Financiere Verdi, Orphea Ltd.) (France), Term Loan B (3 mo. SONIA + 4.50%)		9.43	%	04/17/2028	GBP		1,119		1,216,205


Explorer Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 4.50%)		9.95	%	02/04/2027			13,621		13,349,049


Global Medical Response, Inc.
Term Loan (1 mo. SOFR + 4.25%)		9.88	%	03/14/2025			8,875		6,294,683


Term Loan (1 mo. USD LIBOR + 4.25%)		9.78	%	10/02/2025			5,098		3,615,456


HC Group Holdings III, Inc., Term Loan B (1 mo. SOFR + 2.75%)		8.20	%	10/25/2028			362		363,187


Inovie Group Bidco (Labosud) (France), Term Loan B (3 mo. EURIBOR + 5.00%)		7.60	%	03/03/2028	EUR		1,101		1,154,497


International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)^(e)		9.25	%	09/07/2028			7,631		7,640,198


MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		9.45	%	12/18/2028			6,520		5,575,076


Second Lien Term Loan (1 mo. SOFR + 6.75%)		12.58	%	12/17/2029			1,991		1,259,686


MJH Healthcare Holdings LLC, Term Loan B (1 mo. SOFR + 3.50%)		8.93	%	01/28/2029			1,000		998,750


Organon & Co., Term Loan B (3 mo. SOFR + 3.00%)		8.43	%	06/02/2028			4,720		4,735,878


PAREXEL International Corp., First Lien Term Loan (1 mo. SOFR + 3.25%)		8.70	%	11/15/2028			8,265		8,252,064


Sharp Midco LLC
Incremental Term Loan B^(d)(e)		-		12/31/2028			1,171		1,171,116


Term Loan B (3 mo. SOFR + 4.00%)^(e)		9.34	%	12/15/2028			1,227		1,225,563


Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. SOFR + 4.75%)		10.43	%	11/24/2028			1,882		1,887,286


Sunshine Luxembourg VII S.a.r.l. (Nestle Skin Health) (Switzerland), Term Loan (3 mo. SOFR + 3.75%)		9.09	%	10/01/2026			1,741		1,744,396


TTF Holdings LLC (Soliant), Term Loan B (1 mo. USD LIBOR + 4.00%)		9.45	%	03/31/2028			1,716		1,720,210


Veonet (Blitz F21-433 GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 4.25%)		7.85	%	03/14/2029	EUR		865		936,444


Verscend Holding Corp., Term Loan B-1 (1 mo. SOFR + 4.00%)		9.45	%	08/27/2025			3,947		3,951,316

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


14		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Health Care-(continued)
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (3 mo. SOFR + 4.50%)		10.05	%	01/15/2028		$	3,085	$	2,751,601


Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.80	%	01/15/2029			551		479,752


									100,746,557



Home Furnishings-1.83%
Hilding Anders AB (Sweden)
Term Loan (3 mo. EURIBOR + 5.00%)		8.65	%	02/28/2026	EUR		1,289		637,199


Term Loan (6 mo. EURIBOR + 10.00%)^(e)		13.62	%	12/31/2026	EUR		99		104,264


Term Loan (6 mo. EURIBOR)^(e)		0.00	%	02/26/2027	EUR		1,194		0


Hunter Douglas Holding B.V.
Term Loan B-1 (3 mo. SOFR + 3.50%)		8.89	%	02/26/2029			14,442		14,071,847


Term Loan B-2 (3 mo. EURIBOR + 4.00%)		7.83	%	02/26/2029	EUR		294		307,501


Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)		9.95	%	09/25/2028			11,484		11,417,945


Serta Simmons Bedding LLC, Term Loan (1 mo. SOFR + 7.50%)		12.69	%	06/29/2028			9,642		9,667,092


SIWF Holdings, Inc., Term Loan B (1 mo. SOFR + 4.00%)		9.45	%	10/06/2028			8,594		7,191,831


VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		12.20	%	07/01/2029			1,231		1,102,044


Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. SOFR + 4.25%)		9.68	%	10/30/2027			1,723		1,560,527


Term Loan B (1 mo. SOFR + 3.25%)		8.70	%	10/30/2027			5,830		5,287,310


									51,347,560



Industrial Equipment-4.48%
Chart Industries, Inc., Term Loan B (1 mo. SOFR + 3.75%)		9.16	%	03/14/2030			7,511		7,525,222


Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. SOFR + 5.50%)		10.74	%	06/08/2029			9,856		8,587,204


DXP Enterprises, Inc., Term Loan (1 mo. SOFR + 4.75%)		10.44	%	12/23/2027			6,348		6,347,599


EMRLD Borrower L.P. (Copeland), Term Loan B (1 mo. SOFR + 3.00%)		8.33	%	05/05/2030			9,321		9,342,094


Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan (1 mo. USD LIBOR + 3.00%)^(e)		8.72	%	06/04/2026			3,201		2,896,877


Revolver Loan^(e)(f)		0.00	%	06/04/2026			3,799		3,438,123


Term Loan B (3 mo. USD LIBOR + 5.00%)		10.50	%	12/04/2026			7,149		6,887,039


Term Loan B-2 (3 mo. SOFR + 4.50%)		10.00	%	12/04/2026			584		563,949


Term Loan B-3 (3 mo. EURIBOR + 4.25%)		7.71	%	12/04/2026	EUR		3,000		3,176,719


MX Holdings US, Inc., Term Loan B-1-C (1 mo. SOFR + 2.50%)		7.95	%	07/31/2025			495		495,777


New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)^(e)		9.73	%	03/08/2025			3,497		3,427,385


Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. SOFR + 5.50%)^(e)		10.84	%	02/28/2027			4,790		3,472,745


First Lien Term Loan (1 mo. SOFR + 7.00%)		12.34	%	02/28/2027			21,346		18,837,978


First Lien Term Loan (3 mo. SOFR + 3.00%)^(e)		8.34	%	02/28/2027			16,082		16,242,803


Tank Holding Corp.
Revolver Loan (1 mo. SOFR + 5.75%)^(e)		11.18	%	03/31/2028			709		688,192


Revolver Loan^(e)(f)		0.00	%	03/31/2028			993		963,469


Term Loan (1 mo. SOFR + 5.75%)		11.18	%	03/31/2028			20,424		19,855,490


Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)		9.38	%	07/30/2027			4,440		4,439,502


Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan (3 mo. SOFR + 7.00%)^(e)		12.51	%	11/19/2029			789		680,584


Term Loan B (1 mo. SOFR + 3.75%)		9.26	%	11/15/2028			8,509		7,806,772


									125,675,523



Insurance-2.49%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.95	%	02/15/2027			10,100		9,922,332


First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%	02/15/2027			7,385		7,264,884


First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		9.70	%	02/15/2027			7,421		7,412,155


Term Loan (1 mo. SOFR + 5.75%)		11.12	%	02/15/2027			671		674,144


Alliant Holdings Intermediate LLC
Term Loan (1 mo. USD LIBOR + 3.50%)		8.93	%	11/06/2027			6,208		6,211,230


Term Loan B (1 mo. SOFR + 3.50%)		8.81	%	11/05/2027			3,824		3,827,293


Hub International Ltd., Term Loan B (1 mo. SOFR + 4.25%)		9.58	%	06/08/2030			2,024		2,033,051

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


15		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Insurance-(continued)
Ryan Specialty Group LLC, Term Loan (1 mo. SOFR + 3.00%)		8.43	%	09/01/2027		$	7,604	$	7,620,211


Sedgwick Claims Management Services, Inc., Term Loan B (1 mo. SOFR + 3.75%)		9.08	%	02/24/2028			11,911		11,947,258


USI, Inc., Term Loan (1 mo. SOFR + 3.75%)		8.99	%	11/22/2029			13,034		13,060,878


									69,973,436



Leisure Goods, Activities & Movies-3.49%
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. SOFR + 3.25%)		8.33	%	01/15/2030			2,294		2,303,376


Callaway Golf Co., Term Loan B (1 mo. SOFR + 3.50%)		8.93	%	03/09/2030			4,709		4,712,092


Carnival Corp.
Incremental Term Loan (6 mo. USD LIBOR + 3.25%)		8.70	%	10/18/2028			21,184		21,174,427


Term Loan (1 mo. SOFR + 3.00%)		8.32	%	08/08/2027			3,604		3,605,404


Crown Finance US, Inc. (United Kingdom), Term Loan (1 mo. SOFR + 8.50%)		14.38	%	07/31/2028			9,893		9,980,759


Fitness International LLC, Term Loan B (3 mo. SOFR + 3.25%)		8.77	%	04/18/2025			6,570		6,526,229


Galileo Global Educaion Finance S.a.r.l. (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.50%)		7.30	%	07/14/2028	EUR		525		563,922


Lakeland Tours LLC, PIK Term Loan, 13.25% PIK Rate^(g)		13.25	%	09/25/2027			1,052		828,462


Nord Anglia Education, Term Loan B (1 mo. SOFR + 4.50%)		9.92	%	01/25/2028			4,998		5,011,412


OEG Borrower LLC (Opry Entertainment), Term Loan B (3 mo. SOFR + 5.00%)^(e)		10.32	%	05/20/2029			7,219		7,237,352


Parques Reunidos (Piolin Bidco s.a.u) (Spain)
Revolver Loan (1 mo. SOFR + 3.50%)^(e)		8.81	%	03/16/2026	EUR		2,396		2,564,232


Revolver Loan^(e)(f)		0.00	%	03/16/2026			3,204		3,428,564


Royal Caribbean Cruises Ltd.
Revolver Loan^(e)(f)		0.00	%	04/05/2024			10,588		10,269,820


Revolver Loan^(e)		-		04/12/2024			2,073		2,028,812


Scenic (Columbus Capital B.V.) (Australia), Term Loan (3 mo. EURIBOR + 3.75%)		7.35	%	02/27/2027	EUR		5,233		4,600,633


SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. SOFR + 3.00%)		8.45	%	08/25/2028			2,183		2,183,170


Six Flags Theme Parks, Inc., Term Loan B (1 mo. SOFR + 1.75%)		7.18	%	04/17/2026			1,229		1,225,103


Vue International Bidco PLC (United Kingdom)
Term Loan (6 mo. EURIBOR + 8.00%)		11.09	%	06/30/2027	EUR		2,223		2,304,353


Term Loan (6 mo. EURIBOR + 8.00%)		11.36	%	12/31/2027	EUR		13,171		7,462,023


									98,010,145



Lodging & Casinos-0.85%
Aimbridge Acquisition Co., Inc., First Lien Term Loan (1 mo. SOFR + 4.75%)		10.18	%	02/02/2026			1,404		1,359,832


Everi Payments, Inc., Term Loan B (1 mo. SOFR + 2.50%)		7.95	%	08/03/2028			333		333,325


Four Seasons Holdings, Inc. (Canada), Term Loan (1 mo. SOFR + 2.50%)		7.93	%	11/30/2029			803		805,096


Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. SOFR + 3.00%)		8.45	%	08/02/2028			3,173		3,180,116


HotelBeds (United Kingdom)
Term Loan B-2 (3 mo. EURIBOR + 5.00%)		8.76	%	09/12/2028	EUR		3,975		4,244,442


Term Loan C (6 mo. EURIBOR + 4.50%)		8.26	%	09/30/2027	EUR		2,534		2,702,532


Term Loan D (6 mo. EURIBOR + 5.50%)		8.84	%	09/12/2027	EUR		8,094		8,724,071


Travel + Leisure Co., Incremental Term Loan (1 mo. SOFR + 4.00%)		9.35	%	12/14/2029			2,583		2,588,299


									23,937,713



Nonferrous Metals & Minerals-0.87%
American Rock Salt Co. LLC
First Lien Term Loan (1 mo. SOFR + 4.00%)		9.45	%	06/09/2028			4,237		4,035,982


Second Lien Term Loan (1 mo. SOFR + 7.25%)		12.70	%	06/11/2029			212		191,220


AZZ, Inc., Term Loan (1 mo. SOFR + 4.25%)		9.08	%	05/13/2029			7,860		7,888,858


Covia Holdings Corp., Term Loan (3 mo. SOFR + 4.00%)		9.53	%	07/31/2026			6,893		6,863,047


Form Technologies LLC
First Lien Term Loan (3 mo. SOFR + 4.50%)		10.02	%	07/19/2025			2,257		2,106,405


First Lien Term Loan (3 mo. SOFR + 9.00%)		14.52	%	10/22/2025			2,095		1,612,978


SCIH Salt Holdings, Inc. (Kissner Group), First Lien Incremental Term Loan B-1 (3 mo. SOFR + 4.00%)		9.63	%	03/16/2027			1,722		1,721,471


									24,419,961



Oil & Gas-1.39%
Brazos Delaware II LLC, First Lien Term Loan (1 mo. SOFR + 3.75%)		9.06	%	02/01/2030			6,503		6,441,953


Gulf Finance LLC, Term Loan (1 mo. SOFR + 6.75%)		12.63	%	08/25/2026			5,376		5,397,630

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


16		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Oil & Gas-(continued)
McDermott International Ltd.
LOC^(e)(f)		0.00	%	06/28/2024		$	6,610	$	4,924,688


LOC (3 mo. SOFR + 4.00%)^(e)		9.51	%	06/30/2024			2,890		2,022,696


PIK Second Lien Term Loan, 3.00% PIK Rate, 6.45% Cash Rate^(g)		3.00	%	09/25/2025			1,556		832,590


Term Loan (1 mo. SOFR + 3.00%)^(e)		8.45	%	06/30/2024			279		202,279


Petroleum GEO-Services ASA (Norway)
Term Loan (3 mo. SOFR + 6.75%)^(e)		11.99	%	03/18/2024			1,133		1,144,340


Term Loan (1 mo. USD LIBOR + 7.00%)		12.54	%	03/19/2024			1,564		1,563,940


QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. SOFR + 8.00%) (Acquired 08/03/2021; Cost $2,644,056)^(h)		13.45	%	08/27/2026			2,678		2,672,864


TransMontaigne Partners LLC, Term Loan B (1 mo. SOFR + 3.50%)		8.93	%	11/17/2028			11,813		11,792,788


WhiteWater Whistler Holdings LLC, Term Loan B (1 mo. SOFR + 3.25%)		8.49	%	01/25/2030			2,094		2,098,332


									39,094,100



Publishing-3.02%
Cengage Learning, Inc., Term Loan B (3 mo. SOFR + 4.75%)		10.32	%	06/29/2026			20,569		20,550,503


Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. SOFR + 3.50%)		8.85	%	08/21/2026			4,036		3,956,684


Dotdash Meredith, Inc., Term Loan B (1 mo. SOFR + 4.00%)		9.42	%	12/01/2028			21,361		20,639,835


Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
First Lien Term Loan B (1 mo. SOFR + 5.25%)		10.68	%	04/09/2029			11,529		10,695,813


Second Lien Term Loan B (1 mo. SOFR + 8.00%)		13.83	%	04/08/2030			8,460		7,265,077


McGraw-Hill Education, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		9.99	%	07/28/2028			13,719		13,477,947


Micro Holding L.P., Term Loan B-3 (1 mo. SOFR + 4.25%)		9.58	%	05/03/2028			8,437		8,123,338


									84,709,197



Radio & Television-0.39%
Diamond Sports Holdings LLC, Second Lien Term Loan^(i)(j)		0.00	%	08/24/2026			3,798		106,480


E.W. Scripps Co. (The), Term Loan B (1 mo. SOFR + 2.75%)		8.45	%	01/07/2028			923		916,794


iHeartCommunications, Inc., Second Lien Incremental Term Loan (1 mo. SOFR + 3.25%)		8.70	%	05/01/2026			785		702,499


Nexstar Broadcasting, Inc.
Term Loan B (1 mo. SOFR + 2.50%)		7.93	%	06/02/2028			2,431		2,423,142


Term Loan B-4 (1 mo. SOFR + 2.50%)		7.95	%	09/18/2026			4,671		4,684,799


Sinclair Television Group, Inc.
Term Loan B-3 (1 mo. SOFR + 3.00%)		8.45	%	04/01/2028			2,176		1,649,375


Term Loan B-4 (1 mo. SOFR + 3.75%)		9.18	%	04/21/2029			632		460,732


									10,943,821



Retailers (except Food & Drug)-2.21%
Action Holding B.V. (Netherlands), Term Loan B-3-A (3 mo. EURIBOR + 3.75%)		7.35	%	09/21/2028	EUR		886		964,466


CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. SOFR + 3.50%)		8.80	%	11/08/2027			14,759		14,758,069


Lakeshore Intermediate LLC, First Lien Term Loan (1 mo. SOFR + 3.50%)		8.95	%	09/29/2028			897		891,883


Petco Animal Supplies, Inc., First Lien Term Loan (3 mo. SOFR + 3.25%)		8.75	%	03/02/2028			12,697		12,643,494


PetSmart, Inc., Term Loan (1 mo. SOFR + 3.75%)		9.18	%	02/11/2028			26,315		26,295,323


Savers, Inc., Term Loan (1 mo. SOFR + 5.50%)		10.75	%	04/26/2028			6,460		6,519,383


									62,072,618



Surface Transport-2.22%
Carriage Purchaser, Inc., Term Loan B (1 mo. SOFR + 4.25%)		9.70	%	09/30/2028			3,955		3,887,341


First Student Bidco, Inc.
Incremental Term C (3 mo. SOFR + 4.00%)		9.34	%	07/21/2028			936		925,861


Incremental Term Loan B (3 mo. SOFR + 4.00%)		9.34	%	07/21/2028			13,414		13,265,072


Term Loan B (3 mo. SOFR + 3.00%)		8.50	%	07/21/2028			5,721		5,585,480


Term Loan C (3 mo. SOFR + 3.00%)		8.50	%	07/21/2028			2,144		2,093,600


Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 6.50%)		10.45	%	02/26/2027	EUR		8,164		7,278,404


Novae LLC, Term Loan B (3 mo. SOFR + 5.00%)		10.34	%	12/22/2028			1,466		1,333,742


Odyssey Logistics & Technology Corp., Term Loan B (1 mo. SOFR + 4.50%)		9.92	%	10/12/2027			5,844		5,819,783


PODS LLC
Incremental Term Loan B (1 mo. SOFR + 4.00%)		9.45	%	04/01/2028			4,327		4,245,768


Term Loan B (1 mo. SOFR + 3.00%)		8.45	%	04/01/2028			11,885		11,566,072

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


17		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date			Principal Amount (000)^(a)		Value


Surface Transport-(continued)
STG - XPOI Opportunity, Term Loan B (1 mo. SOFR + 6.00%)^(e)		11.39	%		03/24/2028		$	6,565	$	6,319,381


										62,320,504



Telecommunications-4.53%
Avaya, Inc., Term Loan (1 mo. SOFR + 8.50%) (Acquired 04/22/2021-08/31/2023; Cost $32,867,032)^(h)		13.82	%		05/15/2029			8,363		7,014,591


Cablevision Lightpath LLC, Term Loan (1 mo. SOFR + 3.25%)		8.67	%		11/30/2027			6,867		6,743,313


CCI Buyer, Inc. (Consumer Cellular), Term Loan (3 mo. SOFR + 3.75%)		9.24	%		12/17/2027			5,489		5,439,343


CenturyLink, Inc., Term Loan B (1 mo. SOFR + 2.25%)		7.70	%		03/15/2027			7,353		4,836,757


Crown Subsea Communications Holding, Inc.
Incremental Term Loan (1 mo. SOFR + 5.25%)		10.68	%		04/27/2027			3,725		3,740,142


Term Loan (1 mo. SOFR + 4.75%)		10.43	%		04/27/2027			13,546		13,594,862


II-VI, Inc., Term Loan B (1 mo. SOFR + 2.75%)		8.20	%		07/02/2029			6,963		6,962,196


Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. SOFR + 3.50%)		8.83	%		12/11/2026			5,345		5,341,432


Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. SOFR + 4.25%)		9.77	%		02/01/2029			18,801		18,824,842


Iridium Satellite LLC, Term Loan B (1 mo. SOFR + 2.50%)		7.93	%		11/04/2026			562		563,137


MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (3 mo. SOFR + 4.50%)		9.84	%		11/30/2025			160		23,146


Second Lien Term Loan (3 mo. SOFR + 6.70%)		12.11	%		11/01/2027			32,765		11,959,089


Term Loan (3 mo. SOFR + 6.44%)		11.85	%		11/01/2027			13,941		10,664,772


Third Lien Term Loan (3 mo. SOFR + 9.25%)(^(e)		14.66	%		11/01/2027			8,144		1,628,745


Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		8.43	%		12/07/2026			10,390		7,507,116


Viasat, Inc., Term Loan (1 mo. SOFR + 3.75%)		9.83	%		03/02/2029			8,230		8,072,933


Voyage Digital (NC) Ltd., Term Loan B (3 mo. SOFR + 4.50%)		9.63	%		05/10/2029			5,445		5,454,970


Windstream Services LLC, Term Loan (1 mo. SOFR + 6.25%)		11.68	%		09/21/2027			7,907		7,561,282


Zayo Group Holdings, Inc., Incremental Term Loan (1 mo. SOFR + 4.25%)		9.66	%		03/09/2027			1,345		1,085,994


										127,018,662



Utilities-1.84%
Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. SOFR + 2.75%)		8.20	%		08/01/2025			5,621		5,623,400


Incremental Term Loan (1 mo. SOFR + 3.75%)		9.08	%		08/01/2025			9,042		9,068,088


Covanta Energy Corp.
Term Loan B (1 mo. SOFR + 3.00%)		8.31	%		11/30/2028			3,753		3,759,214


Term Loan C (1 mo. SOFR + 3.00%)		8.31	%		11/30/2028			281		281,941


Generation Bridge LLC, Term Loan B (1 mo. SOFR + 4.25%)		9.56	%		08/07/2029			3,842		3,846,475


Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		9.20	%		11/09/2026			6,953		6,830,077


KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (6 mo. SOFR + 4.00%)		9.73	%		08/14/2026			4,068		3,561,044


Nautilus Power LLC, Term Loan (1 mo. SOFR + 5.25%)		10.75	%		11/16/2026			5,208		3,949,947


Osmose Utilities Services, Inc., First Lien Term Loan (1 mo. SOFR + 3.00%)		8.70	%		06/23/2028			2,589		2,573,241


Talen Energy Supply LLC
Term Loan B (1 mo. SOFR + 4.50%)		9.88	%		05/27/2030			7,030		7,063,413


Term Loan C (1 mo. SOFR + 4.50%)		9.88	%		05/27/2030			5,027		5,051,465


										51,608,305


Total Variable Rate Senior Loan Interests (Cost $2,528,683,730)										2,425,766,597



Non-U.S. Dollar Denominated Bonds & Notes-3.51%^(k)
Air Transport-0.01%
Skill Bidco ApS (Denmark) (3 mo. EURIBOR + 6.75%)^(l)(m)		10.55	%		03/02/2028	EUR		195		206,876



Automotive-0.22%
Cabonline Group Holding AB (Sweden)^(e)(l)		14.00	%		10/31/2023	SEK		5,024		431,324


Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)^(j)(l)(m)		0.00	%		04/19/2026	SEK		73,750		4,883,660


Conceria Pasubio S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)^(l)(m)		8.10	%		09/30/2028	EUR		917		948,883


										6,263,867



Building & Development-0.14%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)^(l)(m)		8.66	%		01/15/2027	EUR		462		498,047


APCOA Parking Holdings GmbH (Germany)^(l)		4.63	%		01/15/2027	EUR		939		906,849

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


18		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date			Principal Amount (000)^(a)		Value


Building & Development-(continued)
Haya Holdco 2 PLC (United Kingdom) (3 mo. EURIBOR + 9.00%)^(l)(m)		12.77	%		11/30/2025	EUR		5,883	$	2,360,473


										3,765,369



Cable & Satellite Television-0.15%
Altice Finco S.A. (Luxembourg)^(l)		4.75	%		01/15/2028	EUR		3,712		2,648,542


Altice France Holding S.A. (Luxembourg)^(l)		8.00	%		05/15/2027	EUR		2,923		1,542,072


										4,190,614



Chemicals & Plastics-0.00%
Herens Midco S.a.r.l. (Luxembourg)^(l)		5.25	%		05/15/2029	EUR		108		64,626



Electronics & Electrical-0.39%
Castor S.p.A. (Italy) (3 mo. EURIBOR + 5.25%)^(l)(m)		8.78	%		02/15/2029	EUR		2,000		2,051,136


Versuni Group B.V. (Netherlands)^(l)		3.13	%		06/15/2028	EUR		10,186		8,904,746


										10,955,882



Financial Intermediaries-1.32%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%) (Acquired 01/31/2018-11/24/2021; Cost $8,325,506)^(h)(l)(m)		8.73	%		08/01/2024	EUR		7,201		3,898,660


Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)^(l)(m)		9.98	%		05/01/2026	EUR		1,945		1,706,590


Garfunkelux Holdco 3 S.A. (Luxembourg)^(l)		6.75	%		11/01/2025	EUR		6,615		5,765,081


Kane Bidco Ltd. (United Kingdom)^(l)		6.50	%		02/15/2027	GBP		1,034		1,207,354


Newday Bondco PLC (United Kingdom)^(l)		7.38	%		02/01/2024	GBP		1,472		1,822,289


Sherwood Financing PLC (United Kingdom)^(l)		6.00	%		11/15/2026	GBP		937		984,592


Sherwood Financing PLC (United Kingdom)^(l)		4.50	%		11/15/2026	EUR		968		915,241


Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)^(l)(m)		8.41	%		11/15/2027	EUR		6,242		6,558,760


Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)^(l)(m)		8.41	%		11/15/2027	EUR		6,000		6,304,479


Very Group Funding PLC (The) (United Kingdom)^(l)		6.50	%		08/01/2026	GBP		3,150		3,182,358


Zenith Finco PLC (United Kingdom)^(l)		6.50	%		06/30/2027	GBP		4,906		4,810,135


										37,155,539



Food Products-0.59%
Sigma Holdco B.V. (Netherlands)^(l)		5.75	%		05/15/2026	EUR		5,000		4,681,499


Sigma Holdco B.V. (Netherlands)^(l)		5.75	%		05/15/2026	EUR		12,597		11,794,569


										16,476,068



Industrial Equipment-0.19%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)^(l)		9.25	%		10/31/2027	EUR		5,997		5,258,668



Leisure Goods, Activities & Movies-0.03%
Deuce Finco PLC (United Kingdom)^(l)		5.50	%		06/15/2027	GBP		807		882,668



Retailers (except Food & Drug)-0.44%
Douglas GmbH (Germany)^(l)		6.00	%		04/08/2026	EUR		1,823		1,898,441


Douglas GmbH (Germany)^(l)		6.00	%		04/08/2026	EUR		2,500		2,603,458


Kirk Beauty SUN GmbH 9.00% PIK Rate, 8.25% Cash Rate (Germany)^(g)(l)		9.00	%		10/01/2026	EUR		7,895		7,936,897


										12,438,796



Surface Transport-0.03%
Zenith Finco PLC (United Kingdom)^(l)		6.50	%		06/30/2027	GBP		846		829,469


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $112,378,556)										98,488,442



U.S. Dollar Denominated Bonds & Notes-3.32%
Aerospace & Defense-0.24%
Rand Parent LLC ^(l)		8.50	%		02/15/2030		$	7,087		6,756,685



Air Transport-0.01%
Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $222,061)^(e)(h)		5.75	%		07/15/2025			222		217,908



Building & Development-0.36%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 10/29/2020-11/19/2020; Cost $2,453,879)^(h)(l)		5.75	%		05/15/2026			2,637		2,422,519

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


19		Invesco Floating Rate ESG Fund


	Interest Rate			Maturity Date		Principal Amount (000)^(a)		Value


Building & Development-(continued)
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-05/20/2022; Cost $8,704,471)^(h)(l)		4.50	%		04/01/2027	$	9,060	$	7,574,930


									9,997,449



Business Equipment & Services-0.27%
ADT Security Corp. (The)^(l)		4.13	%		08/01/2029		8,722		7,621,240



Cable & Satellite Television-0.80%
Altice Financing S.A. (Luxembourg)^(l)		5.75	%		08/15/2029		2,188		1,735,217


Altice Financing S.A. (Luxembourg)^(l)		5.00	%		01/15/2028		11,665		9,495,421


Altice France S.A. (France)^(l)		5.50	%		01/15/2028		4,994		3,746,979


Altice France S.A. (France)^(l)		5.50	%		10/15/2029		4,322		3,125,759


Virgin Media Secured Finance PLC (United Kingdom)^(l)		4.50	%		08/15/2030		5,103		4,313,388


									22,416,764



Chemicals & Plastics-0.57%
SK Invictus Intermediate II S.a.r.l.^(l)		5.00	%		10/30/2029		11,755		9,668,135


Windsor Holdings III LLC (Acquired 06/22/2023-08/15/2023; Cost $6,232,767)^(h)(l)		8.50	%		06/15/2030		6,254		6,289,097


									15,957,232



Cosmetics & Toiletries-0.07%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC^(l)		6.63	%		07/15/2030		2,011		2,013,413



Food Products-0.01%
Sigma Holdco B.V. (Netherlands)^(l)		7.88	%		05/15/2026		216		183,938



Food Service-0.04%
eG Global Finance PLC (United Kingdom)^(l)		6.75	%		02/07/2025		1,090		1,075,187



Health Care-0.07%
Global Medical Response, Inc. (Acquired 09/24/2020-05/18/2022; Cost $2,755,632)^(h)(l)		6.50	%		10/01/2025		2,829		1,957,837



Industrial Equipment-0.09%
Chart Industries, Inc.^(l)		7.50	%		01/01/2030		694		711,970


Emerald Debt Merger Sub LLC^(l)		6.63	%		12/15/2030		1,988		1,959,512


									2,671,482



Publishing-0.10%
McGraw-Hill Education, Inc.^(l)		5.75	%		08/01/2028		3,108		2,761,147



Radio & Television-0.00%
Diamond Sports Group LLC/Diamond Sports Finance Co.^(i)(j)(l)		0.00	%		08/15/2026		2,398		59,494



Retailers (except Food & Drug)-0.06%
Evergreen Acqco 1 L.P./TVI, Inc.^(l)		9.75	%		04/26/2028		1,562		1,630,275



Surface Transport-0.05%
First Student Bidco, Inc./First Transit Parent, Inc.^(l)		4.00	%		07/31/2029		1,850		1,575,123



Telecommunications-0.53%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)^(l)		6.75	%		10/01/2026		9,568		9,086,410


Windstream Escrow LLC/Windstream Escrow Finance Corp.^(l)		7.75	%		08/15/2028		7,184		5,830,696


									14,917,106



Utilities-0.05%
Calpine Corp.^(l)		4.50	%		02/15/2028		1,515		1,403,838


Total U.S. Dollar Denominated Bonds & Notes (Cost $104,667,363)									93,216,118



						Shares
Common Stocks & Other Equity Interests-2.72%⁽ⁿ⁾
Aerospace & Defense-0.03%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $145,528)^(e)(h)							134		731,142

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


20		Invesco Floating Rate ESG Fund


	Shares		Value


Automotive-0.00%
Dayco Products LLC (Acquired 06/16/2006-05/29/2008; Cost $104,068)^(e)(h)		3,261	$	0


Dayco Products LLC (Acquired 06/16/2006-02/18/2014; Cost $1,275,974)^(e)(h)		3,266		0


ThermaSys Corp. (Acquired 12/31/2018; Cost $1,367,427)^(e)(h)		1,949,645		0


				0



Building & Development-0.00%
Haya (Holdco2 PLC/Real Estate SAU)^(e)		7,135		0


Lake at Las Vegas Joint Venture LLC, Class A (Acquired 04/28/2010-07/15/2010; Cost $664,569)^(e)(h)		518		0


Lake at Las Vegas Joint Venture LLC, Class B^(e)		4		0


				0



Business Equipment & Services-0.90%
Monitronics International, Inc. (Acquired 06/30/2023; Cost $8,220,186)^(e)(h)		408,355		8,575,455


My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $9,074,167)^(e)(h)(o)		68,686		16,635,703


				25,211,158



Containers & Glass Products-0.01%
Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $146,927)^(h)		36,078		284,114



Drugs-0.00%
Inotiv, Inc., Conv.		3,637		13,602



Electronics & Electrical-0.08%
Diebold Nixdorf, Inc.		124,443		2,216,330


Riverbed Technology, Inc. (Acquired 07/03/2023; Cost $13,461)^(e)(h)		103,543		13,460


				2,229,790



Home Furnishings-0.20%
Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $56,360)^(h)		363,612		5,599,625



Industrial Equipment-0.00%
North American Lifting Holdings, Inc.		7,347		51,429



Leisure Goods, Activities & Movies-0.36%
Crown Finance US, Inc.		3,056		66,189


Crown Finance US, Inc., Rts.		456,471		9,885,565


Vue International Bidco PLC^(e)		14,500,325		0


				9,951,754



Lodging & Casinos-0.08%
Bally’s Corp.^(p)		74,467		1,236,152


Caesars Entertainment, Inc.^(p)		19,983		1,104,261


				2,340,413



Oil & Gas-0.84%
McDermott International Ltd.^(p)		629,763		100,762


McDermott International Ltd.^(e)		1,901,942		289,095


QuarterNorth Energy Holding, Inc. (Acquired 06/02/2021-10/29/2021; Cost $10,749,883)^(e)(h)		131,162		22,172,936


QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029^(e)		45,751		786,917


QuarterNorth Energy Holding, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $528,684)^(e)(h)		88,114		39,652


Samson Investment Co., Class A (Acquired 03/01/2017; Cost $4,259,838)^(e)(h)		261,209		235,088


Southcross Energy Partners L.P. (Acquired 08/05/2014-10/29/2020; Cost $1,477,667)^(h)		145,102		2,032


				23,626,482



Radio & Television-0.04%
iHeartMedia, Inc., Class A^(p)		306,089		1,104,981


iHeartMedia, Inc., Class B^(e)(p)		29		116


				1,105,097

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


21		Invesco Floating Rate ESG Fund


					Shares		Value


Retailers (except Food & Drug)-0.01%
Claire’s Stores, Inc. (Acquired 10/12/2018; Cost $1,111,774)^(h)						692	$	245,084


Toys ’R’ Us-Delaware, Inc.^(e)						11		27,643


Vivarte S.A.S.^(e)						233,415		112,479


								385,206



Surface Transport-0.06%
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $1,212,169)^(e)(h)						14,574		655,830


Commercial Barge Line Co.^(e)						11,998		299,950


Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023-08/18/2023; Cost $0)^(e)(h)(o)						159,020		74,541


Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/17/2023; Cost $0)^(e)(h)						144,357		90,223


Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,274,332)^(h)						15,321		689,445


								1,809,989



Telecommunications-0.11%
Avaya Holdings Corp. (Acquired 05/01/2023; Cost $4,396,125)^(h)						293,075		2,515,609


Avaya, Inc. (Acquired 05/01/2023; Cost $797,295)^(h)						53,153		456,239


								2,971,848


Total Common Stocks & Other Equity Interests (Cost $92,851,485)								76,311,649



Preferred Stocks-0.34%⁽ⁿ⁾
Oil & Gas-0.04%
McDermott International Ltd., Pfd.^(e)						1,632		1,060,731


Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-08/23/2019; Cost $566,509)^(e)(h)						577,315		5,138


								1,065,869



Surface Transport-0.30%
Commercial Barge Line Co., Series A, Pfd. (Acquired 08/24/2018-02/06/2020; Cost $1,898,180)^(h)						42,816		1,006,176


Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 08/24/2018-02/06/2020; Cost $1,995,296)^(h)						45,008		1,057,688


Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $1,586,876)^(h)						68,517		3,768,435


Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $1,114,451)^(h)						48,119		2,646,545


								8,478,844


Total Preferred Stocks (Cost $7,161,313)								9,544,713



	Interest Rate		Maturity Date		Principal Amount (000)^(a)
Asset-Backed Securities-0.03%
Structured Products-0.03%
Bain Capital Credit CLO Ltd., Series 2022-2A, Class E (Cayman Islands) (3 mo. Term SOFR + 7.84%) ^(l)(m) (Cost $990,821)		13.19%		04/22/2035	$	1,000		984,970



Municipal Obligations-0.45%
Arizona-0.45%
Arizona (State of) Industrial Development Authority (NewLife Forest Restoration LLC) (Green Bonds), Series 2022 A, RB (Acquired 02/22/2022-07/01/2023; Cost $13,890,696) (Cost $13,880,806)^(h)(l)		9.00%		01/01/2028		14,935		12,657,253



					Shares
Money Market Funds-3.99%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(o)(q)						39,229,510		39,229,510


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(o)(q)						28,016,041		28,018,843

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


22		Invesco Floating Rate ESG Fund


	Shares		Value


Invesco Treasury Portfolio, Institutional Class, 5.25%^(o)(q)		44,833,726	$	44,833,726


Total Money Market Funds (Cost $112,082,268)				112,082,079


TOTAL INVESTMENTS IN SECURITIES-100.78% (Cost $2,972,696,342)				2,829,051,821


OTHER ASSETS LESS LIABILITIES-(0.78)%				(22,021,668	)


NET ASSETS-100.00%			$	2,807,030,153

Investment Abbreviations:


CLO		- Collateralized Loan Obligation
Conv.		- Convertible
EUR		- Euro
EURIBOR		- Euro Interbank Offered Rate
GBP		- British Pound Sterling
LIBOR		- London Interbank Offered Rate
LOC		- Letter of Credit
Pfd.		- Preferred
PIK		- Pay-in-Kind
RB		- Revenue Bonds
Rts.		- Rights
SEK		- Swedish Krona
SOFR		- Secured Overnight Financing Rate
SONIA		- Sterling Overnight Index Average
STIBOR		- Stockholm Interbank Offered Rate
USD		- U.S. Dollar
Wts.		- Warrants

Notes to Schedule of Investments:

^(a)	Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(b)

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

^(c)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the 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.

^(d)	This variable rate interest will settle after August 31, 2023, at which time the interest rate will be determined.

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

^(f)	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.

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

^(h)	Restricted security. The aggregate value of these securities at August 31, 2023 was $112,205,819, which represented 4.00% of the Fund’s Net Assets.

⁽ⁱ⁾	Acquired as part of a bankruptcy restructuring.

^(j)	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, 2023 was $5,049,634, which represented less than 1% of the Fund’s Net Assets.

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

^(l)

Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $205,128,875, which represented 7.31% of the Fund’s Net Assets.

^(m)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

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

^(o)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income


Investments in Affiliated Money Market Funds:


Invesco Government & Agency Portfolio, Institutional Class	$	53,493,965	$	283,433,028	$	(297,697,483	)	$	-		$	-	$	39,229,510	$	1,023,108


Invesco Liquid Assets Portfolio, Institutional Class		37,775,430		202,452,163		(212,213,547	)		(8,009	)		12,806		28,018,843		610,745


Invesco Treasury Portfolio, Institutional Class		61,135,961		323,923,460		(340,225,695	)		-			-		44,833,726		960,492

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


23		Invesco Floating Rate ESG Fund


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income


Investments in Other Affiliates:


Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030*	$	240,494	$	-	$	(240,503	)	$	(165,953	)	$	240,503	$	74,541	$	-


My Alarm Center LLC, Class A		10,955,387		-		-			5,680,316			-		16,635,703		-


Total	$	163,601,237	$	809,808,651	$	(850,377,228	)	$	5,506,354		$	253,309	$	128,792,323	$	2,594,345

At August 31, 2023, this security was was no longer an affiliate of the Fund.

^(p)	Non-income producing security.

^(q)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.


Open Forward Foreign Currency Contracts


		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty		Deliver			Receive		Unrealized Appreciation (Depreciation)


Currency Risk


09/29/2023	Barclays Bank PLC	EUR		2,142,861	USD		2,344,761	$	18,472


10/31/2023	Barclays Bank PLC	EUR		68,266,219	USD		74,410,111		186,522


09/29/2023	BNP Paribas S.A.	EUR		69,108,703	USD		76,829,393		1,805,000


09/29/2023	BNP Paribas S.A.	GBP		12,078,209	USD		15,491,072		188,674


09/29/2023	BNP Paribas S.A.	SEK		8,000,000	USD		748,709		17,152


10/31/2023	BNP Paribas S.A.	GBP		12,249,168	USD		15,557,650		37,923


09/29/2023	Citibank N.A.	GBP		462,737	USD		594,679		8,417


10/31/2023	Citibank N.A.	EUR		67,247,321	USD		73,333,271		217,497


10/31/2023	Citibank N.A.	USD		6,198,710	GBP		4,908,035		19,782


09/29/2023	Morgan Stanley and Co. International PLC	EUR		70,024,149	USD		77,863,703		1,845,500


09/29/2023	Morgan Stanley and Co. International PLC	GBP		11,897,937	USD		15,259,483		185,479


09/29/2023	Morgan Stanley and Co. International PLC	SEK		63,446,476	USD		6,125,139		323,296


09/29/2023	Morgan Stanley and Co. International PLC	USD		162,084	SEK		1,774,402		176


10/31/2023	Morgan Stanley and Co. International PLC	GBP		12,249,168	USD		15,575,558		55,831


09/29/2023	Royal Bank of Canada	GBP		12,078,209	USD		15,510,220		207,822


09/29/2023	Royal Bank of Canada	USD		5,344,594	SEK		58,468,624		2,051


10/31/2023	Royal Bank of Canada	EUR		68,266,219	USD		74,389,699		166,111


10/31/2023	Royal Bank of Canada	GBP		12,066,345	USD		15,350,176		62,087


09/29/2023	State Street Bank & Trust Co.	EUR		70,024,149	USD		77,647,328		1,629,126


10/31/2023	State Street Bank & Trust Co.	GBP		91,869	USD		116,733		335


09/29/2023	UBS AG	GBP		460,318	USD		587,532		4,335


10/31/2023	UBS AG	EUR		4,604,018	USD		5,020,074		14,278


Subtotal-Appreciation									6,995,866



Currency Risk


09/29/2023	Barclays Bank PLC	USD		74,293,376	EUR		68,266,219		(183,581	)


09/29/2023	BNP Paribas S.A.	USD		16,157,214	GBP		12,715,865		(46,943	)


09/29/2023	Citibank N.A.	USD		73,218,883	EUR		67,247,321		(215,205	)


09/29/2023	J.P. Morgan Chase Bank, N.A.	USD		1,101,073	EUR		1,000,000		(15,473	)


09/29/2023	Morgan Stanley and Co. International PLC	USD		5,463,824	EUR		5,000,000		(35,824	)


09/29/2023	Morgan Stanley and Co. International PLC	USD		16,215,500	GBP		12,751,780		(59,727	)


09/29/2023	Morgan Stanley and Co. International PLC	USD		761,508	SEK		7,925,799		(36,736	)


10/31/2023	Morgan Stanley and Co. International PLC	USD		1,643,822	EUR		1,500,000		(12,923	)


09/29/2023	Royal Bank of Canada	GBP		563,195	USD		711,309		(2,227	)


09/29/2023	Royal Bank of Canada	USD		75,373,620	EUR		69,266,220		(178,225	)


09/29/2023	Royal Bank of Canada	USD		15,358,206	GBP		12,072,960		(62,458	)


09/29/2023	Royal Bank of Canada	USD		307,129	SEK		3,277,651		(7,405	)


10/31/2023	Royal Bank of Canada	SEK		58,584,760	USD		5,362,715		(2,192	)


10/31/2023	Royal Bank of Canada	USD		6,534,756	EUR		6,000,000		(11,156	)

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


24		Invesco Floating Rate ESG Fund

Open Forward Foreign Currency Contracts—(continued)

Contract to

Unrealized

Appreciation
(Depreciation)

Settlement Date

Counterparty

Deliver

Receive

09/29/2023

State Street Bank & Trust Co.

USD

565,270

EUR

520,103

(646

)

Subtotal–Depreciation

(870,721

)

Total Forward Foreign Currency Contracts

6,125,145

Abbreviations:


EUR		- Euro
GBP		- British Pound Sterling
SEK		- Swedish Krona
USD		- U.S. Dollar

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


25		Invesco Floating Rate ESG Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $2,851,539,907)	$	2,700,334,039


Investments in affiliates, at value (Cost $121,156,435)		128,717,782


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		6,995,866


Cash collateral — revolver		295,131


Cash		28,138,807


Foreign currencies, at value (Cost $7,758,992)		7,768,360


Receivable for:
Investments sold		95,131,825


Fund shares sold		2,455,098


Dividends		470,054


Interest		34,094,416


Investments matured, at value (Cost $1,256,835)		1,009,460


Investment for trustee deferred compensation and retirement plans		129,192


Other assets		437,029


Total assets		3,005,977,059



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		870,721


Payable for:
Investments purchased		150,113,268


Dividends		6,766,770


Fund shares reacquired		3,181,943


Accrued fees to affiliates		1,049,222


Accrued trustees’ and officers’ fees and benefits		2,419


Accrued other operating expenses		173,629


Trustee deferred compensation and retirement plans		143,227


Unfunded loan commitments		36,645,707


Total liabilities		198,946,906


Net assets applicable to shares outstanding	$	2,807,030,153


Net assets consist of:

Shares of beneficial interest	$	3,363,268,124


Distributable earnings (loss)		(556,237,971	)


	$	2,807,030,153



Net Assets:
Class A	$	668,556,769


Class C	$	81,271,283


Class R	$	8,224,730


Class Y	$	1,491,737,913


Class R5	$	4,845,517


Class R6	$	552,393,941



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		97,907,941


Class C		11,954,469


Class R		1,202,865


Class Y		218,754,773


Class R5		709,468


Class R6		81,070,491


Class A:
Net asset value per share	$	6.83


Maximum offering price per share (Net asset value of $6.83 ÷ 97.50%)	$	7.01


Class C:
Net asset value and offering price per share	$	6.80


Class R:
Net asset value and offering price per share	$	6.84


Class Y:
Net asset value and offering price per share	$	6.82


Class R5:
Net asset value and offering price per share	$	6.83


Class R6:
Net asset value and offering price per share	$	6.81

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


26		Invesco Floating Rate ESG Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:

Interest	$	297,518,673


Dividends		4,576,858


Dividends from affiliated money market funds		2,594,345


Other income		51,540


Total investment income		304,741,416



Expenses:
Advisory fees		19,149,260


Administrative services fees		456,766


Custodian fees		477,710


Distribution fees:
Class A		1,682,367


Class C		676,546


Class R		40,926


Interest, facilities and maintenance fees		1,670,065


Transfer agent fees – A, C, R & Y		3,421,196


Transfer agent fees – R5		4,747


Transfer agent fees – R6		145,554


Trustees’ and officers’ fees and benefits		44,124


Registration and filing fees		374,009


Reports to shareholders		243,544


Professional services fees		304,014


Other		42,972


Total expenses		28,733,800


Less: Fees waived and/or expense offset arrangement(s)		(78,184	)


Net expenses		28,655,616


Net investment income		276,085,800



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(152,492,534	)


Affiliated investment securities		253,309


Foreign currencies		2,778,159


Forward foreign currency contracts		(17,713,961	)


		(167,175,027	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		112,934,506


Affiliated investment securities		5,506,354


Foreign currencies		(1,592,773	)


Forward foreign currency contracts		(1,592,818	)


		115,255,269


Net realized and unrealized gain (loss)		(51,919,758	)


Net increase in net assets resulting from operations	$	224,166,042

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


27		Invesco Floating Rate ESG Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	276,085,800		$	151,568,184


Net realized gain (loss)		(167,175,027	)		(384,866	)


Change in net unrealized appreciation (depreciation)		115,255,269			(232,692,546	)


Net increase (decrease) in net assets resulting from operations		224,166,042			(81,509,228	)



Distributions to shareholders from distributable earnings:
Class A		(63,774,464	)		(28,321,556	)


Class C		(8,150,210	)		(3,668,891	)


Class R		(758,648	)		(289,580	)


Class Y		(185,426,658	)		(97,163,188	)


Class R5		(460,233	)		(194,998	)


Class R6		(47,750,970	)		(21,489,101	)


Total distributions from distributable earnings		(306,321,183	)		(151,127,314	)



Return of capital:
Class A		(951,906	)		–


Class C		(121,651	)		–


Class R		(11,324	)		–


Class Y		(2,767,703	)		–


Class R5		(6,869	)		–


Class R6		(712,737	)		–


Total return of capital		(4,572,190	)		–


Total distributions		(310,893,373	)		(151,127,314	)



Share transactions–net:
Class A		(69,943,883	)		207,616,713


Class C		(20,512,197	)		18,369,479


Class R		181,202			2,553,640


Class Y		(1,143,228,885	)		1,620,205,464


Class R5		156,668			1,413,892


Class R6		14,039,460			91,632,941


Net increase (decrease) in net assets resulting from share transactions		(1,219,307,635	)		1,941,792,129


Net increase (decrease) in net assets		(1,306,034,966	)		1,709,155,587



Net assets:
Beginning of year		4,113,065,119			2,403,909,532


End of year	$	2,807,030,153		$	4,113,065,119

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


28		Invesco Floating Rate ESG Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover^(c)


Class A
Year ended 08/31/23		$6.95		$0.58		$(0.05	)		$0.53			$(0.64	)		$(0.01	)		$(0.65	)		$6.83		8.20	%		$668,557		1.10	%^(d)		1.10	%^(d)		1.05	%		8.57	%	29%
Year ended 08/31/22		7.35		0.29		(0.39	)		(0.10	)		(0.30	)		-			(0.30	)		6.95		(1.44	)		751,871		1.04	^(d)		1.05	^(d)		1.01			4.13		43
Year ended 08/31/21		6.94		0.25		0.43			0.68			(0.27	)		-			(0.27	)		7.35		9.89			585,690		1.05	^(d)		1.05	^(d)		1.00			3.45		76
Year ended 08/31/20		7.40		0.30		(0.40	)		(0.10	)		(0.32	)		(0.04	)		(0.36	)		6.94		(1.33	)		428,277		1.07	^(d)		1.08	^(d)		1.00			4.33		55
Year ended 08/31/19		7.57		0.35		(0.17	)		0.18			(0.35	)		-			(0.35	)		7.40		2.50			539,003		1.08	^(d)		1.08	^(d)		1.03			4.71		55


Class C
Year ended 08/31/23		6.92		0.54		(0.04	)		0.50			(0.61	)		(0.01	)		(0.62	)		6.80		7.66			81,271		1.60	^(d)		1.60	^(d)		1.55			8.07		29
Year ended 08/31/22		7.32		0.26		(0.40	)		(0.14	)		(0.26	)		-			(0.26	)		6.92		(1.96	)		103,807		1.54	^(d)		1.55	^(d)		1.51			3.63		43
Year ended 08/31/21		6.91		0.21		0.43			0.64			(0.23	)		-			(0.23	)		7.32		9.37			91,555		1.55	^(d)		1.55	^(d)		1.50			2.95		76
Year ended 08/31/20		7.37		0.27		(0.41	)		(0.14	)		(0.28	)		(0.04	)		(0.32	)		6.91		(1.84	)		111,318		1.57	^(d)		1.58	^(d)		1.50			3.83		55
Year ended 08/31/19		7.53		0.31		(0.16	)		0.15			(0.31	)		-			(0.31	)		7.37		2.12			213,446		1.58	^(d)		1.58	^(d)		1.53			4.21		55


Class R
Year ended 08/31/23		6.98		0.56		(0.06	)		0.50			(0.63	)		(0.01	)		(0.64	)		6.84		7.63			8,225		1.35	^(d)		1.35	^(d)		1.30			8.32		29
Year ended 08/31/22		7.36		0.28		(0.38	)		(0.10	)		(0.28	)		-			(0.28	)		6.98		(1.40	)		8,208		1.29	^(d)		1.30	^(d)		1.26			3.88		43
Year ended 08/31/21		6.95		0.23		0.43			0.66			(0.25	)		-			(0.25	)		7.36		9.61			6,076		1.30	^(d)		1.30	^(d)		1.25			3.20		76
Year ended 08/31/20		7.41		0.29		(0.41	)		(0.12	)		(0.30	)		(0.04	)		(0.34	)		6.95		(1.57	)		4,874		1.32	^(d)		1.33	^(d)		1.25			4.08		55
Year ended 08/31/19		7.58		0.33		(0.16	)		0.17			(0.34	)		-			(0.34	)		7.41		2.25			5,604		1.33	^(d)		1.33	^(d)		1.28			4.46		55


Class Y
Year ended 08/31/23		6.94		0.60		(0.05	)		0.55			(0.66	)		(0.01	)		(0.67	)		6.82		8.46			1,491,738		0.85	^(d)		0.85	^(d)		0.80			8.82		29
Year ended 08/31/22		7.34		0.31		(0.40	)		(0.09	)		(0.31	)		-			(0.31	)		6.94		(1.20	)		2,696,320		0.79	^(d)		0.80	^(d)		0.76			4.38		43
Year ended 08/31/21		6.93		0.27		0.42			0.69			(0.28	)		-			(0.28	)		7.34		10.18			1,232,463		0.80	^(d)		0.80	^(d)		0.75			3.70		76
Year ended 08/31/20		7.39		0.32		(0.40	)		(0.08	)		(0.34	)		(0.04	)		(0.38	)		6.93		(1.09	)		350,943		0.82	^(d)		0.83	^(d)		0.75			4.58		55
Year ended 08/31/19		7.56		0.37		(0.17	)		0.20			(0.37	)		-			(0.37	)		7.39		2.76			592,107		0.83	^(d)		0.83	^(d)		0.78			4.96		55


Class R5
Year ended 08/31/23		6.95		0.60		(0.05	)		0.55			(0.66	)		(0.01	)		(0.67	)		6.83		8.50			4,846		0.82	^(d)		0.82	^(d)		0.77			8.85		29
Year ended 08/31/22		7.35		0.31		(0.39	)		(0.08	)		(0.32	)		-			(0.32	)		6.95		(1.18	)		4,762		0.77	^(d)		0.78	^(d)		0.74			4.40		43
Year ended 08/31/21		6.94		0.27		0.43			0.70			(0.29	)		-			(0.29	)		7.35		10.23			3,631		0.77	^(d)		0.77	^(d)		0.72			3.73		76
Year ended 08/31/20		7.41		0.32		(0.41	)		(0.09	)		(0.34	)		(0.04	)		(0.38	)		6.94		(1.21	)		5,515		0.81	^(d)		0.82	^(d)		0.74			4.59		55
Year ended 08/31/19		7.58		0.37		(0.16	)		0.21			(0.38	)		-			(0.38	)		7.41		2.80			5,672		0.83	^(d)		0.83	^(d)		0.78			4.96		55


Class R6
Year ended 08/31/23		6.93		0.60		(0.05	)		0.55			(0.66	)		(0.01	)		(0.67	)		6.81		8.57			552,394		0.75	^(d)		0.75	^(d)		0.70			8.92		29
Year ended 08/31/22		7.33		0.32		(0.40	)		(0.08	)		(0.32	)		-			(0.32	)		6.93		(1.13	)		548,097		0.70	^(d)		0.71	^(d)		0.67			4.47		43
Year ended 08/31/21		6.93		0.27		0.42			0.69			(0.29	)		-			(0.29	)		7.33		10.10			484,494		0.73	^(d)		0.73	^(d)		0.68			3.77		76
Year ended 08/31/20		7.39		0.33		(0.41	)		(0.08	)		(0.34	)		(0.04	)		(0.38	)		6.93		(0.99	)		652,453		0.71	^(d)		0.72	^(d)		0.64			4.69		55
Year ended 08/31/19		7.56		0.38		(0.17	)		0.21			(0.38	)		-			(0.38	)		7.39		2.86			812,446		0.74	^(d)		0.74	^(d)		0.69			5.05		55

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratio includes line of credit expense of 0.05%,0.03%, 0.05%, 0.07%, and 0.05% for the years ended August 31, 2023, 2022, 2021, 2020, and 2019, respectively.

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


29		Invesco Floating Rate ESG Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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


30		Invesco Floating Rate ESG Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

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.

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.

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

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.


31		Invesco Floating Rate ESG Fund

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.

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.

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.

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

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act. The regulations provide a statutory fallback mechanism to replace LIBOR, by identifying benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) that replaced LIBOR in certain financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. The Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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.

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


32		Invesco Floating Rate ESG Fund

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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $ 500 million		0.650%
Next $4.5 billion		0.600%
Next $5 billion		0.575%
Over $10 billion		0.550%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.61%.

Effective July 1, 2023, 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 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended August 31, 2023, the Adviser waived advisory fees of $71,197.

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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $24,444 in front-end sales commissions from the sale of Class A shares and $192,463 and $20,619 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

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


33		Invesco Floating Rate ESG Fund


Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
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.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Variable Rate Senior Loan Interests	$	–		$2,183,716,756		$242,049,841		$2,425,766,597


Non-U.S. Dollar Denominated Bonds & Notes		–		98,057,118		431,324		98,488,442


U.S. Dollar Denominated Bonds & Notes		–		92,998,210		217,908		93,216,118


Common Stocks & Other Equity Interests		5,776,088		19,795,331		50,740,230		76,311,649


Municipal Obligations		–		12,657,253		–		12,657,253


Preferred Stocks		–		8,478,844		1,065,869		9,544,713


Asset-Backed Securities		–		984,970		–		984,970


Money Market Funds		112,082,079		–		–		112,082,079



Total Investments in Securities		117,858,167		2,416,688,482		294,505,172		2,829,051,821



Other Investments - Assets*


Investments Matured		–		–		1,009,460		1,009,460


Forward Foreign Currency Contracts		–		6,995,866		–		6,995,866


		–		6,995,866		1,009,460		8,005,326



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(870,721)		–		(870,721)



Total Other Investments		–		6,125,145		1,009,460		7,134,605


Total Investments	$	117,858,167	$	2,422,813,627	$	295,514,632	$	2,836,186,426

*	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, 2023:


	Value 08/31/22		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3*		Transfers out of Level 3*			Value 08/31/23


Variable Rate Senior Loan Interests	$	345,876,044	$	112,597,806	$	(105,143,899	)	$	2,705,612	$	(1,412,778	)	$	1,127,801		$	53,053,217	$	(166,753,962	)	$	242,049,841


Common Stocks & Other Equity Interests		15,214,065		12,113,170		(2,371,742	)		–		(1,815,163	)		11,067,276			17,190,862		(658,238	)		50,740,230


Preferred Stocks		1,116,489		–		–			–		(434,763	)		384,143			–		–			1,065,869


Investments Matured		100,448		962,912		(11,313	)		8,563		(42,533	)		(8,617	)		–		–			1,009,460


Non-U.S. Dollar Denominated Bonds & Notes		–		446,323		–			7,679		–			(22,678	)		–		–			431,324


U.S. Dollar Denominated Bonds & Notes		1,056,220		–		(886,134	)		–		–			47,822			–		–			217,908


Total		$363,363,266		$126,120,211	$	(108,413,088	)	$	2,721,854	$	(3,705,237	)	$	12,595,747		$	70,244,079	$	(167,412,200	)	$	295,514,632

*Transfers

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

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

NOTE 4–Derivative Investments

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.


34		Invesco Floating Rate ESG Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2023:


	Value
	Currency
Derivative Assets	Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	6,995,866


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	6,995,866


	Value
	Currency
Derivative Liabilities	Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(870,721	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(870,721	)

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, 2023.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount


Barclays Bank PLC		$ 204,994		$(183,581	)		$ 21,413			$–		$–		$ 21,413


BNP Paribas S.A.		2,048,749		(46,943	)		2,001,806			–		–		2,001,806


Citibank N.A.		245,696		(215,205	)		30,491			–		–		30,491


J.P. Morgan Chase Bank, N.A.		–		(15,473	)		(15,473	)		–		–		(15,473	)


Morgan Stanley and Co. International PLC		2,410,282		(145,210	)		2,265,072			–		–		2,265,072


Royal Bank of Canada		438,071		(263,663	)		174,408			–		–		174,408


State Street Bank & Trust Co.		1,629,461		(646	)		1,628,815			–		–		1,628,815


UBS AG		18,613		–			18,613			–		–		18,613


Total		$6,995,866		$(870,721	)		$6,125,145			$–		$–		$6,125,145

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(17,713,961)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,592,818)


Total		$(19,306,779)

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


		Forward
		Foreign Currency
		Contracts


Average notional value		$1,007,083,051

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits


35		Invesco Floating Rate ESG Fund

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances and Borrowings

Effective February 17, 2023, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.07 billion, collectively by certain Invesco Funds, and which will expire on February 16, 2024. Prior to February 17, 2023, the credit agreement permitted borrowings up to $1.1 billion. The credit agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement. During the year ended August 31, 2023, the Fund did not borrow under this agreement.

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

NOTE 8–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of August 31, 2023. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.


				Unrealized
		Unfunded Loan		Appreciation
Borrower	Type	Commitment		(Depreciation)


Areas (Telfer Inv/Financiere Pax)	Revolver Loan		$ 1,073,074		$ (86,456	)


Dun & Bradstreet Corp. (The)	Revolver Loan		7,395,475		374,784


Groundworks LLC	Delayed Draw Term Loan		739,058		(8,037	)


Groundworks LLC	Revolver Loan		329,686		1,092


IPS Corp./CP Iris Holdco	First Lien Delayed Draw Term Loan		395,077		19,763


Kantar (Summer BC Bidco)	Revolver Loan		3,543,689		(105,566	)


McDermott International Ltd.	LOC		6,610,320		(1,685,631	)


Parques Reunidos (Piolin Bidco s.a.u)	Revolver Loan		3,448,140		(19,576	)


Royal Caribbean Cruises Ltd.	Revolver Loan		10,335,044		(65,224	)


Tank Holding Corp.	Revolver Loan		976,525		(13,056	)


Vertellus	Revolver Loan		1,799,619		(31,484	)


			$36,645,707		$(1,619,391	)

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	306,321,183		$151,127,314


Return of capital		4,572,190		–


Total distributions	$	310,893,373		$151,127,314

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

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation (depreciation) – investments	$	(147,019,856	)


Net unrealized appreciation (depreciation) – foreign currencies		(841,011	)


Temporary book/tax differences		(104,876	)


Capital loss carryforward		(408,272,228	)


Shares of beneficial interest		3,363,268,124


Total net assets	$	2,807,030,153


36		Invesco Floating Rate ESG Fund

The Fund has a capital loss carryforward as of August 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	91,454,535	$	316,817,693	$	408,272,228

*	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, 2023 was $893,618,636 and $2,183,504,793, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	82,701,392


Aggregate unrealized (depreciation) of investments		(229,721,248	)


Net unrealized appreciation (depreciation) of investments	$	(147,019,856	)

Cost of investments for tax purposes is $2,983,206,282.

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, 2023, undistributed net investment income was decreased by $19,680,767, undistributed net realized gain (loss) was increased by $23,925,871 and shares of beneficial interest was decreased by $4,245,104. 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, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.


	Principal
Selling Participant	Amount		Value


Bank of America, N.A.	$	11,255,961	$	11,023,748


Barclays Bank PLC		6,610,320		4,924,688


Citibank, N.A.		12,660,306		12,301,226


Credit Agricole CIB		1,073,593		912,554


JPMorgan Europe Ltd.		8,955,251		4,812,574

NOTE 13–Share Information


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		24,740,287		$	167,143,126			53,806,876		$	387,856,612


Class C		1,657,010			11,168,875			6,948,299			49,959,940


Class R		259,559			1,755,006			536,545			3,881,149


Class Y		122,766,037			829,675,105			430,648,422			3,099,562,405


Class R5		154,057			1,039,674			652,369			4,698,358


Class R6		36,935,311			249,790,827			50,599,877			362,639,249



Issued as reinvestment of dividends:
Class A		7,144,382			48,135,446			3,020,974			21,539,938


Class C		884,584			5,930,520			380,030			2,699,266


Class R		108,537			732,627			38,524			275,229


Class Y		16,953,732			114,003,113			8,844,830			62,703,237


Class R5		69,248			466,625			26,995			192,334


Class R6		6,085,864			40,903,230			2,573,797			18,301,216



Automatic conversion of Class C shares to Class A shares:
Class A		1,304,992			8,819,967			1,874,761			13,434,555


Class C		(1,310,811	)		(8,819,967	)		(1,882,813	)		(13,434,555	)


37		Invesco Floating Rate ESG Fund


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(43,493,816	)	$	(294,042,422	)		(30,193,647	)	$	(215,214,392	)


Class C		(4,282,558	)		(28,791,625	)		(2,953,953	)		(20,855,172	)


Class R		(341,385	)		(2,306,431	)		(223,938	)		(1,602,738	)


Class Y		(309,560,685	)		(2,086,907,103	)		(218,819,763	)		(1,542,060,178	)


Class R5		(199,142	)		(1,349,631	)		(488,219	)		(3,476,800	)


Class R6		(41,024,647	)		(276,654,597	)		(40,172,816	)		(289,307,524	)


Net increase (decrease) in share activity		(181,149,444	)	$	(1,219,307,635	)		265,217,150		$	1,941,792,129

^(a)

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


38		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 statement of assets and liabilities, including the schedule of investments, of Invesco Floating Rate ESG Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2023


39		Invesco Floating Rate ESG Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,053.90	$5.69	$1,019.66	$5.60	1.10%
Class C	1,000.00	1,051.30	8.27	1,017.14	8.13	1.60
Class R	1,000.00	1,054.10	6.99	1,018.40	6.87	1.35
Class Y	1,000.00	1,055.20	4.40	1,020.92	4.33	0.85
Class R5	1,000.00	1,055.30	4.25	1,021.07	4.18	0.82
Class R6	1,000.00	1,057.20	3.89	1,021.42	3.82	0.75

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


40		Invesco Floating Rate ESG Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 received a

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, 2022 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 third quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one,


41		Invesco Floating Rate ESG Fund

three and five year periods. The Board considered that the Fund changed it strategy to incorporate consideration of environmental, social and governance (“ESG”) criteria effective August 21, 2020, and that performance prior to that date is that of the Fund using its previous investment strategy, which did not apply ESG criteria. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a 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 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 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 Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual 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 quintile of its expense group and discussed with management reasons for such relative actual management fees and total expense ratio. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, which information (1) highlighted that the Fund is the only ESG thematic Fund in its expense group and discussed the additional complexity, infrastructure, resources and time required in managing an ESG-thematic fund; and (2) discussed the fees comprising the Fund’s total expense ratio relative to those of peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 realized as to that 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 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.


42		Invesco Floating Rate ESG Fund

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.


43		Invesco Floating Rate ESG Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	1.57	%
Corporate Dividends Received Deduction*	1.57	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	95.04	%

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


44		Invesco Floating Rate ESG Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Floating Rate ESG Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Floating Rate ESG Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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Fund holdings and proxy voting information

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		FLR-AR-1

LOGO

Annual Report to Shareholders

August 31, 2023

Invesco Global Real Estate Income Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Global Real Estate Income Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Global Real Estate Income Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.69	%
Class C Shares	-3.45
Class Y Shares	-2.57
Class R5 Shares	-2.38
Class R6 Shares	-2.42
MSCI World Index^▼(Broad Market Index)	15.60
Custom Invesco Global Real Estate Income Index^⬛(Style-Specific Index)	-5.19
Lipper Global Real Estate Funds Classification Average^◆(Peer Group)	-4.18

Source(s): ^▼RIMES Technologies Corp.; ^⬛Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

Market conditions and your Fund

Global equity markets declined at the beginning of the fiscal year weighed down by rising inflation, central bank tightening and a slowing global economy. To tame inflation, several central banks, including the US Federal Reserve, the European Central Bank and the Bank of England, continued to raise interest rates. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities. China faced head-winds, which included the country’s zero-COVID-19 policy and a growing property market crisis.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS take-over of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023 but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

Market volatility increased in August 2023, with both developed market equities and emerging market equities declining. For the overall fiscal year ended August 31, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period slightly positive.

The Invesco Global Real Estate Income Fund outperformed its style-specific benchmark for the fiscal year. Positive absolute and relative performance was driven by exposure to fixed-income securities such as corporate bonds and commercial mortgage-backed securities (CMBS). Additional relative returns were driven by underweight exposure to real estate stocks and security selection therein. On a country basis, the majority of outperformance was sourced from the US. The Fund’s relative outperformance was partially offset by overweight exposure to Germany, underweight exposure to the retail sector and holdings in real estate preferred securities.

At the position level, a top contributor to the Fund’s relative performance was Life Storage, which operates, develops and manages self-storage assets in the US. During the fiscal year, the Fund benefited from an overweight position as the company’s share price rose as multiple competitors made offers for the company. Life Storage was ultimately acquired and is therefore no longer a holding.

An additional relative contributor was Tokyu Fudosan Holdings. The company owns and develops office, retail, residential and hotel and leisure assets throughout Japan, with a focus on the Shibuya district of central Tokyo, which is currently benefiting from favorable tenant demand relative to the rest of Tokyo. The company’s earnings outlook exceeded market expectations during the fiscal year amid increased tourism and retail activity following Covid-19-era restrictions, plus increased investor appetite for shares of Japanese real estate companies, which are

benefiting from a benign economic and monetary policy situation versus the rest of the world. As of the end of the fiscal year the Fund no longer holds the position.

A top detractor to relative performance was Equinix, which is a global data center and colocation provider delivering a broad spectrum of storage solutions and services to their customers. The Fund’s underweight position detracted from relative performance during the fiscal year. The company outperformed due to increased data center usage. As of the end of the fiscal year the Fund no longer holds the position.

Another key detractor during the fiscal year was Simon Property Group, which owns and operates retail real estate properties including regional malls, outlet centers, community/lifestyle centers and international properties. During the fiscal year, the portfolio’s lack of exposure to the company detracted from relative performance as shares of the company outperformed following an extended period of weak performance. During the fiscal year, market sentiment shifted more positively and cyclical property types such as malls outperformed.

Portfolio activity during the fiscal year included a decrease in equity exposure and an increase in fixed-income exposure vis-à-vis listed real estate corporate bonds and CMBS.

In 2024, we believe expectations for a more positive growth outlook are likely to unfold as the US economy recovers. We believe the outlook for European equities appears less robust as the region grapples with tighter monetary policy to combat inflation. In Asia, our view is that the outlook is particularly good in Japan, despite having higher inflation. The Bank of Japan has maintained its accommodative monetary policy, boosting its equity markets and stabilizing the economy.

We thank you for your continued investment in the Invesco Global Real Estate Income Fund.


2		Invesco Global Real Estate Income Fund

Portfolio manager(s):

James Cowen

Grant Jackson

Darin Turner

Ping-Ying Wang

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Global Real Estate Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

3	Source(s): Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Global Real Estate Income Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (5/31/02)	6.20	%
10 Years	2.92
5 Years	-0.28
1 Year	-8.08

Class C Shares
Inception (3/9/07)	2.47	%
10 Years	2.90
5 Years	0.10
1 Year	-4.40

Class Y Shares
Inception (10/3/08)	5.29	%
10 Years	3.76
5 Years	1.11
1 Year	-2.57

Class R5 Shares
Inception (3/9/07)	3.21	%
10 Years	3.82
5 Years	1.14
1 Year	-2.38

Class R6 Shares
Inception (9/24/12)	3.54	%
10 Years	3.93
5 Years	1.25
1 Year	-2.42

On March 12, 2007, the Fund reorganized from a Closed-End Fund to an Open-End Fund. Performance shown prior to that date is that of the Closed-End Fund’s Common shares and includes the fees applicable to Common shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions (reinvested at net asset value, except for periods prior to March 12, 2007 where reinvestments were made at the lower of the Closed-End Fund’s net asset value or market price), changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance was positively impacted by a temporary 2% fee on redemptions that was in effect from March 12, 2007 to March 12, 2008. Without income from this temporary fee, returns would have been lower.


5		Invesco Global Real Estate Income Fund

Supplemental Information

Invesco Global Real Estate Income Fund’s investment objective is current income and, secondarily, capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Custom Invesco Global Real Estate Income Index is composed of FTSE NAREIT All Equity REIT Index through August 31, 2011, and FTSE EPRA/NAREIT Developed Index, which is computed using the net return by withholding applicable taxes, thereafter. The FTSE NAREIT All Equity REIT Index is considered representative of US REITs. The FTSE EPRA/ NAREIT Developed Index is considered representative of global real estate companies and REITs.

∎	The Lipper Global Real Estate Funds Classification Average represents an average of all funds in the Lipper Global Real Estate Funds classification.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

gram’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

ment). The Liquidity Rule and the Pro- gram also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and imple- mented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid In- vestments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Real Estate Income Fund

Fund Information

Portfolio Composition


By country		% of total net assets

United States		69.00%

Japan		4.66

Germany		4.59

Hong Kong		4.21

United Kingdom		3.90

Canada		3.00

Countries, each less than 2% of portfolio		5.72

Money Market Funds Plus Other Assets Less Liabilities		4.92

Top 10 Equity Holdings*


		% of total net assets

1.	Prologis, Inc.	5.02%

2.	Healthpeak Properties, Inc.	4.16

3.	Rexford Industrial Realty, Inc.	3.44

4.	Digital Realty Trust, Inc.	3.37

5.	VICI Properties, Inc.	3.37

6.	Alexandria Real Estate Equities, Inc.	3.23

7.	Sun Communities, Inc.	3.02

8.	Vonovia SE	2.44

9.	Mitsui Fudosan Co. Ltd.	2.04

10.	UMH Properties, Inc., Series D, Pfd.	2.08

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Global Real Estate Income Fund

Schedule of Investments

August 31, 2023


	Shares		Value



Common Stocks & Other Equity Interests–61.94%

Australia–1.99%
Dexus		1,238,494	$	6,189,390


Scentre Group		3,200,663		5,686,003


				11,875,393



Belgium–0.60%
Cofinimmo S.A.		46,047		3,587,112



Canada–3.00%
Allied Properties REIT		192,800		2,963,630


Chartwell Retirement Residences		877,303		6,668,074



RioCan REIT		575,900		8,230,187


				17,861,891



Germany–4.59%
LEG Immobilien SE^(a)		159,562		11,523,300


Sirius Real Estate Ltd.		1,177,752		1,295,672


Vonovia SE		606,152		14,528,622


				27,347,594



Hong Kong–4.21%
Hang Lung Properties Ltd.		5,404,000		7,186,590


Link REIT		1,966,300		9,722,944


Sun Hung Kai Properties Ltd.		730,000		8,194,311


				25,103,845



Japan–4.66%
GLP J-Reit		12,657		11,943,558


Mitsui Fudosan Co. Ltd.		556,300		12,180,114


Mitsui Fudosan Logistics Park, Inc.		1,085		3,691,756


				27,815,428



Singapore–1.04%
CapitaLand Investment Ltd.		2,599,200		6,231,387



United Kingdom–3.90%
Big Yellow Group PLC		232,550		3,156,186
Derwent London PLC		371,426		8,717,029
Segro PLC		1,222,674		11,383,803


				23,257,018



United States–37.95%
Agree Realty Corp.		182,899		11,306,816


Alexandria Real Estate Equities, Inc.^(b)		165,643		19,270,907


American Tower Corp.		31,060		5,631,799


Camden Property Trust		25,402		2,733,763


Crown Castle, Inc.		39,903		4,010,251


Digital Realty Trust, Inc.		152,573		20,096,916


Gaming and Leisure Properties, Inc.		125,168		5,932,963


Healthpeak Properties, Inc.		1,205,288		24,804,826


Outfront Media, Inc.		460,179		5,223,032


Prologis, Inc.		241,081		29,942,260


Public Storage		36,788		10,167,467


Realty Income Corp.		96,484		5,406,963


Rexford Industrial Realty, Inc.^(b)		383,012		20,479,652


Sun Communities, Inc.		147,218		18,022,428


Terreno Realty Corp.^(b)		181,186		11,032,416


	Shares		Value


United States–(continued)
UDR, Inc.		192,250	$	7,670,775
Ventas, Inc.		102,318		4,469,250
VICI Properties, Inc.		650,989		20,076,501


				226,278,985


Total Common Stocks & Other Equity Interests (Cost $382,241,554)				369,358,653



	Principal Amount
Asset-Backed Securities–19.95%
BX Commercial Mortgage Trust, Series 2021-VOLT, Class D, 7.07% (1 mo. Term SOFR + 1.76%), 09/15/2036^(c)(d)	$	6,000,000		5,714,259


Series 2021-VOLT, Class E, 7.42% (1 mo. Term SOFR + 2.11%), 09/15/2036^(c)(d)		395,000		375,165


BX Trust, Series 2021-MFM1, Class E, 7.67% (1 mo. Term SOFR + 2.36%), 01/15/2034^(c)(d)		9,494,576		9,202,707


CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class E, 8.33% (1 mo. Term SOFR + 3.02%), 02/15/2039^(c)(d)		500,000		420,955


CFK Trust, Series 2019-FAX, Class E, 4.79%, 01/15/2039^(c)(e)		1,000,000		830,492


Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class E, 4.90%, 01/10/2036^(c)(e)		2,649,000		2,640,439


Series 2020-420K, Class E, 3.42%, 11/10/2042^(c)(e)		4,586,000		3,125,121


Series 2020-555, Class F, 3.62%, 12/10/2041^(c)(e)		800,000		568,137


Series 2019-SMRT, Class D, 4.90%, 01/10/2036^(c)(e)		260,000		259,173


Series 2020-420K, Class D, 3.42%, 11/10/2042^(c)(e)		1,000,000		719,940


Cold Storage Trust, Series 2020-ICE5, Class E, 8.19% (1 mo. Term SOFR + 2.88%), 11/15/2037^(c)(d)		10,788,321		10,754,634


Commercial Mortgage Trust, Series 2019-GC44, Class 180B, 3.51%, 08/15/2057^(c)(e)		1,500,000		1,333,727


Series 2020-SBX, Class D, 2.40%, 01/10/2038^(c)(e)		6,200,000		5,084,159


Series 2019-GC44, Class 180C, 3.51%, 08/15/2057^(c)(e)		5,500,000		4,747,475


Series 2017-PANW, Class E, 4.13%, 10/10/2029^(c)(e)		182,000		155,419


Series 2017-PANW, Class D, 4.34%, 10/10/2029^(c)(e)		580,000		509,391


Credit Suisse Mortgage Capital Trust, Series 2021-BHAR, Class E, 8.93% (1 mo. Term SOFR + 3.61%), 11/15/2038^(c)(d)		2,750,000		2,701,674


CSMC, Series 2021-BHAR, Class C, 7.43% (1 mo. Term SOFR + 2.11%), 11/15/2038^(c)(d)		170,000		167,696

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


8		Invesco Global Real Estate Income Fund


	Principal Amount		Value


GS Mortgage Securities Corp. Trust, Series 2022-GTWY, Class A, 8.71% (1 mo. Term SOFR + 3.40%), 08/15/2039^(c)(d)	$	10,050,000	$	10,047,159


Hilton USA Trust, Series 2016-HHV, Class E, 4.33%, 11/05/2038^(c)(e)		1,761,000		1,586,885


Independence Plaza Trust, Series 2018-INDP, Class E, 5.00%, 07/10/2035^(c)		7,000,000		6,341,306
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2019-UES, Class F, 4.60%, 05/05/2032^(c)(e)		558,000		522,023


Series 2019-UES, Class B, 4.14%, 05/05/2032^(c)		401,000		385,317


Series 2019-UES, Class C, 4.34%, 05/05/2032^(c)		116,000		110,738


Series 2019-UES, Class D, 4.60%, 05/05/2032^(c)(e)		119,000		112,697


Series 2019-UES, Class E, 4.60%, 05/05/2032^(c)(e)		138,000		129,749


Series 2019-UES, Class G, 4.60%, 05/05/2032^(c)(e)		158,000		146,952


MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 8.03% (1 mo. Term SOFR + 2.72%), 04/15/2038^(c)(d)		8,000,000		7,800,354


Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 8.23% (1 mo. Term SOFR + 2.91%), 07/15/2035^(c)(d)		11,306,000		11,040,791


MSCG Trust, Series 2018-SELF, Class E, 7.51% (1 mo. Term SOFR + 2.20%), 10/15/2037^(c)(d)		3,808,103		3,727,954


Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC, Class AMZ3, 3.62%, 01/15/2037^(c)(e)		5,326,000		3,713,231


Series 2020-2PAC, Class AMZ2, 3.62%, 01/15/2037^(c)(e)		800,000		634,464


SG Commercial Mortgage Securities Trust, Series 2019-PREZ, Class E, 3.59%, 09/15/2039^(c)(e)		6,157,000		4,660,159


STWD Trust, Series 2021-FLWR, Class E, 7.35% (1 mo. Term SOFR + 2.04%), 07/15/2036^(c)(d)		4,950,000		4,725,193


Series 2021-FLWR, Class F, 8.10% (1 mo. Term SOFR + 2.79%), 07/15/2036^(c)(d)		3,400,000		3,238,572


Prima Capital CRE Securitization Ltd., Series 2019-RK1, Class BT, 4.45%, 04/15/2038^(c)		14,154,000		10,741,207


Total Asset-Backed Securities (Cost $125,890,757)				118,975,314



	Shares
Preferred Stocks–7.73%
United States–7.73%
American Homes 4 Rent, 5.88%, Series G, Pfd.		84,200		1,882,712


American Homes 4 Rent, 6.25%, Series H, Pfd.		200,100		4,572,285


DiamondRock Hospitality Co., 8.25%, Pfd.		168,578		4,347,627


Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		3,730		78,405


	Shares		Value



United States–(continued)
Eagle Hospitality Properties Trust, Inc., 8.25%, Series A, Pfd.^(f)		195,800	$	0


National Storage Affiliates Trust, 6.00%, Series A, Pfd.		243,300		5,649,426


Pebblebrook Hotel Trust, 6.38%, Series E, Pfd.		223,861		4,539,901


Pebblebrook Hotel Trust, 6.30%, Series F, Pfd.		173,676		3,536,043


Rexford Industrial Realty, Inc., 5.63%, Series C, Pfd.		100,500		2,263,250


RLJ Lodging Trust, 1.95%, Series A, Conv. Pfd.		75,739		1,827,582


SITE Centers Corp., 6.38%, Series A, Pfd.		214,100		5,039,914


UMH Properties, Inc., 6.38%, Series D, Pfd.		566,800		12,390,248


Total Preferred Stocks (Cost $53,374,490)				46,127,393

	Principal Amount

U.S. Dollar Denominated Bonds & Notes–4.21%

France–0.29%
WEA Finance LLC, 2.88%, 01/15/2027^(c)	$	2,000,000		1,734,667



United States–3.92%
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025^(c)		5,438,000		5,347,729


RLJ Lodging Trust L.P., 3.75%, 07/01/2026^(c)		4,000,000		3,668,600


SBA Communications Corp., 3.88%, 02/15/2027		2,000,000		1,850,941


3.13%, 02/01/2029		9,698,000		8,313,216


VICI Properties L.P./VICI Note Co., Inc., 4.25%, 12/01/2026^(c)		1,500,000		1,414,460


4.50%, 01/15/2028^(c)		3,000,000		2,786,655


				23,381,601


Total U.S. Dollar Denominated Bonds & Notes (Cost $25,320,053)				25,116,268



Municipal Obligations–1.25%
United States–1.25%
New York City Housing Development Corp., Series 2014, RB, 3.71%, 02/15/2048 (Cost $7,272,210)		7,735,000		7,446,159



	Shares

Money Market Funds–4.63%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(g)(h)		9,655,129		9,655,129


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(g)(h)		6,895,139		6,895,829


Invesco Treasury Portfolio, Institutional Class, 5.25%^(g)(h)		11,034,434		11,034,434


Total Money Market Funds (Cost $27,585,388)				27,585,392


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.71% (Cost $621,684,452)				594,609,179

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


9		Invesco Global Real Estate Income Fund


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.44%
Invesco Private Government Fund, 5.30%^(g)(h)(i)		728,598	$	728,598


Invesco Private Prime Fund, 5.51%^(g)(h)(i)		1,873,540		1,873,540


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,602,138)				2,602,138


TOTAL INVESTMENTS IN SECURITIES–100.15% (Cost $624,286,590)				597,211,317


OTHER ASSETS LESS LIABILITIES–(0.15)%				(911,041	)


NET ASSETS–100.00%			$	596,300,276


Investment Abbreviations:

Conv.		– Convertible
Pfd.		– Preferred
RB		– Revenue Bonds
REIT		– Real Estate Investment Trust
SOFR		– Secured Overnight Financing Rate

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at August 31, 2023.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $133,927,425, which represented 22.46% of the Fund’s Net Assets.

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(e)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2023.

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

^(g)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	10,896,330	$	65,354,355	$	(66,595,556)		$	–		$	–	$	9,655,129	$	262,067
Invesco Liquid Assets Portfolio, Institutional Class		9,014,912		46,681,683		(48,799,935	)		(4,080	)		3,249		6,895,829		183,707
Invesco Treasury Portfolio, Institutional Class		12,452,949		74,690,691		(76,109,206	)		–			–		11,034,434		271,866
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,515,288		100,484,748		(104,271,438	)		–			–		728,598		154,916	*
Invesco Private Prime Fund		11,610,739		231,052,260		(240,791,791	)		(1,124	)		3,456		1,873,540		412,892	*
Total	$	48,490,218	$	518,263,737	$	(536,567,926)		$	(5,204	)	$	6,705	$	30,187,530	$	1,285,448

^(h)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

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


10		Invesco Global Real Estate Income Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $594,099,064)*	$	567,023,787


Investments in affiliated money market funds, at value (Cost $30,187,526)		30,187,530



Foreign currencies, at value (Cost $535,320)		534,736
Receivable for:
Investments sold		10,815,610


Fund shares sold		67,680


Dividends		1,392,198


Interest		661,149


Investment for trustee deferred compensation and retirement plans		91,662


Other assets		115,948


Total assets		610,890,300



Liabilities:
Payable for:
Investments purchased		10,667,749


Fund shares reacquired		984,725


Collateral upon return of securities loaned		2,602,138


Accrued fees to affiliates		185,492


Accrued trustees’ and officers’ fees and benefits		1,682


Accrued other operating expenses		48,561


Trustee deferred compensation and retirement plans		99,677


Total liabilities		14,590,024


Net assets applicable to shares outstanding	$	596,300,276



Net assets consist of:

Shares of beneficial interest	$	648,309,199
Distributable earnings (loss)		(52,008,923	)


	$	596,300,276


Net Assets:
Class A	$	93,512,031


Class C	$	3,303,944


Class Y	$	301,209,870


Class R5	$	1,302,623


Class R6	$	196,971,808



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,792,991


Class C		417,097


Class Y		38,114,634


Class R5		164,666


Class R6		24,864,764


Class A:
Net asset value per share	$	7.93


Maximum offering price per share
(Net asset value of $7.93 ÷ 94.50%)	$	8.39


Class C:
Net asset value and offering price per share	$	7.92


Class Y:
Net asset value and offering price per share	$	7.90


Class R5:
Net asset value and offering price per share	$	7.91


Class R6:
Net asset value and offering price per share	$	7.92

*	At August 31, 2023, securities with an aggregate value of $2,532,611 were on loan to brokers.

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


11		Invesco Global Real Estate Income Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Interest	$	9,600,024


Dividends (net of foreign withholding taxes of $413,456)		17,198,079


Dividends from affiliated money market funds (includes net securities lending income of $26,204)		743,844


Total investment income		27,541,947



Expenses:
Advisory fees		4,449,200


Administrative services fees		83,619


Custodian fees		10,728


Distribution fees:
Class A		252,239


Class C		43,795


Transfer agent fees – A, C and Y		686,374


Transfer agent fees – R5		1,304


Transfer agent fees – R6		60,416


Trustees’ and officers’ fees and benefits		20,731


Registration and filing fees		72,452


Reports to shareholders		40,271


Professional services fees		60,760


Other		19,629


Total expenses		5,801,518


Less: Fees waived and/or expense offset arrangement(s)		(20,520	)


Net expenses		5,780,998


Net investment income		21,760,949



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(9,190,255	)


Affiliated investment securities		6,705


Foreign currencies		(21,435	)


		(9,204,985	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(30,841,268	)


Affiliated investment securities		(5,204	)


Foreign currencies		6,158


		(30,840,314	)


Net realized and unrealized gain (loss)		(40,045,299	)


Net increase (decrease) in net assets resulting from operations	$	(18,284,350	)

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


12		Invesco Global Real Estate Income Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	21,760,949		$	13,519,646


Net realized gain (loss)		(9,204,985	)		16,836,632


Change in net unrealized appreciation (depreciation)		(30,840,314	)		(129,223,111	)


Net increase (decrease) in net assets resulting from operations		(18,284,350	)		(98,866,833	)



Distributions to shareholders from distributable earnings:
Class A		(2,443,875	)		(1,687,360	)


Class C		(74,239	)		(66,761	)


Class Y		(7,676,883	)		(4,567,739	)


Class R5		(35,932	)		(36,335	)


Class R6		(5,605,758	)		(3,295,063	)


Total distributions from distributable earnings		(15,836,687	)		(9,653,258	)



Return of capital:
Class A		–			(1,358,095	)


Class C		–			(53,733	)


Class Y		–			(3,676,404	)


Class R5		–			(29,244	)


Class R6		–			(2,652,076	)


Total return of capital		–			(7,769,552	)


Total distributions		(15,836,687	)		(17,422,810	)



Share transactions–net:
Class A		(16,568,731	)		(10,925,757	)


Class C		(2,180,572	)		(2,706,669	)


Class Y		13,177,665			12,540,848


Class R5		(43,646	)		(1,876,467	)


Class R6		(5,560,973	)		7,827,965


Net increase (decrease) in net assets resulting from share transactions		(11,176,257	)		4,859,920


Net increase (decrease) in net assets		(45,297,294	)		(111,429,723	)



Net assets:
Beginning of year		641,597,570			753,027,293


End of year	$	596,300,276		$	641,597,570

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


13		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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)


Class A
Year ended 08/31/23		$8.35		$0.27		$(0.50)			$(0.23)			$(0.19)			$ –			$ –			$(0.19)			$7.93		(2.69	)%	$	93,512		1.21	%		1.21	%		3.39	%		78	%
Year ended 08/31/22		9.88		0.16		(1.48	)		(1.32	)		(0.12	)		–			(0.09	)		(0.21	)		8.35		(13.56	)		116,084		1.20			1.20			1.69			39
Year ended 08/31/21		8.06		0.14		1.84			1.98			(0.16	)		–			–			(0.16	)		9.88		24.81	^(d)		149,008		1.19	^(d)		1.19	^(d)		1.63	^(d)		41
Year ended 08/31/20		9.57		0.21		(0.99	)		(0.78	)		(0.48	)		(0.25	)		–			(0.73	)		8.06		(8.55	)		135,022		1.22			1.22			2.48			72
Year ended 08/31/19		9.11		0.28		0.49			0.77			(0.31	)		–			–			(0.31	)		9.57		8.69			175,013		1.25			1.25			3.05			41
Class C
Year ended 08/31/23		8.34		0.21		(0.50	)		(0.29	)		(0.13	)		–			–			(0.13	)		7.92		(3.45	)		3,304		1.96			1.96			2.64			78
Year ended 08/31/22		9.86		0.09		(1.47	)		(1.38	)		(0.08	)		–			(0.06	)		(0.14	)		8.34		(14.15	)		5,782		1.95			1.95			0.94			39
Year ended 08/31/21		8.05		0.08		1.82			1.90			(0.09	)		–			–			(0.09	)		9.86		23.79			9,722		1.95			1.95			0.87			41
Year ended 08/31/20		9.55		0.15		(0.99	)		(0.84	)		(0.41	)		(0.25	)		–			(0.66	)		8.05		(9.22	)		21,394		1.97			1.97			1.73			72
Year ended 08/31/19		9.09		0.21		0.49			0.70			(0.24	)		–			–			(0.24	)		9.55		7.89			39,088		2.00			2.00			2.30			41
Class Y
Year ended 08/31/23		8.33		0.29		(0.51	)		(0.22	)		(0.21	)		–			–			(0.21	)		7.90		(2.57	)		301,210		0.96			0.96			3.64			78
Year ended 08/31/22		9.84		0.18		(1.46	)		(1.28	)		(0.13	)		–			(0.10	)		(0.23	)		8.33		(13.20	)		305,110		0.95			0.95			1.94			39
Year ended 08/31/21		8.03		0.17		1.82			1.99			(0.18	)		–			–			(0.18	)		9.84		25.08			347,456		0.95			0.95			1.87			41
Year ended 08/31/20		9.54		0.23		(0.99	)		(0.76	)		(0.50	)		(0.25	)	��	–			(0.75	)		8.03		(8.34	)		296,997		0.97			0.97			2.73			72
Year ended 08/31/19		9.08		0.30		0.49			0.79			(0.33	)		–			–			(0.33	)		9.54		8.98			389,619		1.00			1.00			3.30			41
Class R5
Year ended 08/31/23		8.33		0.29		(0.49	)		(0.20	)		(0.22	)		–			–			(0.22	)		7.91		(2.38	)		1,303		0.89			0.89			3.71			78
Year ended 08/31/22		9.87		0.19		(1.49	)		(1.30	)		(0.13	)		–			(0.11	)		(0.24	)		8.33		(13.41	)		1,424		0.89			0.89			2.00			39
Year ended 08/31/21		8.05		0.17		1.83			2.00			(0.18	)		–			–			(0.18	)		9.87		25.21			3,504		0.89			0.89			1.93			41
Year ended 08/31/20		9.56		0.24		(1.00	)		(0.76	)		(0.50	)		(0.25	)		–			(0.75	)		8.05		(8.27	)		2,940		0.91			0.91			2.79			72
Year ended 08/31/19		9.11		0.31		0.48			0.79			(0.34	)		–			–			(0.34	)		9.56		8.98			4,517		0.90			0.90			3.40			41
Class R6
Year ended 08/31/23		8.35		0.30		(0.51	)		(0.21	)		(0.22	)		–			–			(0.22	)		7.92		(2.42	)		196,972		0.82			0.82			3.78			78
Year ended 08/31/22		9.87		0.19		(1.47	)		(1.28	)		(0.13	)		–			(0.11	)		(0.24	)		8.35		(13.14	)		213,197		0.82			0.82			2.07			39
Year ended 08/31/21		8.05		0.18		1.83			2.01			(0.19	)		–			–			(0.19	)		9.87		25.33			243,338		0.80			0.80			2.02			41
Year ended 08/31/20		9.56		0.24		(0.99	)		(0.75	)		(0.51	)		(0.25	)		–			(0.76	)		8.05		(8.17	)		205,791		0.82			0.82			2.88			72
Year ended 08/31/19		9.11		0.32		0.48			0.80			(0.35	)		–			–			(0.35	)		9.56		9.08			137,183		0.81			0.81			3.49			41

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

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

^(d)	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.


14		Invesco Global Real Estate Income Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is current income and, secondarily, capital appreciation.

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

The 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 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.


15		Invesco Global Real Estate Income Fund

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.

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

Therefore, no provision for federal income taxes is recorded in the financial statements.


16		Invesco Global Real Estate Income 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, 2023, the Fund paid the Adviser $1,508 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.

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.

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

L.	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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $250 million		0.750	%
Next $250 million		0.740	%
Next $500 million		0.730	%
Next $1.5 billion		0.720	%
Next $2.5 billion		0.710	%
Next $2.5 billion		0.700	%
Next $2.5 billion		0.690	%
Over $10 billion		0.680	%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.74%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the ”boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the net annual fund operating expenses and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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, 2023, the Adviser waived advisory fees of $18,502.


17		Invesco Global Real Estate Income 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, 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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $4,740 in front-end sales commissions from the sale of Class A shares and $0 and $46 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


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	11,875,393		$ –	$	11,875,393


Belgium		–		3,587,112		–		3,587,112


Canada		17,861,891		–		–		17,861,891


Cayman Islands		–		10,741,207		–		10,741,207


France		–		1,734,667		–		1,734,667


Germany		–		27,347,594		–		27,347,594


Hong Kong		–		25,103,845		–		25,103,845


Japan		–		27,815,428		–		27,815,428


Singapore		–		6,231,387		–		6,231,387


United Kingdom		–		23,257,018		–		23,257,018


United States		272,406,378		139,061,867		–		411,468,245


Money Market Funds		27,585,392		2,602,138		–		30,187,530


Total Investments	$	317,853,661	$	279,357,656	$	–	$	597,211,317

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


18		Invesco Global Real Estate Income Fund

invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	15,836,687	$	9,653,258


Return of capital		–		7,769,552


Total distributions	$	15,836,687	$	17,422,810

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	3,988,844


Net unrealized appreciation (depreciation) – investments		(26,756,186	)


Net unrealized appreciation (depreciation) – foreign currencies		(24,619	)


Temporary book/tax differences		(71,649	)


Capital loss carryforward		(29,145,313	)


Shares of beneficial interest		648,309,199


Total net assets	$	596,300,276

The Fund has a capital loss carryforward as of August 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	12,674,701	$16,470,612	$	29,145,313

*	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, 2023 was $453,056,305 and $453,088,198, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments			$ 27,847,851


Aggregate unrealized (depreciation) of investments			(54,604,037)


Net unrealized appreciation (depreciation) of investments			$(26,756,186)

Cost of investments for tax purposes is $623,967,503.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, REITs and passive foreign investment companies, on August 31, 2023, undistributed net investment income was decreased by $1,822,359, undistributed net realized gain (loss) was decreased by $1,138,828 and shares of beneficial interest was increased by $2,961,187. This reclassification had no effect on the net assets of the Fund.


19		Invesco Global Real Estate Income Fund

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	August 31, 2023^(a)						August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		784,402		$	6,219,838			821,050		$	7,570,649


Class C		28,186			220,521			82,112			786,263


Class Y		12,424,655			98,941,273			9,747,048			89,538,332


Class R5		16,810			134,803			397,332			3,423,282


Class R6		2,029,257			15,881,336			3,014,685			28,267,916



Issued as reinvestment of dividends:
Class A		235,482			1,838,951			245,974			2,277,023


Class C		6,984			54,587			9,673			90,061


Class Y		804,678			6,254,788			730,360			6,734,985


Class R5		4,302			33,482			6,612			62,043


Class R6		705,982			5,503,062			635,931			5,861,642



Automatic conversion of Class C shares to Class A shares:
Class A		145,994			1,139,001			243,584			2,271,729


Class C		(146,042	)		(1,139,001	)		(243,701	)		(2,271,729	)



Reacquired:
Class A		(3,269,658	)		(25,766,521	)		(2,502,932	)		(23,045,158	)


Class C		(165,030	)		(1,316,679	)		(140,837	)		(1,311,264	)


Class Y		(11,761,099	)		(92,018,396	)		(9,129,917	)		(83,732,469	)


Class R5		(27,254	)		(211,931	)		(588,168	)		(5,361,792	)


Class R6		(3,414,415	)		(26,945,371	)		(2,766,698	)		(26,301,593	)


Net increase (decrease) in share activity		(1,596,766	)	$	(11,176,257	)		562,108		$	4,859,920

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 37% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


20		Invesco Global Real Estate 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 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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


21		Invesco Global Real Estate Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$981.80	$6.04	$1,019.11	$6.16	1.21%
Class C	1,000.00	978.00	9.77	1,015.32	9.96	1.96
Class Y	1,000.00	982.90	4.80	1,020.37	4.89	0.96
Class R5	1,000.00	983.30	4.45	1,020.72	4.53	0.89
Class R6	1,000.00	983.70	4.10	1,021.07	4.18	0.82

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco Global Real Estate Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy

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, 2022 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 first quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). 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 acknowledged limitations regarding the Broadridge data, in


23		Invesco Global Real Estate Income Fund

particular that differences may exist between a 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 a fixed income component which may result in lagging performance relative to peers during strong equity markets. The Board considered that the Fund’s overweight exposure to preferred equity securities detracted from performance and considered this in the context of the Fund’s stated objective which includes a current income component. The Board also 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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 difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.


24		Invesco Global Real Estate Income Fund

activity and the allocation of such revenue between the Fund and Invesco Advisers.


25		Invesco Global Real Estate Income Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	17.71	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	40.34	%
Business Interest Income*	36.72	%

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


26		Invesco Global Real Estate Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Global Real Estate Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Global Real Estate Income Fund

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		GREI-AR-1

LOGO

Annual Report to Shareholders

August 31, 2023

Invesco Growth and Income Fund

Nasdaq:

A: ACGIX ⬛ C: ACGKX ⬛ R: ACGLX ⬛ Y: ACGMX ⬛ R5: ACGQX ⬛ R6: GIFFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Approval of Investment Advisory and Sub-Advisory Contracts

27		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Growth and Income Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.00	%
Class C Shares	7.25
Class R Shares	7.75
Class Y Shares	8.28
Class R5 Shares	8.36
Class R6 Shares	8.45
S&P 500 Index^q(Broad Market Index)	15.94
Russell 1000 Value Index^q(Style-Specific Index)	8.59
Lipper Large-Cap Value Funds Index^⬛(Peer Group Index)	11.52

Source(s): ^▼RIMES Technologies Corp.; ^⬛Lipper Inc.

Market conditions and your Fund

tors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

Stock selection in the IT sector was the largest contributor to relative performance during the fiscal year, due in part to Lam Research. The stock traded higher amid improving investor sentiment for semiconductors, as the cyclical slowdown in the industry appeared to be nearing an end. Despite a difficult environment for chipmakers, the company has executed well and we maintained our position in the company at fiscal year-end.

Stock selection and an underweight in utilities and real estate also aided relative performance, as these were the weakest sectors within the benchmark for the fiscal year.

Stock selection in financials was the largest detractor from relative performance for the fiscal year, as the failure of several regional banks in March weighed on the overall banking industry and Fund holdings such as Bank of America, Citizens Financial and PNC Financial Services. Charles Schwab was also affected by the banking crisis as investors became concerned about the company’s banking operation’s access to capital. While Charles Schwab’s deposits have exposure to bond losses, we believe the company has adequate liquidity and reserves to meet client withdrawals. Unrelated to banks, electronic payments firm PayPal was a significant detractor in financials. The company reported strong earnings but reduced its margin outlook for the full year due to growth in its Braintree unit, which includes Venmo. While the Braintree segment is taking share, it has lower profit margins than the flagship business. We maintained our positions in these holdings at fiscal year-end.


2		Invesco Growth and Income Fund

traded in a narrow range for much of the period. Additionally, higher costs and investor concerns about productivity declines in its Permian assets weighed on the stock. We held this stock at fiscal year-end.

The Fund held currency forward contracts for the purpose of hedging currency exposure of non-US-based companies held in the Fund. These derivatives were not for speculative purposes or leverage, and these positions had negligible impact on the Fund’s relative performance for the fiscal year.

During the fiscal year, the team increased the Fund’s exposure to communication services and IT and reduced exposure to consumer discretionary and financials. At fiscal year-end, the Fund’s largest absolute sector exposures were in financials, health care and industrials. The largest overweight exposures relative to the Russell 1000 Value Index were in communication services, IT and energy, while the largest underweights were in utilities, materials and consumer staples.

As always, we thank you for your investment in Invesco Growth and Income Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.

Portfolio manager(s):

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - Lead

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Growth and Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Growth and Income Fund



Average Annual Total Returns

As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (8/1/46)	9.31	%
10 Years	8.08
5 Years	5.35
1 Year	2.06

Class C Shares
Inception (8/2/93)	9.17	%
10 Years	8.06
5 Years	5.78
1 Year	6.28

Class R Shares
Inception (10/1/02)	8.54	%
10 Years	8.42
5 Years	6.28
1 Year	7.75

Class Y Shares
Inception (10/19/04)	8.25	%
10 Years	8.96
5 Years	6.81
1 Year	8.28

Class R5 Shares
Inception (6/1/10)	10.62	%
10 Years	9.05
5 Years	6.88
1 Year	8.36

Class R6 Shares
Inception (9/24/12)	10.11	%
10 Years	9.15
5 Years	6.97
1 Year	8.45

Effective June 1, 2010, Class A, Class C, Class R and Class I shares of the predecessor fund, Van Kampen Growth and Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C, Class R and Class Y shares, respectively, of Invesco Van Kampen Growth and Income Fund (renamed Invesco Growth and Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Growth and Income Fund

Supplemental Information

Invesco Growth and Income Fund’s investment objective is total return through growth of capital and current income.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^®Index is an unmanaged index considered representative of the US stock market.

∎	The Russell 1000^®Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/servicemark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.

∎	The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and imple- mented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid In- vestments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Growth and Income Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Financials		18.27%

Health Care		16.01

Industrials		12.03

Information Technology		11.78

Energy		10.16

Communication Services		9.24

Consumer Discretionary		6.15

Consumer Staples		6.12

Real Estate		2.97

Utilities		2.56

Materials		2.55

Money Market Funds Plus Other Assets Less Liabilities		2.16

Top 10 Equity Holdings*


		% of total net assets

1.	Wells Fargo & Co.	3.54%

2.	CBRE Group, Inc., Class A	2.97

3.	ConocoPhillips	2.81

4.	Bank of America Corp.	2.50

5.	Exxon Mobil Corp.	2.46

6.	Alphabet, Inc., Class A	2.36

7.	American International Group, Inc.	2.08

8.	Johnson & Johnson	2.05

9.	Cisco Systems, Inc.	1.99

10.	Sanofi	1.97

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Growth and Income Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–97.84%
Aerospace & Defense–2.53%
RTX Corp.		612,324	$	52,684,357


Textron, Inc.		627,019		48,725,646


				101,410,003



Air Freight & Logistics–1.01%
FedEx Corp.		154,790		40,403,286



Apparel Retail–1.04%
TJX Cos., Inc. (The)		452,213		41,820,658



Application Software–2.20%
Salesforce, Inc.^(b)		186,564		41,316,463


Splunk, Inc.^(b)		386,710		46,892,455


				88,208,918



Asset Management & Custody Banks–1.53%
KKR & Co., Inc., Class A		976,765		61,350,610



Automobile Manufacturers–1.30%
General Motors Co.		1,557,862		52,203,956



Broadline Retail–1.78%
Amazon.com, Inc.^(b)		516,751		71,316,806



Building Products–1.75%
Johnson Controls International PLC		1,187,153		70,113,256



Cable & Satellite–2.66%
Charter Communications, Inc., Class A^(b)(c)		122,156		53,518,987


Comcast Corp., Class A		1,133,239		52,990,255


				106,509,242



Casinos & Gaming–1.14%
Las Vegas Sands Corp.		834,122		45,759,933



Communications Equipment–1.99%
Cisco Systems, Inc.		1,389,063		79,662,763



Consumer Finance–0.96%
American Express Co.		242,452		38,304,992



Distillers & Vintners–1.21%
Diageo PLC (United Kingdom)		1,185,302		48,589,600



Distributors–0.89%
Genuine Parts Co.		230,684		35,463,051



Diversified Banks–7.12%
Bank of America Corp.		3,493,682		100,163,863


PNC Financial Services Group, Inc. (The)		357,060		43,107,854


Wells Fargo & Co.		3,433,730		141,778,711


				285,050,428



Electric Utilities–2.56%
American Electric Power Co., Inc.		470,455		36,883,672


Exelon Corp.		822,145		32,984,457


FirstEnergy Corp.		906,325		32,691,143


				102,559,272


	Shares		Value


Electrical Components & Equipment–0.95%
Emerson Electric Co.		385,561	$	37,881,368



Electronic Manufacturing Services–1.00%
TE Connectivity Ltd.		301,617		39,931,075



Fertilizers & Agricultural Chemicals–0.71%
Corteva, Inc.		559,500		28,260,345



Food Distributors–2.03%
Sysco Corp.		676,496		47,117,946


US Foods Holding Corp.^(b)		844,664		34,149,766


				81,267,712



Gold–0.74%
Barrick Gold Corp. (Canada)		1,836,669		29,772,405



Health Care Equipment–2.68%
GE HealthCare Technologies, Inc.		430,687		30,341,899


Medtronic PLC		768,564		62,637,966


Zimmer Biomet Holdings, Inc.		121,667		14,492,973


				107,472,838



Health Care Facilities–0.67%
Universal Health Services, Inc., Class B		199,022		26,808,263



Health Care Services–2.45%
Cigna Group (The)		215,404		59,507,509


CVS Health Corp.		591,070		38,520,032


				98,027,541


Industrial Machinery & Supplies & Components–2.76%
Parker-Hannifin Corp.		180,741		75,350,923


Stanley Black & Decker, Inc.		374,775		35,371,264


				110,722,187



Insurance Brokers–1.48%
Willis Towers Watson PLC		286,779		59,294,426



Integrated Oil & Gas–4.10%
Chevron Corp.		183,758		29,603,414


Exxon Mobil Corp.		886,600		98,581,054


Shell PLC (Netherlands)		1,172,255		35,841,643


				164,026,111



Interactive Media & Services–3.98%
Alphabet, Inc., Class A^(b)		692,696		94,324,414


Meta Platforms, Inc., Class A^(b)		219,403		64,919,154


				159,243,568



Investment Banking & Brokerage–2.64%
Charles Schwab Corp. (The)		708,288		41,895,235


Goldman Sachs Group, Inc. (The)		194,728		63,814,313


				105,709,548



IT Consulting & Other Services–1.37%
Cognizant Technology Solutions Corp., Class A		764,865		54,771,983



Managed Health Care–2.09%
Centene Corp.^(b)		925,097		57,032,230

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


8		Invesco Growth and Income Fund


	Shares		Value


Managed Health Care–(continued)
Elevance Health, Inc.		59,880	$	26,467,559


				83,499,789



Movies & Entertainment–1.19%
Walt Disney Co. (The)^(b)		568,402		47,563,879



Multi-line Insurance–2.07%
American International Group, Inc.		1,419,363		83,061,123



Oil & Gas Exploration & Production–5.03%
ConocoPhillips		945,074		112,492,158


Devon Energy Corp.		588,310		30,056,758


Pioneer Natural Resources Co.		248,214		59,057,557


				201,606,473



Oil & Gas Refining & Marketing–1.03%
Phillips 66		361,791		41,302,061



Packaged Foods & Meats–1.00%
Kraft Heinz Co. (The)		1,205,735		39,897,771



Pharmaceuticals–8.12%
Bristol-Myers Squibb Co.		1,007,042		62,084,139


GSK PLC		1,648,961		28,925,591


Johnson & Johnson		507,509		82,054,055


Merck & Co., Inc.		502,859		54,801,574


Pfizer, Inc.		531,273		18,796,439


Sanofi		739,114		78,650,326


				325,312,124



Rail Transportation–1.14%
CSX Corp.		1,513,639		45,711,898



Real Estate Services–2.97%
CBRE Group, Inc., Class A^(b)		1,397,786		118,881,699



Regional Banks–0.73%
Citizens Financial Group, Inc.^(c)		1,033,716		29,078,431



Semiconductor Materials & Equipment–1.02%
Lam Research Corp.		58,190		40,872,656



Semiconductors–3.10%
Intel Corp.		1,231,169		43,263,279


Micron Technology, Inc.		527,170		36,870,270


NXP Semiconductors N.V. (China)		214,010		44,026,137


				124,159,686


	Shares		Value


Specialty Chemicals–1.10%
DuPont de Nemours, Inc.		570,943	$	43,899,807



Systems Software–1.10%
Oracle Corp.		364,672		43,902,862



Tobacco–1.88%
Philip Morris International, Inc.		783,198		75,234,000



Trading Companies & Distributors–1.89%
Ferguson PLC		469,617		75,871,323



Transaction & Payment Processing Services–1.74%
Fiserv, Inc.^(b)		473,536		57,482,535


PayPal Holdings, Inc.^(b)		192,653		12,042,739


				69,525,274



Wireless Telecommunication Services–1.41%
T-Mobile US, Inc.^(b)		413,941		56,399,461


Total Common Stocks & Other Equity Interests (Cost $3,002,227,467)				3,917,696,461



Money Market Funds–1.84%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(e)		25,782,759		25,782,759


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(d)(e)		18,411,601		18,413,442


Invesco Treasury Portfolio, Institutional Class, 5.25%^(d)(e)		29,466,010		29,466,010


Total Money Market Funds (Cost $73,662,211)				73,662,211


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.68% (Cost $3,075,889,678)				3,991,358,672



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.11%
Invesco Private Government Fund, 5.30%^(d)(e)(f)		1,200,912		1,200,912


Invesco Private Prime Fund, 5.51%^(d)(e)(f)		3,088,061		3,088,061


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,288,973)				4,288,973


TOTAL INVESTMENTS IN SECURITIES–99.79% (Cost $3,080,178,651)				3,995,647,645


OTHER ASSETS LESS LIABILITIES–0.21%				8,590,571


NET ASSETS–100.00%			$	4,004,238,216

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


9		Invesco Growth and Income Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 31,768,080		$ 206,898,972		$ (212,884,293	)		$ -			$ -		$25,782,759		$1,245,312
Invesco Liquid Assets Portfolio, Institutional Class		14,521,137		147,784,980		(143,893,926	)		(7,036	)		8,287		18,413,442		852,304
Invesco Treasury Portfolio, Institutional Class		36,306,378		236,455,968		(243,296,336	)		-			-		29,466,010		1,421,072
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		18,935,998		396,851,393		(414,586,479	)		-			-		1,200,912		661,398	*
Invesco Private Prime Fund		48,692,568		904,319,643		(949,939,391	)		-			15,241		3,088,061		1,768,306	*
Total		$150,224,161		$1,892,310,956		$(1,964,600,425	)		$(7,036	)		$23,528		$77,951,184		$5,948,392

^(e)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

Open Forward Foreign Currency Contracts

Contract to

Unrealized
Appreciation

Settlement
Date

Counterparty

Deliver

Receive

Currency Risk

09/29/2023

Bank of New York Mellon (The)

EUR

57,274,435

USD

62,228,330

$ 51,215

09/29/2023

Bank of New York Mellon (The)

GBP

64,554,110

USD

82,217,212

430,857

09/29/2023

State Street Bank & Trust Co.

EUR

379,881

USD

412,503

104

09/29/2023

State Street Bank & Trust Co.

GBP

3,280,122

USD

4,174,641

18,915

09/29/2023

State Street Bank & Trust Co.

USD

3,176,334

EUR

2,935,859

10,834

Total Forward Foreign Currency Contracts

$511,925

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

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


10		Invesco Growth and Income Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $3,002,227,467)*	$	3,917,696,461


Investments in affiliated money market funds, at value (Cost $77,951,184)		77,951,184


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		511,925


Foreign currencies, at value (Cost $4,187)		4,139


Receivable for:
Investments sold		9,246,669


Fund shares sold		838,172


Dividends		10,665,607


Investment for trustee deferred compensation and retirement plans		502,743


Other assets		62,510


Total assets		4,017,479,410



Liabilities:
Payable for:
Investments purchased		4,540,133


Fund shares reacquired		1,835,542


Collateral upon return of securities loaned		4,288,973


Accrued fees to affiliates		1,915,752


Accrued trustees’ and officers’ fees and benefits		3,320


Accrued other operating expenses		98,549


Trustee deferred compensation and retirement plans		558,925


Total liabilities		13,241,194


Net assets applicable to shares outstanding	$	4,004,238,216



Net assets consist of:
Shares of beneficial interest	$	2,772,499,112


Distributable earnings		1,231,739,104


	$	4,004,238,216


Net Assets:
Class A	$	2,438,755,537


Class C	$	29,875,497


Class R	$	53,249,955


Class Y	$	349,894,127


Class R5	$	329,238,062


Class R6	$	803,225,038



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		114,102,977


Class C		1,427,703


Class R		2,487,263


Class Y		16,357,453


Class R5		15,365,140


Class R6		37,487,270


Class A:
Net asset value per share	$	21.37


Maximum offering price per share (Net asset value of $21.37 ÷ 94.50%)	$	22.61


Class C:
Net asset value and offering price per share	$	20.93


Class R:
Net asset value and offering price per share	$	21.41


Class Y:
Net asset value and offering price per share	$	21.39


Class R5:
Net asset value and offering price per share	$	21.43


Class R6:
Net asset value and offering price per share	$	21.43

*	At August 31, 2023, securities with an aggregate value of $4,139,317 were on loan to brokers.

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


11		Invesco Growth and Income Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $(584,116))	$	94,249,360


Dividends from affiliated money market funds (includes net securities lending income of $221,030)		3,739,718


Total investment income		97,989,078



Expenses:
Advisory fees		14,932,883


Administrative services fees		581,664


Custodian fees		22,617


Distribution fees:
Class A		6,159,065


Class C		304,865


Class R		260,174


Transfer agent fees – A, C, R and Y		4,316,826


Transfer agent fees – R5		388,438


Transfer agent fees – R6		249,259


Trustees’ and officers’ fees and benefits		49,886


Registration and filing fees		162,265


Reports to shareholders		204,855


Professional services fees		95,101


Other		68,717


Total expenses		27,796,615


Less: Fees waived and/or expense offset arrangement(s)		(112,659	)


Net expenses		27,683,956


Net investment income		70,305,122



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		419,769,217


Affiliated investment securities		23,528


Foreign currencies		(93,962	)


Forward foreign currency contracts		(6,020,181	)


		413,678,602


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(154,715,824	)


Affiliated investment securities		(7,036	)


Foreign currencies		40,862


Forward foreign currency contracts		(1,992,316	)


		(156,674,314	)


Net realized and unrealized gain		257,004,288


Net increase in net assets resulting from operations	$	327,309,410

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


12		Invesco Growth and Income Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	70,305,122		$	67,210,398


Net realized gain		413,678,602			471,406,497


Change in net unrealized appreciation (depreciation)		(156,674,314	)		(702,919,722	)


Net increase (decrease) in net assets resulting from operations		327,309,410			(164,302,827	)



Distributions to shareholders from distributable earnings:
Class A		(278,048,140	)		(507,991,551	)


Class C		(3,399,405	)		(6,772,771	)


Class R		(5,572,665	)		(10,562,085	)


Class Y		(47,847,695	)		(91,057,061	)


Class R5		(46,057,592	)		(79,363,950	)


Class R6		(92,701,026	)		(198,318,731	)


Total distributions from distributable earnings		(473,626,523	)		(894,066,149	)



Share transactions–net:
Class A		25,839,646			261,966,363


Class C		(1,406,441	)		1,480,246


Class R		3,617,666			3,133,594


Class Y		(59,848,236	)		16,324,552


Class R5		(52,597,046	)		52,113,814


Class R6		(104,881,583	)		59,906,178


Net increase (decrease) in net assets resulting from share transactions		(189,275,994	)		394,924,747


Net increase (decrease) in net assets		(335,593,107	)		(663,444,229	)



Net assets:
Beginning of year		4,339,831,323			5,003,275,552


End of year	$	4,004,238,216		$	4,339,831,323

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


13		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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed	Ratio of net investment income to average net assets		Portfolio turnover^(c)


Class A
Year ended 08/31/23		$22.20		$0.33		$ 1.36			$ 1.69			$(0.38	)		$(2.14	)		$(2.52	)		$21.37		8.00	%		$2,438,756		0.79%	0.79%		1.57%		21%
Year ended 08/31/22		28.10		0.32		(1.13	)		(0.81	)		(0.29	)		(4.80	)		(5.09	)		22.20		(3.90	)		2,499,911		0.78	0.78		1.28		23
Year ended 08/31/21		20.01		0.30		8.63			8.93			(0.35	)		(0.49	)		(0.84	)		28.10		45.62			2,844,145		0.80	0.80		1.22		33
Year ended 08/31/20		22.89		0.41		(1.24	)		(0.83	)		(0.44	)		(1.61	)		(2.05	)		20.01		(4.39	)		2,609,002		0.81	0.81		1.97		26
Year ended 08/31/19		27.50		0.44		(2.02	)		(1.58	)		(0.43	)		(2.60	)		(3.03	)		22.89		(4.99	)		3,386,466		0.81	0.81		1.84		23


Class C
Year ended 08/31/23		21.77		0.18		1.33			1.51			(0.21	)		(2.14	)		(2.35	)		20.93		7.25	^(d)		29,875		1.52^(d)	1.52^(d)		0.84^(d)		21
Year ended 08/31/22		27.69		0.13		(1.09	)		(0.96	)		(0.16	)		(4.80	)		(4.96	)		21.77		(4.58	)^(d)		32,497		1.52^(d)	1.52^(d)		0.54^(d)		23
Year ended 08/31/21		19.73		0.12		8.51			8.63			(0.18	)		(0.49	)		(0.67	)		27.69		44.53	^(d)		39,357		1.50^(d)	1.50^(d)		0.52^(d)		33
Year ended 08/31/20		22.57		0.25		(1.20	)		(0.95	)		(0.28	)		(1.61	)		(1.89	)		19.73		(5.05	)		38,808		1.56	1.56		1.22		26
Year ended 08/31/19		27.15		0.27		(2.00	)		(1.73	)		(0.25	)		(2.60	)		(2.85	)		22.57		(5.67	)^(d)		76,522		1.53^(d)	1.53^(d)		1.12^(d)		23


Class R
Year ended 08/31/23		22.23		0.28		1.36			1.64			(0.32	)		(2.14	)		(2.46	)		21.41		7.75			53,250		1.04	1.04		1.32		21
Year ended 08/31/22		28.13		0.25		(1.13	)		(0.88	)		(0.22	)		(4.80	)		(5.02	)		22.23		(4.14	)		51,354		1.03	1.03		1.03		23
Year ended 08/31/21		20.03		0.24		8.64			8.88			(0.29	)		(0.49	)		(0.78	)		28.13		45.26			60,808		1.05	1.05		0.97		33
Year ended 08/31/20		22.90		0.36		(1.23	)		(0.87	)		(0.39	)		(1.61	)		(2.00	)		20.03		(4.60	)		61,342		1.06	1.06		1.72		26
Year ended 08/31/19		27.52		0.38		(2.03	)		(1.65	)		(0.37	)		(2.60	)		(2.97	)		22.90		(5.27	)		84,224		1.06	1.06		1.59		23


Class Y
Year ended 08/31/23		22.22		0.39		1.35			1.74			(0.43	)		(2.14	)		(2.57	)		21.39		8.28			349,894		0.54	0.54		1.82		21
Year ended 08/31/22		28.12		0.38		(1.12	)		(0.74	)		(0.36	)		(4.80	)		(5.16	)		22.22		(3.63	)		427,166		0.53	0.53		1.53		23
Year ended 08/31/21		20.03		0.36		8.63			8.99			(0.41	)		(0.49	)		(0.90	)		28.12		45.94			517,664		0.55	0.55		1.47		33
Year ended 08/31/20		22.91		0.47		(1.24	)		(0.77	)		(0.50	)		(1.61	)		(2.11	)		20.03		(4.12	)		477,858		0.56	0.56		2.22		26
Year ended 08/31/19		27.53		0.50		(2.03	)		(1.53	)		(0.49	)		(2.60	)		(3.09	)		22.91		(4.78	)		938,866		0.56	0.56		2.09		23


Class R5
Year ended 08/31/23		22.25		0.40		1.36			1.76			(0.44	)		(2.14	)		(2.58	)		21.43		8.36			329,238		0.49	0.49		1.87		21
Year ended 08/31/22		28.16		0.39		(1.13	)		(0.74	)		(0.37	)		(4.80	)		(5.17	)		22.25		(3.62	)		397,345		0.48	0.48		1.58		23
Year ended 08/31/21		20.06		0.38		8.64			9.02			(0.43	)		(0.49	)		(0.92	)		28.16		46.04			438,989		0.47	0.47		1.55		33
Year ended 08/31/20		22.94		0.49		(1.24	)		(0.75	)		(0.52	)		(1.61	)		(2.13	)		20.06		(4.03	)		443,315		0.48	0.48		2.30		26
Year ended 08/31/19		27.56		0.52		(2.03	)		(1.51	)		(0.51	)		(2.60	)		(3.11	)		22.94		(4.70	)		746,385		0.48	0.48		2.17		23


Class R6
Year ended 08/31/23		22.25		0.41		1.37			1.78			(0.46	)		(2.14	)		(2.60	)		21.43		8.45			803,225		0.42	0.42		1.94		21
Year ended 08/31/22		28.16		0.41		(1.13	)		(0.72	)		(0.39	)		(4.80	)		(5.19	)		22.25		(3.55	)		931,558		0.41	0.41		1.65		23
Year ended 08/31/21		20.06		0.39		8.65			9.04			(0.45	)		(0.49	)		(0.94	)		28.16		46.16			1,102,312		0.40	0.40		1.62		33
Year ended 08/31/20		22.94		0.50		(1.23	)		(0.73	)		(0.54	)		(1.61	)		(2.15	)		20.06		(3.93	)		1,147,101		0.39	0.39		2.39		26
Year ended 08/31/19		27.57		0.54		(2.04	)		(1.50	)		(0.53	)		(2.60	)		(3.13	)		22.94		(4.64	)		1,494,527		0.38	0.38		2.27		23

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98%, 0.99%, 0.95% and 0.96% for the years ended August 31, 2023, 2022, 2021 and 2019, respectively.

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


14		Invesco Growth and Income Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


15		Invesco Growth and Income Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Expenses - 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.

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, 2023, the Fund paid the Adviser $9,866 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.


16		Invesco Growth and Income Fund

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $150 million		0.500%


Next $100 million		0.450%


Next $100 million		0.400%


Over $350 million		0.350%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.36%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminated 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, 2023, the Adviser waived advisory fees of $89,546.


17		Invesco Growth and Income Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $235,443 in front-end sales commissions from the sale of Class A shares and $7,954 and $440 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $84,702 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


		Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	3,725,689,301	$	192,007,160		$–	$	3,917,696,461


Money Market Funds		73,662,211		4,288,973		–		77,951,184


Total Investments in Securities		3,799,351,512		196,296,133		–		3,995,647,645


Other Investments - Assets*


Forward Foreign Currency Contracts		–		511,925		–		511,925


Total Investments	$	3,799,351,512	$	196,808,058		$–	$	3,996,159,570

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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, 2023:


	Value
Derivative Assets	Currency Risk


Unrealized appreciation on forward foreign currency contracts outstanding		$511,925


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements		$511,925


18		Invesco Growth and Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.

Financial
Derivative
Assets

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

Bank of New York Mellon (The)

$482,072

$–

$482,072

State Street Bank & Trust Co.

29,853

–

29,853

Total

$511,925

$–

$511,925

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(6,020,181	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,992,316	)


Total		$(8,012,497	)

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


	Forward Foreign Currency Contracts


Average notional value		$133,375,725

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*		$ 77,568,879		$171,668,016


Long-term capital gain		396,057,644		722,398,133


Total distributions		$473,626,523		$894,066,149

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


19		Invesco Growth and Income Fund

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	10,092,540


Undistributed long-term capital gain		348,665,536


Net unrealized appreciation – investments		873,364,156


Net unrealized appreciation – foreign currencies		13,521


Temporary book/tax differences		(396,649	)


Shares of beneficial interest		2,772,499,112


Total net assets	$	4,004,238,216

The Fund does not have a capital loss carryforward as of August 31, 2023.

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, 2023 was $858,088,770 and $1,449,411,767, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	986,221,866


Aggregate unrealized (depreciation) of investments		(112,857,710	)


Net unrealized appreciation of investments	$	873,364,156

Cost of investments for tax purposes is $3,122,795,414.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization, on August 31, 2023, undistributed net investment income was decreased by $1,039,913, undistributed net realized gain was decreased by $21,273,088 and shares of beneficial interest was increased by $22,313,001. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		6,512,241		$	137,726,084			6,563,715		$	161,932,629


Class C		202,980			4,219,088			204,999			4,972,685


Class R		435,161			9,229,043			316,730			7,811,959


Class Y		1,926,465			41,000,744			2,644,421			65,243,714


Class R5		2,647,866			56,189,087			2,720,647			66,964,355


Class R6		5,583,013			118,227,446			5,279,294			131,545,487



Issued as reinvestment of dividends:
Class A		12,265,034			255,845,495			19,596,551			464,645,977


Class C		155,470			3,182,844			270,554			6,294,750


Class R		266,590			5,572,630			444,779			10,561,949


Class Y		1,866,983			38,941,820			3,148,013			74,697,819


Class R5		2,201,109			45,983,255			3,340,012			79,350,674


Class R6		4,382,001			91,494,780			8,264,455			196,374,492



Automatic conversion of Class C shares to Class A shares:
Class A		122,711			2,600,775			145,079			3,573,433


Class C		(125,190	)		(2,600,775	)		(147,721	)		(3,573,433	)


20		Invesco Growth and Income Fund


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(17,416,247	)	$	(370,332,708	)		(14,913,478	)	$	(368,185,676	)


Class C		(298,550	)		(6,207,598	)		(256,139	)		(6,213,756	)


Class R		(524,669	)		(11,184,007	)		(613,286	)		(15,240,314	)


Class Y		(6,662,982	)		(139,790,800	)		(4,973,866	)		(123,616,981	)


Class R5		(7,340,237	)		(154,769,388	)		(3,793,506	)		(94,201,215	)


Class R6		(14,341,749	)		(314,603,809	)		(10,823,831	)		(268,013,801	)


Net increase (decrease) in share activity		(8,142,000	)	$	(189,275,994	)		17,417,422		$	394,924,747

^(a)

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


21		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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


22		Invesco Growth and Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (03/01/23)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (03/01/23)		Ending Account Value (08/31/23)¹		Expenses Paid During Period²		Ending Account Value (08/31/23)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,025.70		$4.03		$1,021.22		$4.02		0.79	%
Class C		1,000.00		1,022.70		7.75		1,017.54		7.73		1.52
Class R		1,000.00		1,024.90		5.31		1,019.96		5.30		1.04
Class Y		1,000.00		1,027.50		2.76		1,022.48		2.75		0.54
Class R5		1,000.00		1,027.70		2.50		1,022.74		2.50		0.49
Class R6		1,000.00		1,028.00		2.15		1,023.09		2.14		0.42

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


23		Invesco Growth and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 third quintile of its performance universe for the one and three year periods and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that


24		Invesco Growth and Income Fund

periods of heightened risk aversion during 2018 and 2020 created a challenging market environment for funds with a procyclical bias, such as the Fund, which negatively impacted the Fund’s longer-term performance. However, the Board also considered that the Fund’s performance is improving over the longer term. 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

sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

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 difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


25		Invesco Growth and Income Fund

securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


26		Invesco Growth and Income Fund

Tax Information

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, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	417,421,644
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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


27		Invesco Growth and Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Growth and Income Fund

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LOGO

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		VK-GRI-AR-1

LOGO

Annual Report to Shareholders

August 31, 2023

Invesco Income Advantage U.S. Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

15		Financial Statements

19		Notes to Financial Statements

25		Report of Independent Registered Public Accounting Firm

26		Fund Expenses

27		Approval of Investment Advisory and Sub-Advisory Contracts

29		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Income Advantage U.S. Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	12.08	%
Class C Shares	11.22
Class R Shares	11.71
Class Y Shares	12.22
Investor Class Shares	11.95
Class R5 Shares	12.27
Class R6 Shares	12.39
S&P 500 Index^q(Broad Market/Style-Specific Index)	15.94
Lipper Equity Income Funds Index^∎(Peer Group Index)	8.09

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³ The team’s investment strategy seeks to provide higher income, structural downside risk mitigation to capital and reduce volatility, and growth from diversified exposure to the US large capitalization equity market. The team seeks to achieve the investment objectives by investing in two sub-portfolios: 1) a diversified portfolio of US stocks intended to provide US equity market participation; and 2) an option income portfolio, which the team customizes in an effort to provide high income and defensive exposure to the broad US large capitalization equity market.

For the fiscal year ended August 31, 2023, the Fund underperformed the S&P 500 Index with performance behavior that was in-line with the team’s expectations for the Fund. The diversified US stock portfolio designed to have low tracking error to the benchmark, provided growth and performed in-line with the benchmark. The defensive option income component, implemented through equity-linked notes (ELNs), reduced overall portfolio returns relative to the benchmark as US equity markets rallied through much of the year; however, the defensiveness also helped reduce volatility and downside impact to performance during the more volatile periods throughout the fiscal year. In addition, the strategy delivered a meaningfully higher yield relative to the dividend yield of the benchmark index.

Thank you for investing in Invesco Income Advantage U.S. Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: Lipper Inc.


2		Invesco Income Advantage U.S. Fund

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Income Advantage U.S. Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Income Advantage U.S. Fund



Average Annual Total Returns

As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	4.30	%
10 Years	4.58
5 Years	0.55
1 Year	5.92

Class C Shares
Inception (3/31/06)	4.28	%
10 Years	4.54
5 Years	0.94
1 Year	10.22

Class R Shares
Inception (3/31/06)	4.38	%
10 Years	4.91
5 Years	1.43
1 Year	11.71

Class Y Shares
Inception (10/3/08)	6.88	%
10 Years	5.44
5 Years	1.94
1 Year	12.22

Investor Class Shares
Inception (4/25/08)	4.65	%
10 Years	5.17
5 Years	1.69
1 Year	11.95

Class R5 Shares
Inception (3/31/06)	5.00	%
10 Years	5.60
5 Years	2.07
1 Year	12.27

Class R6 Shares
10 Years	5.44	%
5 Years	2.09
1 Year	12.39

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

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Investor Class, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Income Advantage U.S. Fund

Supplemental Information

Invesco Income Advantage U.S. Fund’s investment objective is income and long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^®Index is an unmanaged index considered representative of the US stock market.

∎	The Lipper Equity Income Funds Index is an unmanaged index considered representative of equity income funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

ditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and imple- mented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Income Advantage U.S. Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Financials		21.87%

Information Technology		15.67

Health Care		10.36

Communication Services		8.02

Consumer Discretionary		6.30

Industrials		6.13

Consumer Staples		4.94

Energy		3.63

Other Sectors, Each Less than 2% of Net Assets		4.82

Money Market Funds Plus Other Assets Less Liabilities		18.26

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.	2.77%

2.	Apple, Inc.	2.31

3.	Meta Platforms, Inc., Class A	2.30

4.	Alphabet, Inc., Class A	2.03

5.	NVIDIA Corp.	2.01

6.	Visa, Inc., Class A	1.67

7.	Broadcom, Inc.	1.53

8.	Berkshire Hathaway, Inc., Class B	1.32

9.	Amazon.com, Inc.	1.27

10.	Verizon Communications, Inc.	1.23

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Income Advantage U.S. Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–67.92%
Advertising–0.07%
Omnicom Group, Inc.		1,229	$	99,561


Trade Desk, Inc. (The), Class A^(b)		332		26,570


				126,131



Aerospace & Defense–1.26%
Boeing Co. (The)^(b)		1,701		381,075


General Dynamics Corp.		1,314		297,805


L3Harris Technologies, Inc.		1,010		179,871


Lockheed Martin Corp.		1,832		821,377


Northrop Grumman Corp.		334		144,652


RTX Corp.		4,662		401,118


TransDigm Group, Inc.^(b)		128		115,693


				2,341,591



Agricultural & Farm Machinery–0.23%
Deere & Co.		1,046		429,843



Agricultural Products & Services–0.11%
Archer-Daniels-Midland Co.		2,616		207,449



Air Freight & Logistics–0.37%
Expeditors International of Washington, Inc.		1,188		138,651


FedEx Corp.		795		207,511


United Parcel Service, Inc., Class B		2,015		341,341


				687,503



Apparel Retail–0.31%
Ross Stores, Inc.		1,498		182,471


TJX Cos., Inc. (The)		4,172		385,827


				568,298



Apparel, Accessories & Luxury Goods–0.08%
lululemon athletica, inc.^(b)		366		139,541



Application Software–1.41%
Adobe, Inc.^(b)		959		536,407


ANSYS, Inc.^(b)		264		84,182


Autodesk, Inc.^(b)		410		90,995


Cadence Design Systems, Inc.^(b)		1,185		284,921


Datadog, Inc., Class A^(b)		428		41,293


HubSpot, Inc.^(b)		145		79,245


Intuit, Inc.		207		112,155


Palantir Technologies, Inc., Class A^(b)		1,320		19,774


Roper Technologies, Inc.		581		289,954


Salesforce, Inc.^(b)		3,021		669,031


Splunk, Inc.^(b)		114		13,824


Synopsys, Inc.^(b)		457		209,713


Workday, Inc., Class A^(b)		532		130,074


Zoom Video Communications, Inc., Class A^(b)		879		62,435


				2,624,003



Asset Management & Custody Banks–0.41%
Ameriprise Financial, Inc.		301		101,612


Bank of New York Mellon Corp. (The)		5,218		234,132


	Shares		Value


Asset Management & Custody Banks–(continued)
BlackRock, Inc.		111	$	77,760


Blackstone, Inc., Class A		1,137		120,943


KKR & Co., Inc., Class A		487		30,588


Northern Trust Corp.		613		46,631


State Street Corp.		1,398		96,098


T. Rowe Price Group, Inc.		558		62,624


				770,388



Automobile Manufacturers–0.78%
Ford Motor Co.		23,454		284,497


General Motors Co.		19,072		639,103


Tesla, Inc.^(b)		2,052		529,580


				1,453,180



Automotive Parts & Equipment–0.03%
Aptiv PLC^(b)		513		52,044



Automotive Retail–0.33%
AutoZone, Inc.^(b)		106		268,321


O’Reilly Automotive, Inc.^(b)		361		339,232


				607,553



Biotechnology–2.09%
AbbVie, Inc.		5,822		855,601


Amgen, Inc.		2,250		576,765


Biogen, Inc.^(b)		836		223,513


BioMarin Pharmaceutical, Inc.^(b)		139		12,702


BioNTech SE, ADR (Germany)^(b)		2,628		317,804


Gilead Sciences, Inc.		9,508		727,172


Incyte Corp.^(b)		728		46,978


Moderna, Inc.^(b)		795		89,890


Regeneron Pharmaceuticals, Inc.^(b)		591		488,455


Seagen, Inc.^(b)		468		96,441


Vertex Pharmaceuticals, Inc.^(b)		1,299		452,494


				3,887,815



Broadcasting–0.07%
Fox Corp., Class A		4,000		132,240



Broadline Retail–1.57%
Amazon.com, Inc.^(b)		17,057		2,354,037


Coupang, Inc. (South Korea)^(b)		857		16,266


eBay, Inc.		2,425		108,591


MercadoLibre, Inc. (Brazil)^(b)		316		433,666


				2,912,560



Building Products–0.22%
Carrier Global Corp.		2,875		165,169


Johnson Controls International PLC		1,799		106,249


Trane Technologies PLC		658		135,061


				406,479



Cable & Satellite–0.63%
Charter Communications, Inc., Class A^(b)		604		264,625


Comcast Corp., Class A		19,507		912,147


Sirius XM Holdings, Inc.		490		2,156


				1,178,928

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


8		Invesco Income Advantage U.S. Fund


	Shares		Value


Cargo Ground Transportation–0.12%
Old Dominion Freight Line, Inc.		527	$	225,224



Casinos & Gaming–0.16%
Las Vegas Sands Corp.		5,400		296,244



Commodity Chemicals–0.20%
Dow, Inc.		4,307		234,990


LyondellBasell Industries N.V., Class A		1,409		139,167


				374,157



Communications Equipment–0.80%
Arista Networks, Inc.^(b)		815		159,113


Cisco Systems, Inc.		16,562		949,831


Motorola Solutions, Inc.		1,306		370,342


				1,479,286



Computer & Electronics Retail–0.05%
Best Buy Co., Inc.		1,237		94,569



Construction Machinery & Heavy Transportation Equipment– 0.73%
Caterpillar, Inc.		2,861		804,313


Cummins, Inc.		828		190,473


PACCAR, Inc.		4,397		361,829


				1,356,615



Construction Materials–0.06%
Martin Marietta Materials, Inc.		117		52,230


Vulcan Materials Co.		312		68,094


				120,324



Consumer Electronics–0.07%
Garmin Ltd.		1,181		125,210



Consumer Finance–0.37%
American Express Co.		1,811		286,120


Capital One Financial Corp.		2,143		219,422


Discover Financial Services		2,058		185,364


				690,906



Consumer Staples Merchandise Retail–1.10%
Costco Wholesale Corp.		946		519,619


Dollar General Corp.		579		80,191


Dollar Tree, Inc.^(b)		166		20,312


Target Corp.		760		96,178


Walmart, Inc.		8,146		1,324,621


				2,040,921



Copper–0.18%
Freeport-McMoRan, Inc.		7,157		285,636


Southern Copper Corp. (Mexico)		603		48,638


				334,274



Data Center REITs–0.18%
Digital Realty Trust, Inc.		936		123,290


Equinix, Inc.		269		210,191


				333,481



Distillers & Vintners–0.14%
Brown-Forman Corp., Class B		641		42,389


Constellation Brands, Inc., Class A		819		213,399


				255,788


	Shares		Value

Distributors–0.07%
Genuine Parts Co.		836	$	128,518



Diversified Banks–0.42%
Bank of America Corp.		6,038		173,109


Citigroup, Inc.		1,464		60,449


Fifth Third Bancorp		510		13,541


JPMorgan Chase & Co.		2,193		320,902


NU Holdings Ltd., Class A (Brazil)^(b)		1,624		11,124


PNC Financial Services Group, Inc. (The)		300		36,219


U.S. Bancorp		1,153		42,119


Wells Fargo & Co.		2,825		116,644


			774,107



Diversified Financial Services–0.04%
Apollo Global Management, Inc.		803		70,134



Diversified Support Services–0.14%
Cintas Corp.		232		116,967


Copart, Inc.^(b)		3,054		136,911


			253,878



Drug Retail–0.03%
Walgreens Boots Alliance, Inc.		2,091		52,923


Electric Utilities–1.17%
American Electric Power Co., Inc.		1,487		116,581


Avangrid, Inc.		53		1,829


Constellation Energy Corp.		244		25,415


Duke Energy Corp.		3,945		350,316


Edison International		1,718		118,284


Entergy Corp.		783		74,581


Eversource Energy		2,026		129,299


Exelon Corp.		4,564		183,108


FirstEnergy Corp.		2,572		92,772


NextEra Energy, Inc.		3,978		265,730


PG&E Corp.^(b)		12,525		204,157


PPL Corp.		7,701		191,909


Southern Co. (The)		3,378		228,792


Xcel Energy, Inc.		3,374		192,757


			2,175,530

Electrical Components & Equipment–0.28%
AMETEK, Inc.		730		116,443


Eaton Corp. PLC		1,322		304,549


Emerson Electric Co.		429		42,149


Rockwell Automation, Inc.		213		66,473


				529,614


Electronic Components–0.19%
Amphenol Corp., Class A		3,426		302,790


Corning, Inc.		1,726		56,647

			359,437

Electronic Equipment & Instruments–0.04%
Keysight Technologies, Inc.^(b)		541		72,115

Zebra Technologies Corp., Class A^(b)		38		10,451


				82,566



Electronic Manufacturing Services–0.08%
TE Connectivity Ltd.		1,093		144,702

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


9		Invesco Income Advantage U.S. Fund


	Shares		Value


Environmental & Facilities Services–0.29%
Republic Services, Inc.		769	$	110,836


Waste Connections, Inc.		1,118		153,155


Waste Management, Inc.		1,782		279,382


				543,373



Fertilizers & Agricultural Chemicals–0.04%
Corteva, Inc.		1,558		78,695



Financial Exchanges & Data–0.36%
CME Group, Inc., Class A		1,065		215,854


Intercontinental Exchange, Inc.		1,072		126,485


Moody’s Corp.		138		46,479


MSCI, Inc.		245		133,186


Nasdaq, Inc.		1,063		55,786


S&P Global, Inc.		242		94,588


				672,378



Food Distributors–0.01%
Sysco Corp.		381		26,537



Food Retail–0.08%
Kroger Co. (The)		3,220		149,376



Footwear–0.12%
NIKE, Inc., Class B		2,237		227,525



Gold–0.03%
Newmont Corp.		1,588		62,599



Health Care Distributors–0.21%
Cardinal Health, Inc.		1,218		106,368


Cencora, Inc.		589		103,652


McKesson Corp.		427		176,061


				386,081



Health Care Equipment–1.57%
Abbott Laboratories		5,052		519,851


Baxter International, Inc.		884		35,890


Becton, Dickinson and Co.		705		197,012


Boston Scientific Corp.^(b)		5,581		301,039


DexCom, Inc.^(b)		1,763		178,028


Edwards Lifesciences Corp.^(b)		460		35,176


GE HealthCare Technologies, Inc.		768		54,106


IDEXX Laboratories, Inc.^(b)		381		194,847


Intuitive Surgical, Inc.^(b)		1,148		358,957


Medtronic PLC		4,759		387,859


ResMed, Inc.		110		17,555


STERIS PLC		75		17,219


Stryker Corp.		1,893		536,760


Zimmer Biomet Holdings, Inc.		748		89,102


				2,923,401



Health Care Facilities–0.15%
HCA Healthcare, Inc.		1,028		285,064



Health Care REITs–0.04%
Ventas, Inc.		868		37,914


Welltower, Inc.		374		30,997


				68,911



Health Care Services–0.65%
Cigna Group (The)		1,846		509,976


	Shares		Value


Health Care Services–(continued)
CVS Health Corp.		8,310	$	541,563


Laboratory Corp. of America Holdings		373		77,621


Quest Diagnostics, Inc.		574		75,481


				1,204,641



Health Care Supplies–0.06%
Align Technology, Inc.^(b)		323		119,555



Health Care Technology–0.01%
Veeva Systems, Inc., Class A^(b)		109		22,748



Home Improvement Retail–0.86%
Home Depot, Inc. (The)		3,080		1,017,324


Lowe’s Cos., Inc.^(c)		2,514		579,427


				1,596,751



Homebuilding–0.35%
D.R. Horton, Inc.		2,822		335,874


Lennar Corp., Class A		2,719		323,806


				659,680



Hotels, Resorts & Cruise Lines–0.51%
Airbnb, Inc., Class A^(b)		934		122,868


Booking Holdings, Inc.^(b)		185		574,430


Expedia Group, Inc.^(b)		580		62,866


Hilton Worldwide Holdings, Inc.		686		101,974


Marriott International, Inc., Class A		451		91,783


				953,921



Household Products–1.15%
Church & Dwight Co., Inc.		741		71,707


Clorox Co. (The)		497		77,756


Colgate-Palmolive Co.		3,792		278,598


Kimberly-Clark Corp.		1,194		153,823


Procter & Gamble Co. (The)		10,054		1,551,734


				2,133,618



Human Resource & Employment Services–0.33%
Automatic Data Processing, Inc.		2,053		522,714


Paychex, Inc.		738		90,206


				612,920



Industrial Conglomerates–0.93%
3M Co.		3,328		354,998


General Electric Co.		9,762		1,117,359


Honeywell International, Inc.		1,376		258,605


				1,730,962



Industrial Gases–0.66%
Air Products and Chemicals, Inc.		447		132,084


Linde PLC		2,809		1,087,195


				1,219,279



Industrial Machinery & Supplies & Components–0.44%
Dover Corp.		611		90,611


Fortive Corp.		1,247		98,326


Illinois Tool Works, Inc.		1,171		289,647


Otis Worldwide Corp.		1,869		159,893


Parker-Hannifin Corp.		418		174,264


				812,741

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


10		Invesco Income Advantage U.S. Fund


	Shares		Value


Industrial REITs–0.05%
Prologis, Inc.		693	$	86,071



Insurance Brokers–0.58%
Aon PLC, Class A		1,031		343,725


Arthur J. Gallagher & Co.		778		179,314


Marsh & McLennan Cos., Inc.		2,345		457,252


Willis Towers Watson PLC		519		107,308


				1,087,599



Integrated Oil & Gas–1.80%
Chevron Corp.		5,779		930,997


Exxon Mobil Corp.		19,998		2,223,578


Occidental Petroleum Corp.		3,232		202,937


				3,357,512



Integrated Telecommunication Services–1.72%
AT&T, Inc.		61,995		916,906


Verizon Communications, Inc.^(c)		65,451		2,289,476


				3,206,382



Interactive Home Entertainment–0.25%
Activision Blizzard, Inc.		2,815		258,952


Electronic Arts, Inc.		1,712		205,406


Roblox Corp., Class A^(b)		335		9,477


				473,835



Interactive Media & Services–4.33%
Alphabet, Inc., Class A^(b)		27,766		3,780,896


Meta Platforms, Inc., Class A^(b)		14,449		4,275,315


				8,056,211



Internet Services & Infrastructure–0.12%
Snowflake, Inc., Class A^(b)		209		32,782


VeriSign, Inc.^(b)		883		183,478


				216,260



Investment Banking & Brokerage–0.37%
Charles Schwab Corp. (The)		1,248		73,819


Goldman Sachs Group, Inc. (The)		992		325,088


Morgan Stanley		3,318		282,528


				681,435



IT Consulting & Other Services–0.97%
Accenture PLC, Class A		2,025		655,634


Cognizant Technology Solutions Corp., Class A		2,015		144,294


EPAM Systems, Inc.^(b)		124		32,115


International Business Machines Corp.		6,640		974,951


				1,806,994



Life & Health Insurance–0.25%
Aflac, Inc.		1,591		118,641


MetLife, Inc.		2,646		167,598


Principal Financial Group, Inc.		882		68,540


Prudential Financial, Inc.		1,211		114,645


				469,424



Life Sciences Tools & Services–0.68%
Agilent Technologies, Inc.		492		59,566


Danaher Corp.		2,009		532,385


Fortrea Holdings, Inc.^(b)		373		10,276


	Shares		Value


Life Sciences Tools & Services–(continued)
Illumina, Inc.^(b)		283	$	46,757


IQVIA Holdings, Inc.^(b)		139		30,946


Mettler-Toledo International, Inc.^(b)		85		103,146


Thermo Fisher Scientific, Inc.		703		391,641


Waters Corp.^(b)		127		35,662


West Pharmaceutical Services, Inc.		148		60,221


				1,270,600



Managed Health Care–1.37%
Centene Corp.^(b)		3,413		210,411


Elevance Health, Inc.		998		441,126


Humana, Inc.		651		300,521


UnitedHealth Group, Inc.		3,348		1,595,590


				2,547,648



Metal, Glass & Plastic Containers–0.01%
Ball Corp.		235		12,796



Movies & Entertainment–0.73%
Atlanta Braves Holdings, Inc., Series C^(b)		31		1,142


Liberty Media Corp.-Liberty Formula One^(b)		1,026		70,579


Liberty Media Corp.-Liberty Live, Series C^(b)		43		1,447


Netflix, Inc.^(b)		2,436		1,056,444


Walt Disney Co. (The)^(b)		1,377		115,227


Warner Bros Discovery, Inc.^(b)		8,704		114,371


				1,359,210



Multi-Family Residential REITs–0.09%
AvalonBay Communities, Inc.		481		88,417


Equity Residential		1,342		87,002


				175,419



Multi-line Insurance–0.12%
American International Group, Inc.		1,802		105,453


Hartford Financial Services Group, Inc. (The)		1,723		123,746


				229,199



Multi-Sector Holdings–1.32%
Berkshire Hathaway, Inc., Class B^(b)		6,823		2,457,645



Multi-Utilities–0.61%
Ameren Corp.		827		65,556


CMS Energy Corp.		1,093		61,416


Consolidated Edison, Inc.		2,434		216,529


Dominion Energy, Inc.		2,421		117,515


DTE Energy Co.		952		98,418


Public Service Enterprise Group, Inc.		5,769		352,370


Sempra		1,658		116,425


WEC Energy Group, Inc.		1,294		108,851


				1,137,080



Office REITs–0.07%
Alexandria Real Estate Equities, Inc.		1,181		137,398



Oil & Gas Equipment & Services–0.33%
Baker Hughes Co., Class A		3,718		134,555


Halliburton Co.		1,915		73,957


Schlumberger N.V.		7,001		412,779


				621,291

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


11		Invesco Income Advantage U.S. Fund


	Shares		Value


Oil & Gas Exploration & Production–0.63%
ConocoPhillips		3,411	$	406,011


Coterra Energy, Inc.		2,179		61,426


Devon Energy Corp.		1,237		63,198


Diamondback Energy, Inc.		626		95,014


EOG Resources, Inc.		1,617		207,979


Hess Corp.		1,163		179,684


Pioneer Natural Resources Co.		665		158,223


				1,171,535



Oil & Gas Refining & Marketing–0.67%
Marathon Petroleum Corp.		3,315		473,282


Phillips 66		2,419		276,153


Valero Energy Corp.		3,883		504,402


				1,253,837



Oil & Gas Storage & Transportation–0.20%
Cheniere Energy, Inc.		995		162,384


Kinder Morgan, Inc.		7,791		134,161


ONEOK, Inc.		752		49,030


Williams Cos., Inc. (The)		915		31,595


				377,170



Other Specialized REITs–0.10%
VICI Properties, Inc.		6,259		193,028



Other Specialty Retail–0.06%
Ulta Beauty, Inc.^(b)		279		115,793



Packaged Foods & Meats–0.73%
Campbell Soup Co.		1,099		45,828


Conagra Brands, Inc.		2,342		69,979


General Mills, Inc.		4,356		294,727


Hershey Co. (The)		866		186,069


Hormel Foods Corp.		1,993		76,910


JM Smucker Co. (The)		562		81,462


Kellogg Co.		1,212		73,956


Kraft Heinz Co. (The)		5,034		166,575


McCormick & Co., Inc.		189		15,513


Mondelez International, Inc., Class A		4,162		296,584


Tyson Foods, Inc., Class A		1,100		58,597


				1,366,200



Paper & Plastic Packaging Products & Materials–0.04%
Amcor PLC		7,793		75,904



Passenger Airlines–0.02%
Delta Air Lines, Inc.		688		29,502


Southwest Airlines Co.		112		3,539


				33,041



Passenger Ground Transportation–0.11%
Uber Technologies, Inc.^(b)		4,323		204,175



Personal Care Products–0.12%
Estee Lauder Cos., Inc. (The), Class A		401		64,373


Kenvue, Inc.		6,608		152,314


				216,687



Pharmaceuticals–3.57%
Bristol-Myers Squibb Co.		12,772		787,394


Eli Lilly and Co.		3,282		1,818,884


	Shares		Value


Pharmaceuticals–(continued)
Johnson & Johnson		10,387	$	1,679,370


Merck & Co., Inc.		11,003		1,199,107


Pfizer, Inc.		24,854		879,335


Royalty Pharma PLC, Class A		1,382		41,211


Zoetis, Inc.		1,248		237,757


				6,643,058



Property & Casualty Insurance–0.73%
Allstate Corp. (The)		603		65,010


Arch Capital Group Ltd.^(b)		3,324		255,483


Chubb Ltd.		1,743		350,116


Markel Group, Inc.^(b)		55		81,341


Progressive Corp. (The)		3,086		411,888


Travelers Cos., Inc. (The)		1,170		188,639


				1,352,477



Rail Transportation–0.50%
CSX Corp.		10,816		326,643


Norfolk Southern Corp.		882		180,819


Union Pacific Corp.		1,879		414,451


				921,913



Real Estate Services–0.08%
CBRE Group, Inc., Class A^(b)		1,433		121,876


CoStar Group, Inc.^(b)		316		25,909


				147,785



Regional Banks–0.16%
M&T Bank Corp.		487		60,900


Regions Financial Corp.		2,389		43,814


Truist Financial Corp.		6,555		200,255


				304,969



Research & Consulting Services–0.05%
Equifax, Inc.		92		19,017


Verisk Analytics, Inc.		269		65,157


				84,174



Restaurants–0.95%
Chipotle Mexican Grill, Inc.^(b)		49		94,405


DoorDash, Inc., Class A^(b)		185		15,564


McDonald’s Corp.		4,034		1,134,159


Starbucks Corp.		3,085		300,603


Yum! Brands, Inc.		1,776		229,779


				1,774,510



Retail REITs–0.15%
Realty Income Corp.		3,718		208,357


Simon Property Group, Inc.		538		61,057


				269,414



Self-Storage REITs–0.15%
Extra Space Storage, Inc.		293		37,703


Public Storage		875		241,833


				279,536



Semiconductor Materials & Equipment–0.80%
Applied Materials, Inc.		4,667		712,931


Enphase Energy, Inc.^(b)		230		29,102


KLA Corp.		501		251,437

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


12		Invesco Income Advantage U.S. Fund


	Shares		Value


Semiconductor Materials & Equipment–(continued)
Lam Research Corp.		692	$	486,060


				1,479,530



Semiconductors–5.00%
Advanced Micro Devices, Inc.^(b)		1,204		127,287


Analog Devices, Inc.		2,294		417,003


Broadcom, Inc.		3,092		2,853,576


Intel Corp.		3,142		110,410


Marvell Technology, Inc.		640		37,280


Microchip Technology, Inc.		2,339		191,424


Micron Technology, Inc.		1,741		121,765


NVIDIA Corp.		7,584		3,743,083


ON Semiconductor Corp.^(b)		1,569		154,484


QUALCOMM, Inc.		3,555		407,154


Skyworks Solutions, Inc.		724		78,728


Texas Instruments, Inc.		6,315		1,061,299


				9,303,493



Soft Drinks & Non-alcoholic Beverages–1.04%
Coca-Cola Co. (The)		9,721		581,607


Keurig Dr Pepper, Inc.		3,154		106,132


Monster Beverage Corp.^(b)		2,155		123,719


PepsiCo, Inc.		6,297		1,120,362


				1,931,820



Specialty Chemicals–0.24%
Albemarle Corp.		335		66,568


DuPont de Nemours, Inc.		2,229		171,388


Ecolab, Inc.		423		77,751


International Flavors & Fragrances, Inc.		192		13,526


PPG Industries, Inc.		429		60,815


Sherwin-Williams Co. (The)		194		52,714


				442,762



Steel–0.32%
Nucor Corp.^(c)		3,453		594,261



Systems Software–3.73%
Crowdstrike Holdings, Inc., Class A^(b)		164		26,737


Fortinet, Inc.^(b)		3,875		233,314


Microsoft Corp.		15,735		5,157,303


Oracle Corp.		7,308		879,810


Palo Alto Networks, Inc.^(b)		1,064		258,871


ServiceNow, Inc.^(b)		313		184,304


VMware, Inc., Class A^(b)		1,251		211,144


				6,951,483



Technology Distributors–0.08%
CDW Corp.		691		145,905



Technology Hardware, Storage & Peripherals–2.45%
Apple, Inc.		22,841		4,291,138


Hewlett Packard Enterprise Co.		8,313		141,238


HP, Inc.		2,962		88,001


NetApp, Inc.		587		45,023


				4,565,400



Telecom Tower REITs–0.27%
American Tower Corp.		1,486		269,442


Crown Castle, Inc.		1,303		130,951


	Shares		Value


Telecom Tower REITs–(continued)
SBA Communications Corp., Class A		461	$	103,508


				503,901



Timber REITs–0.05%
Weyerhaeuser Co.		3,067		100,444



Tobacco–0.43%
Altria Group, Inc.		12,642		559,029


Philip Morris International, Inc.		2,524		242,456


				801,485



Trading Companies & Distributors–0.11%
Fastenal Co.		1,656		95,353


W.W. Grainger, Inc.		143		102,122


				197,475



Transaction & Payment Processing Services–2.92%
Block, Inc., Class A^(b)		404		23,290


Fidelity National Information Services, Inc.		1,342		74,964


Fiserv, Inc.^(b)		3,129		379,829


FleetCor Technologies, Inc.^(b)		252		68,476


Global Payments, Inc.		1,923		243,625


Mastercard, Inc., Class A		3,112		1,284,136


PayPal Holdings, Inc.^(b)		4,217		263,605


Visa, Inc., Class A^(c)		12,613		3,098,762


				5,436,687



Water Utilities–0.03%
American Water Works Co., Inc.		451		62,572



Wireless Telecommunication Services–0.22%
T-Mobile US, Inc.^(b)		3,035		413,519


Total Common Stocks & Other Equity Interests (Cost $115,695,494)				126,420,662



	Principal Amount
Equity Linked Notes–13.82%
Diversified Banks–13.82%
Bank of Montreal (S&P 500^®Index) (Canada),
23.14%, 09/07/2023^(d)	$	4,078,000		4,069,647


20.40%, 09/18/2023^(d)		4,047,000		4,085,304


BNP Paribas Issuance B.V. (S&P 500^®Index) (France),
133.09%, 09/14/2023^(d)		677,000		661,987


130.85%, 10/05/2023^(d)		629,000		604,528


BNP Paribas S.A. (S&P 500^®Index) (France), 141.23%, 09/05/2023^(d)		556,000		511,089


Canadian Imperial Bank of Commerce (S&P 500^®Index) (Canada),
128.50%, 09/20/2023^(d)		616,000		602,387


117.50%, 09/25/2023^(d)		670,000		643,195


Citigroup Global Markets Holdings, Inc. (S&P 500^®Index), 149.85%, 10/04/2023^(d)		579,000		552,532


Royal Bank of Canada (S&P 500^®Index) (Canada), 20.51%, 09/13/2023^(d)		4,080,000		4,061,434

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


13		Invesco Income Advantage U.S. Fund


	Principal Amount		Value


Diversified Banks–(continued)
Societe Generale S.A. (S&P 500^®Index) (France),
118.20%, 09/11/2023^(d)	$	667,000	$	651,339


139.65%, 09/21/2023^(d)		614,000		584,223


137.30%, 09/28/2023^(d)		635,000		621,515


Toronto-Dominion Bank (The) (S&P 500^®Index) (Canada),
23.20%, 09/27/2023^(d)		3,951,000		4,023,523


21.00%, 10/02/2023^(d)		3,993,000		4,062,484


Total Equity Linked Notes (Cost $25,792,000)				25,735,187



	Shares

Money Market Funds–20.69%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(e)(f)		13,538,323		13,538,323


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(e)(f)		9,494,123		9,495,073


Invesco Treasury Portfolio, Institutional Class, 5.25%^(e)(f)		15,472,369		15,472,369


Total Money Market Funds (Cost $38,504,158)				38,505,765


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-102.43% (Cost $179,991,652)				190,661,614


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.31%
Invesco Private Government Fund, 5.30%^(e)(f)(g)		683,311	$	683,311


Invesco Private Prime Fund, 5.51%^(e)(f)(g)		1,757,085		1,757,085


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,440,482)				2,440,396


TOTAL INVESTMENTS IN SECURITIES–103.74% (Cost $182,432,134)				193,102,010


OTHER ASSETS LESS LIABILITIES–(3.74)%				(6,967,604	)


NET ASSETS–100.00%			$	186,134,406

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $25,735,187, which represented 13.83% of the Fund’s Net Assets.

^(e)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,724,904		$ 50,858,271		$ (50,044,852)		$ -		$ -		$13,538,323		$ 562,097
Invesco Liquid Assets Portfolio, Institutional Class		8,914,335		36,327,337		(35,746,325)		(1,601)		1,327		9,495,073		404,906
Invesco Treasury Portfolio, Institutional Class		14,542,747		58,123,738		(57,194,116)		-		-		15,472,369		641,901
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		578,617		37,363,624		(37,258,930)		-		-		683,311		44,390*
Invesco Private Prime Fund		1,487,872		78,320,679		(78,050,372)		(86)		(1,008)		1,757,085		120,401*
Total		$38,248,475		$260,993,649		$(258,294,595)		$(1,687)		$ 319		$40,946,161		$1,773,695

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

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


14		Invesco Income Advantage U.S. Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $141,487,494)*	$	152,155,849


Investments in affiliated money market funds, at value (Cost $40,944,640)		40,946,161


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		46


Cash		80,533


Foreign currencies, at value (Cost $585)		577


Receivable for:
Fund shares sold		9,389


Dividends		402,898


Interest		340,974


Investment for trustee deferred compensation and retirement plans		100,555


Other assets		50,999


Total assets		194,087,981



Liabilities:
Payable for:
Investments purchased		5,201,000


Fund shares reacquired		16,668


Collateral upon return of securities loaned		2,440,482


Accrued fees to affiliates		95,141


Accrued trustees’ and officers’ fees and benefits		1,476


Accrued other operating expenses		91,794


Trustee deferred compensation and retirement plans		107,014


Total liabilities		7,953,575


Net assets applicable to shares outstanding	$	186,134,406



Net assets consist of:
Shares of beneficial interest	$	200,135,535


Distributable earnings (loss)		(14,001,129	)


	$	186,134,406


Net Assets:
Class A	$	129,132,460


Class C	$	2,703,958


Class R	$	655,595


Class Y	$	8,855,753


Investor Class	$	33,187,328


Class R5	$	11,550,095


Class R6	$	49,217



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,049,476


Class C		278,312


Class R		66,591


Class Y		890,908


Investor Class		3,340,690


Class R5		1,160,674


Class R6		4,948


Class A:
Net asset value per share	$	9.90


Maximum offering price per share
(Net asset value of $9.90 ÷ 94.50%)	$	10.48


Class C:
Net asset value and offering price per share	$	9.72


Class R:
Net asset value and offering price per share	$	9.85


Class Y:
Net asset value and offering price per share	$	9.94


Investor Class:
Net asset value and offering price per share	$	9.93


Class R5:
Net asset value and offering price per share	$	9.95


Class R6:
Net asset value and offering price per share	$	9.95

*	At August 31, 2023, securities with an aggregate value of $2,413,049 were on loan to brokers.

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


15		Invesco Income Advantage U.S. Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Interest	$	10,620,490


Dividends (net of foreign withholding taxes of $146)		1,912,767


Dividends from affiliated money market funds (includes net securities lending income of $8,911)		1,617,815


Total investment income		14,151,072



Expenses:
Advisory fees		1,065,853


Administrative services fees		24,758


Custodian fees		26,916


Distribution fees:
Class A		310,994


Class C		26,994


Class R		2,684


Investor Class		77,096


Transfer agent fees – A, C, R, Y and Investor		266,887


Transfer agent fees – R5		3,380


Transfer agent fees – R6		11


Trustees’ and officers’ fees and benefits		17,114


Registration and filing fees		98,558


Reports to shareholders		25,713


Professional services fees		47,892


Other		8,569


Total expenses		2,003,419


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(190,311	)


Net expenses		1,813,108


Net investment income		12,337,964



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(7,970,942	)


Affiliated investment securities		319


Foreign currencies		585


Futures contracts		(9,547	)


		(7,979,585	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		15,941,112


Affiliated investment securities		(1,687	)


Foreign currencies		(5	)


		15,939,420


Net realized and unrealized gain		7,959,835


Net increase in net assets resulting from operations	$	20,297,799

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


16		Invesco Income Advantage U.S. Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	12,337,964		$	10,889,426


Net realized gain (loss)		(7,979,585	)		(17,402,532	)


Change in net unrealized appreciation (depreciation)		15,939,420			(13,263,143	)


Net increase (decrease) in net assets resulting from operations		20,297,799			(19,776,249	)



Distributions to shareholders from distributable earnings:
Class A		(8,487,191	)		(21,961,088	)


Class C		(163,948	)		(511,479	)


Class R		(35,395	)		(87,565	)


Class Y		(597,025	)		(1,299,283	)


Investor Class		(2,109,098	)		(5,427,106	)


Class R5		(762,769	)		(1,794,930	)


Class R6		(2,707	)		(5,414	)


Total distributions from distributable earnings		(12,158,133	)		(31,086,865	)



Share transactions–net:
Class A		(1,600,712	)		10,520,938


Class C		(350,757	)		71,260


Class R		136,942			(50,163	)


Class Y		176,230			2,073,118


Investor Class		1,591,244			2,072,402


Class R5		649,033			1,583,561


Class R6		17,741			942


Net increase in net assets resulting from share transactions		619,721			16,272,058


Net increase (decrease) in net assets		8,759,387			(34,591,056	)



Net assets:
Beginning of year		177,375,019			211,966,075


End of year	$	186,134,406		$	177,375,019

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


17		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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 08/31/23		$ 9.46		$0.65		$ 0.44			$ 1.09			$(0.65	)		$ -			$(0.65	)		$ 9.90		12.08	%		$129,132		1.04	%		1.14	%		6.93	%		46	%
Year ended 08/31/22		12.29		0.59		(1.64	)		(1.05	)		(0.59	)		(1.19	)		(1.78	)		9.46		(9.88	)		125,096		1.05			1.14			5.52			44
Year ended 08/31/21		10.24		0.13		2.07			2.20			(0.15	)		-			(0.15	)		12.29		21.70			150,436		1.16			1.17			1.15			143
Year ended 08/31/20		10.43		0.17		(0.20	)		(0.03	)		(0.16	)		-			(0.16	)		10.24		(0.15	)		136,770		1.18			1.18			1.63			122
Year ended 08/31/19		12.13		0.17		(1.54	)		(1.37	)		(0.13	)		(0.20	)		(0.33	)		10.43		(11.34	)		153,641		1.18			1.18			1.54			117
Class C
Year ended 08/31/23		9.29		0.57		0.43			1.00			(0.57)			-			(0.57)			9.72		11.22			2,704		1.79			1.89			6.18			46
Year ended 08/31/22		12.07		0.51		(1.61	)		(1.10	)		(0.49	)		(1.19	)		(1.68	)		9.29		(10.51	)		2,942		1.80			1.89			4.77			44
Year ended 08/31/21		10.06		0.04		2.04			2.08			(0.07	)		-			(0.07	)		12.07		20.74			3,748		1.91			1.92			0.40			143
Year ended 08/31/20		10.24		0.09		(0.19	)		(0.10	)		(0.08	)		-			(0.08	)		10.06		(0.87	)		4,001		1.93			1.93			0.88			122
Year ended 08/31/19		11.92		0.09		(1.53	)		(1.44	)		(0.04	)		(0.20	)		(0.24	)		10.24		(12.05	)		4,627		1.93			1.93			0.79			117
Class R
Year ended 08/31/23		9.41		0.63		0.43			1.06			(0.62)			-			(0.62)			9.85		11.83			656		1.29			1.39			6.68			46
Year ended 08/31/22		12.23		0.57		(1.64	)		(1.07	)		(0.56	)		(1.19	)		(1.75	)		9.41		(10.13	)		492		1.30			1.39			5.27			44
Year ended 08/31/21		10.19		0.10		2.06			2.16			(0.12	)		-			(0.12	)		12.23		21.39			691		1.41			1.42			0.90			143
Year ended 08/31/20		10.38		0.14		(0.19	)		(0.05	)		(0.14	)		-			(0.14	)		10.19		(0.42	)		565		1.43			1.43			1.38			122
Year ended 08/31/19		12.07		0.14		(1.53	)		(1.39	)		(0.10	)		(0.20	)		(0.30	)		10.38		(11.54	)		526		1.43			1.43			1.29			117
Class Y
Year ended 08/31/23		9.51		0.68		0.42			1.10			(0.67)			-			(0.67)			9.94		12.22			8,856		0.79			0.89			7.18			46
Year ended 08/31/22		12.35		0.62		(1.64	)		(1.02	)		(0.63	)		(1.19	)		(1.82	)		9.51		(9.61	)		8,271		0.80			0.89			5.77			44
Year ended 08/31/21		10.29		0.15		2.08			2.23			(0.17	)		-			(0.17	)		12.35		22.00			8,370		0.91			0.92			1.40			143
Year ended 08/31/20		10.48		0.19		(0.19	)		0.00			(0.19	)		-			(0.19	)		10.29		0.12			7,344		0.93			0.93			1.88			122
Year ended 08/31/19		12.19		0.20		(1.55	)		(1.35	)		(0.16	)		(0.20	)		(0.36	)		10.48		(11.14	)		8,322		0.93			0.93			1.79			117
Investor Class
Year ended 08/31/23		9.50		0.66		0.42			1.08			(0.65)			-			(0.65)			9.93		11.95			33,187		1.04			1.14			6.93			46
Year ended 08/31/22		12.33		0.60		(1.64	)		(1.04	)		(0.60	)		(1.19	)		(1.79	)		9.50		(9.82	)		30,152		1.05			1.14			5.52			44
Year ended 08/31/21		10.28		0.13		2.07			2.20			(0.15	)		-			(0.15	)		12.33		21.61			36,982		1.16			1.17			1.15			143
Year ended 08/31/20		10.47		0.17		(0.20	)		(0.03	)		(0.16	)		-			(0.16	)		10.28		(0.14	)		33,343		1.18			1.18			1.63			122
Year ended 08/31/19		12.17		0.17		(1.54	)		(1.37	)		(0.13	)		(0.20	)		(0.33	)		10.47		(11.30	)		36,647		1.18			1.18			1.54			117
Class R5
Year ended 08/31/23		9.52		0.69		0.42			1.11			(0.68)			-			(0.68)			9.95		12.27			11,550		0.75			0.77			7.22			46
Year ended 08/31/22		12.36		0.63		(1.64	)		(1.01	)		(0.64	)		(1.19	)		(1.83	)		9.52		(9.55	)		10,393		0.76			0.77			5.81			44
Year ended 08/31/21		10.30		0.18		2.08			2.26			(0.20	)		-			(0.20	)		12.36		22.23			11,702		0.72			0.72			1.59			143
Year ended 08/31/20		10.50		0.21		(0.20	)		0.01			(0.21	)		-			(0.21	)		10.30		0.26			9,498		0.74			0.74			2.07			122
Year ended 08/31/19		12.21		0.22		(1.56	)		(1.34	)		(0.17	)		(0.20	)		(0.37	)		10.50		(10.96	)		11,073		0.75			0.75			1.97			117
Class R6
Year ended 08/31/23		9.51		0.69		0.43			1.12			(0.68	)		-			(0.68	)		9.95		12.39			49		0.75			0.77			7.22			46
Year ended 08/31/22		12.36		0.63		(1.65	)		(1.02	)		(0.64	)		(1.19	)		(1.83	)		9.51		(9.64	)		29		0.75			0.77			5.82			44
Year ended 08/31/21		10.30		0.17		2.09			2.26			(0.20	)		-			(0.20	)		12.36		22.23			37		0.72			0.72			1.59			143
Year ended 08/31/20		10.49		0.21		(0.19	)		0.02			(0.21	)		-			(0.21	)		10.30		0.35			107		0.73			0.73			2.08			122
Year ended 08/31/19		12.20		0.22		(1.55	)		(1.33	)		(0.18	)		(0.20	)		(0.38	)		10.49		(10.96	)		1,317		0.73			0.73			1.99			117

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	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.


18		Invesco Income Advantage U.S. Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is income and long-term growth of capital.

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

The 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 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.


19		Invesco Income Advantage U.S. Fund

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

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.

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

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.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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


20		Invesco Income Advantage U.S. Fund

increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from 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, 2023, the Fund paid the Adviser $600 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


Average Daily Net Assets	Rate
First $250 million		0.600	%
Next $250 million		0.575	%
Next $500 million		0.550	%
Next $1.5 billion		0.525	%
Next $2.5 billion		0.500	%
Next $2.5 billion		0.475	%
Next $2.5 billion		0.450	%
Over $10 billion		0.425	%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.60%.

The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.06%, 1.81%, 1.31%, 0.81%, 1.06%, 0.81% and 0.81%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the year ended August 31, 2023, the Adviser waived advisory fees of $40,084 and reimbursed class level expenses of $105,306, $2,285, $454, $7,139, $26,103, $0 and $0 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into 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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $4,196 in front-end sales commissions from the sale of Class A shares and $0 and $99 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $5,003 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.


21		Invesco Income Advantage U.S. Fund

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

NOTE 3–Additional Valuation Information


		Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	126,420,662	$	–		$–	$	126,420,662


Equity Linked Notes		–		25,735,187		–		25,735,187


Money Market Funds		38,505,765		2,440,396		–		40,946,161


Total Investments	$	164,926,427	$	28,175,583		$–	$	193,102,010

NOTE 4–Derivative Investments

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, 2023

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


	Location of Gain (Loss) on Statement of Operations
	Equity Risk


Realized Gain (Loss):
Futures contracts		$(9,547)

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


	Futures Contracts


Average notional value		$3,413,531

NOTE 5–Expense Offset Arrangement(s)

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


22		Invesco Income Advantage U.S. 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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	12,158,133	$	10,846,197


Long-term capital gain		–		20,240,668


Total distributions	$	12,158,133	$	31,086,865

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	892,092


Net unrealized appreciation - investments		9,730,623


Net unrealized appreciation (depreciation) - foreign currencies		(8	)


Temporary book/tax differences		(76,013	)


Capital loss carryforward		(24,547,823	)


Shares of beneficial interest		200,135,535


Total net assets	$	186,134,406

The Fund has a capital loss carryforward as of August 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	21,949,816	$2,598,007	$	24,547,823

*	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, 2023 was $67,483,573 and $44,929,566, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$13,899,984


Aggregate unrealized (depreciation) of investments	(4,169,361	)


Net unrealized appreciation of investments	$ 9,730,623

Cost of investments for tax purposes is $ 183,371,387.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, on August 31, 2023, undistributed net investment income was increased by $19,742 and undistributed net realized gain (loss) was decreased by $19,742. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.


23		Invesco Income Advantage U.S. Fund

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	August 31, 2023^(a)						August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		416,231		$	3,968,443			383,872		$	3,973,992


Class C		62,905			588,275			43,257			442,552


Class R		18,148			174,210			14,716			164,345


Class Y		151,473			1,424,849			250,812			2,700,981


Investor Class		337,047			3,209,757			53,761			596,971


Class R5		48			471			144			1,721


Class R6		1,684			15,688			1			12



Issued as reinvestment of dividends:
Class A		814,482			7,657,487			1,822,292			19,819,673


Class C		16,585			152,956			44,780			478,549


Class R		3,717			34,825			7,926			85,805


Class Y		51,321			484,830			99,278			1,081,056


Investor Class		214,758			2,028,154			478,585			5,224,624


Class R5		80,145			758,155			163,737			1,789,828


Class R6		217			2,065			91			930



Automatic conversion of Class C shares to Class A shares:
Class A		25,301			237,587			24,145			265,210


Class C		(25,763	)		(237,587	)		(24,578	)		(265,210	)



Reacquired:
Class A		(1,427,536	)		(13,464,229	)		(1,251,347	)		(13,537,937	)


Class C		(92,055	)		(854,401	)		(57,295	)		(584,631	)


Class R		(7,558	)		(72,093	)		(26,880	)		(300,313	)


Class Y		(181,981	)		(1,733,449	)		(157,895	)		(1,708,919	)


Investor Class		(385,314	)		(3,646,667	)		(356,873	)		(3,749,193	)


Class R5		(11,670	)		(109,593	)		(18,499	)		(207,988	)


Class R6		(1	)		(12	)		-			-


Net increase in share activity		62,184		$	619,721			1,494,030		$	16,272,058

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


24		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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


25		Invesco Income Advantage U.S. Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,104.10	$5.52	$1,019.96	$5.30	1.04%
Class C	1,000.00	1,100.20	9.48	1,016.18	9.10	1.79
Class R	1,000.00	1,102.00	6.83	1,018.70	6.56	1.29
Class Y	1,000.00	1,105.20	4.19	1,021.22	4.02	0.79
Investor Class	1,000.00	1,103.90	5.52	1,019.96	5.30	1.04
Class R5	1,000.00	1,105.40	3.98	1,021.42	3.82	0.75
Class R6	1,000.00	1,105.40	3.93	1,021.48	3.77	0.74

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


26		Invesco Income Advantage U.S. Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). 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 considered the impact of sustained volatility in the equity markets on


27		Invesco Income Advantage U.S. Fund

the Fund’s performance. The Board further considered that the Fund had changed its name, investment strategy and index against which future performance will be compared on July 15, 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 data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board considered information provided regarding the more recent performance of the Fund utilizing the new strategy as well as other metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


28		Invesco Income Advantage U.S. Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	14.99	%
Corporate Dividends Received Deduction*	14.52	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	30.69	%

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


29		Invesco Income Advantage U.S. Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Income Advantage U.S. Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Income Advantage U.S. Fund

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		LVEY-AR-1

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco NASDAQ 100 Index Fund

Nasdaq:

R6: IVNQX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class R6 shares of Invesco NASDAQ 100 Index Fund (the Fund), at net asset value (NAV), outperformed the Nasdaq-100 Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV).
Class R6 Shares	27.88	%
Nasdaq-100 Index^▼(Broad Market/Style-Specific Index)	27.44
Lipper Large-Cap Growth Funds Index^∎(Peer Group Index)	22.46

Source(s): ^▼Bloomberg LP; ^∎Lipper Inc.

Market conditions and your Fund

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.² The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.1 After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.² At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

Invesco NASDAQ 100 Index Fund (“the Fund”) invests in stocks in approximately the same proportion as they are represented in the Nasdaq-100 Index (“the Underlying Index”).

During the fiscal year, the information technology, communication services, and health care sectors positively contributed to the Fund’s returns. Sectors that detracted from the Fund’s overall performance included utilities and financials.

Leading contributors to the Fund’s performance for the fiscal year included NVIDIA,

Microsoft and Meta Platforms. NVIDIA was a primary beneficiary of investor enthusiasm for artificial intelligence. The stock price surged as first-quarter revenue numbers significantly outperformed analyst estimates and management revised its three-month sales forecast to more than 50% above analyst projections. Microsoft’s stock price rose significantly after the company’s third-quarter earnings indicated resiliency in the company’s cloud business, which had been a point of concern for investors in late 2022. Meta Platforms was another notable beneficiary of the artificial intelligence theme. The stock price also rose after the company announced it had been able to achieve significant cost improvements due to reductions in headcount in late 2022 and early 2023.

Top detractors from the Fund’s performance for the fiscal year were Tesla, PayPal and Enphase Energy. Tesla’s stock price dropped as it reported weaker delivery volumes in late 2022, although announcements of price cuts on its electric vehicles at the end of the calendar year helped to renew some investor enthusiasm for the company. PayPal shares struggled as the company missed analyst estimates for payment volume early in the fiscal year and later guided to lower operating margins than expected, further dampening performance. Despite strong performance later in 2022, Enphase Energy shares sunk after a combination of a lack of clarity on California’s rooftop-solar subsidy and high interest rates caused management to decrease revenue projections for the fiscal year.

Please note that the Fund’s strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including NASDAQ 100 futures contracts, to gain exposure to the equity market. During the fiscal year, the Fund invested in NASDAQ 100 futures contracts, which generated a positive return and were a slight contributor to the Fund’s absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco NASDAQ 100 Index Fund.

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Lipper Inc.


2		Invesco NASDAQ 100 Index Fund

Portfolio manager(s):

Pratik Doshi

Peter Hubbard

Michael Jeanette

Tony Seisser

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco NASDAQ 100 Index Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/13/20

LOGO

1 Source: Bloomberg LP

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco NASDAQ 100 Index Fund



Average Annual Total Returns
As of 8/31/23
Class R6 Shares
Inception (10/13/20)	9.76	%
1 Year	27.88

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Shares of the Fund are sold at net asset value without a sales charge. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco NASDAQ 100 Index Fund

Supplemental Information

Invesco NASDAQ 100 Index Fund’s investment objective is to seek to track the investment results (before fees and expenses) of the Nasdaq-100 Index^® (the “Underlying Index”).

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Nasdaq-100^® Index includes 100 of the largest domestic and international nonfinancial securities listed on The Nasdaq Stock Market, based on the market capitalization.

∎	The Lipper Large-Cap Growth Funds Index is an unmanaged index considered representative of large-cap growth funds tracked by Lipper.

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco NASDAQ 100 Index Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		48.04	%

Communication Services		15.28

Consumer Discretionary		13.66

Health Care		6.78

Consumer Staples		6.24

Industrials		4.67

Other Sectors, Each Less than 2% of Net Assets		2.48

Money Market Funds Plus Other Assets Less Liabilities		2.85

Top 10 Equity Holdings*


		% of total net assets

1.	Apple, Inc.		11.00	%

2.	Microsoft Corp.		9.07

3.	Amazon.com, Inc.		5.27

4.	NVIDIA Corp.		4.54

5.	Meta Platforms, Inc., Class A		3.42

6.	Broadcom, Inc.		3.07

7.	Tesla, Inc.		3.05

8.	Alphabet, Inc., Class A		3.01

9.	Alphabet, Inc., Class C		3.01

10.	Adobe, Inc.		2.05

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco NASDAQ 100 Index Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value
Common Stocks & Other Equity Interests–97.15%
Advertising–0.28%
Trade Desk, Inc. (The), Class A^(b)		867	$ 69,386

Apparel Retail–0.33%
Ross Stores, Inc.		666	81,125

Apparel, Accessories & Luxury Goods–0.37%
lululemon athletica, inc.^(b)		239	91,121

Application Software–5.97%
Adobe, Inc.^(b)		899	502,847
ANSYS, Inc.^(b)		170	54,208
Atlassian Corp., Class A^(b)		299	61,014
Autodesk, Inc.^(b)		416	92,327
Cadence Design Systems, Inc.^(b)		537	129,116
Datadog, Inc., Class A^(b)		582	56,151
Intuit, Inc.		549	297,454
Synopsys, Inc.^(b)		298	136,749
Workday, Inc., Class A^(b)		406	99,267
Zoom Video Communications, Inc., Class A^(b)		500	35,515
			1,464,648

Automobile Manufacturers–3.16%
Lucid Group, Inc.^(b)		4,314	27,092
Tesla, Inc.^(b)(c)		2,895	747,142
			774,234

Automotive Retail–0.46%
O’Reilly Automotive, Inc.^(b)		120	112,764

Biotechnology–4.24%
Amgen, Inc.		1,048	268,644
Biogen, Inc.^(b)		281	75,128
Gilead Sciences, Inc.		2,440	186,611
Moderna, Inc.^(b)		742	83,898
Regeneron Pharmaceuticals, Inc.^(b)		210	173,563
Seagen, Inc.^(b)		365	75,216
Vertex Pharmaceuticals, Inc.^(b)		506	176,260
			1,039,320

Broadline Retail–6.61%
Amazon.com, Inc.^(b)		9,369	1,293,016
eBay, Inc.		1,035	46,347
JD.com, Inc., ADR (China)		862	28,627
MercadoLibre, Inc. (Brazil)^(b)		99	135,864
PDD Holdings, Inc., ADR (China)^(b)		1,183	117,081
			1,620,935

Cable & Satellite–2.21%
Charter Communications, Inc., Class A^(b)		295	129,246
Comcast Corp., Class A		8,154	381,281
Sirius XM Holdings, Inc.^(c)		7,343	32,309
			542,836

Cargo Ground Transportation–0.37%
Old Dominion Freight Line, Inc.		213	91,030


	Shares		Value
Communications Equipment–1.87%
Cisco Systems, Inc.		7,989	$ 458,169

Construction Machinery & Heavy Transportation Equipment–0.34%
PACCAR, Inc.		1,012	83,277

Consumer Staples Merchandise Retail–2.16%
Costco Wholesale Corp.		869	477,324
Dollar Tree, Inc.^(b)		431	52,737
			530,061

Diversified Support Services–0.75%
Cintas Corp.		200	100,834
Copart, Inc.^(b)		1,854	83,115
			183,949

Drug Retail–0.18%
Walgreens Boots Alliance, Inc.		1,703	43,103

Electric Utilities–1.15%
American Electric Power Co., Inc.		998	78,243
Constellation Energy Corp.		633	65,933
Exelon Corp.		1,938	77,753
Xcel Energy, Inc.		1,075	61,415
			283,344

Health Care Equipment–1.78%
DexCom, Inc.^(b)		752	75,937
GE HealthCare Technologies, Inc.		890	62,701
IDEXX Laboratories, Inc.^(b)		162	82,848
Intuitive Surgical, Inc.^(b)		685	214,186
			435,672

Health Care Supplies–0.23%
Align Technology, Inc.^(b)		150	55,521

Hotels, Resorts & Cruise Lines–1.84%
Airbnb, Inc., Class A^(b)		813	106,950
Booking Holdings, Inc.^(b)		72	223,562
Marriott International, Inc., Class A		598	121,699
			452,211

Human Resource & Employment Services–1.18%
Automatic Data Processing, Inc.		805	204,961
Paychex, Inc.		699	85,439
			290,400

Industrial Conglomerates–1.00%
Honeywell International, Inc.		1,307	245,638

Interactive Home Entertainment–0.26%
Electronic Arts, Inc.		526	63,109

Interactive Media & Services–9.43%
Alphabet, Inc., Class A^(b)		5,427	738,995
Alphabet, Inc., Class C^(b)		5,366	737,020
Meta Platforms, Inc., Class A^(b)		2,832	837,960
			2,313,975

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


8		Invesco NASDAQ 100 Index Fund


	Shares		Value
IT Consulting & Other Services–0.29%
Cognizant Technology Solutions Corp., Class A		989	$ 70,822

Life Sciences Tools & Services–0.21%
Illumina, Inc.^(b)		312	51,549

Movies & Entertainment–1.80%
Netflix, Inc.^(b)		872	378,169
Warner Bros Discovery, Inc.^(b)		4,759	62,533
			440,702

Oil & Gas Equipment & Services–0.29%
Baker Hughes Co., Class A		1,970	71,294

Oil & Gas Exploration & Production–0.22%
Diamondback Energy, Inc.		356	54,034

Packaged Foods & Meats–1.09%
Kraft Heinz Co. (The)		2,379	78,721
Mondelez International, Inc., Class A		2,662	189,694
			268,415

Pharmaceuticals–0.32%
AstraZeneca PLC, ADR (United Kingdom)		1,149	77,925

Rail Transportation–0.49%
CSX Corp.		3,981	120,226

Real Estate Services–0.27%
CoStar Group, Inc.^(b)		797	65,346

Research & Consulting Services–0.28%
Verisk Analytics, Inc.		283	68,548

Restaurants–0.89%
Starbucks Corp.		2,240	218,266

Semiconductor Materials & Equipment–2.94%
Applied Materials, Inc.		1,649	251,901
ASML Holding N.V., New York Shares (Netherlands)		172	113,611
Enphase Energy, Inc.^(b)		273	34,543
KLA Corp.		269	135,003
Lam Research Corp.		264	185,434
			720,492

Semiconductors–15.47%
Advanced Micro Devices, Inc.^(b)		3,143	332,278
Analog Devices, Inc.		981	178,326
Broadcom, Inc.		817	754,001
GLOBALFOUNDRIES, Inc.^(b)		1,075	59,394
Intel Corp.		8,184	287,586
Marvell Technology, Inc.		1,667	97,103
Microchip Technology, Inc.		1,056	86,423
Micron Technology, Inc.		2,130	148,972
NVIDIA Corp.		2,256	1,113,449
NXP Semiconductors N.V. (China)		512	105,329
ON Semiconductor Corp.^(b)		838	82,509

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


Semiconductors–(continued)
QUALCOMM, Inc.		2,186	$	250,362


Texas Instruments, Inc.		1,781		299,315


				3,795,047



Soft Drinks & Non-alcoholic Beverages–2.81%
Keurig Dr Pepper, Inc.		2,721		91,562


Monster Beverage Corp.^(b)		2,050		117,690


PepsiCo, Inc.		2,700		480,384


				689,636



Systems Software–10.51%
Crowdstrike Holdings, Inc., Class A^(b)		437		71,244


Fortinet, Inc.^(b)		1,523		91,700


Microsoft Corp.		6,788		2,224,835


Palo Alto Networks, Inc.^(b)		596		145,007


Zscaler, Inc.^(b)		287		44,786


				2,577,572



Technology Hardware, Storage & Peripherals–10.99%
Apple, Inc.^(d)		14,357		2,697,250



Trading Companies & Distributors–0.26%
Fastenal Co.		1,118		64,374



Transaction & Payment Processing Services–0.55%
PayPal Holdings, Inc.^(b)		2,172		135,772



Wireless Telecommunication Services–1.30%
T-Mobile US, Inc.^(b)		2,342		319,098


Total Common Stocks & Other Equity Interests (Cost $19,381,862)				23,832,196



Money Market Funds–1.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(e)(f)		85,299		85,299


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(e)(f)		60,937		60,943


Invesco Treasury Portfolio, Institutional Class, 5.25%^(e)(f)		97,484		97,484


Total Money Market Funds (Cost $243,726)				243,726


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.15% (Cost $19,625,588)				24,075,922



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.04%
Invesco Private Government Fund, 5.30%^(e)(f)(g)		209,007		209,007


Invesco Private Prime Fund, 5.51%^(e)(f)(g)		537,469		537,469


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $746,476)				746,476


TOTAL INVESTMENTS IN SECURITIES–101.19% (Cost $20,372,064)				24,822,398


OTHER ASSETS LESS LIABILITIES–(1.19)%				(291,944	)


NET ASSETS–100.00%			$	24,530,454

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


9		Invesco NASDAQ 100 Index Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

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

^(e)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$207,032	$	4,124,199	$	(4,245,932	)		$ -			$ -		$ 85,299		$ 4,639
Invesco Liquid Assets Portfolio, Institutional Class		147,886		2,945,857		(3,032,787	)		(10	)		(3)		60,943		3,397
Invesco Treasury Portfolio, Institutional Class		236,608		4,713,370		(4,852,494	)		-			-		97,484		5,282
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		31,849		3,831,133		(3,653,975	)		-			-		209,007		2,869*
Invesco Private Prime Fund		81,896		9,169,454		(8,713,927	)		(8	)		54		537,469		7,259*
Total		$705,271	$	24,784,013	$	(24,499,115	)		$(18	)		$51		$990,202		$23,446

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

Open Futures Contracts


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)

Equity Risk

Micro E-Mini Nasdaq 100 Index		7		September-2023	$	217,539	$	(1,026	)	$(1,026)

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


10		Invesco NASDAQ 100 Index Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $ 19,381,862)*	$	23,832,196


Investments in affiliated money market funds, at value (Cost $ 990,202)		990,202


Other investments:
Variation margin receivable - futures contracts		472


Cash		312


Receivable for:
Fund shares sold		472,921


Fund expenses absorbed		509


Dividends		23,457


Investment for trustee deferred compensation and retirement plans		11,097


Other assets		7,287


Total assets		25,338,453



Liabilities:
Payable for:
Fund shares reacquired		14


Collateral upon return of securities loaned		746,476


Accrued fees to affiliates		253


Accrued trustees’ and officers’ fees and benefits		2,238


Accrued other operating expenses		47,921


Trustee deferred compensation and retirement plans		11,097


Total liabilities		807,999


Net assets applicable to shares outstanding	$	24,530,454


Net assets consist of:

Shares of beneficial interest	$	21,079,648


Distributable earnings		3,450,806


	$	24,530,454



Net Assets:
Class R6	$	24,530,454



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class R6		765,552


Class R6:
Net asset value and offering price per share	$	32.04

*	At August 31, 2023, securities with an aggregate value of $734,056 were on loan to brokers.

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


11		Invesco NASDAQ 100 Index Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:

Dividends (net of foreign withholding taxes of $268)	$	130,934


Dividends from affiliated money market funds (includes net securities lending income of $1,842)		15,160


Total investment income		146,094



Expenses:
Advisory fees		22,378


Administrative services fees		1,895


Custodian fees		14,286


Transfer agent fees		3,661


Trustees’ and officers’ fees and benefits		16,002


Registration and filing fees		26,902


Licensing fees		9,974


Reports to shareholders		11,978


Professional services fees		57,743


Other		2,411


Total expenses		167,230


Less: Fees waived and/or expenses reimbursed		(124,237	)


Net expenses		42,993


Net investment income		103,101



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(614,778	)


Affiliated investment securities		51


Futures contracts		36,295


		(578,432	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		4,987,904


Affiliated investment securities		(18	)


Futures contracts		(1,644	)


		4,986,242


Net realized and unrealized gain		4,407,810


Net increase in net assets resulting from operations	$	4,510,911

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


12		Invesco NASDAQ 100 Index Fund

Statement of Changes in Net Assets

For the year ended August 31, 2023 and 2022


	2023			2022



Operations:

Net investment income	$	103,101		$	33,709


Net realized gain (loss)		(578,432	)		(428,736	)


Change in net unrealized appreciation (depreciation)		4,986,242			(1,316,627	)


Net increase (decrease) in net assets resulting from operations		4,510,911			(1,711,654	)



Distributions to shareholders from distributable earnings:

Class R6		(93,393	)		(56,806	)


Share transactions–net:

Class R6		11,317,009			6,168,102


Net increase in net assets		15,734,527			4,399,642



Net assets:

Beginning of year		8,795,927			4,396,285


End of year	$	24,530,454		$	8,795,927

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


13

Financial Highlights

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


																											Ratio of			Ratio of
																											expenses			expenses
					Net gains																						to average			to average net
					(losses)																						net assets			assets without			Ratio of net
	Net asset				on securities						Dividends			Distributions													with��fee waivers			fee waivers			investment
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income^(a)		unrealized)			operations			income			gains			distributions			of period		return^(b)			(000’s omitted)		absorbed			absorbed			net assets			turnover ^(c)
Class R6
Year ended 08/31/23		$25.23		$0.19		$ 6.80			$ 6.99			$(0.18	)		$ –			$(0.18	)		$32.04		27.88	%		$24,530		0.29	%		1.12	%		0.69	%	46%
Year ended 08/31/22		32.18		0.15		(6.81	)		(6.66	)		(0.14	)		(0.15	)		(0.29	)		25.23		(20.86	)		8,796		0.29			1.71			0.52		21
Period ended 08/31/21^(d)		25.00		0.11		7.18			7.29			(0.11	)		–			(0.11	)		32.18		29.24			4,396		0.29	^(e)		5.30	^(e)		0.46	^(e)	6

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)	Portfolio turnover is not annualized for periods less than one year, if applicable.

^(d)	Commencement date of October 13, 2020.

^(e)	Annualized.

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


14		Invesco NASDAQ 100 Index Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


15		Invesco NASDAQ 100 Index Fund

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.

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.

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, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.


16		Invesco NASDAQ 100 Index Fund

(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.	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


Average Daily Net Assets	Rate


First $2 billion		0.150%


Over $ 2 billion		0.140%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.15%.

The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class R6 shares to 0.29% of the Fund’s average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the year ended August 31, 2023, the Adviser waived advisory fees of $22,378 and reimbursed Fund expenses of $101,859.

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, 2023, the Fund incurred $150 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


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


17		Invesco NASDAQ 100 Index Fund


	Level 1			Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	23,832,196		$	–		$–	$	23,832,196


Money Market Funds		243,726			746,476		–		990,202


Total Investments in Securities		24,075,922			746,476		–		24,822,398



Other Investments - Liabilities*


Futures Contracts		(1,026	)		–		–		(1,026	)


Total Investments	$	24,074,896		$	746,476		$–	$	24,821,372

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2023:


	Value
	Equity
Derivative Liabilities	Risk


Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	(1,026	)


Derivatives not subject to master netting agreements		1,026


Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk


Realized Gain:
Futures contracts	$	36,295


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,644)


Total	$	34,651

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


	Futures
	Contracts


Average notional value	$	188,674

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


18		Invesco NASDAQ 100 Index Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023:


	2023		2022


Ordinary income*	$	93,393	$	48,059


Long-term capital gain		–		8,747


Total distributions	$	93,393	$	56,806

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	33,057


Net unrealized appreciation – investments		3,426,692


Temporary book/tax differences		(8,943	)


Shares of beneficial interest		21,079,648


Total net assets	$	24,530,454

The Fund does not have a capital loss carryforward as of August 31, 2023.

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, 2023 was $17,588,582 and $6,772,743, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis




Aggregate unrealized appreciation of investments	$	3,695,374


Aggregate unrealized (depreciation) of investments		(268,682	)


Net unrealized appreciation of investments	$	3,426,692

Cost of investments for tax purposes is $21,394,680.

NOTE 9–Share Information


	Summary of Share Activity


	Year ended						Year ended
	August 31, 2023^(a)						August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class R6		567,499		$	15,478,776			269,443		$	7,704,101



Issued as reinvestment of dividends:
Class R6		3,140			83,080			1,103			33,119



Reacquired:
Class R6		(153,652	)		(4,244,847	)		(58,592	)		(1,569,118	)


Net increase in share activity		416,987		$	11,317,009			211,954		$	6,168,102

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% 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 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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, 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, 2023, 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, 2023 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

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, 2023 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 23, 2023


20		Invesco NASDAQ 100 Index Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class R6	$1,000.00	$1,290.40	$1.67	$1,023.74	$1.48	0.29%

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco NASDAQ 100 Index Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over the past two years ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Nasdaq-100 Index (Index). The Board noted that the Fund had recently 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 third quintile of its performance universe for the one year period and the second quintile for the two year period (the first quintile being the best performing funds and the fifth quintile being the


22		Invesco NASDAQ 100 Index Fund

worst performing funds). The Board noted that performance of Class R6 shares of the Fund was reasonably comparable to the performance of the Index for the one and two 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. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a 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

similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

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 difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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


23		Invesco NASDAQ 100 Index Fund


24		Invesco NASDAQ 100 Index Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	100.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


25		Invesco NASDAQ 100 Index Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco NASDAQ 100 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco NASDAQ 100 Index Fund

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		NDQ-AR-1

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco Master Loan Fund

Nasdaq:

R6: MLNFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

13		Financial Statements

16		Financial Highlights

17		Notes to Financial Statements

24		Report of Independent Registered Public Accounting Firm

25		Fund Expenses

26		Approval of Investment Advisory and Sub-Advisory Contracts

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class R6 shares of Invesco Master Loan Fund (the Fund), at net asset value (NAV), underperformed the JP Morgan Leveraged Loan Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23
Class R6 Shares	2.22	%
JP Morgan Leveraged Loan Index^▼	10.03
Credit Suisse Leveraged Loan Index^▼	9.08

Source(s): ^▼Bloomberg LP

Market conditions and your Fund

Senior loans, as represented by the JP Morgan Leveraged Loan Index, returned 10.03% during the Fund’s fiscal year.² During the fiscal year, BB-, B- and CCC/Split CCC-rated^† loans returned 9.40%, 12.65% and 9.51%, respectively.¹ Energy was the best performing sector returning 13.35% for the fiscal year, while media/telecommunications was relatively the worst performing sector returning a positive 5.76%.¹ More recently, the senior loan market was up 9.16% calendar year-to-date, having also outperformed

high yield by approximately 140 basis points (bps).^2,3

Throughout the 2022 calendar year, risk assets performed poorly, however loans significantly outperformed most other asset classes with a slight positive return for the full year of 0.06%.² The first month of calendar year 2023 continued this positive trend, leading to a relatively high positive return of 2.58%;² however, stronger than expected economic data and broad banking sector turmoil began to influence performance over the following few months, with loans finishing the first quarter with a 3.26%² return. Starting the following quarter with a slight positive, loan flattened in the middle of the quarter before returns rebounded towards the end of the fiscal year as improved economic sentiment overshadowed hawkish central bank rhetoric, improving the calendar quarterly return to 3.17%,² while also driving the following two months’ returns to both above 1.00%.² Since the middle of 2022, collateralized loan obligations (CLO) creation has come back in earnest, stabilizing market technicals and acting as a balance to retail outflows. CLO managers sought to buy assets for new structures, despite a dearth of new issue supply, and overall, this increase in CLO demand and relatively high coupon levels, as well as supportive fundamentals, helped enable the loan market to produce only two months of negative returns during the fiscal year covered in this report.²

During the fiscal year, the loan market continued to benefit from a supportive fundamental backdrop. As of August 31, 2023, the 12-month default rate was 1.55%.⁴ Issuer fundamentals ended the most recent quarter relatively robust, with companies showing a strong ability to service their debt, even in this rising rate environment. Interest coverage ratios, while off their near-term highs, are currently 3.0x⁵ and still sufficient to absorb higher rates. Economic data is moderating but still trending higher, with persistent core inflation pushing expectations for a “higher for longer” interest rate environment. This may place incremental pressure on certain issuers but the extent to which this creates distress depends more on the corporate earnings environment. The supply/demand balance has remained supportive and loan investors

have continued to reap the benefit of interest rates at 20+ year highs through floating rate coupons. Additionally, leverage levels have remained at their pre-pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. Debt maturity concerns are held at bay as only 3.3% of outstanding loans mature in the next 18 months, as of June 30, 2023.¹ The average price in the senior loan market was $95.75 as of August 31, 2023.² Given the price of senior loans at the end of the fiscal year, they provided a 9.80% yield (represented by the yield to 3-year life).² Heading into what we presume will be a period of higher but manageable default activity, it is worth noting that historically the loan market has reliably discounted higher likelihood of defaults (particularly during periods of market turbulence) than what ultimately occurred. Loan prices as of August 31, 2023, were still implying a 4.9%¹ default rate in the market, well in excess of the 3.5%⁶ default rate JP Morgan was forecasting for the end of 2023 and well above the 1.55% August 31, 2023, rolling twelve-month default rate.⁴ While it is impossible to predict where and when loan prices will bottom, the market has time and again over-corrected relative to eventual realized defaults in past episodes of market dislocation and current loan investors are being well compensated for the potential risk of credit loss. This is not to suggest the market cannot or will not trade lower but rather highlights one reason that loans may often provide compelling value for investors. Despite expectations of an increase in default rates, loans are senior secured with high average recovery rates, which have historically mitigated potential credit loss.⁶ Spreads and yields continue to remain robust, with the average loan coupon still surpassing the average coupon for high-yield bonds for the first time on record.^2,3

During the fiscal year ending August 31, 2023, Robertshaw US Holdimg, HotelBeds and AAdvantage Loyalty IP all contributed to Fund performance on an absolute basis, QuarterNorth Energy Holding, Tribune Resources and Crown Finance US all detracted from absolute performance. HotelBeds, AAdvantage Loyalty IP, QuarterNorth Energy and Tribune Resources were not held at the fiscal year-end.

In managing the Fund, we seek out the best risk-adjusted-return opportunities. We seek to efficiently allocate risk within the portfolio in order to maximize risk-adjusted returns.


2		Invesco Master Loan Fund

rate changes, the yield on the portfolio adjusts with the changing rates. Interest rate risk refers to the tendency for traditional fixed-income prices to decline when interest rates rise. For senior loans, however, interest rates and income are variable, and the prices of loans are therefore less sensitive to interest rate changes than traditional fixed-income bonds. As a result, senior loans can provide a natural hedge against rising interest rates.

As always, we appreciate your continued participation in Invesco Master Loan Fund.

1	Source: Credit Suisse Leveraged Loan Index

2	Source: JP Morgan Leveraged Loan Index

3	Source: JP Morgan US High Yield Index

4	Source: Morningstar LSTA Leveraged Loan Index

5	Source: Pitchbook LCD

6	Source: JP Morgan Research

Portfolio manager(s):

Thomas Ewald

David Lukkes

Philip Yarrow

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Master Loan Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: Bloomberg LP

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Master Loan Fund



Average Annual Total Returns
As of 8/31/23
Class R6 Shares
Inception (10/31/07)	3.80	%
10 Years	2.73
5 Years	0.71
1 Year	2.22

Effective May 24, 2019, Class A shares of the Oppenheimer Master Loan Fund LLC, (the predecessor fund), were reorganized into Class R6 shares of the Invesco Oppenheimer Master Loan Fund. The Fund was subsequently renamed the Invesco Master Loan Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class R6 shares are those for Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.


5		Invesco Master Loan Fund

Supplemental Information

Invesco Master Loan Fund’s investment objective is to seek income.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The JP Morgan Leveraged Loan Index tracks the performance of US dollar-denominated senior floating rate bank loans.

∎	The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, noninvestment-grade loans.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

(the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.



This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE


6		Invesco Master Loan Fund

Fund Information

Portfolio Composition^†^*


By credit quality	% of total investments

B-		5.84	%

CCC+		1.48

CCC		26.56

CC		1.29

Non-Rated		30.96

Equity		33.87

^†Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

Top Five Debt Issuers*


		% of total net assets

1.	Robertshaw US Holding Corp.		2.47	%

2.	Monitronics International, Inc.		1.24

3.	SonicWall U.S. Holdings, Inc.		1.14

4.	McDermott International Ltd.		1.09

5.	Orchid Merger Sub II LLC		0.91

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Master Loan Fund

Schedule of Investments

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)^(a)		Value


Variable Rate Senior Loan Interests–8.80%^(b)(c)
Business Equipment & Services–2.96%

Checkout Holding Corp., Term Loan (3 mo. Term SOFR + 9.50%)		12.87%		05/10/2027	$	540	$	327,325



Monitronics International, Inc., Term Loan (3 mo. Term SOFR + 7.50%)		13.00%		06/30/2028		496		502,839


Orchid Merger Sub II LLC, Term Loan (1 mo. Term SOFR + 4.75%)		10.14%		07/27/2027		502		368,660


								1,198,824



Chemicals & Plastics–0.01%

Flint Group (ColourOz Inv) (Germany), PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.52% Cash Rate (3 mo. USD LIBOR + 4.25%)^(d)		5.75%		09/21/2024		9		2,662



Electronics & Electrical–1.35%

Diebold Nixdorf, Inc., Term Loan (3mo. Term SOFR + 7.50% )		12.82%		08/11/2028		84		84,048


SonicWall U.S. Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		9.18%		05/16/2025		377		372,184


Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.93%		05/18/2026		97		91,514


								547,746



Industrial Equipment–2.47%
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. Term SOFR + 5.50%)^(e)		10.84%		02/28/2027		165		119,677


First Lien Term Loan (1 mo. Term SOFR + 7.00%)		12.34%		02/28/2027		997		879,425


								999,102



Leisure Goods, Activities & Movies–0.01%
Vue International Bidco PLC (United Kingdom), Term Loan (6 mo. EURIBOR + 8.00%)		4.86%		12/31/2027	EUR	4		2,336



Oil & Gas–1.09%
McDermott International Ltd.
LOC^(e)(f)		0.00%		06/28/2024		342		254,875


LOC (3mo. Term SOFR + 4.00% )^(e)		7.74%		06/30/2024		182		127,346


PIK Second Lien Term Loan, 3.00% PIK Rate, 6.45% Cash Rate (1 mo. Term SOFR + 1.00%)^(d)		3.00%		09/25/2025		98		52,419


Term Loan (1 mo. Term SOFR + 3.00%)^(e)		8.45%		06/30/2024		10		6,947


								441,587



Radio & Television–0.03%
Diamond Sports Holdings LLC, Second Lien Term Loan ^(g)(h)		0.00%		08/24/2026		450		12,624


Univision Communications, Inc., First Lien Term Loan⁽ⁱ⁾		–		05/05/2028		0		153


								12,777



Utilities–0.88%
Frontera Generation Holdings LLC
First Lien Term Loan (Prime Rate + 13.00%) (Acquired 07/28/2021; Cost $243,764)^(j)		18.54%		07/28/2026		245		246,214


Second Lien Term Loan (Prime Rate + 1.50%) (Acquired 07/28/2021; Cost $130,118)^(j)		7.04%		07/28/2028		238		109,978


								356,192


Total Variable Rate Senior Loan Interests (Cost $3,771,301)								3,561,226



					Shares

Preferred Stocks–2.75%^(k)
Oil & Gas–0.18%

McDermott International Ltd., Pfd.^(e)						103		66,782


Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-10/31/2019; Cost $999,531)^(e)(j)						999,705		8,898


								75,680



Surface Transport–2.57%
Commercial Barge Line Co., Series A, Pfd. (Acquired 01/31/2020-02/06/2020; Cost $167,036)^(j)						5,884		138,274

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


8		Invesco Master Loan Fund


					Shares		Value


Surface Transport–(continued)

Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $175,537)^(j)						6,184	$	145,324



Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $192,008)^(j)						8,078		444,290


Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $134,829)^(j)						5,672		311,960


								1,039,848


Total Preferred Stocks (Cost $1,668,940)								1,115,528



Common Stocks & Other Equity Interests–2.55%^(k)
Business Equipment & Services–0.21%
Monitronics International, Inc. (Acquired 06/30/2023; Cost $79,856)^(e)(j)						3,967		83,307



Containers & Glass Products–0.57%
Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $131,797)^(j)						29,078		228,989



Electronics & Electrical–0.48%

Diebold Nixdorf, Inc.						1,324		23,581



Fusion Connect, Inc. (Acquired 05/03/2018-12/31/2019; Cost $101)^(e)(j)						10		0



Fusion Connect, Inc., Wts., expiring 01/14/2040 (Acquired 05/03/2018-12/31/2019; Cost $911,159)^(e)(j)						90,368		904



Internap Corp. (Acquired 02/06/2018-02/10/2023; Cost $712,344)^(e)(j)						158,650		166,583



Riverbed Technology, Inc. (Acquired 07/03/2023; Cost $1,561)^(e)(j)						12,011		1,561


Sungard Availability Services Capital, Inc. (Acquired 06/27/2018-05/03/2019; Cost $276,791)^(j)						3,420		1,932


								194,561



Industrial Equipment–0.66%
North American Lifting Holdings, Inc.						38,021		266,147



Leisure Goods, Activities & Movies–0.00%

Crown Finance US, Inc.						10		221


Vue International Bidco PLC^(e)						326,260		0


								221



Oil & Gas–0.02%

Larchmont Resources LLC (Acquired 12/09/2016; Cost $46,001)^(e)(j)						137		3,544



McDermott International Ltd.^(e)						19,276		2,930



Sabine Oil & Gas Holdings, Inc. (Acquired 02/26/2014-11/09/2016; Cost $1,858,384)^(e)(j)(l)						1,419		270


Southcross Energy Partners L.P. (Acquired 04/26/2016-10/29/2020; Cost $2,491,123)^(j)						251,018		3,514


								10,258



Surface Transport–0.61%

Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; Cost $104,219)^(e)(j)						2,003		90,135



Commercial Barge Line Co.^(e)						1,649		41,225



Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023-08/18/2023; Cost $0)^(e)(j)						21,850		10,242



Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/17/2023; Cost $0)^(e)(j)						17,016		10,635


Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $109,549)^(j)						2,105		94,725


								246,962



Utilities–0.00%
Frontera Generation Holdings LLC (Acquired 07/28/2021; Cost $60,932)^(j)						17,409		1,262


Total Common Stocks & Other Equity Interests (Cost $7,883,787)								1,031,707



	Interest Rate		Maturity Date		Principal Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes–1.62%^(m)
Automotive–0.61%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)^(n)(o)		0.00%		04/19/2026	SEK	3,750		248,322

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


9		Invesco Master Loan Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Building & Development–0.20%
Ideal Standard International S.A. (Belgium)⁽ⁿ⁾		6.38%		07/30/2026	EUR	122	$ 82,351

Financial Intermediaries–0.48%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%) (Acquired 11/09/2021; Cost $407,884)^(j)(n)(o)		8.73%		08/01/2024	EUR	356	192,740

Retailers (except Food & Drug)–0.33%
Kirk Beauty SUN GmbH 9.00% PIK Rate, 8.25% Cash Rate (Germany)^(d)(n)		9.00%		10/01/2026	EUR	131	131,922
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,096,165)							655,335

					Shares
Money Market Funds–4.53%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(p)(q)						1,101,116	1,101,116
Invesco Treasury Portfolio, Institutional Class, 5.25%^(p)(q)						734,078	734,078
Total Money Market Funds (Cost $1,835,194)							1,835,194
TOTAL INVESTMENTS IN SECURITIES–20.25% (Cost $16,255,387)							8,198,990
OTHER ASSETS LESS LIABILITIES–79.75%							32,288,999
NET ASSETS–100.00%							$40,487,989


Investment Abbreviations:
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
LIBOR		– London Interbank Offered Rate
LOC		– Letter of Credit
Pfd.		– Preferred
PIK		– Pay-in-Kind
SEK		– Swedish Krona
SOFR		– Secured Overnight Financing Rate
STIBOR		– Stockholm Interbank Offered Rate
USD		– U.S. Dollar
Wts.		– Warrants

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


10		Invesco Master Loan Fund

Notes to Schedule of Investments:

^(a)	Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(b)

^(c)

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

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

^(f)	All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 7.

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

^(h)	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, 2023 was $12,624, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾	This variable rate interest will settle after August 31, 2023, at which time the interest rate will be determined.

^(j)	Restricted security. The aggregate value of these securities at August 31, 2023 was $2,295,281, which represented 5.67% of the Fund’s Net Assets.

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

^(l)	Non-income producing security.

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

⁽ⁿ⁾

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, 2023 was $655,335, which represented 1.62% of the Fund’s Net Assets.

^(o)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(p)


	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	2,303,588		$	83,686,154		$	(84,888,626	)		$	-		$	-		$	1,101,116		$	245,232

Invesco Treasury Portfolio, Institutional Class			1,535,725			55,790,771			(56,592,418	)			-			-			734,078			162,551
Total		$	3,839,313		$	139,476,925		$	(141,481,044	)		$	-		$	-		$	1,835,194		$	407,783

^(q)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.


Open Forward Foreign Currency Contracts

Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)

Currency Risk

10/31/2023	Barclays Capital		EUR	1,385,661		USD	1,510,369	$	3,786

09/29/2023	BNP Paribas S.A.		EUR	2,067,302		USD	2,298,252		53,989

09/29/2023	BNP Paribas S.A.		GBP	487,670		USD	625,468		7,618

10/31/2023	BNP Paribas S.A.		GBP	322,225		USD	409,258		997

10/31/2023	Citibank, N.A.		EUR	1,364,979		USD	1,488,511		4,415

09/29/2023	Morgan Stanley and Co. International PLC		EUR	2,019,202		USD	2,245,262		53,216

09/29/2023	Morgan Stanley and Co. International PLC		GBP	480,391		USD	616,117		7,489

09/29/2023	Morgan Stanley and Co. International PLC		SEK	3,226,092		USD	311,448		16,439

09/29/2023	Morgan Stanley and Co. International PLC		USD	10,778		SEK	117,994		12

10/31/2023	Morgan Stanley and Co. International PLC		GBP	322,225		USD	409,729		1,469

09/29/2023	Royal Bank of Canada		GBP	487,670		USD	626,241		8,391

09/29/2023	Royal Bank of Canada		USD	249,939		SEK	2,734,279		96

10/31/2023	Royal Bank of Canada		EUR	1,385,661		USD	1,509,954		3,372

10/31/2023	Royal Bank of Canada		GBP	317,416		USD	403,800		1,633

09/29/2023	State Street Bank & Trust Co.		EUR	2,049,796		USD	2,272,947		47,689

09/29/2023	State Street Bank & Trust Co.		SEK	29,188		USD	2,696		26

10/31/2023	State Street Bank & Trust Co.		EUR	37,551		USD	40,875		47

10/31/2023	State Street Bank & Trust Co.		GBP	2,417		USD	3,071		9

Subtotal-Appreciation									210,693

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


11		Invesco Master Loan Fund


Open Forward Foreign Currency Contracts–(continued)

Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)

Currency Risk

09/29/2023	Barclays Capital		USD	1,507,999		EUR	1,385,661		$ (3,726	)

09/29/2023	BNP Paribas S.A.		USD	406,638		GBP	320,170		(1,001	)

09/29/2023	Citibank, N.A.		USD	1,486,189		EUR	1,364,979		(4,368	)

09/29/2023	Morgan Stanley and Co. International PLC		USD	2,179,381		EUR	2,000,000		(8,181	)

09/29/2023	Morgan Stanley and Co. International PLC		USD	407,108		GBP	320,170		(1,471	)

09/29/2023	Morgan Stanley and Co. International PLC		USD	38,721		SEK	403,007		(1,868	)

09/29/2023	Royal Bank of Canada		USD	1,507,599		EUR	1,385,661		(3,326	)

09/29/2023	Royal Bank of Canada		USD	401,214		GBP	315,391		(1,632	)

10/31/2023	Royal Bank of Canada		SEK	2,739,791		USD	250,794		(102	)
09/29/2023	UBS AG		USD	636,263		GBP	500,000		(2,792	)
Subtotal–Depreciation									(28,467	)
Total Forward Foreign Currency Contracts									$182,226

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

SEK - Swedish Krona

USD - U.S. Dollar

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


12		Invesco Master Loan Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $14,420,193)	$	6,363,796


Investments in affiliated money market funds, at value (Cost $1,835,194)		1,835,194


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		210,693


Cash		4,684,666


Foreign currencies, at value (Cost $3,189,585)		3,190,884


Receivable for:
Investments sold		23,297,958


Dividends		122,381


Interest		1,277,112


Investment for trustee deferred compensation and retirement plans		56,008


Other assets		24,618


Total assets		41,063,310



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		28,467


Payable for:
Investments purchased		22,213


Accrued fees to affiliates		4,098


Accrued trustees’ and officers’ fees and benefits		1,456


Accrued other operating expenses		120,965


Trustee deferred compensation and retirement plans		56,008


Unfunded loan commitments		342,114


Total liabilities		575,321


Net assets applicable to shares outstanding	$	40,487,989


Net assets consist of:

Shares of beneficial interest	$	(829,225,945	)


Distributable earnings		869,713,934


	$	40,487,989



Net Assets:
Class R6	$	40,487,989



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		2,811,195


Class R6:
Net asset value and offering price per share	$	14.40

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


13		Invesco Master Loan Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Interest	$	11,984,065


Dividends		1,268,813


Dividends from affiliated money market funds		407,783


Other income		72,518


Total investment income		13,733,179



Expenses:
Advisory fees		427,436


Administrative services fees		21,419


Custodian fees		28,855


Interest, facilities and maintenance fees		71,560


Transfer agent fees		45,970


Trustees’ and officers’ fees and benefits		17,089


Registration and filing fees		22,460


Reports to shareholders		8,964


Professional services fees		165,250


Other		2,080


Total expenses		811,083


Less: Fees waived		(129,757	)


Net expenses		681,326


Net investment income		13,051,853



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(13,119,491	)


Foreign currencies		(17,469	)


Forward foreign currency contracts		(463,778	)


		(13,600,738	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		7,277,411


Foreign currencies		(77,025	)


Forward foreign currency contracts		(159,573	)


		7,040,813


Net realized and unrealized gain (loss)		(6,559,925	)


Net increase in net assets resulting from operations	$	6,491,928

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


14		Invesco Master Loan Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	13,051,853		$	10,182,729


Net realized gain (loss)		(13,600,738	)		206,997


Change in net unrealized appreciation (depreciation)		7,040,813			(8,080,828	)


Net increase in net assets resulting from operations		6,491,928			2,308,898



Distributions to shareholders from distributable earnings:
Class R6		(13,008,595	)		(10,090,269	)


Share transactions–net:
Class R6		(129,314,023	)		(14,990,915	)


Net increase (decrease) in net assets		(135,830,690	)		(22,772,286	)



Net assets:
Beginning of year		176,318,679			199,090,965


End of year	$	40,487,989		$	176,318,679

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


15		Invesco Master Loan Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class R6
Year ended 08/31/23		$	15.38		$	1.32		$	(0.98	)		$	0.34			$	(1.32	)		$	14.40		2.15	%		$	40,488		0.45	%		0.54	%		0.40	%		8.73	%		16	%
Year ended 08/31/22			16.07			0.87			(0.70	)			0.17				(0.86	)			15.38		1.11				176,319		0.51			0.51			0.46			5.49			58
Year ended 08/31/21			15.15			0.78			0.91				1.69				(0.77	)			16.07		11.46				199,091		0.50			0.59			0.38			4.99			89
Year ended 08/31/20			17.21			0.85			(2.40	)			(1.55	)			(0.51	)			15.15		(8.97	)			179,282		0.69			0.69			0.50			5.17			53
Eleven months ended 08/31/19			17.56			0.94			(1.29	)			(0.35	)			–				17.21		(1.99	)			667,514		0.50	^(e)		0.50	^(e)		0.36	^(e)		5.90	^(e)		42
Year ended 09/30/18			16.58			0.94			0.04				0.98				–				17.56		5.91				1,352,914		0.36			0.37			0.36			5.52			66

^(a)	Calculated using average shares outstanding.

^(b)

Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% and 0.01% for the eleven months ended August 31, 2019 and the year ended September 30, 2018, respectively.

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

^(e)	Annualized.

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


16		Invesco Master Loan Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek income.

Shares of the Fund are sold only to other investment companies. The Fund currently offers Class R6 shares. Class R6 shares are sold at net asset value.

For federal income tax purposes, the Fund qualifies as a partnership, and each investor in the Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Fund. Accordingly, as a “pass-through” entity, the Fund pays no dividends or capital gain distributions.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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 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.


17		Invesco Master Loan Fund

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. 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.

Federal Income Taxes - The Fund, as an entity, will not be subject to U.S. federal income tax. The Fund will be treated for U.S. federal income tax purposes as a partnership, and not as an association taxable as a corporation. Therefore, a tax provision is not required. Each shareholder is required for U.S. federal income tax purposes to take into account, in its taxable year with which (or within which a taxable year of the Fund ends), it distributive share of all items of Fund income, gains, losses and deduction for such taxable year of the Fund. A shareholder must take such items into account even if the Fund does not distribute cash or other property to such shareholder during its taxable year.

Although the Fund is treated as a partnership for Federal tax purposes, it is intended that the Fund’s assets, income and distributions will be managed in such a way that investment in the Fund would not cause an investor that is a regulated investment company under Subchapter M of the Code to fail that qualification.

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

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

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.


18		Invesco Master Loan Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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.

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.

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

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.

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.


19		Invesco Master Loan Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”) Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an annual fee of 0.29% based on the average daily net assets of the Fund. The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) to 0.38% of the Fund’s average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended August 31, 2023, the Adviser waived advisory fees of $129,757.

Certain officers and trustees of the Fund are officers and directors of the Adviser and IIS.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Variable Rate Senior Loan Interests	$	–	$	3,052,381		$	508,845	$	3,561,226


Preferred Stocks		–		1,039,848			75,680		1,115,528


Common Stocks & Other Equity Interests		23,581		596,790			411,336		1,031,707


Non-U.S. Dollar Denominated Bonds & Notes		–		655,335			–		655,335


Money Market Funds		1,835,194		–			–		1,835,194


Total Investments in Securities		1,858,775		5,344,354			995,861		8,198,990



Other Investments - Assets*


Forward Foreign Currency Contracts		–		210,693			–		210,693



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(28,467	)		–		(28,467	)



Total Other Investments		–		182,226			–		182,226


Total Investments	$	1,858,775	$	5,526,580		$	995,861	$	8,381,216

* Unrealized appreciation (depreciation).


20		Invesco Master Loan Fund

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, 2023:


	Value 08/31/22			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3*			Transfers out of Level 3*				Value 08/31/23
Variable Rate Senior Loan Interests		$	9,290,887		$	280,254		$	(9,058,591	)		$	13,178		$	(948,012	)		$	935,368			$	287,783		$	(292,022	)		$	508,845
Common Stocks & Other Equity Interests			896,150			834,986			(301,780	)			–			(1,280,571	)			677,649				64,950			(480,048	)			411,336
Preferred Stocks			141,760			–			–				–			–				(66,080	)			–			–				75,680
Total		$	10,328,797		$	1,115,240		$	(9,360,371	)		$	13,178		$	(2,228,583	)		$	1,546,937			$	352,733		$	(772,070	)		$	995,861

*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:

Range of

Fair Value

Valuation

Unobservable

at 08/31/23

Technique

Inputs

Input Used

McDermott International Ltd., LOC

254,875

Valuation Service

N/A

^(a)

Internap Corp.

166,583

Restructured Allocated Value

Cost

N/A

$1.05 per share

^(b)

McDermott International Ltd., LOC

127,346

Valuation Service

N/A

^(a)

Robertshaw US Holding Corp., First Lien Term Loan

119,677

Valuation Service

N/A

^(a)

Commercial Barge Line Co.

90,135

Valuation Service

N/A

^(a)

Monitronics International, Inc.

83,307

Valuation Service

N/A

^(a)

Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service or broker.

^(b)

The Adviser values certain investments in restructured financings at the restructured allocated value (cost). The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Derivative Investments

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, 2023:


	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	210,693
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	210,693


	Value
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(28,467	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(28,467	)


21		Invesco Master Loan Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2023.


	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged		Net Amount
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash	Cash	Net Amount


Barclays Capital	$	3,786		$ (3,726	)		$ 60		$–	$–	$	60


BNP Paribas S.A.		62,604		(1,001	)		61,603		–	–		61,603


Citibank, N.A.		4,415		(4,368	)		47		–	–		47


Morgan Stanley and Co. International PLC		78,625		(11,520	)		67,105		–	–		67,105


Royal Bank of Canada		13,492		(5,060	)		8,432		–	–		8,432


State Street Bank & Trust Co.		47,771		–			47,771		–	–		47,771


UBS AG		–		(2,792	)		(2,792	)	–	–		(2,792	)


Total	$	210,693		$(28,467	)		$182,226		$–	$–	$	182,226

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(463,778)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(159,573)
Total		$(623,351)

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


		Forward Foreign Currency Contracts
Average notional value		$35,164,326

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances and Borrowings

NOTE 7–Unfunded Loan Commitments

As of August 31, 2023, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

Borrower

Type

Unfunded Loan
Commitment

Unrealized
Appreciation
(Depreciation)

McDermott International Ltd.

LOC

$342,114

$(87,239)


22		Invesco Master Loan Fund

NOTE 8–Investment Transactions

NOTE 9–Senior Loan Participation Commitments

At the year ended August 31, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.


Selling Participant	Principal Amount	Value
Barclays Bank PLC	$342,114	$254,875

NOTE 10–Dividends

The Fund declared the following monthly dividends from net investment income subsequent to August 31, 2023:

NOTE 11–Share Information


	Summary of Share Activity
	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class R6		-		$	-			1,491,111		$	23,923,385



Issued as reinvestment of dividends:
Class R6		860,363			12,992,476			641,676			10,090,269



Reacquired:
Class R6		(9,510,309	)		(142,306,499	)		(3,062,481	)		(49,004,569	)


Net increase (decrease) in share activity		(8,649,946	)	$	(129,314,023	)		(929,694	)	$	(14,990,915	)

^(a)	100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 12–Significant Event

On July 28, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund was closed to investments by new accounts after the close of business on July 31, 2023. The Fund will be liquidated on or about December 1, 2023.


23		Invesco Master Loan 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 Master Loan Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Master Loan Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of August 31, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2023 and the eleven months ended August 31, 2019 (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, 2023, 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, 2023 and the financial highlights for each of the four years in the period ended August 31, 2023 and the eleven months ended August 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Oppenheimer Master Loan Fund LLC (subsequently renamed Invesco Master Loan Fund) as of and for the year ended September 30, 2018 and the financial highlights for the year then ended (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2023


24		Invesco Master Loan Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

ACTUAL

HYPOTHETICAL

(5% annual return before

expenses)

Annualized
Expense

Ratio

Beginning
Account Value
(03/01/23)

Ending
Account Value
(08/31/23)¹

Expenses
Paid During
Period²

Ending
Account Value
(08/31/23)

Expenses
Paid During
Period²

Class R6

$1,000.00

$988.90

$2.51

$1,022.68

$2.55

0.50%

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


25		Invesco Master Loan Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 Master Loan 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 received a

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, 2022 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 R6 shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class R6 shares of the Fund was


26		Invesco Master Loan Fund

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 considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund underwent a change in portfolio management in 2020 and that relative performance had improved over more recent periods. The Board considered that loan selection, specifically holdings of certain loans negatively impacted the Fund’s long-term performance. The Board also noted that the Fund currently is not sold directly to retail shareholders, but rather is only available for purchase by other Invesco funds or pooled vehicles. 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

similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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 difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


27		Invesco Master Loan Fund

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.


28		Invesco Master Loan Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Master Loan Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Master Loan Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Master Loan Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg- 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Master Loan Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Master Loan Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Master Loan Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

LOGO


SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		O-MLF-AR-1

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco S&P 500 Index Fund

Nasdaq:

A: SPIAX ∎ C: SPICX ∎ Y: SPIDX ∎ R6: SPISX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

16		Financial Statements

19		Financial Highlights

20		Notes to Financial Statements

26		Report of Independent Registered Public Accounting Firm

27		Fund Expenses

28		Approval of Investment Advisory and Sub-Advisory Contracts

31		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco S&P 500 Index Fund (the Fund), at net asset value (NAV), underperformed the S&P 500 Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.33	%
Class C Shares	14.49
Class Y Shares	15.63
Class R6 Shares	15.74
S&P 500 Index^▼(Broad Market/Style-Specific Index)	15.94
Lipper S&P 500 Objective Funds Index^∎(Peer Group Index)	15.71

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.³

During the fiscal year, the information technology, communication services and industrials sectors contributed the most to the Fund’s overall performance. The utilities and real estate sectors detracted most significantly from the Fund’s return during the fiscal year.

Leading contributors to the Fund’s absolute performance for the fiscal year included NVIDIA, Microsoft and Apple. NVIDIA was a primary beneficiary of investor enthusiasm for artificial intelligence. The stock price surged as first quarter revenue numbers significantly outperformed analyst estimates and management revised its three-month sales forecast to more than 50% above analyst projections.⁴ Microsoft’s stock price rose significantly after the company’s third quarter earnings indicated resiliency in the company’s cloud business, which had been a point of concern for investors in late 2022. Despite some revenue declines and earning misses during the fiscal year, Apple benefited from the broad rally in tech stocks that was driven primarily by widespread investor enthusiasm for companies with artificial intelligence related products and services.

Top detractors from the Fund’s absolute performance for the fiscal year were Tesla, Walt Disney and Pfizer. Tesla’s stock price dropped as it reported weaker delivery volumes in late 2022, although announcements of price cuts on its electric vehicles at the end of the calendar year helped to renew some investor enthusiasm for the company. Walt Disney’s stock performed poorly after an earnings report indicated larger-than-expected weakness in the company’s Disney+ streaming unit, with weak overall subscriber gains and greater losses in the business unit than in prior quarters. Pfizer slid after the US Supreme Court refused to review a ruling that indicated a proposal to use Medicare to cover copays for tamifidis, an expensive heart disease medication, for lower-income customers violated the Anti-Kickback Statute. The company also halted development on an early-stage diabetes drug later in the fiscal year, further disappointing investors.

Please note that the Fund’s strategy is principally implemented through equity investments but the Fund also may use derivative instruments, including S&P 500 futures contracts, to gain exposure to the equity market. During the fiscal year, the Fund invested in S&P 500 futures contracts, which generated a positive return and were a slight contributor to the Fund’s absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco S&P 500 Index Fund.

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Lipper Inc.


2		Invesco S&P 500 Index Fund

4	Source: Bloomberg LP

Portfolio manager(s):

Pratik Doshi

Peter Hubbard

Michael Jeanette

Tony Seisser

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco S&P 500 Index Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco S&P 500 Index Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (9/26/97)	7.35	%
10 Years	11.56
5 Years	9.29
1 Year	8.99

Class C Shares
Inception (9/26/97)	7.33	%
10 Years	11.54
5 Years	9.73
1 Year	13.49

Class Y Shares
Inception (9/26/97)	7.84	%
10 Years	12.47
5 Years	10.81
1 Year	15.63

Class R6 Shares
10 Years	12.42	%
5 Years	10.89
1 Year	15.74

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Morgan Stanley S&P 500 Index Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco S&P 500 Index Fund. Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco S&P 500 Index Fund

Supplemental Information

Invesco S&P 500 Index Fund’s investment objective is total return through growth of capital and current income.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎	The Lipper S&P 500 Objective Funds Index is an unmanaged index considered representative of S&P 500 funds tracked by Lipper.

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco S&P 500 Index Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		27.26	%

Health Care		12.71

Financials		12.05

Consumer Discretionary		10.26

Communication Services		8.51

Industrials		8.13

Consumer Staples		6.34

Energy		4.28

Materials		2.38

Utilities		2.35

Real Estate		2.35

Money Market Funds Plus Other Assets Less Liabilities		3.38

Top 10 Equity Holdings*


		% of total net assets

1.	Apple, Inc.		7.13	%

2.	Microsoft Corp.		6.26

3.	Amazon.com, Inc.		3.16

4.	NVIDIA Corp.		3.13

5.	Alphabet, Inc., Class A		2.08

6.	Alphabet, Inc., Class C		1.80

7.	Tesla, Inc.		1.79

8.	Meta Platforms, Inc., Class A		1.68

9.	Berkshire Hathaway, Inc., Class B		1.65

10.	Exxon Mobil Corp.		1.15

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.

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


7		Invesco S&P 500 Index Fund

Schedule of Investments^(a)

August 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–96.62%
Advertising–0.07%
Interpublic Group of Cos., Inc. (The)		24,472	$	798,032


Omnicom Group, Inc.		12,879		1,043,328


				1,841,360



Aerospace & Defense–1.55%
Axon Enterprise, Inc.^(b)		4,456		948,727


Boeing Co. (The)^(b)		36,103		8,088,155


General Dynamics Corp.		14,284		3,237,326


Howmet Aerospace, Inc.		23,379		1,156,559


Huntington Ingalls Industries, Inc.		2,562		564,460


L3Harris Technologies, Inc.		12,031		2,142,601


Lockheed Martin Corp.		14,369		6,442,341


Northrop Grumman Corp.		9,120		3,949,781


RTX Corp.		93,284		8,026,155


Textron, Inc.		13,055		1,014,504


TransDigm Group, Inc.^(b)		3,314		2,995,359


				38,565,968



Agricultural & Farm Machinery–0.28%
Deere & Co.		17,215		7,074,332



Agricultural Products & Services–0.15%
Archer-Daniels-Midland Co.		34,649		2,747,665


Bunge Ltd.		9,615		1,099,187


				3,846,852



Air Freight & Logistics–0.54%
C.H. Robinson Worldwide, Inc.		7,426		671,533


Expeditors International of Washington, Inc.		9,951		1,161,381


FedEx Corp.		14,763		3,853,438


United Parcel Service, Inc., Class B		46,272		7,838,477


				13,524,829



Apparel Retail–0.38%
Ross Stores, Inc.		21,777		2,652,657


TJX Cos., Inc. (The)		73,515		6,798,667


				9,451,324



Apparel, Accessories & Luxury Goods–0.05%
Ralph Lauren Corp.		2,591		302,188


Tapestry, Inc.		15,068		502,066


VF Corp.		20,831		411,621


				1,215,875



Application Software–2.42%
Adobe, Inc.^(b)		29,285		16,380,272


ANSYS, Inc.^(b)		5,533		1,764,308


Autodesk, Inc.^(b)		13,676		3,035,251


Cadence Design Systems, Inc.^(b)		17,409		4,185,820


Fair Isaac Corp.^(b)		1,590		1,438,298


Intuit, Inc.		17,911		9,704,359


PTC, Inc.^(b)(c)		6,763		995,311


Roper Technologies, Inc.		6,806		3,396,602


Salesforce, Inc.^(b)		62,504		13,842,136


Synopsys, Inc.^(b)		9,724		4,462,246


	Shares		Value


Application Software–(continued)
Tyler Technologies, Inc.^(b)		2,677	$	1,066,597


				60,271,200



Asset Management & Custody Banks–0.64%
Ameriprise Financial, Inc.		6,655		2,246,595


Bank of New York Mellon Corp. (The)		46,110		2,068,956


BlackRock, Inc.		9,561		6,697,863


Franklin Resources, Inc.^(c)		18,227		487,390


Invesco Ltd.^(d)		28,610		455,471


Northern Trust Corp.		13,261		1,008,764


State Street Corp.		21,224		1,458,938


T. Rowe Price Group, Inc.^(c)		14,249		1,599,165


				16,023,142



Automobile Manufacturers–2.03%
Ford Motor Co.		250,898		3,043,393


General Motors Co.		88,840		2,977,028


Tesla, Inc.^(b)		171,999		44,389,502


				50,409,923



Automotive Parts & Equipment–0.09%
Aptiv PLC^(b)		17,270		1,752,041


BorgWarner, Inc.		14,678		598,129


				2,350,170



Automotive Retail–0.30%
AutoZone, Inc.^(b)		1,168		2,956,594


CarMax, Inc.^(b)(c)		9,925		810,674


O’Reilly Automotive, Inc.^(b)		3,886		3,651,674


				7,418,942



Biotechnology–1.95%
AbbVie, Inc.		112,638		16,553,280


Amgen, Inc.		34,113		8,744,526


Biogen, Inc.^(b)		9,241		2,470,674


Gilead Sciences, Inc.		79,635		6,090,485


Incyte Corp.^(b)		11,697		754,807


Moderna, Inc.^(b)		20,839		2,356,266


Regeneron Pharmaceuticals, Inc.^(b)		6,888		5,692,863


Vertex Pharmaceuticals, Inc.^(b)		16,443		5,727,755


				48,390,656



Brewers–0.03%
Molson Coors Beverage Co., Class B		11,986		760,991



Broadcasting–0.05%
Fox Corp., Class A^(c)		17,084		564,797


Fox Corp., Class B		8,864		270,529


Paramount Global, Class B^(c)		31,759		479,244


				1,314,570



Broadline Retail–3.25%
Amazon.com, Inc.^(b)		569,233		78,559,847


eBay, Inc.		34,540		1,546,701


Etsy, Inc.^(b)		7,881		579,805


				80,686,353

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


8		Invesco S&P 500 Index Fund


	Shares		Value


Building Products–0.43%
A.O. Smith Corp.		7,713	$	559,192


Allegion PLC		5,492		625,045


Carrier Global Corp.^(c)		53,049		3,047,665


Johnson Controls International PLC		43,683		2,579,918


Masco Corp.		14,226		839,476


Trane Technologies PLC		14,542		2,984,891


				10,636,187



Cable & Satellite–0.62%
Charter Communications, Inc., Class A^(b)		6,597		2,890,278


Comcast Corp., Class A		265,548		12,417,024


				15,307,302



Cargo Ground Transportation–0.14%
J.B. Hunt Transport Services, Inc.		5,224		981,485


Old Dominion Freight Line, Inc.		5,742		2,453,959


				3,435,444



Casinos & Gaming–0.14%
Caesars Entertainment, Inc.^(b)		13,739		759,217


Las Vegas Sands Corp.		21,046		1,154,584


MGM Resorts International^(c)		18,951		833,465


Wynn Resorts Ltd.		6,611		670,223


				3,417,489



Commodity Chemicals–0.16%
Dow, Inc.		45,157		2,463,766


LyondellBasell Industries N.V., Class A		16,205		1,600,568


				4,064,334



Communications Equipment–0.90%
Arista Networks, Inc.^(b)		15,855		3,095,372


Cisco Systems, Inc.		261,490		14,996,451


F5, Inc.^(b)		3,774		617,653


Juniper Networks, Inc.		20,217		588,719


Motorola Solutions, Inc.		10,650		3,020,021


				22,318,216



Computer & Electronics Retail–0.04%
Best Buy Co., Inc.		12,521		957,230



Construction & Engineering–0.08%
Quanta Services, Inc.		9,218		1,934,582



Construction Machinery & Heavy Transportation Equipment–0.62%
Caterpillar, Inc.		32,902		9,249,739


Cummins, Inc.		8,988		2,067,600


PACCAR, Inc.		33,363		2,745,441


Wabtec Corp.		11,514		1,295,555


				15,358,335



Construction Materials–0.15%
Martin Marietta Materials, Inc.		3,956		1,765,998


Vulcan Materials Co.		8,495		1,854,034


				3,620,032



Consumer Electronics–0.04%
Garmin Ltd.^(c)		9,776		1,036,452



Consumer Finance–0.43%
American Express Co.		37,961		5,997,458


Capital One Financial Corp.		24,376		2,495,858


	Shares		Value


Consumer Finance–(continued)
Discover Financial Services		16,125	$	1,452,379


Synchrony Financial		26,763		863,910


				10,809,605



Consumer Staples Merchandise Retail–1.50%
Costco Wholesale Corp.		28,314		15,552,314


Dollar General Corp.		13,886		1,923,211


Dollar Tree, Inc.^(b)		13,275		1,624,329


Target Corp.		29,467		3,729,049


Walmart, Inc.		89,548		14,561,400


				37,390,303



Copper–0.15%
Freeport-McMoRan, Inc.		91,506		3,652,004



Data Center REITs–0.29%
Digital Realty Trust, Inc.		18,499		2,436,688


Equinix, Inc.		5,970		4,664,839


				7,101,527



Data Processing & Outsourced Services–0.06%
Broadridge Financial Solutions, Inc.		7,532		1,402,534



Distillers & Vintners–0.14%
Brown-Forman Corp., Class B		11,533		762,677


Constellation Brands, Inc., Class A		10,295		2,682,465


				3,445,142



Distributors–0.13%
Genuine Parts Co.		8,971		1,379,112


LKQ Corp.		16,416		862,332


Pool Corp.		2,491		910,710


				3,152,154



Diversified Banks–2.56%
Bank of America Corp.		442,635		12,690,346


Citigroup, Inc.		124,287		5,131,810


Comerica, Inc.		8,005		385,121


Fifth Third Bancorp		43,296		1,149,509


JPMorgan Chase & Co.		186,568		27,300,495


KeyCorp		58,849		666,759


PNC Financial Services Group, Inc. (The)		25,440		3,071,371


U.S. Bancorp		89,059		3,253,325


Wells Fargo & Co.		239,554		9,891,185


				63,539,921



Diversified Support Services–0.21%
Cintas Corp.		5,520		2,783,018


Copart, Inc.^(b)		54,770		2,455,339


				5,238,357



Drug Retail–0.05%
Walgreens Boots Alliance, Inc.		45,276		1,145,936



Electric Utilities–1.54%
Alliant Energy Corp.		16,049		805,178


American Electric Power Co., Inc.		32,866		2,576,694


Constellation Energy Corp.		20,627		2,148,508


Duke Energy Corp.		49,201		4,369,049


Edison International		24,450		1,683,383


Entergy Corp.		13,426		1,278,827


Evergy, Inc.		14,663		806,025

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


9		Invesco S&P 500 Index Fund


	Shares		Value


Electric Utilities–(continued)
Eversource Energy		22,271	$	1,421,335


Exelon Corp.		63,151		2,533,618


FirstEnergy Corp.		34,743		1,253,180


NextEra Energy, Inc.		129,182		8,629,358


NRG Energy, Inc.		14,989		562,837


PG&E Corp.^(b)		102,646		1,673,130


Pinnacle West Capital Corp.		7,230		558,662


PPL Corp.		47,057		1,172,660


Southern Co. (The)		69,614		4,714,956


Xcel Energy, Inc.		35,136		2,007,320


				38,194,720



Electrical Components & Equipment–0.58%
AMETEK, Inc.		14,634		2,334,269


Eaton Corp. PLC		25,448		5,862,456


Emerson Electric Co.		36,486		3,584,749


Generac Holdings, Inc.^(b)		3,922		465,973


Rockwell Automation, Inc.		7,334		2,288,795


				14,536,242



Electronic Components–0.20%
Amphenol Corp., Class A		38,007		3,359,059


Corning, Inc.		48,847		1,603,158


				4,962,217



Electronic Equipment & Instruments–0.18%
Keysight Technologies, Inc.^(b)		11,377		1,516,554


Teledyne Technologies, Inc.^(b)		3,004		1,256,573


Trimble, Inc.^(b)		15,604		854,943


Zebra Technologies Corp., Class A^(b)		3,272		899,833


				4,527,903



Electronic Manufacturing Services–0.11%
TE Connectivity Ltd.		20,068		2,656,803



Environmental & Facilities Services–0.25%
Republic Services, Inc.		13,125		1,891,706


Rollins, Inc.		14,786		585,082


Waste Management, Inc.		23,562		3,694,051


				6,170,839



Fertilizers & Agricultural Chemicals–0.19%
CF Industries Holdings, Inc.		12,532		965,841


Corteva, Inc.		45,198		2,282,951


FMC Corp.		7,879		679,406


Mosaic Co. (The)		21,527		836,324


				4,764,522



Financial Exchanges & Data–1.09%
Cboe Global Markets, Inc.		6,740		1,009,045


CME Group, Inc., Class A		22,966		4,654,749


FactSet Research Systems, Inc.		2,446		1,067,459


Intercontinental Exchange, Inc.		35,744		4,217,435


MarketAxess Holdings, Inc.		2,404		579,196


Moody’s Corp.		10,075		3,393,260


MSCI, Inc.		5,111		2,778,442


Nasdaq, Inc.		21,829		1,145,586


S&P Global, Inc.		20,940		8,184,608


				27,029,780


	Shares		Value


Food Distributors–0.09%
Sysco Corp.		32,172	$	2,240,780



Food Retail–0.08%
Kroger Co. (The)		41,429		1,921,891



Footwear–0.32%
NIKE, Inc., Class B		78,660		8,000,509



Gas Utilities–0.04%
Atmos Energy Corp.		9,224		1,069,523



Gold–0.08%
Newmont Corp.		50,737		2,000,053



Health Care Distributors–0.30%
Cardinal Health, Inc.		16,393		1,431,601


Cencora, Inc.		10,341		1,819,809


Henry Schein, Inc.^(b)		8,546		654,111


McKesson Corp.		8,660		3,570,691


				7,476,212



Health Care Equipment–2.41%
Abbott Laboratories		111,020		11,423,958


Baxter International, Inc.		32,225		1,308,335


Becton, Dickinson and Co.		18,132		5,066,987


Boston Scientific Corp.^(b)		91,787		4,950,991


DexCom, Inc.^(b)		24,748		2,499,053


Edwards Lifesciences Corp.^(b)		38,814		2,968,107


GE HealthCare Technologies, Inc.		25,596		1,803,238


Hologic, Inc.^(b)		15,517		1,159,741


IDEXX Laboratories, Inc.^(b)		5,273		2,696,665


Insulet Corp.^(b)		4,449		852,918


Intuitive Surgical, Inc.^(b)		22,371		6,994,964


Medtronic PLC		84,938		6,922,447


ResMed, Inc.		9,381		1,497,114


STERIS PLC		6,339		1,455,371


Stryker Corp.		21,569		6,115,890


Teleflex, Inc.		2,999		638,007


Zimmer Biomet Holdings, Inc.		13,237		1,576,791


				59,930,577



Health Care Facilities–0.17%
HCA Healthcare, Inc.		13,172		3,652,596


Universal Health Services, Inc., Class B		4,150		559,005


				4,211,601



Health Care REITs–0.18%
Healthpeak Properties, Inc.		34,922		718,694


Ventas, Inc.		25,541		1,115,631


Welltower, Inc.		31,560		2,615,693


				4,450,018



Health Care Services–0.52%
Cigna Group (The)		18,888		5,217,999


CVS Health Corp.		81,849		5,334,099


DaVita, Inc.^(b)		3,467		355,090


Laboratory Corp. of America Holdings		5,589		1,163,071


Quest Diagnostics, Inc.		7,184		944,696


				13,014,955



Health Care Supplies–0.13%
Align Technology, Inc.^(b)		4,560		1,687,838

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


10		Invesco S&P 500 Index Fund


	Shares		Value


Health Care Supplies–(continued)
Cooper Cos., Inc. (The)		3,157		$ 1,168,059


DENTSPLY SIRONA, Inc.		13,381		496,301


				3,352,198



Home Furnishings–0.01%
Mohawk Industries, Inc.^(b)		3,342		338,845



Home Improvement Retail–1.21%
Home Depot, Inc. (The)		64,652		21,354,556


Lowe’s Cos., Inc.		38,073		8,775,065


				30,129,621



Homebuilding–0.27%
D.R. Horton, Inc.		19,782		2,354,454


Lennar Corp., Class A		16,069		1,913,657


NVR, Inc.^(b)		195		1,243,579


PulteGroup, Inc.		14,371		1,179,284


				6,690,974



Hotel & Resort REITs–0.03%
Host Hotels & Resorts, Inc.		44,391		700,934



Hotels, Resorts & Cruise Lines–0.68%
Booking Holdings, Inc.^(b)		2,358		7,321,661


Carnival Corp.^(b)		64,125		1,014,457


Expedia Group, Inc.^(b)		9,259		1,003,583


Hilton Worldwide Holdings, Inc.		16,912		2,513,969


Marriott International, Inc., Class A		16,372		3,331,866


Norwegian Cruise Line Holdings Ltd.^(b)(c)		27,080		448,716


Royal Caribbean Cruises Ltd.^(b)		13,941		1,379,322


				17,013,574



Household Appliances–0.02%
Whirlpool Corp.		3,506		490,700



Household Products–1.31%
Church & Dwight Co., Inc.		15,594		1,509,031


Clorox Co. (The)		7,795		1,219,528


Colgate-Palmolive Co.		52,962		3,891,118


Kimberly-Clark Corp.		21,539		2,774,869


Procter & Gamble Co. (The)		150,476		23,224,466


				32,619,012



Housewares & Specialties–0.01%
Newell Brands, Inc.		23,177		245,213



Human Resource & Employment Services–0.46%
Automatic Data Processing, Inc.		26,375		6,715,339


Ceridian HCM Holding, Inc.^(b)(c)		9,897		717,730


Paychex, Inc.		20,453		2,499,970


Paycom Software, Inc.		3,066		903,980


Robert Half, Inc.		6,816		504,111


				11,341,130



Independent Power Producers & Energy Traders–0.03%
AES Corp. (The)		42,733		766,203



Industrial Conglomerates–0.79%
3M Co.		35,220		3,756,917


General Electric Co.		69,522		7,957,488


Honeywell International, Inc.		42,407		7,969,972


				19,684,377


	Shares		Value


Industrial Gases–0.66%
Air Products and Chemicals, Inc.^(c)		14,181		$ 4,190,344


Linde PLC		31,257		12,097,709


				16,288,053



Industrial Machinery & Supplies & Components–0.84%
Dover Corp.		8,950		1,327,285


Fortive Corp.		22,571		1,779,724


IDEX Corp.		4,825		1,092,380


Illinois Tool Works, Inc.		17,606		4,354,844


Ingersoll Rand, Inc.		25,826		1,797,748


Nordson Corp.		3,437		839,109


Otis Worldwide Corp.		26,420		2,260,231


Parker-Hannifin Corp.		8,191		3,414,828


Pentair PLC		10,288		722,835


Snap-on, Inc.		3,325		893,095


Stanley Black & Decker, Inc.		9,777		922,753


Xylem, Inc.		15,200		1,573,808


				20,978,640



Industrial REITs–0.29%
Prologis, Inc.		58,957		7,322,459



Insurance Brokers–0.65%
Aon PLC, Class A		13,047		4,349,739


Arthur J. Gallagher & Co.		13,601		3,134,759


Brown & Brown, Inc.		15,030		1,113,723


Marsh & McLennan Cos., Inc.		31,585		6,158,759


Willis Towers Watson PLC		6,828		1,411,757


				16,168,737



Integrated Oil & Gas–2.01%
Chevron Corp.		113,629		18,305,632


Exxon Mobil Corp.^(e)		258,118		28,700,141


Occidental Petroleum Corp.		45,865		2,879,863


				49,885,636



Integrated Telecommunication Services–0.65%
AT&T, Inc.		456,415		6,750,378


Verizon Communications, Inc.		268,396		9,388,492


				16,138,870



Interactive Home Entertainment–0.31%
Activision Blizzard, Inc.		45,674		4,201,551


Electronic Arts, Inc.		16,612		1,993,108


Take-Two Interactive Software, Inc.^(b)		10,041		1,427,830


				7,622,489



Interactive Media & Services–5.59%
Alphabet, Inc., Class A^(b)		379,118		51,624,498


Alphabet, Inc., Class C^(b)		326,263		44,812,223


Match Group, Inc.^(b)		17,598		824,818


Meta Platforms, Inc., Class A^(b)		141,231		41,788,841


				139,050,380



Internet Services & Infrastructure–0.09%
Akamai Technologies, Inc.^(b)		9,484		996,674


VeriSign, Inc.^(b)		5,818		1,208,922


				2,205,596



Investment Banking & Brokerage–0.84%
Charles Schwab Corp. (The)		94,876		5,611,915


Goldman Sachs Group, Inc. (The)		21,225		6,955,645

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


11		Invesco S&P 500 Index Fund


	Shares		Value


Investment Banking & Brokerage–(continued)
Morgan Stanley		83,152		$ 7,080,393


Raymond James Financial, Inc.		12,126		1,268,258


				20,916,211



IT Consulting & Other Services–1.08%
Accenture PLC, Class A		40,319		13,054,083


Cognizant Technology Solutions Corp., Class A		32,376		2,318,445


DXC Technology Co.^(b)		15,111		313,402


EPAM Systems, Inc.^(b)		3,676		952,047


Gartner, Inc.^(b)		5,046		1,764,485


International Business Machines Corp.		57,972		8,512,029


				26,914,491



Leisure Products–0.02%
Hasbro, Inc.		8,061		580,392



Life & Health Insurance–0.38%
Aflac, Inc.		34,913		2,603,463


Globe Life, Inc.		5,776		644,428


Lincoln National Corp.		10,466		268,558


MetLife, Inc.		41,214		2,610,495


Principal Financial Group, Inc.		14,354		1,115,449


Prudential Financial, Inc.		23,296		2,205,432


				9,447,825



Life Sciences Tools & Services–1.57%
Agilent Technologies, Inc.		18,879		2,285,680


Bio-Rad Laboratories, Inc., Class A^(b)(c)		1,324		529,865


Bio-Techne Corp.		10,052		788,077


Charles River Laboratories International, Inc.^(b)(c)		3,268		675,888


Danaher Corp.		42,399		11,235,735


Illumina, Inc.^(b)		10,046		1,659,800


IQVIA Holdings, Inc.^(b)		11,846		2,637,275


Mettler-Toledo International, Inc.^(b)		1,406		1,706,153


Revvity, Inc.		8,009		937,293


Thermo Fisher Scientific, Inc.		24,626		13,719,145


Waters Corp.^(b)(c)		3,795		1,065,636


West Pharmaceutical Services, Inc.		4,715		1,918,533


				39,159,080



Managed Health Care–1.69%
Centene Corp.^(b)		34,828		2,147,146


Elevance Health, Inc.		15,134		6,689,379


Humana, Inc.		7,985		3,686,116


Molina Healthcare, Inc.^(b)		3,722		1,154,267


UnitedHealth Group, Inc.		59,440		28,327,915


				42,004,823



Metal, Glass & Plastic Containers–0.04%
Ball Corp.		20,137		1,096,460



Movies & Entertainment–0.99%
Live Nation Entertainment, Inc.^(b)(c)		9,009		761,531


Netflix, Inc.^(b)		28,381		12,308,272


Walt Disney Co. (The)^(b)		116,661		9,762,192


Warner Bros Discovery, Inc.^(b)		140,777		1,849,810


				24,681,805



Multi-Family Residential REITs–0.27%
AvalonBay Communities, Inc.		9,017		1,657,505


	Shares		Value


Multi–Family Residential REITs–(continued)
Camden Property Trust		6,904		$ 743,008


Equity Residential		21,771		1,411,414


Essex Property Trust, Inc.		4,058		967,387


Mid-America Apartment Communities, Inc.		7,408		1,075,864


UDR, Inc.		19,754		788,184


				6,643,362



Multi–line Insurance–0.19%
American International Group, Inc.		45,903		2,686,243


Assurant, Inc.		3,524		490,999


Hartford Financial Services Group, Inc. (The)		19,891		1,428,572


				4,605,814



Multi-Sector Holdings–1.65%
Berkshire Hathaway, Inc., Class B^(b)		113,851		41,009,130



Multi-Utilities–0.67%
Ameren Corp.		16,675		1,321,827


CenterPoint Energy, Inc.		40,068		1,117,497


CMS Energy Corp.		18,518		1,040,526


Consolidated Edison, Inc.		22,191		1,974,111


Dominion Energy, Inc.		53,079		2,576,455


DTE Energy Co.		13,087		1,352,934


NiSource, Inc.		26,371		705,688


Public Service Enterprise Group, Inc.		31,855		1,945,703


Sempra		40,176		2,821,159


WEC Energy Group, Inc.		20,138		1,694,009


				16,549,909



Office REITs–0.07%
Alexandria Real Estate Equities, Inc.		9,961		1,158,863


Boston Properties, Inc.^(c)		8,837		590,046


				1,748,909



Oil & Gas Equipment & Services–0.40%
Baker Hughes Co., Class A		64,632		2,339,032


Halliburton Co.		57,275		2,211,961


Schlumberger N.V.		90,997		5,365,183


				9,916,176



Oil & Gas Exploration & Production–1.14%
APA Corp.		20,105		881,403


ConocoPhillips		77,254		9,195,544


Coterra Energy, Inc.		48,095		1,355,798


Devon Energy Corp.		41,183		2,104,040


Diamondback Energy, Inc.		11,622		1,763,987


EOG Resources, Inc.		37,339		4,802,542


EQT Corp.^(c)		23,338		1,008,668


Hess Corp.		17,643		2,725,844


Marathon Oil Corp.		39,714		1,046,464


Pioneer Natural Resources Co.		14,881		3,540,636


				28,424,926



Oil & Gas Refining & Marketing–0.41%
Marathon Petroleum Corp.		26,940		3,846,224


Phillips 66		29,136		3,326,166


Valero Energy Corp.		22,955		2,981,854


				10,154,244

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


12		Invesco S&P 500 Index Fund


	Shares		Value


Oil & Gas Storage & Transportation–0.32%
Kinder Morgan, Inc.		125,916		$ 2,168,274


ONEOK, Inc.		28,566		1,862,503


Targa Resources Corp.		14,314		1,234,582


Williams Cos., Inc. (The)		77,543		2,677,560


				7,942,919



Other Specialized REITs–0.13%
Iron Mountain, Inc.^(c)		18,516		1,176,506


VICI Properties, Inc.		64,114		1,977,276


				3,153,782



Other Specialty Retail–0.14%
Bath & Body Works, Inc.		14,875		548,441


Tractor Supply Co.^(c)		7,014		1,532,559


Ulta Beauty, Inc.^(b)		3,230		1,340,547


				3,421,547



Packaged Foods & Meats–0.79%
Campbell Soup Co.		12,568		524,086


Conagra Brands, Inc.		30,447		909,756


General Mills, Inc.		37,500		2,537,250


Hershey Co. (The)		9,403		2,020,329


Hormel Foods Corp.		18,259		704,615


JM Smucker Co. (The)		6,737		976,528


Kellogg Co.		16,412		1,001,460


Kraft Heinz Co. (The)		50,928		1,685,207


Lamb Weston Holdings, Inc.		9,252		901,237


McCormick & Co., Inc.		16,014		1,314,429


Mondelez International, Inc., Class A		86,945		6,195,701


Tyson Foods, Inc., Class A		18,047		961,364


				19,731,962



Paper & Plastic Packaging Products & Materials–0.18%
Amcor PLC		93,859		914,187


Avery Dennison Corp.		5,146		969,404


International Paper Co.		22,920		800,366


Packaging Corp. of America		5,854		872,831


Sealed Air Corp.		9,210		341,323


WestRock Co.		16,134		527,743


				4,425,854



Passenger Airlines–0.20%
Alaska Air Group, Inc.^(b)		7,830		328,625


American Airlines Group, Inc.^(b)		41,454		610,617


Delta Air Lines, Inc.		41,033		1,759,495


Southwest Airlines Co.^(c)		37,991		1,200,516


United Airlines Holdings, Inc.^(b)		20,621		1,027,132


				4,926,385



Personal Care Products–0.20%
Estee Lauder Cos., Inc. (The), Class A		14,803		2,376,326


Kenvue, Inc.		109,866		2,532,411


				4,908,737



Pharmaceuticals–3.97%
Bristol-Myers Squibb Co.		134,110		8,267,881


Catalent, Inc.^(b)		11,134		556,366


Eli Lilly and Co.		50,302		27,877,368


Johnson & Johnson		153,441		24,808,341


Merck & Co., Inc.		161,998		17,654,542


Organon & Co.		15,522		340,863


	Shares		Value


Pharmaceuticals–(continued)
Pfizer, Inc.		360,415		$ 12,751,483


Viatris, Inc.		76,492		822,289


Zoetis, Inc.		29,413		5,603,471


				98,682,604



Property & Casualty Insurance–0.76%
Allstate Corp. (The)		16,729		1,803,554


Arch Capital Group Ltd.^(b)		23,648		1,817,585


Chubb Ltd.		26,443		5,311,605


Cincinnati Financial Corp.		10,013		1,059,275


Loews Corp.		12,148		754,269


Progressive Corp. (The)		37,372		4,988,041


Travelers Cos., Inc. (The)		14,783		2,383,463


W.R. Berkley Corp.		12,911		798,675


				18,916,467



Publishing–0.03%
News Corp., Class A		24,060		517,049


News Corp., Class B		7,296		160,512


				677,561



Rail Transportation–0.62%
CSX Corp.		129,796		3,919,839


Norfolk Southern Corp.		14,478		2,968,135


Union Pacific Corp.		38,925		8,585,687


				15,473,661



Real Estate Services–0.15%
CBRE Group, Inc., Class A^(b)		19,930		1,695,047


CoStar Group, Inc.^(b)		26,083		2,138,545


				3,833,592



Regional Banks–0.29%
Citizens Financial Group, Inc.		31,065		873,858


Huntington Bancshares, Inc.		91,001		1,009,201


M&T Bank Corp.		10,532		1,317,027


Regions Financial Corp.		59,905		1,098,658


Truist Financial Corp.		85,034		2,597,789


Zions Bancorporation N.A.		9,742		345,841


				7,242,374



Reinsurance–0.04%
Everest Group Ltd.		2,722		981,771



Research & Consulting Services–0.23%
Equifax, Inc.		7,830		1,618,461


Jacobs Solutions, Inc.		7,977		1,075,459


Leidos Holdings, Inc.		8,723		850,580


Verisk Analytics, Inc.		9,193		2,226,728


				5,771,228



Restaurants–1.13%
Chipotle Mexican Grill, Inc.^(b)		1,761		3,392,813


Darden Restaurants, Inc.		7,720		1,200,537


Domino’s Pizza, Inc.		2,262		876,299


McDonald’s Corp.		46,611		13,104,683


Starbucks Corp.		73,190		7,131,633


Yum! Brands, Inc.		17,944		2,321,595


				28,027,560



Retail REITs–0.26%
Federal Realty Investment Trust		4,611		451,601

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


13		Invesco S&P 500 Index Fund


	Shares		Value


Retail REITs–(continued)
Kimco Realty Corp.		39,576		$ 749,570


Realty Income Corp.		42,747		2,395,542


Regency Centers Corp.		9,825		611,115


Simon Property Group, Inc.		20,876		2,369,217


				6,577,045



Self-Storage REITs–0.18%
Extra Space Storage, Inc.		13,429		1,728,044


Public Storage		10,046		2,776,513


				4,504,557



Semiconductor Materials & Equipment–0.86%
Applied Materials, Inc.		53,955		8,242,166


Enphase Energy, Inc.^(b)(c)		8,749		1,107,011


KLA Corp.		8,756		4,394,374


Lam Research Corp.		8,528		5,990,067


SolarEdge Technologies, Inc.^(b)		3,597		584,764


Teradyne, Inc.^(c)		10,048		1,083,878


				21,402,260



Semiconductors–6.62%
Advanced Micro Devices, Inc.^(b)		102,811		10,869,179


Analog Devices, Inc.		32,295		5,870,585


Broadcom, Inc.		26,618		24,565,486


First Solar, Inc.^(b)		6,254		1,182,757


Intel Corp.		266,289		9,357,395


Microchip Technology, Inc.		34,973		2,862,190


Micron Technology, Inc.		69,504		4,861,110


Monolithic Power Systems, Inc.		2,876		1,499,000


NVIDIA Corp.		157,762		77,863,435


NXP Semiconductors N.V. (China)		16,583		3,411,455


ON Semiconductor Corp.^(b)		27,422		2,699,970


Qorvo, Inc.^(b)		6,395		686,759


QUALCOMM, Inc.		71,121		8,145,488


Skyworks Solutions, Inc.		10,110		1,099,361


Texas Instruments, Inc.		57,948		9,738,741


				164,712,911



Single-Family Residential REITs–0.05%
Invitation Homes, Inc.		37,113		1,265,182



Soft Drinks & Non-alcoholic Beverages–1.41%
Coca-Cola Co. (The)		248,485		14,866,858


Keurig Dr Pepper, Inc.		53,436		1,798,121


Monster Beverage Corp.^(b)		48,783		2,800,632


PepsiCo, Inc.		87,956		15,649,131


				35,114,742



Specialty Chemicals–0.62%
Albemarle Corp.^(c)		7,491		1,488,537


Celanese Corp.		6,292		795,057


DuPont de Nemours, Inc.		29,305		2,253,261


Eastman Chemical Co.		7,568		643,356


Ecolab, Inc.		15,699		2,885,633


International Flavors & Fragrances, Inc.		16,082		1,132,977


PPG Industries, Inc.		15,029		2,130,511


Sherwin-Williams Co. (The)		14,997		4,074,985


				15,404,317



Steel–0.15%
Nucor Corp.		16,043		2,761,000


	Shares		Value


Steel–(continued)
Steel Dynamics, Inc.		10,041		$ 1,070,270


				3,831,270



Systems Software–7.36%
Fortinet, Inc.^(b)		41,381		2,491,550


Gen Digital, Inc.		36,174		732,523


Microsoft Corp.		474,539		155,534,902


Oracle Corp.		98,248		11,828,077


Palo Alto Networks, Inc.^(b)(c)		19,319		4,700,313


ServiceNow, Inc.^(b)		13,007		7,658,912


				182,946,277



Technology Distributors–0.07%
CDW Corp.		8,605		1,816,946



Technology Hardware, Storage & Peripherals–7.37%
Apple, Inc.		943,623		177,278,453


Hewlett Packard Enterprise Co.		82,282		1,397,971


HP, Inc.		55,356		1,644,627


NetApp, Inc.		13,691		1,050,100


Seagate Technology Holdings PLC		12,478		883,317


Western Digital Corp.^(b)		20,315		914,175


				183,168,643



Telecom Tower REITs–0.39%
American Tower Corp.		29,754		5,394,995


Crown Castle, Inc.		27,687		2,782,544


SBA Communications Corp., Class A		6,917		1,553,074


				9,730,613



Timber REITs–0.06%
Weyerhaeuser Co.		46,460		1,521,565



Tobacco–0.59%
Altria Group, Inc.		113,963		5,039,444


Philip Morris International, Inc.		99,097		9,519,258


				14,558,702



Trading Companies & Distributors–0.25%
Fastenal Co.		36,456		2,099,136


United Rentals, Inc.		4,372		2,083,433


W.W. Grainger, Inc.		2,847		2,033,157


				6,215,726



Transaction & Payment Processing Services–2.53%
Fidelity National Information Services, Inc.		37,823		2,112,793


Fiserv, Inc.^(b)		39,411		4,784,101


FleetCor Technologies, Inc.^(b)		4,652		1,264,088


Global Payments, Inc.		16,534		2,094,693


Jack Henry & Associates, Inc.		4,653		729,497


Mastercard, Inc., Class A		53,422		22,044,054


PayPal Holdings, Inc.^(b)		71,231		4,452,650


Visa, Inc., Class A^(c)		103,312		25,381,692


				62,863,568



Water Utilities–0.07%
American Water Works Co., Inc.		12,427		1,724,122

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


14		Invesco S&P 500 Index Fund


	Shares		Value


Wireless Telecommunication Services–0.20%
T-Mobile US, Inc.^(b)		36,771	$	5,010,049


Total Common Stocks & Other Equity Interests (Cost $938,430,675)				2,402,642,415



Money Market Funds–3.21%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(d)(f)		28,598,847		28,598,847


Invesco Liquid Assets Portfolio, Institutional Class, 5.38%^(d)(f)		18,497,482		18,499,332


Invesco Treasury Portfolio, Institutional Class, 5.25%^(d)(f)		32,684,397		32,684,397


Total Money Market Funds (Cost $79,780,183)				79,782,576


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $1,018,210,858)				2,482,424,991


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.06%
Invesco Private Government Fund, 5.30%^(d)(f)(g)		14,324,601	$	14,324,601


Invesco Private Prime Fund, 5.51%^(d)(f)(g)		36,834,686		36,834,686


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $51,159,465)				51,159,287


TOTAL INVESTMENTS IN SECURITIES–101.89% (Cost $1,069,370,323)				2,533,584,278


OTHER ASSETS LESS LIABILITIES–(1.89)%				(47,019,952	)


NET ASSETS–100.00%			$	2,486,564,326

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at August 31, 2023.

^(d)


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value August 31, 2023		Dividend Income
Invesco Ltd.	$	328,856	$	141,239	$	-		$	(14,624	)	$	-	$	455,471	$	21,752
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		9,532,355		88,172,546		(69,106,054	)		-			-		28,598,847		858,535
Invesco Liquid Assets Portfolio, Institutional Class		4,881,331		62,980,390		(49,361,467	)		(772	)		(150)		18,499,332		543,327
Invesco Treasury Portfolio, Institutional Class		10,894,120		100,768,624		(78,978,347	)		-			-		32,684,397		978,148
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		12,103,315		290,584,307		(288,363,021	)		-			-		14,324,601		724,576*
Invesco Private Prime Fund		31,122,812		563,977,321		(558,272,365	)		(2,633	)		9,551		36,834,686		1,959,430*
Total	$	68,862,789	$	1,106,624,427	$	(1,044,081,254	)	$	(18,029	)	$	9,401	$	131,397,334	$	5,085,768

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

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.

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

Open Futures Contracts

Long Futures Contracts

Number of
Contracts

Expiration

Month

Notional

Value

Unrealized
Appreciation

Equity Risk

E-Mini S&P 500 Index

362

September-2023

81,739,600

1,755,838

$1,755,838

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


15		Invesco S&P 500 Index Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $ 937,839,540)*	$	2,402,186,944



Investments in affiliates, at value (Cost $ 131,530,783)		131,397,334


Cash		6,548


Receivable for:
Fund shares sold		2,517,834


Dividends		4,144,001


Investment for trustee deferred compensation and retirement plans		67,051


Other assets		85,828


Total assets		2,540,405,540



Liabilities:
Other investments:
Variation margin payable — futures contracts		149,329


Payable for:
Fund shares reacquired		994,374


Collateral upon return of securities loaned		51,159,465


Accrued fees to affiliates		1,181,774


Accrued trustees’ and officers’ fees and benefits		2,368


Accrued other operating expenses		276,659


Trustee deferred compensation and retirement plans		77,245


Total liabilities		53,841,214


Net assets applicable to shares outstanding	$	2,486,564,326


Net assets consist of:
Shares of beneficial interest	$	1,026,887,354


Distributable earnings		1,459,676,972


	$	2,486,564,326



Net Assets:
Class A	$	1,681,628,083


Class C	$	330,697,747


Class Y	$	450,318,486


Class R6	$	23,920,010



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		35,135,957


Class C		7,251,584


Class Y		9,252,727


Class R6		490,687


Class A:
Net asset value per share	$	47.86


Maximum offering price per share (Net asset value of $47.86 ÷ 94.50%)	$	50.65


Class C:
Net asset value and offering price per share	$	45.60


Class Y:
Net asset value and offering price per share	$	48.67


Class R6:
Net asset value and offering price per share	$	48.75

*	At August 31, 2023, securities with an aggregate value of $50,437,354 were on loan to brokers.

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


16		Invesco S&P 500 Index Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $8,894)	$	34,522,973


Dividends from affiliates (includes net securities lending income of $152,709)		2,554,471


Total investment income		37,077,444



Expenses:
Advisory fees		2,558,275


Administrative services fees		293,917


Custodian fees		23,286


Distribution fees:
Class A		3,676,396


Class C		3,171,631


Transfer agent fees – A, C and Y		2,567,731


Transfer agent fees – R6		5,742


Trustees’ and officers’ fees and benefits		32,389


Registration and filing fees		117,240


Licensing fees		458,855


Reports to shareholders		93,232


Professional services fees		67,057


Other		26,464


Total expenses		13,092,215


Less: Fees waived and/or expense offset arrangement(s)		(81,827	)


Net expenses		13,010,388


Net investment income		24,067,056



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(5,830,136	)


Affiliated investment securities		9,401


Futures contracts		5,890,810


		70,075


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		295,938,615


Affiliated investment securities		(18,029	)


Futures contracts		1,505,642


		297,426,228


Net realized and unrealized gain		297,496,303


Net increase in net assets resulting from operations	$	321,563,359

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


17		Invesco S&P 500 Index Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	24,067,056		$	18,700,160


Net realized gain		70,075			763,744


Change in net unrealized appreciation (depreciation)		297,426,228			(292,359,933	)


Net increase (decrease) in net assets resulting from operations		321,563,359			(272,896,029	)



Distributions to shareholders from distributable earnings:
Class A		(14,619,410	)		(30,656,639	)


Class C		(2,697,142	)		(5,524,672	)


Class Y		(3,119,500	)		(6,585,646	)


Class R6		(201,236	)		(322,866	)


Total distributions from distributable earnings		(20,637,288	)		(43,089,823	)



Share transactions–net:
Class A		83,378,064			62,649,656


Class C		(39,240,029	)		(18,470,272	)


Class Y		114,438,275			43,987,251


Class R6		4,627,333			5,899,741


Net increase in net assets resulting from share transactions		163,203,643			94,066,376


Net increase (decrease) in net assets		464,129,714			(221,919,476	)



Net assets:
Beginning of year		2,022,434,612			2,244,354,088


End of year	$	2,486,564,326		$	2,022,434,612

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


18		Invesco S&P 500 Index Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 08/31/23		$41.94		$0.51		$ 5.84			$ 6.35			$(0.43	)		$ –			$(0.43	)		$47.86		15.33	%		$1,681,628		0.54	%		0.54	%		1.18	%		2	%
Year ended 08/31/22		48.42		0.44		(5.97	)		(5.53	)		(0.39	)		(0.56	)		(0.95	)		41.94		(11.70	)		1,392,433		0.54			0.54			0.95			2
Year ended 08/31/21		37.59		0.39		10.94			11.33			(0.43	)		(0.07	)		(0.50	)		48.42		30.46			1,544,523		0.54			0.54			0.93			5
Year ended 08/31/20		31.59		0.45		6.21			6.66			(0.45	)		(0.21	)		(0.66	)		37.59		21.33	^(d)		1,147,062		0.54	^(d)		0.54	^(d)		1.36	^(d)		2
Year ended 08/31/19		31.63		0.45		0.20			0.65			(0.42	)		(0.27	)		(0.69	)		31.59		2.36	^(d)		906,581		0.55	^(d)		0.55	^(d)		1.47	^(d)		3
Class C
Year ended 08/31/23		40.17		0.18		5.58			5.76			(0.33	)		–			(0.33	)		45.60		14.49	^(e)		330,698		1.28	^(e)		1.28	^(e)		0.44	^(e)		2
Year ended 08/31/22		46.48		0.09		(5.75	)		(5.66	)		(0.09	)		(0.56	)		(0.65	)		40.17		(12.38	)		329,140		1.29			1.29			0.20			2
Year ended 08/31/21		36.09		0.12		10.52			10.64			(0.18	)		(0.07	)		(0.25	)		46.48		29.65	^(e)		400,963		1.18	^(e)		1.18	^(e)		0.29	^(e)		5
Year ended 08/31/20		30.36		0.19		5.96			6.15			(0.21	)		(0.21	)		(0.42	)		36.09		20.41			353,371		1.30			1.30			0.60			2
Year ended 08/31/19		30.43		0.21		0.21			0.42			(0.22	)		(0.27	)		(0.49	)		30.36		1.60			294,011		1.31			1.31			0.71			3
Class Y
Year ended 08/31/23		42.57		0.63		5.94			6.57			(0.47	)		–			(0.47	)		48.67		15.63			450,318		0.29			0.29			1.43			2
Year ended 08/31/22		49.12		0.56		(6.05	)		(5.49	)		(0.50	)		(0.56	)		(1.06	)		42.57		(11.48	)		284,424		0.29			0.29			1.20			2
Year ended 08/31/21		38.11		0.50		11.10			11.60			(0.52	)		(0.07	)		(0.59	)		49.12		30.80			286,102		0.29			0.29			1.18			5
Year ended 08/31/20		32.01		0.53		6.30			6.83			(0.52	)		(0.21	)		(0.73	)		38.11		21.62			203,430		0.30			0.30			1.60			2
Year ended 08/31/19		32.04		0.53		0.20			0.73			(0.49	)		(0.27	)		(0.76	)		32.01		2.62			181,204		0.31			0.31			1.71			3
Class R6
Year ended 08/31/23		42.61		0.67		5.95			6.62			(0.48	)		–			(0.48	)		48.75		15.74			23,920		0.20			0.20			1.52			2
Year ended 08/31/22		49.15		0.60		(6.05	)		(5.45	)		(0.53	)		(0.56	)		(1.09	)		42.61		(11.40	)		16,438		0.20			0.20			1.29			2
Year ended 08/31/21		38.13		0.53		11.09			11.62			(0.53	)		(0.07	)		(0.60	)		49.15		30.86			12,765		0.24			0.24			1.23			5
Year ended 08/31/20		32.02		0.55		6.31			6.86			(0.54	)		(0.21	)		(0.75	)		38.13		21.70			8,020		0.24			0.24			1.66			2
Year ended 08/31/19		32.05		0.54		0.20			0.74			(0.50	)		(0.27	)		(0.77	)		32.02		2.65			5,646		0.26			0.26			1.76			3

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended August 31, 2020 and 2019, respectively.

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% 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.


19		Invesco S&P 500 Index Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


20		Invesco S&P 500 Index Fund

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

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.

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.


21		Invesco S&P 500 Index Fund

letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended August 31, 2023, the Fund paid the Adviser $9,731 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.

Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument 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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $2 billion		0.120%


Over $2 billion		0.100%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.12%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or expense reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.00%, 2.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. 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, 2023, the Adviser waived advisory fees of $53,648.

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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $292,937 in front-end sales commissions from the sale of Class A shares and $14,246 and $26,003 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended August 31, 2023, the Fund incurred $9,919 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.


22		Invesco S&P 500 Index Fund

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	2,402,642,415	$	–		$–	$	2,402,642,415


Money Market Funds		79,782,576		51,159,287		–		130,941,863


Total Investments in Securities		2,482,424,991		51,159,287		–		2,533,584,278



Other Investments - Assets*


Futures Contracts		1,755,838		–		–		1,755,838


Total Investments	$	2,484,180,829	$	51,159,287		$–	$	2,535,340,116

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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, 2023:


	Value
Derivative Assets	Equity Risk


Unrealized appreciation on futures contracts – Exchange-Traded^(a)		$ 1,755,838


Derivatives not subject to master netting agreements		(1,755,838	)


Total Derivative Assets subject to master netting agreements		$ –

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

Effect of Derivative Investments for the year ended August 31, 2023

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


	Location of Gain on Statement of Operations
	Equity Risk


Realized Gain:
Futures contracts		$5,890,810


Change in Net Unrealized Appreciation:
Futures contracts		1,505,642


Total		$7,396,452

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


	Futures Contracts


Average notional value	$	57,153,122


23		Invesco S&P 500 Index Fund

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	20,637,288	$	23,767,779


Long-term capital gain		–		19,322,044


Total distributions	$	20,637,288	$	43,089,823

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	16,608,518


Net unrealized appreciation – investments		1,446,264,144


Temporary book/tax differences		(59,213	)


Capital loss carryforward		(3,136,477	)


Shares of beneficial interest		1,026,887,354


Total net assets	$	2,486,564,326

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$2,543,597

$592,880

$3,136,477

*	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, 2023 was $155,213,036 and $37,764,867, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$1,484,375,997


Aggregate unrealized (depreciation) of investments	(38,111,853	)


Net unrealized appreciation of investments	$1,446,264,144

Cost of investments for tax purposes is $1,089,075,972.


24		Invesco S&P 500 Index Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REITs, on August 31, 2023, undistributed net investment income was increased by $598,735, undistributed net realized gain (loss) was decreased by $595,777 and shares of beneficial interest was decreased by $2,958. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		4,837,964		$	209,631,036			4,519,315		$	208,693,476


Class C		1,178,645			48,451,033			1,215,205			53,651,131


Class Y		4,620,383			203,223,167			2,834,966			133,402,035


Class R6		207,835			9,135,762			218,902			10,153,148



Issued as reinvestment of dividends:
Class A		316,821			12,853,339			555,173			27,286,842


Class C		62,346			2,422,774			106,663			5,049,443


Class Y		59,929			2,467,868			108,842			5,420,328


Class R6		4,666			192,374			6,202			308,974



Automatic conversion of Class C shares to Class A shares:
Class A		972,593			42,215,051			679,046			31,059,957


Class C		(1,017,674	)		(42,215,051	)		(707,353	)		(31,059,957	)



Reacquired:
Class A		(4,193,571	)		(181,321,362	)		(4,447,608	)		(204,390,619	)


Class C		(1,164,496	)		(47,898,785	)		(1,048,533	)		(46,110,889	)


Class Y		(2,109,204	)		(91,252,760	)		(2,086,614	)		(94,835,112	)


Class R6		(107,591	)		(4,700,803	)		(99,040	)		(4,562,381	)


Net increase in share activity		3,668,646		$	163,203,643			1,855,166		$	94,066,376

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% 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.


25		Invesco S&P 500 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 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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


26		Invesco S&P 500 Index Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,142.00	$2.92	$1,022.48	$2.75	0.54%
Class C	1,000.00	1,137.70	6.90	1,018.75	6.51	1.28
Class Y	1,000.00	1,143.60	1.57	1,023.74	1.48	0.29
Class R6	1,000.00	1,144.10	1.08	1,024.20	1.02	0.20

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


27		Invesco S&P 500 Index Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). 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 considered that the Fund seeks to


28		Invesco S&P 500 Index Fund

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 considered that the Fund underwent a change in portfolio management in 2020, 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

sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

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 difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


29		Invesco S&P 500 Index Fund


30		Invesco S&P 500 Index Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	100.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


31		Invesco S&P 500 Index Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco S&P 500 Index Fund

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		MS-SPI-AR-1

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Annual Report to Shareholders		August 31, 2023

Invesco Senior Floating Rate Fund

Nasdaq:

A: OOSAX ∎ C: OOSCX ∎ R: OOSNX ∎ Y: OOSYX ∎ R5: SFRRX ∎ R6: OOSIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

26		Financial Statements

30		Financial Highlights

31		Notes to Financial Statements

40		Report of Independent Registered Public Accounting Firm

41		Fund Expenses

42		Approval of Investment Advisory and Sub-Advisory Contracts

45		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Senior Floating Rate Fund (the Fund), at net asset value (NAV), underperformed the JP Morgan Leveraged Loan Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.72	%
Class C Shares	7.91
Class R Shares	8.29
Class Y Shares	8.83
Class R5 Shares	8.89
Class R6 Shares	9.06
Custom Invesco Senior Floating Rate Index^▼	10.03
JP Morgan Leveraged Loan Index^∎	10.03

Source(s): ^▼Invesco, Bloomberg LP; ^∎Bloomberg LP

Market conditions and your Fund

9.51%, respectively.¹ Energy was the best performing sector returning 13.35% for the fiscal year, while media
/telecommunications was relatively the worst performing sector returning a positive 5.76%.¹ More recently, the senior loan market was up 9.16% calendar year-to-date, having also outperformed high yield by approximately 140 basis points (bps).^2,3

Throughout the 2022 calendar year, risk assets performed poorly, however loans significantly outperformed most other asset classes with a slight positive return for the full year of 0.06%.² The first month of calendar year 2023 continued this positive trend, leading to a relatively high positive return of 2.58%;² however, stronger than expected economic data and broad banking sector turmoil began to influence performance over the following few months, with loans finishing the first quarter with a 3.26%² return. Starting the following quarter with a slight positive, loan flattened in the middle of the quarter before returns rebounded towards the end of the fiscal year as improved economic sentiment overshadowed hawkish central bank rhetoric, improving the calendar quarterly return to 3.17%,² while also driving the following two months’ returns to both above 1.00%.² Since the middle of 2022, collateralized loan obligations (CLO) creation has come back in earnest, stabilizing market technicals and acting as a balance to retail outflows. CLO managers sought to buy assets for new structures, despite a dearth of new issue supply, and overall, this increase in CLO demand, as well as supportive fundamentals and relatively high coupon levels, helped enable the loan market to produce only two months of negative returns during the fiscal year covered in this report.²

During the fiscal year, the loan market continued to benefit from a supportive fundamental backdrop. As of August 31, 2023, the 12-month default rate was 1.55%.⁴ Issuer

fundamentals ended the most recent quarter relatively robust, with companies showing a strong ability to service their debt, even in this rising rate environment. Interest coverage ratios, while off their near-term highs, are currently 3.0x⁵ and still sufficient to absorb higher rates. Economic data is moderating but still trending higher, with persistent core inflation pushing expectations for a “higher for longer” interest rate environment. This may place incremental pressure on certain issuers but the extent to which this creates distress depends more on the corporate earnings environment. The supply/demand balance has remained supportive and loan investors have continued to reap the benefit of interest rates at 20+ year highs through floating rate coupons. Additionally, leverage levels have remained at their pre-pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. Debt maturity concerns are held at bay as only 3.3% of outstanding loans mature in the next 18 months, as of June 30, 2023.¹ The average price in the senior loan market was $95.75 as of August 31, 2023.² Given the price of senior loans at the end of the fiscal year, they provided a 9.80% yield (represented by the yield to 3-year life).² Heading into what we presume will be a period of higher but manageable default activity, it is worth noting that historically the loan market has reliably discounted higher likelihood of defaults (particularly during periods of market turbulence) than what ultimately occurred. Loan prices as of August 31, 2023, were still implying a 4.9%¹ default rate in the market, well in excess of the 3.5%6 default rate JP Morgan was forecasting for the end of 2023 and well above the 1.55% August 31, 2023, rolling twelve-month default rate.⁴ While it is impossible to predict where and when loan prices will bottom, the market has time and again over-corrected relative to eventual realized defaults in past episodes of market dislocation and current loan investors are being well compensated for the potential risk of credit loss. This is not to suggest the market cannot or will not trade lower but rather highlights one reason that loans may often provide compelling value for investors. Despite expectations of an increase in default rates, loans are senior secured with high average recovery rates, which have historically mitigated potential credit loss.⁶ Spreads and yields continue to remain robust, with the average loan coupon still surpassing the average coupon for high-yield bonds for the first time on record.^2,3

During the fiscal year ending August 31, 2023, QuarterNorth Energy Holding, My Alarm Center and Douglas all contributed to absolute Fund performance, while Avaya, Tribune Resources and Crown Finance US all detracted from absolute performance.

In managing the Fund, we seek out the best risk-adjusted-return opportunities. We seek to


2		Invesco Senior Floating Rate Fund

efficiently allocate risk within the portfolio in order to maximize risk-adjusted returns.

As always, we appreciate your continued participation in Invesco Senior Floating Rate Fund.

1	Source: Credit Suisse Leveraged Loan Index

2	Source: JP Morgan Leveraged Loan Index

3	Source: JP Morgan US High Yield Index

4	Source: Morningstar LSTA Leveraged Loan Index

5	Source: Pitchbook LCD

6	Source: JP Morgan Research

Portfolio manager(s):

Thomas Ewald

David Lukkes

Philip Yarrow

relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Senior Floating Rate Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: Invesco, Bloomberg LP

2 Source: Bloomberg LP

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Senior Floating Rate Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (9/8/99)	4.11	%
10 Years	2.57
5 Years	1.28
1 Year	5.16

Class C Shares
Inception (9/8/99)	4.08	%
10 Years	2.30
5 Years	1.16
1 Year	6.93

Class R Shares
Inception (10/26/12)	2.89	%
10 Years	2.64
5 Years	1.66
1 Year	8.29

Class Y Shares
Inception (11/28/05)	4.02	%
10 Years	3.16
5 Years	2.16
1 Year	8.83

Class R5 Shares
10 Years	3.04	%
5 Years	2.20
1 Year	8.89

Class R6 Shares
Inception (10/26/12)	3.50	%
10 Years	3.25
5 Years	2.29
1 Year	9.06

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Senior Floating Rate Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Senior Floating Rate Fund. The Fund was subsequently renamed the Invesco Senior Floating Rate Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class A share performance reflects the maximum 3.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Senior Floating Rate Fund

Supplemental Information

Invesco Senior Floating Rate Fund’s investment objective is to seek income.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Custom Invesco Senior Floating Rate Index is composed of the Credit Suisse Leveraged Loan Index through September 30, 2014, and the JP Morgan Leveraged Loan Index from October 1, 2014 to present. The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, noninvestment-grade loans.

∎	The JP Morgan Leveraged Loan Index tracks the performance of US dollar-denominated senior floating rate bank loans.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less

frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Senior Floating Rate Fund

Fund Information

Portfolio Composition^†


By credit quality	% of total investments

BBB-		2.14	%

BB+		1.15

BB		7.79

BB-		6.72

B+		14.42

B		20.12

B-		16.88

CCC+		6.45

CCC		4.47

CCC-		0.25

CC		0.23

D		0.35

Non-Rated		9.88

Equity		9.15

^† 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.

Top Five Debt Issuers*


		% of total net assets

1.	Carnival Corp.		1.03	%

2.	AAdvantage Loyalty IP Ltd. (American Airlines, Inc.)		0.95

3.	Monitronics International, Inc.		0.88

4.	Robertshaw US Holding Corp.		0.87

5.	First Student Bidco, Inc.		0.87

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of August 31, 2023.


7		Invesco Senior Floating Rate Fund

Schedule of Investments

August 31, 2023


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Variable Rate Senior Loan Interests–80.01%^(b)(c)
Aerospace & Defense–4.00%
ADB Safegate (ADBAS/CEP IV) (Luxembourg), Term Loan B (3 mo. EURIBOR + 4.75%)	8.21%	10/03/2026	EUR		14,104	$	14,161,504


Barnes Group, Inc., Term Loan B^(d)	–	08/10/2030		$	1,534		1,538,522


Brown Group Holding LLC (Signature Aviation US Holdings, Inc.)
Incremental Term Loan B-2 (1 mo. Term SOFR + 3.75%)	9.17%	07/02/2029			3,994		3,996,937


Term Loan (1 mo. Term SOFR + 2.50%)	8.18%	06/07/2028			14,870		14,715,930


Castlelake Aviation Ltd.
Incremental Term Loan (1 mo. Term SOFR + 2.75%)	8.00%	10/22/2027			5,778		5,778,554


Term Loan (3 mo. USD LIBOR + 2.75%)	8.30%	10/22/2026			12,814		12,817,576


Dynasty Acquisition Co., Inc.
Term Loan B-1	9.31%	04/08/2026			6,017		6,016,573


Term Loan B-2	8.81%	04/08/2026			3,228		3,228,152


KKR Apple Bidco LLC
First Lien Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	09/22/2028			14,866		14,724,177


First Lien Term Loan (1 mo. Term SOFR + 4.00%)	9.33%	09/22/2028			3,024		3,029,577


Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)	13.23%	02/01/2029			9,237		9,083,106


Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. Term SOFR + 4.00%)	8.99%	09/13/2029			5,335		5,329,949


Rand Parent LLC (Atlas Air), Term Loan B (1 mo. Term SOFR + 4.25%)	9.49%	02/09/2030			5,468		5,314,341


Spirit AeroSystems, Inc., Term Loan B (1 mo. Term SOFR + 4.50%)	9.62%	01/14/2027			6,592		6,590,028


Titan Acquisition Holdings L.P., Term Loan B (1 mo. Term SOFR + 4.50%)^(e)	9.81%	04/27/2030			3,484		3,492,697
TransDigm, Inc.
Term Loan H (1 mo. Term SOFR + 3.25%)	8.49%	02/28/2027			493		495,000


Term Loan I (1 mo. Term SOFR + 3.25%)	8.49%	08/24/2028			17,314		17,346,361


							127,658,984



Air Transport–2.12%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (1 mo. Term SOFR + 4.75%)	10.34%	04/20/2028			29,224		30,390,785


American Airlines, Inc., Term Loan (1 mo. Term SOFR + 2.75%)	8.54%	02/09/2028			2,043		2,036,058


Avolon Borrower 1 (US) LLC, Term Loan B-6 (1 mo. Term SOFR + 2.50%)	7.81%	06/08/2028			3,379		3,386,466


United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)	9.29%	04/21/2028			19,778		19,858,972


WestJet Airlines Ltd. (Canada), Term Loan (3 mo. Term SOFR + 3.00%)	8.42%	12/11/2026			12,207		11,992,516


							67,664,797



Automotive–2.34%
Adient PLC, Term Loan B-1 (1 mo. Term SOFR + 3.25%)	8.70%	04/10/2028			8,417		8,438,532


Autokiniton US Holdings, Inc., Term Loan B (1 mo. Term SOFR + 4.50%)	9.95%	04/06/2028			9,472		9,436,496


Belron Group S.A., First Lien Term Loan B (3 mo. Term SOFR + 2.75%)	8.16%	04/06/2029			3,930		3,938,476


Constellation Auto (CONSTE/BCA) (United Kingdom)
First Lien Term Loan B-2 (6 mo. SONIA + 4.75%)	9.68%	07/28/2028	GBP		1,187		1,381,919


Second Lien Term Loan B-1 (6 mo. SONIA + 7.50%)	12.68%	07/27/2029	GBP		5,046		4,404,930


DexKo Global, Inc., Incremental Term Loan (1 mo. Term SOFR + 4.25%)	9.60%	10/04/2028			2,031		1,988,417


Driven Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.00%)	8.43%	12/16/2028			2,306		2,259,740


Engineered Components & Systems LLC (aka CentroMotion), Term Loan B^(d)(e)	–	07/25/2030			3,384		3,359,041


First Brands Group Intermediate LLC
Term Loan B (6 mo. Term SOFR + 5.00%)	10.88%	03/30/2027			7,775		7,685,270


Term Loan B (1 mo. Term SOFR + 5.00%)	10.88%	03/30/2027			11,480		11,343,301


Highline Aftermarket Acquisition LLC, Term Loan (1 mo. Term SOFR + 4.50%)	9.93%	11/09/2027			6,090		5,924,455


Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. Term SOFR + 4.00%)	9.45%	05/04/2028			9,350		9,337,567


Panther BF Aggregator 2 L.P. (Canada), Term Loan B (1 mo. Term SOFR + 3.75%)	9.08%	05/06/2030			5,186		5,185,334


							74,683,478



Beverage & Tobacco–0.84%
Al Aqua Merger Sub, Inc., Term Loan B (1 mo. Term SOFR + 3.75%)	9.06%	07/31/2028			12,606		12,583,489


City Brewing Co. LLC, Term Loan B (3 mo. Term SOFR + 3.50%)	9.07%	03/31/2028			21,606		14,259,682


							26,843,171

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


8		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Brokers, Dealers & Investment Houses–0.12%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)	12.03%	08/05/2029		$	143	$	135,591


Zebra Buyer LLC, Term Loan (3 mo. Term SOFR + 3.25%)	8.75%	11/01/2028			3,792		3,790,774


							3,926,365



Building & Development–1.69%
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)	10.43%	04/01/2028			12,069		9,964,898


Flakt Woods (Fusilli Holdco) (France), Term Loan B (3 mo. EURIBOR + 6.00%)	2.00%	10/12/2023	EUR		1,700		1,705,544


Icebox Holdco III, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.75%)	9.25%	12/22/2028			3,210		3,191,090


Janus International Group LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.67%	07/25/2030			1,587		1,589,106


LBM Holdings LLC, First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.07%	12/17/2027			15		14,578


LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.75%)	10.18%	02/16/2029			12,781		11,351,454


Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)^(e)	8.68%	04/20/2024			3,324		3,024,529


Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)	9.84%	04/29/2029			8,737		8,721,510


Quikrete Holdings, Inc.
First Lien Term Loan (1 mo. Term SOFR + 2.63%)	8.07%	02/01/2027			1,259		1,259,792


Term Loan B (1 mo. Term SOFR + 3.00%)	8.32%	03/18/2029			5,538		5,548,432


Standard Industries, Inc., Term Loan B (1 mo. Term SOFR + 2.25%)	7.93%	09/22/2028			1,976		1,981,027


TAMKO Building Products LLC, Term Loan (3mo. USD LIBOR + 3.00%)	8.40%	05/29/2026			3,368		3,374,520


TenCate Grass (TCG AcqCo B.V.) (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 5.00%)	8.48%	09/14/2028	EUR		2,000		2,128,038


							53,854,518



Business Equipment & Services–8.92%
AlixPartners L.L.P., Term Loan (1 mo. Term SOFR + 2.50%)	8.20%	02/04/2028			3,247		3,248,643


Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)
Incremental Term Loan^(d)	–	05/11/2028			10,805		10,722,316


Term Loan (1 mo. Term SOFR + 3.75%)	9.18%	05/12/2028			803		781,500


Camelot Finance L.P.
Incremental Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	10/30/2026			8,336		8,344,981


Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	10/30/2026			4,356		4,361,999


Checkout Holding Corp., Term Loan (3 mo. SOFR + 9.50%)	12.87%	05/10/2027			9,555		5,792,445


Cimpress USA, Inc., Term Loan B (1 mo. Term SOFR + 3.50%)	8.95%	05/17/2028			9,650		9,587,023


Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)	13.06%	02/15/2029			3,742		3,096,920


Term Loan B (1 mo. USD LIBOR + 4.00%)	9.56%	02/10/2028			7,079		6,816,853


Corporation Service Co., Term Loan B (1 mo. Term SOFR + 3.25%)	8.68%	11/02/2029			4,967		4,978,104


Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)	11.01%	10/05/2028			6,028		5,726,443


Dakota Holding Corp.
First Lien Term Loan (3 mo. Term SOFR + 3.75%)	8.99%	04/09/2027			13,813		13,364,182


Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)	12.29%	04/07/2028			1,901		1,798,591


Dun & Bradstreet Corp. (The)
Incremental Term Loan B-2 (1 mo. Term SOFR + 3.25%)	8.32%	01/18/2029			2,805		2,808,252


Revolver Loan (3 mo. USD LIBOR + 3.00%)^(e)	7.75%	09/11/2025			2,032		2,018,452


Revolver Loan^(e)(f)	0.00%	09/11/2025			11,786		11,707,020


Term Loan B (1 mo. Term SOFR + 3.00%)	8.17%	02/06/2026			10,606		10,627,276


Garda World Security Corp. (Canada)
Term Loan (1 mo. Term SOFR + 4.25%)	9.57%	02/01/2029			7,998		8,000,822


Term Loan B-2 (1 mo. Term SOFR + 4.25%)	9.67%	10/30/2026			5,214		5,217,774


GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	9.45%	05/12/2028			15,241		14,861,380


I-Logic Tech Bidco Ltd. (United Kingdom), Term Loan (3 mo. Term SOFR + 4.00%)	9.39%	02/16/2028			1,052		1,046,862


ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan (3 mo. Term SOFR + 4.75%)	10.09%	04/01/2028			3,995		3,921,245


iQor US, Inc.
Second Lien Term Loan (1 mo. Term SOFR + 7.50%)	12.39%	11/19/2025			15,462		10,900,785


Term Loan (1 mo. Term SOFR + 7.50%)	12.93%	11/19/2024			11,445		11,339,815


Karman Buyer Corp., First Lien Term Loan B-1 (1 mo. Term SOFR + 4.50%)	9.93%	10/28/2027			6,405		6,150,181


KronosNet CX Bidco (Comspa Konecta) (Spain), Term Loan B (3 mo. EURIBOR + 5.75%)	9.45%	09/30/2029	EUR		4,832		5,134,958


Learning Care Group (US) No. 2, Inc., Term Loan (1 mo. Term SOFR + 4.75%)	10.12%	08/08/2028			2,725		2,728,053


Monitronics International, Inc., Term Loan (3 mo. Term SOFR + 7.50%)	13.00%	06/30/2028			27,667		28,040,792


Orchid Merger Sub II LLC, Term Loan (1 mo. Term SOFR + 4.75%)	10.14%	07/27/2027			10,307		7,562,829

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


9		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Business Equipment & Services–(continued)
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. Term SOFR + 2.75%)	8.18%	09/23/2026		$	1,334	$	1,335,931


QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)	10.06%	06/23/2024	GBP		8,612		10,817,181


Red Ventures LLC (New Imagitas, Inc.), Term Loan B (1 mo. Term SOFR + 3.00%)	8.33%	02/24/2030			7,691		7,678,708


Sitel Worldwide Corp., Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	08/28/2028			2,826		2,799,438


Skillsoft Corp., Term Loan (1 mo. Term SOFR + 4.75%)	10.68%	07/14/2028			4,109		3,832,300


Solera (Polaris Newco LLC), Term Loan B (1 mo. SONIA + 5.25%)	10.44%	06/05/2028	GBP		1,501		1,712,443


Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)	9.23%	03/04/2028			30,093		25,353,405


Tempo Acquisition LLC, Term Loan B (1 mo. Term SOFR + 3.00%)	8.33%	08/31/2028			3,080		3,089,726


Trans Union LLC, First Lien Term Loan (1 mo. Term SOFR + 2.25%)	7.70%	11/30/2028			5,481		5,486,933


Verra Mobility Corp., Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	03/19/2028			6,663		6,671,094


WebHelp (France), Term Loan B (1 mo. Term SOFR + 4.00%)	8.81%	08/04/2028			5,193		5,197,266


							284,660,921



Cable & Satellite Television–2.54%
Altice Financing S.A. (Luxembourg), Term Loan (1 mo. Term SOFR + 0.00%)	10.31%	10/31/2027			13,370		12,709,673


Atlantic Broadband Finance LLC, Incremental Term Loan B-5 (1 mo. Term SOFR + 2.50%)	7.95%	09/01/2028			1,112		1,096,359


CSC Holdings LLC
Term Loan (1 mo. Term SOFR + 2.50%)	7.92%	04/15/2027			563		510,567


Term Loan B (1 mo. Term SOFR + 4.50%)	9.81%	01/15/2028			12,969		12,249,949


Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (1 mo. Term SOFR + 4.00%)	9.63%	08/14/2026			9,430		8,899,244


Term Loan B-12 (1 mo. Term SOFR + 3.69%)	9.26%	01/31/2026			18,894		17,870,886


UPC – LG, Term Loan AX (1 mo. USD LIBOR + 2.93%)	8.35%	01/31/2029			10,002		9,709,942


Virgin Media 02 – LG (United Kingdom)
Term Loan N (1 mo. Term SOFR + 2.50%)	7.92%	01/31/2028			6,928		6,747,735


Term Loan Q (1 mo. Term SOFR + 3.25%)	8.67%	01/31/2029			3,195		3,165,556


Term Loan Y (1 mo. Term SOFR + 3.25%)	8.31%	03/06/2031			8,195		8,118,904


							81,078,815



Chemicals & Plastics–5.49%
AkzoNobel Chemicals
Incremental Term Loan (1 mo. Term SOFR + 4.00%)	9.35%	03/03/2028			3,464		3,459,720


Term Loan (1 mo. Term SOFR + 4.00%)	9.32%	04/03/2028			9,300		9,281,730


Aruba Investments, Inc., Second Lien Term Loan (1 mo. Term SOFR + 7.75%)	13.18%	11/24/2028			4,299		3,969,063


Ascend Performance Materials Operations LLC, Term Loan (6 mo. Term SOFR + 4.75%)	9.71%	08/27/2026			13,005		12,722,061


Axalta Coating Systems U.S. Holdings, Inc.
Term Loan B (1 mo. Term SOFR + 2.50%)	7.81%	12/20/2029			1,173		1,177,087


Term Loan B-4 (1 mo. Term SOFR + 3.00%)	8.24%	12/20/2029			5,390		5,406,839


BES (Discovery Purchaser Corp.), First Lien Term Loan (3 mo. Term SOFR + 4.38%)	9.62%	10/03/2029			1,387		1,335,895


Charter NEX US, Inc., First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.20%	12/01/2027			6,313		6,283,154


Chemours Co. (The), Term Loan B (1 mo. Term SOFR + 3.50%)	8.83%	08/10/2028			11,528		11,383,685


Cyanco Intermediate 2 Corp., Term Loan B (1 mo. Term SOFR + 4.75%)	10.08%	07/07/2028			5,533		5,555,600


Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. Term SOFR + 5.25%)	10.75%	11/01/2028			11,017		10,057,438


Flint Group (ColourOz Inv) (Germany)
First Lien Term Loan (1 mo. EURIBOR + 4.25%)	7.83%	09/21/2023	EUR		14		10,454


PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.52% Cash Rate (3 mo. USD LIBOR + 4.25%)^(g)	5.75%	09/21/2024			157		47,144


Flint Group GmbH (Germany), Term Loan^(d)	–	06/30/2026	EUR		14		14,929


Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. Term SOFR+ 3.75%)	9.39%	05/28/2029			1,945		1,930,753


Gemini HDPE LLC, Term Loan (3 mo. Term SOFR + 3.00%)	8.63%	12/31/2027			7,928		7,936,530


ICP Group Holdings LLC, First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.25%	12/29/2027			6,870		5,580,023


INEOS Enterprises (-Holdings II Ltd./-US Finco LLC) (United Kingdom), Incremental Term Loan B (1 mo. Term SOFR + 3.75%)	9.27%	06/22/2030			3,557		3,521,627


INEOS Quattro Holdings Ltd. (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%)^(e)	9.18%	03/03/2030			2,618		2,608,278


INEOS US Finance LLC
Term Loan (1 mo. Term SOFR + 3.75%)	8.95%	11/08/2027			12,523		12,490,374


Term Loan (1 mo. Term SOFR + 3.50%)^(e)	8.93%	02/09/2030			5,357		5,328,315

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


10		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Chemicals & Plastics–(continued)
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 3.93%)	7.52%	12/23/2027	EUR		14	$	14,529


Momentive Performance Materials USA, Inc., Term Loan B (1 mo. Term SOFR + 4.50%)	9.83%	03/22/2028		$	7,831		7,782,111


Oxea Corp., Term Loan B-2 (1 mo. Term SOFR + 3.25%)	8.92%	10/14/2024			1,444		1,442,474


Proampac PG Borrower LLC, First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.32%	11/03/2025			1,896		1,896,344


Quantix, Incremental Term Loan (3 mo. Term SOFR + 6.25%)^(e)	11.65%	05/03/2025			4,891		4,890,895


Trinseo Materials Finance, Inc.
Term Loan (1 mo. Term SOFR + 2.00%)	7.54%	09/06/2024			1,856		1,832,253


Term Loan B (1 mo. Term SOFR + 2.50%)	7.95%	03/18/2028			6,542		5,073,060


Tronox Finance LLC
Incremental Term Loan B (1 mo. Term SOFR + 3.25%)	8.49%	03/03/2029			6,557		6,485,164


Term Loan (1 mo. Term SOFR + 3.50%)	8.81%	08/10/2028			3,327		3,306,829


Univar, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)	9.82%	06/22/2030			13,236		13,208,525


Vertellus
Revolver Loan (1 mo. SOFR + 5.75%)^(e)	4.82%	12/22/2025			314		304,033


Revolver Loan^(e)(f)	0.00%	12/22/2025			576		558,150


Term Loan (6 mo. SOFR + 5.75%)^(e)	11.43%	12/22/2027			7,223		6,999,204


W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)	9.31%	09/22/2028			11,222		11,231,561


							175,125,831



Clothing & Textiles–0.71%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B-1 (1 mo. Term SOFR + 3.50%)	8.93%	12/21/2028			15,266		15,291,613


Second Lien Term Loan (1 mo. Term SOFR + 6.00%)	11.43%	12/20/2029			1,108		1,118,987


BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. Term SOFR + 3.25%)	8.88%	04/28/2028			6,383		6,373,197


							22,783,797



Conglomerates–0.44%
APi Group DE, Inc., Incremental Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	01/03/2029			3,246		3,259,109


Safe Fleet Holdings LLC
First Lien Incremental Term Loan (1 mo. Term SOFR + 5.00%)^(e)	10.42%	02/23/2029			1,233		1,238,979


Term Loan B (1 mo. Term SOFR + 3.75%)	9.17%	02/17/2029			9,453		9,477,242


							13,975,330



Containers & Glass Products–2.09%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)	9.29%	03/11/2028			5,390		5,347,695


Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%)	7.96%	10/31/2023	EUR		16,109		16,272,435


Term Loan B-3-A (3 mo. EURIBOR + 4.25%)	7.89%	10/31/2023	EUR		6,460		6,525,193


LABL, Inc. (Multi-Color), Term Loan (1 mo. Term SOFR + 5.00%)	10.43%	10/29/2028			11,200		11,183,727


Libbey Glass, Inc., Term Loan B (1 mo. SOFR + 6.50%) (Acquired 11/22/2022-08/22/2023; Cost $11,774,333)^(e)(h)	7.16%	11/22/2027			12,509		12,071,332


Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)	9.49%	07/07/2028			3,550		3,419,741


Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	9.40%	10/04/2028			7,314		5,856,346


Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)	12.65%	10/04/2029			1,504		846,005


Refresco Group N.V. (Netherlands), Term Loan B (3 mo. Term SOFR + 4.25%)	9.61%	07/12/2029			4,971		4,983,770


							66,506,244



Cosmetics & Toiletries–0.74%
Bausch and Lomb, Inc., Term Loan (1 mo. Term SOFR + 3.25%)	8.59%	05/10/2027			18,794		18,413,302


Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)	8.71%	06/29/2028	EUR		4,831		5,064,446


							23,477,748



Drugs–0.18%


Grifols Worldwide Operations USA, Inc., Term Loan B (3 mo. Term SOFR + 2.00%)	7.43%	11/15/2027			1,640		1,621,844


Perrigo Investments LLC, Term Loan B (1 mo. Term SOFR + 2.50%)	7.68%	04/06/2029			4,024		4,014,426


							5,636,270



Ecological Services & Equipment–0.63%
Anticimex (Sweden), Term Loan B-1 (3 mo. Term SOFR + 3.50%)	8.45%	11/16/2028			3,210		3,194,830

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


11		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Ecological Services & Equipment–(continued)
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)	9.29%	05/11/2025		$	7,113	$	7,092,001


GFL Environmental, Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.00%)	8.47%	05/31/2027			629		631,236


Groundworks LLC
Delayed Draw Term Loan (3 mo. SOFR + 0.50%)^(e)	1.00%	03/14/2030			243		236,729


Delayed Draw Term Loan^(e)(f)	0.00%	03/14/2030			586		571,771


Revolver Loan^(e)(f)	0.00%	03/14/2029			265		258,720


Term Loan B (3 mo. SOFR + 6.50%)^(e)	11.81%	01/31/2030			4,544		4,430,579


TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.76%)	14.13%	11/02/2028			5,636		3,541,028


							19,956,894



Electronics & Electrical–8.43%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. Term SOFR + 5.60%)	10.49%	02/01/2030			1,428		1,387,941


AppLovin Corp., Term Loan (1 mo. Term SOFR + 3.00%)	8.43%	10/25/2028			3,953		3,952,308


Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)	7.63%	10/02/2025	EUR		134		144,686


Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. Term SOFR + 4.00%)	9.52%	04/18/2025			5,431		5,418,846


CommerceHub, Inc., Term Loan B (6 mo. Term SOFR + 4.00%)	9.52%	01/01/2028			5,536		5,065,253


CommScope, Inc., Term Loan (1 mo. Term SOFR+ 3.25%)	8.70%	04/06/2026			10,168		9,378,472


Diebold Nixdorf, Inc., Term Loan (3 mo. Term SOFR + 7.50%)	12.82%	08/11/2028			1,741		1,736,681


Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)^(e)	10.45%	11/01/2028			4,799		4,808,041


E2Open LLC, Term Loan (1 mo. Term SOFR + 3.50%)	8.95%	02/04/2028			3,327		3,331,371


Energizer Holdings, Inc., Term Loan (1 mo. Term SOFR + 2.25%)	7.68%	12/22/2027			2,844		2,845,111


Entegris, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	7.99%	07/06/2029			8,505		8,529,325


EverCommerce, Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	07/01/2028			1,389		1,390,768


Go Daddy Operating Co. LLC, Term Loan (1 mo. Term SOFR + 3.00%)	7.83%	11/09/2029			494		495,621


GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)	10.27%	08/31/2027			26,277		17,071,822


Idemia (Oberthur Tech/Morpho/OBETEC) (France)
Term Loan B (3 mo. EURIBOR + 4.75%)	8.32%	09/30/2028	EUR		1,124		1,218,165


Term Loan B (1 mo. Term SOFR + 4.75%)	10.06%	09/30/2028			4,725		4,734,201


Imperva, Inc.
First Lien Term Loan (3 mo. Term SOFR + 4.00%)	9.63%	01/12/2026			4,870		4,888,399


Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)	13.39%	01/11/2027			5,160		5,185,629


Inetum (Granite Fin Bidco SAS) (France), Term Loan B (3 mo. EURIBOR + 5.00%)	8.55%	10/17/2028	EUR		5,123		5,569,003


Infinite Electronics, Second Lien Term Loan (3 mo. Term SOFR + 7.00%)	12.50%	03/02/2029			1,609		1,402,138


Informatica Corp., Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	10/27/2028			5,062		5,064,570


Internap Corp., Term Loan^(d)	–	08/15/2028			1,348		1,348,233


ION Corporates, Term Loan B (1 mo. Term SOFR + 4.25%)	9.60%	07/12/2030			2,025		2,012,189


Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan (3 mo. SONIA + 6.87%)^(e)	11.80%	08/17/2028	GBP		2,276		2,830,723


Term Loan 1 (3 mo. SOFR + 7.01%)^(e)	11.63%	08/17/2028			3,014		2,893,633


Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)	10.39%	08/13/2028			12,775		9,865,618


McAfee LLC, Term Loan B-1 (1 mo. Term SOFR + 4.50%)	9.17%	03/01/2029			9,584		9,428,651


Mirion Technologies, Inc., Term Loan (1 mo. Term SOFR + 2.75%)	8.25%	10/20/2028			6,757		6,763,421


Natel Engineering Co., Inc., Term Loan (1 mo. Term SOFR + 6.25%)	11.68%	04/29/2026			13,507		10,485,139


Native Instruments (Music Creation Group GMBH/APTUS) (Germany), Term Loan (3 mo. EURIBOR + 6.00%)^(e)	9.49%	03/03/2028	EUR		5,364		5,350,960


NCR Corp., Term Loan B (1 mo. Term SOFR + 2.50%)	7.95%	08/28/2026			5,058		5,057,562


NortonLifeLock, Inc., Term Loan A (1 mo. SOFR + 1.50%)	6.93%	09/10/2027			2,804		2,776,299


Open Text Corp. (Canada), Term Loan B (1 mo. Term SOFR + 2.75%)	8.18%	01/31/2030			14,476		14,509,602


Philips Domestic Appliances (Nobel Bidco) (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%)	7.27%	06/23/2028	EUR		5,000		5,147,276


Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)	8.70%	08/31/2028			6,943		6,885,565


Quest Software US Holdings, Inc., Term Loan B (3 mo. Term SOFR + 4.25%)	9.77%	02/01/2029			19,703		16,217,692


RealPage, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)	8.45%	04/24/2028			8,100		8,023,524


Sandvine Corp.
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)	9.82%	10/31/2025			2,011		1,744,791


Second Lien Term Loan (1 mo. SOFR + 8.00%)^(e)	13.43%	11/02/2026			1,652		1,222,493

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


12		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Electronics & Electrical–(continued)
SonicWall U.S. Holdings, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)	12.93%	05/18/2026		$	1,804	$	1,709,121


Term Loan B^(d)	–	05/16/2028			7,397		7,304,973


Ultimate Software Group, Inc.
First Lien Incremental Term Loan (3 mo. Term SOFR + 3.25%)	8.62%	05/04/2026			8,106		8,117,531


First Lien Term Loan (3 mo. Term SOFR + 3.75%)	9.22%	05/04/2026			5,364		5,371,870


Second Lien Incremental Term Loan (3 mo. Term SOFR + 5.25%)	10.62%	05/03/2027			1,068		1,065,709


UST Holdings Ltd., Term Loan B (1 mo. Term SOFR + 3.75%)	8.95%	11/19/2028			6,446		6,352,422


Utimaco (Germany)
Term Loan B-1 (3 mo. EURIBOR + 6.00%)^(e)	10.03%	05/31/2029	EUR		13,364		13,751,913


Term Loan B-2 (3 mo. SOFR + 6.25%)^(e)	11.81%	05/31/2029			7,500		7,042,784


Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)	10.45%	09/01/2025			6,287		5,332,660


WebPros, Term Loan (3 mo. USD LIBOR + 5.51%)	10.75%	02/18/2027			6,751		6,742,641


							268,973,346



Financial Intermediaries–0.89%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. Term SOFR + 3.75%)	8.95%	04/07/2028			8,010		7,929,942


Second Lien Term Loan (1 mo. Term SOFR + 6.75%)	12.20%	07/20/2026			705		693,186


LendingTree, Inc., First Lien Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	09/15/2028			10,094		8,461,932


Tegra118 Wealth Solutions, Inc., Term Loan (3 mo. Term SOFR + 4.00%)^(e)	9.38%	02/18/2027			7,461		6,957,614


Virtue (Vistra+Tricor/Thevelia LLC)
First Lien Term Loan B (3 mo. Term SOFR + 4.00%)	9.39%	06/17/2029			3,367		3,367,038


First Lien Term Loan B (1 mo. Term SOFR + 4.75%)	10.26%	06/22/2029			1,063		1,066,215


							28,475,927



Food Products–2.34%
Biscuit Hld S.A.S.U. (BISPOU/Cookie Acq) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)	7.27%	02/15/2027	EUR		16,538		15,256,971


Florida Food Products LLC
First Lien Term Loan (1 mo. Term SOFR + 5.00%)^(e)	10.33%	10/18/2028			3,040		2,614,167


First Lien Term Loan (1 mo. Term SOFR + 5.00%)	10.45%	10/18/2028			19,373		16,708,983


Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)^(e)	13.45%	10/08/2029			4,194		3,460,155


H-Food Holdings LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)	9.58%	05/23/2025			2,388		2,161,561


Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)	10.58%	05/23/2025			732		667,604


Term Loan (1 mo. USD LIBOR + 3.69%)	9.27%	05/23/2025			7,790		7,089,486


Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%)	8.56%	11/10/2029			2,212		2,218,005


Sigma Bidco (Netherlands)
Term Loan B (3 mo. EURIBOR + 5.00%)	7.41%	01/02/2028	EUR		17,675		18,780,512


Term Loan B (1 mo. Term SOFR + 4.75%)	8.21%	01/02/2028			3,338		3,269,162


United Natural Foods, Inc., Term Loan (1 mo. Term SOFR + 3.25%)	8.70%	10/22/2025			348		349,467


Valeo Foods (Jersey) Ltd. (Ireland), Term Loan B (6 mo. EURIBOR + 4.00%)	7.24%	09/29/2028	EUR		2,109		2,006,566


							74,582,639



Food Service–0.80%
Areas (Telfer Inv/Financiere Pax)
Revolver Loan^(e)(f)	0.00%	01/02/2026	EUR		1,582		1,453,897


Term Loan B (6 mo. EURIBOR + 4.75%)	8.49%	07/01/2026	EUR		12,436		12,988,160


Euro Garages (Netherlands), Term Loan B (1 mo. Term SOFR + 4.00%)	9.16%	02/07/2025			1,026		1,028,404


US Foods, Inc., Incremental Term Loan B (1 mo. Term SOFR + 2.75%)	7.95%	11/22/2028			4,425		4,435,021


Weight Watchers International, Inc., Term Loan B (1 mo. Term SOFR + 3.50%)	8.95%	04/13/2028			7,475		5,653,029


							25,558,511



Forest Products–0.13%
NewLife Forest Restoration LLC, Term Loan^(d)(e)	–	11/30/2023			4,281		4,280,746



Health Care–2.18%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Term Loan B (1 mo. SONIA + 4.75%)	9.94%	06/08/2028	GBP		2,000		2,453,372


Ascend Learning LLC, First Lien Term Loan (1 mo. Term SOFR + 3.50%)	8.93%	12/11/2028			7,538		7,275,532

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


13		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Health Care–(continued)
athenahealth Group, Inc., Term Loan (1 mo. Term SOFR + 3.50%)	8.57%	02/15/2029		$	14,110	$	13,962,555


Bracket Intermediate Holding Corp. (Signant), Term Loan (1 mo. Term SOFR + 5.00%)	10.42%	05/03/2028			4,020		4,008,609


Curium BidCo S.a.r.l. (Luxembourg), Term Loan^(d)(e)	–	07/31/2029			2,205		2,207,832


Ethypharm (Financiere Verdi, Orphea Ltd.) (France), Term Loan B (1 mo. SONIA + 4.50%)	9.43%	04/17/2028	GBP		1,378		1,497,731


Explorer Holdings, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%)	9.95%	02/04/2027			3,900		3,822,199


Global Medical Response, Inc.
Term Loan (1 mo. Term SOFR+ 4.25%)	9.88%	03/14/2025			1,980		1,404,433


Term Loan (1 mo. USD LIBOR + 4.25%)	9.78%	10/02/2025			7,296		5,174,513


International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)^(e)	9.25%	09/07/2028			4,588		4,593,592


MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)	9.45%	12/18/2028			7,821		6,687,141


Second Lien Term Loan (1 mo. Term SOFR + 6.75%)	12.58%	12/17/2029			2,752		1,741,459


Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 3.75%)	7.46%	12/15/2027	EUR		10		11,109


Term Loan B-2 (3 mo. EURIBOR + 3.75%)	7.46%	12/15/2027	EUR		6		6,417


Organon & Co., Term Loan B (3 mo. Term SOFR + 3.00%)	8.43%	06/02/2028			3,729		3,741,343


Sharp Midco LLC, Incremental Term Loan B^(d)(e)	–	12/31/2028			1,362		1,362,324


Stamina BidCo B.V. (Synthon) (Netherlands), Term Loan B (3 mo. EURIBOR + 4.00%)	7.66%	11/02/2028	EUR		883		958,408


Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. Term SOFR + 4.75%)	10.43%	11/24/2028			3,524		3,533,941


Veonet (Blitz F21-433 GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 4.25%)	7.85%	03/14/2029	EUR		762		824,519


Verscend Holding Corp., Term Loan B-1 (1 mo. Term SOFR + 4.00%)	9.45%	08/27/2025			1,489		1,490,991
Women’s Care Holdings, Inc. LLC


First Lien Term Loan (3 mo. Term SOFR + 4.50%)	10.05%	01/15/2028			1,577		1,406,283


Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)	13.80%	01/15/2029			1,507		1,311,482


							69,475,785



Home Furnishings–1.93%
Hunter Douglas Holding B.V.


Term Loan B-1 (3 mo. Term SOFR + 3.50%)	8.89%	02/26/2029			16,531		16,107,407


Term Loan B-2 (3 mo. EURIBOR + 4.00%)	7.83%	02/26/2029	EUR		666		695,788


Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)	9.95%	09/25/2028			15,241		15,153,451


Serta Simmons Bedding LLC, Term Loan (1 mo. Term SOFR + 7.50%)	12.69%	06/29/2028			10,673		10,701,466


SIWF Holdings, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)	9.45%	10/06/2028			9,243		7,735,149


TGP Holdings III LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.68%	06/29/2028			1,656		1,507,576


VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)	12.20%	07/01/2029			2,063		1,846,129


Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. Term SOFR + 4.25%)	9.68%	10/30/2027			1,864		1,688,256


Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	10/30/2027			6,894		6,252,395


							61,687,617



Industrial Equipment–4.32%


Arconic Rolled Products Corp., Term Loan B (1 mo. Term SOFR + 4.50%)	9.88%	07/26/2030			4,831		4,841,699


Chart Industries, Inc., Term Loan B (1 mo. Term SOFR + 3.75%)	9.16%	03/14/2030			7,486		7,500,115


Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. Term SOFR + 5.50%)	10.74%	06/08/2029			8,414		7,330,458


DXP Enterprises, Inc., Term Loan (1 mo. Term SOFR + 4.75%)	10.63%	12/23/2027			5,793		5,793,001


EMRLD Borrower L.P. (Copeland), Term Loan B (1 mo. Term SOFR + 3.00%)	8.33%	05/05/2030			10,350		10,373,703


Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan (1 mo. SONIA + 3.50%)^(e)	4.03%	06/04/2026			4,004		3,623,489


Revolver Loan^(e)(f)	0.00%	06/04/2026			6,246		5,652,761


Term Loan B (3 mo. USD LIBOR + 5.00%)	10.50%	12/04/2026			7,180		6,916,326


Term Loan B-3 (3 mo. EURIBOR + 4.25%)	7.71%	12/04/2026	EUR		1,203		1,274,397


Madison IAQ LLC, Term Loan (3 mo. USD LIBOR + 3.25%)	8.30%	06/21/2028			3,617		3,603,682


MKS Instruments, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	8.18%	08/17/2029			5,742		5,747,883


New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)^(e)	9.73%	03/08/2025			4,589		4,497,045


Robertshaw US Holding Corp.
First Lien Term Loan (1 mo. Term SOFR + 0.00%)^(e)	10.84%	02/28/2027			3,517		2,549,833


First Lien Term Loan (1 mo. Term SOFR + 0.00%)	12.34%	02/28/2027			22,046		19,456,047


First Lien Term Loan (1 mo. Term SOFR + 5.00%)	5.00%	02/28/2027			5,773		5,831,210

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


14		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Industrial Equipment–(continued)
Tank Holding Corp.
Revolver Loan (1 mo. SOFR + 5.75.00%)^(e)	5.08%	03/31/2028		$	362	$	350,956


Revolver Loan^(e)(f)	0.00%	03/31/2028			560		543,882


Term Loan (1 mo. Term SOFR + 6.00%)	13.00%	03/31/2028			13,714		13,332,685


Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)	9.38%	07/30/2027			17,251		17,249,717


Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan (1 mo. SOFR + 7.00%)^(e)	12.51%	11/19/2029			1,148		990,087


Term Loan B (1 mo. Term SOFR + 3.75%)	9.26%	11/15/2028			11,185		10,262,034


							137,721,010



Insurance–1.66%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	8.95%	02/15/2027			15,151		14,884,454


First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	02/15/2027			4,740		4,662,972


First Lien Term Loan (1 mo. USD LIBOR + 4.25%)	9.70%	02/15/2027			3,601		3,596,509


Term Loan (1 mo. Term SOFR + 5.75%)	11.12%	02/15/2027			4,506		4,528,816


Alliant Holdings Intermediate LLC
Term Loan (1 mo. USD LIBOR + 3.50%)	8.93%	11/06/2027			894		894,529


Term Loan B (1 mo. Term SOFR + 3.50%)	8.81%	11/05/2027			1,168		1,168,480


AmWINS Group LLC, Term Loan B (1 mo. Term SOFR + 2.75%)	8.20%	02/19/2028			1,861		1,862,024


Ryan Specialty Group LLC, Term Loan (1 mo. Term SOFR + 3.00%)	8.43%	09/01/2027			5,445		5,457,172


Sedgwick Claims Management Services, Inc., Term Loan B (1 mo. Term SOFR + 3.75%)	9.08%	02/24/2028			1,124		1,127,226


USI, Inc.
Term Loan (3 mo. Term SOFR + 3.25%)	8.79%	12/02/2026			4,039		4,047,071


Term Loan (1 mo. Term SOFR + 3.75%)	8.99%	11/22/2029			10,613		10,634,467


							52,863,720



Leisure Goods, Activities & Movies–3.07%
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.25%)	8.33%	01/15/2030			3,330		3,342,389


Callaway Golf Co., Term Loan B (1 mo. Term SOFR + 3.50%)	8.93%	03/09/2030			5,189		5,192,748


Carnival Corp., Incremental Term Loan (6 mo. USD LIBOR + 3.25%)	8.70%	10/18/2028			32,924		32,908,306


Crown Finance US, Inc. (United Kingdom), Term Loan (1 mo. Term SOFR + 8.50%)	14.38%	07/31/2028			10,589		10,683,629


Fitness International LLC, Term Loan B (3 mo. Term SOFR + 3.25%)	8.77%	04/18/2025			2,900		2,880,497


Global University Systems (Netherlands), Term Loan B (6 mo. EURIBOR + 3.00%)	6.66%	01/29/2027	EUR		1,035		1,085,034


Nord Anglia Education, Term Loan B (1 mo. Term SOFR + 4.50%)	9.92%	01/25/2028			4,707		4,720,025


Parques Reunidos (Piolin Bidco s.a.u) (Spain)
Revolver Loan (1 mo. SOFR + 3.50%)^(e)	3.96%	03/16/2026	EUR		1,130		1,209,407


Revolver Loan^(e)(f)	0.00%	03/16/2026			1,511		1,617,065


Royal Caribbean Cruises Ltd., Revolver Loan^(e)(f)	0.00%	04/05/2024			15,663		15,193,211


Scenic (Columbus Capital B.V.) (Australia), Term Loan (3 mo. EURIBOR + 3.75%)	7.35%	02/27/2027	EUR		5,217		4,586,099


SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)	8.45%	08/25/2028			6,961		6,962,203


Vue International Bidco PLC (United Kingdom)
Term Loan (6 mo. EURIBOR + 8.00%)	11.09%	06/30/2027	EUR		1,867		1,935,219


Term Loan (6 mo. EURIBOR + 8.00%)	4.86%	12/31/2027	EUR		10,117		5,732,130


							98,047,962



Lodging & Casinos–3.80%
Aimbridge Acquisition Co., Inc.
First Lien Term Loan (1 mo. Term SOFR + 3.75%)	9.20%	02/02/2026			7,852		7,495,266


First Lien Term Loan (1 mo. Term SOFR + 4.75%)	10.18%	02/02/2026			6,577		6,369,954


Bally’s Corp., Term Loan B (3 mo. Term SOFR + 3.25%)	9.10%	10/02/2028			5,804		5,652,428


Caesars Entertainment, Inc., Term Loan B (1 mo. Term SOFR + 3.25%)	8.68%	02/06/2030			12,869		12,897,642


Everi Payments, Inc., Term Loan B (1 mo. Term SOFR + 2.50%)	7.95%	08/03/2028			7,630		7,632,415


Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 4.00%)	9.33%	08/02/2027			9,953		9,872,144


Flutter Financing B.V. (Stars Group), Term Loan B (1 mo. Term SOFR + 3.25%)	8.75%	07/04/2028			8,058		8,073,603


GVC Finance LLC
Incremental Term Loan (6 mo. Term SOFR + 3.50%)	8.44%	10/31/2029			11,186		11,222,439


Term Loan B-4 (6 mo. Term SOFR + 2.50%)	7.44%	03/16/2027			2,463		2,473,112


Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	08/02/2028			6,413		6,428,232

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


15		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Lodging & Casinos–(continued)
HotelBeds (United Kingdom)
Term Loan B-2 (3 mo. EURIBOR + 5.00%)	8.76%	09/12/2028	EUR		4,800	$	5,124,805


Term Loan C (6 mo. EURIBOR + 4.50%)	8.26%	09/30/2027	EUR		8,722		9,303,082


Term Loan D (6 mo. EURIBOR + 5.50%)	8.84%	09/12/2027	EUR		8,230		8,870,669


Light & Wonder, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)	8.41%	04/07/2029		$	4,969		4,979,302


Ontario Gaming GTA L.P. (One Toronto Gaming), First Lien Term Loan B (1 mo. Term SOFR + 4.25%)	9.62%	07/20/2030			4,120		4,133,996


Penn National Gaming, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	8.18%	05/03/2029			7,827		7,839,333


Scientific Games Lottery, First Lien Term Loan (3 mo. Term SOFR + 3.50%)	8.77%	04/04/2029			467		465,506


Travel + Leisure Co., Incremental Term Loan (1 mo. Term SOFR + 4.00%)	9.35%	12/14/2029			2,492		2,497,478


							121,331,406



Nonferrous Metals & Minerals–0.88%
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 17.50% Cash Rate (3 mo. PRIME + 9.00%)^(g)	3.00%	09/16/2025			2,057		2,063,710


American Rock Salt Co. LLC
First Lien Term Loan (1 mo. Term SOFR + 4.00%)	9.45%	06/09/2028			5,851		5,573,273


Second Lien Term Loan (1 mo. Term SOFR + 7.25%)	12.70%	06/11/2029			369		332,886


AZZ, Inc., Term Loan^(d)	–	05/13/2029			7,188		7,214,278


Covia Holdings Corp., Term Loan (3 mo. Term SOFR + 4.00%)	9.53%	07/31/2026			4,016		3,998,780


Form Technologies LLC
First Lien Term Loan (3 mo. Term SOFR + 4.50%)	10.02%	07/19/2025			5,085		4,744,915


First Lien Term Loan (3 mo. Term SOFR + 9.00%)	14.52%	10/22/2025			3,037		2,338,845


SCIH Salt Holdings, Inc. (Kissner Group), First Lien Incremental Term Loan B-1 (3 mo. Term SOFR + 4.00%)	9.63%	03/16/2027			1,949		1,948,497


							28,215,184



Oil & Gas–2.06%
Gulf Finance LLC, Term Loan (1 mo. Term SOFR + 6.75%)	12.18%	08/25/2026			4,993		5,013,426


McDermott International Ltd.
LOC^(e)(f)	0.00%	06/28/2024			15,188		11,314,830


LOC (3 mo. SOFR + 4.00%)^(e)	4.09%	06/30/2024			7,455		5,218,209


PIK Second Lien Term Loan, 3.00% PIK Rate, 6.45% Cash Rate (1 mo. SOFR + 1.00%)^(g)	3.00%	09/25/2025			4,015		2,147,940


Term Loan (1 mo. Term SOFR + 3.00%)^(e)	8.45%	06/30/2024			425		308,389


Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan B (1 mo. Term SOFR + 4.25%)	9.77%	02/14/2030			5,940		5,916,246


Petroleum GEO-Services ASA (Norway)
Term Loan (3 mo. SOFR + 6.75%)^(e)	11.99%	03/18/2024			1,752		1,769,530


Term Loan (1 mo. USD LIBOR + 7.00%)	12.54%	03/19/2024			2,416		2,416,333


QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. SOFR + 8.00%) (Acquired 08/03/2021-10/14/2022; Cost $24,097,755)^(h)	13.45%	08/27/2026			24,443		24,392,489


TransMontaigne Partners LLC, Term Loan B (1 mo. Term SOFR + 3.50%)	8.93%	11/17/2028			5,032		5,023,921


WhiteWater Whistler Holdings LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.49%	01/25/2030			2,222		2,226,907


							65,748,220



Publishing–2.81%
Adtalem Global Education, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)	9.45%	08/12/2028			1,232		1,234,380


Cengage Learning, Inc., Term Loan B (3 mo. Term SOFR + 4.75%)	10.32%	06/29/2026			16,812		16,796,270


Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. Term SOFR + 3.50%)	8.81%	08/21/2026			10,285		10,083,321


Dotdash Meredith, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)	9.42%	12/01/2028			18,700		18,069,138


Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
First Lien Term Loan B (1 mo. Term SOFR + 5.25%)	10.68%	04/09/2029			12,636		11,723,112


Second Lien Term Loan B (1 mo. Term SOFR + 8.00%)	13.83%	04/08/2030			8,093		6,950,160


McGraw-Hill Education, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)	9.99%	07/28/2028			17,186		16,883,576


Micro Holding L.P., Term Loan B-3 (1 mo. Term SOFR + 4.25%)	9.58%	05/03/2028			8,103		7,802,037


							89,541,994



Radio & Television–0.53%


Diamond Sports Holdings LLC, Second Lien Term Loan^(i)(j)	0.00%	08/24/2026			9,684		271,503

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


16		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)^(a)		Value


Radio & Television–(continued)
iHeartCommunications, Inc.
Second Lien Incremental Term Loan (1 mo. Term SOFR + 3.25%)	8.70%	05/01/2026		$	2,800	$	2,508,220


Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	05/01/2026			9,780		8,754,468


Sinclair Television Group, Inc., Term Loan B-3 (1 mo. Term SOFR + 3.00%)	8.45%	04/01/2028			7,134		5,406,290


							16,940,481



Retailers (except Food & Drug)–1.59%
Bass Pro Group LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.75%)	9.20%	03/06/2028			11,364		11,350,020


CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. Term SOFR + 3.50%)	8.80%	11/08/2027			9,611		9,609,589


Douglas (Kirk Beauty GmbH) (Germany)
Term Loan B-1 (6 mo. EURIBOR + 5.25%)	9.18%	04/08/2026	EUR		1,102		1,189,999


Term Loan B-2 (6 mo. EURIBOR + 5.25%)	9.18%	04/08/2026	EUR		636		687,287


Term Loan B-3 (6 mo. EURIBOR + 5.25%)	9.18%	04/08/2026	EUR		1,166		1,259,761


Term Loan B-4^(d)	–	04/08/2026	EUR		1,941		2,097,109


Term Loan B-5 (6 mo. EURIBOR + 5.25%)	9.43%	04/08/2026	EUR		433		467,906


Petco Animal Supplies, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.25%)	8.75%	03/02/2028			6,031		6,005,729


PetSmart, Inc., Term Loan (1 mo. Term SOFR + 3.75%)	9.18%	02/11/2028			13,792		13,781,771


Savers, Inc., Term Loan (1 mo. Term SOFR + 5.50%)	10.75%	04/26/2028			4,320		4,359,508


							50,808,679



Surface Transport–2.15%
Carriage Purchaser, Inc., Term Loan B (1 mo. Term SOFR + 4.25%)	9.70%	09/30/2028			3,709		3,644,644


First Student Bidco, Inc.
Incremental Term C (3 mo. Term SOFR + 4.00%)	9.34%	07/21/2028			682		674,102


Incremental Term Loan B (3 mo. Term SOFR + 4.00%)	9.34%	07/21/2028			9,766		9,658,047


Term Loan B (3 mo. Term SOFR+ 3.00%)	8.50%	07/21/2028			12,940		12,633,823


Term Loan C (3 mo. Term SOFR + 3.00%)	8.50%	07/21/2028			4,850		4,735,524


Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 6.50%)	10.45%	02/26/2027	EUR		14,280		12,731,215


Novae LLC, Term Loan B (3 mo. Term SOFR + 5.00%)	10.34%	12/22/2028			1,671		1,520,746


Odyssey Logistics & Technology Corp., Term Loan B (1 mo. Term SOFR + 4.50%)	9.92%	10/12/2027			3,249		3,235,555


PODS LLC
Incremental Term Loan B (1 mo. Term SOFR + 4.00%)	9.45%	04/01/2028			4,864		4,772,624


Term Loan B (1 mo. Term SOFR + 3.00%)	8.45%	04/01/2028			11,311		11,007,610


STG – XPOI Opportunity, Term Loan B (1 mo. Term SOFR + 6.00%)^(e)	11.39%	03/24/2028			4,026		3,875,059


							68,488,949



Telecommunications–5.04%
Avaya, Inc., Term Loan (1 mo. Term SOFR + 8.50%) (Acquired 12/21/2017-08/31/2023; Cost $27,616,587)^(h)	7.00%	05/15/2029			8,171		6,853,552


Cablevision Lightpath LLC, Term Loan (1 mo. Term SOFR + 3.25%)	8.67%	11/30/2027			3,167		3,109,460


CCI Buyer, Inc. (Consumer Cellular), Term Loan (3 mo. Term SOFR + 4.00%)	9.24%	12/17/2027			13,752		13,629,173


CenturyLink, Inc., Term Loan B (1 mo. Term SOFR + 2.25%)	7.70%	03/15/2027			20,521		13,498,154


Crown Subsea Communications Holding, Inc.
Incremental Term Loan (1 mo. Term SOFR + 5.25%)	10.68%	04/27/2027			6,089		6,114,494


Term Loan (1 mo. Term SOFR + 4.75%)	10.43%	04/27/2027			10,393		10,430,770


Frontier Communications Corp., Term Loan B (1 mo. Term SOFR + 3.75%)	9.20%	05/01/2028			39		37,803


II-VI, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)	8.20%	07/02/2029			10,734		10,732,842


Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. Term SOFR + 3.50%)	8.83%	12/11/2026			1,899		1,897,594


Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. Term SOFR + 4.25%)	9.77%	02/01/2029			23,840		23,869,936


MLN US HoldCo LLC, Second Lien Term Loan B (3 mo. Term SOFR + 8.75%)	14.09%	11/30/2026			677		88,045


MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (3 mo. Term SOFR + 4.50%)	9.84%	11/30/2025			164		23,737


Second Lien Term Loan (6 mo. SOFR + 6.70%)	12.11%	11/01/2027			23,471		8,566,721


Term Loan (6 mo. SOFR + 6.44%)	11.85%	11/01/2027			9,986		7,639,556


Third Lien Term Loan (3 mo. SOFR + 9.25%)^(e)	14.66%	11/01/2027			8,152		1,630,374


Radiate Holdco LLC, Term Loan B (1 mo. Term SOFR + 3.25%)	8.70%	09/25/2026			10,374		8,544,393


Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)	8.43%	12/07/2026			12,567		9,079,319


Viasat, Inc., Term Loan (1 mo. Term SOFR + 3.75%)	9.83%	03/02/2029			9,123		8,948,623


Voyage Digital (NC) Ltd., Term Loan B (3 mo. Term SOFR + 4.50%)	9.63%	05/10/2029			5,687		5,697,606

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


17		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date	Principal Amount (000)^(a)		Value


Telecommunications–(continued)
Windstream Services LLC, Term Loan (1 mo. Term SOFR + 6.25%)	11.68%	09/21/2027	$	7,778	$	7,438,123


Zayo Group Holdings, Inc.
Incremental Term Loan (1 mo. Term SOFR + 4.25%)	9.66%	03/09/2027		3,806		3,071,947


Term Loan (1 mo. Term SOFR + 3.00%)	8.45%	03/09/2027		12,270		9,864,362


						160,766,584



Utilities–2.55%
APLP Holdings L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.75%)	9.29%	05/14/2027		2,399		2,393,187


Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. Term SOFR + 2.75%)	8.20%	08/01/2025		1,296		1,296,818


Incremental Term Loan (1 mo. Term SOFR + 3.75%)	9.08%	08/01/2025		9,657		9,685,049


Covanta Energy Corp.
Term Loan B (1 mo. Term SOFR + 3.00%)	8.31%	11/30/2028		1,763		1,766,294


Term Loan C (1 mo. Term SOFR + 0.00%)	8.31%	11/30/2028		132		132,472


Eastern Power LLC, Term Loan (1 mo. Term SOFR + 3.75%)	9.20%	10/02/2025		6,013		5,796,114


Frontera Generation Holdings LLC
First Lien Term Loan (3 mo. SOFR + 13.00%) (Acquired 07/28/2021; Cost $4,144,155)^(h)	18.54%	07/28/2026		4,165		4,185,804


Second Lien Term Loan (3 mo. SOFR + 1.50%) (Acquired 07/28/2021; Cost $2,212,086)^(h)	7.04%	07/28/2028		4,043		1,869,694


Generation Bridge LLC, Term Loan B (1 mo. Term SOFR + 4.25%)	9.56%	08/07/2029		4,469		4,474,486


Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)	9.20%	11/09/2026		9,229		9,066,423


KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (6 mo. Term SOFR + 4.00%)	9.73%	08/14/2026		4,698		4,112,061


Lightstone Holdco LLC
Term Loan B (1 mo. Term SOFR + 5.75%)	11.08%	02/01/2027		14,384		13,101,164


Term Loan C (1 mo. Term SOFR + 5.75%)	11.08%	02/01/2027		810		738,123


Nautilus Power LLC, Term Loan (1 mo. Term SOFR + 5.25%)	10.75%	11/16/2026		6,218		4,716,540


Osmose Utilities Services, Inc., First Lien Term Loan (1 mo. Term SOFR + 3.00%)	8.70%	06/23/2028		510		507,284


Talen Energy Supply LLC
Term Loan B (1 mo. Term SOFR + 4.50%)	9.88%	05/27/2030		7,152		7,186,093


Term Loan C (1 mo. Term SOFR + 4.50%)	9.88%	05/27/2030		4,385		4,405,974


USIC Holding, Inc., First Lien Term Loan (1 mo. Term SOFR + 3.50%)	8.95%	05/12/2028		6,014		5,880,026


						81,313,606


Total Variable Rate Senior Loan Interests (Cost $2,661,783,328)						2,552,655,529



			Shares
Common Stocks & Other Equity Interests–7.02%
Building & Development–0.00%
Haya (Holdco2 PLC/Real Estate SAU) (Acquired 06/14/2022; Cost $0)^(e)(h)				12,156		0



Business Equipment & Services–1.61%
iQor US, Inc.				451,676		663,512


Monitronics International, Inc. (Acquired 06/30/2023; Cost $10,864,040)^(e)(h)				539,694		11,333,574


My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $21,866,485)^(e)(h)(k)				162,067		39,252,693


						51,249,779



Containers & Glass Products–0.21%
Libbey Glass LLC (Acquired 11/13/2020-02/10/2022; Cost $3,769,108)^(h)				864,916		6,811,214



Electronics & Electrical–0.12%
Diebold Nixdorf, Inc.				41,001		730,228


Fusion Connect, Inc. (Acquired 05/03/2018-12/31/2019; Cost $1,142)^(e)(h)				113		1


Fusion Connect, Inc., Wts., expiring 01/14/2040 (Acquired 05/03/2018-12/31/2019; Cost $10,615,018)^(e)(h)(k)				1,052,649		10,526


Internap Corp. (Acquired 02/06/2018-02/10/2023; Cost $7,928,094)^(e)(h)				2,996,076		3,145,880


Riverbed Technology, Inc. (Acquired 07/03/2023; Cost $28,749)^(e)(h)				221,146		28,749


Sungard Availability Services Capital, Inc. (Acquired 06/27/2018-05/03/2019; Cost $3,020,003)^(h)				37,318		21,085


						3,936,469

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


18		Invesco Senior Floating Rate Fund


						Shares		Value


Home Furnishings–0.22%
Serta Simmons Bedding LLC (Acquired 06/29/2023; Cost $69,439)^(h)							447,996	$	6,899,138



Industrial Equipment–0.15%
North American Lifting Holdings, Inc.^(k)							679,193		4,754,351



Leisure Goods, Activities & Movies–0.33%
Crown Finance US, Inc.							3,261		70,627


Crown Finance US, Inc., Rts.							488,617		10,581,735


Vue International Bidco PLC^(e)							9,990,918		0


									10,652,362



Oil & Gas–4.15%
Harvey Gulf International Marine LLC^(e)(k)							116,926		4,326,262


Larchmont Resources LLC (Acquired 12/09/2016; Cost $2,732,241)^(e)(h)(k)							8,096		210,484


McDermott International Ltd.^(e)							789,865		120,059


QuarterNorth Energy Holding, Inc. (Acquired 06/02/2021-10/29/2021; Cost $43,870,908)^(e)(h)(k)							671,335		113,489,182


Sabine Oil & Gas Holdings, Inc. (Acquired 01/16/2013-03/12/2021; Cost $18,267,226)^(e)(h)(l)							18,025		3,425


Seadrill Ltd.^(l)							124,609		6,062,228


Southcross Energy Partners L.P. (Acquired 07/30/2014-10/29/2020; Cost $29,026,224)^(h)(k)							2,914,935		40,809


Tribune Resources LLC (Acquired 03/30/2018; Cost $18,014,717)^(h)(k)							5,811,199		7,990,398


									132,242,847



Surface Transport–0.14%
Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; Cost $1,838,610)^(e)(h)							35,397		1,592,865


Commercial Barge Line Co.^(e)							29,140		728,500


Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023-08/18/2023; Cost $0)^(e)(h)(k)							386,228		181,044


Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/05/2020-05/17/2023; Cost $0)^(e)(h)(k)							300,345		187,716


Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 01/31/2020-08/25/2020; Cost $1,932,877)^(h)(k)							37,211		1,674,495


									4,364,620



Telecommunications–0.09%
Avaya Holdings Corp. (Acquired 05/01/2023; Cost $4,295,205)^(h)							286,347		2,457,859


Avaya, Inc. (Acquired 05/01/2023; Cost $778,995)^(h)							51,933		445,767


									2,903,626



Utilities–0.00%
Frontera Generation Holdings LLC (Acquired 07/28/2021-11/30/2021; Cost $1,035,881)^(h)(k)							295,967		21,458


Total Common Stocks & Other Equity Interests (Cost $241,218,700)									223,835,864



	Interest Rate		Maturity Date			Principal Amount (000)


Non-U.S. Dollar Denominated Bonds & Notes–4.14%^(m)
Automotive–0.20%
Cabonline Group Holding AB (Sweden)^(e)(n)		14.00%		10/31/2023	SEK		4,853		416,703


Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)^(j)(n)(o)		0.00%		04/19/2026	SEK		71,250		4,718,112


Conceria Pasubio S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)^(n)(o)		8.10%		09/30/2028	EUR		1,369		1,416,598


									6,551,413



Building & Development–0.25%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)^(n)(o)		8.66%		01/15/2027	EUR		750		808,517


APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)^(n)(o)		8.66%		01/15/2027	EUR		1,500		1,617,035


Haya Holdco 2 PLC (United Kingdom) (3 mo. EURIBOR + 9.00%) (Acquired 06/14/2022; Cost $7,841,290)^(h)(n)(o)		12.77%		11/30/2025	EUR		10,024		4,021,573


Ideal Standard International S.A. (Belgium)⁽ⁿ⁾		6.38%		07/30/2026	EUR		2,054		1,386,467


									7,833,592

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


19		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date		Principal Amount (000)		Value


Cable & Satellite Television–0.08%
Altice Finco S.A. (Luxembourg)⁽ⁿ⁾	4.75%	01/15/2028	EUR		3,744	$	2,671,374



Chemicals & Plastics–0.01%
Herens Midco S.a.r.l. (Luxembourg)⁽ⁿ⁾	5.25%	05/15/2029	EUR		448		268,078



Electronics & Electrical–0.25%
Versuni Group B.V. (Netherlands)⁽ⁿ⁾	3.13%	06/15/2028	EUR		9,070		7,929,123



Financial Intermediaries–1.91%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%) (Acquired 04/01/2021-11/24/2021; Cost $15,690,195)^(h)(n)(o)	8.73%	08/01/2024	EUR		13,583		7,353,909


Garfunkelux Holdco 3 S.A. (Luxembourg)⁽ⁿ⁾	6.75%	11/01/2025	EUR		2,100		1,830,185


Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)^(n)(o)	9.98%	05/01/2026	EUR		10,341		9,073,441


Garfunkelux Holdco 3 S.A. (Luxembourg)⁽ⁿ⁾	6.75%	11/01/2025	EUR		1,000		871,516


Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)^(n)(o)	9.98%	05/01/2026	EUR		1,825		1,601,299


Kane Bidco Ltd. (United Kingdom)⁽ⁿ⁾	5.00%	02/15/2027	EUR		976		1,005,909


Kane Bidco Ltd. (United Kingdom)⁽ⁿ⁾	6.50%	02/15/2027	GBP		1,219		1,423,369


Sherwood Financing PLC (United Kingdom)⁽ⁿ⁾	4.50%	11/15/2026	EUR		1,391		1,315,187


Sherwood Financing PLC (United Kingdom)⁽ⁿ⁾	6.00%	11/15/2026	GBP		1,404		1,475,313


Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)^(n)(o)	8.41%	11/15/2027	EUR		9,180		9,645,853


Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)^(n)(o)	8.41%	11/15/2027	EUR		2,000		2,101,493


Very Group Funding PLC (The) (United Kingdom)⁽ⁿ⁾	6.50%	08/01/2026	GBP		14,141		14,286,263


Zenith Finco PLC (United Kingdom)⁽ⁿ⁾	6.50%	06/30/2027	GBP		9,042		8,865,316


							60,849,053



Food Products–0.52%
Sigma Holdco B.V. (Netherlands)⁽ⁿ⁾	5.75%	05/15/2026	EUR		17,850		16,712,952



Industrial Equipment–0.13%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)⁽ⁿ⁾	9.25%	10/31/2027	EUR		4,597		4,031,514



Leisure Goods, Activities & Movies–0.05%
Deuce Finco PLC (United Kingdom)⁽ⁿ⁾	5.50%	06/15/2027	GBP		1,363		1,490,801



Retailers (except Food & Drug)–0.72%
Douglas GmbH (Germany)⁽ⁿ⁾	6.00%	04/08/2026	EUR		5,000		5,206,916


Douglas GmbH (Germany)⁽ⁿ⁾	6.00%	04/08/2026	EUR		6,486		6,754,411


Kirk Beauty SUN GmbH 9.00% PIK Rate, 8.25% Cash Rate (Germany)^(g)(n)	9.00%	10/01/2026	EUR		10,867		10,923,813


							22,885,140



Surface Transport–0.02%
Zenith Finco PLC (United Kingdom)⁽ⁿ⁾	6.50%	06/30/2027	GBP		752		737,306


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $160,842,983)							131,960,346



U.S. Dollar Denominated Bonds & Notes–2.88%
Aerospace & Defense–0.38%
Castlelake Aviation Finance DAC⁽ⁿ⁾	5.00%	04/15/2027		$	5,800		5,352,837


Rand Parent LLC⁽ⁿ⁾	8.50%	02/15/2030			7,113		6,781,473


							12,134,310



Automotive–0.01%
Clarios Global L.P./Clarios US Finance Co.⁽ⁿ⁾	6.75%	05/15/2028			314		313,468



Building & Development–0.39%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 11/02/2020-12/11/2020; Cost $4,851,901)^(h)(n)	5.75%	05/15/2026			5,180		4,758,684


Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-12/15/2021; Cost $9,307,843)^(h)(n)	4.50%	04/01/2027			9,367		7,831,608


							12,590,292



Business Equipment & Services–0.13%
ADT Security Corp. (The)⁽ⁿ⁾	4.13%	08/01/2029			4,743		4,144,410

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


20		Invesco Senior Floating Rate Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Cable & Satellite Television–0.67%
Altice Financing S.A. (Luxembourg)⁽ⁿ⁾	5.75%	08/15/2029	$	1,414	$	1,121,387


Altice Financing S.A. (Luxembourg)⁽ⁿ⁾	5.00%	01/15/2028		15,051		12,251,657


Altice France S.A. (France)⁽ⁿ⁾	5.50%	10/15/2029		6,838		4,945,382


Virgin Media Secured Finance PLC (United Kingdom)⁽ⁿ⁾	4.50%	08/15/2030		3,741		3,162,137


						21,480,563



Chemicals & Plastics–0.42%
SK Invictus Intermediate II S.a.r.l.⁽ⁿ⁾	5.00%	10/30/2029		13,475		11,082,783


Windsor Holdings III LLC (Acquired 06/22/2023; Cost $2,290,000)^(h)(n)	8.50%	06/15/2030		2,290		2,302,852


						13,385,635



Cosmetics & Toiletries–0.07%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC⁽ⁿ⁾	6.63%	07/15/2030		2,316		2,318,779



Food Products–0.01%
Sigma Holdco B.V. (Netherlands)⁽ⁿ⁾	7.88%	05/15/2026		250		212,891



Food Service–0.10%
WW International, Inc.⁽ⁿ⁾	4.50%	04/15/2029		4,476		3,103,658



Health Care–0.05%
Global Medical Response, Inc. (Acquired 09/24/2020; Cost $2,186,000)^(h)(n)	6.50%	10/01/2025		2,186		1,512,842



Industrial Equipment–0.11%
Arsenal AIC Parent LLC⁽ⁿ⁾	8.00%	10/01/2030		612		625,764


Chart Industries, Inc.⁽ⁿ⁾	7.50%	01/01/2030		669		686,323


Emerald Debt Merger Sub LLC⁽ⁿ⁾	6.63%	12/15/2030		2,323		2,289,711


						3,601,798



Lodging & Casinos–0.12%
Caesars Entertainment, Inc.⁽ⁿ⁾	7.00%	02/15/2030		1,548		1,555,441


Ontario Gaming GTA L.P. (Canada)⁽ⁿ⁾	8.00%	08/01/2030		2,141		2,166,200


						3,721,641



Publishing–0.03%
McGraw-Hill Education, Inc.⁽ⁿ⁾	5.75%	08/01/2028		1,101		978,128



Radio & Television–0.06%
Diamond Sports Group LLC/Diamond Sports Finance Co.^(i)(j)(n)	0.00%	08/15/2026		6,116		151,738


iHeartCommunications, Inc.	6.38%	05/01/2026		2,000		1,747,030


						1,898,768



Retailers (except Food & Drug)–0.10%
Evergreen Acqco 1 L.P./TVI, Inc.⁽ⁿ⁾	9.75%	04/26/2028		2,984		3,114,430



Telecommunications–0.23%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)⁽ⁿ⁾	6.75%	10/01/2026		4,556		4,326,681


Windstream Escrow LLC/Windstream Escrow Finance Corp.⁽ⁿ⁾	7.75%	08/15/2028		3,818		3,098,775


						7,425,456


Total U.S. Dollar Denominated Bonds & Notes (Cost $106,216,929)						91,937,069



			Shares

Preferred Stocks–1.80%
Nonferrous Metals & Minerals–1.13%
ACNR Holdings, Inc., Pfd.				68,978		36,213,450



Oil & Gas–0.09%
McDermott International Ltd., Pfd.^(e)				4,210		2,736,505


Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-10/31/2019; Cost $11,607,048)^(e)(h)(k)				11,609,066		103,321


						2,839,826

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


21		Invesco Senior Floating Rate Fund



				Shares		Value


Surface Transport–0.58%
Commercial Barge Line Co., Series A, Pfd. (Acquired 01/31/2020-08/25/2020; Cost $2,944,341)^(h)					103,992	$	2,443,812


Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/01/2021; Cost $3,094,944)^(h)(k)					109,316		2,568,926


Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $3,389,672)^(h)					142,554		7,840,470


Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-02/17/2021; Cost $2,380,533)^(h)(k)					100,115		5,506,325


							18,359,533


Total Preferred Stocks (Cost $24,451,205)							57,412,809



	Interest Rate	Maturity Date		Principal Amount (000)^(a)
Asset-Backed Securities–0.55%
Structured Products–0.55%
Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%)^(m)(n)(o)	10.75%	04/24/2034	EUR		977		965,399


CIFC Funding Ltd., Series 2014-4RA, Class DR (Cayman Islands) (3 mo. Term SOFR + 7.26%)^(n)(o)	12.57%	01/17/2035		$	1,250		1,189,460


Empower CLO Ltd., Series 2023-1A, Class E (Cayman Islands) (3 mo. Term SOFR + 8.22%)^(n)(o)	13.29%	04/25/2036			3,500		3,564,096


Empower CLO Ltd., Series 2023-2A, Class E (Cayman Islands) (3 mo. Term SOFR + 8.25%)^(n)(o)	13.59%	07/15/2036			2,000		2,000,928


Jubilee CLO DAC, Series 2018-21A, Class ER (Ireland) (3 mo. EURIBOR + 6.07%)^(m)(n)(o)	9.73%	04/15/2035	EUR		1,959		1,944,443


Madison Park Funding XVIII Ltd., Series 2015-18A, Class ER (Cayman Islands) (3 mo. Term SOFR + 6.61%)^(n)(o)	11.94%	10/21/2030			3,150		2,982,612


Madison Park Funding XXX Ltd., Series 2018-30A, Class E (Cayman Islands) (3 mo. Term SOFR + 5.21%)^(n)(o)	10.52%	04/15/2029			3,275		3,087,578


Regatta XIV Funding Ltd., Series 2018-3A, Class E (Cayman Islands) (3 mo. Term SOFR + 6.21%)^(n)(o)	11.56%	10/25/2031			2,200		1,987,808


Total Asset-Backed Securities (Cost $18,183,387)							17,722,324



Municipal Obligations–0.45%
Arizona–0.45%
Arizona (State of) Industrial Development Authority (NewLife Forest Restoration LLC) (Green Bonds), Series 2022 A, RB (Acquired 02/22/2022-07/01/2023; Cost $15,880,339) (Cost $17,204,508)^(h)(n)	0.00%	01/01/2028			17,075		14,470,224



				Shares

Money Market Funds–3.31%
Invesco Government & Agency Portfolio, Institutional Class, 5.25%^(k)(p)					63,601,590		63,601,590


Invesco Treasury Portfolio, Institutional Class, 5.25%^(k)(p)					41,937,612		41,937,612


Total Money Market Funds (Cost $105,539,202)							105,539,202


TOTAL INVESTMENTS IN SECURITIES–100.16% (Cost $3,335,440,242)							3,195,533,367


OTHER ASSETS LESS LIABILITIES–(0.16)%							(5,127,822	)


NET ASSETS–100.00%						$	3,190,405,545

Investment Abbreviations:


CLO		- Collateralized Loan Obligation
EUR		- Euro
EURIBOR		- Euro Interbank Offered Rate
GBP		- British Pound Sterling
LIBOR		- London Interbank Offered Rate
LOC		- Letter of Credit
Pfd.		- Preferred
PIK		- Pay-in-Kind
RB		- Revenue Bonds
Rts.		- Rights
SEK		- Swedish Krona
SOFR		- Secured Overnight Financing Rate
SONIA		- Sterling Overnight Index Average
STIBOR		- Stockholm Interbank Offered Rate
USD		- U.S. Dollar
Wts.		- Warrants

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


22		Invesco Senior Floating Rate Fund

Notes to Schedule of Investments:

^(a)	Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(b)

^(c)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the 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.

^(d)	This variable rate interest will settle after August 31, 2023, at which time the interest rate will be determined.

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

^(f)	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.

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

^(h)	Restricted security. The aggregate value of these securities at August 31, 2023 was $305,885,779, which represented 9.59% of the Fund’s Net Assets.

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

^(j)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $5,141,353, which represented less than 1% of the Fund’s Net Assets.

^(k)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2023.


	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value August 31, 2023		Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	110,290,453	$	531,905,809	$	(578,594,672	)	$	-		$	-		$	63,601,590	$	2,488,019
Invesco Treasury Portfolio, Institutional Class		69,840,969		354,603,874		(382,507,231	)		-			-			41,937,612		1,399,400
Investments in Other Affiliates:
Commercial Barge Line Co., Wts., expiring 04/27/2045		725,614		-		-			948,881			-			1,674,495		-
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045		3,484,453		-		(728,499	)		304,684			(491,712	)		2,568,926		-
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045		4,880,606		-		-			625,719			-			5,506,325		-
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030		584,111		-		(584,133	)		(403,067	)		584,133			181,044		-
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045		563,147		-		(563,168	)		(375,431	)		563,168			187,716		-
Frontera Generation Holdings LLC		92,490		-		-			(71,032	)		-			21,458		-
Fusion Connect, Inc., Wts., expiring 01/14/2040		10,526		-		-			-			-			10,526		-
Harvey Gulf International Marine LLC		2,747,761		-		-			1,578,501			-			4,326,262		549,552
Internap Corp.*		485,341		7,928,094		-			3,457,634			(8,725,189	)		3,145,880		-
Larchmont Resources LLC		809,553		-		-			(599,069	)		-			210,484		1,054,723
My Alarm Center LLC, Class A		25,849,729		-		-			13,402,964			-			39,252,693		-
North American Lifting Holdings, Inc.		6,791,930		-		-			(2,037,579	)		-			4,754,351		-
QuarterNorth Energy Holding, Inc.		80,784,090		-		-			16,475,839			-			113,489,182		4,573,942**
Southcross Energy Partners L.P., Series A, Pfd.		870,680		-		-			(767,359	)		-			103,321		1,414,016
Southcross Energy Partners L.P.		87,448		-		-			(46,639	)		-			40,809		-
Tribune Resources LLC, Wts., expiring 04/03/2023		37,614		-		-			112,842			(150,456	)		-		-
Tribune Resources LLC		16,163,850		-		-			(8,173,452	)		-			7,990,398		639,232
Total	$	325,100,365	$	894,437,777	$	(962,977,703	)	$	24,433,436		$	(8,220,056	)	$	289,003,072	$	12,118,884

*	As of August 31, 2022, this security was not considered as an affiliate of the Fund.

**	Amounts include a return of capital distribution reclassification which reduces dividend income and increases realized gain (loss) and/or change in unrealized appreciation (depreciation).

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


23		Invesco Senior Floating Rate Fund

^(l)	Non-income producing security.

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

⁽ⁿ⁾

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, 2023 was $254,342,933, which represented 7.97% of the Fund’s Net Assets.

^(o)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(p)	The rate shown is the 7-day SEC standardized yield as of August 31, 2023.


Open Forward Foreign Currency Contracts

								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)


Currency Risk


09/29/2023	Barclays Bank PLC		EUR	3,041,509		USD	3,328,080	$	26,218


10/31/2023	Barclays Bank PLC		EUR	86,705,391		USD	94,508,789		236,903


09/29/2023	BNP Paribas S.A.		EUR	87,312,595		USD	97,066,569		2,280,034


09/29/2023	BNP Paribas S.A.		GBP	14,699,768		USD	18,853,389		229,626


09/29/2023	BNP Paribas S.A.		SEK	7,500,000		USD	701,915		16,080


10/31/2023	BNP Paribas S.A.		GBP	14,764,725		USD	18,752,654		45,711


09/29/2023	Citibank N.A.		GBP	715,269		USD	919,216		13,011


10/31/2023	Citibank N.A.		EUR	85,411,281		USD	93,141,087		276,244


10/31/2023	Citibank N.A.		USD	1,877,179		GBP	1,486,319		5,991


09/29/2023	Morgan Stanley and Co. International PLC		EUR	87,383,979		USD	97,167,053		2,303,022


09/29/2023	Morgan Stanley and Co. International PLC		GBP	14,980,369		USD	19,210,915		231,647


09/29/2023	Morgan Stanley and Co. International PLC		SEK	61,295,747		USD	5,917,507		312,337


09/29/2023	Morgan Stanley and Co. International PLC		USD	156,590		SEK	1,714,253		170


10/31/2023	Morgan Stanley and Co. International PLC		GBP	14,764,724		USD	18,774,240		67,297


09/29/2023	Royal Bank of Canada		GBP	14,699,768		USD	18,876,692		252,929


09/29/2023	Royal Bank of Canada		USD	5,163,421		SEK	56,486,636		1,981


10/31/2023	Royal Bank of Canada		EUR	89,388,282		USD	97,400,928		212,023


10/31/2023	Royal Bank of Canada		GBP	14,544,355		USD	18,502,573		74,838


09/29/2023	State Street Bank & Trust Co.		EUR	88,083,979		USD	97,659,712		2,035,762


10/31/2023	State Street Bank & Trust Co.		EUR	7,394		USD	8,049		9


10/31/2023	State Street Bank & Trust Co.		GBP	110,736		USD	140,705		403


09/29/2023	UBS AG		GBP	680,230		USD	868,219		6,407


Subtotal–Appreciation									8,628,643



Currency Risk


09/29/2023	Barclays Bank PLC		USD	94,360,523		EUR	86,705,391		(233,168	)


10/31/2023	Barclays Bank PLC		USD	1,088,183		EUR	1,000,000		(916	)


09/29/2023	BNP Paribas S.A.		USD	20,912,487		GBP	16,447,371		(74,611	)


09/29/2023	Citibank N.A.		USD	92,995,802		EUR	85,411,281		(273,333	)


09/29/2023	Morgan Stanley and Co. International PLC		USD	3,834,174		EUR	3,500,000		(34,574	)


09/29/2023	Morgan Stanley and Co. International PLC		USD	19,633,625		GBP	15,439,632		(72,497	)


09/29/2023	Morgan Stanley and Co. International PLC		USD	735,694		SEK	7,657,127		(35,491	)


09/29/2023	Royal Bank of Canada		GBP	652,694		USD	824,345		(2,581	)


09/29/2023	Royal Bank of Canada		USD	95,983,109		EUR	88,205,391		(227,354	)


09/29/2023	Royal Bank of Canada		USD	18,497,959		GBP	14,541,094		(75,226	)


09/29/2023	Royal Bank of Canada		USD	275,277		SEK	2,937,731		(6,637	)


10/31/2023	Royal Bank of Canada		SEK	56,598,836		USD	5,180,929		(2,118	)


10/31/2023	Royal Bank of Canada		USD	1,633,689		EUR	1,500,000		(2,789	)

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


24		Invesco Senior Floating Rate Fund

Open Forward Foreign Currency Contracts–(continued)

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

09/29/2023

UBS AG

USD

2,220,600

EUR

2,000,000

(49,400

)

Subtotal–Depreciation

(1,090,695

)

Total Forward Foreign Currency Contracts

7,537,948

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

SEK - Swedish Krona

USD - U.S. Dollar

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


25		Invesco Senior Floating Rate Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $3,048,745,236)	$	2,906,530,295


Investments in affiliates, at value (Cost $286,695,006)		289,003,072


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		8,628,643


Cash collateral – revolver		434,911


Cash		24,669,448


Foreign currencies, at value (Cost $10,415,722)		10,299,197


Receivable for:
Investments sold		46,140,648


Fund shares sold		3,477,462


Dividends		1,221,981


Interest		43,643,412


Investment for trustee deferred compensation and retirement plans		312,458


Other assets		304,183


Total assets		3,334,665,710



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,090,695


Payable for:
Investments purchased		78,700,827


Dividends		7,609,345


Fund shares reacquired		2,537,495


Accrued fees to affiliates		1,418,488


Accrued trustees’ and officers’ fees and benefits		2,805


Accrued other operating expenses		263,874


Trustee deferred compensation and retirement plans		312,458


Unfunded loan commitments		52,324,178


Total liabilities		144,260,165


Net assets applicable to shares outstanding	$	3,190,405,545


Net assets consist of:

Shares of beneficial interest	$	5,895,281,458


Distributable earnings (loss)		(2,704,875,913	)


	$	3,190,405,545



Net Assets:
Class A	$	1,558,450,874


Class C	$	200,488,760


Class R	$	53,577,755


Class Y	$	1,178,318,857


Class R5	$	19,766


Class R6	$	199,549,533



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		233,670,637


Class C		30,043,396


Class R		8,038,675


Class Y		177,013,916


Class R5		2,962


Class R6		29,979,320


Class A:
Net asset value per share	$	6.67


Maximum offering price per share (Net asset value of $6.67 ÷ 96.75%)	$	6.89


Class C:
Net asset value and offering price per share	$	6.67


Class R:
Net asset value and offering price per share	$	6.66


Class Y:
Net asset value and offering price per share	$	6.66


Class R5:
Net asset value and offering price per share	$	6.67


Class R6:
Net asset value and offering price per share	$	6.66

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


26		Invesco Senior Floating Rate Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:

Interest	$	305,251,250


Dividends		17,040,785


Dividends from affiliates		12,118,884


Total investment income		334,410,919



Expenses:
Advisory fees		20,226,031


Administrative services fees		474,475


Custodian fees		291,127


Distribution fees:
Class A		3,849,366


Class C		2,280,639


Class R		269,146


Interest, facilities and maintenance fees		1,575,829


Transfer agent fees – A, C, R and Y		4,051,882


Transfer agent fees – R5		9


Transfer agent fees – R6		58,561


Trustees’ and officers’ fees and benefits		45,646


Registration and filing fees		230,065


Reports to shareholders		212,085


Professional services fees		515,953


Other		45,488


Total expenses		34,126,302


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(999,335	)


Net expenses		33,126,967


Net investment income		301,283,952



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(116,269,454	)


Affiliated investment securities		(8,220,056	)


Foreign currencies		2,560,294


Forward foreign currency contracts		(17,868,486	)


		(139,797,702	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		87,315,952


Affiliated investment securities		24,433,436


Foreign currencies		266,030


Forward foreign currency contracts		(1,575,445	)


		110,439,973


Net realized and unrealized gain (loss)		(29,357,729	)


Net increase in net assets resulting from operations	$	271,926,223

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


27		Invesco Senior Floating Rate Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	301,283,952		$	192,029,545


Net realized gain (loss)		(139,797,702	)		(11,120,621	)


Change in net unrealized appreciation (depreciation)		110,439,973			(174,503,134	)


Net increase in net assets resulting from operations		271,926,223			6,405,790



Distributions to shareholders from distributable earnings:
Class A		(151,908,076	)		(80,741,633	)


Class C		(20,837,505	)		(13,510,386	)


Class R		(5,142,756	)		(2,706,058	)


Class Y		(130,241,833	)		(76,112,499	)


Class R5		(1,525	)		(619	)


Class R6		(19,317,154	)		(10,713,187	)


Total distributions from distributable earnings		(327,448,849	)		(183,784,382	)



Return of capital:
Class A		(5,790,853	)		–


Class C		(794,342	)		–


Class R		(196,046	)		–


Class Y		(4,964,919	)		–


Class R5		(58	)		–


Class R6		(736,385	)		–


Total return of capital		(12,482,603	)		–


Total distributions		(339,931,452	)		(183,784,382	)



Share transactions-net:
Class A		(51,670,541	)		49,014,679


Class C		(62,319,648	)		(116,082,537	)


Class R		(1,057,435	)		(1,790,388	)


Class Y		(242,916,944	)		201,656,747


Class R5		8,335			–


Class R6		(42,684,802	)		59,681,079


Net increase (decrease) in net assets resulting from share transactions		(400,641,035	)		192,479,580


Net increase (decrease) in net assets		(468,646,264	)		15,100,988



Net assets:
Beginning of year		3,659,051,809			3,643,950,821


End of year	$	3,190,405,545		$	3,659,051,809

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


28		Invesco Senior Floating Rate Fund

Statement of Cash Flows

For the year ended August 31, 2023


Cash provided by operating activities:

Net increase in net assets resulting from operations	$	271,926,223



Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments		(1,133,385,948	)


Proceeds from sales of investments		1,567,466,049


Proceeds from sales of short-term investments, net		984,901


Amortization of premium on investment securities		6,828,339


Accretion of discount on investment securities		(30,720,334	)


Net realized loss from investment securities		124,489,510


Net change in unrealized appreciation on investment securities		(111,749,388	)


Net change in unrealized depreciation of forward foreign currency contracts		1,575,445


Change in operating assets and liabilities:


Increase in receivables and other assets		(11,509,946	)


Decrease in accrued expenses and other payables		(428,661	)


Net cash provided by operating activities		685,476,190



Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(94,125,283	)


Return of capital		(12,482,603	)


Proceeds from shares of beneficial interest sold		809,648,871


Disbursements from shares of beneficial interest reacquired		(1,445,323,975	)


Net cash provided by (used in) financing activities		(742,282,990	)


Net decrease in cash and cash equivalents		(56,806,800	)


Cash and cash equivalents at beginning of period		197,749,558


Cash and cash equivalents at end of period	$	140,942,758



Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	231,302,680



Supplemental disclosure of cash flow information:


Cash paid during the period for interest, facilities and maintenance fees	$	1,575,829

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


29		Invesco Senior Floating Rate Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 08/31/23		$6.79		$0.60		$(0.05	)		$0.55			$(0.65	)		$(0.02	)		$(0.67	)		$6.67		8.72	%		$1,558,451		1.06	%		1.09	%		1.01	%		9.04	%		31	%
Year ended 08/31/22		7.10		0.35		(0.32	)		0.03			(0.34	)		–			(0.34	)		6.79		0.40			1,639,394		1.04			1.04			1.00			5.05			68
Year ended 08/31/21		6.61		0.31		0.49			0.80			(0.31	)		–			(0.31	)		7.10		12.35			1,666,116		1.07			1.10			1.00			4.56			86
Year ended 08/31/20		7.63		0.32		(1.02	)		(0.70	)		(0.32	)		–			(0.32	)		6.61		(9.23	)		1,586,129		1.13			1.16			1.02			4.59			53
One month ended 08/31/19		7.77		0.03		(0.14	)		(0.11	)		(0.03	)		–			(0.03	)		7.63		(1.37	)		2,962,352		1.11	^(e)		1.12	^(e)		1.01	^(e)		5.25	^(e)		1
Year ended 07/31/19		8.13		0.41		(0.37	)		0.04			(0.40	)		–			(0.40	)		7.77		0.58			3,104,336		1.10			1.10			1.00			5.12			25
Class C
Year ended 08/31/23		6.79		0.55		(0.05	)		0.50			(0.60	)		(0.02	)		(0.62	)		6.67		7.91			200,489		1.81			1.84			1.76			8.29			31
Year ended 08/31/22		7.11		0.30		(0.33	)		(0.03	)		(0.29	)		–			(0.29	)		6.79		(0.49	)		268,127		1.79			1.79			1.75			4.30			68
Year ended 08/31/21		6.62		0.26		0.49			0.75			(0.26	)		–			(0.26	)		7.11		11.50			398,409		1.82			1.85			1.75			3.81			86
Year ended 08/31/20		7.64		0.27		(1.02	)		(0.75	)		(0.27	)		–			(0.27	)		6.62		(9.90	)		733,122		1.88			1.91			1.77			3.84			53
One month ended 08/31/19		7.78		0.03		(0.14	)		(0.11	)		(0.03	)		–			(0.03	)		7.64		(1.43	)		1,640,440		1.86	^(e)		1.87	^(e)		1.76	^(e)		4.50	^(e)		1
Year ended 07/31/19		8.14		0.35		(0.36	)		(0.01	)		(0.35	)		–			(0.35	)		7.78		(0.17	)		1,734,118		1.85			1.85			1.75			4.37			25
Class R
Year ended 08/31/23		6.79		0.58		(0.05	)		0.53			(0.64	)		(0.02	)		(0.66	)		6.66		8.29			53,578		1.31			1.34			1.26			8.79			31
Year ended 08/31/22		7.10		0.34		(0.33	)		0.01			(0.32	)		–			(0.32	)		6.79		0.14			55,615		1.29			1.29			1.25			4.80			68
Year ended 08/31/21		6.61		0.30		0.48			0.78			(0.29	)		–			(0.29	)		7.10		12.07			60,060		1.32			1.35			1.25			4.31			86
Year ended 08/31/20		7.62		0.31		(1.01	)		(0.70	)		(0.31	)		–			(0.31	)		6.61		(9.34	)		59,212		1.38			1.41			1.27			4.34			53
One month ended 08/31/19		7.76		0.03		(0.14	)		(0.11	)		(0.03	)		–			(0.03	)		7.62		(1.39	)		87,586		1.36	^(e)		1.37	^(e)		1.26	^(e)		5.00	^(e)		1
Year ended 07/31/19		8.13		0.39		(0.38	)		0.01			(0.38	)		–			(0.38	)		7.76		0.20			91,419		1.35			1.35			1.25			4.87			25
Class Y
Year ended 08/31/23		6.78		0.61		(0.04	)		0.57			(0.66	)		(0.03	)		(0.69	)		6.66		8.99			1,178,319		0.81			0.84			0.76			9.29			31
Year ended 08/31/22		7.09		0.37		(0.33	)		0.04			(0.35	)		–			(0.35	)		6.78		0.63			1,450,652		0.79			0.79			0.75			5.30			68
Year ended 08/31/21		6.60		0.33		0.49			0.82			(0.33	)		–			(0.33	)		7.09		12.65			1,323,124		0.82			0.85			0.75			4.81			86
Year ended 08/31/20		7.61		0.35		(1.02	)		(0.67	)		(0.34	)		–			(0.34	)		6.60		(8.90	)		1,571,552		0.88			0.91			0.77			4.84			53
One month ended 08/31/19		7.75		0.04		(0.14	)		(0.10	)		(0.04	)		–			(0.04	)		7.61		(1.35	)		4,734,607		0.86	^(e)		0.87	^(e)		0.76	^(e)		5.50	^(e)		1
Year ended 07/31/19		8.11		0.43		(0.37	)		0.06			(0.42	)		–			(0.42	)		7.75		0.82			5,266,308		0.85			0.85			0.75			5.37			25
Class R5
Year ended 08/31/23		6.80		0.62		(0.06	)		0.56			(0.66	)		(0.03	)		(0.69	)		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	)		0.05			(0.36	)		–			(0.36	)		6.80		0.74			12		0.70			0.70			0.66			5.39			68
Year ended 08/31/21		6.62		0.34		0.48			0.82			(0.33	)		–			(0.33	)		7.11		12.65			12		0.73			0.74			0.66			4.90			86
Year ended 08/31/20		7.63		0.34		(1.00	)		(0.66	)		(0.35	)		–			(0.35	)		6.62		(8.80	)		8		0.80			0.80			0.69			4.92			53
One month ended 08/31/19		7.77		0.04		(0.14	)		(0.10	)		(0.04	)		–			(0.04	)		7.63		(1.34	)		10		0.80	^(e)		0.82	^(e)		0.71	^(e)		5.55	^(e)		1
Period ended 07/31/19^(f)		7.87		0.08		(0.10	)		(0.02	)		(0.08	)		–			(0.08	)		7.77		(0.28	)		10		0.77	^(e)		0.77	^(e)		0.67	^(e)		5.45	^(e)		25
Class R6
Year ended 08/31/23		6.77		0.62		(0.04	)		0.58			(0.66	)		(0.03	)		(0.69	)		6.66		9.22			199,550		0.74			0.74			0.69			9.36			31
Year ended 08/31/22		7.08		0.37		(0.32	)		0.05			(0.36	)		–			(0.36	)		6.77		0.72			245,252		0.70			0.70			0.66			5.39			68
Year ended 08/31/21		6.60		0.34		0.47			0.81			(0.33	)		–			(0.33	)		7.08		12.60			196,230		0.69			0.74			0.62			4.94			86
Year ended 08/31/20		7.61		0.36		(1.02	)		(0.66	)		(0.35	)		–			(0.35	)		6.60		(8.80	)		194,825		0.77			0.79			0.66			4.95			53
One month ended 08/31/19		7.75		0.04		(0.14	)		(0.10	)		(0.04	)		–			(0.04	)		7.61		(1.34	)		997,162		0.75	^(e)		0.76	^(e)		0.65	^(e)		5.61	^(e)		1
Year ended 07/31/19		8.11		0.43		(0.36	)		0.07			(0.43	)		–			(0.43	)		7.75		0.93			1,056,032		0.74			0.74			0.64			5.48			25

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 1.12% and 1.10% for the one month ended August 31, 2019 and the year ended July 31, 2019, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended August 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $42,745,724 in connection with the acquisition of Invesco Senior Floating Rate Plus Fund into the Fund.

^(e)	Annualized.

^(f)	Commencement date after the close of business on May 24, 2019.

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


30		Invesco Senior Floating Rate Fund

Notes to Financial Statements

August 31, 2023

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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.


31		Invesco Senior Floating Rate Fund

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.

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.

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

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

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.


32		Invesco Senior Floating Rate Fund

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.

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


33		Invesco Senior Floating Rate Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate*
First $200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Next $5 billion		0.580%
Next $10 billion		0.560%
Over $20 billion		0.550%

*	The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.61%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective January 1, 2023, the Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to January 1, 2023, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.00%, 1.75%, 1.25%, 0.75%, 0.75% and 0.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the year ended August 31, 2023, the Adviser waived advisory fees of $93,183 and reimbursed class level expenses of $410,519, $66,756, $15,086, $372,987, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $66,730 in front-end sales commissions from the sale of Class A shares and $73,252 and $25,123 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


34		Invesco Senior Floating Rate Fund

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Variable Rate Senior Loan Interests	$	–	$	2,357,202,361		$	195,453,168	$	2,552,655,529


Common Stocks & Other Equity Interests		6,792,456		42,432,448			174,610,960		223,835,864


Non-U.S. Dollar Denominated Bonds & Notes		–		131,543,643			416,703		131,960,346


U.S. Dollar Denominated Bonds & Notes		–		91,937,069			–		91,937,069


Preferred Stocks		–		54,572,983			2,839,826		57,412,809


Asset-Backed Securities		–		17,722,324			–		17,722,324


Municipal Obligations		–		14,470,224			–		14,470,224


Money Market Funds		105,539,202		–			–		105,539,202


Total Investments in Securities		112,331,658		2,709,881,052			373,320,657		3,195,533,367



Other Investments - Assets*


Forward Foreign Currency Contracts		–		8,628,643			–		8,628,643



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(1,090,695	)		–		(1,090,695	)


Total Other Investments		–		7,537,948			–		7,537,948


Total Investments	$	112,331,658	$	2,717,419,000		$	373,320,657	$	3,203,071,315

*	Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Trust 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, 2023:


	Value 08/31/22		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3*		Transfers out of Level 3*			Value 08/31/23


Variable Rate Senior Loan Interests	$	290,176,775	$	93,659,765	$	(101,859,390	)	$	2,016,950	$	3,222,523		$	4,636,566		$	50,333,142	$	(146,733,163	)	$	195,453,168


Common Stocks & Other Equity Interests		48,978,198		35,916,645		(4,838,753	)		37,682		(7,807,568	)		34,732,102			83,993,367		(16,400,713	)		174,610,960


Preferred Stocks		3,607,185		–		–			–		–			(767,359	)		–		–			2,839,826


Non-U.S. Dollar Denominated Bonds & Notes		–		431,194		–			7,418		–			(21,909	)		–		–			416,703


Total	$	342,762,158	$	130,007,604	$	(106,698,143	)	$	2,062,050	$	(4,585,045	)	$	38,579,400		$	134,326,509	$	(163,133,876	)	$	373,320,657

*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

at 08/31/23

Valuation

Technique

Unobservable

Inputs

Range of

Unobservable

Inputs

Unobservable

Input Used

QuarterNorth Energy Holding, Inc.

$113,489,182

Valuation Service

N/A

^(a)

My Alarm Center LLC, Class A

39,252,693

Valuation Service

N/A

^(a)

Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The valuation is based on an enterprise value approach that utilizes a multiple of the last twelve months’ earnings before interest, taxes, depreciation and amortization of comparable public companies. The Adviser reviews the valuation reports provided by the valuation service on an on-going basis and monitors such investments for additional information or the occurrence of a market event which would warrant a re-evaluation of the security’s fair valuation.


35		Invesco Senior Floating Rate Fund

NOTE 4–Derivative Investments

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, 2023:


	Value
Derivative Assets	Currency Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	8,628,643


Derivatives not subject to master netting agreements		-


Total Derivative Assets subject to master netting agreements	$	8,628,643


	Value
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,090,695	)


Derivatives not subject to master netting agreements		-


Total Derivative Liabilities subject to master netting agreements	$	(1,090,695	)

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, 2023.


	Financial Derivative Assets	Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash	Cash	Net Amount


Barclays Bank PLC	$ 263,121		$ (234,084	)	$	29,037		$–	$–	$	29,037


BNP Paribas S.A.	2,571,451		(74,611	)		2,496,840		–	–		2,496,840


Citibank N.A.	295,246		(273,333	)		21,913		–	–		21,913


Morgan Stanley and Co. International PLC	2,914,473		(142,562	)		2,771,911		–	–		2,771,911


Royal Bank of Canada	541,771		(316,705	)		225,066		–	–		225,066


State Street Bank & Trust Co.	2,036,174		-			2,036,174		–	–		2,036,174


UBS AG	6,407		(49,400	)		(42,993	)	–	–		(42,993	)


Total	$8,628,643		$(1,090,695	)	$	7,537,948		$–	$–	$	7,537,948

Effect of Derivative Investments for the year ended August 31, 2023

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


		Location of Gain (Loss) on Statement of Operations
		Currency Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(17,868,486)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,575,445)


Total		$(19,443,931)

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


		Forward Foreign Currency Contracts


Average notional value		$1,099,483,769


36		Invesco Senior Floating Rate Fund

NOTE 5–Expense Offset Arrangement(s)

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

NOTE 8–Unfunded Loan Commitments

As of August 31, 2023, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:


Borrower	Type	Unfunded Loan Commitment		Unrealized Appreciation (Depreciation)


Areas (Telfer Inv/Financiere Pax)	Revolver Loan		$ 1,581,302		$ (127,405	)


Dun & Bradstreet Corp. (The)	Revolver Loan		11,060,131		646,889


Groundworks LLC	Delayed Draw Term Loan		578,064		(6,293	)


Groundworks LLC	Revolver Loan		257,852		868


Kantar (Summer BC Bidco)	Revolver Loan		5,791,583		(138,822	)


McDermott International Ltd.	LOC		15,187,692		(3,872,862	)


Parques Reunidos (Piolin Bidco s.a.u)	Revolver Loan		1,042,154		574,911


Royal Caribbean Cruises Ltd.	Revolver Loan		15,285,754		(92,543	)


Tank Holding Corp.	Revolver Loan		971,557		(427,675	)


Vertellus	Revolver Loan		568,089		(9,939	)


			$52,324,178		$(3,452,871	)

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	327,448,849	$	183,784,382


Return of capital		12,482,603		–


Total distributions	$	339,931,452	$	183,784,382

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

Tax Components of Net Assets at Period-End:


	2023


Net unrealized appreciation (depreciation) – investments	$	(142,020,526	)


Net unrealized appreciation (depreciation) – foreign currencies		(242,254	)


Temporary book/tax differences		(304,451	)


Capital loss carryforward		(2,562,308,682	)


Shares of beneficial interest		5,895,281,458


Total net assets	$	3,190,405,545


37		Invesco Senior Floating Rate Fund

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$189,324,999

$2,372,983,683

$2,562,308,682

*	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, 2023 was $999,724,207 and $1,470,357,647, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 203,942,139


Aggregate unrealized (depreciation) of investments	(345,962,665	)


Net unrealized appreciation (depreciation) of investments	$(142,020,526	)

Cost of investments for tax purposes is $3,345,091,841.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, return of capital distributions and partnerships, on August 31, 2023, undistributed net investment income was decreased by $41,813,193, undistributed net realized gain (loss) was increased by $47,717,267 and shares of beneficial interest was decreased by $5,904,074. This reclassification had no effect on the net assets of the Fund.

NOTE 12–Senior Loan Participation Commitments

At the year ended August 31, 2023, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.


Selling Participant	Principal Amount		Value

Bank of America, N.A.	$	17,141,989	$16,775,634

Barclays Bank PLC		15,187,691	11,314,830

Citibank, N.A.		15,663,104	15,193,211

Credit Agricole CIB		1,582,065	1,344,755

JPMorgan Europe Ltd.		2,825,635	1,496,985

NOTE 13–Dividends

The Fund declared the following monthly dividends from net investment income subsequent to August 31, 2023.


		Amount Per Share
Share Class	Record Date	Payable September 29, 2023

Class A	Daily	$0.0537

Class C	Daily	$0.0496

Class R	Daily	$0.0523

Class Y	Daily	$0.0550

Class R5	Daily	$0.0552

Class R6	Daily	$0.0554


38		Invesco Senior Floating Rate Fund

NOTE 14–Share Information


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		27,920,339		$	185,092,497			47,641,433		$	334,278,812


Class C		4,680,280			31,030,712			8,088,635			56,812,169


Class R		952,149			6,279,368			1,427,305			9,999,546


Class Y		64,350,516			425,812,240			152,010,600			1,065,154,555


Class R5		1,256			8,335			-			-


Class R6		24,908,484			163,305,758			47,951,917			333,995,515



Issued as reinvestment of dividends:
Class A		17,202,634			113,352,430			8,291,919			57,698,731


Class C		2,467,632			16,269,590			1,430,472			9,981,569


Class R		783,138			5,156,425			375,423			2,612,061


Class Y		12,876,307			84,671,387			7,087,693			49,232,229


Class R6		1,801,876			11,852,848			742,943			5,140,709



Automatic conversion of Class C shares to Class A shares:
Class A		7,041,482			46,519,301			15,437,423			108,140,623


Class C		(7,036,400	)		(46,519,301	)		(15,424,045	)		(108,140,623	)



Reacquired:
Class A		(59,950,481	)		(396,634,769	)		(64,565,601	)		(451,103,487	)


Class C		(9,533,796	)		(63,100,649	)		(10,698,524	)		(74,735,652	)


Class R		(1,893,042	)		(12,493,228	)		(2,070,887	)		(14,401,995	)


Class Y		(114,314,162	)		(753,400,571	)		(131,743,792	)		(912,730,037	)


Class R6		(32,934,273	)		(217,843,408	)		(40,196,462	)		(279,455,145	)


Net increase (decrease) in share activity		(60,676,061	)	$	(400,641,035	)		25,786,452		$	192,479,580

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% 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.


39		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, 2023, the related statements of operations and cash flows for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, 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, 2023, 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, 2023 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

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, 2023 by correspondence with the custodian, transfer agent, portfolio company investees, brokers and agent banks; when replies were not received from portfolio company investees, brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2023


40		Invesco Senior Floating Rate Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,051.60	$5.58	$1,019.76	$5.50	1.08%
Class C	1,000.00	1,046.10	9.44	1,015.98	9.30	1.83
Class R	1,000.00	1,048.70	6.87	1,018.50	6.77	1.33
Class Y	1,000.00	1,051.30	4.29	1,021.02	4.23	0.83
Class R5	1,000.00	1,051.60	4.09	1,021.22	4.02	0.79
Class R6	1,000.00	1,051.70	3.88	1,021.42	3.82	0.75

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


41		Invesco Senior Floating Rate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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 that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory 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, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 received a

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, 2022 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 first quintile of its performance universe for the one year period, the third quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below


42		Invesco Senior Floating Rate Fund

the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund underwent a change in portfolio management in 2020, and that performance results prior to such date were those of the prior portfolio management team. The Board considered that relative performance had improved over more recent periods. The Board also considered that concentrated positions, specifically equity positions, in certain sectors had negatively impacted the Fund’s longer-term performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the fees comprising the Fund’s total expense ratio relative to those of peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 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.


43		Invesco Senior Floating Rate Fund

compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


44		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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	8.88	%
Corporate Dividends Received Deduction*	8.88	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	91.12	%

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


45		Invesco Senior Floating Rate Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹ - 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Senior Floating Rate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Senior Floating Rate Fund

LOGO

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		O-SFLR-AR-1

LOGO



Annual Report to Shareholders		August 31, 2023

Invesco Short Duration High Yield Municipal Fund

Nasdaq:

A: ISHAX ∎ C: ISHCX ∎ Y: ISHYX ∎ R5: ISHFX ∎ R6: ISHSX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

29		Financial Statements

32		Financial Highlights

33		Notes to Financial Statements

40		Report of Independent Registered Public Accounting Firm

41		Fund Expenses

42		Approval of Investment Advisory and Sub-Advisory Contracts

44		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Short Duration High Yield Municipal Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Short Duration High Yield Municipal Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.54	%
Class C Shares	-1.19
Class Y Shares	-0.18
Class R5 Shares	0.25
Class R6 Shares	-0.11
S&P Municipal Bond High Yield Index^▼ (Broad Market Index)	0.97
Custom Invesco Short Duration High Yield Municipal Index^∎ (Style-Specific Index)	1.24
Lipper High Yield Municipal Debt Funds Index^◆ (Peer Group Index)	-0.57

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

Market conditions and your Fund

During the fiscal year, investment grade municipal bonds returned 1.71%, high yield municipal bonds returned 0.52% and taxable municipal bonds returned -0.12%.¹

The municipal market set near record lows in 2022, marking the second worst calendar year return, preceded by 1981, making it one of the most challenging years in history.¹ After the US Federal Reserve’s (the Fed’s) December meeting, the AAA^† municipal yield curve inverted between one- and 10-year maturities. Any inversion is noteworthy, but this was a first for municipal bonds. An inversion on the short end continued through the rest of the fiscal year.

Debt ceiling concerns dominated most of the second quarter of 2023. The US government might have defaulted on its debt obligations, causing economic fallout across the global economy, had congressional action not been made in early June. After months of on-and-off negotiations between the White House and congressional leaders, just ahead of the payment deadline, the US Congress passed and President Biden signed into law the “Fiscal Responsibility Act,” an agreement which suspends the limit on the federal debt ceiling until 2025 in exchange for capping federal spending.

In its efforts to rein in inflation without harming employment or the overall economy, the Fed continued with its most aggressive monetary policy since the 1980s. The Fed raised the federal funds rate seven times over the fiscal year bringing the target rate to 5.50%, as of the end of August.² The Federal Open Market Committee explained its commitment to returning inflation to its 2% objective while continuing to assess a wide range of information, including labor market conditions, inflation pressures and expectations

and financial and international developments.²

New issuance for the fiscal year totaled $338 billion, down 23% from the previous year’s $441 billion.¹ Issuers, with cash on their balance sheets, have been reluctant to issue at higher interest rates.

During the Fund’s prior fiscal year, Puerto Rico made significant progress towards its long-winded bankruptcy process as the commonwealth restructured $22 billion of general obligation debt in March 2022. As a result, the Commonwealth’s weight in the Bloomberg High Yield Municipal Bond Index increased from 13% to 17% as the newly restructured bonds reentered the index.¹ During this fiscal year, the main focus turned to the Puerto Rico Electric and Power Authority (PREPA). As of August 31, 2023, bankruptcy negotiations and U.S. District Court proceedings were ongoing.

Municipal credits have a long history of low defaults as many provide essential services to all Americans. This continues to be the case as evidenced by S&P rating changes. During the second quarter of 2023, S&P’s rating activity was quite positive with 465 ratings upgraded versus 76 downgraded, translating to more than six upgrades for every downgrade.⁴ This marks the ninth consecutive quarter of overall credit quality improvement. This positive dynamic likely stems from benefits of the various federal stimulus measures including the American Rescue Plan Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as higher revenues collected by state and local governments.

We believe the valuable benefits of municipal bonds, including tax-exempt income, low correlations to other asset classes and low default rates, will again drive demand once the current market volatility and economic uncertainty has subsided. We continue to rely on our experienced portfolio managers and credit analysts to weather the challenges while identifying marketplace opportunities to add long-term value for shareholders.

During the fiscal year, an overweight allocation to tobacco MSA (Master Settlement Agreement) bonds contributed to relative return. An overweight allocation and security selection in A-rated bonds and below also added to relative performance. On a regional level, overweight exposure and security selection to credits domiciled in Illinois contributed to relative performance.

An overweight allocation to the public power sector detracted from relative performance over the fiscal year. Security selection in AAA and AA-rated^† bonds also detracted from relative performance. On a regional level, security selection to credits domiciled in Puerto Rico detracted from results.

During the fiscal year, the Fund continued to strategically employ leverage. The Fund achieved a leveraged position through the use of inverse floating rate securities or tender option bonds. The Fund uses leverage because we believe that, over time, leverage may provide opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Thank you for investing in Invesco Short Duration High Yield Municipal Fund and for sharing our long-term investment horizon.

1	Source: Bloomberg LP

2	Source: US Federal Reserve

3	Source: Lipper Inc.


2		Invesco Short Duration High Yield Municipal Fund

4	Source: Standard & Poor’s

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: For more information on Standard and Poor’s rating methodology, please visit www.standardandpoors.com and select ’Understanding Credit Ratings’ under ’About Ratings’ on the homepage. For more information on Moody’s rating methodology, please visit www.ratings.moodys.com and select ’Rating Methodologies’ on the homepage.

Portfolio manager(s):

John Connelly

Tim O’Reilly

Mark Paris

John Schorle

Julius Williams

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Short Duration High Yield Municipal Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 9/30/15

LOGO

1 Source: RIMES Technologies Corp.

2 Source(s): Invesco, RIMES Technologies Corp.

3 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Short Duration High Yield Municipal Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/30/15)	1.92	%
5 Years	0.27
1 Year	-3.07
Class C Shares
Inception (9/30/15)	1.49	%
5 Years	0.04
1 Year	-2.15
Class Y Shares
Inception (9/30/15)	2.51	%
5 Years	1.03
1 Year	-0.18
Class R5 Shares
Inception (9/30/15)	2.60	%
5 Years	1.17
1 Year	0.25
Class R6 Shares
Inception	2.50	%
5 Years	1.10
1 Year	-0.11

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Short Duration High Yield Municipal Fund

Supplemental Information

Invesco Short Duration High Yield Municipal Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

∎ Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment-grade.

∎

The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index. The S&P Municipal Bond Short Index is considered representative of US municipal bonds with maturities between six months and four years.

∎	The Lipper High Yield Municipal Debt Funds Index is an unmanaged index considered representative of high-yield municipal debt funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market

value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Short Duration High Yield Municipal Fund

Fund Information

Portfolio Composition


By credit sector	% of total investments

Revenue Bonds		88.68	%

General Obligation Bonds		10.14

Pre-Refunded Bonds		1.18

Top Five Debt Holdings


		% of total net assets

1.	District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB		1.89	%

2.	California (State of) Community Choice Financing Authority (Green Bonds), Series 2022 A-1, RB		1.61

3.	Chicago (City of), IL Board of Education, Series 2012 A, GO Bonds		1.13

4.	Children’s Trust Fund, Series 2002, RB		0.94

5.	Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB		0.92

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of August 31, 2023.


7		Invesco Short Duration High Yield Municipal Fund

Schedule of Investments

August 31, 2023


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Municipal Obligations-99.83%
Alabama-2.44%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB	5.25%	06/01/2025	$	600	$	590,583


Black Belt Energy Gas District (The);
Series 2022 C-1, RB^(a)	5.25%	06/01/2029		5,750		5,964,209


Series 2022 F, RB	5.25%	12/01/2027		1,500		1,560,143


Series 2022 F, RB^(a)	5.50%	12/01/2028		2,500		2,605,526


Fairfield (City of), AL; Series 2012, GO Wts. (Acquired 04/30/2012; Cost $3,622,756)^(b)(c)	6.00%	06/01/2031		3,585		2,868,000


Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007, RB (Acquired 12/29/2015; Cost $90,000)^(b)(c)	5.50%	01/01/2028		90		54,000


Series 2014, RB (Acquired 09/28/2019; Cost $2,410,793)^(c)	3.50%	07/01/2026		5,022		3,013,491


Mobile (City of), AL Improvement District (McGowin Park);
Series 2016 A, RB	5.00%	08/01/2025		605		598,600


Series 2016 A, RB	5.25%	08/01/2030		200		190,581


Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB^(a)	4.00%	12/01/2031		5,390		5,139,537


Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB^(a)	5.50%	12/01/2029		5,000		5,244,954


Talladega (County of), AL; Series 2002 D, Tax Anticipation Wts. (INS - NATL)^(d)	5.25%	01/01/2029		25		25,029


Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR^(e)	5.25%	05/01/2044		4,000		3,633,924


						31,488,577



American Samoa-0.08%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB	6.25%	09/01/2029		1,000		1,034,382



Arizona-4.13%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2030		495		510,930


Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2031		515		531,123


Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2032		545		561,215


Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2033		575		591,309


Arizona (State of) Industrial Development Authority (ACCEL Schools); Series 2018 A, RB^(e)	5.00%	08/01/2033		1,955		1,866,636


Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB^(e)	6.00%	07/01/2037		3,295		3,358,745


Series 2017, Ref. RB^(e)	6.00%	07/01/2047		1,385		1,393,769


Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB^(e)	5.00%	07/01/2026		310		310,470


Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red Rock Campus); Series 2019, RB	3.55%	07/15/2029		570		534,944


Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB^(e)	4.50%	07/01/2029		765		743,578


Series 2019, RB^(e)	5.00%	07/01/2039		4,520		4,241,980


Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB^(e)	5.00%	06/01/2031		2,365		2,349,072


Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); Series 2018 A, RB^(e)	4.75%	12/15/2028		1,440		1,429,959


Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB^(e)	5.00%	07/15/2028		750		751,934


Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone Mountain Campus); Series 2019 A, IDR^(e)	5.00%	12/15/2039		400		376,178


Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022, RB^(a)(f)	5.00%	09/01/2027		2,000		2,058,977


Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A, Ref. RB	5.00%	07/01/2038		320		276,108


Greater Arizona Development Authority; Series 2007 A, RB (INS - NATL)^(d)	4.38%	08/01/2032		5		5,004


Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB^(e)	4.80%	07/01/2028		2,745		2,726,182


Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB^(e)	5.00%	07/01/2039		2,250		2,113,855


Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools);
Series 2023, RB^(e)	5.25%	07/01/2033		725		717,840


Series 2023, RB^(e)	6.00%	07/01/2043		1,885		1,867,544

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


8		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Arizona-(continued)
Phoenix (City of), AZ Industrial Development Authority (Basis Schools); Series 2016 A, Ref. RB^(e)	5.00%	07/01/2035	$	2,900	$	2,884,453


Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2014 A, RB^(e)	5.75%	07/01/2024		175		175,694


Series 2014 A, RB^(e)	6.75%	07/01/2044		3,190		3,223,601


Series 2015, Ref. RB^(e)	5.00%	07/01/2035		2,820		2,782,685


Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB^(e)	4.60%	06/15/2025		650		643,411


Series 2015, Ref. RB^(e)	5.38%	06/15/2035		3,370		3,393,247


Series 2019, Ref. RB^(e)	5.00%	06/15/2034		620		617,909


Series 2022, Ref. RB^(e)	4.00%	06/15/2031		545		511,878


Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools); Series 2013 Q, Ref. RB	5.38%	07/01/2031		4,505		4,366,319


Pima (County of), AZ Industrial Development Authority (Career Success Schools); Series 2020, Ref._RB(e)	4.75%	05/01/2030		1,725		1,671,315


Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB^(e)	5.00%	09/01/2026		180		178,036


Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018,_RB(e)	4.13%	07/01/2026		765		740,315


Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools);
Series 2019, RB^(e)	5.00%	07/01/2029		300		299,979


Series 2019, RB^(e)	5.00%	07/01/2034		400		392,764


Series 2019, RB^(e)	5.00%	07/01/2039		500		471,250


Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB	4.13%	07/01/2029		150		139,904


Tempe (City of), AZ Industrial Development Authority (Friendship Village of Tempe);
Series 2021 A, Ref. RB	4.00%	12/01/2029		380		356,909


Series 2021 A, Ref. RB	4.00%	12/01/2030		495		459,514


Series 2021 A, Ref. RB	4.00%	12/01/2031		465		426,495


Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 A, RB^(e)	6.13%	10/01/2052		300		180,301


						53,233,331



Arkansas-1.66%
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB^(e)(f)	4.50%	09/01/2049		7,000		6,503,521


Arkansas (State of) Development Finance Authority (Big River Steel) (Green Bonds); Series 2020, RB^(e)(f)	4.75%	09/01/2049		7,370		7,113,948


Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB^(f)	5.45%	09/01/2052		8,000		7,806,473


						21,423,942



California-8.49%
California (State of);
Series 1996, GO Bonds (INS - FGIC)^(d)	5.38%	06/01/2026		1,415		1,421,342


Series 2020, GO Bonds	4.00%	03/01/2046		2,500		2,480,566


Series 2021, GO Bonds	3.00%	12/01/2046		2,000		1,590,739


Series 2023, GO Bonds	4.00%	10/01/2050		3,000		2,964,896


California (State of) Community Choice Financing Authority (Green Bonds);
Series 2022 A-1, RB^(a)	4.00%	08/01/2028		21,065		20,787,134


Series 2023, RB^(a)	5.00%	08/01/2029		2,500		2,575,803


California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB	6.00%	06/01/2042		135		136,990


California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB	5.88%	06/01/2043		1,225		1,225,127


California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB	4.38%	09/20/2036		2,496		2,427,607


California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail); Series 2020, RB^(a)(e)(f)	8.00%	08/15/2024		4,000		4,000,630


California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB^(e)	5.00%	06/01/2038		3,345		3,161,156


California (State of) Municipal Finance Authority (Palomar Health);
Series 2022 A, Ref. COP (INS - AGM)^(d)	5.25%	11/01/2035		1,200		1,354,229


Series 2022 A, Ref. COP (INS - AGM)^(d)	5.25%	11/01/2036		1,250		1,395,980


California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB^(f)	4.00%	07/15/2029		7,000		6,913,325


California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB^(a)(f)	4.13%	10/01/2025		4,000		4,008,508

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


9		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


California-(continued)
California (State of) Pollution Control Financing Authority;
Series 2012, RB^(e)(f)	5.00%	07/01/2037	$	2,000	$	1,999,718


Series 2012, RB^(e)(f)	5.00%	11/21/2045		4,230		4,129,885


California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 01/22/2016-09/25/2017; Cost $707,500)^(b)(c)(e)(f)	7.00%	12/01/2027		710		71,000


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)^(b)(c)(e)(f)	7.50%	07/01/2032		4,950		247,500


Series 2020, RB (Acquired 10/06/2020; Cost $955,203)^(b)(c)(e)(f)	7.50%	07/01/2032		1,000		130,000


California (State of) Public Finance Authority (California University of Science and Medicine); Series 2019 A, RB^(e)	6.25%	07/01/2054		4,100		4,309,295


California (State of) Public Finance Authority (Excelsior Charter Schools); Series 2020 A, RB^(e)	5.00%	06/15/2040		1,060		1,001,214


California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 B, RB^(e)	5.00%	07/01/2026		175		168,441


California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB	5.25%	06/01/2032		930		930,339


California (State of) School Finance Authority (Partnership to Uplift Communities) (Social Bonds);
Series 2023, Ref. RB^(e)	5.00%	08/01/2033		740		750,172


Series 2023, Ref. RB^(e)	5.25%	08/01/2038		500		494,882


California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB^(e)	5.00%	06/01/2039		740		709,578


California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB	5.25%	11/15/2034		6,250		6,212,939


California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB^(e)	4.00%	06/01/2026		310		302,446


California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB	5.25%	12/01/2034		500		504,439


Series 2014, RB	5.50%	12/01/2054		10,268		10,251,234


Series 2016 A, RB^(e)	5.25%	12/01/2056		3,000		2,934,944


California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB^(e)	5.00%	07/01/2029		900		901,871


Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)^(d)(f)	5.00%	07/01/2048		2,000		2,070,553


Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB^(a)(g)	5.00%	06/01/2027		145		156,078


North City (City of), CA West School Facilities Financing Authority; Series 2012 A, RB (INS - AGM)^(d)	5.00%	09/01/2026		605		605,680


Palomar Health; Series 2016, Ref. RB	4.00%	11/01/2039		1,250		1,102,355


Pomona Unified School District; Series 2021 F, GO Bonds (INS - BAM)^(d)	3.00%	08/01/2048		1,000		750,474


Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)^(d)	5.00%	12/01/2034		5,405		5,413,381


Sacramento (County of), CA (Metro Air Park Community);
Series 2022, Ref. RB	5.00%	09/01/2029		2,000		2,081,455


Series 2022, Ref. RB	5.00%	09/01/2030		2,000		2,087,663


West Covina (City of), CA Public Financing Authority (Big League Dreams); Series 2006 A, RB	5.00%	06/01/2030		2,630		2,633,724


						109,395,292



Colorado-7.20%
3rd and Havana Metropolitan District; Series 2020 A, GO Bonds	4.50%	12/01/2030		2,490		2,285,430


Amber Creek Metropolitan District; Series 2017 A, Ref. GO Bonds	5.00%	12/01/2037		713		671,596


Arista Metropolitan District; Series 2018 A, Ref. GO Bonds	5.00%	12/01/2038		1,240		1,186,392


Baseline Metropolitan District No. 1; Seires 2018 A-2, RB	5.13%	12/01/2028		1,500		1,507,294


Seires 2018 A-2, RB	5.50%	12/01/2034		1,000		1,012,319


Brighton Crossing Metropolitan District No. 6;
Series 2020 A, GO Bonds	5.00%	12/01/2035		1,055		992,242


Series 2020 A, GO Bonds	5.00%	12/01/2040		1,030		919,178


Canyon Pines Metropolitan District; Series 2022 A, GO Bonds^(h)	0.00%	12/01/2027		8,770		6,294,017


Canyons Metropolitan District No. 5; Series 2016, GO Bonds	7.00%	12/15/2057		1,500		1,017,674


Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2020 A, Ref. GO Bonds	4.00%	12/01/2029		1,115		1,041,025


Clear Creek Transit Metropolitan District No. 2; Series 2021 A, GO Bonds	5.00%	12/01/2041		1,100		993,426


Colliers Hill Metropolitan District No. 2; Series 2022 B-2, GO Bonds	7.63%	12/15/2042		2,000		1,810,467


Colorado (State of) Health Facilities Authority (Aberdeen Ridge);
Series 2021 A, RB	5.00%	05/15/2035		4,035		3,538,144


Series 2021 A, RB	5.00%	05/15/2044		1,170		898,192


Series 2021 B, RB	2.63%	05/15/2029		1,125		998,597

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


10		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Colorado-(continued)
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2022, RB	5.00%	11/01/2027	$	600	$	628,307


Series 2022, RB	5.00%	11/01/2028		500		530,232


Series 2022, RB	5.00%	11/01/2029		900		962,275


Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community);
Series 2017 A, Ref. RB	5.00%	05/15/2025		525		525,552


Series 2017 A, Ref. RB	5.00%	05/15/2026		475		475,202


Colorado (State of) Health Facilities Authority (Ralston Creek at Arvada); Series 2017 B, RB	4.00%	11/01/2027		4,200		3,729,820


Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB^(e)	5.00%	12/01/2025		105		96,333


Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB	5.30%	07/01/2037		1,285		1,005,954


Colorado (State of) International Center Metropolitan District No. 14; Series 2018, GO Bonds	5.63%	12/01/2032		1,000		988,138


Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB	5.00%	12/01/2033		1,000		981,421


Copperleaf Metropolitan District No. 6; Series 2022 B, GO Bonds	6.00%	12/15/2041		1,225		1,163,841


Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB^(f)	5.00%	10/01/2032		1,000		994,203


Denver (City & County of), CO Health & Hospital Authority (550 Acoma, Inc.);
Series 2018, COP	5.00%	12/01/2028		310		325,710


Series 2018, COP	5.00%	12/01/2029		500		521,966


Series 2018, COP	5.00%	12/01/2030		350		365,633


Series 2018, COP	5.00%	12/01/2031		375		391,331


Series 2018, COP	5.00%	12/01/2032		455		473,373


Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds	5.50%	12/01/2038		1,369		1,298,502


Dominion Water & Sanitation District;
Series 2022, Ref. RB	5.00%	12/01/2027		2,185		2,165,120


Series 2022, Ref. RB	5.25%	12/01/2032		3,415		3,372,941


Elbert & Highway 86 Commercial Metropolitan District; Series 2021 A, Ref. GO Bonds^(e)	5.00%	12/01/2041		1,700		1,515,744


Frisco (Town of), CO (Marina Enterprise); Series 2019, RB	5.00%	12/01/2036		600		599,984


Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds^(e)	4.88%	12/01/2028		675		657,178


Independence Water & Sanitation District; Series 2019, RB	7.25%	12/01/2038		1,254		1,242,696


Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB	5.75%	12/15/2050		5,499		5,234,593


Kinston Metropolitan District No. 5; Series 2020 A, GO Bonds	4.63%	12/01/2035		1,000		857,715


Mirabelle Metropolitan District No. 2; Series 2020 A, GO Bonds	5.00%	12/01/2039		700		663,751


Morgan Hill Metropolitan District No. 3;
Series 2021 A, GO Bonds	3.00%	12/01/2031		980		793,544


Series 2021 A, GO Bonds	3.50%	12/01/2041		2,940		2,183,061


Mulberry Metropolitan District No. 2; Series 2022, RB	7.00%	12/01/2034		6,000		6,074,458


Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds	5.13%	12/01/2031		1,445		1,412,794


Nexus North at DIA Metropolitan District; Series 2021, GO Bonds	5.00%	12/01/2041		520		469,619


Nine Mile Metropolitan District; Series 2020, RB	4.63%	12/01/2030		2,265		2,134,861


Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds	5.25%	12/01/2048		2,250		2,026,401


Peak Metropolitan District No. 1; Series 2021 A, GO Bonds^(e)	4.00%	12/01/2035		540		456,462


Plaza Metropolitan District No. 1; Series 2013, Ref. RB^(e)	5.00%	12/01/2040		1,465		1,377,589


Prairie Center Metropolitan District No. 7; Series 2021, GO Bonds	6.38%	06/15/2046		1,330		1,197,377


Rampart Range Metropolitan District No. 5; Series 2021, RB	4.00%	12/01/2036		1,250		1,038,858


Riverwalk Metropolitan District No. 2; Series 2022 A, RB	4.50%	12/01/2032		4,000		3,590,774


Rocky Mountain Rail Park Metropolitan District;
Series 2021 A, GO Bonds^(e)	5.00%	12/01/2031		3,445		2,952,371


Series 2021 A, GO Bonds^(e)	5.00%	12/01/2041		2,000		1,343,234


St. Vrain Lakes Metropolitan District No. 2; Series 2017 A, GO Bonds	5.00%	12/01/2037		1,500		1,452,330


Transport Metropolitan District No. 3; Series 2021 A-1, GO Bonds	5.00%	12/01/2041		2,700		2,389,162


Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGM)^(d)	3.25%	12/15/2050		822		677,057


Verve Metropolitan District No. 1; Series 2023, GO Bonds	5.75%	12/01/2033		2,895		2,732,088


Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds^(e)	5.70%	12/01/2051		166		146,269


Westerly Metropolitan District No. 4;
Series 2021 A, GO Bonds	4.13%	12/01/2031		615		546,007


Series 2021 A, GO Bonds	5.00%	12/01/2040		1,000		906,367


						92,834,191



Delaware-0.15%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB^(e)	5.00%	07/01/2028		1,938		1,942,919

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


11		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


District of Columbia-2.17%
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB	4.13%	07/01/2027	$	950	$	911,774


Series 2017 A, RB	5.00%	07/01/2032		1,500		1,448,012


District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB	5.00%	10/01/2035		1,285		1,251,227


District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB	6.75%	05/15/2040		23,725		24,348,980


						27,959,993



Florida-4.97%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB (Acquired 12/04/2020; Cost $185,284)^(c)	5.63%	11/15/2029		185		155,990


Series 2014, RB (Acquired 06/04/2020; Cost $861,250)^(c)	6.00%	11/15/2029		1,000		848,020


Series 2014, RB (Acquired 01/17/2020; Cost $1,409,319)^(c)	6.00%	11/15/2034		1,500		1,145,893


Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB^(e)	5.00%	11/15/2061		965		649,614


Series 2022 B, RB^(e)	6.50%	11/15/2033		100		87,091


Boggy Creek Improvement District; Series 2023, Ref. RB	4.50%	05/01/2033		1,100		1,089,820


Broward (County of), FL; Series 2015 A, RB^(f)	5.00%	10/01/2045		10,000		10,008,270


Broward (County of), FL Housing Finance Authority (Golden Villas); Series 2008 B, RB^(a)(f)	6.75%	04/01/2025		35		35,078


Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); Series 2017, RB^(e)	5.38%	08/01/2032		1,000		843,454


Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB^(e)	5.00%	12/15/2035		1,085		1,027,651


Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 B, RB^(b)	4.00%	07/01/2028		750		60,000


Series 2018 B, RB^(b)	4.25%	07/01/2033		625		50,000


Capital Trust Agency, Inc. (Imagine School at North Manatee);
Series 2021 C, RB^(e)	5.00%	06/01/2041		465		413,217


Series 2021, RB^(e)	3.25%	06/01/2031		230		195,897


Series 2021, RB^(e)	5.00%	06/01/2041		1,295		1,150,788


Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB^(e)	5.00%	07/01/2027		825		783,363


Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB^(e)	4.00%	06/15/2031		700		634,229


Capital Trust Agency, Inc. (University Bridge LLC Student Housing); Series 2018 A, RB^(e)	4.00%	12/01/2028		6,310		5,974,535


Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);
Series 2019, RB^(e)(f)	5.00%	10/01/2029		780		780,202


Series 2021, RB^(e)(f)	4.00%	10/01/2041		1,800		1,515,439


Escambia (County of), FL Health Facilities Authority; Series 2020, Ref. RB	4.00%	08/15/2050		2,100		1,747,071


Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); Series 2022 A, Ref. RB^(a)(e)(f)	7.25%	10/03/2023		3,000		3,061,550


Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB^(e)	5.25%	06/15/2029		1,000		982,835


Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB^(a)(e)	6.25%	06/15/2028		3,000		2,940,411


Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB^(a)(e)(f)	6.25%	01/01/2024		3,405		3,397,959


Series 2019 A, Ref. RB^(a)(e)(f)	6.38%	01/01/2026		5,000		4,839,439


Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)	3.65%	07/01/2041		455		433,848


Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB	5.50%	08/15/2030		3,595		3,515,885


Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB^(e)	5.00%	07/15/2028		440		428,232


Series 2018 A, RB^(e)	5.38%	07/15/2038		1,300		1,172,172


Miami-Dade (County of), FL;
Series 2014, Ref. RB^(f)	5.00%	10/01/2031		3,300		3,321,985


Series 2014, Ref. RB^(f)	5.00%	10/01/2032		5,000		5,027,154


Palm Beach (County of), FL Health Facilities Authority (Harbour’s Edge); Series 2004 A, RB	6.00%	11/15/2024		10		10,003


Pembroke Harbor Community Development District; Series 2008 A, RB	7.00%	05/01/2038		1,010		1,011,537


Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates);
Series 2019, Ref. IDR	5.00%	01/01/2039		300		277,838


Series 2019, Ref. IDR	5.00%	01/01/2049		1,750		1,491,212


Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB^(e)(f)	5.88%	01/01/2033		3,000		2,998,643


						64,106,325

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


12		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Georgia-0.80%
Albany (City of) & Dougherty (Country of), GA Payroll Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB^(f)	5.30%	05/15/2026	$	810	$	810,923


Burke (County of), GA Development Authority (Georgia Power Company); Series 1996, RB^(a)	3.88%	03/06/2026		2,750		2,724,255


Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB	5.50%	12/01/2028		1,900		1,866,822


Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)^(d)	5.00%	12/01/2023		5		5,007


Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); Series 2017 A, RB^(e)	5.00%	06/15/2027		320		317,049


Main Street Natural Gas, Inc.; Series 2023 C, RB^(a)	5.00%	09/01/2030		2,000		2,077,356


Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); Series 2018 A-1, RB	5.75%	12/01/2028		2,630		2,523,051


						10,324,463



Guam-0.55%
Guam (Territory of); Series 2015 D, Ref. RB	5.00%	11/15/2033		3,000		3,021,585


Guam (Territory of) Department of Education (John F. Kennedy);
Series 2020, Ref. COP	4.25%	02/01/2030		1,500		1,450,339


Series 2020, Ref. COP	5.00%	02/01/2040		2,750		2,655,047


						7,126,971



Idaho-0.37%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB	4.00%	11/15/2027		1,015		994,031


Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); Series 2018 A, RB^(e)	4.63%	07/01/2029		150		150,460


Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB^(e)	4.00%	05/01/2042		2,280		1,798,157


Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2014 A, Ref. RB	6.75%	07/01/2036		526		547,609


Series 2014 A, Ref. RB	6.75%	07/01/2048		1,061		1,102,234


Power County Industrial Development Corp. (FMC Corp.); Series 1999, RB^(f)	6.45%	08/01/2032		130		130,386


						4,722,877



Illinois-9.12%
Aurora (City of), IL (East River Area TIF No. 6); Series 2018 A, Ref. RB	5.00%	12/30/2027		820		800,062


Aurora (City of), IL (River City TIF No. 3); Series 2018 B, Ref. RB	4.50%	12/30/2023		420		418,821


Bartlett (Village of), IL (Quarry Redevelopment); Series 2016, Ref. RB	4.00%	01/01/2024		475		473,519


Berwyn (City of), IL (South Berwyn Corridor); Series 2020, RB^(e)	4.00%	12/01/2028		1,440		1,347,316


Bradley (Village of), IL (Bradley Commons);
Series 2018 A, Ref. RB	5.00%	01/01/2024		455		455,031


Series 2018 A, Ref. RB	5.00%	01/01/2025		485		484,748


Series 2018 A, Ref. RB	5.00%	01/01/2026		505		503,325


Series 2018 A, Ref. RB	5.00%	01/01/2027		530		527,403


Chicago (City of), IL;
Series 2014 A, Ref. GO Bonds^(g)	5.00%	01/01/2035		11,270		11,324,414


Series 2014, RB (INS - BAM)^(d)	5.00%	01/01/2039		2,000		2,002,986


Series 2017 A, Ref. GO Bonds	5.63%	01/01/2029		1,000		1,057,481


Series 2017 A, Ref. GO Bonds	5.75%	01/01/2034		1,500		1,590,226


Chicago (City of), IL (O’Hare International Airport);
Series 2012 B, Ref. RB^(f)	5.00%	01/01/2030		5,290		5,291,506


Series 2017 D, RB	5.25%	01/01/2029		1,500		1,587,927


Series 2017 D, RB	5.25%	01/01/2030		3,000		3,176,876


Series 2017 G, RB^(f)	5.25%	01/01/2028		250		260,569


Series 2017 G, RB^(f)	5.25%	01/01/2029		350		365,362


Series 2017 G, RB^(f)	5.25%	01/01/2030		400		417,691


Series 2017 G, RB^(f)	5.25%	01/01/2031		350		365,650


Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)^(d)(h)	0.00%	12/01/2025		1,000		908,497


Series 2012 A, GO Bonds	5.00%	12/01/2042		15,000		14,516,306


Series 2017 C, Ref. GO Bonds	5.00%	12/01/2024		1,000		1,010,224


Series 2017 H, GO Bonds	5.00%	12/01/2036		4,000		4,032,117


Series 2018 C, Ref. GO Bonds	5.00%	12/01/2023		2,000		2,004,569


Series 2018 C, Ref. GO Bonds	5.00%	12/01/2026		2,000		2,055,415

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


13		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Illinois-(continued)
Evanston (City of), IL (Roycemore School);
Series 2021, RB^(e)	4.00%	04/01/2032	$	245	$	202,801


Series 2021, RB^(e)	4.38%	04/01/2041		830		612,294


Hillside (Village of), IL (Mannheim Redevelopment);
Series 2018, Ref. RB	5.00%	01/01/2024		335		335,361


Series 2018, Ref. RB	5.00%	01/01/2030		2,195		2,177,148


Illinois (State of);
First Series 2020, GO Bonds (INS - NATL)^(d)(i)(j)	6.00%	11/01/2026		3,500		3,643,247


Series 2017 D, GO Bonds	5.00%	11/01/2025		4,000		4,105,794


Series 2020 A, GO Bonds^(i)(j)	6.00%	05/01/2025		2,500		2,590,315


Series 2020, GO Bonds	5.50%	05/01/2030		2,000		2,200,678


Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB^(f)	8.00%	06/01/2032		11,805		11,813,207


Illinois (State of) Finance Authority; Series 2007, RB	5.40%	04/01/2027		140		136,540


Illinois (State of) Finance Authority (Benedictine University);
Series 2017, Ref. RB	5.00%	10/01/2030		1,000		1,000,084


Series 2017, Ref. RB	5.00%	10/01/2033		1,000		1,000,965


Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB^(e)	5.25%	12/01/2025		255		257,515


Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB	5.00%	11/01/2027		2,065		2,020,220


Series 2019 A, Ref. RB	5.00%	11/01/2035		2,020		1,853,817


Illinois (State of) Finance Authority (Montgomery Place); Series 2017, Ref. RB (Acquired 04/12/2017; Cost $573,086)^(c)	5.00%	05/15/2024		570		564,117


Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB	5.13%	05/15/2060		1,089		600,150


Illinois (State of) Finance Authority (Plymouth Place); Series 2015, Ref. RB^(g)	5.00%	05/15/2025		110		111,893


Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB	5.50%	04/01/2037		2,000		1,798,009


Series 2019 A, RB^(e)	6.13%	04/01/2049		3,000		2,762,666


Illinois (State of) Finance Authority (Rosalind Franklin University);
Series 2017, Ref. RB	5.00%	08/01/2027		425		436,147


Series 2017, Ref. RB	5.00%	08/01/2028		500		513,939


Series 2017, Ref. RB	5.00%	08/01/2029		325		333,865


Series 2017, Ref. RB	5.00%	08/01/2030		380		390,015


Series 2017, Ref. RB	5.00%	08/01/2031		375		384,687


Series 2017, Ref. RB	5.00%	08/01/2033		470		481,047


Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB	5.00%	11/15/2038		8,700		8,752,880


Illinois (State of) Finance Authority (Three Crowns Park); Series 2017, Ref. RB	4.00%	02/15/2027		1,460		1,410,708


Illinois (State of) Medical District Commission;
Series 2002, COP (INS - NATL)^(d)	5.13%	06/01/2026		35		35,026


Series 2002, COP (INS - NATL)^(d)	5.25%	06/01/2032		140		140,064


Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2022 B, RB	5.00%	12/15/2027		3,000		3,056,766


Illinois (State of) Regional Transportation Authority; Series 2018 B, RB^(j)	5.00%	06/01/2030		3,000		3,262,478


Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. RB	4.25%	03/01/2024		82		81,820


Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB	4.25%	01/01/2029		880		837,376


Yorkville (United City of), IL (Raintree Village); Series 2013, Ref. RB	4.60%	03/01/2025		640		632,439


						117,514,119



Indiana-1.29%
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB	4.80%	01/01/2028		300		274,463


Indiana (State of) Finance Authority; Series 2022, Ref. RB^(a)(f)	4.50%	11/15/2023		10,000		9,985,819


Indiana (State of) Finance Authority (Irvington Community School); Series 2018 A, Ref. RB^(e)	5.50%	07/01/2028		660		651,714


Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB	4.25%	11/01/2030		1,580		1,577,477


Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB	5.25%	09/01/2037		1,865		1,820,457


Lake County 2000 Building Corp.; Series 2012, RB (CEP - Colorado Higher Education Intercept Program)	5.00%	02/01/2024		775		774,877


Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB^(e)	5.10%	01/01/2032		555		486,084


Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB^(a)(f)	4.40%	06/10/2031		1,000		1,011,368


						16,582,259

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


14		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Iowa-2.03%
Ackley (City of), IA (Grand Jivante); Series 2018 A, RB	4.50%	08/01/2033	$	600	$	487,730


Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB	4.30%	10/01/2028		660		623,378


Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB	4.75%	08/01/2042		5,000		4,771,549


Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2022, Ref. RB^(a)	4.00%	12/01/2032		4,000		3,844,097


Series 2022, Ref. RB	5.00%	12/01/2050		5,410		5,353,982


Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.);
Series 2018, RB	4.45%	08/01/2028		625		574,836


Series 2018, RB	5.00%	08/01/2033		500		441,467


PEFA, Inc.; Series 2019, RB^(a)	5.00%	09/01/2026		10,000		10,097,451


						26,194,490



Kansas-0.91%
Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB	5.00%	05/15/2027		1,000		1,002,935


Pittsburgh (City of), KS (North Broadway - Pittsburgh Town Center); Series 2006, RB	4.80%	04/01/2027		190		156,487


University of Kansas Hospital Authority; Series 2015, Ref. RB	5.00%	09/01/2034		5,000		5,108,734


Wichita (City of), KS (Kansas Masonic Home);
Series 2016 II-A, RB (Acquired 05/01/2017; Cost $499,278)^(b)(c)	4.25%	12/01/2024		500		115,000


Series 2016 II-A, RB (Acquired 06/24/2016-11/06/2019; Cost $1,846,674)^(b)(c)	5.00%	12/01/2031		1,800		414,000


Series 2016 II-A, RB (Acquired 06/24/2016-02/20/2018; Cost $1,013,149)^(b)(c)	5.25%	12/01/2036		1,000		230,000


Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2018 I, Ref. RB	5.00%	05/15/2028		935		872,137


Series 2018 I, Ref. RB	5.00%	05/15/2033		500		432,320


Series 2019, Ref. RB	5.00%	05/15/2027		2,330		2,206,382


Series 2019, Ref. RB	5.00%	05/15/2028		1,220		1,137,975


						11,675,970



Kentucky-0.38%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB	5.00%	02/01/2026		470		476,181


Series 2016, Ref. RB	5.50%	02/01/2044		2,170		2,187,214


Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care Communities); Series 2021, Ref. RB	4.25%	07/01/2031		1,000		864,202


Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB	5.00%	07/01/2032		1,000		1,013,800


Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. RB	5.00%	11/15/2025		380		370,894


						4,912,291



Louisiana-2.16%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB^(e)	5.38%	11/01/2038		4,095		4,235,271


Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB^(e)	4.63%	11/01/2038		1,825		1,828,631


Louisiana (State of) Public Facilities Authority (Encore Academy);
Series 2021, RB (Acquired 11/03/2021; Cost $874,401)^(b)(c)(e)	5.00%	06/01/2031		815		570,500


Series 2021, RB (Acquired 11/03/2021; Cost $1,734,351)^(b)(c)(e)	5.00%	06/01/2041		1,640		1,148,000


New Orleans (City of), LA Aviation Board; Series 2015 B, RB^(f)	5.00%	01/01/2040		7,700		7,705,539


New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)^(d)	5.00%	10/01/2034		540		577,174


Series 2018 A, RB (INS - AGM)^(d)	5.00%	10/01/2036		1,115		1,175,106


Series 2018 A, RB (INS - AGM)^(d)	5.00%	10/01/2037		755		791,328


Series 2018 A, RB (INS - AGM)^(d)	5.00%	10/01/2038		475		496,140


Series 2018 B, Ref. RB (INS - AGM)^(d)	5.00%	10/01/2032		1,000		1,075,195


Series 2018 B, Ref. RB (INS - AGM)^(d)	5.00%	10/01/2033		715		766,691


Series 2018 B, Ref. RB (INS - AGM)^(d)	5.00%	10/01/2034		515		550,453


St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB^(a)(e)	5.85%	06/01/2025		4,000		4,097,785


Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB	5.25%	05/15/2035		2,780		2,800,330


						27,818,143

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


15		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Maryland-0.39%
Baltimore (City of), MD (Convention Center Hotel);
Series 2017, Ref. RB	5.00%	09/01/2026	$	2,160	$	2,136,291


Series 2017, Ref. RB	5.00%	09/01/2027		1,100		1,088,507


Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB	4.00%	09/01/2027		425		417,611


Baltimore (City of), MD (Harbor Point); Series 2022, RB	4.50%	06/01/2033		400		389,906


Howard (County of), MD (Downtown Columbia); Series 2017 A, RB^(e)	4.00%	02/15/2028		480		470,041


Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); Series 2017 A, RB^(e)	5.00%	07/01/2027		480		478,976


Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Medical Institutions Parking Facilities); Series 1996, RB (INS - AMBAC)^(d)	5.50%	07/01/2026		30		30,195


						5,011,527



Massachusetts-0.92%
Lynn Housing Authority & Neighborhood Development;
Series 2018, Ref. RB	3.60%	10/01/2023		100		99,874


Series 2018, Ref. RB	3.75%	10/01/2024		250		246,512


Series 2018, Ref. RB	4.00%	10/01/2025		200		198,755


Series 2018, Ref. RB	4.00%	10/01/2026		100		99,874


Series 2018, Ref. RB	4.00%	10/01/2027		150		150,005


Series 2018, Ref. RB	4.25%	10/01/2028		320		320,106


Series 2018, Ref. RB	4.38%	10/01/2029		385		385,165


Series 2018, Ref. RB	4.50%	10/01/2030		690		690,364


Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB	5.00%	01/01/2041		4,280		4,241,411


Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds); Series 2015, RB	5.00%	07/01/2044		750		752,371


Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital); Series 2017, Ref. RB	5.00%	07/01/2028		675		649,794


Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2018, RB^(e)	5.00%	11/15/2033		1,500		1,542,132


Massachusetts (Commonwealth of) Development Finance Agency (Plantation Apartments L.P.); Series 2004 A, RB (LOC - Fleet National Bank)^(f)(k)	5.00%	12/15/2024		1,155		1,155,323


Massachusetts (State of) Development Finance Agency (Newbridge Charles, Inc.); Series 2017, Ref._RB(e)	5.00%	10/01/2047		1,500		1,334,607


						11,866,293



Michigan-1.72%
Advanced Technology Academy;
Series 2019, Ref. RB	3.88%	11/01/2029		1,210		1,127,610


Series 2019, Ref. RB	5.00%	11/01/2034		1,200		1,184,787


Detroit (City of), MI;
Series 2014 B-1, GO Bonds	4.00%	04/01/2044		2,500		1,870,908


Series 2018, GO Bonds	5.00%	04/01/2026		1,000		1,017,244


Ecorse (City of), MI; Series 2011, GO Bonds	5.80%	11/01/2026		1,430		1,431,702


Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo); Series 2021, Ref. RB^(e)	5.00%	08/15/2031		990		930,508


Michigan (State of) Finance Authority (Cesar Chavez Academy);
Series 2019, Ref. RB	3.25%	02/01/2024		90		89,404


Series 2019, Ref. RB	4.00%	02/01/2029		700		660,828


Series 2019, Ref. RB	5.00%	02/01/2033		830		812,904


Michigan (State of) Finance Authority (Local Government Loan Program); Series 2003 B-2, RB	6.00%	11/01/2023		10		10,021


Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB	4.25%	12/01/2039		1,575		1,213,373


Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2019 A, Ref. RB	4.00%	12/01/2049		1,145		1,040,785


Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB	5.00%	11/01/2023		285		284,632


Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB	5.50%	06/01/2047		3,000		2,391,924


Michigan (State of) Strategic Fund (Friendship Village of Kalamazoo); Series 2021, Ref. RB^(e)	5.00%	08/15/2031		690		648,536


Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB^(a)(f)	4.00%	10/01/2026		2,610		2,586,141


Michigan (State of) Strategic Fund (I-75 Improvement Project);
Series 2018, RB^(f)	5.00%	12/31/2032		1,730		1,809,226


Series 2018, RB^(f)	5.00%	12/31/2033		2,000		2,088,716

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


16		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Michigan-(continued)
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); Series 2016 A, Ref. RB^(e)	5.00%	07/01/2026	$	980	$	906,677


						22,105,926



Minnesota-1.35%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB	5.00%	12/01/2033		1,250		1,106,119


Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB	3.50%	07/01/2027		500		468,213


Brooklyn Park (City of), MN (Athlos Leadership Academy);
Series 2015 A, RB	4.75%	07/01/2025		190		185,369


Series 2015 A, RB	5.25%	07/01/2030		580		546,900


Series 2015, RB	5.50%	07/01/2035		665		602,492


Series 2015, RB	5.75%	07/01/2046		1,400		1,187,803


Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB	5.75%	08/01/2030		845		631,563


Deephaven (City of), MN (Seven Hills Preparatory Academy);
Series 2017, RB	4.38%	10/01/2027		225		216,106


Series 2017, RB	5.00%	10/01/2037		1,000		894,429


Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy);
Series 2018 A, Ref. RB	4.25%	11/01/2028		1,680		1,609,997


Series 2018 A, Ref. RB	5.00%	11/01/2033		1,070		1,049,900


Minneapolis (City of), MN (Spero Academy);
Series 2017 A, RB^(e)	5.50%	07/01/2027		590		590,107


Series 2017 A, RB^(e)	6.00%	07/01/2032		1,080		1,098,288


Ramsey (City of), MN; Series 2022 A, Ref. RB	5.00%	06/01/2032		2,000		1,991,453


Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB	6.88%	12/01/2048		1,000		980,502


St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; Cost $2,000,000)^(a)(b)(c)(e)	6.00%	07/01/2027		2,000		1,060,000


St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A, RB^(e)	5.25%	07/01/2033		140		140,904


St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, RB	5.13%	10/01/2023		80		80,022


St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB	4.25%	12/01/2032		1,315		1,281,561


St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2016, Ref. RB	5.00%	09/01/2026		625		624,310


St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2018, Ref. RB	4.00%	10/01/2031		250		212,903


Series 2018, Ref. RB	4.13%	10/01/2033		250		207,093


St. Paul Park (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB	4.10%	09/01/2033		500		472,101


Wayzata (City of), MN (Folkstone Senior Living Co.); Series 2019, Ref. RB	5.00%	08/01/2035		100		100,102


						17,338,237



Mississippi-0.71%
Mississippi (State of) Development Bank (Hospital Construction); Series 2014, RB	5.00%	09/01/2030		720		726,785


Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB^(e)	3.63%	11/01/2036		3,500		3,124,238


Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); Series 2016, RB	5.00%	09/01/2046		3,870		3,847,489


Tunica (County of), MS; Series 2019, Ref. RB	6.00%	10/01/2040		1,620		1,428,576


						9,127,088



Missouri-1.79%
Branson (City of), MO Industrial Development Authority (Branson Shoppes Redevelopment);
Series 2017 A, Ref. RB	4.00%	11/01/2025		1,440		1,409,021


Series 2017 A, Ref. RB	4.00%	11/01/2026		750		724,784


Cape Girardeau (County of), MO Industrial Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB^(f)	5.30%	05/15/2028		30		30,046


I-470 Western Gateway Transportation Development District; Series 2019 A, RB^(e)	4.50%	12/01/2029		1,680		1,642,371


Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District);
Series 2016 A, Ref. RB^(e)	4.25%	04/01/2026		235		228,308


Series 2016 A, Ref. RB^(e)	5.00%	04/01/2036		2,000		1,843,367

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


17		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Missouri-(continued)
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB^(e)	4.38%	02/01/2031	$	960	$	825,231


Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. IDR	5.00%	05/15/2026		1,000		960,280


Series 2017 A, Ref. IDR	5.00%	05/15/2027		800		756,556


Series 2017 A, Ref. RB	5.00%	05/15/2024		1,700		1,682,454


Series 2017 A, Ref. RB	5.25%	05/15/2037		1,000		845,762


Series 2017 A, Ref. RB	5.25%	05/15/2042		1,000		798,623


Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group);
Series 2014 A, RB	5.00%	08/15/2034		490		443,034


Series 2014 A, RB	5.25%	08/15/2039		5,235		4,576,979


Maryland Heights (City of), MO (Westport Plaza Redevelopment);
Series 2020, RB	3.63%	11/01/2031		700		637,338


Series 2020, RB	4.13%	11/01/2038		2,500		2,147,781


Northpark Lane Community Improvement District; Series 2018, RB	4.50%	11/01/2036		420		419,645


St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB^(e)	4.25%	10/01/2034		1,325		1,142,227


St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB	5.00%	09/01/2025		1,000		1,000,180


Series 2018 A, RB	5.00%	09/01/2026		1,000		998,896


						23,112,883



Nevada-0.37%
Las Vegas (City of), NV Special Improvement District No. 607; Series 2013, Ref. RB	5.00%	06/01/2024		20		20,149


Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB	4.75%	12/01/2040		345		327,508


Nevada (State of) Department of Business & Industry (Doral Academy of Nevada);
Series 2017 A, RB	5.00%	07/15/2027		285		285,899


Series 2017 A, RB	5.00%	07/15/2037		500		493,111


Nevada (State of) Department of Business & Industry (Somerset Academy); Series 2018 A, RB^(e)	4.50%	12/15/2029		525		507,675


North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1); Series 2022, RB^(e)	5.50%	06/01/2037		750		746,358


Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB^(e)	2.75%	06/15/2028		1,500		1,392,068


Tahoe-Douglas Visitors Authority; Series 2020, RB	5.00%	07/01/2032		1,000		1,022,628


						4,795,396



New Hampshire-0.53%
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB^(a)(e)	3.63%	07/02/2040		3,455		2,614,239


New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB	4.00%	10/20/2036		3,955		3,709,814


New Hampshire (State of) Health and Education Facilities Authority (Hillside Village);
Series 2017 A, RB (Acquired 06/12/2017; Cost $1,323,137)^(b)(c)(e)	5.25%	07/01/2027		1,323		291,090


Series 2017 B, RB (Acquired 06/12/2017; Cost $1,214,615)^(b)(c)(e)	4.13%	07/01/2024		1,215		267,215


						6,882,358



New Jersey-1.51%
New Jersey (State of) Economic Development Authority; Series 2017 B, Ref. RB	5.00%	11/01/2023		1,500		1,502,972


New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.); Series 2019 A, RB^(e)	5.00%	06/15/2039		825		779,298


New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB^(e)	5.13%	11/01/2029		215		211,592


New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter School); Series 2017 A, RB^(e)	5.00%	07/01/2027		330		324,356


New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); Series 2018 A, RB^(e)	4.75%	10/01/2028		1,105		1,075,365


New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); Series 2012 C, RB	5.00%	07/01/2032		1,275		1,244,720


New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); Series 2017 A, Ref. RB^(e)	4.25%	09/01/2027		165		161,156

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


18		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2008 A, RB^(h)	0.00%	12/15/2028	$	715	$	588,026


Series 2008 A, RB^(h)	0.00%	12/15/2035		1,000		596,166


Series 2009 A, RB^(h)	0.00%	12/15/2032		1,465		1,012,321


Series 2018 A, RN^(i)(j)	5.00%	06/15/2029		1,000		1,042,209


Series 2018 A, RN^(i)(j)	5.00%	06/15/2030		2,845		2,961,003


Series 2019, Ref. RB	5.00%	12/15/2033		2,850		3,087,287


Series 2020 A, Ref. RN^(i)(j)	5.00%	06/15/2031		4,680		4,865,668


						19,452,139



New Mexico-0.15%
Winrock Town Center Tax Increment Development District No. 1;
Series 2022, Ref. RB^(e)	3.75%	05/01/2028		897		844,844


Series 2022, Ref. RB^(e)	4.00%	05/01/2033		1,250		1,097,942


						1,942,786



New York-6.06%
Allegany County Capital Resource Corp. (Houghton College); Series 2022 A, Ref. RB	5.00%	12/01/2032		1,385		1,435,995


Buffalo & Erie County Industrial Land Development Corp. (Medaille College);
Series 2018, Ref. RB^(e)	5.00%	10/01/2028		375		281,250


Series 2018, Ref. RB^(e)	5.00%	10/01/2038		2,445		1,833,750


Build NYC Resource Corp. (Brooklyn Navy Yard);
Series 2019, Ref. RB^(e)(f)	5.25%	12/31/2033		3,000		2,741,992


Series 2019, Ref. RB^(e)(f)	5.50%	12/31/2040		5,000		4,298,244


Build NYC Resource Corp. (Shefa School);
Series 2021 A, RB^(e)	2.50%	06/15/2031		375		305,609


Series 2021 A, RB^(e)	5.00%	06/15/2051		750		628,794


Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn); Series 2023, RB^(e)	5.25%	06/15/2043		525		510,483


Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB	5.00%	06/01/2045		3,210		2,973,117


Metropolitan Transportation Authority;
Series 2013 E, RB	5.00%	11/15/2038		1,400		1,399,849


Subseries 2015 C-1, Ref. RB	5.25%	11/15/2031		2,000		2,051,888


Metropolitan Transportation Authority (Green Bonds); Series 2020 E, Ref. RB	5.00%	11/15/2029		4,100		4,382,655


Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 01/19/2016-02/28/2018; Cost $1,087,249)^(c)	5.00%	01/01/2058		967		289,417


Series 2021, Ref. RB (Acquired 09/07/2021; Cost $445,000)^(b)(c)(e)	9.00%	01/01/2041		445		422,750


New York (City of), NY; Series 2023 F-1, Ref. GO Bonds	5.00%	08/01/2037		1,000		1,108,229


New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB	5.00%	08/01/2035		1,250		1,235,139


New York Counties Tobacco Trust II; Series 2001, RB	5.63%	06/01/2035		35		35,622


New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB	5.63%	06/01/2035		1,030		1,057,054


Series 2016 A, Ref. RB	6.00%	06/01/2043		3,055		3,091,536


New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref. RB^(e)	7.25%	11/15/2044		3,000		3,027,093


New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB^(f)	5.25%	08/01/2031		2,755		2,848,812


New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB^(f)	5.00%	08/01/2026		4,220		4,229,320


Series 2016, Ref. RB^(f)	5.00%	08/01/2031		8,680		8,701,621


Series 2021, Ref. RB^(f)	3.00%	08/01/2031		545		483,430


New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB^(f)	5.00%	01/01/2030		2,000		2,058,913


Series 2018, RB^(f)	5.00%	01/01/2032		4,315		4,447,286


Series 2020, RB^(f)	4.00%	10/01/2030		6,000		5,919,783


Series 2020, RB^(f)	5.00%	10/01/2035		5,000		5,163,043


New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB^(f)	5.00%	12/01/2029		7,000		7,398,807


Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB^(b)	5.00%	07/01/2027		1,000		350,000


Series 2013 A, RB^(b)	5.00%	07/01/2032		1,000		350,000

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


19		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


New York-(continued)
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB^(e)(f)	7.00%	06/01/2046	$	3,500	$	3,001,786


						78,063,267



North Dakota-0.27%
Burleigh (County of), ND (University of Mary); Series 2016, RB	4.38%	04/15/2026		660		645,575


Grand Forks (City of), ND (Altru Health System); Series 2021, Ref. RB	4.00%	12/01/2040		3,375		2,876,912


						3,522,487



Ohio-2.58%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB	3.00%	06/01/2048		2,755		2,031,580


Series 2020 B-2, Ref. RB	5.00%	06/01/2055		2,475		2,265,803


Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); Series 2014, Ref. RB	5.00%	08/01/2029		600		606,949


Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB	6.00%	11/15/2035		1,000		1,001,620


Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB^(f)	5.38%	09/15/2027		485		486,330


Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB	5.00%	02/15/2031		2,500		2,550,535


Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB	5.25%	11/15/2040		1,500		1,375,692


Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB	6.30%	02/15/2024		165		164,810


Series 2004, RB	6.40%	02/15/2034		1,950		1,889,417


Greater Cincinnati (Port of), OH Development Authority (Convention Center Hotel Acquisition and Demolition); Series 2023, Ref. RB^(e)	5.00%	05/01/2025		2,500		2,480,564


Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB^(a)	4.38%	06/15/2026		1,700		1,629,720


Lucas Metropolitan Housing Authority;
Series 2012, RB	5.25%	09/01/2024		275		278,121


Series 2012, RB	5.25%	09/01/2025		290		293,227


Series 2012, RB	5.25%	09/01/2026		305		308,427


Series 2012, RB	5.25%	09/01/2027		320		323,622


Muskingum (County of), OH (Genesis Healthcare System);
Series 2013, RB	5.00%	02/15/2033		1,000		973,043


Series 2013, RB	5.00%	02/15/2044		3,000		2,717,067


Series 2013, RB	5.00%	02/15/2048		7,180		6,365,960


Ohio (State of) (Portsmouth Bypass); Series 2015, RB^(f)	5.00%	12/31/2039		1,000		1,000,249


Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB^(e)(f)	4.25%	01/15/2038		250		241,887


RiverSouth Authority; Series 2007 A, RB	5.75%	12/01/2027		580		578,220


Southern Ohio Port Authority (Purecycle); Series 2020 A, RB^(e)(f)	6.25%	12/01/2025		3,620		3,419,423


Youngstown (City of), OH Metropolitan Housing Authority; Series 2014, RB	4.00%	12/15/2024		210		210,020


						33,192,286



Oklahoma-0.65%
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017 A, RB^(b)	5.00%	08/01/2037		1,650		1,650


Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB^(b)	4.75%	11/01/2023		978		685


Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB^(f)	5.50%	12/01/2035		2,000		2,004,613


Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB^(a)(f)	5.00%	06/01/2025		6,340		6,367,793


						8,374,741



Oregon-0.00%
Local Oregon Capital Assets Program; Series 2011 C, COP	4.60%	06/01/2031		35		35,010


Oregon (State of) (Elderly & Disabled Housing); Series 1993 C, GO Bonds^(f)	5.65%	08/01/2026		5		5,007


						40,017



Pennsylvania-2.67%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue);
Series 2018 A, Ref. RB	5.00%	04/01/2032		3,000		3,135,444


Series 2018, Ref. RB	5.00%	04/01/2030		3,875		4,058,124

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


20		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Pennsylvania-(continued)
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB	4.88%	11/01/2024	$	3,000	$	3,011,350


Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB^(e)	6.00%	05/01/2042		670		685,187


Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
Series 2018, RB^(e)	5.00%	05/01/2028		1,000		1,022,889


Series 2018, RB^(e)	5.00%	05/01/2033		500		510,391


Chester (County of), PA Industrial Development Authority (Woodlands at Greystone); Series 2018,_RB(e)	4.38%	03/01/2028		204		200,374


Delaware Valley Regional Finance Authority; Series 1997 B, RB (INS - AMBAC)^(d)	5.70%	07/01/2027		380		412,026


Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB	5.00%	12/01/2028		630		599,260


Series 2018, Ref. RB	5.00%	12/01/2030		910		853,554


Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB	5.00%	10/01/2024		1,165		1,165,144


Montgomery (County of), PA Industrial Development Authority (Constellation Energy); Series 2023 B, Ref. RB	4.10%	06/01/2029		3,000		3,035,059


Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB (Acquired 04/03/2013; Cost $308,057)^(c)(l)(m)	5.00%	12/31/2023		350		63,025


Series 2013, RB^(l)(m)	5.00%	12/31/2023		180		32,330


Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB	5.25%	09/01/2050		10,080		10,095,396


Philadelphia (City of), PA Authority for Industrial Development;
Series 2017, Ref. RB^(a)(e)(g)	5.00%	03/15/2028		115		123,874


Series 2017, Ref. RB^(e)	5.00%	03/15/2045		1,885		1,575,000


Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.);
Series 2019 A, RB	4.00%	06/15/2029		765		717,458


Series 2019 A, RB	5.00%	06/15/2039		1,840		1,699,758


Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB	5.00%	07/01/2031		500		460,540


Series 2017, Ref. RB	5.00%	07/01/2032		1,000		911,001


						34,367,184



Puerto Rico-8.36%
Children’s Trust Fund;
Series 2002, RB	5.50%	05/15/2039		12,095		12,096,413


Series 2002, RB	5.63%	05/15/2043		7,645		7,683,385


Corp. Para El Financiamiento Publico de Puerto Rico;
Series 2011, RB	6.00%	08/01/2024		10,675		280,219


Series 2011, RB	6.00%	08/01/2025		17,475		458,719


Series 2011, RB	6.00%	08/01/2026		6,495		170,494


Series 2011, RB	0.00%	08/01/2028		37,400		981,750


Series 2011, RB	5.50%	08/01/2031		54,770		1,437,712


PRHTA Custodial Trust; Series 2022, RB^(b)	5.75%	12/06/2049		242		86,395


PRPBA Custodial Trust; Series 2022, RB	0.00%	03/15/2049		278		2,698


Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds^(h)	0.00%	07/01/2024		887		854,692


Series 2021 A, GO Bonds^(h)	0.00%	07/01/2033		2,034		1,239,651


Series 2021 A-1, GO Bonds	5.63%	07/01/2027		10,510		10,961,453


Series 2021 A-1, GO Bonds	5.63%	07/01/2029		3,000		3,174,121


Series 2021 A-1, GO Bonds	4.00%	07/01/2033		3,300		3,090,059


Subseries 2022, RN	0.00%	11/01/2043		8,027		4,144,161


Subseries 2022, RN	0.00%	11/01/2051		2,118		1,095,854


Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB	6.13%	07/01/2024		337		341,520


Series 2020 A, Ref. RB^(e)	5.00%	07/01/2035		4,000		4,018,078

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


21		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Puerto Rico-(continued)
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - SGI)^(d)	5.00%	07/01/2025	$	100	$	99,285


Series 2005 RR, RB (INS - AGC)^(d)	5.00%	07/01/2026		155		155,923


Series 2007 TT, RB (INS - NATL)^(d)	5.00%	07/01/2026		165		165,084


Series 2007 TT, RB^(b)	5.00%	07/01/2037		500		137,500


Series 2007 UU, Ref. RB (INS - AGC)^(d)	5.00%	07/01/2026		1,435		1,443,544


Series 2007 VV, Ref. RB (INS - NATL)^(d)	5.25%	07/01/2025		1,705		1,686,134


Series 2007 VV, Ref. RB (INS - NATL)^(d)	5.25%	07/01/2030		1,000		985,171


Series 2010 AAA, RB^(b)	5.25%	07/01/2028		5,685		1,563,375


Series 2010 CCC, RB^(b)	5.25%	07/01/2026		3,520		968,000


Series 2010 XX, RB^(b)	5.25%	07/01/2027		250		68,750


Series 2010 ZZ, Ref. RB^(b)	5.25%	07/01/2025		1,180		324,500


Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB	5.00%	07/01/2062		333		328,683


Series 2022 B, RB^(h)	0.00%	07/01/2032		217		139,421


Series 2022 C, RB⁽ⁿ⁾	5.00%	07/01/2053		370		234,789


Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 08/06/2009-01/08/2020; Cost $6,580,000)^(b)(c)(f)	6.63%	06/01/2026		6,580		4,606,000


Puerto Rico (Commonwealth of) Municipal Finance Agency;
Series 2002 A, RB (INS - AGM)^(d)	5.00%	08/01/2027		1,075		1,081,401


Series 2005 A, RB (INS - AGM)^(d)	5.00%	08/01/2030		305		306,816


Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB^(h)	0.00%	07/01/2024		211		204,190


Series 2018 A-1, RB^(h)	0.00%	07/01/2027		1,027		879,098


Series 2018 A-1, RB^(h)	0.00%	07/01/2029		1,003		784,721


Series 2018 A-1, RB^(h)	0.00%	07/01/2033		11,167		7,226,707


Series 2018 A-1, RB	4.50%	07/01/2034		7,162		7,161,590


Series 2018 A-1, RB	4.55%	07/01/2040		538		524,563


Series 2018 A-1, RB^(h)	0.00%	07/01/2046		13,831		3,852,323


Series 2018 A-1, RB^(h)	0.00%	07/01/2051		11,268		2,328,955


Series 2018 A-1, RB	4.75%	07/01/2053		3,953		3,705,857


Series 2019 A-2, RB	4.33%	07/01/2040		7,975		7,573,105


Series 2019 A-2, RB	4.54%	07/01/2053		163		147,523


Series 2019 A-2, RB	4.78%	07/01/2058		2,196		2,058,509


University of Puerto Rico; Series 2006 Q, RB	5.00%	06/01/2025		5,000		4,940,212


						107,799,103



Rhode Island-0.02%
Pawtucket (City of), RI Housing Authority; Series 2010, RB	5.50%	09/01/2028		195		195,301


Rhode Island Housing and Mortgage Finance Corp.; Series 1992 10-A, RB	6.50%	04/01/2027		80		80,141


						275,442



South Carolina-0.53%
South Carolina (State of) Jobs-Economic Development Authority (Green Charter Schools); Series 2021, Ref. RB^(e)	4.00%	06/01/2036		2,000		1,654,969


South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes); Series 2018 A, Ref. RB	5.00%	04/01/2027		1,655		1,640,025


South Carolina (State of) Jobs-Economic Development Authority (South Carolina SAVES Green Community Program - AAC East LLC) (Green Bonds); Series 2019, RB^(e)	7.00%	05/01/2026		1,125		1,072,468


South Carolina (State of) Public Service Authority; Series 2014 A, RB	5.50%	12/01/2054		2,450		2,454,862


						6,822,324



Tennessee-2.31%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB	5.00%	06/01/2027		4,595		4,368,809


Knox (County of), TN Health, Educational & Housing Facility Board (University Health); Series 2017, Ref. RB	5.00%	04/01/2036		2,605		2,661,308


Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial Development Board (Graceland); Series 2017 A, Ref. RB	5.50%	07/01/2037		350		240,355

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


22		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Tennessee-(continued)
Metropolitan Development and Housing Agency (Fifth + Broadway Development);
Series 2018, RB^(e)	4.50%	06/01/2028	$	1,035	$	1,036,366


Series 2018, RB^(e)	5.13%	06/01/2036		1,000		1,007,234


Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018-01/31/2019; Cost $1,995,192)^(b)(c)(e)	5.25%	04/03/2028		2,000		440,000


Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB	5.38%	09/01/2041		205		174,341


Series 2013 A, Ref. RB	5.50%	09/01/2047		200		163,474


Series 2016 A, Ref. RB^(e)	5.00%	09/01/2024		1,000		986,615


Series 2016 A, Ref. RB^(e)	5.00%	09/01/2031		3,000		2,706,959


Series 2016 A, Ref. RB^(e)	5.00%	09/01/2037		1,475		1,239,809


Tennergy Corp.;
Series 2021 A, RB^(a)	4.00%	09/01/2028		3,610		3,537,146


Series 2022 A, RB^(a)	5.50%	12/01/2030		5,950		6,202,010


Tennessee Energy Acquisition Corp.; Series 2018, RB^(a)	4.00%	11/01/2025		5,000		4,943,212


						29,707,638



Texas-8.89%
Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1); Series 2017, RB	4.25%	09/01/2027		255		253,058


Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2023, RB^(a)(e)	4.88%	06/15/2026		1,000		998,259


Arlington Higher Education Finance Corp. (Legacy Traditional Schools);
Series 2021, Ref. RB	4.00%	02/15/2031		1,400		1,265,114


Series 2021, Ref. RB	4.13%	02/15/2041		3,325		2,531,015


Arlington Higher Education Finance Corp. (Newman International Academy);
Series 2016, RB	5.38%	08/15/2036		3,835		3,657,336


Series 2021, RB	4.00%	08/15/2031		200		180,057


Series 2021, RB	5.00%	08/15/2041		600		527,993


Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.); Series 2023 A, RB^(e)	5.25%	02/15/2033		1,950		1,911,582


Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB	4.55%	08/15/2028		500		482,871


Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB	5.15%	08/15/2029		1,235		1,216,359


Austin (City of), TX; Series 2014, RB^(f)	5.00%	11/15/2044		4,000		4,013,837


Austin (City of), TX (Travis, Williamson and Hays Counties); Series 2017 B, RB^(f)	5.00%	11/15/2046		4,500		4,532,274


Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation);
Series 2016, Ref. RB	5.00%	07/15/2026		250		247,951


Series 2018, Ref. RB	5.00%	07/15/2026		1,000		991,805


Series 2018, Ref. RB	5.00%	07/15/2033		1,630		1,543,537


Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
Series 2019, RB^(f)	7.00%	03/01/2039		400		367,482


Series 2019, RB^(e)(f)	9.00%	03/01/2039		2,095		2,194,121


Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN^(e)(f)	3.63%	07/01/2026		7,000		6,408,875


Clifton Higher Education Finance Corp.; Series 2018 A, RB	6.00%	03/01/2029		989		992,580


Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB	5.75%	08/15/2033		2,000		2,020,449


Crandall (City of), TX;
Series 2021, RB^(e)	4.13%	09/15/2026		100		95,809


Series 2021, RB^(e)	4.75%	09/15/2031		100		91,255


Series 2021, RB^(e)	5.25%	09/15/2051		500		445,698


Edinburg Economic Development Corp.; Series 2019, RB^(e)	4.00%	08/15/2029		585		550,129


Gulf Coast Industrial Development Authority; Series 1998, RB^(f)	8.00%	04/01/2028		340		340,236


Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB	5.00%	11/15/2030		2,000		2,027,313


Houston (City of), TX;
Series 2011, Ref. RB^(f)	6.50%	07/15/2030		1,450		1,453,975


Series 2015 B-1, RB^(f)	5.00%	07/15/2030		5,000		5,027,094


Series 2015 B-1, RB^(f)	5.00%	07/15/2035		7,500		7,507,450


Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
Series 2014, Ref. RB^(f)	5.00%	07/01/2029		1,500		1,499,377


Series 2020 A, Ref. RB^(f)	5.00%	07/01/2027		2,325		2,344,509


Houston Higher Education Finance Corp. (Houston Baptist University); Series 2021, RB	3.38%	10/01/2037		700		580,185

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


23		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Texas-(continued)
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2016, Ref. RB (Acquired 05/08/2018-12/17/2018; Cost $244,842)^(b)(c)	5.00%	02/15/2035	$	246	$	7,378


Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB^(e)(f)	4.63%	10/01/2031		7,500		7,329,395


New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016, Ref. RB	4.00%	07/01/2028		2,915		2,597,184


Series 2016, Ref. RB	5.00%	07/01/2036		3,950		3,308,795


New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); Series 2020 A, RB^(e)	4.00%	08/15/2030		4,805		4,388,269


New Hope Cultural Education Facilities Finance Corp. (Forefront Living San Antonio - Bella Vida at LA Cantera)); Series 2023, RN^(e)	12.00%	12/01/2028		4,000		4,060,930


New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2022, Ref. RB	4.00%	01/01/2032		1,500		1,275,593


New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); Series 2016 A, RB	5.38%	11/15/2036		1,165		1,015,335


New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022 B3, RB	4.25%	10/01/2026		1,100		1,079,186


New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB	5.00%	10/01/2024		1,150		1,143,690


New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); Series 2019, Ref. RB	5.00%	01/01/2039		500		394,537


Port Beaumont Navigation District (Jefferson Gulf Coast Energy);
Series 2020, Ref. RB^(e)(f)	3.63%	01/01/2035		3,000		2,372,730


Series 2021, RB^(e)(f)	2.50%	01/01/2030		2,150		1,738,027


Series 2021, RB^(e)(f)	2.63%	01/01/2031		800		633,258


Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB^(g)	6.75%	11/15/2024		95		96,525


Series 2014 A, RB^(a)(g)	7.50%	11/15/2024		100		104,718


Series 2014 A, RB^(a)(g)	7.75%	11/15/2024		1,815		1,905,892


Series 2014 A, RB^(a)(g)	8.00%	11/15/2024		1,355		1,425,967


Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area);
Series 2016, RB	4.90%	09/15/2024		60		59,561


Series 2016, RB	5.38%	09/15/2030		665		659,204


Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB	5.00%	05/15/2037		1,400		1,248,178


Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,011,589)^(b)(c)	6.00%	02/15/2031		1,000		550,000


Series 2017, RB (Acquired 11/05/2019; Cost $3,271,528)^(b)(c)	6.38%	02/15/2041		3,000		1,650,000


Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020 B-2, Ref. RB	3.00%	11/15/2026		95		90,718


Series 2020, Ref. RB	4.00%	11/15/2027		1,000		943,351


Series 2020, Ref. RB	6.25%	11/15/2031		1,000		959,100


Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020 A, RB	5.75%	12/01/2054		2,355		1,530,644


Temple (City of), TX; Series 2018 A, RB	5.00%	08/01/2028		3,685		3,720,331


Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB^(f)	6.75%	06/30/2043		10,000		10,017,785


Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS - AMBAC)^(d)	5.38%	11/15/2024		30		30,087


						114,635,953



Utah-2.25%
Black Desert Public Infrastructure District;
Series 2021 A, GO Bonds^(e)	3.25%	03/01/2031		1,050		930,251


Series 2021 A, GO Bonds^(e)	3.50%	03/01/2036		1,750		1,454,038


Mida Golf and Equestrian Center Public Infrastructure District;
Series 2021, GO Bonds^(e)	4.25%	06/01/2041		2,205		1,673,055


Series 2021, GO Bonds^(e)	4.50%	06/01/2051		2,500		1,745,568


Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB^(e)	4.25%	08/01/2035		1,645		1,468,620


Series 2020 A, RB^(e)	4.50%	08/01/2040		1,205		1,008,283


Military Installation Development Authority; Series 2021 A-2, RB	4.00%	06/01/2041		1,250		975,558


Salt Lake City (City of), UT; Series 2017 A, RB^(f)	5.00%	07/01/2036		3,000		3,091,785


Sienna Hills Public Infrastructure District No. 1; Series 2023 A, GO Bonds^(e)	6.75%	07/01/2035		2,500		2,494,620


UIPA Crossroads Public Infrastructure District; Series 2021, RB^(e)	4.13%	06/01/2041		3,000		2,619,866

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


24		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


Utah-(continued)
Utah (State of) Charter School Finance Authority (Ascent Academies of Utah);
Series 2022, RB^(e)	4.25%	06/15/2027	$	1,810	$	1,705,946


Series 2022, RB^(e)	4.50%	06/15/2032		2,000		1,787,323


Series 2022, RB^(e)	5.00%	06/15/2037		2,515		2,237,872


Utah (State of) Charter School Finance Authority (Freedom Academy Foundation (The)); Series 2017, Ref. RB^(e)	4.50%	06/15/2027		140		135,968


Utah (State of) Charter School Finance Authority (Merit Preparatory Academy);
Series 2019 A, RB^(e)	4.50%	06/15/2029		500		470,305


Series 2019 A, RB^(e)	5.00%	06/15/2034		1,270		1,179,678


Utah (State of) Charter School Finance Authority (Renaissance Academy);
Series 2020, Ref. RB^(e)	3.50%	06/15/2025		175		170,665


Series 2020, Ref. RB^(e)	4.00%	06/15/2030		520		488,103


Series 2020, Ref. RB^(e)	5.00%	06/15/2040		350		332,796


Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB^(e)	7.00%	12/01/2042		3,000		2,962,140


						28,932,440



Virgin Islands-0.23%
Matching Fund Special Purpose Securitization Corp.;
Series 2022 A, Ref. RB	5.00%	10/01/2025		1,000		1,011,647


Series 2022 A, Ref. RB	5.00%	10/01/2026		1,000		1,010,822


Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB^(f)	5.00%	09/01/2023		1,000		1,000,000


						3,022,469



Virginia-0.97%
Hanover (County of), VA Economic Development Authority (Covenant Woods); Series 2018, Ref. RB	5.00%	07/01/2038		250		234,290


Peninsula Town Center Community Development Authority;
Series 2018, Ref. RB^(e)	4.00%	09/01/2023		140		140,000


Series 2018, Ref. RB^(e)	4.50%	09/01/2028		1,450		1,429,795


Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB (Acquired 01/23/2020; Cost $770,000)^(b)(c)	4.30%	09/01/2030		770		462,000


Virginia (Commonwealth of) Public Building Authority; Series 2022 A, RB	4.00%	08/01/2042		5,000		4,835,409


Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB^(f)	5.00%	01/01/2037		3,200		3,320,016


Virginia (Commonwealth of) Small Business Financing Authority (Covanta); Series 2018, RB^(a)(e)(f)	5.00%	07/01/2038		2,310		2,132,044


						12,553,554



Washington-1.18%
Kalispel Tribe of Indians;
Series 2018 A, RB^(e)	5.00%	01/01/2032		395		403,014


Series 2018 B, RB^(e)	5.00%	01/01/2032		100		102,029


Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%	03/01/2028		105		104,179


King (County of), WA Housing Authority (Rural Preservation); Series 1997, RB^(f)	5.75%	01/01/2028		5		5,003


King (County of), WA Public Hospital District No. 4; Series 2015 A, RB	6.25%	12/01/2045		1,700		1,666,691


Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB^(f)	5.00%	04/01/2030		6,475		6,476,859


Washington (State of) Health Care Facilities Authority (Providence Health & Services); Series 2014 C, RB	5.00%	10/01/2044		2,000		2,000,014


Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref._RB(e)	4.00%	07/01/2026		340		323,153


Washington (State of) Housing Finance Commission (Judson Park); Series 2018, Ref. RB^(e)	5.00%	07/01/2038		385		331,861


Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, Ref. RB^(e)	5.00%	01/01/2036		1,755		1,524,545


Washington (State of) Housing Finance Commission (Spokane International Academy); Series 2021 A, RB^(e)	4.00%	07/01/2040		1,640		1,370,582


Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB^(e)	4.50%	07/01/2028		965		880,510


						15,188,440



West Virginia-0.52%
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); Series 2019 A, RB^(b)(e)	5.75%	06/01/2042		1,000		716,061


Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, Ref._RB(e)	5.75%	06/01/2043		1,000		1,044,631

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


25		Invesco Short Duration High Yield Municipal Fund


	Interest Rate	Maturity Date	Principal Amount (000)		Value


West Virginia-(continued)
Monongalia (County of), WV Building Commission (Monongalia Health System Obligated Group);
Series 2015, Ref. RB	5.00%	07/01/2025	$	360	$	361,709


Series 2015, Ref. RB	5.00%	07/01/2026		460		460,786


Series 2015, Ref. RB	5.00%	07/01/2027		560		561,586


Series 2015, Ref. RB	4.00%	07/01/2035		190		166,325


Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB^(e)	4.50%	06/01/2027		2,450		2,459,731


West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB^(b)(e)(f)	6.75%	02/01/2026		1,000		700,000


Series 2018, RB^(b)(e)(f)	8.75%	02/01/2036		320		256,000


						6,726,829



Wisconsin-4.00%
Lomira (Village of), WI Community Development Authority;
Series 2018 B, Ref. RB	3.65%	10/01/2028		705		697,883


Series 2018 B, Ref. RB	3.75%	10/01/2029		175		166,399


Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); Series 2017, Ref. RB	5.00%	06/01/2028		1,205		1,181,044


Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB	5.00%	11/01/2028		935		893,189


Series 2019, Ref. RB	5.00%	11/01/2030		1,035		968,552


Series 2019, Ref. RB	5.00%	11/01/2039		1,000		844,162


Wisconsin (State of) Health & Educational Facilities Authority (Clement Manor, Inc.); Series 2019, Ref. RB	4.25%	08/01/2034		1,000		804,465


Wisconsin (State of) Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries); Series 2021, Ref. RB	4.00%	01/01/2037		1,470		1,193,440


Wisconsin (State of) Public Finance Authority;
Series 2020 A, RB^(e)	4.00%	03/01/2030		1,810		1,681,264


Series 2022 B, RB^(e)	7.00%	02/01/2028		700		688,120


Series 2022, RB^(e)	5.38%	06/01/2037		670		652,494


Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A,_RB(e)	6.25%	10/01/2031		2,000		1,200,000


Wisconsin (State of) Public Finance Authority (Alamance Community School); Series 2021 A, RB^(e)	5.00%	06/15/2041		510		425,757


Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB^(b)(e)	6.25%	08/01/2027		500		381,875


Series 2017, RB^(b)(e)	6.75%	08/01/2031		500		350,000


Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy);
Series 2021 A, RB^(e)	4.25%	06/15/2031		550		477,465


Series 2021 A, RB^(e)	5.00%	06/15/2041		615		510,598


Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB^(e)	5.00%	06/01/2026		1,005		986,806


Wisconsin (State of) Public Finance Authority (Community School of Davidson); Series 2018, RB	5.00%	10/01/2033		390		381,240


Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); Series 2017 A, RB (Acquired 04/03/2017; Cost $1,500,000)^(b)(c)(e)	5.75%	11/01/2024		1,500		900,000


Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB^(e)	6.13%	02/01/2039		4,310		3,827,564


Series 2020, RB^(e)	7.00%	02/01/2025		285		283,434


Series 2022 A, RB^(e)	6.13%	02/01/2039		4,175		3,707,675


Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB^(e)(h)	0.00%	09/01/2029		2,000		1,272,996


Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB^(e)	4.38%	06/15/2029		1,470		1,402,273


Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
Series 2017 A, RB^(f)	7.25%	06/01/2035		3,800		3,582,079


Series 2017, Ref. RB^(e)(f)	7.13%	06/01/2041		155		135,519


Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.); Series 2021 A, Ref. RB	3.75%	07/01/2031		3,405		2,932,022


Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy);
Series 2019, RB^(e)	4.00%	06/15/2029		485		454,399


Series 2019, RB^(e)	5.00%	06/15/2039		440		406,894


Series 2019, RB^(e)	5.00%	06/15/2049		540		470,194


Wisconsin (State of) Public Finance Authority (Proton International);
Series 2021 A, RB^(e)	5.50%	01/01/2031		5,375		4,643,705


Series 2021 A, RB^(e)	6.50%	01/01/2041		3,110		2,436,202

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


26		Invesco Short Duration High Yield Municipal Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Wisconsin-(continued)
Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB^(e)		6.00%		07/15/2043	$	690	$	682,056


Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2022, RB^(e)(g)		4.00%		04/01/2032		15		15,563


Series 2022, RB^(e)		4.00%		04/01/2032		860		810,931


Wisconsin (State of) Public Finance Authority (Searstone CCRC); Series 2021 A, Ref. RB^(e)		4.00%		06/01/2036		1,500		1,266,316


Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB^(e)		4.50%		06/15/2032		500		462,885


Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2017, Ref. RB^(e)		4.00%		03/01/2027		910		898,920


Wisconsin (State of) Public Finance Authority (Wingate University);
Series 2018 A, Ref. RB		5.25%		10/01/2029		1,825		1,863,834


Series 2018 A, Ref. RB		5.25%		10/01/2030		1,925		1,963,808


Series 2018 A, Ref. RB		5.25%		10/01/2031		1,030		1,049,491


Series 2018 A, Ref. RB		5.25%		10/01/2032		720		732,063


Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB^(e)		5.25%		12/01/2039		1,000		841,094


								51,526,670


Total Municipal Obligations (Cost $1,363,551,138)								1,286,676,012



U.S. Dollar Denominated Bonds & Notes-0.29%
California-0.29%
CalPlant I LLC;
Series 21A^(b)(e)(l)		9.50%		03/31/2024		255		255,000


Series 21B^(b)(e)(l)		9.50%		03/31/2024		955		955,000


Series 22A^(b)(e)(l)		9.50%		03/31/2024		530		530,000


Series 22B^(b)(e)(l)		9.50%		03/31/2024		45		45,000


Series 22C^(b)(e)(l)		9.50%		03/31/2024		345		345,000


Series 22X^(b)(e)(l)		9.50%		03/31/2024		520		520,000


Series 23A^(b)(e)(l)		9.50%		03/31/2024		180		180,000


Series 23B^(b)(e)(l)		9.50%		03/31/2024		165		165,000


Series 23C^(b)(e)(l)		9.50%		03/31/2024		260		260,000


Series 23D (Acquired 05/04/2023; Cost $225,000)^(b)(c)(e)(l)		9.50%		03/31/2024		225		225,000


Series 23E^(b)(e)(l)		9.50%		03/31/2024		255		255,000


Total U.S. Dollar Denominated Bonds & Notes (Cost $3,735,000)								3,735,000



					Shares
Common Stocks & Other Equity Interests-0.00%
Resolute Forest Products, Inc. (Cost $9,595)^(l)						6,757		9,595


TOTAL INVESTMENTS IN SECURITIES^(o)-100.12% (Cost $1,367,295,733)								1,290,420,607


FLOATING RATE NOTE OBLIGATIONS-(1.00)%
Notes with interest and fee rates ranging from 4.61% to 4.62% at 08/31/2023 and contractual maturities of collateral ranging from 05/01/2025 to 06/15/2031 (See Note 1J)^(p)								(12,945,000	)


BORROWINGS-(0.19)%								(2,500,000	)


OTHER ASSETS LESS LIABILITIES-1.07%								13,876,834


NET ASSETS-100.00%							$	1,288,852,441

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


27		Invesco Short Duration High Yield Municipal Fund

Investment Abbreviations:


AGC		- Assured Guaranty Corp.
AGM		- Assured Guaranty Municipal Corp.
AMBAC		- American Municipal Bond Assurance Corp.
BAM		- Build America Mutual Assurance Co.
CEP		- Credit Enhancement Provider
COP		- Certificates of Participation
FGIC		- Financial Guaranty Insurance Company
GNMA		- Government National Mortgage Association
GO		- General Obligation
IDR		- Industrial Development Revenue Bonds
INS		- Insurer
LOC		- Letter of Credit
NATL		- National Public Finance Guarantee Corp.
RB		- Revenue Bonds
Ref.		- Refunding
RN		- Revenue Notes
SGI		- Syncora Guarantee, Inc.
Wts.		- Warrants

Notes to Schedule of Investments:

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

^(b)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $26,604,224, which represented 2.06% of the Fund’s Net Assets.

^(c)	Restricted security. The aggregate value of these securities at August 31, 2023 was $22,809,386, which represented 1.77% of the Fund’s Net Assets.

^(d)	Principal and/or interest payments are secured by the bond insurance company listed.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $327,508,711, which represented 25.41% of the Fund’s Net Assets.

^(f)	Security subject to the alternative minimum tax.

^(g)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

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

⁽ⁱ⁾

Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $10,940,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(j)	Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(k)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

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

^(m)	The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

⁽ⁿ⁾	Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(o)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(p)

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $18,364,920 are held by TOB Trusts and serve as collateral for the $12,945,000 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.


28		Invesco Short Duration High Yield Municipal Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $1,367,295,733)	$	1,290,420,607


Receivable for:
Investments sold		7,147,696


Fund shares sold		1,398,169


Interest		19,063,240


Investments matured, at value (Cost $13,724,675)		4,475,566


Investment for trustee deferred compensation and retirement plans		87,032


Other assets		231,280


Total assets		1,322,823,590



Liabilities:
Floating rate note obligations		12,945,000


Payable for:
Borrowings		2,500,000


Investments purchased		6,388,950


Dividends		1,690,617


Fund shares reacquired		5,823,977


Amount due custodian		340,508


Due to broker		3,480,000


Accrued fees to affiliates		503,255


Accrued interest expense		27,207


Accrued trustees’ and officers’ fees and benefits		2,055


Accrued other operating expenses		182,548


Trustee deferred compensation and retirement plans		87,032


Total liabilities		33,971,149


Net assets applicable to shares outstanding	$	1,288,852,441


Net assets consist of:

Shares of beneficial interest	$	1,868,789,331


Distributable earnings (loss)		(579,936,890	)


	$	1,288,852,441



Net Assets:
Class A	$	784,121,630


Class C	$	55,464,053


Class Y	$	414,180,098


Class R5	$	9,292


Class R6	$	35,077,368



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		85,390,403


Class C		6,047,537


Class Y		45,078,391


Class R5		1,004


Class R6		3,815,040


Class A:
Net asset value per share	$	9.18


Maximum offering price per share (Net asset value of $9.18 ÷ 97.50%)	$	9.42


Class C:
Net asset value and offering price per share	$	9.17


Class Y:
Net asset value and offering price per share	$	9.19


Class R5:
Net asset value and offering price per share	$	9.25


Class R6:
Net asset value and offering price per share	$	9.19

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


29		Invesco Short Duration High Yield Municipal Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:

Interest	$	67,311,422



Expenses:
Advisory fees		5,633,485


Administrative services fees		208,220


Custodian fees		20,549


Distribution fees:
Class A		2,118,352


Class C		663,023


Interest, facilities and maintenance fees		1,369,331


Transfer agent fees – A, C and Y		1,134,912


Transfer agent fees – R5		2,713


Transfer agent fees – R6		5,088


Trustees’ and officers’ fees and benefits		28,564


Registration and filing fees		194,690


Reports to shareholders		67,061


Professional services fees		504,965


Other		122,953


Total expenses		12,073,906


Less: Expense offset arrangement(s)		(5,101	)


Net expenses		12,068,805


Net investment income		55,242,617



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1,858,304))		(158,425,651	)


Futures contracts		714,029


		(157,711,622	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		96,490,240


Futures contracts		(381,716	)


		96,108,524


Net realized and unrealized gain (loss)		(61,603,098	)


Net increase (decrease) in net assets resulting from operations	$	(6,360,481	)

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


30		Invesco Short Duration High Yield Municipal Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:
Net investment income	$	55,242,617		$	47,478,640


Net realized gain (loss)		(157,711,622	)		(27,843,584	)


Change in net unrealized appreciation (depreciation)		96,108,524			(129,965,122	)


Net increase (decrease) in net assets resulting from operations		(6,360,481	)		(110,330,066	)



Distributions to shareholders from distributable earnings:
Class A		(31,652,194	)		(32,038,329	)


Class C		(1,959,484	)		(2,303,684	)


Class Y		(17,991,536	)		(16,315,132	)


Class R5		(105,308	)		(439,600	)


Class R6		(1,365,023	)		(980,820	)


Total distributions from distributable earnings		(53,073,545	)		(52,077,565	)



Share transactions–net:
Class A		(94,739,187	)		81,054,772


Class C		(18,531,139	)		(6,882,430	)


Class Y		(63,922,605	)		180,742,643


Class R5		(9,611,316	)		(3,413,519	)


Class R6		5,479,781			13,644,959


Net increase (decrease) in net assets resulting from share transactions		(181,324,466	)		265,146,425


Net increase (decrease) in net assets		(240,758,492	)		102,738,794



Net assets:
Beginning of year		1,529,610,933			1,426,872,139


End of year	$	1,288,852,441		$	1,529,610,933

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


31		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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover ^(c)


Class A
Year ended 08/31/23		$ 9.58		$0.36		$(0.41	)		$(0.05	)		$(0.35	)		$ 9.18		(0.54	)%		$784,122		0.91	%		0.91	%		0.81	%		3.86	%	33%
Year ended 08/31/22		10.67		0.32		(1.06	)		(0.74	)		(0.35	)		9.58		(7.07	)		914,354		0.84			0.84			0.77			3.13		26
Year ended 08/31/21		10.17		0.34		0.51			0.85			(0.35	)		10.67		8.50			933,441		0.86			0.86			0.79			3.25		19
Year ended 08/31/20		10.86		0.37		(0.71	)		(0.34	)		(0.35	)		10.17		(3.19	)		826,655		0.84			0.88			0.79			3.59		49
Year ended 08/31/19		10.48		0.36		0.37			0.73			(0.35	)		10.86		7.09			193,076		0.86			0.98			0.79			3.40		24


Class C
Year ended 08/31/23		9.56		0.29		(0.40	)		(0.11	)		(0.28	)		9.17		(1.19	)		55,464		1.66			1.66			1.56			3.11		33
Year ended 08/31/22		10.65		0.24		(1.06	)		(0.82	)		(0.27	)		9.56		(7.79	)		76,878		1.59			1.59			1.52			2.38		26
Year ended 08/31/21		10.16		0.26		0.50			0.76			(0.27	)		10.65		7.60			92,982		1.61			1.61			1.54			2.50		19
Year ended 08/31/20		10.84		0.29		(0.70	)		(0.41	)		(0.27	)		10.16		(3.84	)		167,426		1.59			1.63			1.54			2.84		49
Year ended 08/31/19		10.46		0.28		0.37			0.65			(0.27	)		10.84		6.29			52,195		1.61			1.73			1.54			2.65		24


Class Y
Year ended 08/31/23		9.58		0.38		(0.40	)		(0.02	)		(0.37	)		9.19		(0.18	)		414,180		0.66			0.66			0.56			4.11		33
Year ended 08/31/22		10.67		0.34		(1.06	)		(0.72	)		(0.37	)		9.58		(6.84	)		497,651		0.59			0.59			0.52			3.38		26
Year ended 08/31/21		10.18		0.37		0.50			0.87			(0.38	)		10.67		8.66			365,892		0.61			0.61			0.54			3.50		19
Year ended 08/31/20		10.87		0.40		(0.72	)		(0.32	)		(0.37	)		10.18		(2.94	)		280,243		0.59			0.63			0.54			3.84		49
Year ended 08/31/19		10.48		0.39		0.37			0.76			(0.37	)		10.87		7.45			216,579		0.61			0.73			0.54			3.65		24


Class R5
Year ended 08/31/23		9.60		0.39		(0.37	)		0.02			(0.37	)		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	)		(0.73	)		(0.37	)		9.60		(6.93	)		9,800		0.62			0.62			0.55			3.35		26
Year ended 08/31/21		10.20		0.37		0.51			0.88			(0.38	)		10.70		8.78			14,437		0.61			0.61			0.54			3.50		19
Year ended 08/31/20		10.88		0.40		(0.71	)		(0.31	)		(0.37	)		10.20		(2.83	)		10		0.57			0.57			0.52			3.86		49
Year ended 08/31/19		10.49		0.39		0.37			0.76			(0.37	)		10.88		7.44			11		0.61			0.68			0.54			3.65		24


Class R6
Year ended 08/31/23		9.59		0.39		(0.41	)		(0.02	)		(0.38	)		9.19		(0.22	)		35,077		0.60			0.60			0.50			4.18		33
Year ended 08/31/22		10.68		0.35		(1.06	)		(0.71	)		(0.38	)		9.59		(6.77	)		30,929		0.53			0.53			0.46			3.44		26
Year ended 08/31/21		10.19		0.37		0.51			0.88			(0.39	)		10.68		8.73			20,121		0.54			0.54			0.47			3.57		19
Year ended 08/31/20		10.88		0.40		(0.72	)		(0.32	)		(0.37	)		10.19		(2.94	)		12,639		0.57			0.57			0.52			3.86		49
Year ended 08/31/19		10.49		0.39		0.37			0.76			(0.37	)		10.88		7.44			15,350		0.61			0.68			0.54			3.65		24

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended August 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,007,963,117 in connection with the acquisition of Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund into the Fund.

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


32		Invesco Short Duration High Yield Municipal Fund

Notes to Financial Statements

August 31, 2023

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 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 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.


33		Invesco Short Duration High Yield Municipal Fund

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.

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.

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.

Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The


34		Invesco Short Duration High Yield Municipal Fund

embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.


35		Invesco Short Duration High Yield Municipal Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $100 million		0.483%
Next $150 million		0.433%
Next $250 million		0.408%
Next $4.5 billion		0.383%
Next $5 billion		0.373%
Over $10 billion		0.353%

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.40%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

The Trust has entered into 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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $769 in front-end sales commissions from the sale of Class A shares and $84,739 and $3,251 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


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


36		Invesco Short Duration High Yield Municipal Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Municipal Obligations		$–		$1,286,580,657	$	95,355		$1,286,676,012


U.S. Dollar Denominated Bonds & Notes		–		–		3,735,000		3,735,000


Common Stocks & Other Equity Interests		–		–		9,595		9,595



Total Investments in Securities		–		1,286,580,657		3,839,950		1,290,420,607



Other Investments - Assets


Investments Matured		–		4,475,566		–		4,475,566


Total Investments		$–		$1,291,056,223	$	3,839,950	$	1,294,896,173

NOTE 4–Derivative Investments

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, 2023

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


		Location of Gain (Loss) on
		Statement of Operations
		Interest
		Rate Risk


Realized Gain:
Futures contracts		$ 714,029


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(381,716)


Total		$ 332,313

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


		Futures
		Contracts


Average notional value		$38,208,962

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, 2023, the Fund engaged in securities purchases of $7,810,846 and securities sales of $25,099,479, which resulted in net realized gains (losses) of $(1,858,304).

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–Cash Balances and Borrowings

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.


37		Invesco Short Duration High Yield Municipal Fund

During the year ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $2,528,493 with an average interest rate of 4.77%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

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, 2023 were $14,647,692 and 4.44%, respectively.

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	582,255	$	52,077,565


Ordinary income-tax-exempt		52,491,290		–


Total distributions	$	53,073,545	$	52,077,565

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed tax-exempt income	$	6,472,881


Net unrealized appreciation (depreciation) – investments		(87,185,383	)


Temporary book/tax differences		(81,803	)


Capital loss carryforward		(499,142,585	)


Shares of beneficial interest		1,868,789,331


Total net assets	$	1,288,852,441

The Fund has a capital loss carryforward as of August 31, 2023, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$67,744,687

$431,397,898

$499,142,585

*	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, 2023 was $444,004,552 and $576,277,845, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 12,321,835


Aggregate unrealized (depreciation) of investments	(99,507,218	)


Net unrealized appreciation (depreciation) of investments	$ (87,185,383	)

Cost of investments for tax purposes is $1,382,081,556.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of defaulted bonds and amortization and accretion on debt securities, on August 31, 2023, undistributed net investment income was increased by $11,973,733, undistributed net realized gain (loss) was decreased by $11,873,302 and shares of beneficial interest was decreased by $100,431. This reclassification had no effect on the net assets of the Fund.


38		Invesco Short Duration High Yield Municipal Fund

NOTE 12–Share Information


	Summary of Share Activity


	Year ended August 31, 2023^(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		30,597,276		$	284,779,360			34,556,377		$	346,153,124


Class C		1,583,339			14,730,603			2,533,501			25,306,548


Class Y		28,101,189			261,582,488			45,685,270			456,750,375


Class R5		-			-			6,348			67,589


Class R6		3,201,975			29,861,840			3,178,747			31,754,461



Issued as reinvestment of dividends:
Class A		2,150,104			19,975,198			1,993,380			20,154,927


Class C		150,504			1,396,812			162,500			1,645,038


Class Y		1,057,979			9,834,306			962,662			9,693,037


Class R5		277			2,588			942			9,529


Class R6		107,836			1,003,472			66,516			668,645



Automatic conversion of Class C shares to Class A shares:
Class A		780,861			7,266,768			898,628			9,081,040


Class C		(781,742	)		(7,266,768	)		(899,832	)		(9,081,040	)



Reacquired:
Class A		(43,626,859	)		(406,760,513	)		(29,478,381	)		(294,334,319	)


Class C		(2,943,363	)		(27,391,786	)		(2,486,886	)		(24,752,976	)


Class Y		(36,016,747	)		(335,339,399	)		(28,989,895	)		(285,700,769	)


Class R5		(1,019,575	)		(9,613,904	)		(336,298	)		(3,490,637	)


Class R6		(2,720,089	)		(25,385,531	)		(1,903,335	)		(18,778,147	)


Net increase (decrease) in share activity		(19,377,035	)	$	(181,324,466	)		25,950,244		$	265,146,425

^(a)

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


39		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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended 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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2023 by correspondence with the custodian, portfolio company investee and brokers; when replies were not received from portfolio company investee or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


40		Invesco Short Duration High Yield Municipal Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,004.80	$4.65	$1,020.57	$4.69	0.92%
Class C	1,000.00	1,001.00	8.42	1,016.79	8.49	1.67
Class Y	1,000.00	1,006.10	3.39	1,021.83	3.41	0.67
Class R5	1,000.00	1,010.50	6.28	1,018.95	6.31	1.24
Class R6	1,000.00	1,006.50	3.09	1,022.13	3.11	0.61

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


41		Invesco Short Duration High Yield Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 received a

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted


42		Invesco Short Duration High Yield Municipal Fund

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 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D. Economies of Scale and Breakpoints

scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Rule 2a-7 (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.


43		Invesco Short Duration High Yield Municipal Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	100.00	%
Tax-Exempt Interest Dividends*	98.90	%

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


44		Invesco Short Duration High Yield Municipal Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹ - 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Short Duration High Yield Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Short Duration High Yield Municipal Fund

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		SDHYM-AR-1

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Annual Report to Shareholders		August 31, 2023

Invesco Short Term Municipal Fund

Nasdaq:

A: ORSTX ∎ Y: ORSYX ∎ R6: STMUX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

6		Liquidity Risk Management Program

8		Schedule of Investments

26		Financial Statements

29		Financial Highlights

30		Notes to Financial Statements

35		Report of Independent Registered Public Accounting Firm

36		Fund Expenses

37		Approval of Investment Advisory and Sub-Advisory Contracts

40		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended August 31, 2023, Class A shares of Invesco Short Term Municipal Fund (the Fund), at net asset value (NAV), outperformed the S&P Municipal Bond Short Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 8/31/22 to 8/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.05	%
Class Y Shares	2.30
Class R6 Shares	2.10
S&P Municipal Bond Short Index^▼	1.58

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year, investment grade municipal bonds returned 1.71%, high yield municipal bonds returned 0.52% and taxable municipal bonds returned -0.12%.¹

Investors remained hopeful for the 2023 calendar year, despite concerns about inflation and interest rates; however, in March, the focus unexpectedly shifted as Silicon Valley Bank collapsed after a bank run, marking the second-largest bank failure in US history. Fears about the health of the global banking system ensued and demand for perceived safe-haven asset classes increased, driving down Treasury and municipal yields. Although three other bank failures followed, fears of larger systemic instability faded in the following months.

5.50%, as of the end of August.² The Federal Open Market Committee explained its commitment to returning inflation to its 2% objective while continuing to assess a wide range of information, including labor market conditions, inflation pressures and expectations and financial and international developments.²

During the fiscal year, overweight allocations to the public power and higher education sectors contributed to relative return. Overweight exposure to bonds rated BB and

BBB^† credits also added to relative performance. On a regional level, overweight exposure to credits domiciled in Pennsylvania and Texas contributed to relative performance.

Security selection in dedicated tax and local general obligation bonds detracted from relative performance over the fiscal year. Underweight exposure to non-rated† bonds also detracted from relative performance. On a regional level, underweight exposure to bonds domiciled in Puerto Rico detracted from relative performance.

Thank you for investing in Invesco SMA Municipal Bond Fund and for sharing our long-term investment horizon.

1	Source: Bloomberg LP

2	Source: US Federal Reserve

3	Source: Lipper Inc.

4	Source: Standard & Poor’s

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: For more information on Standard and Poor’s rating methodology, please visit www.standardandpoors.com and select ’Understanding Credit Ratings’ under ’About Ratings’ on the homepage. For more information on Moody’s rating methodology, please visit www.ratings.moodys.com and select ’Rating Methodologies’ on the homepage.

Portfolio manager(s):

Michael Magee

Tim O’Reilly

Mark Paris

Rebecca Setcavage

Julius Williams


2		Invesco Short Term Municipal Fund

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Short Term Municipal Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 8/31/13

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management fees. Index results include

reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Short Term Municipal Fund



Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges

Class A Shares
Inception (12/6/10)	1.87	%
10 Years	1.67
5 Years	1.42
1 Year	2.05

Class Y Shares
Inception (12/6/10)	2.11	%
10 Years	1.92
5 Years	1.67
1 Year	2.30

Class R6 Shares
10 Years	1.83	%
5 Years	1.74
1 Year	2.10

Effective May 24, 2019, Class A and Class Y shares of the Oppenheimer Short Term Municipal Fund, (the predecessor fund), were reorganized into Class A and Class Y shares, respectively, of the Invesco Oppenheimer Short Term Municipal Fund. The Fund was subsequently renamed the Invesco Short Term Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A and Class Y shares are those for Class A and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class A, Class Y and Class R6 shares do not have a front-end sales charge or a contingent deferred sales charge (CDSC); therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.


5		Invesco Short Term Municipal Fund

Supplemental Information

Invesco Short Term Municipal Fund’s investment objective is to seek tax-free income.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P Municipal Bond Short Index tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT) that have maturities between six months and four years.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Liquidity Risk Management Program

normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Short Term Municipal Fund

Fund Information

Portfolio Composition


By credit sector	% of total investments

Revenue Bonds		63.69%

Other		19.62

General Obligation Bonds		14.24

Pre-Refunded Bonds		2.45

Top Five Debt Holdings


		% of total net assets

1.	Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 B, VRD RB		2.48	%

2.	Rib Floater Trust, Series 2022-006, VRD RB		1.99

3.	Main Street Natural Gas, Inc., Subseries 2018 D, RB		1.65

4.	Main Street Natural Gas, Inc., Series 2018 A, RB		1.54

5.	Mizuho Floater/Residual Trust, Series 2020- MIZ9027, VRD Revenue Ctfs.		1.39

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of August 31, 2023.


7		Invesco Short Term Municipal Fund

Schedule of Investments

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–97.14%
Alabama–1.27%

Alabama (City of), AL Industrial Development Board; Series 2009, VRD RB^(a)		3.05%		06/01/2034	$	8,600	$ 8,600,000

Baldwin (County of), AL Public Building Authority (DHR); Series 2007 A, Revenue Wts. (INS - SGI)^(b)		4.38%		06/01/2028		10	10,007

Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB^(c)		4.00%		12/01/2025		5,000	4,959,963

Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB^(c)		4.00%		10/01/2026		7,000	6,914,867

UAB Medicine Finance Authority; Series 2016 B, Ref. RB		5.00%		09/01/2035		2,500	2,579,283

							23,064,120

Alaska–0.16%

Matanuska-Susitna (Borough of), AK; Series 2014 B, GO Bonds		5.00%		11/01/2026		1,000	1,009,786

Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB		4.00%		06/01/2050		2,010	1,964,650

							2,974,436

Arizona–1.83%

Arizona (State of) Game & Fish Department & Commission; Series 2006, RB		5.00%		07/01/2032		105	105,106

Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB		5.00%		12/01/2027		100	101,487

Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022, RB^(c)(d)		5.00%		09/01/2027		10,000	10,294,883

Glendale Municipal Property Corp.;

Series 2012 B, Ref. RB		5.00%		07/01/2025		1,000	1,001,011

Series 2012 B, Ref. RB		5.00%		07/01/2029		3,550	3,553,914

Series 2012 B, Ref. RB		5.00%		07/01/2033		570	570,557

Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group); Series 2023 A-1, RB^(c)		5.00%		05/15/2026		5,000	5,182,482

Maricopa County School District No. 7; Series 2009 B, GO Bonds (INS - AGM)^(b)		4.50%		07/01/2024		10	10,007

Phoenix Civic Improvement Corp.; Series 2017, Ref. RB		5.00%		07/01/2037		5,000	5,187,345

Pima (County of), AZ; Series 2014, RB		5.00%		07/01/2028		745	745,827

Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB^(e)		5.00%		09/01/2026		80	79,126

Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB		4.13%		07/01/2029		185	172,548

Salt Verde Financial Corp.; Series 2007, RB		5.25%		12/01/2025		4,000	4,072,958

Sun Devil Energy Center LLC; Series 2008, Ref. RB		5.00%		07/01/2027		100	100,113

Sun Devil Energy Center LLC (Arizona State University); Series 2008, Ref. RB		5.00%		07/01/2030		155	155,157

University of Arizona (The) (Stimulus Plan for Economic and Educational Development); Series 2014, RB		5.00%		08/01/2034		920	927,167

University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)^(b)		4.38%		06/01/2024		10	10,008

Westpark Community Facility District; Series 2016, Ref. GO Bonds		4.00%		07/15/2025		670	662,544

Yavapai (County of), AZ Industrial Development Authority; Series 2015 A, Ref. RB^(e)		3.90%		09/01/2024		185	182,535

Yavapai (County of), AZ Industrial Development Authority (The) (Yavapai Regional Medical Center); Series 2013 A, Ref. RB		5.00%		08/01/2028		100	100,031

							33,214,806

California–2.69%

Alameda (County of), CA Joint Powers Authority (Multiple Capital);

Series 2013 A, RB		5.00%		12/01/2033		3,465	3,474,771

Series 2013 A, RB		5.00%		12/01/2034		1,865	1,871,430

Alhambra (City of), CA (Police Facilities Assessment District No. 91-1); Series 1992, COP (INS - AMBAC)^(b)		6.75%		09/01/2023		2,000	2,000,000

Anaheim (City of), CA Public Financing Authority; Series 1997 A, RB (INS - AGM)^(b)		6.00%		09/01/2024		1,265	1,280,617

Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); Series 2013 B, RB^(f)		5.00%		09/01/2023		475	475,000

California (State of);

Series 2012, GO Bonds (INS - AGM)^(b)		4.00%		09/01/2037		1,000	987,663

Series 2012, Ref. GO Bonds		5.00%		09/01/2025		10	10,015

Series 2013, Ref. GO Bonds		5.00%		10/01/2026		5	5,008

California (State of) Health Facilities Financing Authority (Adventist Health System); Series 2013 A, RB		5.00%		03/01/2025		2,720	2,720,634

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


8		Invesco Short Term Municipal Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)

California (State of) Health Facilities Financing Authority (City of Hope); Series 2012 A, RB		5.00%		11/15/2024	$	100	$ 100,113

California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB		5.00%		07/01/2024		405	405,256

California (State of) Health Facilities Financing Authority (Sutter Health);

Series 2017 A, Ref. RB		5.00%		11/15/2032		1,285	1,377,168

Series 2018 A, RB		5.00%		11/15/2032		1,230	1,318,223

California (State of) Housing Finance Agency (Social Certificates);

Series 2021-2A, Revenue Ctfs. (CEP - FHLMC)		3.75%		03/25/2035		3,905	3,753,508

Series 2023-1, RB		4.38%		09/20/2036		2,496	2,427,607

California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB^(c)(d)		4.13%		10/01/2025		5,000	5,010,636

California (State of) Public Finance Authority (Enso Village) (Green Bonds); Series 2021 B-3, RB^(e)		2.13%		11/15/2027		6,000	5,824,428

California (State of) Public Works Board (California Community Colleges); Series 2005 E, RB (INS - NATL)^(b)		4.50%		10/01/2026		170	170,161

California (State of) Public Works Board (Various Capital); Series 2013 I, RB		5.50%		11/01/2031		2,000	2,005,933

Glendale (City of), CA;

Series 2013, RB		5.00%		02/01/2027		125	125,121

Series 2013, Ref. RB		5.00%		02/01/2030		175	175,158

Howell Mountain Elementary School District (Election of 2005); Series 2007, GO Bonds (INS - AGM)^(b)(g)		0.00%		08/01/2027		695	595,072

Imperial Irrigation District;

Series 2012 A, Ref. RB		5.00%		11/01/2024		325	325,387

Series 2012 A, Ref. RB		5.00%		11/01/2027		225	225,265

Lodi (City of), CA; Series 2004 A, COP (INS - NATL)^(b)		4.75%		10/01/2024		10	10,010

Long Beach Unified School District;

Series 2012, Ref. GO Bonds		5.00%		08/01/2025		675	675,760

Series 2012, Ref. GO Bonds		5.00%		08/01/2028		775	780,697

Series 2012, Ref. GO Bonds		5.00%		08/01/2029		100	100,116

Modesto (City of), CA (Golf Course); Series 1993 B, COP (INS - NATL)^(b)		5.00%		11/01/2023		5	4,991

Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB		4.00%		06/01/2049		1,050	1,026,806

Pasadena (City of), CA; Series 2013 A, Ref. RB		5.00%		06/01/2030		320	320,341

Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB		5.00%		10/01/2044		1,285	1,317,443

San Francisco (City & County of), CA; Series 2015 R-1, Ref. GO Bonds		5.00%		06/15/2025		370	370,328

San Francisco (City & County of), CA (Multiple Capital Imporovement); Series 2012 A, COP		5.00%		04/01/2031		250	250,303

San Jose (City of), CA; Series 2017 B, Ref. RB		5.00%		03/01/2042		3,730	3,866,322

University of California; Series 2023 BP-2, Ref. VRD RB^(a)		1.80%		05/15/2048		3,550	3,550,000

							48,937,291

Colorado–1.65%

Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB		2.13%		05/15/2028		1,000	904,029

Colorado (State of) Regional Transportation District;

Series 2013 A, Ref. COP		5.00%		06/01/2024		2,315	2,318,522

Series 2013, Ref. COP		5.00%		06/01/2026		1,440	1,440,962

Colorado (State of) Regional Transportation District (Fastracks); Series 2016 A, RB		5.00%		11/01/2036		2,715	2,826,531

Colorado Springs (City of), CO; Series 2013 A, Ref. RB^(c)(f)		5.00%		11/29/2023		1,160	1,163,569

Denver (City & County of), CO;

Series 2013 B, RB		5.00%		11/15/2025		100	100,203

Series 2013 B, RB		5.25%		11/15/2026		2,390	2,396,644

Denver City & County School District No. 1; Series 2013 C, COP		5.00%		12/15/2024		100	100,424

Larimer County School District No. R-1 Poudre; Series 2018, GO Bonds		5.00%		12/15/2039		2,660	2,809,002

Public Authority for Colorado Energy; Series 2008, RB		6.13%		11/15/2023		440	441,658

Rib Floater Trust; Series 2022-004, VRD RB (LOC - Barclays Bank PLC)^(a)(e)(h)		4.36%		02/01/2046		15,500	15,500,000

							30,001,544

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


9		Invesco Short Term Municipal Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Connecticut–1.56%

Connecticut (State of);

Series 2013 A, RB		5.00%		10/01/2025	$	565	$ 565,585

Series 2013 A, RB		5.00%		10/01/2028		350	350,344

Series 2013 A, RB		5.00%		10/01/2031		1,175	1,176,004

Series 2016 A, GO Bonds		5.00%		03/15/2032		3,280	3,405,754

Series 2018 C, GO Bonds		4.00%		06/15/2024		10,000	10,056,930

Connecticut (State of) (Transportation Infrastructure); Series 2013 A, RB		5.00%		10/01/2024		275	275,316

Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare);

Series 2014 E, RB		5.00%		07/01/2025		125	126,296

Series 2014 E, RB		5.00%		07/01/2026		1,000	1,009,678

Connecticut (State of) Health & Educational Facilities Authority (New Haven Hospital);

Series 2013 N, RB		5.00%		07/01/2027		225	225,182

Series 2014 A, RB		5.00%		07/01/2032		10,650	10,753,776

South Central Connecticut Regional Water Authority; Twenty Ninth Series 2014, Ref. RB		5.00%		08/01/2025		500	500,574

Willington (Town of), CT; Series 2006, GO Bonds (INS - AGM)^(b)		4.00%		12/01/2023		5	5,003

							28,450,442

Delaware–0.02%

Delaware (State of) River & Bay Authority; Series 2014 C, Ref. RB		5.00%		01/01/2028		400	401,893

District of Columbia–0.53%

District of Columbia;

Series 2012, RB		5.00%		12/01/2024		280	280,378

Series 2012, RB		5.00%		12/01/2026		100	100,116

District of Columbia (Children’s Hospital Obligated Group); Series 2015, Ref. RB		5.00%		07/15/2040		3,190	3,216,519

Washington Metropolitan Area Transit Authority;

Series 2017 B, RB		5.00%		07/01/2029		1,110	1,179,259

Series 2017 B, RB		5.00%		07/01/2042		3,750	3,867,873

Series 2018, RB		5.00%		07/01/2037		1,000	1,038,514

							9,682,659

Florida–4.68%

Board of Governors of Florida Atlantic University; Series 2016 A, Ref. RB		5.00%		07/01/2031		1,000	1,037,066

Broward (County of), FL;

Series 2012 Q-1, RB		5.00%		10/01/2024		1,850	1,851,526

Series 2013 B, RB		5.00%		10/01/2026		260	260,217

Broward (County of), FL (Parks & Land Preservation); Series 2012, Ref. GO Bonds		5.00%		01/01/2024		1,500	1,503,405

Broward (County of), FL School Board; Series 2016 A, Ref. COP		5.00%		07/01/2032		1,115	1,154,302

Capital Trust Agency, Inc. (Gardens Apartements); Series 2015 A, RB		3.50%		07/01/2025		440	379,754

Central Florida Expressway Authority; Series 2017, Ref. RB		5.00%		07/01/2037		1,325	1,384,327

Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)		3.65%		07/01/2041		465	443,383

Florida Housing Finance Corp. (Social Bonds); Series 2022-3, RB (CEP - GNMA)		5.50%		01/01/2054		4,395	4,583,091

Gainesville (City of), FL;

Series 2012 B, Ref. VRD RB^(a)		3.00%		10/01/2042		10,600	10,600,000

Series 2017 A, RB		5.00%		10/01/2031		1,265	1,356,511

Greater Orlando Aviation Authority; Series 2016 B, RB		5.00%		10/01/2039		2,375	2,445,029

Hialeah (City of), FL Utility System;

Series 2022, Ref. RB		5.00%		10/01/2033		1,970	2,195,505

Series 2022, Ref. RB		5.00%		10/01/2035		2,170	2,394,372

JEA Electric System;

Series 2017 B, Ref. RB		5.00%		10/01/2031		7,935	8,477,136

Series 2017 B, Ref. RB		5.00%		10/01/2032		1,300	1,387,885

Miami (City of) & Dade (County of), FL School Board;

Series 2014 D, Ref. COP		5.00%		11/01/2030		1,860	1,886,624

Series 2014 D, Ref. COP		5.00%		11/01/2031		1,420	1,440,326

Series 2016, GO Bonds		5.00%		03/15/2037		2,000	2,046,346

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


10		Invesco Short Term Municipal Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida–(continued)

Miami-Dade (County of), FL;

Series 2012 B, Ref. RB		5.00%		10/01/2024	$	1,285	$ 1,286,135

Series 2014, RB		5.00%		10/01/2032		1,160	1,171,507

Series 2015 B, Ref. GO Bonds		5.00%		07/01/2029		1,105	1,122,800

Series 2019, RB		5.00%		10/01/2043		2,400	2,490,304

Series 2023 B, Ref. RB		5.00%		10/01/2037		4,500	4,849,189

Miami-Dade (County of), FL Educational Facilities Authority (University of Miami);

Series 2012 A, RB		5.00%		04/01/2024		250	250,703

Series 2012 A, RB		5.00%		04/01/2027		525	526,613

Series 2012 A, RB		5.00%		04/01/2028		1,500	1,504,605

Miami-Dade (County of), FL Expressway Authority;

Series 2010 A, RB		5.00%		07/01/2040		10,000	10,002,193

Series 2014 B, Ref. RB		5.00%		07/01/2025		300	303,355

Miami-Dade (County of), FL Housing Finance Authority (Palm Lakes); Series 2012, RB (LOC - Fannie Mae)^(h)		4.05%		01/15/2028		8,355	8,381,694

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group);

Series 2023 A, RB		5.00%		10/01/2035		1,000	1,101,375

Series 2023 A, RB		5.00%		10/01/2036		710	772,351

Orlando (City of), FL; Series 2013, Ref. RB		5.00%		10/01/2027		750	750,904

Polk (County of), FL;

Series 2012, Ref. RB		5.00%		10/01/2024		125	125,149

Series 2012, Ref. RB		5.00%		10/01/2025		165	165,918

Pompano Beach (City of), FL (John Knox Village);

Series 2021 B-1, RB		2.00%		01/01/2029		1,545	1,325,460

Series 2021 B-2, RB		1.45%		01/01/2027		2,080	1,858,851

Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 1998 B, Ref. RB (INS - NATL)^(b)		5.25%		07/01/2024		125	126,643

St. Johns (County of), FL Industrial Development Authority (Vicar’s Landing); Series 2021, Ref. RB		4.00%		12/15/2023		120	119,597

Sunrise Lakes Phase 4 Recreation District; Series 2008, Ref. GO Bonds (INS - AGC)^(b)		4.13%		08/01/2024		20	20,011

							85,082,162

Georgia–6.40%

Atlanta (City of), GA; Series 2014 A, Ref. RB		5.00%		01/01/2032		5,490	5,514,651

Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle);

Series 2012, Ref. RB^(c)		2.88%		08/19/2025		5,000	4,844,768

Series 2013, Ref. RB^(c)		2.93%		03/12/2024		7,000	6,922,821

College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)^(b)		4.38%		01/01/2026		30	30,016

DeKalb (County of), GA; Series 2013, Ref. RB		5.00%		10/01/2030		100	100,122

Fulton (County of), GA; Series 2013, Ref. RB		5.00%		01/01/2027		1,605	1,610,492

Georgia (State of);

Series 2013 D, GO Bonds^(c)(f)		5.00%		10/10/2023		100	100,153

Series 2017 A-2, GO Bonds		5.00%		02/01/2029		5,020	5,349,653

Georgia (State of) Municipal Electric Authority (Project One);

Series 2015 A, Ref. RB		5.00%		01/01/2031		1,820	1,843,984

Series 2015 A, Ref. RB		5.00%		01/01/2032		2,030	2,055,544

Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)^(b)		5.00%		12/01/2023		25	25,033

Main Street Natural Gas, Inc.;

Series 2018 A, RB^(c)(f)		4.00%		09/01/2023		27,930	27,930,000

Series 2018 B, RB (1 mo. Term SOFR + 0.75%)^(c)(f)(i)		4.39%		09/01/2023		1,000	1,000,000

Series 2021 A, RB^(c)		4.00%		09/01/2027		8,500	8,429,635

Series 2023 C, RB		5.00%		09/01/2023		1,650	1,650,000

Subseries 2018 C, RB^(c)		4.00%		12/01/2023		18,970	18,963,600

Subseries 2018 D, RB (1 mo. USD LIBOR + 0.83%)^(c)(i)		4.48%		12/01/2023		30,000	30,010,569

Milledgeville (City of) & Baldwin (County of), GA Development Authority; Series 2003 A, RB (INS - AGC)^(b)		4.50%		09/01/2025		20	20,009

							116,401,050

Hawaii–0.12%

Honolulu (City & County of), HI; Series 2023, RB^(c)		5.00%		06/01/2026		2,125	2,188,439

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


11		Invesco Short Term Municipal Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Idaho–0.09%

Idaho (State of) Housing & Finance Association; Series 2023 A, RB		5.00%		08/15/2037	$	1,400	$ 1,557,519

Illinois–6.60%

Bellwood (Village of), IL; Series 2016 A, Ref. GO Bonds (INS - AGM)^(b)		5.00%		12/01/2026		210	221,233

Chicago (City of), IL; Series 1999, GO Bonds (INS - NATL)^(b)(g)		0.00%		01/01/2024		6,110	6,029,485

Chicago (City of), IL (O’Hare International Airport);

Series 2012 B, Ref. RB^(d)		5.00%		01/01/2024		9,045	9,051,261

Series 2016 B, Ref. RB		5.00%		01/01/2035		3,000	3,089,178

Chicago (City of), IL Board of Education; Series 2005 A, Ref. GO Bonds (INS - AMBAC)^(b)		5.50%		12/01/2023		200	200,632

Chicago (City of), IL Midway International Airport;

Series 2014 A, Ref. RB^(d)		5.00%		01/01/2034		2,090	2,092,761

Series 2014 B, Ref. RB		5.00%		01/01/2033		3,830	3,841,454

Chicago State University; Series 1998, RB (INS - NATL)^(b)		5.50%		12/01/2023		465	466,178

Collinsville (City of), IL Area Recreation District;

Series 2004, GO Bonds (INS - NATL)^(b)		4.50%		12/01/2023		630	630,875

Series 2004, GO Bonds (INS - NATL)^(b)		4.60%		12/01/2025		350	350,235

Series 2004, GO Bonds (INS - NATL)^(b)		4.65%		12/01/2026		450	450,335

Series 2007, Ref. GO Bonds (INS - AMBAC)^(b)		4.00%		12/01/2027		65	63,179

Cook County Community High School District No. 212 Leyden; Series 2016 C, RB (INS - BAM)^(b)		5.00%		12/01/2028		2,385	2,423,446

Illinois (State of);

Series 2016, GO Bonds		5.00%		11/01/2025		2,000	2,052,897

Series 2017 D, GO Bonds		5.00%		11/01/2025		10,960	11,249,876

Series 2018 A, GO Bonds		4.00%		05/01/2024		2,085	2,088,234

Series 2020 A, GO Bonds		5.00%		11/01/2026		2,935	3,050,946

Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB^(d)		8.00%		06/01/2032		560	560,389

Illinois (State of) Finance Authority; Series 2016 A, Ref. RB		5.00%		10/01/2035		2,000	2,067,714

Illinois (State of) Finance Authority (Advocate Health Care Network);

Series 2013, RB		5.00%		06/01/2024		1,220	1,220,659

Series 2014, Ref. RB		5.00%		08/01/2025		155	157,112

Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);

Series 2019 A, Ref. RB		4.00%		11/01/2023		405	404,085

Series 2019 A, Ref. RB		5.00%		11/01/2025		440	435,641

Series 2019 A, Ref. RB		5.00%		11/01/2026		460	452,864

Illinois (State of) Finance Authority (The University of Chicago); Series 2014 A, Ref. RB		5.00%		10/01/2027		10	10,158

Illinois (State of) Housing Development Authority; Series 2005, RB (INS - AGM)^(b)		4.60%		09/01/2025		10	10,008

Illinois (State of) Toll Highway Authority;

Series 2013 A, RB		5.00%		01/01/2031		11,035	11,046,306

Series 2013 A, RB		5.00%		01/01/2032		4,600	4,604,557

Series 2013 A, RB		5.00%		01/01/2038		2,740	2,741,512

Series 2014 B, RB		5.00%		01/01/2031		1,190	1,195,175

Series 2016 B, RB		5.00%		01/01/2031		1,000	1,037,397

McHenry County Community Unit School District No. 12 Johnsburg;

Series 2014 A, GO Bonds (INS - AGM)^(b)		5.00%		01/01/2031		2,005	2,011,447

Series 2014 A, GO Bonds (INS - AGM)^(b)		5.00%		01/01/2033		1,405	1,410,786

Series 2014 A, GO Bonds (INS - AGM)^(b)		5.00%		07/01/2034		2,810	2,820,847

Peoria (City of), IL Public Building Commission; Series 2019 A, Ref. RB (INS - AGM)^(b)		5.00%		12/01/2029		4,430	4,735,025

Rockford (City of), IL (Waterworks System Alternative Revenue Source); Series 2010, GO Bonds		3.75%		12/15/2025		280	280,103

Sales Tax Securitization Corp.;

Series 2017 A, Ref. RB		5.00%		01/01/2024		10,200	10,243,320

Series 2023 C, Ref. RB		5.00%		01/01/2034		4,000	4,382,813

University of Illinois; Series 2008 A, Ref. COP (INS - AGM)^(b)		5.25%		10/01/2026		1,020	1,021,429

University Park (Village of), IL; Series 2003, GO Bonds (INS - AMBAC)^(b)		4.65%		12/01/2023		30	30,034

West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)^(b)		4.75%		01/01/2029		15	15,013

Will County Community Unit School District No. 365; Series 2003, GO Bonds (INS - AGM)^(b)(g)		0.00%		11/01/2023		19,955	19,836,940

							120,083,539

Indiana–0.80%

Gary (City of), IN & Chicago (City of), IL International Airport Authority (Gary/Chicago International Airport); Series 2014, RB^(d)		5.50%		02/01/2025		385	385,197

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


12		Invesco Short Term Municipal Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Indiana–(continued)

Indiana (State of) Finance Authority;

Series 2014 A, RB		5.00%		10/01/2026	$	1,750	$ 1,779,419

Series 2022, Ref. RB^(c)(d)		4.50%		11/15/2023		10,000	9,985,819

Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB		5.05%		04/01/2026		300	288,056

Northern Indiana Commuter Transportation District; Series 2016, RB		5.00%		07/01/2036		1,980	2,034,802

							14,473,293

Iowa–1.08%

Iowa (State of) Finance Authority (Unitypoint Health);

Series 2014 C, RB		5.00%		02/15/2031		810	813,638

Series 2014 C, RB		5.00%		02/15/2032		3,405	3,419,833

Iowa (State of) Higher Education Loan Authority (Grinnell College); Series 2014, Ref. RB		5.00%		12/01/2032		1,675	1,707,872

PEFA, Inc.; Series 2019, RB^(c)		5.00%		09/01/2026		13,500	13,631,559

							19,572,902

Kansas–0.53%

Johnson County Unified School District No. 231 Gardner - Edgerton; Series 2013 A, Ref. GO Bonds^(c)(f)		5.00%		10/01/2023		250	250,283

University of Kansas Hospital Authority; Series 2015, Ref. RB		5.00%		09/01/2030		1,930	1,980,360

University of Kansas Hospital Authority (KU Health System); Series 2015, Ref. RB		5.00%		09/01/2033		2,350	2,403,120

Valley Center (City of), KS; Series 2023-1, GO Bonds		4.38%		12/01/2025		5,000	5,014,500

							9,648,263

Kentucky–1.98%

Jefferson County Capital Projects Corp.; Series 2007 A, Ref. RB (INS - AGM)^(b)		4.38%		06/01/2028		25	25,129

Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB		5.00%		07/01/2025		1,635	1,648,024

Kentucky (Commonwealth of) Property & Building Commission (No. 112); Series 2016 A, RB		5.00%		02/01/2032		1,000	1,033,708

Kentucky (Commonwealth of) Property & Building Commission (No. 119);

Series 2018, RB		5.00%		05/01/2027		4,750	5,017,358

Series 2018, RB		5.00%		05/01/2028		5,000	5,360,404

Kentucky (Commonwealth of) Public Energy Authority;

Series 2018 A, RB^(c)		4.00%		04/01/2024		5,000	5,002,126

Series 2019 A-1, RB^(c)		4.00%		06/01/2025		5,000	5,005,018

Series 2019 A-2, RB (1 mo. USD LIBOR + 1.12%)^(c)(i)		4.77%		06/01/2025		10,000	9,991,568

Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2016 A, Ref. RB		5.00%		10/01/2032		2,660	2,741,933

Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2013 B, Ref. RB		5.00%		05/15/2026		220	220,281

							36,045,549

Louisiana–0.44%

Louisiana (State of); Series 2022 A, Ref. RB (SOFR + 0.50%)^(c)(i)		4.22%		05/01/2026		3,150	3,087,789

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Glen Retirement System); Series 2019 A, RB		5.00%		01/01/2024		175	174,040

Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of our Lady Health system, Inc.); Series 2015, Ref. RB		5.00%		07/01/2035		2,000	2,019,017

New Orleans (City of), LA Aviation Board (Consolidated Rental Car);

Series 2018, Ref. RB (INS - AGM)^(b)		5.00%		01/01/2036		1,250	1,308,515

Series 2018, Ref. RB (INS - AGM)^(b)		5.00%		01/01/2037		1,440	1,499,181

							8,088,542

Maine–0.37%

Maine (State of) State housing Authority (Social Bonds); Series 2023 B, RB^(c)		3.13%		05/01/2024		5,000	4,976,591

Maine (State of) Turnpike Authority; Series 2014, RB		5.00%		07/01/2029		1,670	1,688,601

							6,665,192

Maryland–1.23%

Maryland (State of) Health & Higher Educational Facilities Authority; Series 2017, Ref. RB		5.00%		07/01/2031		3,000	3,122,454

Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health);

Series 2013 B, RB		5.00%		08/15/2027		200	200,421

Series 2017 A, RB		5.00%		05/15/2042		1,875	1,912,086

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


13		Invesco Short Term Municipal Fund


	Interest Rate			Maturity Date		Principal Amount (000)		Value
Maryland–(continued)

Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB		5.75%			09/01/2025	$	7,030	$ 7,088,594

Washington Metropolitan Area Transit Authority (Sustainability Bonds); Series 2015 B, VRD GO Bonds^(a)		2.82%			06/01/2024		10,000	10,000,000

								22,323,555

Massachusetts–0.71%

Cheshire (Town of), MA; Series 2009, GO Bonds (INS - AGM)^(b)		4.75%			02/01/2024		10	10,015

Massachusetts (Commonwealth of);

Series 2018 C, GO Bonds		5.00%			05/01/2029		150	150,167

Series 2018 C, GO Bonds		5.00%			05/01/2030		100	100,108

Series 2018 C, GO Bonds		5.00%			05/01/2031		930	930,991

Series 2018 C, GO Bonds		5.00%			05/01/2032		1,245	1,246,319

Massachusetts (Commonwealth of) (Green Bonds); Series 2014 E, GO Bonds		5.00%			09/01/2024		680	680,828

Massachusetts (Commonwealth of) Development Finance Agency; Series 2007 C, RB (3 mo. USD LIBOR + 0.82%)⁽ⁱ⁾		4.59%			11/15/2032		2,645	2,570,619

North Reading (Town of), MA; Series 2005, GO Bonds (INS - AMBAC)^(b)		4.00%			09/15/2023		10	10,003

Rib Floater Trust; Series 2022-021, VRD RB^(a)(e)		3.26%			06/01/2058		7,100	7,100,000

Waltham (City of), MA;

Series 2008, GO Bonds		4.00%			09/15/2024		25	25,012

Series 2008, GO Bonds		4.20%			09/15/2027		15	15,008

Worcester (City of), MA;

Series 2005 C, GO Bonds (INS - AMBAC)^(b)		4.13%			09/15/2023		15	15,003

Series 2006, GO Bonds (INS - SGI)^(b)		4.20%			11/01/2024		10	10,007

								12,864,080

Michigan–2.87%

Advanced Technology Academy; Series 2019, Ref. RB		3.50%			11/01/2024		260	254,581

Charyl Stockwell Academy; Series 2015, Ref. RB (Acquired 04/23/2015; Cost $60,000)^(j)		4.88%			10/01/2023		60	59,908

Detroit (City of), MI; Series 2006, Ref. RB (3 mo. Term SOFR + 0.60%) (INS - AGM)^(b)(i)		4.07%			07/01/2032		7,825	7,369,015

Michigan (State of) Building Authority (Facilities Program); Series 2023 I-M, VRD RB^(a)		4.18%			04/15/2058		11,940	11,940,000

Michigan (State of) Finance Authority; Series 2022 A, Ref. RB		5.00%			11/15/2023		2,210	2,213,979

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); Series 2014 D-4, Ref. RB		5.00%			07/01/2029		1,400	1,413,664

Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2015, Ref. RB^(c)(f)		5.00%			05/15/2025		1,620	1,667,295

Michigan (State of) Housing Development Authority; Series 2021 A, RB		0.55%			04/01/2025		2,750	2,596,856

Muskegon Heights (City of), MI; Series 2006, Ref. RB (INS - NATL)^(b)		4.00%			11/01/2026		185	183,132

Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport);

Series 2012 A, RB		5.00%			12/01/2024		2,135	2,137,314

Series 2012 A, RB		5.00%			12/01/2026		5,380	5,384,552

Series 2012 D, Ref. RB^(d)		5.00%			12/01/2028		9,050	9,052,568

Series 2018, RB		5.00%			12/01/2037		1,250	1,308,090

Wayne State University;

Series 2013 A, RB^(c)(f)		5.00%			11/15/2023		1,245	1,247,974

Series 2015 A, Ref. RB		5.00%			11/15/2026		175	178,151

Series 2015 A, Ref. RB		5.00%			11/15/2030		125	126,504

Series 2016 A, Ref. RB		5.00%			11/15/2026		2,750	2,861,765
Series 2018 A, RB		5.00	%		11/15/2038		2,220	2,264,901



								52,260,249



Minnesota–1.15%

Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System);

Series 2019, Ref. RB		5.00%			11/15/2023		1,600	1,604,295

Series 2019, Ref. RB		5.00%			11/15/2024		1,900	1,931,275

Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission;

Series 2014 A, Ref. RB		5.00%			01/01/2026		3,015	3,026,871

Series 2014 A, Ref. RB		5.00%			01/01/2028		4,100	4,117,342

Series 2014 A, Ref. RB		5.00%			01/01/2029		2,150	2,158,408

Minneapolis (City of), MN (Riverton Community Housing); Series 2003, VRD RB (LOC - Bridgewater Bank)^(a)(h)		4.31%			10/01/2033		4,490	4,490,000

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


14		Invesco Short Term Municipal Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Minnesota–(continued)

Minnesota (State of) Governmental Agency Finance Group (Flexible Term Program); Series 2007 A-1, RB (INS - AGC)^(b)		4.13%		03/01/2027	$	15	$ 14,965

Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); Series 2017 A, Ref. RB		5.00%		10/01/2029		1,400	1,484,785

Mounds View (City of), MN (Sherman Forbes); Series 2023 A, RB^(c)		4.05%		11/01/2024		1,000	997,182

New Prague (City of), MN; Series 2009 A, GO Bonds		4.15%		02/01/2024		5	5,002

North Mankato (City of), MN; Series 2009 C, GO Bonds		4.00%		12/01/2024		10	10,004

Northern Municipal Power Agency;

Series 2013 A, RB		5.00%		01/01/2030		340	340,337

Series 2013 A, RB		5.00%		01/01/2031		460	460,456

St. Paul (City of), MN Housing & Redevelopment Authority (St. Paul City School); Series 2016 A, Ref. RB^(c)(f)		4.50%		07/01/2026		280	283,668

							20,924,590

Mississippi–0.08%

Mississippi (State of) Development Bank; Series 2013 B, RB (INS - BAM)^(b)		5.00%		10/01/2023		270	270,288

Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital); Series 2019 B, Ref. RB		5.00%		01/01/2025		1,105	1,120,932

Mississippi Business Finance Corp. (Northrop Grumman Corp.); Series 2006, RB		4.55%		12/01/2028		25	24,632

							1,415,852

Missouri–1.84%

Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB		3.00%		11/01/2028		65	60,955

Cassville School District No. R-IV; Series 2023, GO Bonds		5.25%		03/01/2039		2,220	2,338,793

Jackson County Consolidated School District No. 4;

Series 2022, GO Bonds		5.00%		03/01/2037		3,550	3,670,607

Series 2022, GO Bonds		5.00%		03/01/2039		1,155	1,185,346

Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB^(e)		4.25%		04/01/2026		165	160,301

Lindbergh School District; Series 2019 A, GO Bonds		5.00%		03/01/2033		1,475	1,570,248

Missouri (State of) Health & Educational Facilities Authority; Series 2014, RB		5.00%		01/01/2030		1,000	1,005,948

Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2015 A, RB		5.00%		10/01/2038		4,500	4,603,841

Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2016, Ref. RB		5.00%		11/15/2030		1,215	1,255,437

Missouri (State of) Housing Development Commission (First Place Homeownership Loan); Series 2023, RB (CEP - GNMA)		5.75%		05/01/2053		2,760	2,917,930

Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2);

Series 2014 A, Ref. RB		5.00%		01/01/2027		1,850	1,856,843

Series 2014 A, Ref. RB		5.00%		01/01/2030		1,195	1,198,650

Series 2014 A, Ref. RB		5.00%		01/01/2032		1,755	1,760,361

Missouri Western State University; Series 2012, Ref. RB		3.00%		10/01/2024		50	49,077

Rib Floater Trust; Series 2019-016, VRD RB (LOC - Barclays Bank PLC)^(a)(e)(h)		3.26%		06/01/2045		9,400	9,400,000

Springfield Public Building Corp.; Series 2000 A, RB (INS - AMBAC)^(b)(g)		0.00%		06/01/2025		120	110,446

St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB		5.00%		09/01/2023		305	305,000

							33,449,783

Montana–1.39%

Mizuho Floater/Residual Trust; Series 2020-MIZ9027, VRD Revenue Ctfs. (LOC - Mizuho Capital Markets LLC)^(a)(e)(h)		4.56%		01/01/2034		25,250	25,250,000

Nebraska–0.56%

Central Plains Energy Project; Series 2019, Ref. RB		4.00%		08/01/2024		1,000	1,000,815

Gretna Public Schools; Series 2022 B, GO Bonds		5.00%		12/15/2027		1,000	1,035,282

Omaha (City of), NE Public Power District; Series 2017 A, Ref. RB		5.00%		02/01/2042		3,000	3,130,003

Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2015, Ref. RB		5.00%		01/01/2031		5,040	5,109,406

							10,275,506

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


15		Invesco Short Term Municipal Fund


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Nevada–0.43%
Clark (County of), NV Department of Aviation;
Series 2014 A-2, Ref. RB		5.00%		07/01/2030	$	5,050	$ 5,107,730
Series 2014 A-2, Ref. RB		5.00%		07/01/2033		1,000	1,011,374

Las Vegas Valley Water District; Series 2016 A, Ref. GO Bonds		5.00%		06/01/2036		1,695	1,755,756

							7,874,860

New Hampshire–0.50%

New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB		4.00%		10/20/2036		5,364	5,031,435

New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB		5.50%		06/01/2031		4,000	4,145,375

							9,176,810

New Jersey–6.57%

Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)^(b)		5.00%		03/01/2027		250	263,576
Camden (County of), NJ Improvement Authority (The) (Rowan University School of Osteopathic Medicine);
Series 2013 A, Ref. RB		5.00%		12/01/2027		1,610	1,612,275
Series 2013, Ref. RB		5.00%		12/01/2032		2,235	2,237,634
Casino Reinvestment Development Authority, Inc.;
Series 2004, RB (INS - AMBAC)^(b)		5.25%		01/01/2024		1,500	1,500,663
Series 2014, Ref. RB		5.00%		11/01/2023		3,515	3,517,814

Jersey (City of), NJ; Series 2022 A, GO Notes		5.00%		10/26/2023		1,665	1,667,036

Livingston (Township of), NJ; Series 2022, GO Notes		5.00%		12/12/2023		5,000	5,021,625
New Jersey (State of);
Series 2020 A, GO Bonds		5.00%		06/01/2026		14,015	14,667,450
Series 2020 A, GO Bonds		5.00%		06/01/2027		2,885	3,071,636

New Jersey (State of) Economic Development Authority;
Series 2004 A, RB (INS - NATL)^(b)		5.25%		07/01/2025		6,840	6,988,273
Series 2004 A, RB^(f)		5.25%		07/01/2025		820	847,261
Series 2005 N-1, Ref. RB (INS - NATL)^(b)		5.50%		09/01/2023		3,010	3,010,000
Series 2005 N-1, Ref. RB (INS - AMBAC)^(b)		5.50%		09/01/2024		6,000	6,107,395
Series 2024 SSS, Ref. RB		5.00%		06/15/2035		1,500	1,612,762

New Jersey (State of) Economic Development Authority (Rutgers University); Series 2013, RB		5.00%		06/15/2025		130	130,120

New Jersey (State of) Educational Facilities Authority (Montclair University); Series 2014, RB		5.00%		06/15/2026		1,000	1,009,645
New Jersey (State of) Health Care Facilities Financing Authority (Greystone Park Psychiatric Hospital);

Series 2013, Ref. RB		5.00%		09/15/2023		400	400,140
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health
Obligated Group);
Series 2017, Ref. RB		5.00%		07/01/2029		1,120	1,188,641
Series 2017, Ref. RB		5.00%		07/01/2032		815	864,126

New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2016, Ref. RB		5.00%		07/01/2031		5,100	5,268,718

New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group); Series 2016 A, Ref. RB		5.00%		07/01/2031		8,840	9,270,603

New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); Series 2022 I, RB		5.00%		10/01/2053		2,970	3,041,345
New Jersey (State of) Transportation Trust Fund Authority;
Series 2005 B, RB (INS - AMBAC)^(b)		5.25%		12/15/2023		1,000	1,004,325
Series 2006 A, RB (INS - AGM)^(b)		5.25%		12/15/2023		1,370	1,376,423
Series 2010 D, RB		5.25%		12/15/2023		4,505	4,524,486
Series 2018 A, Ref. RB		5.00%		06/15/2028		5,000	5,207,948
New Jersey (State of) Turnpike Authority;
Series 2014 A, RB		5.00%		01/01/2027		8,650	8,747,784
Series 2014 A, RB		5.00%		01/01/2033		15,350	15,507,595
Series 2015 E, RB		5.00%		01/01/2032		5,635	5,744,064
Series 2015 E, RB		5.00%		01/01/2034		3,785	3,856,227

Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, PCR^(d)(f)		5.00%		12/01/2023		225	225,745

							119,493,335

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


16		Invesco Short Term Municipal Fund


			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
New Mexico–1.01%
Albuquerque Municipal School District No. 12;
Series 2017, GO Bonds	5.00%	08/01/2029	$	2,575	$ 2,694,381
Series 2017, GO Bonds	5.00%	08/01/2030		1,250	1,306,540
Series 2017, GO Bonds	5.00%	08/01/2031		1,700	1,776,894
Series 2017, GO Bonds	5.00%	08/01/2032		2,910	3,039,982

Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB^(c)	3.90%	06/01/2028		3,700	3,673,066
New Mexico (State of) Finance Authority;
Series 2023 A-2, RB	5.00%	06/01/2028		450	462,385
Series 2023 A-2, RB	5.00%	06/01/2033		800	820,311
Series 2023 A-2, RB	5.00%	06/01/2038		1,350	1,375,207

New Mexico Mortgage Finance Authority (Mountain View II & III Apartments); Series 2023, RB^(c)	5.00%	09/01/2025		3,000	3,045,216
Saltillo Public Improvement District;
Series 2018, Ref. RB (INS - BAM)^(b)	4.00%	10/01/2024		105	105,618

Series 2018, Ref. RB (INS - BAM)^(b)	4.00%	10/01/2025		160	161,720

					18,461,320

New York–12.84%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District);
Series 2013 A, RB	5.00%	05/01/2027		250	250,255
Series 2013 A, RB	5.00%	05/01/2028		970	970,955

Metropolitan Transportation Authority;
Series 2015 D-1, Ref. RB	5.00%	11/15/2024		115	116,751
Series 2015 F, Ref. RB	5.00%	11/15/2027		525	538,223
Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)^(a)(h)	2.85%	11/15/2050		3,470	3,470,000
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A2, Ref. RB	4.00%	11/15/2025		145	145,866
Series 2016 A-2, Ref. RB	5.00%	11/15/2023		1,450	1,453,836
Series 2017 B, Ref. RB	5.00%	11/15/2024		3,500	3,553,284
Series 2017 C-1, Ref. RB	5.00%	11/15/2023		3,000	3,007,909
Series 2017 C-1, Ref. RB	5.00%	11/15/2026		605	628,633
Series 2018 B, Ref. RB	5.00%	11/15/2023		7,200	7,219,045
Series 2018 B, Ref. RB	5.00%	11/15/2024		175	177,664

Monroe County Industrial Development Corp. (Rochester Schools Modernization); Series 2013, RB	5.00%	05/01/2024		125	125,142

Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB	5.00%	07/01/2032		1,500	1,510,979

Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB	5.25%	06/01/2026		2,479	2,447,602
New York & New Jersey (States of) Port Authority;
One Hundred Seventy Fifth Series 2012, RB	5.00%	12/01/2023		2,000	2,004,154
One Hundred Seventy Fifth Series 2012, RB	5.00%	12/01/2025		480	480,596
One Hundred Seventy Fifth Series 2012, RB	4.00%	12/01/2026		470	470,164
New York (City of), NY;
Subseries 2014 I-2, VRD GO Bonds^(a)	2.95%	03/01/2040		10,000	10,000,000
Subseries 2017 B, VRD GO Bonds^(a)	2.85%	10/01/2046		5,100	5,100,000

New York (City of), NY Industrial Development Agency (123 Washington LLC); Series 2007, VRD RB (LOC - Bank of China Ltd.)^(a)(h)	3.40%	10/01/2042		7,980	7,980,000

New York (City of), NY Municipal Water Finance Authority; Series 2022 DD, Ref. VRD RB^(a)	4.25%	06/15/2033		20,000	20,000,000
New York (City of), NY Transitional Finance Authority;
Series 2014 A-3, VRD RB^(a)	1.12%	08/01/2043		5,000	5,000,000
Series 2014, RB	5.00%	02/01/2033		10,000	10,049,121
New York (State of) Dormitory Authority;
Series 2015 A, Ref. RB	5.00%	03/15/2031		6,000	6,132,516
Series 2015 A, Ref. RB	5.00%	03/15/2033		2,500	2,553,344
Series 2015 A-1, Ref. RB^(e)	4.80%	12/01/2023		80	79,421
Series 2016 D, Ref. RB	5.00%	02/15/2029		3,965	4,168,675

New York (State of) Dormitory Authority (New York University); Series 2016 A, RB	5.00%	07/01/2031		1,410	1,472,215
New York (State of) Housing Finance Agency (160 Madison Avenue);
Series 2013 A, VRD RB (LOC - Landesbank Hessen-thrgn)^(a)(h)	2.82%	11/01/2046		10,000	10,000,000
Series 2014 A, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)^(a)(h)	2.82%	11/01/2046		10,000	10,000,000

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


17		Invesco Short Term Municipal Fund


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York–(continued)
New York (State of) Utility Debt Securitization Authority;
Series 2013 TE, RB		5.00%		12/15/2029	$	2,615	$ 2,624,527
Series 2013 TE, RB		5.00%		12/15/2031		13,595	13,643,014

New York City Housing Development Corp. (Sustainability Bonds); Series 2020 I-2, RB (CEP - Federal Housing Administration)^(c)		0.70%		05/01/2025		5,000	4,666,650
New York City Housing Development Corp. (Sustainable Development Bonds);
Series 2021 F-2, RB (CEP - Federal Housing Administration)^(c)		0.60%		07/01/2025		980	909,291
Series 2022 2B, RB^(c)		3.40%		12/22/2026		12,845	12,629,306

New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB		5.00%		06/01/2026		460	473,951
New York State Urban Development Corp.;
Series 2013 C, RB		5.00%		03/15/2030		275	275,465
Series 2013 E, RB		5.00%		03/15/2028		10,695	10,711,623
Series 2013 E, RB		5.00%		03/15/2031		7,140	7,147,104

New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB^(d)		5.25%		08/01/2031		14,075	14,554,274
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB^(d)		5.00%		08/01/2026		8,830	8,849,502
Series 2016, Ref. RB^(d)		5.00%		08/01/2031		20,070	20,119,992

Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, RB		4.00%		07/01/2024		695	693,540

Rib Floater Trust; Series 2022-003, VRD RB^(a)(e)		4.41%		11/01/2041		10,000	10,000,000

Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB		4.00%		06/01/2050		2,280	2,185,807

Westchester County Local Development Corp.; Series 2021, Ref. RB^(e)		2.88%		07/01/2026		3,180	3,031,489

							233,621,885

North Carolina–0.52%

Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2014, Ref. RB		5.00%		07/01/2031		2,540	2,570,388

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 E, RB^(c)		0.80%		10/31/2025		5,000	4,593,572

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2013 A, Ref. RB		5.00%		01/15/2026		230	230,171

North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB		5.00%		01/01/2025		2,025	2,058,125

University of North Carolina; Series 2008 A, RB (INS - AGC)^(b)		4.75%		10/01/2028		10	10,008

							9,462,264

North Dakota–0.17%

Ward (County of), ND; Series 2017 A, GO Bonds (INS - AGM)^(b)		4.00%		04/01/2025		3,125	3,126,011

Ohio–2.50%
American Municipal Power, Inc. (Prairie State Energy);
Series 2015 A, Ref. RB		5.00%		02/15/2028		9,895	9,948,964
Series 2015 A, Ref. RB		5.00%		02/15/2029		6,960	6,998,265

Cleveland (City of), OH; Series 2016 B, Ref. RB (INS - AGM)^(b)		5.00%		01/01/2024		2,040	2,048,532

Columbus City School District (Construction and Improvement); Series 2016 A, Ref. GO Bonds		5.00%		12/01/2031		3,260	3,400,218

Cuyahoga (County of), OH (Shaker Square); Series 2010 D, Ref. RB		5.00%		12/01/2025		695	695,787

Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGM)^(b)(d)		5.00%		12/01/2026		1,335	1,335,589

Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB^(c)		4.38%		06/15/2026		1,500	1,437,988
Hamilton (County of), OH (UC Health);
Series 2014, RB		5.00%		02/01/2027		465	465,017
Series 2014, RB		5.00%		02/01/2028		465	465,005
Series 2014, RB		5.00%		02/01/2029		425	425,015
Ohio (State of);
Series 2015, VRD RB^(a)		4.50%		01/15/2045		5,000	5,000,000
Series 2017 A, GO Bonds		5.00%		09/01/2031		3,335	3,359,150
Series 2017 A, GO Bonds		5.00%		03/15/2032		1,155	1,163,961

Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2018, Ref. RB^(e)		5.00%		12/01/2023		1,050	1,047,104

Ohio (State of) Higher Educational Facility Commission; Series 2006, RB (CPI Rate + 1.12%) (INS - AMBAC)^(b)(i)		9.32%		12/01/2023		2,460	2,474,614

Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2018, Ref. RB		5.00%		12/01/2035		2,000	2,104,021

RiverSouth Authority; Series 2007 A, RB		5.75%		12/01/2027		575	573,235

Stark (County of), OH; Series 2004, GO Bonds (INS - NATL)^(b)		4.38%		12/01/2024		5	5,004

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


18		Invesco Short Term Municipal Fund


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Ohio–(continued)

Westerville City School District; Series 2018, COP		5.00%		12/01/2039	$	2,450	$ 2,537,673

							45,485,142

Oklahoma–0.36%

Oklahoma (State of) Capitol Improvement Authority; Series 2014 A, Ref. RB		5.00%		07/01/2030		1,500	1,517,073

Oklahoma (State of) Capitol Improvement Authority (Capitol Repair); Series 2018 C, RB		5.00%		01/01/2038		2,320	2,434,650

Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB		5.00%		07/01/2025		815	805,606
University of Oklahoma (The);
Series 2014 C, Ref. RB		5.00%		07/01/2024		1,000	1,000,992
Series 2014 C, Ref. RB		5.00%		07/01/2027		500	500,227
Series 2014 C, Ref. RB		5.00%		07/01/2029		250	250,081

							6,508,629

Oregon–0.69%
Multnomah (County of), OR Hospital Facilities Authority (Green Bonds);
Series 2021 B, Ref. RB		1.20%		06/01/2028		1,150	975,034
Series 2021 B2, Ref. RB		0.95%		06/01/2027		2,965	2,594,276

Oregon (State of) (Article XI - Q State); Series 2023 A, GO Bonds		5.00%		05/01/2036		3,875	4,436,030

Oregon Health & Science University; Series 2016 B, Ref. RB		5.00%		07/01/2039		1,390	1,427,724

Portland Community College District; Series 2018, GO Bonds		5.00%		06/15/2032		1,680	1,757,556

Yamhill (County of), OR Hospital Authority (Friendsview); Series 2021 B-3, RB		1.75%		11/15/2026		1,355	1,269,818

							12,460,438

Pennsylvania–6.34%
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University);

Series 2017, RB		5.00%		10/15/2026		445	447,196

Allegheny (County of), PA Hospital Development Authority; Series 2018, Ref. RB		5.00%		04/01/2035		2,150	2,225,485

Allegheny (County of), PA Sanitary Authority; Series 2013, RB (INS - BAM)^(b)		5.00%		12/01/2028		145	145,522
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System);

Series 2017 A, Ref. RB		5.00%		10/01/2035		2,025	2,115,917
Coatesville Area School District Building Authority;
Series 2018, RB (INS - BAM)^(b)		5.00%		12/01/2023		400	400,333
Series 2018, RB (INS - BAM)^(b)		5.00%		12/01/2024		425	425,392

Cumberland Valley School District; Series 2015, GO Bonds^(c)(f)		5.00%		11/15/2023		2,580	2,587,484

Geisinger Authority (Geisinger Health System); Series 2014 B, Ref. RB (1 mo. USD LIBOR + 1.07%)^(c)(i)		4.72%		06/01/2024		13,600	13,628,730

Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds (INS - AGM)^(b)		5.00%		11/15/2023		2,795	2,803,602

Monroeville Finance Authority; Series 2023 C, Ref. RB		5.00%		05/15/2037		1,000	1,071,286

Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB		5.00%		10/01/2024		1,165	1,165,144

Montgomery (County of), PA Industrial Development Authority; Series 2023, RB^(c)		4.10%		04/03/2028		3,000	3,028,616
Pennsylvania (Commonwealth of);
First series 2013, GO Bonds		4.00%		04/01/2029		2,150	2,151,239
Second series 2013, GO Bonds		5.00%		10/15/2030		2,000	2,004,218
Second series 2013, GO Bonds		5.00%		10/15/2031		1,000	1,002,109
Second Series 2013, GO Bonds		5.00%		10/15/2025		100	100,178
Second series 2016, Ref. GO Bonds		5.00%		01/15/2024		2,260	2,273,416
Series 2022, GO Bonds		5.00%		10/01/2023		5,000	5,005,807

Pennsylvania (Commonwealth of) Economic Development Financing Authority; Series 2023 B, Ref. RB		5.00%		05/15/2035		1,000	1,107,144

Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015 B, VRD RB^(a)		4.61%		09/01/2045		45,095	45,095,000
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2014 B, RB		5.00%		12/01/2031		1,000	1,014,878
Series 2016 A, Ref. RB		5.00%		12/01/2030		9,990	10,476,071
Series 2016 B, Ref. RB (INS - AGM)^(b)		5.00%		06/01/2029		800	841,135
Series 2017, Ref. RB		5.00%		12/01/2032		3,325	3,547,942
Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.60%)⁽ⁱ⁾		4.66%		12/01/2023		1,500	1,500,361

Pennsylvania State University (The); Series 2015 B, Ref. RB		5.00%		09/01/2031		2,000	2,052,911

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


19		Invesco Short Term Municipal Fund


			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
Pennsylvania–(continued)
Philadelphia (City of), PA;
Series 2016, Ref. RB	5.00%	10/01/2028	$	1,400	$ 1,450,844
Series 2016, Ref. RB	5.00%	10/01/2031		3,270	3,383,954

Sayre (City of), PA Health Care Facilities Authority (Guthrie Health); Series 2007, RB (3 mo. USD LIBOR + 0.78%)⁽ⁱ⁾	4.58%	12/01/2024		30	29,990

Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB	5.00%	07/01/2028		1,025	1,021,458

Wilkes-Barre Area School District; Series 2016 B, GO Bonds (INS - BAM)^(b)	5.00%	08/01/2026		1,160	1,215,012

					115,318,374

Puerto Rico–0.36%
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - AGC)^(b)	5.00%	07/01/2026		100	100,596
Series 2005 RR, RB (INS - SGI)^(b)	5.00%	07/01/2026		3,905	3,873,619
Series 2005 RR, RB (INS - SGI)^(b)	5.00%	07/01/2027		1,505	1,491,767
Series 2007 UU, Ref. RB (INS - AGM)^(b)	5.00%	07/01/2024		500	502,977
Series 2008 WW, RB (INS - AGC)^(b)	5.25%	07/01/2033		500	502,977

					6,471,936

Rhode Island–0.46%

Rhode Island Health and Educational Building Corp.; Series 2017 G, RB (INS - AGM)^(b)	5.00%	05/15/2039		2,520	2,603,759

Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB	4.50%	06/01/2045		5,995	5,846,781

					8,450,540

South Carolina–0.92%

Florence & Darlington (Counties of), SC Commission for Technical Education; Series 2014, Ref. RB	5.00%	03/01/2028		620	620,688

Piedmont Municipal Power Agency; Series 2021 C, Ref. RB	5.00%	01/01/2032		4,000	4,158,553

South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 C, VRD RB^(a)	4.63%	05/01/2048		10,000	10,000,000

South Carolina (State of) Public Service Authority; Series 2016 A, Ref. RB	5.00%	12/01/2029		1,885	1,944,229

					16,723,470

South Dakota–0.78%

South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2017, RB	5.00%	09/01/2040		8,345	8,447,839

South Dakota (State of) Housing Development Authority; Series 2009 A, VRD RB^(a)	4.31%	11/01/2048		5,760	5,760,000

					14,207,839

Tennessee–1.90%
Nashville (City of) & Davidson (County of), TN Metropolitan Government;
Series 2013 A, Ref. RB	5.00%	05/15/2027		130	130,120
Series 2013 A, Ref. RB	5.00%	05/15/2029		780	780,676
Series 2013, Ref. GO Bonds	5.00%	07/01/2024		120	120,088

Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017, RB	5.00%	05/01/2035		1,500	1,558,993

Tennessee Energy Acquisition Corp.;
Series 2006 A, RB	5.25%	09/01/2023		2,725	2,725,000
Series 2006 A, RB	5.25%	09/01/2024		15,115	15,248,082
Series 2018, RB^(c)	4.00%	11/01/2025		10,130	10,014,946

Tennessee Housing Development Agency (Social Bonds); Series 2022, RB	5.50%	01/01/2053		3,740	3,900,927

					34,478,832

Texas–13.41%
Alamo Community College District;
Series 2007, GO Bonds (INS - NATL)^(b)	4.50%	08/15/2033		590	590,263
Series 2012 A, Ref. RB	5.00%	11/01/2023		775	775,912

Alvarado Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)^(c)	2.75%	08/15/2025		2,000	1,990,515

Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2021, RB^(c)(e)	4.50%	06/15/2026		1,100	1,087,505

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


20		Invesco Short Term Municipal Fund


			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
Texas–(continued)
Austin (City of), TX;
Series 2023, Ref. RB	5.00%	11/15/2036	$	7,700	$ 8,635,380
Series 2023, Ref. RB	5.00%	11/15/2038		4,000	4,418,366
Bexar (County of), TX Hospital District;
Series 2018, Ctfs. of Obligation	5.00%	02/15/2029		1,000	1,000,918
Series 2018, Ctfs. of Obligation	5.00%	02/15/2030		1,895	1,896,670

Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN^(d)(e)	3.63%	07/01/2026		4,000	3,662,214

Clear Creek Independent School District; Series 2014 D, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2034		2,820	2,835,628

Conroe Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2028		7,810	8,136,010

Cypress-Fairbanks Independent School District; Series 2014 C, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2028		1,500	1,510,366
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport);
Series 2013 D, Ref. RB^(c)(f)	5.25%	11/01/2023		85	85,234
Series 2013 D, Ref. RB^(c)(f)	5.25%	11/01/2023		225	225,621
Series 2013 F, Ref. RB^(c)(f)	5.00%	11/01/2023		1,000	1,002,376
Series 2013 F, Ref. RB^(c)(f)	5.13%	11/01/2023		260	260,667
Series 2013 F, Ref. RB^(c)(f)	5.25%	11/01/2023		1,440	1,443,972
Series 2013 F, Ref. RB^(c)(f)	5.25%	11/01/2023		795	797,193

Dallas (City of), TX; Series 2014, Ref. GO Bonds (INS - BAM)^(b)	5.00%	02/15/2029		1,065	1,072,334

Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB	5.00%	10/01/2041		5,000	5,111,714

Dallas (County of), TX; Series 2016, Ctfs. of Obligation	5.00%	08/15/2029		4,605	4,835,146

Dallas College; Series 2022, GO Bonds	5.00%	02/15/2035		1,000	1,028,233
Denton (City of), TX;
Series 2017, RB	5.00%	12/01/2030		1,320	1,371,888
Series 2017, RB	5.00%	12/01/2032		3,000	3,117,747

El Paso (City of), TX; Series 2016, GO Bonds	5.00%	08/15/2028		5,000	5,251,876

El Paso (County of), TX Hospital District; Series 2013, Ctfs. of Obligation	5.00%	08/15/2025		675	675,409

Fort Bend Independent School District (2023 Remarketing); Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)^(c)	3.65%	08/01/2024		5,000	4,990,426

Frisco Independent School District; Series 2016 B, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	08/15/2034		2,020	2,109,964

Goose Creek Consolidated Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2029		5,000	5,213,502

Grand Prairie Independent School District; Series 2011, Ref. GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2026		675	674,991
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB	5.00%	12/01/2023		1,200	1,197,946
Series 2015, Ref. RB	5.00%	12/01/2024		1,865	1,850,921

Harris & Montgomery (Counties of), TX Municipal Utility District No. 386; Series 2014, GO Bonds (INS - AGM)^(b)	4.00%	09/01/2030		620	620,234

Harris (County of), TX; Series 2014 A, Ref. GO Bonds	5.00%	10/01/2031		2,035	2,065,610

Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); Series 2016, RB	5.00%	07/01/2038		1,605	1,636,509

Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB^(c)	4.05%	06/01/2033		2,775	2,728,451

Houston (City of), TX; Series 2018 C, Ref. VRD RB (LOC - Barclays Bank PLC)^(a)(h)	4.10%	05/15/2034		16,670	16,670,000

Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB^(d)	4.75%	07/01/2024		565	565,551

Houston Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2031		1,125	1,171,422

Katy Independent School District; Series 2017, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2031		1,150	1,223,134

Laredo (City of), TX; Series 2016, Ref. RB	5.00%	03/01/2031		1,000	1,034,843

Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB^(d)(e)	4.63%	10/01/2031		1,000	977,253

Mueller Local Government Corp.; Series 2009, RB	4.25%	09/01/2029		30	30,020

New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University); Series 2016 A, RB^(f)	5.00%	04/01/2024		405	408,169

North Harris (County of), TX Regional Water Authority; Series 2013, Ref. RB (INS - BAM)^(b)	5.00%	12/15/2030		205	205,246

North Texas Municipal Water District; Series 2016, Ref. RB	5.00%	06/01/2028		1,050	1,094,113

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


21		Invesco Short Term Municipal Fund


			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
Texas–(continued)
North Texas Tollway Authority;
Series 2017 A, RB	5.00%	01/01/2025	$	55	$ 55,064
Series 2017 B, Ref. RB	5.00%	01/01/2024		50	50,053
Series 2017 B, Ref. RB	5.00%	01/01/2025		15	15,016
Series 2022 B, Ref. RB	5.00%	01/01/2024		2,620	2,632,565

Pearland (City of), TX; Series 2014, Ref. GO Bonds	5.00%	03/01/2025		200	200,239

Pecos Barstow Toyah Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2038		1,650	1,694,216

Pharr (City of), TX; Series 2018, Ctfs. of Obligation (INS - AGM)^(b)	5.00%	08/15/2038		1,395	1,453,060
Plano Independent School District;
Series 2023, GO Bonds	5.00%	02/15/2035		2,600	2,962,664
Series 2023, GO Bonds	5.00%	02/15/2036		1,100	1,240,435
Series 2023, GO Bonds	5.00%	02/15/2037		3,300	3,684,659
Port Arthur (Port of), TX Navigation District;
Subseries 2010 D, VRD RB^(a)	3.75%	11/01/2040		10,000	10,000,000
Subseries 2010, VRD RB^(a)	3.78%	11/01/2040		8,175	8,175,000

Rib Floater Trust; Series 2022-006, VRD RB (LOC - Barclays Bank PLC)^(a)(e)(h)	4.36%	11/15/2046		36,250	36,250,000

Robstown (City of), TX; Series 2009, Ctfs. of Obligation (INS - AGM)^(b)(g)	0.00%	03/01/2024		490	479,953

Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB	4.90%	09/15/2024		30	29,781
San Antonio (City of), TX;
Series 2013 E, Ref. RB^(c)(f)	5.00%	09/19/2023		1,900	1,901,117
Series 2016, Ref. RB	5.00%	02/01/2031		2,145	2,244,932
Series 2017, Ref. RB	5.00%	02/01/2032		3,105	3,284,430

Spring Independent School District; Series 2023, GO Bonds	5.00%	08/15/2036		3,070	3,458,671
Texas (State of);
Series 2014 A, Ref. GO Bonds	5.00%	10/01/2024		1,565	1,591,366
Series 2015, Ref. GO Bonds	5.00%	10/01/2029		10,000	10,325,308

Texas (State of) Transportation Commission; Series 2014 B, VRD RB^(a)	4.07%	04/01/2032		15,000	15,000,000

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB	6.25%	12/15/2026		12,985	13,446,973

Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap Index + 0.55%)⁽ⁱ⁾	4.61%	09/15/2027		10,920	10,800,502

Trinity River Authority; Series 2014, Ref. RB	5.00%	08/01/2024		500	500,552

West Harris (County of), TX Regional Water Authority; Series 2014, Ref. RB (INS - AGM)^(b)	5.00%	12/15/2029		1,000	1,002,918

West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)^(b)	5.00%	08/15/2030		45	48,017

Wink-Loving Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2030		2,000	2,013,821

					243,828,774

Utah–0.22%

Grand (County of), UT School District Local Building Authority; Series 2019, RB (INS - AGM)^(b)	5.00%	12/15/2038		2,040	2,081,402

University of Utah (The); Series 2017 B-1, Ref. RB	5.00%	08/01/2029		1,870	1,993,920

					4,075,322

Virginia–0.24%

Chesapeake Bay Bridge & Tunnel District; Series 2019, RAN	5.00%	11/01/2023		4,400	4,407,401

Washington–1.75%

Auburn School District No. 408 of King & Pierce Counties; Series 2014, Ref. GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2027		100	100,377

Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)^(b)	4.75%	02/01/2028		1,505	1,519,999

Chelan County School District No. 246 Wenatchee; Series 2014, GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2030		1,480	1,496,964

Energy Northwest (Columbia Generating Station); Series 2014, Ref. RB	5.00%	07/01/2031		2,000	2,024,063

Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%	03/01/2028		10	9,922

Lewis (County of), WA Public Utility District No. 1; Series 2013, Ref. RB	5.25%	04/01/2032		6,115	6,122,286

Seattle (City of), WA; Series 2013, Ref. RB^(c)(f)	5.00%	10/25/2023		250	250,547
Seattle (Port of), WA;
Series 2015 A, RB	5.00%	04/01/2030		2,840	2,878,151
Series 2017 C, RB^(d)	5.00%	05/01/2025		275	280,264

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


22		Invesco Short Term Municipal Fund


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Washington–(continued)

Tacoma (City of), WA Regional Water Supply System; Series 2013, Ref. RB		5.00%		12/01/2026	$	250	$ 250,174
Washington (State of);
Series 2016 B, GO Bonds		5.00%		08/01/2031		1,205	1,259,872
Series 2016 B, Ref. GO Bonds		5.00%		07/01/2032		3,840	3,974,708
Washington (State of) Health Care Facilities Authority (Providence Health & Services);
Series 2012 A, RB		5.00%		10/01/2025		125	125,095
Series 2012 A, RB		5.00%		10/01/2026		2,540	2,540,649
Series 2012 A, RB		5.00%		10/01/2027		2,415	2,415,579
Series 2012 A, RB		5.00%		10/01/2028		165	165,039
Series 2012 A, RB		4.25%		10/01/2040		2,800	2,597,832

Washington (State of) Tobacco Settlement Authority; Series 2018, Ref. RB		5.00%		06/01/2024		3,750	3,751,941

							31,763,462

West Virginia–0.79%
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System
Obligated Group);
Series 2017, RB		5.00%		06/01/2035		1,100	1,144,551
Series 2018 E, Ref. VRD RB^(a)		4.60%		06/01/2033		13,180	13,180,000
							14,324,551

Wisconsin–1.75%

Wisconsin (State of) Center District; Series 1999, Ref. RB (INS - AGM)^(b)		5.25%		12/15/2023		235	235,905

Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group); Series 2018, Ref. RB^(c)		5.00%		01/29/2025		10,000	10,182,121

Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group); Series 2016 A, Ref. RB		5.00%		11/15/2039		1,350	1,370,553
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group);
Series 2013, RB		5.00%		08/15/2026		100	100,064
Series 2013, RB		5.00%		08/15/2027		800	800,422
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); Series 2019 B-2, Ref. RB		2.55%		11/01/2027		270	252,479

Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.);
Series 2014, Ref. RB		5.00%		11/15/2029		1,800	1,821,980

Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB		5.00%		06/01/2027		3,225	3,226,609
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group);
Series 2015, Ref. RB		5.00%		08/15/2030		170	172,477
Series 2015, Ref. RB		5.00%		08/15/2031		815	826,074

Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2015, Ref. RB		5.00%		12/15/2029		125	126,643

Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health); Series 2014 A, RB		5.00%		12/01/2028		980	991,053
Wisconsin (State of) Public Finance Authority;
Series 2016, RB		5.00%		03/01/2032		4,315	4,463,728
Series 2022, Ref. RB^(c)		3.30%		10/01/2026		1,745	1,729,706

Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.00%		12/01/2027		1,050	1,060,628

Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2015 A, Ref. RB		5.00%		06/01/2031		3,295	3,334,612

Wisconsin (State of) Public Finance Authority (The Estates at Eagle’s Pomite); Series 2016 A, RB		4.00%		01/01/2024		50	49,508
WPPI Energy;
Series 2014 A, Ref. RB		5.00%		07/01/2030		1,000	1,009,193
Series 2014 A, Ref. RB		5.00%		07/01/2032		100	100,855
							31,854,610

Total Municipal Obligations (Cost $1,773,254,845)							1,766,873,061

					Shares

MuniFund Preferred Shares–1.79%

Nuveen AMT-Free Municipal Credit Income Fund; Series B^(e)						5,750,000	5,750,000

Nuveen AMT-Free Quality Municipal Income Fund; MFP, Series D^(e)						22,870,000	22,870,000

Nuveen California AMT-Free Quality Municipal Income Fund^(e)						40,000	4,000,000

MuniFund Preferred Shares (Cost$ 32,621,502)							32,620,000

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


23		Invesco Short Term Municipal Fund


			Principal
	Interest	Maturity	Amount
	Rate	Date	(000)		Value
U.S. Dollar Denominated Bonds & Notes–0.02%
California–0.02%
CalPlant I LLC;
Series 21A^(e)(k)(l)	9.50%	03/31/2024	$	25	$ 25,000
Series 21B^(e)(k)(l)	9.50%	03/31/2024		90	90,000
Series 22A^(e)(k)(l)	9.50%	03/31/2024		50	50,000
Series 22B^(e)(k)(l)	9.50%	03/31/2024		5	5,000
Series 22X^(e)(k)(l)	9.50%	03/31/2024		50	50,000
Series 23A^(e)(k)(l)	9.50%	03/31/2024		20	20,000
Series 23B^(e)(k)(l)	9.50%	03/31/2024		15	15,000
Series 23C^(l)	9.50%	03/31/2024		25	25,000
Series 23D (Acquired 05/04/2023; Cost $20,000)^(e)(j)(k)(l)	9.50%	03/31/2024		20	20,000
Series 23E^(e)(k)(l)	9.50%	03/31/2024		25	25,000

Total U.S. Dollar Denominated Bonds & Notes (Cost $325,000)					325,000

TOTAL INVESTMENTS IN SECURITIES^(m)–98.95% (Cost $1,806,201,347)					1,799,818,061

OTHER ASSETS LESS LIABILITIES–1.05%					19,029,145

NET ASSETS–100.00%					$1,818,847,206


Investment Abbreviations:

AGC		- Assured Guaranty Corp.

AGM		- Assured Guaranty Municipal Corp.

AMBAC		- American Municipal Bond Assurance Corp.

BAM		- Build America Mutual Assurance Co.

CEP		- Credit Enhancement Provider

COP		- Certificates of Participation

CPI		- Consumer Price Index

Ctfs.		- Certificates

FHLMC		- Federal Home Loan Mortgage Corp.

GNMA		- Government National Mortgage Association

GO		- General Obligation

INS		- Insurer

LIBOR		- London Interbank Offered Rate

LOC		- Letter of Credit

MFP		- MuniFund Preferred Shares

NATL		- National Public Finance Guarantee Corp.

PCR		- Pollution Control Revenue Bonds

RAN		- Revenue Anticipation Notes

RB		- Revenue Bonds

Ref.		- Refunding

RN		- Revenue Notes

SGI		- Syncora Guarantee, Inc.

SIFMA		- Securities Industry and Financial Markets Association

SOFR		- Secured Overnight Financing Rate

USD		- U.S. Dollar

VRD		- Variable Rate Demand

Wts.		- Warrants

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


24		Invesco Short Term Municipal Fund

Notes to Schedule of Investments:

^(a)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2023.

^(b)	Principal and/or interest payments are secured by the bond insurance company listed.

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

^(d)	Security subject to the alternative minimum tax.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $152,576,376, which represented 8.39% of the Fund’s Net Assets.

^(f)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

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

^(h)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

⁽ⁱ⁾	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(j)	Restricted security. The aggregate value of these securities at August 31, 2023 was $79,908, which represented less than 1% of the Fund’s Net Assets.

^(k)	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, 2023 was $300,000, which represented less than 1% of the Fund’s Net Assets.

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

^(m)	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.


25		Invesco Short Term Municipal Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $1,806,201,347)	$	1,799,818,061


Cash		15,241,382



Receivable for:
Investments sold		4,652,917


Fund shares sold		1,439,426


Interest		18,015,818


Investments matured, at value (Cost $887,739)		321,570


Investment for trustee deferred compensation and retirement plans		44,805


Other assets		58,072


Total assets		1,839,592,051



Liabilities:

Payable for:
Investments purchased		14,708,195


Dividends		1,791,367


Fund shares reacquired		3,210,778


Accrued fees to affiliates		615,481


Accrued trustees’ and officers’ fees and benefits		2,210


Accrued other operating expenses		372,009


Trustee deferred compensation and retirement plans		44,805


Total liabilities		20,744,845


Net assets applicable to shares outstanding	$	1,818,847,206


Net assets consist of:

Shares of beneficial interest	$	1,852,866,945


Distributable earnings (loss)		(34,019,739	)


	$	1,818,847,206



Net Assets:

Class A	$	612,000,331



Class Y	$	1,144,013,384



Class R6	$	62,833,491



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		164,524,715


Class Y		307,494,278


Class R6		16,832,953


Class A:
Net asset value and offering price per share	$	3.72


Class Y:
Net asset value and offering price per share	$	3.72


Class R6:
Net asset value and offering price per share	$	3.73

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


26		Invesco Short Term Municipal Fund

Statement of Operations

For the year ended August 31, 2023


Investment income:

Interest	$ 70,326,896


Dividends	23,132


Total investment income	70,350,028



Expenses:

Advisory fees	8,232,287


Administrative services fees	310,058


Custodian fees	14,585


Distribution fees:
Class A	1,908,514


Transfer agent fees – A and Y	1,766,308


Transfer agent fees – R6	8,876


Trustees’ and officers’ fees and benefits	35,904


Registration and filing fees	197,078


Reports to shareholders	72,448


Professional services fees	78,039


Other	34,072


Total expenses	12,658,169


Less: Expense offset arrangement(s)	(2,023	)


Net expenses	12,656,146


Net investment income	57,693,882



Realized and unrealized gain (loss) from:

Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(3,573,158))	(13,744,260	)


Change in net unrealized appreciation of unaffiliated investment securities	490,608


Net realized and unrealized gain (loss)	(13,253,652	)


Net increase in net assets resulting from operations	$ 44,440,230

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


27		Invesco Short Term Municipal Fund

Statement of Changes in Net Assets

For the years ended August 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	57,693,882		$	20,818,048


Net realized gain (loss)		(13,744,260	)		(1,327,151	)


Change in net unrealized appreciation (depreciation)		490,608			(49,188,704	)


Net increase (decrease) in net assets resulting from operations		44,440,230			(29,697,807	)



Distributions to shareholders from distributable earnings:

Class A		(16,930,046	)		(6,008,801	)


Class C		–			(3,851	)


Class Y		(33,316,311	)		(12,710,418	)


Class R6		(1,584,619	)		(299,912	)


Total distributions from distributable earnings		(51,830,976	)		(19,022,982	)



Share transactions–net:

Class A		(386,987,386	)		(559,051,213	)


Class C		–			(37,125,481	)


Class Y		(389,898,862	)		(198,850,549	)


Class R6		17,329,638			20,887,859


Net increase (decrease) in net assets resulting from share transactions		(759,556,610	)		(774,139,384	)


Net increase (decrease) in net assets		(766,947,356	)		(822,860,173	)



Net assets:

Beginning of year		2,585,794,562			3,408,654,735


End of year	$	1,818,847,206		$	2,585,794,562

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


28		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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 08/31/23		$3.73		$0.09		$(0.01	)		$0.08			$(0.09	)		$3.72		2.05	%		$612,000		0.74	%		0.74	%		0.74	%		2.51	%		92	%
Year ended 08/31/22		3.79		0.02		(0.06	)		(0.04	)		(0.02	)		3.73		(1.08	)		1,001,761		0.75			0.75			0.74			0.57			114
Year ended 08/31/21		3.79		0.02		0.01			0.03			(0.03	)		3.79		0.72			1,581,245		0.78			0.78			0.75			0.59			24
Year ended 08/31/20		3.77		0.06		0.02			0.08			(0.06	)		3.79		2.14			896,488		0.82			0.82			0.76			1.56			89
Three months ended 08/31/19		3.75		0.02		0.02			0.04			(0.02	)		3.77		1.03			405,334		0.82	^(d)		0.82	^(d)		0.76	^(d)		1.72	^(d)		13
Year ended 05/31/19		3.72		0.07		0.03			0.10			(0.07	)		3.75		2.74			402,504		0.85			0.85			0.77			1.85			69
Class Y
Year ended 08/31/23		3.73		0.10		(0.01	)		0.09			(0.10	)		3.72		2.30			1,144,013		0.49			0.49			0.49			2.76			92
Year ended 08/31/22		3.80		0.03		(0.07	)		(0.04	)		(0.03	)		3.73		(1.08	)		1,538,307		0.50			0.50			0.49			0.82			114
Year ended 08/31/21		3.79		0.03		0.02			0.05			(0.04	)		3.80		1.24			1,764,272		0.53			0.53			0.50			0.84			24
Year ended 08/31/20		3.77		0.07		0.02			0.09			(0.07	)		3.79		2.39			1,230,817		0.57			0.57			0.51			1.81			89
Three months ended 08/31/19		3.75		0.02		0.02			0.04			(0.02	)		3.77		1.09			797,580		0.57	^(d)		0.57	^(d)		0.51	^(d)		1.97	^(d)		13
Year ended 05/31/19		3.72		0.08		0.03			0.11			(0.08	)		3.75		3.00			786,224		0.60			0.60			0.52			2.09			69
Class R6
Year ended 08/31/23		3.75		0.11		(0.03	)		0.08			(0.10	)		3.73		2.10			62,833		0.42			0.42			0.42			2.83			92
Year ended 08/31/22		3.81		0.03		(0.06	)		(0.03	)		(0.03	)		3.75		(0.75	)		45,727		0.44			0.44			0.43			0.88			114
Year ended 08/31/21		3.80		0.03		0.02			0.05			(0.04	)		3.81		1.32			25,405		0.44			0.44			0.41			0.93			24
Year ended 08/31/20		3.77		0.07		0.03			0.10			(0.07	)		3.80		2.72			2,903		0.50			0.51			0.44			1.88			89
Three months ended 08/31/19		3.75		0.02		0.02			0.04			(0.02	)		3.77		1.10			10		0.50	^(d)		0.50	^(d)		0.44	^(d)		2.05	^(d)		13
Period ended 05/31/19^(e)		3.75		0.00		0.00			0.00			(0.00	)		3.75		2.73			10		0.50	^(d)		0.50	^(d)		0.42	^(d)		2.20	^(d)		69

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

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

^(d)	Annualized.

^(e)	Commencement date after the close of business on May 24, 2019.

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


29		Invesco Short Term Municipal Fund

Notes to Financial Statements

August 31, 2023

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 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.

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.

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

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


30		Invesco Short Term Municipal Fund

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.

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

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.

Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*


First $100 million		0.500%


Next $150 million		0.450%


Next $250 million		0.425%


Next $500 million		0.400%


Next $4 billion		0.370%


Over $5 billion		0.350%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.38%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.


31		Invesco Short Term Municipal Fund

reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

The Trust has entered into 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 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, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended August 31, 2023, IDI advised the Fund that IDI retained $6,125 in front-end sales commissions from the sale of Class A shares and $7,357 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Municipal Obligations		$–	$	1,766,873,061		$ –	$	1,766,873,061


MuniFund Preferred Shares		–		32,620,000		–		32,620,000


U.S. Dollar Denominated Bonds & Notes		–		–		325,000		325,000


Total Investments in Securities		–		1,799,493,061		325,000		1,799,818,061


Other Investments - Assets


Investments Matured		–		321,570		–		321,570


Total Investments		$–	$	1,799,814,631		$325,000	$	1,800,139,631

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, 2023, the Fund engaged in securities purchases of $246,585,377 and securities sales of $293,165,130, which resulted in net realized gains (losses) of $(3,573,158).


32		Invesco Short Term Municipal Fund

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	1,154,347	$	402,902


Ordinary income-tax-exempt		50,676,629		18,620,080


Total distributions	$	51,830,976	$	19,022,982

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

Tax Components of Net Assets at Period-End:


	2023


Undistributed tax-exempt income	$	9,832,944


Net unrealized appreciation (depreciation) – investments		(7,859,685	)


Temporary book/tax differences		(39,325	)


Capital loss carryforward		(35,953,673	)


Shares of beneficial interest		1,852,866,945


Total net assets	$	1,818,847,206

The Fund has a capital loss carryforward as of August 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	18,547,729	$	17,405,944	$	35,953,673

*	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, 2023 was $1,911,996,839 and $2,481,149,154, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 2,800,733


Aggregate unrealized (depreciation) of investments	(10,660,418	)


Net unrealized appreciation (depreciation) of investments	$(7,859,685	)

Cost of investments for tax purposes is $1,807,999,316.


33		Invesco Short Term Municipal Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of deemed dividends, amortization and accretion on debt securities and market discounts, on August 31, 2023, undistributed net investment income was increased by $439,693, undistributed net realized gain (loss) was decreased by $119,380 and shares of beneficial interest was decreased by $320,313. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	August 31, 2023^(a)						August 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		30,017,027		$	111,940,119			117,070,926		$	441,433,972


Class C^(b)		-			-			545,403			2,054,311


Class Y		209,042,727			780,035,504			322,528,289			1,214,169,350


Class R6		12,463,193			46,661,401			9,033,747			34,071,086



Issued as reinvestment of dividends:
Class A		3,383,777			12,623,660			1,173,576			4,406,761


Class C^(b)		-			-			3			13


Class Y		5,636,206			21,027,036			2,240,517			8,418,611


Class R6		68,355			255,758			8,773			33,019



Automatic conversion of Class C shares to Class A shares:
Class A		-			-			2,324,699			8,721,184


Class C		-			-			(2,335,886	)		(8,721,184	)



Reacquired:
Class A		(137,130,281	)		(511,551,165	)		(268,989,560	)		(1,013,613,130	)


Class C^(b)		-			-			(8,167,903	)		(30,458,621	)


Class Y		(319,106,517	)		(1,190,961,402	)		(377,691,670	)		(1,421,438,510	)


Class R6		(7,903,669	)		(29,587,521	)		(3,513,548	)		(13,216,246	)


Net increase (decrease) in share activity		(203,529,182	)	$	(759,556,610	)		(205,772,634	)	$	(774,139,384	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)	Class C shares activity for the period September 1, 2021 through June 30, 2022 (date of conversion).


34		Invesco Short Term 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 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, 2023, the related statement of operations for the year ended August 31, 2023, the statement of changes in net assets for each of the two years in the period ended August 31, 2023, 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, 2023, 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, 2023 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

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, 2023 by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


35		Invesco Short Term Municipal Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,011.20	$3.75	$1,021.48	$3.77	0.74%
Class Y	1,000.00	1,012.50	2.49	1,022.74	2.50	0.49
Class R6	1,000.00	1,012.80	2.13	1,023.09	2.14	0.42

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


36		Invesco Short Term Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 received a

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 second 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was


37		Invesco Short Term Municipal Fund

above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor 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 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 Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the fees comprising the Fund’s total expense ratio relative to those of peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

with the Fund and the Invesco Funds. The Board acknowledged the difficulty 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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.


38		Invesco Short Term Municipal Fund

federal securities laws and consistent with best execution obligations.


39		Invesco Short Term Municipal Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Tax-Exempt Interest Dividends*	97.77	%

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


40		Invesco Short Term Municipal Fund

Trustees and Officers

The address of each trustee and officer is AIM Counselor Series Trust (Invesco Counselor Series Trust (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹ - 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Short Term Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Short Term Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Short Term Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold - 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Short Term Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong - 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher - 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Short Term Municipal Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Short Term Municipal Fund

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		O-STM-AR-1

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Annual Report to Shareholders		August 31, 2023

Invesco SMA Municipal Bond Fund

Nasdaq:

SMBMX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

18		Report of Independent Registered Public Accounting Firm

19		Fund Expenses

20		Approval of Investment Advisory and Sub-Advisory Contracts

22		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
Invesco SMA Municipal Bond Fund (the Fund) incepted on February 21, 2023. From the Fund’s inception to the end of the reporting period on August 31, 2023, Shares of the Fund, at net asset value (NAV), underperformed the S&P Municipal Bond High Yield Index, the Fund’s broad market benchmark.
Additional information about your Fund’s performance appears later in this report.

Fund vs. Indexes
Cumulative total returns, 2/21/23 to 8/31/23 at net asset value (NAV).
Invesco SMA Municipal Bond Fund Shares	1.99	%
S&P Municipal Bond High Yield Index^▼(Broad Market Index)	2.45
Custom Invesco Short Duration High Yield Municipal Index^∎(Style-Specific Index)	1.99
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal period, investment grade municipal bonds returned 1.71%, high yield municipal bonds returned 0.52% and taxable municipal bonds returned -0.12%.¹

Open Market Committee explained its commitment to returning inflation to its 2% objective while continuing to assess a wide range of information, including labor market conditions, inflation pressures and expectations and financial and international developments.²

New issuance for the fiscal period totaled $338 billion, down 23% from the previous year’s $441 billion.¹ Issuers, with cash on their balance sheets, have been reluctant to issue at higher interest rates.

Record-breaking inflows reported in 2021 were followed by record breaking outflows totaling $122 billion in 2022. This trend has continued into 2023 and outflows from municipal funds have totaled $7.6 billion for the calendar year.³ Municipal credits have a long history of low defaults as many provide essential services to all Americans. This continues to be the case as evidenced by S&P rating changes. During the second quarter of 2023, S&P’s rating activity was quite positive with 465 ratings upgraded versus 76 downgraded, translating to more than six upgrades for every downgrade.⁴ This marks the ninth consecutive quarter of overall credit quality improvement. This positive dynamic likely stems from benefits of the various federal stimulus measures including the American Rescue Plan Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as higher revenues collected by state and local governments.

During the fiscal period, overweight allocations to the public power and higher education sectors contributed to relative return. Overweight exposure to bonds rated BB and BBB^† credits also added to relative perfor

mance. On a regional level, overweight exposure to credits domiciled in Pennsylvania and Texas contributed to relative performance.

Security selection in dedicated tax and local general obligation bonds detracted from relative performance over the fiscal period. Underweight exposure to non-rated^† bonds also detracted from relative performance. On a regional level, underweight exposure to bonds domiciled in Puerto Rico detracted from relative performance.

Thank you for investing in Invesco SMA Municipal Bond Fund and for sharing our long-term investment horizon.

1 Source: Bloomberg LP

2 Source: US Federal Reserve

3 Source: Lipper Inc.

4 Source: Standard & Poor’s

† A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage; moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage; and fitchratings.com and select “Ratings Definitions” on the homepage.


2		Invesco SMA Municipal Bond Fund

Portfolio manager(s):

Tim Benzel

John Connelly

Mark Paris

John Schorle

Galen True

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco SMA Municipal Bond Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment

Fund and index data from 2/21/23

LOGO

1 Source: RIMES Technologies Corp.

2 Source(s): Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions and Fund expenses including management fees. Performance figures do not reflect the fees and expenses paid

by participants at the wrap fee, separately managed or other discretionary account level. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable,

reflects fund expenses and management fees; performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco SMA Municipal Bond Fund


Cumulative Total Returns
As of 8/31/23
Invesco SMA Municipal Bond
Fund Shares
Inception (2/21/23)	1.99	%

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your SMA program sponsor or financial adviser for the most recent month-end SMA performance. Performance figures reflect reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Shares of the Fund may be purchased and held by or on behalf of SMAs for which Invesco Advisers, Inc. (Invesco or the Advisers) or its affiliates have an agreement with a program sponsor or directly with the client, to provide management or advisory services to the account. Performance figures do not reflect the fees and expenses paid by participants at the wrap fee, separately managed or other discretionary account level. You should evaluate the performance of the Fund in the context of your SMA program.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. All operating expenses of the Fund (excluding certain items discussed herein) were reimbursed by the Adviser. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


5		Invesco SMA Municipal Bond Fund

Supplemental Information

Invesco SMA Municipal Bond Fund’s investment objective is to provide high current income exempt from regular federal income taxes with taxable capital appreciation as a secondary objective.

∎	Unless otherwise stated, information presented in this report is as of August 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment grade.

∎	The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index. The S&P Municipal Bond Short Index is considered representative of US municipal bonds with maturities between six months and four years.

∎	Shares of the Fund may be purchased or held by or on behalf of wrap fee, separately managed and other discretionary accounts (SMAs). Comparisons of the Fund’s performance versus its benchmark index will differ from comparisons of the benchmark against the performance of such accounts.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco SMA Municipal Bond Fund

Fund Information

Portfolio Composition


By credit sector	% of total investments

Revenue Bonds		93.84	%

Other		3.61

General Obligation Bonds		2.55

Top Five Debt Holdings


		% of total net assets

1.	New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North), Series 2018, Ref. RB		4.94	%

2.	Black Belt Energy Gas District (The), Series 2022 F, RB		4.76

3.	Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation), Series 2016, Ref. RB		4.26

4.	Metropolitan Transportation Authority, Subseries 2015 E-1, VRD RB		3.58

5.	Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno), Series 2019, Ref. RB		3.31

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

Data presented here are as of August 31, 2023.


7		Invesco SMA Municipal Bond Fund

Schedule of Investments

August 31, 2023


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–99.19%
Alabama–4.76%

Black Belt Energy Gas District (The); Series 2022 F, RB		5.25%		12/01/2027		$460	$	478,444

Arizona–3.63%
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB^(a)		5.00%		07/01/2039		250		234,873
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB^(a)		5.75%		07/01/2024		130		130,516
								365,389

California–7.59%
California (State of) Community Choice Financing Authority (Green Bonds); Series 2023, RB^(b)		5.00%		08/01/2029		250		259,952
California (State of) Housing Finance Agency; Series 2019 A-2, RB		4.00%		03/20/2033		235		227,105
California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB^(a)		5.00%		06/01/2029		275		276,516
								763,573

Connecticut–2.50%
University of Connecticut; Series 2014 A, RB		5.00%		02/15/2032		250		251,529

Florida–4.89%
Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB		5.00%		06/15/2031		235		241,526
Miami Beach (City of), FL; Series 2017, Ref. RB		5.00%		09/01/2047		250		249,887
								491,413

Georgia–5.01%
Burke (County of), GA Development Authority (Georgia Power Company); Series 1996, RB^(b)		3.88%		03/06/2026		250		247,660
Main Street Natural Gas, Inc.; Series 2023 A, RB^(b)		5.00%		06/01/2030		250		256,443
								504,103

Illinois–2.53%
Chicago (City of), IL; Series 2015 A, GO Bonds		5.50%		01/01/2033		250		254,182

Indiana–2.51%
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB^(b)(c)		4.40%		06/10/2031		250		252,842

Iowa–3.00%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB^(b)		5.00%		12/01/2042		300		301,738

Louisiana–2.46%
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB^(b)		4.05%		07/01/2026		250		247,689

Massachusetts–4.96%
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015, Ref. RB		5.00%		01/01/2041		250		247,746
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds); Series 2015, RB		5.00%		07/01/2044		250		250,790
								498,536

Minnesota–1.65%
Brooklyn Park (City of), MN (Athlos Leadership Academy); Series 2015 A, RB		4.75%		07/01/2025		170		165,856

Missouri–3.04%
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017, RB^(a)		5.00%		12/01/2037		300		305,334

New Jersey–2.66%
New Jersey (State of) Transportation Trust Fund Authority; Series 2014, RB		5.00%		06/15/2032		250		267,635

New York–8.64%
Metropolitan Transportation Authority; Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)^(d)(e)		2.85%		11/15/2050		360		360,000
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB^(c)		5.00%		08/01/2031		250		250,623

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


8		Invesco SMA Municipal Bond Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)

New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2020, Ref. RB^(c)		5.00%		12/01/2026		$250	$	258,390
								869,013

Ohio–2.27%
Buckeye Tobacco Settlement Financing Authority; Series 2020 B-2, Ref. RB		5.00%		06/01/2055		250		228,869

Oregon–3.21%
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB^(c)		5.25%		07/01/2039		300		323,368

Pennsylvania–10.11%
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB^(a)		5.00%		05/01/2028		250		255,722
Montgomery (County of), PA Industrial Development Authority (Constellation Energy); Series 2023 B, Ref. RB		4.10%		06/01/2029		250		252,922
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB^(c)		5.00%		12/31/2034		250		253,518
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement)); Series 2015, RB^(c)		5.00%		12/31/2029		250		254,465
								1,016,627

Texas–12.86%
Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation); Series 2016, Ref. RB		5.00%		07/15/2025		430		428,014
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB^(c)		4.75%		07/01/2024		115		115,112
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB^(c)		5.00%		07/15/2028		250		253,250
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB		5.00%		10/01/2024		500		497,257
								1,293,633

Utah–2.60%
Salt Lake City (City of), UT; Series 2023 A, RB^(c)		5.25%		07/01/2053		250		261,695

Virginia–2.49%
Chesapeake (City of), VA Expressway; Series 2012 A, RB		5.00%		07/15/2047		250		250,025

Wisconsin–5.82%
Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. RB^(a)		5.00%		06/01/2029		335		332,668
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.00%		12/01/2027		250		252,530
								585,198
TOTAL INVESTMENTS IN SECURITIES-99.19% (Cost $10,000,440)								9,976,691
OTHER ASSETS LESS LIABILITIES-0.81%								81,937
NET ASSETS-100.00%							$	10,058,628

Investment Abbreviations:


GO		- General Obligation
LOC		- Letter of Credit
RB		- Revenue Bonds
Ref.		- Refunding
VRD		- Variable Rate Demand

Notes to Schedule of Investments:

^(a)

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, 2023 was $1,535,629, which represented 15.27% of the Fund’s Net Assets.

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

^(c)	Security subject to the alternative minimum tax.

^(d)	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, 2023.

^(e)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

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


9		Invesco SMA Municipal Bond Fund

Statement of Assets and Liabilities

August 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $10,000,440)	$	9,976,691


Cash		12,384


Receivable for:
Interest		105,253


Investment for trustee deferred compensation and retirement plans		770


Other assets		63,336


Total assets		10,158,434



Liabilities:
Payable for:
Dividends		35,700


Accrued fees to affiliates		7,483


Accrued other operating expenses		55,853


Trustee deferred compensation and retirement plans		770


Total liabilities		99,806


Net assets applicable to shares outstanding	$	10,058,628


Net assets consist of:

Shares of beneficial interest	$	10,000,000


Distributable earnings		58,628


	$	10,058,628



Shares outstanding, no par value, with an unlimited number of shares authorized:
Shares outstanding		1,000,000


Net asset value and offering price per share	$	10.06

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


10		Invesco SMA Municipal Bond Fund

Statement of Operations

For the period February 21, 2023 (commencement date) through August 31, 2023


Investment income:

Interest	$	218,439



Expenses:
Administrative services fees		734


Custodian fees		530


Transfer agent fees		762


Trustees’ and officers’ fees and benefits		4,220


Registration and filing fees		421


Reports to shareholders		14,322


Professional services fees		105,592


Other		4,096


Total expenses		130,677


Less: Expenses reimbursed		(130,677	)


Net expenses		–


Net investment income		218,439



Realized and unrealized gain (loss) from:

Net realized gain from unaffiliated investment securities		2,538


Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(23,749	)


Net realized and unrealized gain (loss)		(21,211	)


Net increase in net assets resulting from operations	$	197,228

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


11		Invesco SMA Municipal Bond Fund

Statement of Changes in Net Assets

For the period February 21, 2023 (commencement date) through August 31, 2023


	2023


Operations:
Net investment income	$	218,439


Net realized gain		2,538


Change in net unrealized appreciation (depreciation)		(23,749	)


Net increase in net assets resulting from operations		197,228


Distributions to shareholders from distributable earnings		(138,600	)


Total distributions from distributable earnings		(138,600	)


Net increase in net assets resulting from share transactions		10,000,000


Net increase in net assets		10,058,628



Net assets:
Beginning of period		–


End of period	$	10,058,628

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


12		Invesco SMA Municipal Bond Fund

Financial Highlights

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


	Period Ended August 31, 2023^(a)



Net asset value, beginning of period	$ 10.00


Net investment income^(b)	0.22


Net gains (losses) on securities (both realized and unrealized)	(0.02	)


Total from investment operations	0.20


Less: Dividends from net investment income	(0.14	)



Net asset value, end of period	$ 10.06



Total return^(c)	1.99	%



Net assets, end of period (000’s omitted)	$10,059



Portfolio turnover rate^(d)	166	%



Ratios/supplemental data based on average net assets:

Ratio of expenses:


With fee waivers and/or expense reimbursements	0.00	%^(e)


Without fee waivers and/or expense reimbursements	2.46	%^(e)



Ratio of net investment income to average net assets	4.11	%^(e)

^(a)	Commencement date of February 21, 2023.

^(b)	Calculated using average shares outstanding.

^(c)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(d)	Portfolio turnover is not annualized for periods less than one year, if applicable.

^(e)	Annualized.

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


13		Invesco SMA Municipal Bond Fund

Notes to Financial Statements

August 31, 2023

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide high current income exempt from regular federal income taxes with taxable capital appreciation as a secondary objective.

The Fund commenced operations on February 21, 2023. Shares of the Fund may be purchased and held by or on behalf of wrap fee, separately managed and other discretionary accounts (SMAs) for which Invesco Advisers, Inc (Invesco or the Adviser) or its affiliates have an agreement with a program sponsor or directly with the client, to provide management or advisory services to the account.

The 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.

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.

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

D.	Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are


14		Invesco SMA Municipal Bond Fund

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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.

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.

Invesco has contractually agreed to reimburse expenses necessary to limit total fund operating expenses after expense reimbursement (excluding certain items discussed in the statement of additional information) of shares of the Fund to 0.00% of the Fund’s average daily net assets (the “expense limit”). This expense reimbursement agreement will continue in effect for so long as Invesco serves as adviser to the Fund. The expense reimbursement agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

For the period February 21, 2023 (commencement date) through August 31, 2023, the Adviser reimbursed expenses of $130,677.


15		Invesco SMA Municipal Bond Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the period February 21, 2023 (commencement date) through August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the period February 21, 2023 (commencement date) through August 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of August 31, 2023, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the period February 21, 2023 (commencement date) through August 31, 2023, the Fund engaged in securities purchases of $5,637,157.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances and Borrowings

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the period February 21, 2023 (commencement date) through August 31, 2023:


	2023


Ordinary income*	$	379


Ordinary income-tax-exempt		138,221


Total distributions	$	138,600


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


16		Invesco SMA Municipal Bond Fund


Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	2,160


Undistributed tax-exempt income		80,838


Net unrealized appreciation (depreciation) – investments		(23,749	)


Temporary book/tax differences		(621	)


Shares of beneficial interest		10,000,000


Total net assets	$	10,058,628

The Fund does not have a capital loss carryforward as of August 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the period February 21, 2023 (commencement date) through August 31, 2023, was $25,861,874 and $15,847,364, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$19,157


Aggregate unrealized (depreciation) of investments	(42,906	)


Net unrealized appreciation (depreciation) of investments	$ (23,749	)

Cost of investments for tax purposes is $10,000,440.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of market discounts , on August 31, 2023, undistributed net investment income was increased by $378 and undistributed net realized gain was decreased by $378. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	August 31, 2023^(a)(b)
	Shares			Amount
Sold		1,000,001		$	10,000,010


Reacquired		(1	)		(10	)


Net increase in share activity		1,000,000		$	10,000,000

^(a)	Commencement date of February 21, 2023.

^(b)	100% of the outstanding shares of the Fund are owned by the Adviser.


17		Invesco SMA Municipal 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 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, 2023, the related statements of operations and changes in net assets, including the related notes, and the financial highlights 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, 2023, the results of its operations, the changes in its net assets and the financial highlights 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 audit. 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 audit 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 audit 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 audit 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, 2023 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 23, 2023


18		Invesco SMA Municipal Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)¹	Expenses Paid During Period²	Ending Account Value (08/31/23)	Expenses Paid During Period³	Annualized Expense Ratio
$1,000.00	$1,019.90	$0.00	$1,025.21	$0.00	0.00%

The actual ending account value is based on the actual total return of the Funds for the period February 21, 2023 (commencement date) through August 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 8 (as of close of business February 21, 2023 (commencement date) through August 31, 2023)/365. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in the Fund and other funds because such data is based on a full six month period.


19		Invesco SMA Municipal Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. 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

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

The Board did not consider the performance of the Fund because the Fund is new and had no performance history as of December 31, 2022. The Board did review the Fund’s investment objective and principal strategies, as well as information provided regarding the experience of the municipal investment team in managing other Invesco Funds investing in municipal bond markets. The Board also considered information provided by Invesco Advisers regarding the intended role that the Fund will play in SMAs managed by Invesco Advisers or an affiliate. The Board acknowledged that, because the Fund is designed to meet the specialized investment


20		Invesco SMA Municipal Bond Fund

objectives of SMA clients by providing access to the relevant fixed-income market segments, certain principal investment strategies of the Fund are 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’ 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

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 realized as to that 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.


21		Invesco SMA Municipal Bond Fund

Tax Information

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, 2023:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Tax-Exempt Interest Dividends*	99.73	%

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


22		Invesco SMA Municipal Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Chairman Emeritus, Invesco Ltd.; Trustee and Vice Chair, The Invesco Funds; and Member of Executive Board, SMU Cox School of Business Formerly: Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Vice Chair, Investment Company Institute; Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	170	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	170	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	170	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	170	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas (FFIN)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	170	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	170	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	170	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	170	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	170	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	170	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	170	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	2003	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, 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; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, 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;Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc.; Invesco Advisers, Inc. Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, Invesco Group Services, Inc.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds and Trustee, Invesco Foundation, Inc. Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, 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; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, 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 Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco SMA Municipal Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco SMA Municipal Bond Fund

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SEC file number(s): 811-09913 and 333-36074		Invesco Distributors, Inc.		SMAMB-AR-1

(b) Not applicable.

ITEM 2.

CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “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 for Services Rendered to the Registrant for fiscal year end 2023		Fees Billed for Services Rendered to the Registrant for fiscal year end 2022
Audit Fees	$	694,104	$	674,525
Audit-Related Fees	$	0	$	0
Tax Fees⁽¹⁾	$	277,192	$	273,067
All Other Fees	$	0	$	0

Total Fees	$	971,296	$	947,592

(1)	Tax Fees for the fiscal years ended August 31, 2023 and August 31, 2022 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- Audit Services Rendered to Invesco and Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	957,000	$	760,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	957,000	$	760,000

(1)	Audit-Related Fees for the fiscal years ended 2023 and 2022 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

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”).¹ 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.

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.

II.

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.

III.

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.

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

Audit-Related Services

“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.

Tax Services

“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.

Other Services

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. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I 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.

IV.

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

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.

VI.

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.

VII.

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.

VIII.

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 minimus 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 $6,721,000 for the fiscal year ended August 31, 2023 and $5,748,000 for the fiscal year ended August 31, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,955,192 for the fiscal year ended August 31, 2023 and $6,781,067 for the fiscal year ended August 31, 2022.

PwC provided audit services to the Investment Company complex of approximately $33 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.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of October 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(a)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Counselor Series Trust (Invesco Counselor Series Trust)


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		November 3, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		November 3, 2023


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		November 3, 2023

Amount Per Share

Share Class

Record Date

Payable September 29, 2023