Aim Investment Securities Funds NCSRS Certified semi-annual shareholder report (management investment company)

Aim Investment Securities Funds N-CSRSCertified semi-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 811-05686

AIM Investment Securities Funds (Invesco Investment Securities Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris

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: 2/28

Date of reporting period: 8/31/21

ITEM 1.

REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable.

LOGO


Semiannual Report to Shareholders		August 31, 2021

Invesco Corporate Bond Fund

Nasdaq:

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


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
23		Financial Statements
26		Financial Highlights
27		Notes to Financial Statements
36		Fund Expenses
37		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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	3.20	%
Class C Shares	2.80
Class R Shares	3.07
Class Y Shares	3.32
Class R5 Shares	3.35
Class R6 Shares	3.39
Bloomberg U.S. Credit Index^q (Broad Market/Style-Specific Index)	2.75
Lipper BBB Rated Funds Index◾ (Peer Group Index)	3.17
Source(s): ^qRIMES Technologies Corp.; ◾Lipper Inc.

The Bloomberg U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes. The Lipper BBB Rated Funds Index is an unmanaged index considered representative of BBB-rated 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Corporate Bond Fund



Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (9/23/71)	7.05	%
10 Years	5.27
5 Years	4.73
1 Year	1.88
Class C Shares
Inception (8/30/93)	5.43	%
10 Years	5.11
5 Years	4.85
1 Year	4.58
Class R Shares
Inception (6/6/11)	5.37	%
10 Years	5.48	%
5 Years	5.38
1 Year	6.12
Class Y Shares
Inception (8/12/05)	5.89	%
10 Years	6.00
5 Years	5.90
1 Year	6.64
Class R5 Shares
Inception (6/1/10)	6.42	%
10 Years	6.13
5 Years	5.97
1 Year	6.70
Class R6 Shares
10 Years	6.14	%
5 Years	6.07
1 Year	6.78

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Corporate Bond Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Corporate Bond Fund (renamed Invesco Corporate Bond 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 September 24, 2012. 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.

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.

3 Invesco Corporate Bond Fund

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 22-24, 2021, 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, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund 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.

4 Invesco Corporate Bond Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)


	Principal Amount		Value

U.S. Dollar Denominated Bonds & Notes–84.86%
Advertising–0.34%
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030	$	4,693,000	$	5,619,483

Lamar Media Corp., 3.75%, 02/15/2028		2,800,000		2,880,388

3.63%, 01/15/2031^(b)		1,440,000		1,438,481

				9,938,352

Aerospace & Defense–0.92%
Boeing Co. (The), 2.75%, 02/01/2026^(c)		3,866,000		4,042,625

2.20%, 02/04/2026^(c)		5,389,000		5,411,126

5.15%, 05/01/2030		5,000,000		5,920,984

5.81%, 05/01/2050		8,027,000		10,919,958

TransDigm UK Holdings PLC, 6.88%, 05/15/2026		301,000		317,555

TransDigm, Inc., 6.38%, 06/15/2026		141,000		146,577

				26,758,825

Agricultural Products–0.31%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		8,864,000		9,111,049

Airlines–2.13%
Aeropuerto Internacional de Tocumen S.A. (Panama), 4.00%, 08/11/2041^(b)(c)		1,302,000		1,328,151

5.13%, 08/11/2061^(b)(c)		1,795,000		1,904,271

American Airlines Pass-Through Trust,
Series 2016-3, Class A, 3.00%, 10/15/2028		3,525,885		3,560,858

Series 2017-2, Class AA, 3.35%, 10/15/2029		276,419		282,320

American Airlines, Inc./A Advantage Loyalty IP Ltd., 5.50%, 04/20/2026^(b)		1,236,000		1,304,289

5.75%, 04/20/2029^(b)		753,000		814,159

British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class AA, 3.30%, 12/15/2032^(b)		3,665,708		3,777,561

Series 2021-1, Class A, 2.90%, 03/15/2035^(b)		2,004,000		2,034,179

Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		3,090,000		3,184,508

Series 2020-1, Class AA, 2.00%, 06/10/2028		2,892,074		2,902,498

Delta Air Lines, Inc., 7.00%, 05/01/2025^(b)		832,000		973,747

7.38%, 01/15/2026^(c)		425,000		500,631

Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025^(b)		3,864,000		4,145,885

4.75%, 10/20/2028^(b)		11,517,000		12,849,675

Southwest Airlines Co., 5.25%, 05/04/2025		39,000		44,223


	Principal Amount		Value

Airlines–(continued)
United Airlines Pass-Through Trust, Series 2014-2, Class B, 4.63%, 09/03/2022	$	1,191,909	$	1,216,198

Series 2016-1, Class B, 3.65%, 01/07/2026		1,858,414		1,861,439

Series 2020-1, Class A, 5.88%, 10/15/2027		5,870,917		6,561,710

Series 2018-1, Class A, 3.70%, 03/01/2030		297,727		307,428

Series 2018-1, Class AA, 3.50%, 03/01/2030		3,862,493		4,039,843

Series 2019-1, Class A, 4.55%, 08/25/2031		1,782,403		1,924,330

Series 2019-1, Class AA, 4.15%, 08/25/2031		3,474,497		3,805,351

United Airlines, Inc., 4.38%, 04/15/2026^(b)		1,211,000		1,258,689

4.63%, 04/15/2029^(b)		1,090,000		1,132,265

				61,714,208


Alternative Carriers–0.06%
Level 3 Financing, Inc., 3.75%, 07/15/2029^(b)(c)		1,285,000		1,254,481

Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039^(c)		459,000		510,135

				1,764,616


Apparel Retail–0.12%
Bath & Body Works, Inc., 6.75%, 07/01/2036		436,000		556,107

Ross Stores, Inc., 1.88%, 04/15/2031		3,112,000		3,051,792

				3,607,899


Application Software–0.38%
salesforce.com, inc., 2.90%, 07/15/2051		6,709,000		6,904,924

3.05%, 07/15/2061		3,932,000		4,102,177

				11,007,101


Asset Management & Custody Banks–0.93%
Affiliated Managers Group, Inc., 4.25%, 02/15/2024		4,172,000		4,534,137

Ameriprise Financial, Inc., 3.00%, 04/02/2025		3,256,000		3,477,634

Apollo Management Holdings L.P., 2.65%, 06/05/2030^(b)		229,000		234,495

Ares Capital Corp., 2.88%, 06/15/2028		4,263,000		4,350,010

CI Financial Corp. (Canada), 3.20%, 12/17/2030^(c)		4,667,000		4,853,989

Franklin Resources, Inc., 2.95%, 08/12/2051		6,953,000		7,010,653

Owl Rock Capital Corp., 2.63%, 01/15/2027		2,375,000		2,399,059

				26,859,977

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

5 Invesco Corporate Bond Fund


	Principal Amount		Value

Auto Parts & Equipment–0.39%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028^(b)	$	4,969,000	$	5,132,927

5.38%, 03/01/2029^(b)(c)		1,884,000		1,980,555

Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		178,000		190,238

Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025^(b)		132,000		136,290

Dana, Inc., 5.38%, 11/15/2027		221,000		233,431

Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031^(b)		3,204,000		3,224,314

NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)		506,000		525,506

				11,423,261


Automobile Manufacturers–1.13%
Allison Transmission, Inc., 3.75%, 01/30/2031^(b)		1,046,000		1,046,152

Ford Motor Co., 8.50%, 04/21/2023		522,000		577,789

9.00%, 04/22/2025		326,000		398,682

4.35%, 12/08/2026		400,000		431,438

9.63%, 04/22/2030		226,000		322,384

4.75%, 01/15/2043		345,000		372,609

Ford Motor Credit Co. LLC, 5.60%, 01/07/2022		410,000		415,883

3.38%, 11/13/2025		1,599,000		1,656,964

4.39%, 01/08/2026		200,000		214,750

2.70%, 08/10/2026		2,367,000		2,392,919

5.11%, 05/03/2029		450,000		509,105

4.00%, 11/13/2030^(c)		332,000		350,687

General Motors Financial Co., Inc., Series B, 6.50%^(d)(e)		200,000		227,500

Hyundai Capital America,

4.30%, 02/01/2024^(b)		12,075,000		13,027,374

2.65%, 02/10/2025^(b)		3,542,000		3,702,069

2.00%, 06/15/2028^(b)		4,581,000		4,564,277

J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		320,000		338,000

Volkswagen Group of America Finance LLC (Germany), 1.63%, 11/24/2027^(b)		2,251,000		2,248,543

				32,797,125

Automotive Retail–0.05%
Advance Auto Parts, Inc., 3.90%, 04/15/2030		85,000		94,754

Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		774,000		788,756

Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		512,000		537,498

				1,421,008

Biotechnology–0.23%
AbbVie, Inc.,
3.20%, 11/21/2029		350,000		382,829

4.88%, 11/14/2048		1,997,000		2,619,564
Amgen, Inc.,

2.00%, 01/15/2032		450,000		442,664

3.15%, 02/21/2040		3,037,000		3,211,062

				6,656,119


	Principal Amount		Value

Brewers–0.30%
Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey), 3.38%, 06/29/2028^(b)	$	2,337,000	$	2,412,719

Anheuser-Busch InBev Worldwide, Inc. (Belgium),
8.00%, 11/15/2039		2,307,000		3,820,500

4.35%, 06/01/2040		2,105,000		2,528,401

				8,761,620


Broadcasting–0.02%
Gray Television, Inc., 7.00%, 05/15/2027^(b)		444,000		476,767

Building Products–0.11%
Carrier Global Corp., 2.72%, 02/15/2030		155,000		162,686

North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022^(b)		804,000		772,195

Owens Corning, 4.30%, 07/15/2047		250,000		294,703

Standard Industries, Inc.,

5.00%, 02/15/2027^(b)		255,000		263,925

3.38%, 01/15/2031^(b)		1,639,000		1,581,889

				3,075,398


Cable & Satellite–2.82%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026^(b)		634,000		652,227

5.00%, 02/01/2028^(b)		187,000		196,135

4.75%, 03/01/2030^(b)		607,000		643,013

4.50%, 08/15/2030^(b)		676,000		707,218

4.25%, 02/01/2031^(b)		1,141,000		1,172,417

4.50%, 05/01/2032		509,000		532,579

4.50%, 06/01/2033^(b)(c)		1,952,000		2,025,756

4.25%, 01/15/2034^(b)		217,000		219,296

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.,
4.91%, 07/23/2025		4,780,000		5,411,471

5.38%, 04/01/2038		249,000		308,249

3.50%, 06/01/2041		3,605,000		3,651,904

5.75%, 04/01/2048		2,324,000		2,995,511

3.90%, 06/01/2052		3,929,000		4,066,605

6.83%, 10/23/2055		4,111,000		6,152,623

3.85%, 04/01/2061		4,767,000		4,757,722

4.40%, 12/01/2061		1,936,000		2,127,334

Comcast Corp.,
3.45%, 02/01/2050^(c)		3,978,000		4,380,017

2.80%, 01/15/2051		8,322,000		8,093,977

2.89%, 11/01/2051^(b)		5,251,000		5,233,324

2.94%, 11/01/2056^(b)		4,971,000		4,931,239

2.99%, 11/01/2063^(b)		3,547,000		3,496,189

Cox Communications, Inc.,
1.80%, 10/01/2030^(b)		73,000		70,628

2.60%, 06/15/2031^(b)(c)		3,067,000		3,142,700

3.60%, 06/15/2051^(b)		7,855,000		8,328,982

CSC Holdings LLC, 6.50%, 02/01/2029^(b)		727,000		803,335

4.50%, 11/15/2031^(b)		264,000		266,041

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

6 Invesco Corporate Bond Fund


	Principal Amount		Value

Cable & Satellite–(continued)
DISH DBS Corp., 7.75%, 07/01/2026	$	130,000	$	149,071

Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(b)		540,000		550,908

4.00%, 07/15/2028^(b)		412,000		421,414

4.13%, 07/01/2030^(b)(c)		1,025,000		1,050,625

3.88%, 09/01/2031^(b)		5,085,000		5,071,245

Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)		200,000		214,500

				81,824,255


Casinos & Gaming–0.35%
DraftKings, Inc., Conv., 0.00%, 03/15/2028^(b)(f)		5,450,000		5,248,059

Everi Holdings, Inc., 5.00%, 07/15/2029^(b)		521,000		533,895

International Game Technology PLC, 4.13%, 04/15/2026^(b)		1,511,000		1,571,138

MGM Resorts International,
7.75%, 03/15/2022		301,000		311,535

6.00%, 03/15/2023		559,000		592,540

Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(b)		513,000		538,840

Scientific Games International, Inc., 8.25%, 03/15/2026^(b)		707,000		752,868

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(b)		496,000		516,554

				10,065,429


Commodity Chemicals–0.07%
Axalta Coating Systems LLC, 3.38%, 02/15/2029^(b)		2,011,000		1,973,485


Computer & Electronics Retail–0.76%
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024^(b)		708,000		723,930

4.00%, 07/15/2024		2,921,000		3,171,818

6.02%, 06/15/2026		3,928,000		4,693,995

4.90%, 10/01/2026		1,719,000		1,990,523

8.35%, 07/15/2046		4,105,000		6,748,320

Leidos, Inc., 2.30%, 02/15/2031		4,698,000		4,637,255

				21,965,841


Construction & Engineering–0.04%
AECOM, 5.13%, 03/15/2027		133,000		148,746

Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(b)		520,000		537,550

New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026^(b)		239,000		245,871

9.75%, 07/15/2028^(b)		197,000		218,638

				1,150,805


Construction Machinery & Heavy Trucks–0.01%
Wabtec Corp., 4.95%, 09/15/2028		209,000		243,511


Construction Materials–0.12%
CRH America Finance, Inc. (Ireland), 3.95%, 04/04/2028^(b)		3,123,000		3,547,020


	Principal Amount		Value

Consumer Finance–0.70%
Ally Financial, Inc.,
5.13%, 09/30/2024	$	434,000	$	487,232

4.63%, 03/30/2025		1,303,000		1,455,229

Series C, 4.70%^(d)(e)		3,987,000		4,161,431

American Express Co., Series C, 3.40% (3 mo. USD LIBOR + 3.29%)^(e)(g)		2,973,000		2,973,037

Navient Corp.,
7.25%, 09/25/2023^(c)		1,040,000		1,143,873

5.00%, 03/15/2027		486,000		511,017

5.63%, 08/01/2033		221,000		214,391

OneMain Finance Corp.,
6.88%, 03/15/2025		300,000		340,125

7.13%, 03/15/2026		735,000		859,950

3.88%, 09/15/2028		3,554,000		3,572,925

5.38%, 11/15/2029		519,000		567,726

Synchrony Financial, 4.50%, 07/23/2025		3,695,000		4,113,260

				20,400,196


Copper–0.18%
Freeport-McMoRan, Inc.,
5.00%, 09/01/2027		2,752,000		2,899,920

4.38%, 08/01/2028^(c)		1,235,000		1,310,644

5.40%, 11/14/2034		826,000		1,036,878

				5,247,442


Data Processing & Outsourced Services–0.60%
Clarivate Science Holdings Corp.,
3.88%, 07/01/2028^(b)		3,254,000		3,315,728

4.88%, 07/01/2029^(b)		1,389,000		1,434,448

Fidelity National Information Services, Inc., 2.25%, 03/01/2031		530,000		535,293

Fiserv, Inc., 4.20%, 10/01/2028^(c)		2,218,000		2,544,778

PayPal Holdings, Inc., 2.85%, 10/01/2029		2,326,000		2,510,069

Square, Inc.,
2.75%, 06/01/2026^(b)		1,577,000		1,624,657

3.50%, 06/01/2031^(b)(c)		3,167,000		3,297,940

StoneCo Ltd. (Brazil), 3.95%, 06/16/2028^(b)		2,307,000		2,228,966

				17,491,879


Department Stores–0.05%
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(b)(c)		1,089,000		1,191,203

4.50%, 12/15/2034		275,000		269,500

				1,460,703


Distributors–0.09%
Genuine Parts Co., 1.88%, 11/01/2030		2,795,000		2,730,619


Diversified Banks–9.99%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026^(b)		7,620,000		8,366,531

African Export-Import Bank (The) (Supranational),
2.63%, 05/17/2026^(b)		1,433,000		1,470,930

3.80%, 05/17/2031^(b)		1,858,000		1,942,494

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

7 Invesco Corporate Bond Fund


	Principal Amount		Value

Diversified Banks–(continued)
Australia & New Zealand Banking Group Ltd. (Australia), 6.75%^(b)(d)(e)	$	3,647,000	$	4,280,393

Banco Santander S.A. (Spain), 2.75%, 12/03/2030		3,000,000		3,018,340

Bank of America Corp.,
3.86%, 07/23/2024^(d)		8,064,000		8,551,408

2.69%, 04/22/2032^(d)		6,552,000		6,813,922

2.30%, 07/21/2032^(d)		3,217,000		3,238,086

7.75%, 05/14/2038		2,623,000		4,162,191

2.68%, 06/19/2041^(d)		14,102,000		13,906,881

2.97%, 07/21/2052^(d)		5,222,000		5,282,421

Series AA, 6.10%^(d)(e)		5,955,000		6,694,283

Series DD, 6.30%^(d)(e)		1,885,000		2,200,078

Bank of China Ltd. (China), 5.00%, 11/13/2024^(b)		2,850,000		3,176,130

BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024^(b)(c)		1,666,000		1,807,194

BNP Paribas S.A. (France), 4.38%, 03/01/2033^(b)(d)		250,000		277,794

BPCE S.A. (France), 2.28%, 01/20/2032^(b)(d)		3,204,000		3,163,275

Citigroup, Inc., 3.50%, 05/15/2023		3,677,000		3,862,087

5.50%, 09/13/2025		4,154,000		4,829,644

3.11%, 04/08/2026^(d)		3,709,000		3,967,857

3.98%, 03/20/2030^(d)		3,695,000		4,199,768

4.41%, 03/31/2031^(d)		3,019,000		3,540,629

2.57%, 06/03/2031^(d)		266,000		274,827

2.56%, 05/01/2032^(d)		4,236,000		4,359,241

4.65%, 07/23/2048		1,832,000		2,436,262

3.88%^(d)(e)		6,892,000		7,107,375

Series A, 5.95%^(d)(e)		1,192,000		1,255,623

Series V, 4.70%^(d)(e)		2,340,000		2,446,178

Citizens Bank N.A., 2.25%, 04/28/2025		2,836,000		2,968,921

Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031^(b)		3,057,000		3,092,382

Credit Agricole S.A. (France), 1.91%, 06/16/2026^(b)(d)		1,828,000		1,871,510

7.88%^(b)(d)(e)		2,555,000		2,877,086

8.13%^(b)(d)(e)		416,000		507,260

Federation des Caisses Desjardins du Quebec (Canada), 2.05%, 02/10/2025^(b)		5,091,000		5,274,142

Global Bank Corp. (Panama), 4.50%, 10/20/2021^(b)		6,573,000		6,604,974

HSBC Holdings PLC (United Kingdom),
1.65%, 04/18/2026^(d)		1,970,000		1,995,121

2.01%, 09/22/2028^(d)		5,893,000		5,951,268

2.21%, 08/17/2029^(d)		5,266,000		5,313,431

2.36%, 08/18/2031^(d)		201,000		202,015

2.80%, 05/24/2032^(d)		1,976,000		2,041,550

4.60%^(d)(e)		3,181,000		3,264,501

6.00%^(d)(e)		4,347,000		4,792,568

ING Groep N.V. (Netherlands), 6.88%^(b)(d)(e)		1,670,000		1,725,786


	Principal Amount		Value

Diversified Banks–(continued)
JPMorgan Chase & Co.,
1.03% (3 mo. USD LIBOR + 0.89%), 07/23/2024^(c)(g)	$	5,200,000	$	5,272,839

2.08%, 04/22/2026^(d)		5,016,000		5,181,663

3.63%, 12/01/2027		2,542,000		2,798,777

3.70%, 05/06/2030^(d)		3,695,000		4,139,906

2.58%, 04/22/2032^(d)		4,399,000		4,541,611

4.26%, 02/22/2048^(d)		1,788,000		2,207,466

Series W, 1.12% (3 mo. USD LIBOR + 1.00%), 05/15/2047^(g)		5,770,000		5,008,361

Series V, 3.46% (3 mo. USD LIBOR + 3.32%)^(e)(g)		1,853,000		1,856,953

Mitsubishi UFJ Financial Group, Inc. (Japan), 2.05%, 07/17/2030		4,798,000		4,803,693

Mizuho Financial Group, Inc. (Japan),
2.20%, 07/10/2031^(d)		6,278,000		6,284,206

2.17%, 05/22/2032^(d)		5,786,000		5,770,517

National Australia Bank Ltd. (Australia),
2.33%, 08/21/2030^(b)		256,000		250,970

2.99%, 05/21/2031^(b)		2,367,000		2,433,747

Natwest Group PLC (United Kingdom),
3.50%, 05/15/2023^(d)		4,970,000		5,076,019

6.00%^(d)(e)		515,000		577,907

Nordea Bank Abp (Finland), 3.75%^(b)(d)(e)		1,221,000		1,218,802

Standard Chartered PLC (United Kingdom),
1.33% (3 mo. USD LIBOR + 1.20%), 09/10/2022^(b)(g)		3,395,000		3,395,781

2.68%, 06/29/2032^(b)(d)		4,215,000		4,280,337

3.27%, 02/18/2036^(b)(d)		4,923,000		4,951,387

4.30%^(b)(d)(e)		5,262,000		5,255,159

7.75%^(b)(d)(e)		4,646,000		5,043,187

Sumitomo Mitsui Financial Group, Inc. (Japan),
1.47%, 07/08/2025		2,924,000		2,967,463

3.04%, 07/16/2029		4,343,000		4,674,024

2.14%, 09/23/2030		7,101,000		6,972,853

UniCredit S.p.A. (Italy),
1.98%, 06/03/2027^(b)(d)		3,540,000		3,544,796

3.13%, 06/03/2032^(b)(d)		2,828,000		2,884,578

Wells Fargo & Co.,
2.19%, 04/30/2026^(d)		1,489,000		1,547,039

4.15%, 01/24/2029		3,695,000		4,258,063

3.07%, 04/30/2041^(d)		2,118,000		2,222,305

5.38%, 11/02/2043		7,268,000		9,809,754

4.75%, 12/07/2046		1,890,000		2,411,420

Series BB, 3.90%^(d)(e)		3,059,000		3,182,140

Westpac Banking Corp. (Australia), 2.67%, 11/15/2035^(d)		101,000		100,263

				290,038,343

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

8 Invesco Corporate Bond Fund


	Principal Amount		Value

Diversified Capital Markets–1.55%
Credit Suisse Group AG (Switzerland),
4.19%, 04/01/2031^(b)(d)	$	2,792,000	$	3,166,062

4.50%^(b)(c)(d)(e)		4,764,000		4,734,225

5.10%^(b)(c)(d)(e)		4,230,000		4,362,822

5.25%^(b)(d)(e)		4,357,000		4,577,029

7.13%^(b)(d)(e)		3,667,000		3,794,428

7.25%^(b)(d)(e)		330,000		370,475

7.50%^(b)(d)(e)		5,779,000		6,244,209

7.50%^(b)(d)(e)		920,000		994,060

Macquarie Bank Ltd. (Australia), 6.13%^(b)(d)(e)		5,010,000		5,540,885

UBS Group AG (Switzerland),
3.13%, 08/13/2030^(b)(d)		7,551,000		8,167,451

4.38%^(b)(c)(d)(e)		2,932,000		3,008,965

				44,960,611


Diversified Metals & Mining–0.73%
Corp. Nacional del Cobre de Chile (Chile), 3.15%, 01/15/2051^(b)		1,955,000		1,910,566

FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031^(b)		2,932,000		3,163,687

Teck Resources Ltd. (Canada),
6.13%, 10/01/2035^(c)		5,373,000		6,940,803

6.25%, 07/15/2041^(c)		6,930,000		9,240,836

				21,255,892


Diversified REITs–0.85%
iStar, Inc.,
4.75%, 10/01/2024^(c)		560,000		595,028

5.50%, 02/15/2026		191,000		200,311

Trust Fibra Uno (Mexico),
5.25%, 12/15/2024^(b)(c)		4,124,000		4,551,865

5.25%, 01/30/2026^(b)		3,705,000		4,155,899

4.87%, 01/15/2030^(b)		3,446,000		3,795,269

6.39%, 01/15/2050^(b)(c)		9,390,000		11,424,109

				24,722,481


Drug Retail–0.12%
CK Hutchison International 21 Ltd. (United Kingdom), 2.50%, 04/15/2031^(b)		270,000		278,094

CVS Pass-Through Trust,
6.04%, 12/10/2028		1,106,427		1,297,447

5.77%, 01/10/2033^(b)		1,627,525		1,935,527

				3,511,068


Electric Utilities–2.33%
Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049		3,963,000		4,270,519

Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025^(b)		3,016,000		3,117,790

Duke Energy Progress LLC, 2.50%, 08/15/2050^(c)		9,667,000		9,092,517

Electricite de France S.A. (France), 6.00%, 01/22/2114^(b)		6,655,000		9,749,973

Enel Finance International N.V. (Italy), 2.88%, 07/12/2041^(b)		3,969,000		3,896,118

Eversource Energy, Series R, 1.65%, 08/15/2030		88,000		85,083

PacifiCorp, 2.90%, 06/15/2052		5,221,000		5,221,817


	Principal Amount		Value

Electric Utilities–(continued)
Southern Co. (The),
Series B, 4.00%, 01/15/2051^(d)	$	14,349,000	$	15,244,378

5.50%, 03/15/2057^(d)		11,081,000		11,263,546

Series 21-A, 3.75%, 09/15/2051^(d)		2,431,000		2,492,018

Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)(c)		746,000		646,499

Vistra Operations Co. LLC,
5.63%, 02/15/2027^(b)		180,000		187,661

5.00%, 07/31/2027^(b)		324,000		336,587

4.38%, 05/01/2029^(b)		1,976,000		2,008,110

				67,612,616


Electrical Components & Equipment–0.22%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		4,864,000		4,828,947

AES Andres B.V. (Dominican Republic), 5.70%, 05/04/2028^(b)		991,000		1,021,984

EnerSys,
5.00%, 04/30/2023^(b)		476,000		496,506

4.38%, 12/15/2027^(b)		107,000		112,616

Rockwell Automation, Inc., 1.75%, 08/15/2031		48,000		47,640

				6,507,693


Electronic Components–1.16%
Corning, Inc., 5.45%, 11/15/2079		23,672,000		33,669,942


Electronic Equipment & Instruments–0.24%
Vontier Corp.,
2.40%, 04/01/2028^(b)		3,757,000		3,765,228

2.95%, 04/01/2031^(b)		3,030,000		3,064,057

				6,829,285


Electronic Manufacturing Services–0.26%
Jabil, Inc., 3.00%, 01/15/2031		7,348,000		7,574,669


Environmental & Facilities Services–0.11%
GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028^(b)		3,224,000		3,221,260


Fertilizers & Agricultural Chemicals–0.10%
Nutrien Ltd. (Canada), 2.95%, 05/13/2030		125,000		133,443

OCI N.V. (Netherlands), 4.63%, 10/15/2025^(b)(c)		938,000		983,259

OCP S.A. (Morocco), 5.13%, 06/23/2051^(b)		1,758,000		1,780,648

				2,897,350


Financial Exchanges & Data–0.59%
Intercontinental Exchange, Inc., 1.85%, 09/15/2032		170,000		164,203

Moody’s Corp.,
2.00%, 08/19/2031		3,560,000		3,537,287

2.75%, 08/19/2041		3,929,000		3,902,041

5.25%, 07/15/2044		1,539,000		2,113,288

MSCI, Inc.,
3.88%, 02/15/2031^(b)(c)		1,983,000		2,119,331

3.63%, 11/01/2031^(b)		1,992,000		2,117,705

3.25%, 08/15/2033^(b)		847,000		874,866

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

9 Invesco Corporate Bond Fund


	Principal Amount		Value

Financial Exchanges & Data–(continued)
S&P Global, Inc., 1.25%, 08/15/2030^(c)	$	2,474,000	$	2,357,217

				17,185,938


Food Distributors–0.16%
American Builders & Contractors Supply Co., Inc.,
4.00%, 01/15/2028^(b)		512,000		529,485

3.88%, 11/15/2029^(b)		3,991,000		3,971,125

				4,500,610


Food Retail–0.49%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(b)(c)		2,934,000		3,022,578

Alimentation Couche-Tard, Inc. (Canada),
3.44%, 05/13/2041^(b)		3,846,000		4,049,196

3.63%, 05/13/2051^(b)		4,466,000		4,774,184

PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(b)		1,045,000		1,089,413

SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)(c)		499,000		524,581

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029^(b)		776,000		790,666

				14,250,618


Health Care Distributors–0.15%
McKesson Corp., 1.30%, 08/15/2026		3,055,000		3,051,414

Owens & Minor, Inc., 4.50%, 03/31/2029^(b)(c)		1,411,000		1,444,476

				4,495,890


Health Care Equipment–0.01%
Becton, Dickinson and Co., 2.82%, 05/20/2030		188,000		199,226


Health Care Facilities–0.42%
Encompass Health Corp., 4.50%, 02/01/2028^(c)		506,000		530,668

HCA, Inc.,
5.00%, 03/15/2024		8,501,000		9,353,180

5.38%, 02/01/2025		242,000		273,009

5.25%, 04/15/2025		151,000		172,430

5.88%, 02/15/2026		166,000		192,734

5.38%, 09/01/2026		111,000		128,183

5.88%, 02/01/2029		216,000		262,188

3.50%, 09/01/2030		1,234,000		1,326,112

				12,238,504


Health Care REITs–0.60%
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		531,000		546,338

Diversified Healthcare Trust,
9.75%, 06/15/2025		482,000		530,802

4.38%, 03/01/2031^(c)		1,785,000		1,753,807

Healthcare Trust of America Holdings L.P., 2.00%, 03/15/2031		2,589,000		2,516,693


	Principal Amount		Value

Health Care REITs–(continued)
Healthpeak Properties, Inc., 2.88%, 01/15/2031	$	1,917,000	$	2,028,156

MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029		2,064,000		2,209,342

Omega Healthcare Investors, Inc.,
3.38%, 02/01/2031		230,000		237,453

3.25%, 04/15/2033		5,015,000		5,065,294

Welltower, Inc., 3.10%, 01/15/2030		2,496,000		2,666,252

				17,554,137


Health Care Services–0.91%
Akumin, Inc., 7.00%, 11/01/2025^(b)(c)		1,191,000		1,126,031

Cigna Corp.,
7.88%, 05/15/2027		5,000,000		6,672,913

4.38%, 10/15/2028		1,790,000		2,090,406

4.80%, 08/15/2038		5,078,000		6,361,785

CVS Health Corp., 1.30%, 08/21/2027^(c)		3,781,000		3,750,935

DaVita, Inc.,
4.63%, 06/01/2030^(b)		216,000		226,024

3.75%, 02/15/2031^(b)		862,000		852,949

Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026^(b)		3,082,000		3,112,737

Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		760,000		784,700

Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		257,000		267,532

MEDNAX, Inc., 6.25%, 01/15/2027^(b)		495,000		522,225

RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)		500,000		512,344

				26,280,581


Home Improvement Retail–0.30%
Lowe’s Cos., Inc.,
2.63%, 04/01/2031		3,792,000		3,957,457

3.50%, 04/01/2051		4,351,000		4,745,186

				8,702,643


Homebuilding–0.90%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027^(b)		444,000		492,640

Lennar Corp.,
5.38%, 10/01/2022		324,000		341,251

4.75%, 11/15/2022		172,000		178,665

4.75%, 11/29/2027^(c)		2,406,000		2,803,159

M.D.C. Holdings, Inc.,
3.85%, 01/15/2030		7,253,000		7,843,068

6.00%, 01/15/2043^(c)		4,148,000		5,350,631

3.97%, 08/06/2061		6,414,000		6,330,009

Mattamy Group Corp. (Canada), 4.63%, 03/01/2030^(b)		1,424,000		1,461,558

PulteGroup, Inc.,
6.38%, 05/15/2033		15,000		20,120

6.00%, 02/15/2035		395,000		522,322

Taylor Morrison Communities, Inc., 6.63%, 07/15/2027^(b)		673,000		718,428

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

10 Invesco Corporate Bond Fund


	Principal Amount		Value

Homebuilding–(continued)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023^(b)	$	57,000	$	60,126

				26,121,977


Hotel & Resort REITs–0.05%
Service Properties Trust, 4.95%, 02/15/2027^(c)		1,334,000		1,336,094


Hotels, Resorts & Cruise Lines–0.37%
Carnival Corp., 11.50%, 04/01/2023^(b)		292,000		328,407
10.50%, 02/01/2026^(b)		150,000		173,253
5.75%, 03/01/2027^(b)		295,000		301,981
Expedia Group, Inc., 3.60%, 12/15/2023		2,632,000		2,793,982
4.63%, 08/01/2027		4,206,000		4,759,651
2.95%, 03/15/2031		387,000		394,115
Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032^(b)		1,980,000		1,967,912

				10,719,301


Household Products–0.02%
Energizer Holdings, Inc., 4.38%, 03/31/2029^(b)(c)		519,000		521,138


Hypermarkets & Super Centers–0.29%
Walmart, Inc., 6.50%, 08/15/2037		5,500,000		8,397,942


Independent Power Producers & Energy Traders–0.66%
AES Corp. (The), 1.38%,
01/15/2026		2,872,000		2,857,625
2.45%, 01/15/2031		5,089,000		5,141,608
Calpine Corp., 3.75%, 03/01/2031^(b)		4,464,000		4,384,005
Clearway Energy Operating LLC,
4.75%, 03/15/2028(b)		589,000		624,311
3.75%, 02/15/2031^(b)		443,000		450,748
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030^(b)		5,671,000		5,638,902

				19,097,199


Industrial Conglomerates–0.51%
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		4,111,000		4,996,197
General Electric Co., 5.55%, 01/05/2026		8,426,000		9,950,224

				14,946,421


Industrial Machinery–0.23%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)		124,000		122,444
EnPro Industries, Inc., 5.75%, 10/15/2026		489,000		514,186
IDEX Corp., 2.63%, 06/15/2031		2,885,000		2,975,691
Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)		518,000		539,922
Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026^(b)		2,501,000		2,530,374

				6,682,617


	Principal Amount		Value

Industrial REITs–0.09%
Lexington Realty Trust, 2.38%, 10/01/2031	$	2,608,000	$	2,588,169


Insurance Brokers–0.09%
Arthur J. Gallagher & Co., 3.50%, 05/20/2051		2,506,000		2,719,916

Integrated Oil & Gas–1.41%
BP Capital Markets America, Inc., 3.06%, 06/17/2041		5,222,000		5,375,559
2.77%, 11/10/2050		5,985,000		5,698,098
2.94%, 06/04/2051		5,365,000		5,266,655
BP Capital Markets PLC (United Kingdom), 4.38%^(d)(e)		2,512,000		2,681,560
Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(b)		3,104,000		3,198,512
Occidental Petroleum Corp., 5.55%, 03/15/2026		322,000		359,433
8.50%, 07/15/2027		87,000		109,886
6.13%, 01/01/2031^(c)		305,000		369,232
6.20%, 03/15/2040		233,000		278,201
4.10%, 02/15/2047		315,000		308,421
Petrobras Global Finance B.V. (Brazil), 5.50%, 06/10/2051		1,670,000		1,670,768
Petroleos Mexicanos (Mexico), 6.88%, 08/04/2026		110,000		120,278
Qatar Petroleum (Qatar), 2.25%, 07/12/2031^(b)		2,316,000		2,338,713
3.13%, 07/12/2041^(b)		2,245,000		2,316,054
3.30%, 07/12/2051^(b)		3,664,000		3,792,423
SA Global Sukuk Ltd. (Saudi Arabia),
1.60%, 06/17/2026^(b)		1,803,000		1,808,308
2.69%, 06/17/2031^(b)		2,311,000		2,368,355
Saudi Arabian Oil Co. (Saudi Arabia), 4.38%, 04/16/2049^(b)		2,407,000		2,820,739

				40,881,195


Integrated Telecommunication Services–2.55%
Altice France S.A. (France), 7.38%, 05/01/2026^(b)		381,000		395,943
8.13%, 02/01/2027^(b)		472,000		513,300
5.13%, 07/15/2029^(b)		253,000		256,104
AT&T, Inc., 1.30% (3 mo. USD LIBOR + 1.18%), 06/12/2024^(g)		2,832,000		2,907,185
2.55%, 12/01/2033^(b)		200,000		201,180
3.10%, 02/01/2043		4,885,000		4,845,784
3.50%, 09/15/2053^(b)		9,416,000		9,691,123
3.55%, 09/15/2055^(b)		12,029,000		12,333,405
3.65%, 09/15/2059^(b)		242,000		249,480
3.50%, 02/01/2061		3,133,000		3,118,504
NBN Co. Ltd. (Australia), 2.63%, 05/05/2031^(b)		5,039,000		5,199,330
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		2,648,000		3,845,973

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

11 Invesco Corporate Bond Fund


	Principal Amount		Value

Integrated Telecommunication Services–(continued)
Verizon Communications, Inc.,
0.85%, 11/20/2025^(c)	$	4,258,000	$	4,228,353
1.75%, 01/20/2031		3,558,000		3,449,177
2.55%, 03/21/2031		2,216,000		2,290,790
4.81%, 03/15/2039		2,095,000		2,661,378
2.65%, 11/20/2040		2,357,000		2,288,622
3.40%, 03/22/2041		2,247,000		2,411,492
2.88%, 11/20/2050		3,580,000		3,452,354
3.00%, 11/20/2060		6,445,000		6,213,833
3.70%, 03/22/2061		3,146,000		3,466,756

				74,020,066


Interactive Home Entertainment–0.44%
Electronic Arts, Inc., 1.85%, 02/15/2031		5,057,000		4,968,103
2.95%, 02/15/2051		4,786,000		4,762,056
WMG Acquisition Corp., 3.00%, 02/15/2031^(b)		2,963,000		2,922,658

				12,652,817


Interactive Media & Services–1.00%
Alphabet, Inc., 1.90%, 08/15/2040		2,432,000		2,259,617
2.25%, 08/15/2060		4,245,000		3,864,714
Audacy Capital Corp., 6.75%, 03/31/2029^(b)(c)		501,000		506,271
Baidu, Inc. (China), 3.08%, 04/07/2025^(c)		1,175,000		1,245,353
1.72%, 04/09/2026		1,255,000		1,271,955
Match Group Holdings II LLC, 5.63%, 02/15/2029^(b)		4,618,000		4,993,212
Scripps Escrow II, Inc., 3.88%, 01/15/2029^(b)		515,000		518,363
Tencent Holdings Ltd. (China), 1.81%, 01/26/2026^(b)		1,509,000		1,528,249
3.60%, 01/19/2028^(b)		4,305,000		4,665,051
3.93%, 01/19/2038^(b)(c)		3,137,000		3,401,994
Twitter, Inc., 3.88%, 12/15/2027^(b)(c)		4,527,000		4,893,347

				29,148,126


Internet & Direct Marketing Retail–1.38%
Alibaba Group Holding Ltd. (China), 3.15%, 02/09/2051^(c)		3,700,000		3,647,995
Amazon.com, Inc., 2.10%, 05/12/2031		8,742,000		8,971,027
2.88%, 05/12/2041		6,789,000		7,126,659
3.10%, 05/12/2051^(c)		7,738,000		8,345,627
3.25%, 05/12/2061		6,706,000		7,330,552
Meituan (China), 2.13%, 10/28/2025^(b)(c)		3,055,000		2,984,908
QVC, Inc., 5.45%, 08/15/2034		1,449,000		1,550,430

				39,957,198


Internet Services & Infrastructure–0.57%
Twilio, Inc., 3.63%, 03/15/2029^(c)		2,928,000		3,025,942
3.88%, 03/15/2031		3,079,000		3,221,819
VeriSign, Inc., 2.70%, 06/15/2031^(c)		2,765,000		2,847,826


	Principal Amount		Value

Internet Services & Infrastructure–(continued)
ZoomInfo Technologies LLC/ ZoomInfo Finance Corp., 3.88%, 02/01/2029^(b)	$	7,289,000	$	7,354,601

				16,450,188


Investment Banking & Brokerage–3.37%
Brookfield Finance I (UK) PLC (Canada), 2.34%, 01/30/2032		4,131,000		4,133,666
Brookfield Finance, Inc. (Canada),
2.72%, 04/15/2031		3,158,000		3,287,082
3.50%, 03/30/2051		3,451,000		3,652,713
Cantor Fitzgerald L.P., 6.50%, 06/17/2022^(b)		2,962,000		3,095,667
Charles Schwab Corp. (The), 1.95%, 12/01/2031		5,257,000		5,264,943
Series E, 4.63%^(d)(e)		4,214,000		4,277,210
Series G, 5.38%^(d)(e)		231,000		257,288
Goldman Sachs Group, Inc. (The), 0.63% (SOFR + 0.58%),
03/08/2024^(g)		6,793,000		6,814,260
3.50%, 04/01/2025		3,198,000		3,464,113
0.84% (SOFR + 0.79%), 12/09/2026^(g)		6,834,000		6,846,473
1.09%, 12/09/2026^(d)		3,467,000		3,441,618
0.86% (SOFR + 0.81%), 03/09/2027^(g)		9,583,000		9,590,129
1.99%, 01/27/2032^(d)		3,332,000		3,267,721
2.38%, 07/21/2032^(d)		3,215,000		3,251,699
6.75%, 10/01/2037		4,343,000		6,335,997
2.91%, 07/21/2042^(d)		2,551,000		2,579,431
4.80%, 07/08/2044		3,955,000		5,155,009
Series T, 3.80%^(d)(e)		146,000		149,358
Jefferies Group LLC/Jefferies Group
Capital Finance, Inc., 4.15%, 01/23/2030		3,579,000		4,060,683
Morgan Stanley, 2.19%, 04/28/2026^(d)		2,569,000		2,670,714
4.35%, 09/08/2026		350,000		397,890
3.62%, 04/01/2031^(d)		3,069,000		3,440,970
2.24%, 07/21/2032^(d)		5,308,000		5,324,357
2.80%, 01/25/2052^(d)		2,017,000		2,012,608
NFP Corp., 4.88%, 08/15/2028^(b)		202,000		205,788
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031		2,496,000		2,523,475
Raymond James Financial, Inc., 3.75%, 04/01/2051		2,170,000		2,460,652

				97,961,514


IT Consulting & Other Services–0.04%
Gartner, Inc., 4.50%, 07/01/2028^(b)		740,000		784,400
3.63%, 06/15/2029^(b)		253,000		260,792

				1,045,192


Leisure Facilities–0.01%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/2024		247,000		249,161

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

12 Invesco Corporate Bond Fund


	Principal Amount		Value

Life & Health Insurance–2.48%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027^(c)	$	6,278,000	$	7,176,675
Athene Global Funding, 1.20%, 10/13/2023^(b)		4,890,000		4,955,037
2.50%, 01/14/2025^(b)		3,179,000		3,328,631
1.45%, 01/08/2026^(b)		2,467,000		2,487,527
Athene Holding Ltd., 4.13%, 01/12/2028^(c)		6,615,000		7,436,489
6.15%, 04/03/2030		3,425,000		4,371,733
3.95%, 05/25/2051		782,000		885,066
Brighthouse Financial, Inc., 4.70%, 06/22/2047		2,566,000		2,913,622
Delaware Life Global Funding, Series 21-1, 2.66% 06/29/2026^(b)		13,992,000		14,335,784
MAG Mutual Insurance Co., 4.75%, 04/30/2041		11,777,000		11,777,000
MetLife, Inc., 4.13%, 08/13/2042		2,218,000		2,689,488
Series D, 5.88%^(c)(d)(e)		300,000		351,208
Nationwide Financial Services, Inc., 3.90%, 11/30/2049^(b)		3,113,000		3,592,058
Pacific LifeCorp, 3.35%, 09/15/2050^(b)(c)		3,314,000		3,611,795
Prudential Financial, Inc., 3.91%, 12/07/2047		1,849,000		2,196,157

				72,108,270


Life Sciences Tools & Services–0.09%
Illumina, Inc., 2.55%, 03/23/2031		2,504,000		2,570,123


Managed Health Care–0.50%
Centene Corp., 4.63%, 12/15/2029		526,000		577,622
3.38%, 02/15/2030		320,000		334,800
3.00%, 10/15/2030		501,000		519,898
2.50%, 03/01/2031^(c)		6,080,000		6,071,914
Kaiser Foundation Hospitals, Series 2021, 2.81%, 06/01/2041		3,275,000		3,385,693
3.00%, 06/01/2051		3,415,000		3,586,588

				14,476,515


Metal & Glass Containers–0.12%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028^(b)		600,000		605,250
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(b)		489,000		512,227
Ball Corp., 5.25%, 07/01/2025^(c)		359,000		406,119
Silgan Holdings, Inc., 1.40%, 04/01/2026^(b)		1,967,000		1,939,236

				3,462,832


Movies & Entertainment–0.19%
Netflix, Inc., 5.88%, 11/15/2028		1,017,000		1,262,387
5.38%, 11/15/2029^(b)		252,000		310,254


	Principal Amount		Value

Movies & Entertainment–(continued)
Tencent Music Entertainment Group (China), 1.38%, 09/03/2025	$	1,560,000	$	1,545,712
2.00%, 09/03/2030		2,480,000		2,386,374

				5,504,727


Multi-line Insurance–0.47%
American International Group, Inc., 4.50%, 07/16/2044		2,088,000		2,591,690
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		2,781,000		3,203,859
4.63%, 04/29/2030		3,657,000		4,197,688
Nationwide Mutual Insurance Co., 4.95%, 04/22/2044^(b)		3,068,000		3,741,132

				13,734,369


Multi-Utilities–0.10%
Dominion Energy, Inc., Series C, 2.25%, 08/15/2031		354,000		357,763
WEC Energy Group, Inc., 1.38%, 10/15/2027		2,504,000		2,477,102

				2,834,865


Office REITs–1.04%
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027		2,823,000		3,182,327
1.88%, 02/01/2033		12,555,000		12,063,896
4.00%, 02/01/2050		2,598,000		3,052,687
Highwoods Realty L.P., 2.60%, 02/01/2031		2,070,000		2,115,245
Office Properties Income Trust, 4.50%, 02/01/2025		5,174,000		5,596,381
2.65%, 06/15/2026		848,000		865,879
2.40%, 02/01/2027		3,394,000		3,396,643

				30,273,058


Oil & Gas Drilling–0.09%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		523,000		555,034
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		405,000		411,581
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029^(b)		395,000		397,927
Rockies Express Pipeline LLC, 4.80%, 05/15/2030^(b)		430,000		445,248
6.88%, 04/15/2040^(b)		339,000		374,203
Valaris Ltd., 12.00% PIK Rate, 8.25% Cash
Rate, 04/30/2028^(b)(h)		182,000		189,042
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(h)		342,000		355,234

				2,728,269


Oil & Gas Equipment & Services–0.14%
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		3,214,000		3,547,126
USA Compression Partners L.P./USA
Compression Finance Corp., 6.88%, 09/01/2027		485,000		508,605

				4,055,731

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

13 Invesco Corporate Bond Fund


	Principal Amount		Value

Oil & Gas Exploration & Production–1.66%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)	$	1,046,000	$	1,136,265

Callon Petroleum Co., 8.00%, 08/01/2028^(b)(c)		501,000		482,972

Cameron LNG LLC,
3.30%, 01/15/2035^(b)		3,917,000		4,255,266

3.40%, 01/15/2038^(b)		4,220,000		4,542,863

ConocoPhillips, 2.40%, 02/15/2031^(b)		66,000		67,988

Devon Energy Corp., 5.25%, 10/15/2027^(b)		8,752,000		9,313,729

EQT Corp.,
3.13%, 05/15/2026^(b)		811,000		834,316

3.63%, 05/15/2031^(b)(c)		581,000		615,038

Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates),
2.16%, 03/31/2034^(b)		3,520,000		3,511,763

2.94%, 09/30/2040^(b)		5,170,000		5,265,791

Gazprom PJSC via Gaz Finance PLC (Russia), 2.95%, 01/27/2029^(b)		7,070,000		6,970,249

Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		255,000		245,756

8.00%, 01/15/2027		546,000		542,877

7.75%, 02/01/2028		304,000		298,406

Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028^(b)		482,000		498,870

Lundin Energy Finance B.V. (Netherlands),
2.00%, 07/15/2026^(b)		2,566,000		2,587,201

3.10%, 07/15/2031^(b)		2,566,000		2,605,914

Murphy Oil Corp.,
6.38%, 07/15/2028^(c)		2,418,000		2,547,967

6.38%, 12/01/2042		180,000		179,342

Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(b)		811,000		843,485

Ovintiv Exploration, Inc., 5.63%, 07/01/2024		314,000		350,105

SM Energy Co., 10.00%, 01/15/2025^(b)(c)		509,000		568,171

				48,264,334


Oil & Gas Refining & Marketing–0.51%
Parkland Corp. (Canada),
5.88%, 07/15/2027^(b)		2,535,000		2,704,211

4.50%, 10/01/2029^(b)		1,951,000		2,002,653

Petronas Capital Ltd. (Malaysia),
2.48%, 01/28/2032^(b)		3,527,000		3,595,871

3.40%, 04/28/2061^(b)		6,289,000		6,637,779

				14,940,514


Oil & Gas Storage & Transportation–6.71%
Boardwalk Pipelines L.P., 3.40%, 02/15/2031		3,153,000		3,366,661

Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039^(b)		3,402,000		3,407,110

Cheniere Energy Partners L.P., 5.63%, 10/01/2026		236,000		244,531


	Principal Amount		Value

Oil & Gas Storage & Transportation–(continued)
Energy Transfer L.P.,
5.88%, 01/15/2024	$	508,000	$	560,084

2.90%, 05/15/2025		4,018,000		4,219,088

3.75%, 05/15/2030		6,585,000		7,156,200

4.90%, 03/15/2035		10,804,000		12,473,948

5.00%, 05/15/2050		7,246,000		8,505,104

Series A, 6.25%^(d)(e)		342,000		305,235

Enterprise Products Operating LLC,
3.13%, 07/31/2029		350,000		379,075

4.80%, 02/01/2049		2,189,000		2,731,690

4.20%, 01/31/2050		2,574,000		2,980,728

3.70%, 01/31/2051		12,424,000		13,490,190

Series D, 6.88%, 03/01/2033		2,458,000		3,470,592

4.88%, 08/16/2077^(d)		10,130,000		9,934,524

Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)		729,000		757,883

Kinder Morgan Energy Partners L.P., 4.30%, 05/01/2024^(c)		1,971,000		2,136,751

Kinder Morgan, Inc.,
7.80%, 08/01/2031^(c)		17,074,000		24,626,616

7.75%, 01/15/2032		17,670,000		25,588,446

3.25%, 08/01/2050		13,500,000		13,235,248

MPLX L.P.,
1.75%, 03/01/2026		3,426,000		3,470,875

4.80%, 02/15/2029		2,176,000		2,549,446

4.70%, 04/15/2048		2,570,000		3,008,784

5.50%, 02/15/2049		3,475,000		4,494,816

NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		357,000		299,541

NGPL PipeCo LLC, 7.77%, 12/15/2037^(b)		12,211,000		17,628,231

Northern Natural Gas Co., 3.40%, 10/16/2051^(b)		2,341,000		2,456,377

Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029^(b)		743,000		769,975

ONEOK Partners L.P., 6.85%, 10/15/2037		3,892,000		5,324,144

ONEOK, Inc., 6.35%, 01/15/2031		5,120,000		6,601,707

Plains All American Pipeline L.P., Series B, 6.13%^(d)(e)		385,000		345,537

Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029		200,000		212,092

Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024		362,000		403,753

Sunoco L.P./Sunoco Finance Corp., 5.88%, 03/15/2028		723,000		764,862

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.88%, 04/15/2026		677,000		709,157

5.00%, 01/15/2028		201,000		211,464

5.50%, 03/01/2030		63,000		69,536

Western Midstream Operating L.P., 2.23% (3 mo. USD LIBOR + 2.10%), 01/13/2023^(g)		3,109,000		3,101,861

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

14 Invesco Corporate Bond Fund


	Principal Amount		Value

Oil & Gas Storage & Transportation–(continued)

Williams Cos., Inc. (The),
7.88%, 09/01/2021	$	140,000	$	140,000

4.55%, 06/24/2024		399,000		437,148

3.50%, 11/15/2030^(c)		1,995,000		2,192,466

				194,761,476


Other Diversified Financial Services–1.93%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 09/15/2023 DAC		3,103,000		3,312,003

Aragvi Finance International DAC (Moldova), 8.45%, 04/29/2026^(b)		1,385,000		1,444,361

Avolon Holdings Funding Ltd. (Ireland),
2.13%, 02/21/2026^(b)		3,202,000		3,196,606

4.25%, 04/15/2026^(b)		2,009,000		2,179,557

2.75%, 02/21/2028^(b)		3,585,000		3,598,937

Blackstone Holdings Finance Co. LLC,
1.60%, 03/30/2031^(b)		2,868,000		2,769,616

5.00%, 06/15/2044^(b)		250,000		340,852

2.80%, 09/30/2050^(b)		2,149,000		2,106,921

Blackstone Secured Lending Fund,
2.75%, 09/16/2026^(c)		7,261,000		7,481,612

2.13%, 02/15/2027^(b)		4,396,000		4,347,167

Blue Owl Finance LLC, 3.13%, 06/10/2031^(b)		3,990,000		4,013,062

Carlyle Finance LLC, 5.65%, 09/15/2048^(b)		360,000		504,034

GE Capital Funding LLC, 4.40%, 05/15/2030		2,812,000		3,297,047

ILFC E-Capital Trust II, 3.91% (3 mo. USD LIBOR + 1.80%), 12/21/2065^(b)(g)		620,000		524,675

KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050^(b)		2,173,000		2,343,977

LSEGA Financing PLC (United Kingdom),
1.38%, 04/06/2026^(b)		2,907,000		2,920,257

2.00%, 04/06/2028^(b)		2,683,000		2,731,821

2.50%, 04/06/2031^(b)		1,634,000		1,685,733

3.20%, 04/06/2041^(b)		2,238,000		2,370,691

Pershing Square Holdings Ltd. (Guernsey), 3.25%, 11/15/2030^(b)		4,800,000		4,940,515

				56,109,444


Packaged Foods & Meats–0.56%
JBS Finance Luxembourg S.a.r.l., 3.63%, 01/15/2032^(b)		3,156,000		3,271,083

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029^(b)(c)		466,000		528,327

Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		340,000		508,736

5.00%, 06/04/2042		352,000		446,040

4.38%, 06/01/2046		472,000		548,246

5.50%, 06/01/2050		540,000		721,715

Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031^(b)		10,531,000		10,359,029

				16,383,176


Paper Packaging–0.23%
Berry Global, Inc., 1.65%, 01/15/2027^(b)		3,817,000		3,806,904


	Principal Amount		Value

Paper Packaging–(continued)

Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028^(b)	$	2,726,000	$	2,875,930

				6,682,834


Paper Products–0.26%
Georgia-Pacific LLC, 2.10%, 04/30/2027^(b)		3,052,000		3,169,747

Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)		1,493,000		1,565,784

Suzano Austria GmbH (Brazil), 3.13%, 01/15/2032		2,139,000		2,148,091

Sylvamo Corp., 7.00%, 09/01/2029^(b)		534,000		553,563

				7,437,185


Pharmaceuticals–0.41%
AdaptHealth LLC,
6.13%, 08/01/2028^(b)		251,000		267,629

5.13%, 03/01/2030^(b)		276,000		279,965

Bausch Health Cos., Inc.,
6.13%, 04/15/2025^(b)		153,000		156,634

9.00%, 12/15/2025^(b)		202,000		215,130

5.75%, 08/15/2027^(b)(c)		500,000		525,650

Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027^(b)		72,000		70,838

Mayo Clinic, Series 2021, 3.20%, 11/15/2061		2,444,000		2,719,718

Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028^(b)		1,158,000		1,196,156

Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		785,000		795,794

Royalty Pharma PLC,
2.20%, 09/02/2030		82,000		81,364

2.15%, 09/02/2031		1,747,000		1,705,703

3.35%, 09/02/2051		1,745,000		1,697,006

Viatris, Inc., 3.85%, 06/22/2040^(b)		2,102,000		2,280,096

				11,991,683


Property & Casualty Insurance–0.48%
Assured Guaranty US Holdings, Inc., 3.60%, 09/15/2051		1,729,000		1,790,446

Fidelity National Financial, Inc., 3.40%, 06/15/2030		2,603,000		2,815,048

First American Financial Corp., 2.40%, 08/15/2031		3,228,000		3,190,632

W.R. Berkley Corp.,
4.00%, 05/12/2050		2,176,000		2,552,261

3.55%, 03/30/2052		3,241,000		3,544,995

				13,893,382


Railroads–0.97%
Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115		11,051,000		17,545,105

Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023^(b)		270,000		270,580

Norfolk Southern Corp., 3.40%, 11/01/2049		3,298,000		3,552,917

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

15 Invesco Corporate Bond Fund


	Principal Amount		Value

Railroads–(continued)
Union Pacific Corp.,
2.15%, 02/05/2027	$	3,491,000	$	3,645,789

3.95%, 08/15/2059		2,669,000		3,179,121

				28,193,512


Real Estate Development–0.36%
Arabian Centres Sukuk II Ltd. (Saudi Arabia), 5.63%, 10/07/2026^(b)		5,002,000		5,192,451

Essential Properties L.P., 2.95%, 07/15/2031		2,551,000		2,573,870

Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		2,492,000		2,575,010

				10,341,331


Regional Banks–1.77%
Citizens Financial Group, Inc.,
2.50%, 02/06/2030		3,375,000		3,480,702

3.25%, 04/30/2030		210,000		228,683

Series G, 4.00%^(d)(e)		3,379,000		3,467,699

Fifth Third Bancorp,
4.30%, 01/16/2024		2,523,000		2,727,996

2.38%, 01/28/2025		7,102,000		7,432,711

2.55%, 05/05/2027^(c)		2,177,000		2,311,503

Huntington Bancshares, Inc., 2.49%, 08/15/2036^(b)(d)		2,700,000		2,706,877

KeyCorp, 2.25%, 04/06/2027		4,906,000		5,116,713

M&T Bank Corp., 3.50%^(d)(e)		3,144,000		3,210,024

SVB Financial Group,
2.10%, 05/15/2028		2,375,000		2,428,112

1.80%, 02/02/2031^(c)		4,608,000		4,464,916

Series C, 4.00%^(d)(e)		6,884,000		7,150,755

Synovus Financial Corp., 3.13%, 11/01/2022		2,271,000		2,326,654

Zions Bancorporation N.A., 3.25%, 10/29/2029		4,138,000		4,381,154

				51,434,499


Reinsurance–0.78%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		3,233,000		3,261,846

Global Atlantic Fin Co.,
4.40%, 10/15/2029^(b)		9,421,000		10,452,094

3.13%, 06/15/2031^(b)		2,301,000		2,344,376

4.70%, 10/15/2051^(b)(d)		6,477,000		6,643,194

				22,701,510


Research & Consulting Services–0.02%
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026^(b)		455,000		480,025

10.25%, 02/15/2027^(b)		34,000		36,933

				516,958


Residential REITs–0.45%
American Homes 4 Rent L.P.,
2.38%, 07/15/2031		868,000		872,594

3.38%, 07/15/2051		853,000		880,819

Mid-America Apartments L.P., 2.88%, 09/15/2051		865,000		851,619

Spirit Realty L.P.,
3.40%, 01/15/2030		4,902,000		5,264,978

2.70%, 02/15/2032		352,000		354,763

UDR, Inc., 3.00%, 08/15/2031		2,639,000		2,804,296


	Principal Amount		Value

Residential REITs–(continued)
VEREIT Operating Partnership L.P., 2.20%, 06/15/2028	$	1,935,000	$	1,982,369

				13,011,438


Restaurants–0.18%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030^(b)		4,019,000		4,001,839

Aramark Services, Inc., 5.00%, 04/01/2025^(b)		515,000		528,939

IRB Holding Corp., 6.75%, 02/15/2026^(b)		690,000		710,700

				5,241,478


Retail REITs–1.10%
Agree L.P., 2.60%, 06/15/2033		2,737,000		2,772,722

Brixmor Operating Partnership L.P.,
4.05%, 07/01/2030		2,848,000		3,226,838

2.50%, 08/16/2031		2,084,000		2,096,979

Kimco Realty Corp.,
1.90%, 03/01/2028		4,255,000		4,292,518

2.70%, 10/01/2030		2,438,000		2,527,521

National Retail Properties, Inc., 3.50%, 04/15/2051		3,252,000		3,467,332

NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)		246,000		260,760

Realty Income Corp., 3.25%, 01/15/2031		3,129,000		3,458,355

Regency Centers L.P., 4.13%, 03/15/2028		2,214,000		2,520,089

Retail Properties of America, Inc., 4.75%, 09/15/2030		2,614,000		2,930,242

Simon Property Group L.P., 1.38%, 01/15/2027		4,276,000		4,266,136

				31,819,492


Security & Alarm Services–0.01%
Brink’s Co. (The), 4.63%, 10/15/2027^(b)		201,000		211,368


Semiconductor Equipment–0.01%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.40%, 05/01/2030^(b)		289,000		317,295


Semiconductors–1.68%
Analog Devices, Inc., 3.13%, 12/05/2023^(c)		2,236,000		2,361,161

Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.88%, 01/15/2027		2,607,000		2,878,997

3.50%, 01/15/2028		6,238,000		6,790,542

Broadcom, Inc.,
5.00%, 04/15/2030		4,626,000		5,484,256

2.45%, 02/15/2031^(b)		2,643,000		2,621,670

3.47%, 04/15/2034^(b)		12,461,000		13,206,337

Marvell Technology, Inc., 2.95%, 04/15/2031^(b)		6,350,000		6,619,053

Micron Technology, Inc.,
4.98%, 02/06/2026		1,880,000		2,164,406

4.19%, 02/15/2027		5,683,000		6,469,897

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

16 Invesco Corporate Bond Fund


	Principal Amount		Value

Semiconductors–(continued)
Skyworks Solutions, Inc., 3.00%, 06/01/2031	$	125,000	$	130,098

				48,726,417

Soft Drinks–0.08%
Coca-Cola Europacific Partners PLC (United Kingdom), 1.50%, 01/15/2027^(b)		1,890,000		1,889,525

Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 1.85%, 09/01/2032		155,000		150,296

Keurig Dr Pepper, Inc., 4.60%, 05/25/2028		250,000		293,599

				2,333,420


Sovereign Debt–1.72%
Banque Ouest Africaine de Developpement (Supranational), 5.00%, 07/27/2027^(b)		8,000,000		8,985,200

Brazilian Government International Bond (Brazil)
3.75%, 09/12/2031		5,970,000		5,889,405

4.75%, 01/14/2050		4,807,000		4,560,689

Dominican Republic International Bond (Dominican Republic), 5.30%, 01/21/2041^(b)		2,320,000		2,372,223

Egypt Government International Bond (Egypt),
3.88%, 02/16/2026^(b)		3,583,000		3,520,075

5.88%, 02/16/2031^(b)(c)		2,762,000		2,735,537

7.50%, 02/16/2061^(b)		3,739,000		3,558,070

Ghana Government International Bond (Ghana), 7.75%, 04/07/2029^(b)		3,282,000		3,323,455

Morocco Government International Bond (Morocco),
2.38%, 12/15/2027^(b)		2,089,000		2,068,047

4.00%, 12/15/2050^(b)		1,625,000		1,515,880

Oman Government International Bond (Oman),
4.88%, 02/01/2025^(b)		995,000		1,045,054

6.25%, 01/25/2031^(b)		1,140,000		1,246,120

7.00%, 01/25/2051^(b)		1,215,000		1,270,619

Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051^(b)		3,149,000		3,234,779

Turkey Government International Bond (Turkey), 4.75%, 01/26/2026		4,475,000		4,473,134

				49,798,287


Specialized Consumer Services–0.02%
Carriage Services, Inc., 4.25%, 05/15/2029^(b)		105,000		105,295

Terminix Co. LLC (The), 7.45%, 08/15/2027		463,000		554,607

				659,902


Specialized Finance–0.31%
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025^(b)(c)		5,927,000		6,415,214

National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/2030		2,421,000		2,508,352

				8,923,566


		Principal Amount		Value

Specialized REITs–0.84%
American Tower Corp.,
2.70%, 04/15/2031^(c)		$	6,214,000	$	6,450,944

3.10%, 06/15/2050			4,779,000		4,753,050

Crown Castle International Corp., 2.50%, 07/15/2031			5,059,000		5,137,365

Equinix, Inc., 3.20%, 11/18/2029			120,000		129,207

Extra Space Storage L.P., 2.55%, 06/01/2031			2,338,000		2,377,372

SBA Communications Corp.,
4.88%, 09/01/2024			507,000		515,239

3.88%, 02/15/2027			255,000		265,335

3.13%, 02/01/2029^(b)			4,949,000		4,868,678

					24,497,190


Specialty Chemicals–0.51%
Braskem Idesa S.A.P.I. (Mexico), 7.45%, 11/15/2029^(b)			3,457,000		3,667,929

Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)			726,000		766,837

Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026			4,049,000		4,186,970

5.50%, 03/18/2031			5,790,000		6,130,336

					14,752,072


Steel–0.06%
Steel Dynamics, Inc., 3.25%, 01/15/2031			42,000		45,635

SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)			1,804,000		1,829,454

					1,875,089


Systems Software–0.79%
Camelot Finance S.A., 4.50%, 11/01/2026^(b)			1,229,000		1,284,059

Crowdstrike Holdings, Inc., 3.00%, 02/15/2029			2,891,000		2,918,898

Oracle Corp.,	��
3.60%, 04/01/2050			11,262,000		11,769,360

3.85%, 04/01/2060			4,355,000		4,690,757

VMware, Inc., 2.20%, 08/15/2031			2,430,000		2,415,973

					23,079,047


Technology Distributors–0.08%
Avnet, Inc., 4.63%, 04/15/2026			2,079,000		2,333,087


Technology Hardware, Storage & Peripherals–0.49%
Apple, Inc.,
2.65%, 05/11/2050			4,304,000		4,271,671

2.80%, 02/08/2061			9,665,000		9,675,860

Western Digital Corp., 4.75%, 02/15/2026^(c)			310,000		347,020

					14,294,551


Textiles–0.01%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025^(b)			214,000		199,287


Thrifts & Mortgage Finance–0.02%
NMI Holdings, Inc., 7.38%, 06/01/2025^(b)			444,000		502,830

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

17 Invesco Corporate Bond Fund


	Principal Amount		Value

Tobacco–1.31%
Altria Group, Inc.,
4.40%, 02/14/2026	$	3,211,000	$	3,637,040

2.45%, 02/04/2032		5,509,000		5,387,553

3.40%, 02/04/2041		5,053,000		4,865,956

3.70%, 02/04/2051		14,457,000		14,066,952

4.00%, 02/04/2061		7,041,000		6,929,848

BAT Capital Corp. (United Kingdom),
2.26%, 03/25/2028		2,885,000		2,900,805

2.73%, 03/25/2031		143,000		142,652

				37,930,806


Trading Companies & Distributors–0.54%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045^(b)(d)		8,383,000		9,102,597

Air Lease Corp., 3.00%, 09/15/2023		1,878,000		1,958,286

Aircastle Ltd.,
5.00%, 04/01/2023		534,000		569,201

4.40%, 09/25/2023		3,695,000		3,943,280

				15,573,364


Trucking–1.80%
Aviation Capital Group LLC.
4.13%, 08/01/2025^(b)		5,168,000		5,604,751

3.50%, 11/01/2027^(b)		14,740,000		15,650,302

Penske Truck Leasing Co. L.P./PTL Finance Corp.,
1.20%, 11/15/2025^(b)		1,885,000		1,876,066

3.40%, 11/15/2026^(b)		405,000		443,047

Ryder System, Inc.,
4.63%, 06/01/2025		3,364,000		3,784,013

2.90%, 12/01/2026^(c)		303,000		325,464

SMBC Aviation Capital Finance DAC (Ireland),
3.00%, 07/15/2022^(b)		2,947,000		3,005,747

4.13%, 07/15/2023^(b)		3,674,000		3,894,973

Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026^(b)		6,078,000		6,135,536

3.15%, 06/15/2031^(b)(c)		5,425,000		5,548,847

Uber Technologies, Inc., 4.50%, 08/15/2029^(b)		6,022,000		5,937,421

				52,206,167


Wireless Telecommunication Services–2.50%
Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043		330,000		388,374

5.00%, 03/15/2044		4,468,000		5,593,970

Sprint Capital Corp., 8.75%, 03/15/2032		315,000		482,914

Sprint Corp.,
7.88%, 09/15/2023		84,000		95,273

7.63%, 02/15/2025		394,000		466,890

7.63%, 03/01/2026		389,000		480,104

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025^(b)		10,280,625		10,997,185

5.15%, 03/20/2028^(b)		10,994,000		12,674,983


	Principal Amount		Value

Wireless Telecommunication Services–(continued)
T-Mobile USA, Inc.,
2.25%, 02/15/2026^(b)	$	3,076,000	$	3,145,210

2.63%, 04/15/2026		3,413,000		3,511,124

2.63%, 02/15/2029		1,823,000		1,848,066

3.50%, 04/15/2031		925,000		986,050

4.50%, 04/15/2050		2,605,000		3,127,029

3.40%, 10/15/2052^(b)		6,099,000		6,199,298

VEON Holdings B.V. (Netherlands),
4.00%, 04/09/2025^(b)		3,605,000		3,807,871

3.38%, 11/25/2027^(b)		3,762,000		3,833,196

Vodafone Group PLC (United Kingdom),
3.25%, 06/04/2081^(d)		2,081,000		2,117,417

4.13%, 06/04/2081^(d)		3,580,000		3,637,513

5.13%, 06/04/2081^(d)		3,503,000		3,625,290

Xiaomi Best Time International Ltd. (China),
2.88%, 07/14/2031^(b)		3,663,000		3,690,589

4.10%, 07/14/2051^(b)		1,841,000		1,912,017

				72,620,363

Total U.S. Dollar Denominated Bonds & Notes (Cost $2,325,431,240)				2,463,487,211


U.S. Treasury Securities–5.76%
U.S. Treasury Bills–0.37%
0.05%, 02/17/2022^(i)(j)		10,749,000		10,746,729


U.S. Treasury Bonds–1.92%
1.75%, 08/15/2041		18,178,400		17,895,783

2.38%, 05/15/2051		34,240,500		37,822,377

				55,718,160


U.S. Treasury Notes–3.47%
0.38%, 08/15/2024		18,949,400		18,936,076

0.75%, 08/31/2026		54,261,000		54,201,652

1.13%, 08/31/2028		11,476,200		11,508,477

1.25%, 08/15/2031^(c)		16,106,500		16,025,968

				100,672,173

Total U.S. Treasury Securities (Cost $167,519,549)				167,137,062


	Shares
Preferred Stocks–2.96%
Asset Management & Custody Banks–0.15%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(d)		4,016,000		4,423,624


Diversified Banks–1.64%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		100		146,800

Bank of America Corp., 6.50%, Series Z, Pfd.^(c)(d)		4,158,000		4,698,540

Citigroup, Inc., 6.25%, Series T, Pfd.^(d)		2,110,000		2,458,150

Citigroup, Inc., 5.00%, Series U, Pfd.^(d)		7,500,000		7,912,500

Citigroup, Inc., 4.00%, Series W, Pfd.^(d)		3,879,000		4,034,160

JPMorgan Chase & Co., 3.60%, Series I, Pfd.^(g)		6,741,000		6,756,366

Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		14,554		21,700,014

				47,706,530


Integrated Telecommunication Services–0.18%
AT&T, Inc., 2.88%, Series B, Pfd.^(d)		4,400,000		5,266,935

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

18 Invesco Corporate Bond Fund


	Shares		Value

Investment Banking & Brokerage–0.66%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(d)		3,793,000	$	3,949,461

Goldman Sachs Group, Inc. (The), 5.00%, Series P, Pfd.^(c)(d)		3,255,000		3,290,805

Morgan Stanley, 7.13%, Series E, Pfd.^(d)		265,000		7,605,500

Morgan Stanley, 6.88%, Series F, Pfd.^(d)		150,000		4,215,000

				19,060,766


Life & Health Insurance–0.11%
MetLife, Inc., 3.85%, Series G, Pfd.^(c)(d)		3,104,000		3,266,960


Multi-Utilities–0.07%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.^(c)(d)		1,866,000		1,974,461


Other Diversified Financial Services–0.06%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(d)		1,724,000		1,879,160


Regional Banks–0.09%
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.^(d)		95,000		2,470,950

Total Preferred Stocks (Cost $78,436,208)				86,049,386


	Principal Amount
Variable Rate Senior Loan Interests–1.41%^(k)(l)
Diversified REITs–0.25%
Asterix, Inc. (Canada), Term Loan, 3.90%, 09/01/2021^(m)		$8,984,719		7,219,680


Health Care Supplies–1.16%
Medline Industries, Inc., Term Loan,
0.13%, 08/04/2022		6,740,000		6,740,000

0.13%, 08/04/2022		26,961,000		26,961,000

				33,701,000

Total Variable Rate Senior Loan Interests (Cost $40,420,557)				40,920,680


Asset-Backed Securities–0.89%
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047^(b)		4,221,971		4,581,689

Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(b)		10,575,181		11,330,194

Series 2021-1A, Class A2I, 2.19%, 08/20/2051^(b)		2,550,000		2,561,549

Series 2021-1A, Class A2II, 2.64%, 08/20/2051^(b)		2,510,000		2,523,751

Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048^(b)		4,390,750		4,700,108

Total Asset-Backed Securities (Cost $24,396,044)				25,697,291


Non-U.S. Dollar Denominated Bonds & Notes–0.27%⁽ⁿ⁾
Building Products–0.01%
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026^(b)	EUR	411,000		502,186


	Principal Amount		Value

Food Retail–0.02%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025^(b)	GBP	385,000	$	517,472


Movies & Entertainment–0.13%
Netflix, Inc., 3.88%, 11/15/2029^(b)	EUR	2,600,000		3,723,869


Sovereign Debt–0.11%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2030^(b)	EUR	2,765,000		3,122,431

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $6,975,402)				7,865,958


Municipal Obligations–0.23%
California State University, Series 2021 B, Ref. RB, 2.72%, 11/01/2052	$	2,340,000		2,325,234

Series 2021-B, Ref. RB, 2.94%, 11/01/2052		3,495,000		3,515,219

Florida Development Finance Corp. (Palm Bay Academy, Inc.),
Series 2017, Ref. RB, 9.00%, 05/15/2024^(b)		735,000		740,326

Series 2017, Ref. RB, 0.00%, 05/15/2037^(b)(f)(m)		360,000		4

Series 2017, Ref. RB, 0.00%, 05/15/2037^(b)(f)(m)		350,000		70,000

Total Municipal Obligations (Cost $6,904,186)				6,650,783


	Shares

Exchange-Traded Funds–0.20%
Invesco Total Return Bond ETF (Cost $ 5,830,000)^(o)		100,000		5,743,000


Money Market Funds–3.60%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(o)(p)		35,841,512		35,841,512

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(o)(p)		27,732,242		27,743,334

Invesco Treasury Portfolio, Institutional Class, 0.01%^(o)(p)		40,961,728		40,961,728

Total Money Market Funds (Cost $104,546,574)				104,546,574


Options Purchased–0.09% (Cost $3,356,446)^(q)				2,698,906

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.27% (Cost $2,763,816,206)				2,910,796,851

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.84%
Invesco Private Government Fund, 0.02%^(o)(p)(r)		33,077,327		33,077,327

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

19 Invesco Corporate Bond Fund



	Shares		Value

Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(o)(p)(r)		78,424,180	$	78,455,550

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $111,532,877)				111,532,877

TOTAL INVESTMENTS IN SECURITIES-104.11% (Cost $2,875,349,083)				3,022,329,728

OTHER ASSETS LESS LIABILITIES-(4.11)%				(119,294,700	)

NET ASSETS–100.00%			$	2,903,035,028


Investment Abbreviations:

Conv.		- Convertible
ETF		- Exchange-Traded Fund
EUR		- Euro
GBP		- British Pound Sterling
LIBOR		- London Interbank Offered Rate
Pfd.		- Preferred
PIK		- Pay-in-Kind
RB		- Revenue Bonds
Ref.		- Refunding
SOFR		- Secured Overnight Financing Rate
USD		- U.S. Dollar

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)

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, 2021 was $926,162,608, which represented 31.90% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

^(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)	Zero coupon bond issued at a discount.

^(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(h)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

⁽ⁱ⁾	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

^(j)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(k)

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.

^(l)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), 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.

^(m)	Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁿ⁾	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(o)

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 six months ended August 31, 2021.


	Value February 28, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value August 31, 2021			Dividend Income
Invesco Total Return Bond ETF		$	5,686,000		$	-		$	-		$	57,000		$	-		$	5,743,000		$	54,316
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			38,593,273			163,684,845			(166,436,606)			-			-			35,841,512			1,880
Invesco Liquid Assets Portfolio, Institutional Class			27,566,599			116,917,747			(116,741,011)			(100)			99			27,743,334			663
Invesco Treasury Portfolio, Institutional Class			44,106,598			187,068,394			(190,213,264)			-			-			40,961,728			794
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,748,998			116,625,008			(86,296,679)			-			-			33,077,327			1,455*
Invesco Private Prime Fund			4,123,497			218,247,195			(143,915,142)			-			-			78,455,550			21,220*
Total		$	122,824,965		$	802,543,189			$(703,602,702)		$	56,900		$	99		$	221,822,451		$	80,328

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

20 Invesco Corporate Bond Fund

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.

^(p)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

^(q)	The table below details options purchased.

^(r)	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 Equity Options Purchased




Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*		Value

Equity Risk

Alphabet, Inc.		Call		06/17/2022		3	USD	2,950.00	USD		885,000	$	74,760

Amazon.com, Inc.		Call		06/17/2022		1	USD	3,900.00	USD		390,000		17,643

Apple, Inc.		Call		06/17/2022		20	USD	160.00	USD		320,000		23,161

Energy Select Sector SPDR Fund		Call		06/17/2022		2,665	USD	57.00	USD		15,190,500		413,075

Microsoft Corp.		Call		06/17/2022		19	USD	310.00	USD		589,000		42,037

Total Open Exchange-Traded Equity Options Purchased						2,708						$	570,676

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Exchange-Traded Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value*

Value

Equity Risk

S&P 500 Index

Call

05/20/2022

USD 4,500.00

USD 35,100,000

2,128,230

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Exchange-Traded Equity Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Premiums
Received

Notional

Value*

Value

Unrealized
Appreciation

Equity Risk

Energy Select Sector SPDR Fund

Call

06/17/2022

2,665

USD 70.00

$(418,311)

USD 18,655,000

$(89,278)

$329,033

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Credit Default Swaptions Written^(a)

Counterparty

Type of
Contract

Exercise
Rate

Reference
Entity

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Expiration
Date

Implied
Credit
Spread^(b)

Premiums
Received

Notional
Value

Value

Unrealized
Appreciation

Credit Risk

Goldman Sachs International

Put

108.00

Markit
CDX
North
America
High
Yield
Index,
Series
36,
Version 1

5.00%

Quarterly

09/15/2021

2.770%

$(411,119) USD

(63,249,000)

$(46,101)

$365,018

^(a)	Over-The-Counter swaptions written are collateralized by cash held with Counterparties in the amount of $360,000.

^(b)

Implied credit spreads represent the current level, as of August 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement 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 generally.


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		1,913	December-2021	$	421,487,705	$	283,962		$	283,962

U.S. Treasury 5 Year Notes		2,020	December-2021		249,911,875		316,192			316,192

U.S. Treasury 10 Year Notes		833	December-2021		111,166,453		31,281			31,281

U.S. Treasury Long Bonds		104	December-2021		16,948,750		(53,625	)		(53,625	)

Subtotal-Long Futures Contracts							577,810			577,810

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

21 Invesco Corporate Bond Fund


Open Futures Contracts-(continued)


Short Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value		Unrealized Appreciation (Depreciation)

Interest Rate Risk

U.S. Treasury 10 Year Ultra Notes		1,893	December-2021	$	(280,193,578	)	$	169,734	$	169,734

U.S. Treasury Ultra Bonds		551	December-2021		(108,701,969	)		413,414		413,414

Subtotal-Short Futures Contracts								583,148		583,148

Total Futures Contracts							$	1,160,958	$	1,160,958


Open Forward Foreign Currency Contracts

Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)

Currency Risk

11/17/2021	Goldman Sachs International	CAD	11,500,000	USD	9,147,362	$	33,413

11/17/2021	Goldman Sachs International	GBP	350,000	USD	484,978		3,715

Subtotal-Appreciation							37,128


Currency Risk
11/17/2021	Canadian Imperial Bank of Commerce	EUR	9,680,000	USD	11,367,138		(79,417	)

11/17/2021	Citibank, N.A.	EUR	850,000	USD	998,113		(7,009	)

Subtotal-Depreciation							(86,426	)

Total Forward Foreign Currency Contracts							$(49,298	)

Abbreviations:

CAD -Canadian Dollar

EUR -Euro

GBP -British Pound Sterling

USD -U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of August 31, 2021


U.S. Dollar Denominated Bonds & Notes			84.86%

U.S. Treasury Securities			5.76

Preferred Stocks			2.96

Variable Rate Senior Loan Interests			1.41

Security Types Each Less Than 1% of Portfolio			1.59

Money Market Funds Plus Other Assets Less Liabilities			3.42

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

22 Invesco Corporate Bond Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $2,653,439,632)*	$	2,800,507,277

Investments in affiliates, at value (Cost $221,909,451)		221,822,451

Other investments:
Variation margin receivable – futures contracts		958,361

Unrealized appreciation on forward foreign currency contracts outstanding		37,128

Deposits with brokers:
Cash collateral – OTC Derivatives		360,000

Foreign currencies, at value (Cost $5,098,315)		5,113,680

Receivable for:
Investments sold		4,827,853

Fund shares sold		7,627,408

Dividends		273,579

Interest		22,077,054

Investment for trustee deferred compensation and retirement plans		237,111

Other assets		166,359

Total assets		3,064,008,261


Liabilities:
Other investments:
Options written, at value (premiums received $829,430)		135,379

Unrealized depreciation on forward foreign currency contracts outstanding		86,426

Payable for:
Investments purchased		43,257,049

Dividends		994,464

Fund shares reacquired		2,904,190

Amount due custodian		704,110

Collateral upon return of securities loaned		111,532,877

Accrued fees to affiliates		823,836

Accrued trustees’ and officers’ fees and benefits		2,494

Accrued other operating expenses		269,554

Trustee deferred compensation and retirement plans		262,854

Total liabilities		160,973,233

Net assets applicable to shares outstanding	$	2,903,035,028


Net assets consist of:
Shares of beneficial interest	$	2,704,044,835

Distributable earnings		198,990,193

	$	2,903,035,028


Net Assets:
Class A	$	1,391,837,198

Class C	$	61,739,240

Class R	$	12,992,377

Class Y	$	552,689,779

Class R5	$	18,204,915

Class R6	$	865,571,519


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		175,227,167

Class C		7,714,693

Class R		1,634,791

Class Y		69,431,214

Class R5		2,288,881

Class R6		108,722,076

Class A:
Net asset value per share	$	7.94

Maximum offering price per share (Net asset value of $7.94 ÷ 95.75%)	$	8.29

Class C: Net asset value and offering price per share	$	8.00

Class R: Net asset value and offering price per share	$	7.95

Class Y: Net asset value and offering price per share	$	7.96

Class R5: Net asset value and offering price per share	$	7.95

Class R6: Net asset value and offering price per share	$	7.96

*	At August 31, 2021, securities with an aggregate value of $108,578,948 were on loan to brokers.

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

23 Invesco Corporate Bond Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Interest (net of foreign withholding taxes of $(3,609))	$	44,514,283

Dividends		987,056

Dividends from affiliates (includes securities lending income of $66,475)		124,128

Total investment income		45,625,467


Expenses:
Advisory fees		3,968,082

Administrative services fees		182,687

Custodian fees		10,666

Distribution fees:
Class A		1,694,017

Class C		316,021

Class R		30,837

Transfer agent fees — A, C, R and Y		1,248,632

Transfer agent fees — R5		8,518

Transfer agent fees — R6		55,547

Trustees’ and officers’ fees and benefits		24,382

Registration and filing fees		108,331

Reports to shareholders		114,679

Professional services fees		56,376

Other		25,854

Total expenses		7,844,629

Less: Fees waived and/or expense offset arrangement(s)		(21,898	)

Net expenses		7,822,731

Net investment income		37,802,736


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		17,621,206

Affiliated investment securities		99

Foreign currencies		(48,227	)

Forward foreign currency contracts		378,764

Futures contracts		(10,117,984	)

Option contracts written		596,564

Swap agreements		(348,856	)

		8,081,566

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		40,731,318

Affiliated investment securities		56,900

Foreign currencies		9,835

Forward foreign currency contracts		(117,868	)

Futures contracts		(274,550	)

Option contracts written		572,650

		40,978,285

Net realized and unrealized gain		49,059,851

Net increase in net assets resulting from operations	$	86,862,587

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

24 Invesco Corporate Bond Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31, 2021			February 28, 2021

Operations:
Net investment income	$	37,802,736		$	69,397,448

Net realized gain		8,081,566			100,097,393

Change in net unrealized appreciation (depreciation)		40,978,285			(34,247,244	)

Net increase in net assets resulting from operations		86,862,587			135,247,597


Distributions to shareholders from distributable earnings:
Class A		(18,500,051	)		(75,965,080	)

Class C		(626,623	)		(3,630,108	)

Class R		(152,808	)		(673,911	)

Class Y		(7,254,037	)		(26,565,725	)

Class R5		(267,039	)		(714,077	)

Class R6		(11,784,558	)		(37,802,611	)

Total distributions from distributable earnings		(38,585,116	)		(145,351,512	)


Share transactions–net:
Class A		25,715,725			121,480,031

Class C		(4,722,853	)		(1,174,577	)

Class R		949,235			(531,997	)

Class Y		46,950,115			157,159,060

Class R5		3,415,114			6,083,742

Class R6		173,692,030			121,518,498

Net increase in net assets resulting from share transactions		245,999,366			404,534,757

Net increase in net assets		294,276,837			394,430,842


Net assets:
Beginning of period		2,608,758,191			2,214,327,349

End of period	$	2,903,035,028		$	2,608,758,191

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

25 Invesco Corporate Bond Fund

Financial Highlights

(Unaudited)

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


	Net asset 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
Six months ended 08/31/21		$	7.80		$	0.11		$	0.14			$	0.25		$	(0.11	)		$	–			$	(0.11	)		$	7.94		3.20	%		$	1,391,837		0.71	%^(d)		0.71	%^(d)		2.67	%^(d)		72	%
Year ended 02/28/21			7.80			0.22			0.25				0.47			(0.24	)			(0.23	)			(0.47	)			7.80		6.14				1,342,071		0.74			0.74			2.87			182
Year ended 02/29/20			7.02			0.25			0.80				1.05			(0.27	)			–				(0.27	)			7.80		15.20				1,224,248		0.80			0.80			3.30			192
Year ended 02/28/19			7.20			0.28			(0.17	)			0.11			(0.29	)			(0.00	)			(0.29	)			7.02		1.65				968,160		0.83			0.83			4.00			145
Year ended 02/28/18			7.31			0.26			(0.06	)			0.20			(0.27	)			(0.04	)			(0.31	)			7.20		2.68				1,001,173		0.85			0.85			3.58			180
Year ended 02/28/17			6.89			0.26			0.42				0.68			(0.26	)			–				(0.26	)			7.31		9.97				948,305		0.90			0.90			3.60			212
Class C
Six months ended 08/31/21			7.86			0.08			0.14				0.22			(0.08	)			–				(0.08	)			8.00		2.80				61,739		1.46	^(d)		1.46	^(d)		1.92	^(d)		72
Year ended 02/28/21			7.87			0.17			0.24				0.41			(0.19	)			(0.23	)			(0.42	)			7.86		5.23				65,404		1.49			1.49			2.12			182
Year ended 02/29/20			7.08			0.19			0.82				1.01			(0.22	)			–				(0.22	)			7.87		14.43				66,662		1.55			1.55			2.55			192
Year ended 02/28/19			7.26			0.23			(0.17	)			0.06			(0.24	)			(0.00	)			(0.24	)			7.08		0.91	^(e)			37,280		1.53	^(e)		1.53	^(e)		3.30	^(e)		145
Year ended 02/28/18			7.36			0.21			(0.06	)			0.15			(0.21	)			(0.04	)			(0.25	)			7.26		2.07	^(e)			82,939		1.58	^(e)		1.58	^(e)		2.85	^(e)		180
Year ended 02/28/17			6.92			0.21			0.42				0.63			(0.19	)			–				(0.19	)			7.36		9.17				85,127		1.65			1.65			2.85			212
Class R
Six months ended 08/31/21			7.81			0.10			0.14				0.24			(0.10	)			–				(0.10	)			7.95		3.07				12,992		0.96	^(d)		0.96	^(d)		2.42	^(d)		72
Year ended 02/28/21			7.81			0.20			0.25				0.45			(0.22	)			(0.23	)			(0.45	)			7.81		5.87				11,819		0.99			0.99			2.62			182
Year ended 02/29/20			7.02			0.23			0.81				1.04			(0.25	)			–				(0.25	)			7.81		15.06				12,435		1.05			1.05			3.05			192
Year ended 02/28/19			7.21			0.26			(0.17	)			0.09			(0.28	)			(0.00	)			(0.28	)			7.02		1.30				6,889		1.08			1.08			3.75			145
Year ended 02/28/18			7.31			0.25			(0.06	)			0.19			(0.25	)			(0.04	)			(0.29	)			7.21		2.57				7,196		1.10			1.10			3.33			180
Year ended 02/28/17			6.89			0.24			0.42				0.66			(0.24	)			–				(0.24	)			7.31		9.70				6,742		1.15			1.15			3.35			212
Class Y
Six months ended 08/31/21			7.82			0.12			0.14				0.26			(0.12	)			–				(0.12	)			7.96		3.32				552,690		0.46	^(d)		0.46	^(d)		2.92	^(d)		72
Year ended 02/28/21			7.82			0.24			0.25				0.49			(0.26	)			(0.23	)			(0.49	)			7.82		6.40				497,643		0.49			0.49			3.12			182
Year ended 02/29/20			7.03			0.27			0.81				1.08			(0.29	)			–				(0.29	)			7.82		15.62				343,580		0.55			0.55			3.55			192
Year ended 02/28/19			7.22			0.30			(0.18	)			0.12			(0.31	)			(0.00	)			(0.31	)			7.03		1.76				86,657		0.58			0.58			4.25			145
Year ended 02/28/18			7.32			0.28			(0.05	)			0.23			(0.29	)			(0.04	)			(0.33	)			7.22		3.08				87,895		0.60			0.60			3.83			180
Year ended 02/28/17			6.90			0.28			0.42				0.70			(0.28	)			–				(0.28	)			7.32		10.23				235,464		0.65			0.65			3.85			212
Class R5
Six months ended 08/31/21			7.81			0.12			0.14				0.26			(0.12	)			–				(0.12	)			7.95		3.35				18,205		0.43	^(d)		0.43	^(d)		2.95	^(d)		72
Year ended 02/28/21			7.81			0.25			0.24				0.49			(0.26	)			(0.23	)			(0.49	)			7.81		6.45				14,418		0.44			0.44			3.17			182
Year ended 02/29/20			7.03			0.27			0.80				1.07			(0.29	)			–				(0.29	)			7.81		15.55				8,537		0.49			0.49			3.61			192
Year ended 02/28/19			7.21			0.30			(0.17	)			0.13			(0.31	)			(0.00	)			(0.31	)			7.03		2.00				6,841		0.49			0.49			4.34			145
Year ended 02/28/18			7.31			0.29			(0.06	)			0.23			(0.29	)			(0.04	)			(0.33	)			7.21		3.16				3,829		0.53			0.53			3.90			180
Year ended 02/28/17			6.89			0.29			0.42				0.71			(0.29	)			–				(0.29	)			7.31		10.34				5,222		0.56			0.56			3.94			212
Class R6
Six months ended 08/31/21			7.82			0.12			0.14				0.26			(0.12	)			–				(0.12	)			7.96		3.39				865,572		0.35	^(d)		0.35	^(d)		3.03	^(d)		72
Year ended 02/28/21			7.82			0.25			0.25				0.50			(0.27	)			(0.23	)			(0.50	)			7.82		6.54				677,403		0.36			0.36			3.25			182
Year ended 02/29/20			7.04			0.28			0.80				1.08			(0.30	)			–				(0.30	)			7.82		15.62				558,866		0.41			0.41			3.69			192
Year ended 02/28/19			7.22			0.31			(0.17	)			0.14			(0.32	)			(0.00	)			(0.32	)			7.04		2.01				388,221		0.43			0.43			4.40			145
Year ended 02/28/18			7.32			0.30			(0.06	)			0.24			(0.30	)			(0.04	)			(0.34	)			7.22		3.25				413,844		0.44			0.44			3.99			180
Year ended 02/28/17			6.90			0.29			0.42				0.71			(0.29	)			–				(0.29	)			7.32		10.43				29,232		0.47			0.47			4.03			212

^(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.

^(d)	Annualized.

^(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 0.95% and 0.98% for the years ended February 28, 2019 and 2018, respectively.

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

26 Invesco Corporate Bond Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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.

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 is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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 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.

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

27 Invesco Corporate Bond Fund

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

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

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

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

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 and the country that has the primary market for the issuer’s securities, 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.

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 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.

28 Invesco Corporate Bond Fund

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 settlement of the two currencies, 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). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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 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.

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

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

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

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 NAV 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

29 Invesco Corporate Bond Fund

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. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. 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 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, 2021 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.

LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

Q.	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.

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

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

30 Invesco Corporate Bond 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 advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate

First $ 500 million		0.420%

Next $750 million		0.350%

Over $1.25 billion		0.220%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.29%.

The Adviser has contractually agreed, through at least June 30, 2022, 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 “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 June 30, 2022. 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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2023, 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 six months ended August 31, 2021, the Adviser waived advisory fees of $20,258.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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, Class C and Class R shares. The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.50% of the Fund’s average daily net assets of Class R shares. The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 25% of the Fund’s average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the Fund’s average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund.

For the six months ended August 31, 2021, 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 six months ended August 31, 2021, IDI advised the Fund that IDI retained $94,534 in front-end sales commissions from the sale of Class A shares and $8,568 and $2,862 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. 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 Fund’s own 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.

31 Invesco Corporate Bond Fund

The following is a summary of the tiered valuation input levels, as of August 31, 2021. 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

U.S. Dollar Denominated Bonds & Notes	$	–		$	2,463,487,211		$	–	$	2,463,487,211

U.S. Treasury Securities		–			167,137,062			–		167,137,062

Preferred Stocks		36,138,264			49,911,122			–		86,049,386

Variable Rate Senior Loan Interests		–			33,701,000			7,219,680		40,920,680

Asset-Backed Securities		–			25,697,291			–		25,697,291

Non-U.S. Dollar Denominated Bonds & Notes		–			7,865,958			–		7,865,958

Municipal Obligations		–			6,580,779			70,004		6,650,783

Exchange-Traded Funds		5,743,000			–			–		5,743,000

Money Market Funds		104,546,574			111,532,877			–		216,079,451

Options Purchased		2,698,906			–			–		2,698,906

Total Investments in Securities		149,126,744			2,865,913,300			7,289,684		3,022,329,728

Other Investments - Assets*

Futures Contracts		1,214,583			–			–		1,214,583

Forward Foreign Currency Contracts		–			37,128			–		37,128

		1,214,583			37,128			–		1,251,711

Other Investments - Liabilities*

Futures Contracts		(53,625	)		–			–		(53,625	)

Forward Foreign Currency Contracts		–			(86,426	)		–		(86,426	)

Options Written		(89,278	)		(46,101	)		–		(135,379	)

		(142,903	)		(132,527	)		–		(275,430	)

Total Other Investments		1,071,680			(95,399	)		–		976,281

Total Investments	$	150,198,424		$	2,865,817,901		$	7,289,684	$	3,023,306,009

*	Futures contracts and forward foreign currency contracts are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:


	Value
Derivative Assets	Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts - Exchange-Traded^(a)	$	-	$	-	$	-		$	1,214,583		$	1,214,583

Unrealized appreciation on forward foreign currency contracts outstanding		-		37,128		-			-			37,128

Options purchased, at value - Exchange-Traded^(b)		-		-		2,698,906			-			2,698,906

Total Derivative Assets		-		37,128		2,698,906			1,214,583			3,950,617

Derivatives not subject to master netting agreements		-		-		(2,698,906	)		(1,214,583	)		(3,913,489	)

Total Derivative Assets subject to master netting agreements	$	-	$	37,128	$	-		$	-		$	37,128


	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts - Exchange-Traded^(a)	$	-		$	-		$	-		$	(53,625	)	$	(53,625	)

Unrealized depreciation on forward foreign currency contracts outstanding		-			(86,426	)		-			-			(86,426	)

Options written, at value - Exchange-Traded		-			-			(89,278	)		-			(89,278	)
Options written, at value - OTC		(46,101	)		-			-			-			(46,101	)

Total Derivative Liabilities		(46,101	)		(86,426	)		(89,278	)		(53,625	)		(275,430	)

Derivatives not subject to master netting agreements		-			-			89,278			53,625			142,903

Total Derivative Liabilities subject to master netting agreements	$	(46,101	)	$	(86,426	)	$	-		$	-		$	(132,527	)

32 Invesco Corporate Bond Fund

^(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, 2021.


	Financial Derivative Assets		Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Options Written			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount

Canadian Imperial Bank of Commerce		$ –		$(79,417	)		$ –			$ (79,417)			$(79,417	)		$–		$ –		$(79,417	)

Citibank, N.A.		–		(7,009	)		–			(7,009	)		(7,009	)		–		–		(7,009	)

Goldman Sachs International		37,128		–			(46,101	)		(46,101	)		(8,973	)		–		8,973		–

Total		$37,128		$(86,426	)		$(46,101	)		$(132,527	)		$(95,399	)		$–		$8,973		$(86,426	)

Effect of Derivative Investments for the six months ended August 31, 2021

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 Risk			Currency Risk			Equity Risk		Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	378,764		$	-	$	-		$	378,764

Futures contracts		-			-			-		(10,117,984	)		(10,117,984	)

Options purchased^(a)		-			-			2,766,782		-			2,766,782

Options written		-			-			264,406		332,158			596,564

Swap agreements		(348,856	)		-			-		-			(348,856	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(117,868	)		-		-			(117,868	)

Futures contracts		-			-			-		(274,550	)		(274,550	)

Options purchased^(a)		-			-			848,237		-			848,237

Options written		365,018			-			207,632		-			572,650

Total	$	16,162		$	260,896		$	4,087,057	$	(10,060,376	)	$	(5,696,261	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

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


	Forward Foreign Currency Contracts		Futures Contracts		Equity Options Purchased		Index Options Purchased		Equity Options Written		Swaptions Written		Swap Agreements

Average notional value	$	22,191,672	$	1,219,481,820	$	29,964,875	$	35,372,500	$	34,509,500	$	58,850,500	$	57,132,104

Average Contracts		–		–		5,571		83		5,530		–		–

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,640.

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.

33 Invesco Corporate Bond Fund

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of February 28, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $1,067,291,924 and $915,152,482, 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	$	155,126,759

Aggregate unrealized (depreciation) of investments		(11,272,192	)

Net unrealized appreciation of investments	$	143,854,567

Cost of investments for tax purposes is $2,879,451,442.

NOTE 10-Share Information


	Summary of Share Activity

	Six months ended August 31, 2021^(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		15,499,096		$	121,362,655			42,426,949		$	329,987,090

Class C		611,974			4,828,851			3,264,279			25,393,841

Class R		337,835			2,644,078			773,452			5,957,853

Class Y		24,199,875			189,914,501			57,457,299			442,795,202

Class R5		713,539			5,526,662			1,104,999			8,728,618

Class R6		31,118,277			244,014,508			27,744,665			216,580,860


Issued as reinvestment of dividends:
Class A		2,032,039			15,929,446			8,590,964			67,200,792

Class C		60,639			478,825			373,451			2,949,384

Class R		19,419			152,345			85,384			667,766

Class Y		653,701			5,141,639			2,560,753			20,141,227

Class R5		33,902			266,215			90,723			712,329

Class R6		1,371,836			10,789,538			4,509,781			35,354,372


Automatic conversion of Class C shares to Class A shares:
Class A		270,936			2,119,114			1,357,383			10,710,890

Class C		(268,918	)		(2,119,114	)		(1,345,849	)		(10,710,890	)

34 Invesco Corporate Bond Fund


	Summary of Share Activity

	Six months ended August 31, 2021^(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(14,561,988	)	$	(113,695,490	)		(37,298,221	)	$	(286,418,741	)

Class C		(1,006,302	)		(7,911,415	)		(2,449,613	)		(18,806,912	)

Class R		(236,171	)		(1,847,188	)		(937,974	)		(7,157,616	)

Class Y		(19,055,990	)		(148,106,025	)		(40,319,234	)		(305,777,369	)

Class R5		(303,683	)		(2,377,763	)		(443,245	)		(3,357,205	)

Class R6		(10,371,057	)		(81,112,016	)		(17,109,553	)		(130,416,734	)

Net increase in share activity		31,118,959		$	245,999,366			50,436,393		$	404,534,757

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

35 Invesco Corporate Bond 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, 2021 through August 31, 2021.

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 (03/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (03/01/21)		Ending Account Value (08/31/21)¹		Expenses Paid During Period²		Ending Account Value (08/31/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,032.00		$3.64		$1,021.63		$3.62		0.71	%
Class C		1,000.00		1,028.00		7.46		1,017.85		7.43		1.46
Class R		1,000.00		1,030.70		4.91		1,020.37		4.89		0.96
Class Y		1,000.00		1,033.20		2.36		1,022.89		2.35		0.46
Class R5		1,000.00		1,033.50		2.20		1,023.04		2.19		0.43
Class R6		1,000.00		1,033.90		1.79		1,023.44		1.79		0.35

The actual ending account value is based on the actual total return of the Fund for the period March 1, 2021 through August 31, 2021, 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.

36 Invesco Corporate Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Corporate Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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 detailed 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. 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 detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel 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, an officer of the Invesco Funds who reports directly to the independent Trustees. 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 addition to meetings with Invesco Advisers and fund counsel

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below 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 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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 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 in which the Fund may invest, make recommendations regarding securities and assist with security trades. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Credit Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first 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 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

37 Invesco Corporate Bond Fund

funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

The Board 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 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 requested and received 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

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 noted that such methodology had recently been reviewed and enhanced. 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 Funds individually. 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.

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.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (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 also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

38 Invesco Corporate Bond 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

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 fiscal 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.

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SEC file number(s): 811-05686 and 033-39519		Invesco Distributors, Inc.		VK-CBD-SAR-1

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Semiannual Report to Shareholders		August 31, 2021
Invesco Global Real Estate Fund

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


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
8		Financial Statements
11		Financial Highlights
12		Notes to Financial Statements
18		Fund Expenses
19		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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			16.40%
Class C Shares			15.96
Class R Shares			16.27
Class Y Shares			16.56
Class R5 Shares			16.60
Class R6 Shares			16.65
MSCI World Index^▼ (Broad Market Index)			16.14
Custom Invesco Global Real Estate Index^∎ (Style-Specific Index)			16.29
Lipper Global Real Estate Funds Classification Average^t (Peer Group)			18.32

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

The MSCI World Index^SMis 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 Index is composed of the FTSE EPRA/NAREIT Developed Index (gross) from fund inception through February 17, 2005; the FTSE EPRA/ NAREIT Developed Index (net) from February 18, 2005, through June 30, 2014; the FTSE EPRA NAREIT Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSE EPRA NAREIT Developed Index (Net) from July 1, 2021 onward. The FTSE EPRA/NAREIT Developed index is considered representative of global real estate companies and REITs. The FTSE EPRA/NAREIT Global Index is designed to track the performance of listed real estate companies and REITS in developed and emerging markets. The net version of indexes is computed using the net return, which withholds taxes for non-resident investors. 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Real Estate Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (4/29/05)	5.35	%
10 Years	6.03
5 Years	3.58
1 Year	18.29

Class C Shares
Inception (4/29/05)	5.33	%
10 Years	6.00
5 Years	3.97
1 Year	23.39

Class R Shares
Inception (4/29/05)	5.45	%
10 Years	6.36
5 Years	4.47
1 Year	24.93

Class Y Shares
Inception (10/3/08)	6.62	%
10 Years	6.90
5 Years	5.01
1 Year	25.56

Class R5 Shares
Inception (4/29/05)	6.20	%
10 Years	7.12
5 Years	5.14
1 Year	25.84

Class R6 Shares
10 Years	7.12	%
5 Years	5.22
1 Year	25.94

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class 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.

3 Invesco Global Real Estate Fund

Liquidity Risk Management Program

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.

4 Invesco Global Real Estate Fund

Schedule of Investments

August 31, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests-99.50%
Australia–3.09%
Goodman Group		190,414	$	3,227,382
Mirvac Group		2,060,357		4,707,099
National Storage REIT		1,159,247		1,980,542
NEXTDC Ltd.^(a)		193,938		1,870,391
Stockland		1,317,250		4,439,892
				16,225,306

Belgium–1.69%
Aedifica S.A.		14,867		2,186,374
Cofinimmo S.A.		21,426		3,543,272
Montea N.V.		21,145		3,138,410
				8,868,056

Canada–3.55%
Allied Properties REIT		192,596		6,608,395
Chartwell Retirement Residences		403,886		4,123,213
Killam Apartment REIT		167,413		2,854,241
Summit Industrial Income REIT		297,546		5,049,308
				18,635,157

France–2.26%
Covivio		38,576		3,674,639
Gecina S.A.		33,492		5,205,337
ICADE		34,453		2,959,315
				11,839,291

Germany–5.23%
Aroundtown S.A.		803,303		6,151,032
Sirius Real Estate Ltd.		2,081,729		3,572,284
Vonovia SE		262,470		17,709,479
				27,432,795

Hong Kong–4.52%
Hongkong Land Holdings Ltd.		757,600		3,179,021
Kerry Properties Ltd.		1,025,000		3,491,040
Link REIT		736,900		6,785,557
Sun Hung Kai Properties Ltd.		609,100		8,575,048
Wharf Real Estate Investment Co. Ltd.		347,000		1,717,884
				23,748,550

Italy–0.62%
Infrastrutture Wireless Italiane S.p.A.^(b)		272,123		3,237,071

Japan–’8.38%
Activia Properties, Inc.		402		1,684,609
Advance Residence Investment Corp.		464		1,579,168
Japan Metropolitan Fund Investment Corp.		2,046		1,987,101
Japan Prime Realty Investment Corp.		693		2,591,265
Japan Real Estate Investment Corp.		479		2,964,066
Kenedix Office Investment Corp.		244		1,791,824
LaSalle Logiport REIT		1,084		1,891,728
Mitsubishi Estate Co. Ltd.		405,900		6,344,538
Mitsui Fudosan Co. Ltd.		287,100		6,579,549
Mitsui Fudosan Logistics Park, Inc.		539		3,193,512
Nippon Accommodations Fund, Inc.		254		1,525,872


	Shares		Value
Japan-(continued)
Nippon Building Fund, Inc.		636	$	4,132,622
Nippon Prologis REIT, Inc.		606		2,184,144
Nomura Real Estate Master Fund, Inc.		1,521		2,345,532
Sumitomo Realty & Development Co. Ltd.		30,000		967,600
Tokyo Tatemono Co. Ltd.		25,800		394,770
Tokyu Fudosan Holdings Corp.		310,100		1,793,645
				43,951,545

Malta–0.00%
BGP Holdings PLC^(b)(c)		9,888,325		12

Singapore–2.66%
Ascendas India Trust		559,400		602,673
Ascendas REIT		523,500		1,182,800
CapitaLand Integrated Commercial Trust		2,890,200		4,422,843
City Developments Ltd.		291,600		1,481,265
Mapletree Commercial Trust		1,314,800		1,982,537
Mapletree Industrial Trust		1,977,280		4,295,456
				13,967,574

Spain–1.27%
Aena SME S.A.^(a)(b)		13,249		2,114,506
Cellnex Telecom S.A.^(b)		66,581		4,557,335
				6,671,841

Sweden–2.44%
Fabege AB		154,467		2,803,978
Samhallsbyggnadsbolaget i Norden AB, Class B		825,684		4,722,151
Wihlborgs Fastigheter AB		216,345		5,265,207
				12,791,336

United Kingdom–4.41%
Derwent London PLC		66,032		3,439,729
Grainger PLC		523,202		2,299,684
Safestore Holdings PLC		247,250		3,925,217
Segro PLC		515,722		9,105,545
Tritax Big Box REIT PLC		1,340,148		4,367,831
				23,138,006

United States–59.38%
American Homes 4 Rent, Class A		18,744		786,123
Americold Realty Trust^(d)		224,657		8,253,898
Apple Hospitality REIT, Inc.		347,311		5,133,257
AvalonBay Communities, Inc.		98,209		22,546,822
Brandywine Realty Trust		125,138		1,736,915
Brixmor Property Group, Inc.		202,487		4,748,320
Camden Property Trust		35,745		5,363,180
Columbia Property Trust, Inc.		164,738		2,754,419
CyrusOne, Inc.		101,466		7,810,853
DiamondRock Hospitality Co.^(a)		346,388		3,131,348
Digital Realty Trust, Inc.		29,719		4,871,241
Duke Realty Corp.		239,821		12,593,001
Equinix, Inc.		18,653		15,732,873
Essential Properties Realty Trust, Inc.		152,796		4,952,118
First Industrial Realty Trust, Inc.		91,121		5,101,865
Highwoods Properties, Inc.		40,263		1,839,616

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

5 Invesco Global Real Estate Fund


	Shares		Value
United States–(continued)
Host Hotels & Resorts, Inc.^(a)		53,657	$	888,560
Invitation Homes, Inc.		497,386		20,482,355
JBG SMITH Properties		143,898		4,335,647
Life Storage, Inc.		55,299		6,881,408
Mid-America Apartment Communities, Inc.		75,945		14,609,540
NETSTREIT Corp.		69,774		1,804,356
Outfront Media, Inc.^(a)		123,537		3,058,776
PotlatchDeltic Corp.		21,590		1,121,601
Prologis, Inc.		192,022		25,857,683
Regency Centers Corp.		61,004		4,186,094
Rexford Industrial Realty, Inc.		167,135		10,350,671
RLJ Lodging Trust		482,162		6,957,598
Ryman Hospitality Properties, Inc.^(a)		92,375		7,673,591
Simon Property Group, Inc.		59,277		7,969,793
SITE Centers Corp.		307,676		4,956,660
Sunstone Hotel Investors, Inc.^(a)		399,409		4,629,150
UDR, Inc.		369,970		19,985,779
Urban Edge Properties		246,207		4,663,161
Ventas, Inc.		267,665		14,973,180
VICI Properties, Inc.^(d)		355,756		10,996,418
Welltower, Inc.		288,213		25,227,284


	Shares		Value

United States–(continued)
Xenia Hotels & Resorts, Inc.^(a)		150,275	$	2,617,790

				311,582,944

Total Common Stocks & Other Equity Interests (Cost $419,591,722)				522,089,484

TOTAL INVESTMENTS IN SECURITIES
(excluding Investments purchased with cash collateral from securities on loan)-99.50% (Cost $419,591,722)				522,089,484


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.17%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		3,406,905		3,406,905

Invesco Private Prime Fund, 0.11%^(e)(f)(g)		7,946,267		7,949,445

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,356,350)				11,356,350

TOTAL INVESTMENTS IN SECURITIES–101.67% (Cost $430,948,072)				533,445,834

OTHER ASSETS LESS LIABILITIES–(1.67)%				(8,743,282	)

NET ASSETS–100.00%			$	524,702,552

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

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, 2021 was $9,908,924, which represented 1.89% of the Fund’s Net Assets.

^(c)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)	All or a portion of this security was out on loan at August 31, 2021.

^(e)


	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,531,994		$	23,991,604		$	(26,523,598	)		$	-		$	-		$	-		$	138
Invesco Liquid Assets Portfolio, Institutional Class			1,808,371			17,031,755			(18,840,126	)			-			-			-			43
Invesco Treasury Portfolio, Institutional Class			2,893,707			27,418,976			(30,312,683	)			-			-			-			58
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			30,541,907			(27,135,002	)			-			-			3,406,905			102	*
Invesco Private Prime Fund			-			73,601,255			(65,651,810	)			-			-			7,949,445			1,410	*
Total		$	7,234,072		$	172,585,497		$	(168,463,219)			$	-		$	-		$	11,356,350		$	1,751

^(f)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

^(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.

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

6 Invesco Global Real Estate Fund

Portfolio Composition

By country, based on Net Assets

as of August 31, 2021


United States	59.38	%
Japan	8.38
Germany	5.23
Hong Kong	4.52
United Kingdom	4.41
Canada	3.55
Australia	3.09
Singapore	2.66
Sweden	2.44
France	2.26
Countries each less than 2% of portfolio	3.58
Money Market Funds Plus Other Assets Less Liabilities	0.50

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

7 Invesco Global Real Estate Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $419,591,722)*	$	522,089,484
Investments in affiliated money market funds, at value (Cost $11,356,350)		11,356,350
Foreign currencies, at value (Cost $673,186)		672,607
Receivable for:
Investments sold		4,503,278
Fund shares sold		227,319
Dividends		1,081,145
Interest		922
Investment for trustee deferred compensation and retirement plans		164,884
Other assets		76,022
Total assets		540,172,011

Liabilities:
Payable for:
Investments purchased		2,442,281
Fund shares reacquired		371,617
Amount due custodian		607,988
Collateral upon return of securities loaned		11,356,350
Accrued fees to affiliates		262,784
Accrued trustees’ and officers’ fees and benefits		1,300
Accrued other operating expenses		247,726
Trustee deferred compensation and retirement plans		179,413
Total liabilities		15,469,459
Net assets applicable to shares outstanding	$	524,702,552

Net assets consist of:
Shares of beneficial interest	$	431,649,123
Distributable earnings		93,053,429
	$	524,702,552


Net Assets:
Class A	$	118,279,546
Class C	$	5,802,299
Class R	$	27,148,971
Class Y	$	88,073,572
Class R5	$	103,294,402
Class R6	$	182,103,762

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		9,552,887
Class C		468,282
Class R		2,193,756
Class Y		7,117,448
Class R5		8,375,920
Class R6		14,767,677
Class A:
Net asset value per share	$	12.38
Maximum offering price per share (Net asset value of $12.38 ÷ 94.50%)	$	13.10
Class C:
Net asset value and offering price per share	$	12.39
Class R:
Net asset value and offering price per share	$	12.38
Class Y:
Net asset value and offering price per share	$	12.37
Class R5:
Net asset value and offering price per share	$	12.33
Class R6:
Net asset value and offering price per share	$	12.33

*	At August 31, 2021, securities with an aggregate value of $11,135,916 were on loan to brokers.

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

8 Invesco Global Real Estate Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $182,299)	$	8,568,646

Dividends from affiliated money market funds (includes securities lending income of $1,657)		1,896

Total investment income		8,570,542


Expenses:
Advisory fees		2,019,612

Administrative services fees		38,883

Custodian fees		16,522

Distribution fees:
Class A		144,137

Class C		28,606

Class R		64,679

Transfer agent fees – A, C, R and Y		293,675

Transfer agent fees – R5		54,408

Transfer agent fees – R6		8,654

Trustees’ and officers’ fees and benefits		13,334

Registration and filing fees		56,757

Reports to shareholders		52,321

Professional services fees		61,726

Other		14,608

Total expenses		2,867,922

Less: Fees waived and/or expense offset arrangement(s)		(920	)

Net expenses		2,867,002

Net investment income		5,703,540


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $61,446)		48,108,690

Foreign currencies		(40,347	)

		48,068,343

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $72,325)		28,849,292

Foreign currencies		(5,630	)

		28,843,662

Net realized and unrealized gain		76,912,005

Net increase in net assets resulting from operations	$	82,615,545

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

9 Invesco Global Real Estate Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31,			February 28,
	2021			2021

Operations:
Net investment income	$	5,703,540		$	11,201,510

Net realized gain (loss)		48,068,343			(26,474,240	)

Change in net unrealized appreciation (depreciation)		28,843,662			(14,610,343	)

Net increase (decrease) in net assets resulting from operations		82,615,545			(29,883,073	)


Distributions to shareholders from distributable earnings:
Class A		(1,409,520	)		(5,185,414	)

Class C		(49,952	)		(290,832	)

Class R		(285,187	)		(987,347	)

Class Y		(1,404,662	)		(5,961,613	)

Class R5		(1,778,607	)		(6,282,253	)

Class R6		(2,629,119	)		(9,584,906	)

Total distributions from distributable earnings		(7,557,047	)		(28,292,365	)


Share transactions–net:
Class A		(6,199,861	)		(22,413,244	)

Class C		(479,336	)		(5,309,439	)

Class R		135,759			2,307,536

Class Y		(38,913,305	)		(37,004,226	)

Class R5		(38,341,185	)		(25,144,365	)

Class R6		(9,429,378	)		(19,368,398	)

Net increase (decrease) in net assets resulting from share transactions		(93,227,306	)		(106,932,136	)

Net increase (decrease) in net assets		(18,168,808	)		(165,107,574	)


Net assets:
Beginning of period		542,871,360			707,978,934

End of period	$	524,702,552		$	542,871,360

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

10 Invesco Global Real Estate Fund

Financial Highlights

(Unaudited)

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


	Net asset 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
Six months ended 08/31/21		$	10.77		$	0.11			$	1.64			$	1.75			$	(0.14	)		$	–			$	(0.14	)		$	12.38		16.40	%		$	118,280		1.33	%^(d)		1.33	%^(d)		1.83	%^(d)		50	%
Year ended 02/28/21			11.65			0.17				(0.56	)			(0.39	)			(0.21	)			(0.28	)			(0.49	)			10.77		(2.96	)			108,687		1.32			1.32			1.70			160
Year ended 02/29/20			12.59			0.24				0.22				0.46				(0.54	)			(0.86	)			(1.40	)			11.65		3.20				143,448		1.27			1.27			1.87			60
Year ended 02/28/19			12.76			0.29				0.84				1.13				(0.60	)			(0.70	)			(1.30	)			12.59		9.46				154,173		1.26			1.26			2.26			47
Year ended 02/28/18			12.83			0.30	^(e)			(0.01	)			0.29				(0.28	)			(0.08	)			(0.36	)			12.76		2.17				156,543		1.27			1.27			2.31	^(e)		51
Year ended 02/28/17			11.94			0.20				1.16				1.36				(0.47	)			–				(0.47	)			12.83		11.54				221,942		1.36			1.36			1.54			57
Class C
Six months ended 08/31/21			10.78			0.06				1.65				1.71				(0.10	)			–				(0.10	)			12.39		15.96				5,802		2.08	^(d)		2.08	^(d)		1.08	^(d)		50
Year ended 02/28/21			11.65			0.10				(0.56	)			(0.46	)			(0.13	)			(0.28	)			(0.41	)			10.78		(3.68	)			5,493		2.07			2.07			0.95			160
Year ended 02/29/20			12.59			0.15				0.21				0.36				(0.44	)			(0.86	)			(1.30	)			11.65		2.43				12,169		2.02			2.02			1.12			60
Year ended 02/28/19			12.75			0.20				0.84				1.04				(0.50	)			(0.70	)			(1.20	)			12.59		8.71				14,673		2.01			2.01			1.51			47
Year ended 02/28/18			12.83			0.21	^(e)			(0.03	)			0.18				(0.18	)			(0.08	)			(0.26	)			12.75		1.33				27,654		2.02			2.02			1.56	^(e)		51
Year ended 02/28/17			11.95			0.10				1.16				1.26				(0.38	)			–				(0.38	)			12.83		10.62				33,299		2.11			2.11			0.79			57
Class R
Six months ended 08/31/21			10.77			0.09				1.65				1.74				(0.13	)			–				(0.13	)			12.38		16.26				27,149		1.58	^(d)		1.58	^(d)		1.58	^(d)		50
Year ended 02/28/21			11.64			0.15				(0.56	)			(0.41	)			(0.18	)			(0.28	)			(0.46	)			10.77		(3.14	)			23,490		1.57			1.57			1.45			160
Year ended 02/29/20			12.58			0.21				0.21				0.42				(0.50	)			(0.86	)			(1.36	)			11.64		2.94				22,293		1.52			1.52			1.62			60
Year ended 02/28/19			12.75			0.26				0.84				1.10				(0.57	)			(0.70	)			(1.27	)			12.58		9.18				24,003		1.51			1.51			2.01			47
Year ended 02/28/18			12.83			0.27	^(e)			(0.02	)			0.25				(0.25	)			(0.08	)			(0.33	)			12.75		1.84				23,658		1.52			1.52			2.06	^(e)		51
Year ended 02/28/17			11.95			0.17				1.15				1.32				(0.44	)			–				(0.44	)			12.83		11.17				19,718		1.61			1.61			1.29			57
Class Y
Six months ended 08/31/21			10.77			0.12				1.64				1.76				(0.16	)			–				(0.16	)			12.37		16.45				88,074		1.08	^(d)		1.08	^(d)		2.08	^(d)		50
Year ended 02/28/21			11.65			0.20				(0.57	)			(0.37	)			(0.23	)			(0.28	)			(0.51	)			10.77		(2.69	)			113,549		1.07			1.07			1.95			160
Year ended 02/29/20			12.59			0.28				0.21				0.49				(0.57	)			(0.86	)			(1.43	)			11.65		3.46				166,069		1.02			1.02			2.12			60
Year ended 02/28/19			12.76			0.33				0.83				1.16				(0.63	)			(0.70	)			(1.33	)			12.59		9.74				191,757		1.01			1.01			2.51			47
Year ended 02/28/18			12.83			0.34	^(e)			(0.02	)			0.32				(0.31	)			(0.08	)			(0.39	)			12.76		2.42				623,470		1.02			1.02			2.56	^(e)		51
Year ended 02/28/17			11.95			0.23				1.15				1.38				(0.50	)			–				(0.50	)			12.83		11.72				1,167,799		1.11			1.11			1.79			57
Class R5
Six months ended 08/31/21			10.73			0.13				1.64				1.77				(0.17	)			–				(0.17	)			12.33		16.60				103,294		0.93	^(d)		0.93	^(d)		2.23	^(d)		50
Year ended 02/28/21			11.61			0.21				(0.56	)			(0.35	)			(0.25	)			(0.28	)			(0.53	)			10.73		(2.57	)			124,597		0.94			0.94			2.08			160
Year ended 02/29/20			12.55			0.29				0.21				0.50				(0.58	)			(0.86	)			(1.44	)			11.61		3.59				164,048		0.91			0.91			2.23			60
Year ended 02/28/19			12.72			0.34				0.84				1.18				(0.65	)			(0.70	)			(1.35	)			12.55		9.87				208,742		0.92			0.92			2.60			47
Year ended 02/28/18			12.81			0.35	^(e)			(0.03	)			0.32				(0.33	)			(0.08	)			(0.41	)			12.72		2.40				260,397		0.93			0.93			2.65	^(e)		51
Year ended 02/28/17			11.93			0.26				1.15				1.41				(0.53	)			–				(0.53	)			12.81		12.00				264,906		0.88			0.88			2.02			57
Class R6
Six months ended 08/31/21			10.73			0.14				1.63				1.77				(0.17	)			–				(0.17	)			12.33		16.65				182,104		0.85	^(d)		0.85	^(d)		2.31	^(d)		50
Year ended 02/28/21			11.61			0.22				(0.56	)			(0.34	)			(0.26	)			(0.28	)			(0.54	)			10.73		(2.48	)			167,055		0.85			0.85			2.17			160
Year ended 02/29/20			12.55			0.30				0.22				0.52				(0.60	)			(0.86	)			(1.46	)			11.61		3.68				199,952		0.82			0.82			2.32			60
Year ended 02/28/19			12.72			0.35				0.84				1.19				(0.66	)			(0.70	)			(1.36	)			12.55		9.97				207,085		0.83			0.83			2.69			47
Year ended 02/28/18			12.81			0.36	^(e)			(0.03	)			0.33				(0.34	)			(0.08	)			(0.42	)			12.72		2.49				197,835		0.85			0.85			2.73	^(e)		51
Year ended 02/28/17			11.93			0.27				1.15				1.42				(0.54	)			–				(0.54	)			12.81		12.07				54,547		0.81			0.81			2.09			57

^(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)	Annualized.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended February 28, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.25 and 1.92%, $0.16 and 1.17%, $0.22 and 1.67%, $0.29 and 2.17%, $0.30 and 2.26%, $0.31 and 2.34% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

11 Invesco Global Real Estate Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The 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 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

12 Invesco Global Real Estate 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.

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.

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,

13 Invesco Global Real Estate Fund

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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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 six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.74%.

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

The Adviser has contractually agreed, through at least June 30, 2022, 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 “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 June 30, 2022. 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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $443.

14 Invesco Global Real Estate 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 six months ended August 31, 2021, 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 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $5,682 in front-end sales commissions from the sale of Class A shares and $51 and $120 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 Fund’s own 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	$	–	$	16,225,306		$–	$	16,225,306
Belgium		–		8,868,056		–		8,868,056
Canada		18,635,157		–		–		18,635,157
France		–		11,839,291		–		11,839,291
Germany		–		27,432,795		–		27,432,795
Hong Kong		–		23,748,550		–		23,748,550
Italy		–		3,237,071		–		3,237,071
Japan		–		43,951,545		–		43,951,545
Malta		–		–		12		12
Singapore		–		13,967,574		–		13,967,574
Spain		–		6,671,841		–		6,671,841
Sweden		–		12,791,336		–		12,791,336
United Kingdom		–		23,138,006		–		23,138,006
United States		311,582,944		–		–		311,582,944
Money Market Funds		–		11,356,350		–		11,356,350
Total Investments	$	330,218,101	$	203,227,721		$12	$	533,445,834

NOTE 4–Expense Offset Arrangement(s)

15 Invesco Global Real Estate Fund

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7—Tax Information

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

The Fund had a capital loss carryforward as of February 28, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	40,142,885	$	5,861,876	$	46,004,761

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

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $260,042,789 and $350,281,380, 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	$	87,108,510

Aggregate unrealized (depreciation) of investments		(2,833,837	)

Net unrealized appreciation of investments	$	84,274,673

Cost of investments for tax purposes is $449,171,161.

NOTE 9—Share Information


	Summary of Share Activity

	Six months ended				Year ended
	August 31, 2021^(a)				February 28, 2021
	Shares		Amount		Shares		Amount

Sold:
Class A		550,871	$	6,431,016		1,349,484	$	13,071,621

Class C		39,231		457,134		89,374		913,658

Class R		292,614		3,420,369		858,679		8,250,509
Class Y		624,327		7,128,851		3,660,820		35,900,779

Class R5		1,213,263		14,046,378		2,840,633		28,148,666

Class R6		1,338,455		15,526,886		5,088,501		48,468,462


Issued as reinvestment of dividends:
Class A		111,856		1,282,193		482,379		4,790,055

Class C		3,884		44,579		25,955		259,864

Class R		24,864		285,109		98,537		987,130

Class Y		64,265		735,391		343,183		3,376,720

Class R5		149,532		1,699,657		625,118		6,153,843

Class R6		228,396		2,603,967		963,658		9,522,735

16 Invesco Global Real Estate Fund


	Summary of Share Activity

	Six months ended						Year ended
	August 31, 2021^(a)						February 28, 2021
	Shares			Amount			Shares			Amount


Automatic conversion of Class C shares to Class A shares:
Class A		36,266		$	422,641			263,600		$	2,643,502

Class C		(36,217	)		(422,641	)		(263,139	)		(2,643,502	)


Reacquired:
Class A		(1,235,257	)		(14,335,711	)		(4,316,104	)		(42,918,422	)

Class C		(48,099	)		(558,408	)		(386,968	)		(3,839,459	)

Class R		(305,250	)		(3,569,719	)		(690,057	)		(6,930,103	)

Class Y		(4,116,313	)		(46,777,547	)		(7,712,404	)		(76,281,725	)

Class R5		(4,598,770	)		(54,087,220	)		(5,981,799	)		(59,446,874	)

Class R6		(2,370,021	)		(27,560,231	)		(7,702,425	)		(77,359,595	)

Net increase (decrease) in share activity		(8,032,103	)	$	(93,227,306	)		(10,362,975	)	$	(106,932,136	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Global Real Estate Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes



	Beginning Account Value (03/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (03/01/21)	Ending Account Value (08/31/21)¹	Expenses Paid During Period²	Ending Account Value (08/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,164.00	$7.25	$1,018.50	$6.77	1.33%
Class C	1,000.00	1,159.60	11.32	1,014.72	10.56	2.08
Class R	1,000.00	1,162.70	8.61	1,017.24	8.03	1.58
Class Y	1,000.00	1,165.60	5.90	1,019.76	5.50	1.08
Class R5	1,000.00	1,166.00	5.08	1,020.52	4.74	0.93
Class R6	1,000.00	1,166.50	4.64	1,020.92	4.33	0.85

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.

18 Invesco Global Real Estate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Real Estate Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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, 2021. 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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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 Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Real Estate Index (Index). The Board noted that performance of Class A shares of the Fund was in the 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 below the performance of the Index for the one, three and five year periods. The Board noted that stock selection in the U.S. and the Fund’s exposure to U.S. issuers operating in industries significantly affected by the COVID-19 pandemic negatively impacted the Fund’s relative 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

19 Invesco Global Real Estate Fund

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

The Board also compared the Fund’s 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, 2020.

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

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 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.

20 Invesco Global Real Estate Fund

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Semiannual Report to Shareholders		August 31, 2021

Invesco Government Money Market Fund

Nasdaq:
Invesco Cash Reserve: AIMXX ∎ A: ADAXX ∎ AX: ACZXX ∎ C: ACNXX ∎ CX: ACXXX
∎ R: AIRXX ∎ Y: AIYXX ∎ Investor: INAXX ∎ R6: INVXX


2		Fund Information
3		Schedule of Investments
7		Financial Statements
10		Financial Highlights
11		Notes to Financial Statements
16		Fund Expenses
17		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Information

You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

Team managed by Invesco Advisers, Inc.


2		Invesco Government Money Market Fund

Schedule of Investments

August 31, 2021

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-28.57%

U.S. Treasury Bills-5.56%^(a)
U.S. Treasury Bills		0.03%		09/16/2021	$	20,000	$	19,999,792
U.S. Treasury Bills		0.05%		11/02/2021		28,624		28,621,035
U.S. Treasury Bills		0.11%		12/30/2021		5,000		4,998,167
U.S. Treasury Bills		0.06%		02/03/2022		35,000		34,991,712
U.S. Treasury Bills		0.05%		02/17/2022		15,000		14,996,479
U.S. Treasury Bills		0.07%		02/24/2022		25,000		24,991,444
U.S. Treasury Bills		0.07%		06/16/2022		10,000		9,994,400
U.S. Treasury Bills		0.08%		07/14/2022		15,000		14,990,125
U.S. Treasury Bills		0.08%		08/11/2022		17,000		16,987,004
								170,570,158

U.S. Treasury Notes-23.01%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		41,000		41,005,665
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		16,000		15,999,041
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		25,000		25,007,220
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		38,000		38,004,065
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		45,000		44,998,610
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		20,000		20,000,172
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		40,000		40,002,860
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		54,000		54,001,666
U.S. Treasury Notes		1.75%		11/30/2021		25,000		25,102,754
U.S. Treasury Notes		1.88%		11/30/2021		9,000		9,040,281
U.S. Treasury Notes		2.50%		01/15/2022		14,100		14,227,037
U.S. Treasury Notes		1.38%		01/31/2022		6,000		6,032,492
U.S. Treasury Notes		1.50%		01/31/2022		163,800		164,769,144
U.S. Treasury Notes		1.88%		01/31/2022		10,000		10,074,357
U.S. Treasury Notes		2.00%		02/15/2022		10,000		10,088,076
U.S. Treasury Notes		1.75%		02/28/2022		60,000		60,496,416
U.S. Treasury Notes		1.88%		02/28/2022		36,000		36,321,800
U.S. Treasury Notes		1.75%		04/30/2022		10,000		10,111,209
U.S. Treasury Notes		1.88%		04/30/2022		65,000		65,777,258
U.S. Treasury Notes		2.13%		05/15/2022		5,000		5,072,131
U.S. Treasury Notes		2.00%		07/31/2022		10,000		10,174,218
								706,306,472
Total U.S. Treasury Securities (Cost $876,876,630)								876,876,630

U.S. Government Sponsored Agency Securities-15.77%

Federal Farm Credit Bank (FFCB)-6.51%
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		10/05/2021		40,000		39,999,811
Federal Farm Credit Bank		1.63%		12/27/2021		10,550		10,602,945
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		4,000		4,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		10,000		10,000,000
Federal Farm Credit Bank (SOFR + 0.04%)^(b)		0.09%		07/11/2022		15,000		14,998,911
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		6,000		6,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		20,000		19,999,995
Federal Farm Credit Bank (SOFR + 0.04%)^(b)		0.09%		08/22/2022		10,000		9,999,753
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		10/14/2022		16,000		16,000,000

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


3		Invesco Government Money Market Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022	$	10,000	$	9,999,755
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		8,000		8,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		14,000		14,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		01/20/2023		16,000		16,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		12,000		12,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		8,000		8,000,000
								199,601,170

Federal Home Loan Bank (FHLB)-5.96%
Federal Home Loan Bank (SOFR + 0.02%)^(b)		0.07%		09/02/2021		30,000		30,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.13%		09/10/2021		5,000		5,000,000
Federal Home Loan Bank		0.04%		09/29/2021		20,000		19,999,912
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20%		11/15/2021		3,000		3,000,000
Federal Home Loan Bank		0.05%		03/17/2022		15,000		14,999,134
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/28/2022		20,000		20,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18%		08/05/2022		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		08/19/2022		35,000		35,000,972
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		09/08/2022		10,000		10,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		10/05/2022		20,000		20,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/08/2022		10,000		10,000,000
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09%		05/19/2023		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08%		06/07/2023		5,000		5,000,000
								183,000,018

Federal Home Loan Mortgage Corp. (FHLMC)-1.66%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37%		09/30/2021		10,000		10,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.07%)^(b)		0.12%		08/12/2022		26,000		26,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14%		09/16/2022		15,000		15,000,000
								51,000,000

Federal National Mortgage Association (FNMA)-0.93%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35%		01/07/2022		17,000		17,000,000
Federal National Mortgage Association		2.25%		04/12/2022		6,535		6,622,045
Federal National Mortgage Association (SOFR + 0.20%)^(b)		0.25%		06/15/2022		5,000		5,000,000
								28,622,045

U.S. International Development Finance Corp. (DFC)-0.71%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/10/2021		7,263		7,262,600
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/10/2021		3,200		3,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		06/15/2025		4,000		4,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		02/15/2028		7,222		7,222,222
								21,684,822
Total U.S. Government Sponsored Agency Securities (Cost $483,908,055)								483,908,055
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.34% (Cost $1,360,784,685)								1,360,784,685

					Repurchase Amount

Repurchase Agreements-55.70%^(d)
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05%		09/02/2021		40,000,389		40,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		153,000,213		153,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		165,000,252		165,000,000

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


4		Invesco Government Money Market Fund


	Interest Rate			Maturity Date		Repurchase Amount		Value
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05	%		09/01/2021	$	155,000,215	$	155,000,000

Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $40,000,428 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $40,800,000; 0.00% - 4.50%; 11/15/2028 - 10/20/2050)^(e)		0.06	%		09/02/2021		40,000,428		40,000,000

ING Financial Markets, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $200,000,278 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 2.00% - 5.50%; 11/01/2029 - 02/15/2061)		0.05	%		09/01/2021		153,000,213		153,000,000

ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07	%		09/10/2021		10,000,632		10,000,000

ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06	%		09/27/2021		40,002,133		40,000,000

J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05	%		09/01/2021		153,000,213		153,000,000

J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 -07/31/2023)^(f)		0.05	%		09/01/2021		15,000,625		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)		0.07	%		09/01/2021		15,000,875		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)		0.06	%		09/01/2021		15,000,750		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)		0.07	%		09/01/2021		25,001,458		25,000,000

Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)		0.07	%		09/01/2021		25,004,459		25,004,119

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)		0.06	%		09/01/2021		153,000,234		153,000,000

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.07	%		09/01/2021		60,300,821		60,300,000

RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)		0.09	%		11/01/2021		35,000,000		35,000,000

RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 -08/01/2051)		0.05	%		09/01/2021		153,000,213		153,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05	%		09/01/2021		15,000,021		15,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05	%		09/07/2021		5,000,049		5,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06	%		09/01/2021		131,254,257		131,254,038

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06	%		09/01/2021		153,000,255		153,000,000

Total Repurchase Agreements (Cost $1,709,558,157)									1,709,558,157

TOTAL INVESTMENTS IN SECURITIES^(g)-100.04% (Cost $3,070,342,842)									3,070,342,842

OTHER ASSETS LESS LIABILITIES-(0.04)%									(1,189,939	)

NET ASSETS-100.00%								$	3,069,152,903

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


5		Invesco Government Money Market Fund

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD -Variable Rate Demand

Notes to Schedule of Investments:

^(a)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(c)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on August 31, 2021.

^(d)	Principal amount equals value at period end. See Note 1I.

^(e)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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

^(g)	Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 08/31/2021


1-7	55.7	%
8-30	3.4
31-60	1.3
61-90	2.4
91-180	11.8
181+	25.4

*	The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

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


6		Invesco Government Money Market Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	1,360,784,685

Repurchase agreements, at value and cost		1,709,558,157

Receivable for:
Fund shares sold		4,644,702

Interest		1,632,240

Investment for trustee deferred compensation and retirement plans		417,829

Other assets		113,073

Total assets		3,077,150,686


Liabilities:
Payable for:
Fund shares reacquired		6,631,373

Amount due custodian		450,001

Dividends		172

Accrued fees to affiliates		403,637

Accrued trustees’ and officers’ fees and benefits		6,847

Accrued operating expenses		49,150

Trustee deferred compensation and retirement plans		456,603

Total liabilities		7,997,783

Net assets applicable to shares outstanding	$	3,069,152,903


Net assets consist of:
Shares of beneficial interest	$	3,068,984,639

Distributable earnings		168,264

	$	3,069,152,903


Net Assets:
Invesco Cash Reserve	$	2,200,845,723
Class A	$	340,048,454

Class AX	$	72,494,213

Class C	$	121,457,820

Class CX	$	347,536

Class R	$	160,136,726

Class Y	$	64,091,505

Investor Class	$	109,626,199

Class R6	$	104,727


Shares outstanding, no par value, unlimited number of shares authorized:
Invesco Cash Reserve		2,200,955,888

Class A		340,065,677

Class AX		72,497,929

Class C		121,463,910

Class CX		347,554

Class R		160,144,752

Class Y		64,094,640

Investor Class		109,631,685

Class R6		104,732

Net asset value and offering price per share for each class	$	1.00

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


7		Invesco Government Money Market Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:

Interest	$	1,120,296


Expenses:
Advisory fees		2,479,429

Administrative services fees		723,790

Custodian fees		14,427

Distribution fees:
Invesco Cash Reserve		1,787,101

Class A		368,310

Class AX		55,756

Class C		489,972

Class CX		1,635

Class R		340,699

Transfer agent fees - Invesco Cash Reserve, A, AX, C, CX, R, Y and Investor		2,589,163

Transfer agent fees - R6		45

Trustees’ and officers’ fees and benefits		21,413

Registration and filing fees		150,078

Reports to shareholders		122,424

Professional services fees		52,850

Other		52,610

Total expenses		9,249,702

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(8,241,268	)

Net expenses		1,008,434

Net investment income		111,862

Net realized gain from unaffiliated investment securities		10,753

Net increase in net assets resulting from operations	$	122,615

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


8		Invesco Government Money Market Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31,			February 28,
	2021			2021

Operations:
Net investment income	$	111,862		$	1,864,288

Net realized gain		10,753			46,199

Net increase in net assets resulting from operations		122,615			1,910,487


Distributions to shareholders from distributable earnings:
Invesco Cash Reserve		(81,964	)		(1,600,645	)

Class A		(11,922	)		(31,795	)

Class AX		(2,212	)		(46,020	)

Class C		(4,294	)		(17,050	)

Class CX		(11	)		(75	)

Class R		(5,834	)		(24,046	)

Class Y		(2,271	)		(44,686	)

Investor Class		(3,349	)		(99,944	)

Class R6		(5	)		(27	)

Total distributions from distributable earnings		(111,862	)		(1,864,288	)


Share transactions-net:
Invesco Cash Reserve		(498,620,052	)		293,307,446

Class A		(61,182,207	)		401,127,580

Class AX		(1,506,949	)		(2,164,991	)

Class C		(22,874,039	)		100,829,760

Class CX		(21,730	)		(137,291	)

Class R		(22,921,013	)		150,735,224

Class Y		8,279,183			13,129,184

Investor Class		(5,039,359	)		3,462,654

Class R6		(22,745	)		107,237

Net increase (decrease) in net assets resulting from share transactions		(603,908,911	)		960,396,803

Net increase (decrease) in net assets		(603,898,158	)		960,443,002


Net assets:
Beginning of period		3,673,051,061			2,712,608,059

End of period	$	3,069,152,903		$	3,673,051,061

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


9		Invesco Government Money Market Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (realized)				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			Ratio of net investment income (loss) to average net assets
Invesco Cash Reserve
Six months ended 08/31/21		$	1.00		$	0.00		$	(0.00	)^(c)		$	0.00			$	(0.00	)		$	1.00		0.00	%		$	2,200,846		0.06	%^(d)		0.53	%^(d)		0.01	%^(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.06				2,699,457		0.23			0.50			0.05
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.61				2,406,243		0.51			0.51			1.55
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.50				1,299,414		0.58			0.58			1.52
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.40				815,631		0.68			0.68			0.39
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.06				841,039		0.43			0.68			0.06
Class A
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				340,048		0.06	^(d)		0.58	^(d)		0.01	^(d)
Period ended 02/28/21^(e)			1.00			0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01				401,229		0.20	^(d)		0.54	^(d)		0.08	^(d)
Class AX
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				72,494		0.06	^(d)		0.53	^(d)		0.01	^(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.06				74,001		0.23			0.50			0.05
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.61				76,169		0.51			0.51			1.55
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.50				81,110		0.58			0.58			1.52
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.40				91,906		0.68			0.68			0.39
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.06				102,748		0.43			0.68			0.06
Class C
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				121,458		0.06	^(d)		1.13	^(d)		0.01	^(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.02				144,331		0.23			1.11			0.05
Year ended 02/29/20			1.00			0.01			0.00				0.01				(0.01	)			1.00		0.85				43,478		1.26			1.26			0.80
Year ended 02/28/19			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.76				38,700		1.31			1.33			0.79
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.27				65,411		0.81			1.43			0.26
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.05				88,605		0.43			1.43			0.06
Class CX
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				348		0.06	^(d)		1.28	^(d)		0.01	^(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.02				369		0.29			1.25			(0.01	)
Year ended 02/29/20			1.00			0.01			0.00				0.01				(0.01	)			1.00		0.85				507		1.26			1.26			0.80
Year ended 02/28/19			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.77				669		1.31			1.33			0.79
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.27				4,114		0.81			1.43			0.26
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.05				4,959		0.43			1.43			0.06
Class R
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				160,137		0.06	^(d)		0.78	^(d)		0.01	^(d)
Year ended 02/28/21			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.04				183,057		0.22			0.74			0.06
Year ended 02/29/20			1.00			0.01			0.00				0.01				(0.01	)			1.00		1.35				32,297		0.76			0.76			1.30
Year ended 02/28/19			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		1.25				25,871		0.83			0.83			1.27
Year ended 02/28/18			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.27				27,387		0.80			0.93			0.27
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.05				34,794		0.43			0.93			0.06
Class Y
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				64,092		0.06	^(d)		0.38	^(d)		0.01	^(d)
Year ended 02/28/21			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.08				55,813		0.21			0.35			0.07
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.76				42,686		0.36			0.36			1.70
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.65				34,105		0.43			0.43			1.67
Year ended 02/28/18			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.55				30,080		0.53			0.53			0.54
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.09				27,738		0.40			0.53			0.09
Investor Class
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				109,626		0.06	^(d)		0.38	^(d)		0.01	^(d)
Year ended 02/28/21			1.00			0.00			(0.00	)			0.00				(0.00	)			1.00		0.08				114,665		0.21			0.35			0.07
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.76				111,208		0.36			0.36			1.70
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.65				125,886		0.43			0.43			1.67
Year ended 02/28/18			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.55				117,630		0.53			0.53			0.54
Year ended 02/28/17			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.09				123,466		0.40			0.53			0.09
Class R6
Six months ended 08/31/21			1.00			0.00			(0.00	)^(c)			0.00				(0.00	)			1.00		0.00				105		0.06	^(d)		0.30	^(d)		0.01	^(d)
Year ended 02/28/21			1.00			0.00			0.00				0.00				(0.00	)			1.00		0.10				127		0.18			0.31			0.10
Year ended 02/29/20			1.00			0.02			0.00				0.02				(0.02	)			1.00		1.81				20		0.32			0.32			1.74
Year ended 02/28/19			1.00			0.02			(0.00	)			0.02				(0.02	)			1.00		1.80				12		0.36			0.38			1.74
Period ended 02/28/18^(f)			1.00			0.01			(0.00	)			0.01				(0.01	)			1.00		0.69				10		0.37	^(d)		0.37	^(d)		0.70	^(d)

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

^(c)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	Annualized.

^(e)	Commencement date of May 15, 2020.

^(f)	Commencement date of April 04, 2017.

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


10		Invesco Government Money Market Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.

The Fund currently consists of nine different classes of shares: Invesco Cash Reserve, Class A , Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6. Class A, Class AX and Class CX shares are closed to new investors. Class Y and Investor Class shares are available only to certain investors. Class C and Class CX shares are sold with a contingent deferred sales charges (“CDSC”). Invesco Cash Reserve, Class A, Class AX, Class R, Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Invesco Cash Reserve shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is a “government money market fund” as defined in Rule 2a-7 under the 1940 Act and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to the liquidity fee and redemption gate requirement at this time, as permitted by Rule 2a-7.

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

Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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 the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

The Fund allocates realized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative 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 and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.	Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

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 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.


11		Invesco Government Money Market Fund

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.

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

Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

Effective July 1, 2021, the Adviser has contractually agreed, through at least, June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares to 1.40%, 1.45%, 1.40%, 2.00%, 2.15%, 1.65%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to July 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements of Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares to 1.40%, 1.25%, 1.40%, 1.25%, 2.15%, 1.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended August 31, 2021, Invesco voluntarily waived advisory fees of $2,479,429, reimbursed Fund level expenses of $129,155 and reimbursed class level expenses of $3,866,335, $405,999, $113,979, $259,092, $1,920, $ 243,769, $51,795, $88,370 and $45 for Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares, respectively, in order to increase the yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Invesco Cash Reserve, Class A, Class AX, Class C, Class CX and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.15% of the Fund’s average daily net assets of Invesco Cash Reserve shares, 0.75% of the Fund’s average daily net assets of Class C shares and 0.40% of the Fund’s average daily net assets of Class R shares. The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.20% of the Fund’s average daily net assets of Class A shares, up to a maximum annual rate of 0.15% of the Fund’s average daily net assets of Class AX shares and up to a maximum annual rate of 0.90% of the average daily net assets of Class CX shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. Effective May 15, 2020, IDI contractually agreed, through at least June 30, 2021, to limit 12b-1 fees to 0.00% of average daily net assets for Class A, Class C and Class R shares. Expenses before fee waivers under this agreement are shown as Distribution fees in the Statement of Operations For the the six


12		Invesco Government Money Market Fund

months ended August 31, 2021, expenses incurred after combined contractual waivers and voluntary yield waivers and reimbursements were $0, $0, $0, $0, $0 and $0 for Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, and Class R shares, respectively.

CDSC are not recorded as expenses of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $886, $277, $7,683 and $0 from Invesco Cash Reserve, Class A, Class C and Class CX shares, respectively, for CDSC imposed on redemptions by shareholders.

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

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 Fund’s own 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, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The Fund did not have any capital loss carryforward as of February 28, 2021.


13		Invesco Government Money Market Fund

NOTE 8–Share Information


	Summary of Share Activity

	Six months ended August 31, 2021^(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Invesco Cash Reserve		651,449,698		$	651,449,698			3,427,519,770		$	3,427,519,770

Class A^(b)		39,016,272			39,016,272			134,655,336			134,655,336

Class AX		5,793,792			5,793,792			13,358,152			13,358,152

Class C		29,275,995			29,275,995			160,645,349			160,645,349

Class CX		10,599			10,599			69,393			69,393

Class R		32,604,566			32,604,566			126,016,149			126,016,149

Class Y		33,348,907			33,348,907			72,123,028			72,123,028

Investor Class		13,081,329			13,081,329			63,786,957			63,786,957

Class R6		34,673			34,673			64,249			64,249


Issued as reinvestment of dividends:
Invesco Cash Reserve		81,964			81,964			1,600,523			1,600,523

Class A		11,618			11,618			23,660			23,660

Class AX		2,116			2,116			43,927			43,927

Class C		4,294			4,294			17,050			17,050

Class CX		7			7			56			56

Class R		5,834			5,834			24,046			24,046

Class Y		2,271			2,271			44,686			44,686

Investor Class		3,349			3,349			99,944			99,944

Class R6		3			3			15			15


Automatic Conversion of Class C and CX shares to Invesco Cash Reserve shares:
Invesco Cash Reserve		248,332			248,332			29,351,146			29,351,146

Class C		(248,332	)		(248,332	)		(29,199,920	)		(29,199,920	)

Class CX		-			-			(151,226	)		(151,226	)


Issued in connection with acquisitions:^(c)
Class A		-			-			451,606,343			451,486,039

Class C		-			-			110,567,396			110,537,809

Class R		-			-			127,042,511			127,008,626

Class Y		-			-			358,538			358,442

Class R6		-			-			101,127			101,102


Reacquired:
Invesco Cash Reserve		(1,150,400,046	)		(1,150,400,046	)		(3,165,163,993	)		(3,165,163,993	)

Class A		(100,210,097	)		(100,210,097	)		(185,037,455	)		(185,037,455	)

Class AX		(7,302,857	)		(7,302,857	)		(15,567,070	)		(15,567,070	)

Class C		(51,905,996	)		(51,905,996	)		(141,170,528	)		(141,170,528	)

Class CX		(32,336	)		(32,336	)		(55,514	)		(55,514	)

Class R		(55,531,413	)		(55,531,413	)		(102,313,597	)		(102,313,597	)

Class Y		(25,071,995	)		(25,071,995	)		(59,396,972	)		(59,396,972	)

Investor Class		(18,124,037	)		(18,124,037	)		(60,424,247	)		(60,424,247	)

Class R6		(57,421	)		(57,421	)		(58,129	)		(58,129	)

Net increase in share activity		(603,908,911	)	$	(603,908,911	)		960,580,700		$	960,396,803

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% 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)	Commencement date of May 15, 2020.


14		Invesco Government Money Market Fund

^(c)

After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Government Cash Reserves Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 689,675,915 shares of the Fund for 689,675,915 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $689,492,018, including $0 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $3,297,363,876 and $3,986,855,894 immediately after the acquisition.

The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed on March 1, 2020, the beginning of the annual reporting period are as follows:


Net investment income	$	2,070,178

Net realized gain from investment securities		55,136

Net increase in net assets resulting from operations	$	2,125,314

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.


15		Invesco Government Money Market Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class	Beginning Account Value (03/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (08/31/21)¹	Expenses Paid During Period	Ending Account Value (08/31/21)	Expenses Paid During Period


Invesco Cash Reserve	$1,000.00	$1,000.04	$0.30	$1,024.90	$0.31	0.06%
A	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
AX	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
C	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
CX	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
Y	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
Investor	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R6	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06


16		Invesco Government Money Market Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Government Money Market Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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’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, valuation and compliance risks, and technology used to manage such risks. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic.The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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, 2020 to the performance of funds in the Broadridge performance universe and against the U.S. 3 Month Treasury Bill Index (Index). The Board noted that performance of Cash Reserve shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Cash Reserve 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


17		Invesco Government Money Market Fund

information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board also noted that the Fund’s total expense ratio is as of the fiscal year end of February 28, 2020 and does not reflect additional voluntary waivers to maintain a positive yield subsequent to such date.

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 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

individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. 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 Funds individually. 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.

F.	Collateral Benefits to Invesco Advisers and its Affiliates


18		Invesco Government Money Market 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

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

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SEC file number(s): 811-05686 and 033-39519		Invesco Distributors, Inc.		GMKT-SAR-1

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Semiannual Report to Shareholders		August 31, 2021

Invesco High Yield Fund

Nasdaq:

A: AMHYX ∎ C: AHYCX ∎ Y: AHHYX ∎ Investor: HYINX ∎ R5: AHIYX ∎ R6: HYIFX


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
13		Financial Statements
16		Financial Highlights
17		Notes to Financial Statements
24		Fund Expenses
25		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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	2.81	%
Class C Shares	2.43
Class Y Shares	2.94
Investor Class Shares	2.81
Class R5 Shares	2.97
Class R6 Shares	3.01
Bloomberg U.S. Aggregate Bond Index^▼ (Broad Market Index)	1.49
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index^▼ (Style-Specific Index)	3.82
Lipper High Current Yield Bond Funds Index^∎ (Peer Group Index)	3.95

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market. The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%. The Lipper High Current Yield Bond Funds Index is an unmanaged index considered representative of high-yield 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.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.


2		Invesco High Yield Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (7/11/78)	7.22	%
10 Years	5.24
5 Years	3.79
1 Year	4.23

Class C Shares
Inception (8/4/97)	3.66	%
10 Years	5.07
5 Years	3.89
1 Year	7.02

Class Y Shares
Inception (10/3/08)	7.71	%
10 Years	5.96
5 Years	4.89
1 Year	9.08

Investor Class Shares
Inception (9/30/03)	6.54	%
10 Years	5.69
5 Years	4.59
1 Year	8.54

Class R5 Shares
Inception (4/30/04)	6.56	%
10 Years	6.02
5 Years	4.99
1 Year	8.91

Class R6 Shares
10 Years	6.08	%
5 Years	5.05
1 Year	8.98

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class 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 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.


3		Invesco High Yield Fund

Liquidity Risk Management Program

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.


4		Invesco High Yield Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)


	Principal
	Amount		Value

U.S. Dollar Denominated Bonds & Notes–87.24%
Advertising–0.48%
Lamar Media Corp., 3.63%, 01/15/2031^(b)	$	4,604,000	$	4,599,143


Aerospace & Defense–0.86%
Bombardier, Inc. (Canada), 6.00%, 10/15/2022^(b)		1,778,000		1,782,356

TransDigm UK Holdings PLC, 6.88%, 05/15/2026		4,677,000		4,934,235

TransDigm, Inc., 6.25%, 03/15/2026^(b)		1,463,000		1,537,979

				8,254,570


Airlines–2.50%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026^(b)		11,371,000		11,999,248

5.75%, 04/20/2029^(b)		2,182,000		2,359,222

Delta Air Lines, Inc., 7.00%, 05/01/2025^(b)		3,953,000		4,626,468

United Airlines, Inc., 4.38%, 04/15/2026^(b)		4,833,000		5,023,324

				24,008,262


Alternative Carriers–1.18%
Level 3 Financing, Inc., 3.75%, 07/15/2029^(b)		6,965,000		6,799,582

Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		4,050,000		4,501,190

				11,300,772


Apparel Retail–0.56%
Bath & Body Works, Inc., 6.75%, 07/01/2036		4,196,000		5,351,893


Auto Parts & Equipment–1.48%
Clarios Global L.P., 6.75%, 05/15/2025^(b)		1,032,000		1,093,920

Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		3,096,000		3,308,850

Dana, Inc.,
5.38%, 11/15/2027		4,172,000		4,406,675

5.63%, 06/15/2028		629,000		676,911

NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)		4,517,000		4,691,130

				14,177,486


Automobile Manufacturers–4.11%
Allison Transmission, Inc.,
4.75%, 10/01/2027^(b)		2,250,000		2,361,386

3.75%, 01/30/2031^(b)		6,825,000		6,825,990

Ford Motor Co.,
8.50%, 04/21/2023		4,026,000		4,456,279

9.00%, 04/22/2025		1,433,000		1,752,487

9.63%, 04/22/2030		772,000		1,101,243

4.75%, 01/15/2043		2,204,000		2,380,375


	Principal
	Amount		Value

Automobile Manufacturers–(continued)
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025	$	1,418,000	$	1,558,028

3.38%, 11/13/2025		1,644,000		1,703,595

4.39%, 01/08/2026		2,323,000		2,494,321

5.11%, 05/03/2029		4,746,000		5,369,363

4.00%, 11/13/2030		4,562,000		4,818,772

J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		4,385,000		4,631,656

				39,453,495


Automotive Retail–1.74%
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		6,904,000		7,035,625

LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(b)		4,748,000		4,884,552

Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		4,539,000		4,765,042

				16,685,219


Broadcasting–0.54%
Gray Television, Inc., 7.00%, 05/15/2027^(b)		4,851,000		5,209,004


Building Products–0.24%
Standard Industries, Inc., 5.00%, 02/15/2027^(b)		2,247,000		2,325,645


Cable & Satellite–5.63%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026^(b)		3,443,000		3,541,986

5.00%, 02/01/2028^(b)		8,016,000		8,407,582

4.75%, 03/01/2030^(b)		3,494,000		3,701,299

4.50%, 08/15/2030^(b)		10,996,000		11,503,795

4.25%, 01/15/2034^(b)		2,350,000		2,374,863

CSC Holdings LLC,
6.50%, 02/01/2029^(b)		4,288,000		4,738,240

5.75%, 01/15/2030^(b)		826,000		873,925

4.63%, 12/01/2030^(b)		1,567,000		1,543,495

4.50%, 11/15/2031^(b)		2,330,000		2,348,011

DISH DBS Corp., 7.75%, 07/01/2026		2,600,000		2,981,420

DISH Network Corp., Conv., 3.38%, 08/15/2026		3,693,000		3,861,415

Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(b)		3,247,000		3,312,589

4.00%, 07/15/2028^(b)		3,673,000		3,756,928

Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)		1,062,000		1,138,995

				54,084,543


Casinos & Gaming–3.55%
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023^(b)(c)		2,189,311		1,565,357

Everi Holdings, Inc., 5.00%, 07/15/2029^(b)		4,610,000		4,724,098

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


5		Invesco High Yield Fund


	Principal
	Amount		Value

Casinos & Gaming–(continued)
Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(b)	$	4,718,000	$	4,759,282

Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(b)		8,762,000		9,203,342

Scientific Games International, Inc.,
8.63%, 07/01/2025^(b)		1,938,000		2,094,663

8.25%, 03/15/2026^(b)		2,314,000		2,464,127

Station Casinos LLC, 4.50%, 02/15/2028^(b)		4,644,000		4,719,465

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(b)		4,404,000		4,586,502

				34,116,836


Computer & Electronics Retail–0.35%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024^(b)		3,270,000		3,343,575


Construction & Engineering–1.21%
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(b)		4,623,000		4,779,026

New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026^(b)		2,738,000		2,816,717

9.75%, 07/15/2028^(b)		3,602,000		3,997,626

				11,593,369


Consumer Finance–2.92%
Navient Corp.,
7.25%, 09/25/2023		5,428,000		5,970,135

5.00%, 03/15/2027		1,773,000		1,864,265

5.63%, 08/01/2033		3,922,000		3,804,713

OneMain Finance Corp.,
3.88%, 09/15/2028		2,496,000		2,509,291

5.38%, 11/15/2029		9,314,000		10,188,445

4.00%, 09/15/2030		3,708,000		3,720,867

				28,057,716


Copper–0.96%
First Quantum Minerals Ltd. (Zambia),
7.50%, 04/01/2025^(b)		6,490,000		6,733,375

6.88%, 03/01/2026^(b)		2,371,000		2,480,601

				9,213,976


Data Processing & Outsourced Services–0.51%
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(b)		4,724,000		4,878,569


Department Stores–0.33%
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(b)		733,000		801,792

4.50%, 12/15/2034		2,460,000		2,410,800

				3,212,592


Diversified Banks–1.07%
Credit Agricole S.A. (France), 8.13%^(b)(d)(e)		3,981,000		4,854,332

Natwest Group PLC (United Kingdom), 6.00%^(d)(e)		4,830,000		5,419,984

				10,274,316


Diversified Capital Markets–0.48%
Credit Suisse Group AG (Switzerland), 7.50%^(b)(d)(e)		4,285,000		4,629,943


	Principal
	Amount		Value

Diversified Chemicals–0.48%
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(b)	$	4,519,000	$	4,568,935


Diversified REITs–1.01%
DigitalBridge Group, Inc., Conv., 5.00%, 04/15/2023		2,624,000		2,701,908

iStar, Inc.,
4.75%, 10/01/2024		4,932,000		5,240,497

5.50%, 02/15/2026		1,695,000		1,777,631

				9,720,036


Electric Utilities–1.58%
Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)		6,606,000		5,724,892

Vistra Operations Co. LLC,
5.63%, 02/15/2027^(b)		1,600,000		1,668,096

5.00%, 07/31/2027^(b)		2,911,000		3,024,092

4.38%, 05/01/2029^(b)		4,718,000		4,794,668

				15,211,748


Electrical Components & Equipment–0.85%
EnerSys,
5.00%, 04/30/2023^(b)		3,225,000		3,363,933

4.38%, 12/15/2027^(b)		180,000		189,447

Sensata Technologies B.V.,
4.88%, 10/15/2023^(b)		3,665,000		3,926,534

4.00%, 04/15/2029^(b)		643,000		666,341

				8,146,255


Environmental & Facilities Services–1.19%
Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)		11,210,000		11,438,796


Fertilizers & Agricultural Chemicals–0.73%
OCI N.V. (Netherlands),
5.25%, 11/01/2024^(b)		2,250,000		2,323,125

4.63%, 10/15/2025^(b)		4,497,000		4,713,980

				7,037,105


Food Distributors–0.50%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028^(b)		4,640,000		4,798,456


Food Retail–1.70%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029^(b)		4,237,000		4,660,700

SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)		4,405,000		4,630,822

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029^(b)		6,883,000		7,013,089

				16,304,611


Health Care Facilities–1.47%
Encompass Health Corp., 4.50%, 02/01/2028		4,516,000		4,736,155

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


6		Invesco High Yield Fund


	Principal
	Amount		Value

Health Care Facilities–(continued)
HCA, Inc.,
5.38%, 02/01/2025	$	2,458,000	$	2,772,956

5.88%, 02/15/2026		699,000		811,574

5.38%, 09/01/2026		1,344,000		1,552,051

5.88%, 02/01/2029		2,281,000		2,768,758

3.50%, 09/01/2030		1,383,000		1,486,234

				14,127,728


Health Care REITs–1.07%
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		4,712,000		4,848,106

Diversified Healthcare Trust,
9.75%, 06/15/2025		169,000		186,111

4.38%, 03/01/2031		5,284,000		5,191,662

				10,225,879


Health Care Services–4.48%
Akumin, Inc., 7.00%, 11/01/2025^(b)		10,567,000		9,990,570

Community Health Systems, Inc.,
8.00%, 03/15/2026^(b)		4,268,000		4,574,016

6.13%, 04/01/2030^(b)		4,680,000		4,723,875

DaVita, Inc.,
4.63%, 06/01/2030^(b)		4,174,000		4,367,715

3.75%, 02/15/2031^(b)		5,200,000		5,145,400

Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		2,404,000		2,482,130

Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		6,572,000		6,841,321

MEDNAX, Inc., 6.25%, 01/15/2027^(b)		4,420,000		4,663,100

RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)		179,000		183,419

				42,971,546


Homebuilding–1.63%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027^(b)		7,864,000		8,725,501

Taylor Morrison Communities, Inc., 6.63%, 07/15/2027^(b)		6,510,000		6,949,425

				15,674,926


Hotels, Resorts & Cruise Lines–0.48%
Carnival Corp., 10.50%, 02/01/2026^(b)		4,011,000		4,632,785


Household Products–1.21%
Energizer Holdings, Inc., 4.38%, 03/31/2029^(b)		4,599,000		4,617,948

Prestige Brands, Inc., 3.75%, 04/01/2031^(b)		7,094,000		7,014,441

				11,632,389


Independent Power Producers & Energy Traders–1.48%
Calpine Corp., 3.75%, 03/01/2031^(b)		4,782,000		4,696,307

Clearway Energy Operating LLC,
4.75%, 03/15/2028^(b)		5,172,000		5,482,061

3.75%, 02/15/2031^(b)		3,963,000		4,032,313

				14,210,681


	Principal
	Amount		Value

Industrial Machinery–1.21%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)	$	1,603,000	$	1,582,882

EnPro Industries, Inc., 5.75%, 10/15/2026		4,670,000		4,910,529

Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)		4,904,000		5,111,537

				11,604,948


Integrated Oil & Gas–1.51%
Occidental Petroleum Corp.,
3.20%, 08/15/2026		1,684,000		1,740,153

8.50%, 07/15/2027		1,314,000		1,659,654

6.13%, 01/01/2031		3,959,000		4,792,746

6.20%, 03/15/2040		2,474,000		2,953,944

4.10%, 02/15/2047		3,430,000		3,358,364

				14,504,861


Integrated Telecommunication Services–0.97%
Altice France S.A. (France),
7.38%, 05/01/2026^(b)		3,654,000		3,797,310

8.13%, 02/01/2027^(b)		2,500,000		2,718,750

5.13%, 07/15/2029^(b)		2,760,000		2,793,865

				9,309,925


Interactive Media & Services–1.45%
Audacy Capital Corp., 6.75%, 03/31/2029^(b)		6,815,000		6,886,694

Scripps Escrow II, Inc.,
3.88%, 01/15/2029^(b)		4,667,000		4,697,475

5.38%, 01/15/2031^(b)		2,350,000		2,329,009

				13,913,178


Internet & Direct Marketing Retail–0.76%
QVC, Inc.,
4.38%, 09/01/2028		2,216,000		2,273,671

5.45%, 08/15/2034		4,667,000		4,993,690

				7,267,361


Investment Banking & Brokerage–0.71%
NFP Corp.,
4.88%, 08/15/2028^(b)		1,789,000		1,822,544

6.88%, 08/15/2028^(b)		4,874,000		5,008,035

				6,830,579


IT Consulting & Other Services–0.76%
Gartner, Inc.,
4.50%, 07/01/2028^(b)		4,677,000		4,957,620

3.63%, 06/15/2029^(b)		2,248,000		2,317,238

				7,274,858


Managed Health Care–0.98%
Centene Corp.,
4.63%, 12/15/2029		1,697,000		1,863,544

3.00%, 10/15/2030		7,228,000		7,500,640

				9,364,184


Metal & Glass Containers–1.21%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028^(b)		6,988,000		7,049,145

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


7		Invesco High Yield Fund


	Principal
	Amount		Value

Metal & Glass Containers–(continued)
Ardagh Packaging Finance
PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(b)	$	4,377,000	$	4,584,908

				11,634,053


Movies & Entertainment–1.28%
Cinemark USA, Inc., 5.88%, 03/15/2026^(b)		4,670,000		4,652,488

Netflix, Inc.,
5.88%, 11/15/2028		2,737,000		3,397,397

5.38%, 11/15/2029^(b)		3,407,000		4,194,579

				12,244,464


Oil & Gas Drilling–2.88%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		4,633,000		4,916,771

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		4,845,000		4,923,731

Precision Drilling Corp. (Canada), 6.88%, 01/15/2029^(b)		3,497,000		3,522,913

Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		4,100,000		4,245,386

6.88%, 04/15/2040^(b)		3,158,000		3,485,943

Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(b)(c)		1,651,000		1,714,885

Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(c)		4,655,000		4,835,125

				27,644,754


Oil & Gas Equipment & Services–1.09%
Bristow Group, Inc., 6.88%, 03/01/2028^(b)		5,107,000		5,366,920

USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		4,858,000		5,094,439

				10,461,359


Oil & Gas Exploration & Production–6.41%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)		12,731,000		13,829,622

Callon Petroleum Co., 8.00%, 08/01/2028^(b)		7,402,000		7,135,639

EQT Corp.,
3.13%, 05/15/2026^(b)		1,903,000		1,957,711

3.63%, 05/15/2031^(b)		2,858,000		3,025,436

Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		6,199,000		5,974,286

8.00%, 01/15/2027		3,860,000		3,837,921

7.75%, 02/01/2028		1,313,000		1,288,841

Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(b)		2,862,000		2,962,170

5.75%, 02/01/2029^(b)		1,556,000		1,581,285

Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(b)		8,614,000		8,959,034


	Principal
	Amount		Value

Oil & Gas Exploration & Production–(continued)
SM Energy Co.,
5.00%, 01/15/2024	$	1,939,000	$	1,931,729

6.75%, 09/15/2026		4,429,000		4,456,725

6.63%, 01/15/2027		4,586,000		4,614,708

				61,555,107


Oil & Gas Storage & Transportation–1.35%
NGL Energy Partners L.P./NGL Energy Finance Corp.,
7.50%, 11/01/2023		1,420,000		1,329,475

7.50%, 04/15/2026		3,054,000		2,562,459

Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029^(b)		8,711,000		9,027,253

				12,919,187


Packaged Foods & Meats–2.20%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029^(b)		6,040,000		6,847,850

Kraft Heinz Foods Co. (The),
4.25%, 03/01/2031		4,072,000		4,704,910

6.88%, 01/26/2039		2,800,000		4,189,590

5.00%, 06/04/2042		442,000		560,084

Post Holdings, Inc.,
5.63%, 01/15/2028^(b)		2,469,000		2,601,709

4.63%, 04/15/2030^(b)		2,189,000		2,237,853

				21,141,996


Paper Products–0.98%
Schweitzer-Mauduit International,
Inc., 6.88%, 10/01/2026^(b)		4,364,000		4,576,745

Sylvamo Corp., 7.00%, 09/01/2029^(b)		4,707,000		4,879,441

				9,456,186


Pharmaceuticals–1.69%
AdaptHealth LLC,
6.13%, 08/01/2028^(b)		2,215,000		2,361,744

5.13%, 03/01/2030^(b)		2,425,000		2,459,835

Bausch Health Americas, Inc., 9.25%, 04/01/2026^(b)		2,442,000		2,634,307

Bausch Health Cos., Inc.,
9.00%, 12/15/2025^(b)		3,216,000		3,425,040

5.75%, 08/15/2027^(b)		1,021,000		1,073,377

Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027^(b)		1,933,000		1,901,821

Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		2,293,000		2,324,529

				16,180,653


Railroads–0.49%
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023^(b)		4,727,000		4,737,163


Research & Consulting Services–0.48%
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026^(b)		3,256,000		3,435,080

10.25%, 02/15/2027^(b)		1,042,000		1,131,878

				4,566,958

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


8		Invesco High Yield Fund


	Principal
	Amount		Value

Retail REITs–0.51%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)	$	4,593,000	$	4,868,580


Security & Alarm Services–0.66%
Brink’s Co. (The),
5.50%, 07/15/2025^(b)		478,000		502,808

4.63%, 10/15/2027^(b)		5,564,000		5,850,991

				6,353,799


Specialized Consumer Services–1.16%
Carriage Services, Inc., 4.25%, 05/15/2029^(b)		5,056,000		5,070,207

Terminix Co. LLC (The), 7.45%, 08/15/2027		5,036,000		6,032,398

				11,102,605


Specialized REITs–0.74%
SBA Communications Corp., 3.88%, 02/15/2027		6,795,000		7,070,401


Specialty Chemicals–1.00%
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		9,128,000		9,641,450


Steel–0.50%
SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)		4,688,000		4,754,148


Systems Software–1.46%
Camelot Finance S.A., 4.50%, 11/01/2026^(b)		13,414,000		14,014,947


Technology Hardware, Storage & Peripherals–0.32%
Western Digital Corp., 4.75%, 02/15/2026		2,738,000		3,064,972


Textiles–0.46%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025^(b)		4,761,000		4,433,681


Thrifts & Mortgage Finance–0.62%
NMI Holdings, Inc., 7.38%, 06/01/2025^(b)		5,272,000		5,970,540


Trading Companies & Distributors–0.35%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045^(b)(d)		3,073,000		3,336,786


Wireless Telecommunication Services–0.49%
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081^(d)		4,624,000		4,698,285

Total U.S. Dollar Denominated Bonds & Notes (Cost $817,124,447)				837,394,768


Variable Rate Senior Loan Interests–8.43%^(f)(g)
Food Distributors–0.55%
United Natural Foods, Inc., Term Loan B, 3.58% (1 mo. USD LIBOR + 3.50%), 10/22/2025		5,235,214		5,223,225

Health Care Equipment–0.47%
Radiology Partners, Inc., First Lien Term Loan B, 4.35% (1 mo. USD LIBOR + 4.25%), 07/09/2025		4,525,000		4,504,004


	Principal
	Amount		Value

Health Care Services–0.94%
Global Medical Response, Inc., Term Loan, 5.75% (3 mo. USD LIBOR + 4.75%), 10/02/2025	$	4,501,380	$	4,526,228

Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026		4,501,029		4,508,771

				9,034,999


Health Care Supplies–1.23%
Medline Industries, Inc., Term Loan,
-%, 08/04/2022^(h)		4,725,000		4,725,000

-%, 08/04/2022^(h)		7,088,000		7,088,000

				11,813,000


Hotels, Resorts & Cruise Lines–0.48%
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan, 2.08% (1 mo. USD LIBOR + 2.00%), 11/30/2023		4,615,833		4,589,500


Metal & Glass Containers–0.47%
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.15% (1 mo. USD LIBOR + 3.25%), 06/29/2025		4,538,846		4,488,079


Paper Packaging–0.47%
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027		4,563,563		4,549,894


Paper Products–0.99%
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/23/2028		9,513,332		9,513,332


Pharmaceuticals–1.12%
Bausch Health Americas, Inc. (Canada), First Lien Incremental Term Loan, 2.83% (1 mo. USD LIBOR + 2.75%), 11/27/2025		6,304,653		6,274,264

Endo LLC, Term Loan, 5.75% (3 mo. USD LIBOR + 5.00%), 03/10/2028		4,618,425		4,498,785

				10,773,049


Restaurants–0.99%
IRB Holding Corp., First Lien Term Loan B, 4.25% (3 mo. USD LIBOR + 3.25%) (3 mo. USD LIBOR + 3.25%), 12/01/2027		9,468,438		9,478,285


Specialty Stores–0.72%
PetSmart, Inc., Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%) (3 mo. USD LIBOR + 3.75%), 02/11/2028		6,906,667		6,926,075

Total Variable Rate Senior Loan Interests (Cost $81,046,382)				80,893,442


Non-U.S. Dollar Denominated Bonds & Notes–1.18%⁽ⁱ⁾
Building Products–0.48%
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026^(b)EUR		3,741,000		4,570,994

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


9		Invesco High Yield Fund


	Principal
	Amount		Value

Casinos & Gaming–0.16%
Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023^(b)		EUR 1,190,000	$	1,486,989


Food Retail–0.51%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025^(b)		GBP 3,659,000		4,918,002


Paper Packaging–0.01%
M&G Finance Luxembourg S.A. (Brazil), 5.08% (3 mo. EURIBOR + 5.63%)^(e)(j)(k)		EUR 4,100,000		96,822


Textiles–0.02%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023^(b)		EUR 200,000		225,953

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $11,982,025)				11,298,760


	Shares
Common Stocks & Other Equity Interests–0.06%
Integrated Telecommunication Services–0.00%
Ventelo, Inc. (United Kingdom)^(l)(m)		73,021		0


Leisure Products–0.00%
HF Holdings, Inc.^(l)(m)		36,820		0


Investment Abbreviations:

Conv.		– Convertible
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
LIBOR		– London Interbank Offered Rate
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
USD		– U.S. Dollar


	Shares		Value

Oil & Gas Drilling–0.06%
Valaris Ltd.^(l)		21,400	$	635,365

Total Common Stocks & Other Equity Interests (Cost $7,253,781)				635,365


Money Market Funds–3.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(n)(o)		10,407,500		10,407,500

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(n)(o)		11,496,462		11,501,061

Invesco Treasury Portfolio, Institutional Class, 0.01%^(n)(o)		11,894,286		11,894,286

Total Money Market Funds (Cost $33,804,960)				33,802,847


Options Purchased–0.05%
(Cost $1,283,958)^(p)				460,578

TOTAL INVESTMENTS IN SECURITIES-100.48% (Cost $952,495,553)				964,485,760

OTHER ASSETS LESS LIABILITIES-(0.48)%				(4,628,267	)

NET ASSETS-100.00%			$	959,857,493

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


10		Invesco High Yield 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)

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, 2021 was $625,443,787, which represented 65.16% of the Fund’s Net Assets.

^(c)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(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)

^(g)

^(h)	This variable rate interest will settle after August 31, 2021, at which time the interest rate will be determined.

⁽ⁱ⁾	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(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, 2021 was $96,822, which represented less than 1% of the Fund’s Net Assets.

^(k)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(l)	Non-income producing security.

^(m)	Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁿ⁾


	Value February 28, 2021			Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class		$	6,858,550	$91,785,823	$ (88,236,873)		$	-		$	-			$	10,407,500		$	815
Invesco Liquid Assets Portfolio, Institutional Class			9,742,049	65,400,449	(63,641,437)			510			(510	)			11,501,061			522
Invesco Treasury Portfolio, Institutional Class			7,838,342	104,898,083	(100,842,139)			-			-				11,894,286			337
Total		$	24,438,941	$262,084,355	$(252,720,449)		$	510		$	(510	)		$	33,802,847		$	1,674

^(o)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

^(p)	The table below details options purchased.

Open Exchange-Traded Equity Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value^(a)

Value

Equity Risk

Altice USA, Inc.

Call

06/17/2022

607

USD 35.00

USD 2,124,500

65,253

Ford Motor Co.

Call

03/18/2022

4,000

USD 17.00

USD 6,800,000

182,000

Occidental Petroleum Corp.

Call

06/17/2022

1,150

USD 35.00

USD 4,025,000

213,325

Total Open Exchange-Traded Equity Options Purchased

5,757

460,578

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Exchange-Traded Equity Options Written
Description	Type of Contract	Expiration Date	Number of Contracts	Exercise Price		Premiums Received			Notional Value^(a)		Value			Unrealized Appreciation
Equity Risk
Ford Motor Co.	Call	03/18/2022	4,000		USD 20.00	$	(375,859	)		USD 8,000,000	$	(82,000	)	$	293,859
Occidental Petroleum Corp.	Call	06/17/2022	1,150		USD 45.00		(134,510	)		USD 5,175,000		(90,850	)		43,660
Total Open Exchange-Traded Equity Options Written						$	(510,369	)			$	(172,850	)	$	337,519

^(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.


11		Invesco High Yield Fund

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized
Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

11/17/2021

Goldman Sachs International

GBP 3,690,000

USD 5,113,049

39,169

Currency Risk

11/17/2021

Citibank, N.A.

EUR 6,800,000

USD 7,984,902

(56,067

)

Total Forward Foreign Currency Contracts

(16,898

)

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of August 31, 2021


AA	0.16	%
BBB	6.35
BB	49.74
B	36.69
CCC	5.33
CC	0.17
Non-Rated	1.56

^†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.

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


12		Invesco High Yield Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $918,690,593)	$	930,682,913

Investments in affiliated money market funds, at value (Cost $33,804,960)		33,802,847

Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		39,169

Cash		74,713

Foreign currencies, at value (Cost $1,407,986)		1,419,295

Receivable for: Investments sold		5,514,412

Fund shares sold		664,316

Dividends		306

Interest		12,846,636

Investment for trustee deferred compensation and retirement plans		350,402

Other assets		91,901

Total assets		985,486,910


Liabilities:
Other investments:
Options written, at value (premiums received $510,369)		172,850

Unrealized depreciation on forward foreign currency contracts outstanding		56,067

Payable for:
Investments purchased		22,793,324

Dividends		825,344

Fund shares reacquired		754,297

Accrued fees to affiliates		491,743

Accrued trustees’ and officers’ fees and benefits		1,527

Accrued other operating expenses		117,719

Trustee deferred compensation and retirement plans		416,546

Total liabilities		25,629,417

Net assets applicable to shares outstanding	$	959,857,493


Net assets consist of:
Shares of beneficial interest	$	1,173,360,996

Distributable earnings (loss)		(213,503,503	)

	$	959,857,493


Net Assets:
Class A	$	674,324,196

Class C	$	25,350,052

Class Y	$	55,696,236

Investor Class	$	75,360,936

Class R5	$	36,430,101

Class R6	$	92,695,972


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		168,661,508

Class C		6,356,529

Class Y		13,896,835

Investor Class		18,865,522

Class R5		9,146,323

Class R6		23,206,093

Class A: Net asset value per share	$	4.00

Maximum offering price per share (Net asset value of $4.00 ÷ 95.75%)	$	4.18

Class C:
Net asset value and offering price per share	$	3.99

Class Y:
Net asset value and offering price per share	$	4.01

Investor Class:
Net asset value and offering price per share	$	3.99

Class R5:
Net asset value and offering price per share	$	3.98

Class R6:
Net asset value and offering price per share	$	3.99

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


13		Invesco High Yield Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Interest	$	23,502,631

Dividends from affiliated money market funds		1,674

Total investment income		23,504,305


Expenses:
Advisory fees		2,566,787

Administrative services fees		66,425

Custodian fees		8,734

Distribution fees:
Class A		834,409

Class C		130,235

Investor Class		94,880

Transfer agent fees – A, C, Y and Investor		670,617

Transfer agent fees – R5		17,850

Transfer agent fees – R6		8,447

Trustees’ and officers’ fees and benefits		15,869

Registration and filing fees		59,408

Reports to shareholders		68,183

Professional services fees		98,669

Other		13,530

Total expenses		4,654,043

Less: Fees waived and/or expense offset arrangement(s)		(6,688	)

Net expenses		4,647,355

Net investment income		18,856,950


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		12,025,713

Affiliated investment securities		(510	)

Foreign currencies		(163,774	)

Forward foreign currency contracts		474,959

Option contracts written		(60,918	)

		12,275,470

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,050,524	)

Affiliated investment securities		510

Foreign currencies		1,590

Forward foreign currency contracts		(46,384	)

Option contracts written		327,010

		(3,767,798	)

Net realized and unrealized gain		8,507,672

Net increase in net assets resulting from operations	$	27,364,622

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


14		Invesco High Yield Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31, 2021			February 28, 2021

Operations:
Net investment income	$	18,856,950		$	46,982,352

Net realized gain (loss)		12,275,470			(56,740,108	)

Change in net unrealized appreciation (depreciation)		(3,767,798	)		64,918,746

Net increase in net assets resulting from operations		27,364,622			55,160,990


Distributions to shareholders from distributable earnings:
Class A		(15,060,263	)		(36,337,213	)

Class C		(491,130	)		(1,605,096	)

Class Y		(1,221,503	)		(3,453,422	)

Investor Class		(1,708,863	)		(4,324,940	)

Class R5		(899,670	)		(2,615,850	)

Class R6		(2,161,378	)		(7,661,843	)

Total distributions from distributable earnings		(21,542,807	)		(55,998,364	)


Return of capital:
Class A		–			(1,772,865	)

Class C		–			(78,311	)

Class Y		–			(168,490	)

Investor Class		–			(211,011	)

Class R5		–			(127,625	)

Class R6		–			(373,816	)

Total return of capital		–			(2,732,118	)

Total distributions		(21,542,807	)		(58,730,482	)


Share transactions–net:
Class A		12,661,779			(6,810,503	)

Class C		(1,668,118	)		(8,814,544	)

Class Y		4,186,886			(10,179,218	)

Investor Class		30,469			(5,412,983	)

Class R5		(2,472,277	)		(16,233,844	)

Class R6		8,862,069			(102,497,843	)

Net increase (decrease) in net assets resulting from share transactions		21,600,808			(149,948,935	)

Net increase (decrease) in net assets		27,422,623			(153,518,427	)


Net assets:
Beginning of period		932,434,870			1,085,953,297

End of period	$	959,857,493		$	932,434,870

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


15		Invesco High Yield Fund

Financial Highlights

(Unaudited)

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			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Six months ended 08/31/21		$	3.97		$	0.08		$	0.04			$	0.12		$	(0.09	)		$	-			$	(0.09	)		$	4.00		3.06	%		$	674,324		1.02	%^(d)		1.02	%^(d)		3.95	%^(d)		51	%
Year ended 02/28/21			3.96			0.19			0.05				0.24			(0.22	)			(0.01	)			(0.23	)			3.97		6.59				657,549		1.07			1.07			4.89			101
Year ended 02/29/20			4.05			0.21			(0.07	)			0.14			(0.23	)			-				(0.23	)			3.96		3.53				663,578		1.01			1.02			5.09			62
Year ended 02/28/19			4.13			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.05		3.28				685,222		1.15			1.15			4.96			34
Year ended 02/28/18			4.21			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.13		3.07				701,560		1.07			1.08			4.69			56
Year ended 02/28/17			3.83			0.21			0.39				0.60			(0.21	)			(0.01	)			(0.22	)			4.21		15.91				828,560		1.00			1.01			5.10			99
Class C
Six months ended 08/31/21			3.96			0.06			0.05				0.11			(0.08	)			-				(0.08	)			3.99		2.68				25,350		1.77	^(d)		1.77	^(d)		3.20	^(d)		51
Year ended 02/28/21			3.95			0.16			0.05				0.21			(0.19	)			(0.01	)			(0.20	)			3.96		5.79				26,860		1.82			1.82			4.14			101
Year ended 02/29/20			4.04			0.18			(0.07	)			0.11			(0.20	)			-				(0.20	)			3.95		2.75				35,743		1.76			1.77			4.34			62
Year ended 02/28/19			4.12			0.17			(0.07	)			0.10			(0.18	)			-				(0.18	)			4.04		2.50				37,607		1.90			1.90			4.21			34
Year ended 02/28/18			4.20			0.16			(0.06	)			0.10			(0.18	)			-				(0.18	)			4.12		2.29				88,812		1.82			1.83			3.94			56
Year ended 02/28/17			3.82			0.18			0.39				0.57			(0.18	)			(0.01	)			(0.19	)			4.20		15.09				101,572		1.75			1.76			4.35			99
Class Y
Six months ended 08/31/21			3.98			0.08			0.05				0.13			(0.10	)			-				(0.10	)			4.01		3.20				55,696		0.77	^(d)		0.77	^(d)		4.20	^(d)		51
Year ended 02/28/21			3.97			0.19			0.06				0.25			(0.23	)			(0.01	)			(0.24	)			3.98		6.85				51,180		0.82			0.82			5.14			101
Year ended 02/29/20			4.07			0.22			(0.08	)			0.14			(0.24	)			-				(0.24	)			3.97		3.54				61,065		0.76			0.77			5.34			62
Year ended 02/28/19			4.14			0.21			(0.06	)			0.15			(0.22	)			-				(0.22	)			4.07		3.79				112,350		0.90			0.90			5.21			34
Year ended 02/28/18			4.23			0.21			(0.08	)			0.13			(0.22	)			-				(0.22	)			4.14		3.09				116,954		0.82			0.83			4.94			56
Year ended 02/28/17			3.84			0.22			0.40				0.62			(0.22	)			(0.01	)			(0.23	)			4.23		16.44				201,080		0.75			0.76			5.35			99
Investor Class
Six months ended 08/31/21			3.97			0.08			0.03				0.11			(0.09	)			-				(0.09	)			3.99		2.81				75,361		1.02	^(d)		1.02	^(d)		3.95	^(d)		51
Year ended 02/28/21			3.96			0.18			0.06				0.24			(0.22	)			(0.01	)			(0.23	)			3.97		6.59				74,887		1.07			1.07			4.89			101
Year ended 02/29/20			4.05			0.21			(0.07	)			0.14			(0.23	)			-				(0.23	)			3.96		3.53				80,043		1.01			1.02			5.09			62
Year ended 02/28/19			4.13			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.05		3.31				79,404		1.15			1.15			4.96			34
Year ended 02/28/18			4.21			0.20			(0.07	)			0.13			(0.21	)			-				(0.21	)			4.13		3.11	^(e)			97,913		1.01	^(e)		1.02	^(e)		4.75	^(e)		56
Year ended 02/28/17			3.83			0.21			0.39				0.60			(0.21	)			(0.01	)			(0.22	)			4.21		15.95	^(e)			105,545		0.96	^(e)		0.97	^(e)		5.14	^(e)		99
Class R5
Six months ended 08/31/21			3.96			0.09			0.03				0.12			(0.10	)			-				(0.10	)			3.98		2.97				36,430		0.71	^(d)		0.71	^(d)		4.26	^(d)		51
Year ended 02/28/21			3.94			0.20			0.06				0.26			(0.23	)			(0.01	)			(0.24	)			3.96		7.21				38,676		0.74			0.74			5.22			101
Year ended 02/29/20			4.04			0.22			(0.07	)			0.15			(0.25	)			-				(0.25	)			3.94		3.75				55,520		0.68			0.69			5.42			62
Year ended 02/28/19			4.12			0.21			(0.07	)			0.14			(0.22	)			-				(0.22	)			4.04		3.59				64,804		0.84			0.84			5.27			34
Year ended 02/28/18			4.20			0.21			(0.07	)			0.14			(0.22	)			-				(0.22	)			4.12		3.40				75,185		0.75			0.76			5.01			56
Year ended 02/28/17			3.82			0.22			0.39				0.61			(0.22	)			(0.01	)			(0.23	)			4.20		16.32				88,644		0.66			0.67			5.44			99
Class R6
Six months ended 08/31/21			3.97			0.09			0.03				0.12			(0.10	)			-				(0.10	)			3.99		3.01				92,696		0.63	^(d)		0.63	^(d)		4.34	^(d)		51
Year ended 02/28/21			3.95			0.20			0.07				0.27			(0.24	)			(0.01	)			(0.25	)			3.97		7.29				83,282		0.65			0.65			5.31			101
Year ended 02/29/20			4.05			0.22			(0.07	)			0.15			(0.25	)			-				(0.25	)			3.95		3.70				190,003		0.59			0.60			5.51			62
Year ended 02/28/19			4.12			0.22			(0.06	)			0.16			(0.23	)			-				(0.23	)			4.05		3.94				186,913		0.75			0.75			5.36			34
Year ended 02/28/18			4.20			0.21			(0.07	)			0.14			(0.22	)			-				(0.22	)			4.12		3.49				195,027		0.66			0.67			5.10			56
Year ended 02/28/17			3.82			0.23			0.39				0.62			(0.23	)			(0.01	)			(0.24	)			4.20		16.42				157,367		0.57			0.58			5.53			99

^(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)	Annualized.

^(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 0.19% and 0.21% for the years ended February 28, 2018 and 2017, respectively.

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


16		Invesco High Yield Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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.

B.	Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are


17		Invesco High Yield Fund

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.

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


18		Invesco High Yield Fund

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.

Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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 Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

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


19		Invesco High Yield Fund

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $ 200 million		0.625%
Next $300 million		0.550%
Next $500 million		0.500%
Over $1 billion		0.450%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.54%.

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.50%, 1.25% and 1.25%, 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 June 30, 2022. 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. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $4,938.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, 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 master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $31,673 in front-end sales commissions from the sale of Class A shares and $1,634 and $518 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.


20		Invesco High Yield 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 Fund’s own 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	$	–		$	837,394,768			$–	$	837,394,768

Variable Rate Senior Loan Interests		–			80,893,442			–		80,893,442

Non-U.S. Dollar Denominated Bonds & Notes		–			11,298,760			–		11,298,760

Common Stocks & Other Equity Interests		635,365			–			0		635,365

Money Market Funds		33,802,847			–			–		33,802,847

Options Purchased		460,578			–			–		460,578

Total Investments in Securities		34,898,790			929,586,970			0		964,485,760


Other Investments - Assets*

Forward Foreign Currency Contracts		–			39,169			–		39,169

Other Investments - Liabilities*

Forward Foreign Currency Contracts		–			(56,067	)		–		(56,067	)

Options Written		(172,850	)		–			–		(172,850	)

		(172,850	)		(56,067	)		–		(228,917	)

Total Other Investments		(172,850	)		(16,898	)		0		(189,748	)

Total Investments	$	34,725,940		$	929,570,072			$0	$	964,296,012

*	Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Options Written are shown at value.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2021:


	Value
Derivative Assets	Currency Risk			Equity Risk			Total

Unrealized appreciation on forward foreign currency contracts outstanding	$	39,169		$	-		$	39,169

Options purchased, at value - Exchange-Traded^(a)		-			460,578			460,578

Total Derivative Assets		39,169			460,578			499,747

Derivatives not subject to master netting agreements		-			(460,578	)		(460,578	)

Total Derivative Assets subject to master netting agreements	$	39,169		$	-		$	39,169


	Value
Derivative Liabilities	Currency Risk			Equity Risk			Total

Unrealized depreciation on forward foreign currency contracts outstanding	$	(56,067	)	$	-		$	(56,067	)

Options written, at value - Exchange-Traded		-			(172,850	)		(172,850	)

Total Derivative Liabilities		(56,067	)		(172,850	)		(228,917	)

Derivatives not subject to master netting agreements		-			172,850			172,850

Total Derivative Liabilities subject to master netting agreements	$	(56,067	)	$	-		$	(56,067	)

^(a)	Options purchased, at value as reported in the Schedule of Investments.


21		Invesco High Yield 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, 2021.


	Financial	Financial
	Derivative	Derivative		Collateral
	Assets	Liabilities		(Received)/Pledged
	Forward Foreign	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Currency Contracts	Derivatives	Non-Cash	Cash	Amount

Citibank, N.A.	$ -	$(56,067)	$(56,067)	$-	$-		$(56,067	)

Goldman Sachs International	39,169	-	39,169	-	-		39,169

Total	$39,169	$(56,067)	$(16,898)	$-	$-		$(16,898	)

Effect of Derivative Investments for the six months ended August 31, 2021

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			Equity Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts		$474,959			$ -			$ 474,959

Options purchased^(a)		-			(382,555	)		(382,555	)

Options written		-			(60,918	)		(60,918	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(46,384	)		-			(46,384	)

Options purchased^(a)		-			(786,678	)		(786,678	)

Options written		-			327,010			327,010

Total		$428,575			$(903,141	)		$(474,566	)

^(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.

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

Forward

Equity

Foreign Currency

Options

Contracts

Purchased

Written

Average notional value

$18,631,889

$10,011,767

$11,043,417

Average Contracts

5,074

4,770

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.


22		Invesco High Yield Fund

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of February 28, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	58,736,300	$	172,989,989	$	231,726,289

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $465,338,373 and $484,905,979, 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	$	24,916,558

Aggregate unrealized (depreciation) of investments		(16,000,203	)

Net unrealized appreciation of investments	$	8,916,355

Cost of investments for tax purposes is $955,379,657.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	August 31, 2021^(a)						February 28, 2021

	Shares			Amount			Shares			Amount

Sold:
Class A		16,792,188		$	66,827,442			29,195,845		$	110,136,013

Class C		1,027,471			4,080,619			2,347,529			8,647,952

Class Y		2,242,480			8,950,382			11,252,740			40,046,832

Investor Class		8,511,108			33,900,969			9,686,952			36,495,466

Class R5		714,716			2,837,524			3,319,296			12,755,668

Class R6		4,246,463			16,909,979			8,091,930			30,114,155


Issued as reinvestment of dividends:
Class A		2,803,245			11,184,610			7,484,797			28,184,475

Class C		85,010			338,286			318,397			1,192,841

Class Y		204,995			819,956			670,224			2,521,039

Investor Class		352,652			1,405,883			989,542			3,722,290

Class R5		225,707			896,775			732,116			2,735,497

Class R6		513,278			2,046,392			2,060,063			7,624,253


Automatic conversion of Class C shares to Class A shares:
Class A		333,200			1,326,457			1,947,548			7,557,588

Class C		(334,039	)		(1,326,457	)		(1,949,808	)		(7,557,588	)


Reacquired:
Class A		(16,742,536	)		(66,676,730	)		(40,759,509	)		(152,688,579	)

Class C		(1,199,270	)		(4,760,566	)		(2,988,920	)		(11,097,749	)

Class Y		(1,398,667	)		(5,583,452	)		(14,458,192	)		(52,747,089	)

Investor Class		(8,859,012	)		(35,276,383	)		(12,042,096	)		(45,630,739	)

Class R5		(1,565,918	)		(6,206,576	)		(8,360,698	)		(31,725,009	)

Class R6		(2,536,416	)		(10,094,302	)		(37,259,909	)		(140,236,251	)

Net increase (decrease) in share activity		5,416,655		$	21,600,808			(39,722,153	)	$	(149,948,935	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


23		Invesco High Yield Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Class A	$1,000.00	$1,028.10	$5.21	$1,020.06	$5.19	1.02%
Class C	1,000.00	1,024.30	9.03	1,016.28	9.00	1.77
Class Y	1,000.00	1,029.40	3.94	1,021.32	3.92	0.77
Investor Class	1,000.00	1,028.10	5.21	1,020.06	5.19	1.02
Class R5	1,000.00	1,029.70	3.63	1,021.63	3.62	0.71
Class R6	1,000.00	1,030.10	3.22	1,022.03	3.21	0.63

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.


24		Invesco High Yield Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco High Yield Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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, 2021. 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 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, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the 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 below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s security selection in certain industries and sectors and exposure to longer duration credits, as well as unsuccessful credit hedges, negatively impacted Fund 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


25		Invesco High Yield Fund

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 fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

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 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 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.

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.


26		Invesco High Yield Fund

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SEC file number(s): 811-05686 and 033-39519		Invesco Distributors, Inc.		HYI-SAR-1

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Semiannual Report to Shareholders		August 31, 2021
Invesco High Yield Bond Factor Fund
Nasdaq:
A: OGYAX ∎ C: OGYCX ∎ R: OGYNX ∎ Y: OGYYX ∎ R5: GBHYX ∎ R6: OGYIX


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
13		Financial Statements
16		Financial Highlights
17		Notes to Financial Statements
24		Fund Expenses
25		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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	3.36	%
Class C Shares	3.09
Class R Shares	3.34
Class Y Shares	3.59
Class R5 Shares	3.59
Class R6 Shares	3.48
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index^▼ (Broad Market/Style-Specific Index)	3.82

Source(s): ^▼RIMES Technologies Corp.

The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%. 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.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.


2		Invesco High Yield Bond Factor Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (11/8/13)	3.73	%
5 Years	4.35
1 Year	4.68

Class C Shares
Inception (11/8/13)	3.58	%
5 Years	4.55
1 Year	7.66

Class R Shares
Inception (11/8/13)	4.07	%
5 Years	5.04
1 Year	9.20

Class Y Shares
Inception (11/8/13)	4.62	%
5 Years	5.59
1 Year	9.74

Class R5 Shares
Inception	4.39	%
5 Years	5.41
1 Year	9.74

Class R6 Shares
Inception (11/8/13)	4.65	%
5 Years	5.60
1 Year	9.62

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global High Yield Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global High Yield Fund. The Fund was subsequently renamed the Invesco High Yield Bond Factor 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. For periods prior to February 28, 2020, performance shown is that of the Fund using its previous investment strategy. Therefore, the past performance shown for periods prior to February 28, 2020 may have differed had the Fund’s current investment strategy been in effect.

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.

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.

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


3		Invesco High Yield Bond Factor Fund

Liquidity Risk Management Program

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.


4		Invesco High Yield Bond Factor Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)


	Principal
	Amount		Value

U.S. Dollar Denominated Bonds & Notes–91.49%
Aerospace & Defense–2.14%
Bombardier, Inc. (Canada),
7.50%, 03/15/2025^(b)	$	36,000	$	37,027

7.88%, 04/15/2027^(b)		42,000		44,087

Howmet Aerospace, Inc.,
5.13%, 10/01/2024		166,000		182,646

5.90%, 02/01/2027		100,000		118,003

Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027^(b)		200,000		219,617

TransDigm, Inc., 5.50%, 11/15/2027		75,000		76,798

Triumph Group, Inc., 8.88%, 06/01/2024^(b)		139,000		153,247

				831,425


Agricultural Products–0.54%
JBS USA Food Co., 7.00%, 01/15/2026^(b)		200,000		210,500


Airlines–0.92%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029^(b)		135,000		145,965

Delta Air Lines, Inc., 2.90%, 10/28/2024		177,000		180,449

United Airlines, Inc., 4.38%, 04/15/2026^(b)		28,000		29,102

				355,516


Alternative Carriers–0.96%
Lumen Technologies, Inc.,
Series W, 6.75%, 12/01/2023		131,000		144,270

Series P, 7.60%, 09/15/2039		121,000		134,480

Series U, 7.65%, 03/15/2042		86,000		95,976

				374,726


Apparel, Accessories & Luxury Goods–0.59%
G-III Apparel Group Ltd., 7.88%, 08/15/2025^(b)		66,000		71,445

Hanesbrands, Inc., 4.63%, 05/15/2024^(b)		150,000		159,375

				230,820


Auto Parts & Equipment–0.55%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		32,000		34,200

Tenneco, Inc., 7.88%, 01/15/2029^(b)		158,000		177,947

				212,147


Automobile Manufacturers–3.06%
Ford Motor Co.,
7.13%, 11/15/2025		75,000		88,509

6.63%, 10/01/2028		400,000		478,506

9.98%, 02/15/2047		65,000		106,034

Ford Motor Credit Co. LLC, 4.13%, 08/04/2025		350,000		374,063

Winnebago Industries, Inc., 6.25%, 07/15/2028^(b)		132,000		142,420

				1,189,532


Biotechnology–0.19%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028^(b)		74,000		72,247


	Principal
	Amount		Value

Broadcasting–2.24%
AMC Networks, Inc.,
5.00%, 04/01/2024	$	63,000	$	63,866

4.25%, 02/15/2029		109,000		108,319

iHeartCommunications, Inc., 8.38%, 05/01/2027		64,671		68,781

Liberty Interactive LLC, 8.25%, 02/01/2030		195,000		219,649

Sinclair Television Group, Inc., 4.13%, 12/01/2030^(b)		82,000		80,268

TEGNA, Inc., 5.00%, 09/15/2029		310,000		328,569

				869,452


Building Products–2.01%
Builders FirstSource, Inc., 6.75%, 06/01/2027^(b)		94,000		100,463

North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022^(b)		200,000		192,088

SRM Escrow Issuer LLC, 6.00%, 11/01/2028^(b)		201,000		213,311

Standard Industries, Inc., 5.00%, 02/15/2027^(b)		264,000		273,240

				779,102


Cable & Satellite–2.69%
CSC Holdings LLC, 6.50%, 02/01/2029^(b)		287,000		317,135

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc, 5.88%, 08/15/2027^(b)		183,000		191,538

Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028^(b)		70,000		73,815

Telesat Canada/Telesat LLC (Canada), 5.63%, 12/06/2026^(b)		108,000		103,855

UPC Broadband Finco B.V. (Netherlands), 4.88%, 07/15/2031^(b)		200,000		204,460

Ziggo B.V. (Netherlands), 5.50%, 01/15/2027^(b)		150,000		155,226

				1,046,029


Casinos & Gaming–4.24%
Affinity Gaming, 6.88%, 12/15/2027^(b)		170,000		180,803

Caesars Entertainment, Inc., 8.13%, 07/01/2027^(b)		40,000		44,262

Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025^(b)		34,000		34,525

International Game Technology PLC, 6.50%, 02/15/2025^(b)		200,000		223,250

Melco Resorts Finance Ltd. (Hong Kong), 5.75%, 07/21/2028^(b)		200,000		208,750

MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024^(b)		200,000		205,250

MGM Resorts International, 5.75%, 06/15/2025		175,000		191,844

Sabre GLBL, Inc., 7.38%, 09/01/2025^(b)		210,000		222,337

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
4.25%, 05/30/2023^(b)		150,000		154,094

5.50%, 03/01/2025^(b)		171,000		181,474

				1,646,589

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


5		Invesco High Yield Bond Factor Fund


	Principal
	Amount		Value

Coal & Consumable Fuels–0.51%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025^(b)	$	196,000	$	197,757

Murray Energy Corp., 12.00%, 04/15/2024^(b)(c)		130,760		667

				198,424


Commodity Chemicals–0.80%
Methanex Corp. (Canada),
5.13%, 10/15/2027		138,000		149,954

5.25%, 12/15/2029		147,000		160,549

				310,503


Communications Equipment–1.49%
CommScope Technologies LLC, 6.00%, 06/15/2025^(b)		99,000		100,807

Plantronics, Inc., 4.75%, 03/01/2029^(b)		180,000		172,562

Telefonaktiebolaget LM Ericsson (Sweden), 4.13%, 05/15/2022		159,000		162,999

ViaSat, Inc., 5.63%, 04/15/2027^(b)		136,000		141,270

				577,638


Computer & Electronics Retail–0.49%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024^(b)		187,000		191,207


Construction & Engineering–0.68%
Dycom Industries, Inc., 4.50%, 04/15/2029^(b)		72,000		74,070

Fluor Corp., 4.25%, 09/15/2028		181,000		189,842

				263,912


Construction Machinery & Heavy Trucks–0.22%
Trinity Industries, Inc., 4.55%, 10/01/2024		82,000		87,278


Consumer Finance–2.37%
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024^(b)		200,000		193,000

Credit Acceptance Corp., 5.13%, 12/31/2024^(b)		139,000		143,344

Navient Corp.,
5.88%, 10/25/2024		101,000		110,186

6.75%, 06/25/2025		160,000		178,600

OneMain Finance Corp.,
8.25%, 10/01/2023		165,000		185,639

6.13%, 03/15/2024		101,000		108,701

				919,470


Copper–0.40%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024		142,000		153,892


Department Stores–1.20%
Macy’s Retail Holdings LLC, 3.63%, 06/01/2024		352,000		365,654

Nordstrom, Inc., 6.95%, 03/15/2028		85,000		100,589

				466,243


Diversified Banks–0.47%
Banco Mercantil del Norte S.A. (Mexico), 7.50%^(b)(d)(e)		160,000		181,343


	Principal
	Amount		Value

Diversified Capital Markets–0.85%
Deutsche Bank AG (Germany), 4.30%, 05/24/2028^(d)	$	318,000	$	329,452


Diversified Chemicals–0.41%
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029^(b)		160,000		161,000


Diversified Metals & Mining–0.27%
Mineral Resources Ltd. (Australia), 8.13%, 05/01/2027^(b)		95,000		103,669


Diversified REITs–1.62%
iStar, Inc., 4.75%, 10/01/2024		153,000		162,570

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024		115,000		125,494

Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(b)		183,000		195,810

VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025^(b)		140,000		143,675

				627,549


Diversified Support Services–0.29%
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025^(b)		111,000		113,775


Drug Retail–0.15%
Rite Aid Corp., 8.00%, 11/15/2026^(b)		55,000		56,782


Education Services–0.02%
Graham Holdings Co., 5.75%, 06/01/2026^(b)		9,000		9,394


Electric Utilities–0.79%
InterGen N.V. (Netherlands), 7.00%, 06/30/2023^(b)		200,000		198,256

Talen Energy Supply LLC, 7.25%, 05/15/2027^(b)		127,000		109,972

				308,228


Electrical Components & Equipment–0.64%
Sensata Technologies B.V.,
4.88%, 10/15/2023^(b)		100,000		107,136

5.63%, 11/01/2024^(b)		128,000		142,560

				249,696


Electronic Components–0.15%
Brightstar Escrow Corp., 9.75%, 10/15/2025^(b⁾		55,000		59,331


Environmental & Facilities Services–0.73%
GFL Environmental, Inc. (Canada), 4.25%, 06/01/2025^(b)		170,000		176,588

Stericycle, Inc., 5.38%, 07/15/2024^(b)		105,000		107,759

				284,347


Fertilizers & Agricultural Chemicals–0.59%
CVR Partners L.P./CVR Nitrogen Finance Corp., 9.25%, 06/15/2023^(b)		12,000		12,070

Eurochem Finance DAC (Russia), 5.50%, 03/13/2024^(b)		200,000		217,521

				229,591

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


6		Invesco High Yield Bond Factor Fund


	Principal
	Amount		Value

Food Distributors–0.38%
C&S Group Enterprises LLC, 5.00%, 12/15/2028^(b)	$	150,000	$	148,696


Footwear–0.28%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(b)		97,000		106,821


Gas Utilities–0.39%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024		138,000		151,110


Health Care Equipment–0.42%
Varex Imaging Corp., 7.88%, 10/15/2027^(b)		146,000		164,637


Health Care Facilities–1.90%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025^(b)		33,000		33,371

HCA, Inc.,
5.38%, 02/01/2025		129,000		145,529

7.50%, 11/15/2095		30,000		45,827

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026^(b)		31,000		33,015

Tenet Healthcare Corp.,
6.75%, 06/15/2023		35,000		37,975

4.63%, 07/15/2024		72,000		73,080

4.63%, 09/01/2024^(b)		120,000		123,000

7.50%, 04/01/2025^(b)		131,000		140,339

6.13%, 10/01/2028^(b)		99,000		104,693

				736,829


Health Care REITs–0.29%
Diversified Healthcare Trust, 4.75%, 02/15/2028		110,000		111,547


Health Care Services–1.27%
Community Health Systems, Inc.,
6.88%, 04/15/2029^(b)		33,000		34,320

6.13%, 04/01/2030^(b)		33,000		33,309

Omnicare, Inc., 4.75%, 12/01/2022		30,000		31,080

Prime Healthcare Services, Inc., 7.25%, 11/01/2025^(b)		195,000		208,894

US Acute Care Solutions LLC, 6.38%, 03/01/2026^(b)		178,000		185,343

				492,946


Homebuilding–1.01%
LGI Homes, Inc., 4.00%, 07/15/2029^(b)		187,000		188,199

New Home Co., Inc. (The), 7.25%, 10/15/2025^(b)		100,000		106,240

TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024		90,000		99,896

				394,335


Hotel & Resort REITs–1.45%
FelCor Lodging L.P., 6.00%, 06/01/2025		140,000		143,255

Service Properties Trust,
4.65%, 03/15/2024		159,000		161,189

4.35%, 10/01/2024		177,000		179,655

4.95%, 02/15/2027		78,000		78,122

				562,221


	Principal
	Amount		Value

Hotels, Resorts & Cruise Lines–2.50%
Carnival Corp.,
11.50%, 04/01/2023^(b)	$	22,000	$	24,743

9.88%, 08/01/2027^(b)		92,000		106,145

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/2024		234,000		243,251

Royal Caribbean Cruises Ltd.,
9.13%, 06/15/2023^(b)		150,000		163,687

11.50%, 06/01/2025^(b)		73,000		84,133

Travel + Leisure Co.,
5.65%, 04/01/2024		7,000		7,550

Series J, 6.00%, 04/01/2027		174,000		192,755

VOC Escrow Ltd., 5.00%, 02/15/2028^(b)		151,000		149,502

				971,766


Independent Power Producers & Energy Traders–1.01%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030^(b)		200,000		198,868

TerraForm Power Operating LLC, 4.25%, 01/31/2023^(b)		188,000		193,405

				392,273


Industrial Conglomerates–0.35%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		131,000		135,989


Industrial Machinery–0.39%
SPX FLOW, Inc., 5.88%, 08/15/2026^(b)		76,000		78,233

TriMas Corp., 4.13%, 04/15/2029^(b)		73,000		74,452

				152,685


Insurance Brokers–0.17%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027^(b)		32,000		33,320

HUB International Ltd., 7.00%, 05/01/2026^(b)		33,000		34,183

				67,503


Integrated Oil & Gas–0.78%
Occidental Petroleum Corp.,
6.95%, 07/01/2024		100,000		112,769

2.90%, 08/15/2024		184,000		188,830

				301,599


Integrated Telecommunication Services–3.16%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026^(b)		200,000		207,750

Embarq Corp., 8.00%, 06/01/2036		162,000		170,781

Frontier Communications Holdings LLC,
5.00%, 05/01/2028^(b)		170,000		177,863

5.88%, 11/01/2029		72,000		73,319

Ligado Networks LLC, 15.50%PIK Rate, 0.00% Cash Rate, 11/01/2023^(b)(f)		37,833		36,367

Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024^(b)		305,000		331,520

Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028^(b)		221,000		228,599

				1,226,199

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


7		Invesco High Yield Bond Factor Fund


	Principal
	Amount		Value

Interactive Media & Services–0.61%
Audacy Capital Corp., 6.50%, 05/01/2027^(b)	$	102,000	$	102,638

Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)		69,000		71,746

Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026^(b)		94,000		62,562

				236,946


Internet & Direct Marketing Retail–1.09%
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026^(b)		271,000		294,374

QVC, Inc., 4.85%, 04/01/2024		117,000		127,354

				421,728


Investment Banking & Brokerage–0.39%
FS Energy and Power Fund, 7.50%, 08/15/2023^(b)		115,000		119,600

NFP Corp., 6.88%, 08/15/2028^(b)		32,000		32,880

				152,480


Leisure Facilities–0.69%
NCL Corp. Ltd., 12.25%, 05/15/2024^(b)		138,000		163,014

Vail Resorts, Inc., 6.25%, 05/15/2025^(b)		100,000		106,679

				269,693


Managed Health Care–0.21%
Magellan Health, Inc., 4.90%, 09/22/2024		73,000		80,512


Metal & Glass Containers–0.96%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027^(b)		200,000		207,250

Ball Corp., 4.00%, 11/15/2023		123,000		130,226

Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025^(b)		34,000		33,653

				371,129


Movies & Entertainment–1.12%
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025^(b)		200,000		205,750

Cinemark USA, Inc.,
8.75%, 05/01/2025^(b)		100,000		108,488

5.88%, 03/15/2026^(b)		20,000		19,925

Netflix, Inc., 5.75%, 03/01/2024		92,000		102,331

				436,494


Office Services & Supplies–0.96%
ACCO Brands Corp., 4.25%, 03/15/2029^(b)		184,000		185,136

Pitney Bowes, Inc.,
6.88%, 03/15/2027^(b)		70,000		74,638

7.25%, 03/15/2029^(b)		105,000		112,875

				372,649


Oil & Gas Drilling–0.35%
Harvest Midstream I L.P., 7.50%, 09/01/2028^(b)		130,000		137,306


Oil & Gas Equipment & Services–0.26%
Oceaneering International, Inc., 4.65%, 11/15/2024		100,000		102,003


Oil & Gas Exploration & Production–7.11%
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027^(b)		114,000		111,868


	Principal
	Amount		Value

Oil & Gas Exploration & Production–(continued)
CNX Resources Corp., 6.00%, 01/15/2029^(b)	$	110,000	$	114,723

Continental Resources, Inc., 3.80%, 06/01/2024		204,000		218,025

CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025^(b)		103,000		106,211

Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028^(b)		148,000		148,732

Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025^(b)		68,000		72,196

EQT Corp., 6.63%, 02/01/2025		123,000		141,139

Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		107,000		105,397

8.00%, 01/15/2027		124,000		123,291

Gulfport Energy Operating Corp.,
6.38%, 05/15/2025		135,000		6,412

8.00%, 05/17/2026^(b)		39,502		42,070

Hilcorp Energy I L.P./Hilcorp Finance Co.,
5.75%, 10/01/2025^(b)		37,000		37,490

6.25%, 11/01/2028^(b)		265,000		274,275

MEG Energy Corp. (Canada), 6.50%, 01/15/2025^(b)		136,000		140,590

Murphy Oil Corp.,
6.88%, 08/15/2024		72,000		73,530

7.05%, 05/01/2029		80,000		88,906

6.38%, 12/01/2042		110,000		109,598

Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025^(b)		83,000		82,590

PDC Energy, Inc.,
6.13%, 09/15/2024		133,000		135,327

5.75%, 05/15/2026		145,000		150,742

Southwestern Energy Co., 4.10%, 03/15/2022		290,000		291,286

Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025^(b)		186,000		188,152

				2,762,550


Oil & Gas Refining & Marketing–2.12%
CVR Energy, Inc.,
5.25%, 02/15/2025^(b)		97,000		95,185

5.75%, 02/15/2028^(b)		181,000		179,002

EnLink Midstream Partners L.P.,
4.15%, 06/01/2025		75,000		77,342

4.85%, 07/15/2026		175,000		181,344

PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025		350,000		245,464

Weatherford International Ltd., 11.00%, 12/01/2024^(b)		44,000		46,035

				824,372


Oil & Gas Storage & Transportation–2.66%
Buckeye Partners L.P., 4.13%, 03/01/2025^(b)		100,000		103,503

EnLink Midstream LLC, 5.38%, 06/01/2029		109,000		112,055

EQM Midstream Partners L.P.,
4.00%, 08/01/2024		100,000		102,375

6.50%, 07/15/2048		168,000		190,008

Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
6.00%, 03/01/2027^(b)		70,000		72,540

5.50%, 01/15/2028^(b)		269,000		272,041

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


8		Invesco High Yield Bond Factor Fund


	Principal
	Amount		Value

Oil & Gas Storage & Transportation–(continued)
Western Midstream Operating L.P., 4.35%, 02/01/2025		$172,000	$	180,956

				1,033,478


Other Diversified Financial Services–2.10%
CNG Holdings, Inc., 12.50%, 06/15/2024^(b)		43,000		41,027

Enact Holdings, Inc., 6.50%, 08/15/2025^(b)		90,000		97,312

Global Aircraft Leasing Co. Ltd. (Cayman Islands), 7.25%PIK Rate, 6.50% Cash Rate, 09/15/2024^(b)(f)		275,642		273,575

Midcap Financial Issuer Trust, 5.63%, 01/15/2030^(b)		200,000		199,281

Operadora de Servicios Mega S.A. de C.V. Sofom ER (Mexico), 8.25%, 02/11/2025^(b)		200,000		203,999

				815,194


Packaged Foods & Meats–0.53%
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024^(b)		202,000		207,555


Paper Packaging–0.79%
Graphic Packaging International LLC, 4.13%, 08/15/2024		68,000		72,690

Sealed Air Corp.,
5.25%, 04/01/2023^(b)		100,000		105,125

5.13%, 12/01/2024^(b)		120,000		130,391

				308,206


Paper Products–0.19%
Clearwater Paper Corp., 5.38%, 02/01/2025^(b)		68,000		72,457


Personal Products–1.82%
Avon Products, Inc. (United Kingdom), 8.45%, 03/15/2043		107,000		142,026

Edgewell Personal Care Co., 5.50%, 06/01/2028^(b)		134,000		142,040

Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025^(b)		199,000		216,212

Oriflame Investment Holding PLC (Switzerland), 5.13%, 05/04/2026^(b)		200,000		205,580

				705,858


Pharmaceuticals–3.20%
Bausch Health Cos., Inc.,
5.50%, 11/01/2025^(b)		173,000		177,178

5.00%, 01/30/2028^(b)		153,000		146,194

6.25%, 02/15/2029^(b)		195,000		193,795

7.25%, 05/30/2029^(b)		60,000		61,879

5.25%, 01/30/2030^(b)		233,000		219,345

Elanco Animal Health, Inc., 5.90%, 08/28/2028		16,000		18,754

Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.13%, 04/01/2029^(b)		160,000		158,606

P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025^(b)		130,000		135,531

Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		130,000		131,787

				1,243,069


	Principal
	Amount		Value

Precious Metals & Minerals–0.00%
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022^(b)(c)		$142,000	$	185


Property & Casualty Insurance–0.19%
MBIA, Inc., 5.70%, 12/01/2034		73,000		72,029


Regional Banks–0.61%
CIT Group, Inc., 5.00%, 08/01/2023		100,000		107,875

Synovus Financial Corp., 5.90%, 02/07/2029^(d)		120,000		130,351

				238,226


Research & Consulting Services–0.27%
IHS Markit Ltd., 4.75%, 02/15/2025^(b)		95,000		105,602


Restaurants–1.44%
Aramark Services, Inc.,
5.00%, 04/01/2025^(b)		196,000		201,305

6.38%, 05/01/2025^(b)		143,000		151,551

Brinker International, Inc., 5.00%, 10/01/2024^(b)		70,000		74,116

Yum! Brands, Inc., 7.75%, 04/01/2025^(b)		123,000		132,673

				559,645


Security & Alarm Services–1.08%
CoreCivic, Inc.,
4.63%, 05/01/2023		192,000		195,257

4.75%, 10/15/2027		75,000		69,344

Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 04/15/2024^(b)		147,000		156,739

				421,340


Semiconductor Equipment–0.37%
Amkor Technology, Inc., 6.63%, 09/15/2027^(b)		135,000		145,571


Specialized REITs–1.19%
Iron Mountain, Inc.,
4.88%, 09/15/2029^(b)		147,000		155,239

5.25%, 07/15/2030^(b)		167,000		178,064

SBA Communications Corp., 4.88%, 09/01/2024		127,000		129,064

				462,367


Specialty Stores–1.03%
Bed Bath & Beyond, Inc., 3.75%, 08/01/2024		100,000		103,250

Michaels Cos., Inc. (The), 7.88%, 05/01/2029^(b)		36,000		37,141

Staples, Inc., 7.50%, 04/15/2026^(b)		257,000		260,534

				400,925


Steel–1.93%
ArcelorMittal S.A. (Luxembourg), 3.60%, 07/16/2024		158,000		168,328

Carpenter Technology Corp., 6.38%, 07/15/2028		204,000		221,134

Cleveland-Cliffs, Inc., 6.75%, 03/15/2026^(b)		84,000		90,195

Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024^(b)		69,000		73,729

SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)		92,000		93,298

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


9		Invesco High Yield Bond Factor Fund


	Principal
	Amount		Value

Steel–(continued)
Warrior Met Coal, Inc., 8.00%, 11/01/2024^(b)	$	103,000	$	103,837

				750,521


Systems Software–0.51%
Banff Merger Sub, Inc., 9.75%, 09/01/2026^(b)		24,000		25,200

Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025^(b)		166,000		172,799

				197,999


Technology Distributors–0.31%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		108,000		119,551


Technology Hardware, Storage & Peripherals–0.94%
Xerox Corp., 6.75%, 12/15/2039		266,000		297,374

Xerox Holdings Corp., 5.50%, 08/15/2028^(b)		65,000		67,995

				365,369


Thrifts & Mortgage Finance–0.24%
MGIC Investment Corp., 5.75%, 08/15/2023		88,000		95,001


Tobacco–0.31%
Vector Group Ltd., 5.75%, 02/01/2029^(b)		118,000		120,213


Wireless Telecommunication Services–2.89%
Sprint Corp.,
7.88%, 09/15/2023		155,000		175,801

7.13%, 06/15/2024		200,000		230,250

7.63%, 02/15/2025		145,000		171,825

T-Mobile USA, Inc., 2.25%, 02/15/2026		51,000		52,148

VEON Holdings B.V. (Netherlands), 4.95%, 06/16/2024^(b)		200,000		215,839

Vmed O2 UK Financing I PLC (United Kingdom), 4.25%, 01/31/2031^(b)		277,000		278,044

				1,123,907

Total U.S. Dollar Denominated Bonds & Notes (Cost $34,747,383)				35,550,095


	Shares
Exchange-Traded Funds–2.88%
Invesco High Yield Bond Factor ETF (Cost $ 1,109,352)^(g)		43,455		1,120,053


Common Stocks & Other Equity Interests–0.36%
Advertising–0.00%
Cxloyalty Group, Inc., Wts., expiring 04/10/2024^(h)		39		0


	Shares		Value

Apparel, Accessories & Luxury Goods–0.01%
Claire’s Holdings LLC		20	$	4,590


Coal & Consumable Fuels–0.02%
ACNR Holdings, Inc.		232		6,148


Oil & Gas Equipment & Services–0.08%
Superior Energy Services, Inc.^(h)		761		31,201


Oil & Gas Exploration & Production–0.25%
Gulfport Energy Operating Corp.⁽ⁱ⁾		1,483		99,153

Total Common Stocks & Other Equity Interests (Cost $101,683)				141,092


	Principal Amount
U.S. Treasury Securities–0.19%
U.S. Treasury Bills–0.19%
0.05%, 02/17/2022 (Cost $72,984)^(j)(k)	$	73,000		72,985

Variable Rate Senior Loan Interests–0.03%^(l)(m)
Apparel, Accessories & Luxury Goods–0.03%
Claire’s Stores, Inc., Term Loan B, 6.58% (1 mo. USD LIBOR + 6.50%), 12/18/2026 ( Cost $10,665)		12,423		12,060


		Shares
Preferred Stocks–0.00%
Apparel, Accessories & Luxury Goods–0.00%
Claire’s Holdings LLC, Series A, Pfd. (Cost $3,125)		5		1,204


Money Market Funds–3.69%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(g)(n)		488,282		488,282

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(g)(n)		385,990		386,144

Invesco Treasury Portfolio, Institutional Class, 0.01%^(g)(n)		558,037		558,037

Total Money Market Funds (Cost $1,432,463)				1,432,463

TOTAL INVESTMENTS IN SECURITIES–98.64% (Cost $37,477,655)				38,329,952

OTHER ASSETS LESS LIABILITIES–1.36%				528,749

NET ASSETS-100.00%			$	38,858,701


Investment Abbreviations:
ETF		- Exchange-Traded Fund
LIBOR		- London Interbank Offered Rate
Pfd.		- Preferred
PIK		- Pay-in-Kind
REIT		- Real Estate Investment Trust
USD		- U.S. Dollar
Wts.		- Warrants

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


10		Invesco High Yield Bond Factor 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)

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, 2021 was $21,986,750, which represented 56.58% of the Fund’s Net Assets.

^(c)	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, 2021 was $852, which represented less than 1% 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)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(g)


	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2021			Dividend Income
Invesco High Yield Bond Factor ETF		$	988,545		$	792,089		$	(673,639	)		$	19,673		$	(6,615	)		$	1,120,053		$	23,907
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			156,793			3,803,236			(3,471,747	)			-			-				488,282			20
Invesco Liquid Assets Portfolio, Institutional Class			111,978			2,716,597			(2,442,431	)			-			-				386,144			8
Invesco Treasury Portfolio, Institutional Class			179,192			4,346,555			(3,967,710	)			-			-				558,037			8
Total		$	1,436,508		$	11,658,477		$	(10,555,527	)		$	19,673		$	(6,615	)		$	2,552,516		$	23,943

^(h)	Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁱ⁾	Non-income producing security.

^(j)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

^(k)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(l)

^(m)

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. Senior secured corporate loans and senior secured debt securities in the Invesco BL Fund, Ltd.’s portfolio generally have variable rates which adjust to a base, such as the London Inter-Bank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

⁽ⁿ⁾	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 5 Year Notes		3		December-2021		$	371,156			$	(20	)		$	(20	)
U.S. Treasury 10 Year Notes		14		December-2021			1,868,344				4,656				4,656
U.S. Treasury 10 Year Ultra Notes		13		December-2021			1,924,203				5,906				5,906
U.S. Treasury Long Bonds		2		December-2021			325,938				906				906
U.S. Treasury Ultra Bonds		1		December-2021			197,281				688				688
Subtotal–Long Futures Contracts											12,136				12,136

Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		9		December-2021			(1,982,953	)			(1,195	)			(1,195	)
Total Futures Contracts										$	10,941			$	10,941

Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity

Buy/Sell
Protection

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Implied
Credit
Spread^(b)

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Credit Risk

Markit CDX North America High Yield Index, Series 36 Version 1

Sell

5.00

Quarterly

06/20/2026

2.7697

USD 1,500,000

138,510

147,153

8,643

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


11		Invesco High Yield Bond Factor Fund

^(a)	Swaps are collateralized by $54,681 cash held with Citigroup Global Markets Inc., the Counterparty.

^(b)

Investment Abbreviations:

USD –U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of August 31, 2021


AA	0.19	%
BBB	8.31
BB	64.01
B	19.74
CCC	1.66
Non-Rated	2.67
Equity	3.42

^† 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.

*	Excluding money market fund holdings, if any.

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


12		Invesco High Yield Bond Factor Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $ 34,935,840)	$	35,777,436

Investments in affiliates, at value (Cost $ 2,541,815)		2,552,516

Other investments:
Variation margin receivable-centrally cleared swap agreements		27,563

Deposits with brokers:
Cash collateral – centrally cleared swap agreements		54,681

Cash		300,473

Receivable for:
Investments sold		613,308

Fund shares sold		3,889

Dividends		6

Interest		543,272

Investment for trustee deferred compensation and retirement plans		18,315

Other assets		57,717

Total assets		39,949,176


Liabilities:
Other investments:
Variation margin payable - futures contracts		6,228

Payable for:
Investments purchased		789,694

Dividends		26,641

Fund shares reacquired		76,928

Accrued fees to affiliates		64,211

Accrued trustees’ and officers’ fees and benefits		1,158

Accrued other operating expenses		107,300

Trustee deferred compensation and retirement plans		18,315

Total liabilities		1,090,475

Net assets applicable to shares outstanding	$	38,858,701


Net assets consist of:
Shares of beneficial interest	$	42,253,778

Distributable earnings (loss)		(3,395,077	)

	$	38,858,701


Net Assets:
Class A	$	26,573,617

Class C	$	5,219,283

Class R	$	3,527,306

Class Y	$	3,487,087

Class R5	$	10,353

Class R6	$	41,055


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,846,813

Class C		559,363

Class R		377,768

Class Y		373,421

Class R5		1,109

Class R6		4,398

Class A:
Net asset value per share	$	9.33

Maximum offering price per share (Net asset value of $9.33 ÷ 95.75%)	$	9.74

Class C:
Net asset value and offering price per share	$	9.33

Class R:
Net asset value and offering price per share	$	9.34

Class Y:
Net asset value and offering price per share	$	9.34

Class R5:
Net asset value and offering price per share	$	9.34

Class R6:
Net asset value and offering price per share	$	9.33

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


13		Invesco High Yield Bond Factor Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Interest	$	903,563

Dividends from affiliates		23,943

Other income		8,288

Total investment income		935,794


Expenses:
Advisory fees		68,429

Administrative services fees		2,590

Custodian fees		23,910

Distribution fees:
Class A		30,603

Class C		26,577

Class R		8,586

Transfer agent fees – A, C, R and Y		12,463

Transfer agent fees – R5		4

Transfer agent fees – R6		12

Trustees’ and officers’ fees and benefits		11,794

Registration and filing fees		45,257

Professional services fees		51,662

Other		(20,305	)

Total expenses		261,582

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(123,638	)

Net expenses		137,944

Net investment income		797,850


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		401,046

Affiliated investment securities		(6,615	)

Futures contracts		87,797

Swap agreements		(187	)

		482,041

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(130,479	)

Affiliated investment securities		19,673

Futures contracts		44,881

Swap agreements		8,643

		(57,282	)

Net realized and unrealized gain		424,759

Net increase in net assets resulting from operations	$	1,222,609

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


14		Invesco High Yield Bond Factor Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31,			February 28,
	2021			2021

Operations:
Net investment income	$	797,850		$	1,676,813

Net realized gain (loss)		482,041			(842,053	)

Change in net unrealized appreciation (depreciation)		(57,282	)		1,740,510

Net increase in net assets resulting from operations		1,222,609			2,575,270


Distributions to shareholders from distributable earnings:
Class A		(610,092	)		(1,247,439	)

Class C		(103,641	)		(250,179	)

Class R		(75,441	)		(152,928	)

Class Y		(47,188	)		(72,282	)

Class R5		(255	)		(552	)

Class R6		(823	)		(3,056	)

Total distributions from distributable earnings		(837,440	)		(1,726,436	)


Return of capital:
Class A		–			(47,219	)

Class C		–			(9,470	)

Class R		–			(5,789	)

Class Y		–			(2,736	)

Class R5		–			(21	)

Class R6		–			(116	)

Total return of capital		–			(65,351	)

Total distributions		(837,440	)		(1,791,787	)


Share transactions–net:
Class A		497,185			1,798,731

Class C		(59,291	)		(580,687	)

Class R		338,948			(32,303	)

Class Y		2,042,368			266,472

Class R6		17,623			(86,123	)

Net increase in net assets resulting from share transactions		2,836,833			1,366,090

Net increase in net assets		3,222,002			2,149,573


Net assets:
Beginning of period		35,636,699			33,487,126

End of period	$	38,858,701		$	35,636,699

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


15		Invesco High Yield Bond Factor Fund

Financial Highlights

(Unaudited)

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			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Six months ended 08/31/21		$9.24		$0.21		$0.10			$0.31			$	(0.22	)		$	–			$	(0.22	)		$	9.33		3.36	%^(d)		$	26,574		0.63	%^(d)(e)		1.29	%^(d)(e)		4.43	%^(d)(e)		47	%
Year ended 02/28/21		8.99		0.46		0.29			0.75				(0.48	)			(0.02	)			(0.50	)			9.24		8.73	^(d)			25,804		0.64	^(d)		2.07	^(d)		5.29	^(d)		161
Nine months ended 02/29/20		8.96		0.32		0.04			0.36				(0.31	)			(0.02	)			(0.33	)			8.99		4.04				23,445		2.40	^(e)		2.40	^(e)		4.72	^(e)		127
Year ended 05/31/19		9.17		0.51		(0.21	)		0.30				(0.51	)			–				(0.51	)			8.96		3.42				22,791		1.78			1.78			5.61			56
Year ended 05/31/18		9.51		0.49		(0.34	)		0.15				(0.49	)			–				(0.49	)			9.17		1.61				21,669		1.68			1.68			5.19			71
Year ended 05/31/17		9.07		0.45		0.45			0.90				(0.46	)			–				(0.46	)			9.51		10.08				27,376		1.59			1.59			4.85			89
Year ended 05/31/16		9.75		0.44		(0.67	)		(0.23	)			(0.45	)			–				(0.45	)			9.07		(2.22	)			28,286		1.56			1.56			4.90			54
Class C
Six months ended 08/31/21		9.23		0.17		0.11			0.28				(0.18	)			–				(0.18	)			9.33		3.09				5,219		1.38	^(e)		2.06	^(e)		3.68	^(e)		47
Year ended 02/28/21		8.98		0.40		0.28			0.68				(0.41	)			(0.02	)			(0.43	)			9.23		7.93				5,224		1.39			2.84			4.54			161
Nine months ended 02/29/20		8.96		0.27		0.03			0.30				(0.27	)			(0.01	)			(0.28	)			8.98		3.39				5,719		3.17	^(e)		3.17	^(e)		4.02	^(e)		127
Year ended 05/31/19		9.16		0.44		(0.19	)		0.25				(0.45	)			–				(0.45	)			8.96		2.81				6,484		2.57			2.57			4.91			56
Year ended 05/31/18		9.50		0.42		(0.33	)		0.09				(0.43	)			–				(0.43	)			9.16		0.90				6,972		2.47			2.47			4.50			71
Year ended 05/31/17		9.06		0.39		0.44			0.83				(0.39	)			–				(0.39	)			9.50		9.33				7,070		2.55			2.55			4.18			89
Year ended 05/31/16		9.75		0.38		(0.68	)		(0.30	)			(0.39	)			–				(0.39	)			9.06		(3.00	)			4,458		2.59			2.59			4.21			54
Class R
Six months ended 08/31/21		9.24		0.20		0.11			0.31				(0.21	)			–				(0.21	)			9.34		3.34				3,527		0.88	^(e)		1.56	^(e)		4.18	^(e)		47
Year ended 02/28/21		8.99		0.44		0.28			0.72				(0.45	)			(0.02	)			(0.47	)			9.24		8.46				3,151		0.89			2.34			5.04			161
Nine months ended 02/29/20		8.96		0.31		0.03			0.34				(0.29	)			(0.02	)			(0.31	)			8.99		3.85				3,098		2.67	^(e)		2.67	^(e)		4.48	^(e)		127
Year ended 05/31/19		9.17		0.48		(0.20	)		0.28				(0.49	)			–				(0.49	)			8.96		3.17				2,839		2.20			2.20			5.36			56
Year ended 05/31/18		9.51		0.47		(0.34	)		0.13				(0.47	)			–				(0.47	)			9.17		1.36				2,185		2.07			2.07			4.96			71
Year ended 05/31/17		9.07		0.44		0.43			0.87				(0.43	)			–				(0.43	)			9.51		9.81				1,542		2.39			2.39			4.66			89
Year ended 05/31/16		9.75		0.42		(0.67	)		(0.25	)			(0.43	)			–				(0.43	)			9.07		(2.46	)			554		2.37			2.37			4.65			54
Class Y
Six months ended 08/31/21		9.24		0.22		0.11			0.33				(0.23	)			–				(0.23	)			9.34		3.59				3,487		0.38	^(e)		1.06	^(e)		4.68	^(e)		47
Year ended 02/28/21		8.99		0.49		0.28			0.77				(0.50	)			(0.02	)			(0.52	)			9.24		9.00				1,425		0.39			1.84			5.54			161
Nine months ended 02/29/20		8.97		0.34		0.03			0.37				(0.33	)			(0.02	)			(0.35	)			8.99		4.16				1,105		2.17	^(e)		2.17	^(e)		5.01	^(e)		127
Year ended 05/31/19		9.17		0.53		(0.19	)		0.34				(0.54	)			–				(0.54	)			8.97		3.85				1,505		1.50			1.50			5.91			56
Year ended 05/31/18		9.51		0.52		(0.34	)		0.18				(0.52	)			–				(0.52	)			9.17		1.92				1,534		1.44			1.44			5.50			71
Year ended 05/31/17		9.07		0.48		0.45			0.93				(0.49	)			–				(0.49	)			9.51		10.41				2,235		1.42			1.42			5.18			89
Year ended 05/31/16		9.75		0.47		(0.67	)		(0.20	)			(0.48	)			–				(0.48	)			9.07		(1.92	)			657		1.50			1.50			5.18			54
Class R5
Six months ended 08/31/21		9.24		0.22		0.11			0.33				(0.23	)			–				(0.23	)			9.34		3.59				10		0.38	^(e)		1.06	^(e)		4.68	^(e)		47
Year ended 02/28/21		8.99		0.49		0.28			0.77				(0.50	)			(0.02	)			(0.52	)			9.24		9.00				10		0.39			1.52			5.54			161
Nine months ended 02/29/20		8.97		0.34		0.03			0.37				(0.33	)			(0.02	)			(0.35	)			8.99		4.16				10		1.84	^(e)		1.84	^(e)		5.02	^(e)		127
Period ended 05/31/19^(f)		9.02		0.01		(0.06	)		(0.05	)			(0.00	)			–				(0.00	)			8.97		3.48				10		1.22	^(e)		1.22	^(e)		5.91	^(e)		56
Class R6
Six months ended 08/31/21		9.24		0.22		0.10			0.32				(0.23	)			–				(0.23	)			9.33		3.48				41		0.38	^(e)		1.06	^(e)		4.68	^(e)		47
Year ended 02/28/21		9.00		0.48		0.28			0.76				(0.50	)			(0.02	)			(0.52	)			9.24		8.88				23		0.39			1.52			5.54			161
Nine months ended 02/29/20		8.97		0.35		0.04			0.39				(0.34	)			(0.02	)			(0.36	)			9.00		4.32				110		1.81	^(e)		1.81	^(e)		5.05	^(e)		127
Year ended 05/31/19		9.16		0.54		(0.19	)		0.35				(0.54	)			–				(0.54	)			8.97		3.98				123		1.31			1.31			5.96			56
Year ended 05/31/18		9.50		0.52		(0.33	)		0.19				(0.53	)			–				(0.53	)			9.16		1.97				13,165		1.24			1.24			5.56			71
Year ended 05/31/17		9.07		0.48		0.44			0.92				(0.49	)			–				(0.49	)			9.50		10.34				9,843		1.18			1.18			5.12			89
Year ended 05/31/16		9.75		0.47		(0.67	)		(0.20	)			(0.48	)			–				(0.48	)			9.07		(1.87	)			22,186		1.27			1.27			5.26			54

^(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 0.23% and 0.23% for the six months ended August 31, 2021 and the year ended February 28, 2021, respectively.

^(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.


16		Invesco High Yield Bond Factor Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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.


17		Invesco High Yield Bond Factor Fund

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.

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.

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.

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.

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.


18		Invesco High Yield Bond Factor 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.

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.

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 NAV 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.

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.


19		Invesco High Yield Bond Factor Fund

N.	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.

O.	Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Other Risks - 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.

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

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $2 billion		0.370%
Over $2 billion		0.350%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.37%.

The Adviser has contractually agreed, through at least June 30, 2022, 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 0.64%, 1.39%, 0.89%, 0.39%, 0.39% and 0.39%, 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 June 30, 2022. 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.

The Adviser has contractually agreed, through at least June 30, 2023, 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 in such affiliated money market funds.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $68,429, reimbursed fund level expenses of $42,560 and reimbursed class level expenses of $8,858, $1,793, $1,159, $654, $4 and $12 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, 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.


20		Invesco High Yield Bond Factor 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 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 Plan, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $4,318 in front-end sales commissions from the sale of Class A shares and $0 and $24 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 Fund’s own 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	$	–		$	35,550,095	$	–	$	35,550,095

Exchange-Traded Funds		1,120,053			–		–		1,120,053

Common Stocks & Other Equity Interests		99,153			10,738		31,201		141,092

U.S. Treasury Securities		–			72,985		–		72,985

Variable Rate Senior Loan Interests		–			12,060		–		12,060

Preferred Stocks		–			1,204		–		1,204

Money Market Funds		1,432,463			–		–		1,432,463

Total Investments in Securities		2,651,669			35,647,082		31,201		38,329,952


Other Investments - Assets*

Futures Contracts		12,156			–		–		12,156

Swap Agreements		–			8,643		–		8,643

		12,156			8,643		–		20,799


Other Investments - Liabilities*

Futures Contracts		(1,215	)		–		–		(1,215	)

Total Other Investments		10,941			8,643		–		19,584

Total Investments	$	2,662,610		$	35,655,725	$	31,201	$	38,349,536

*	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.


21		Invesco High Yield Bond Factor 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, 2021:


	Value
Derivative Assets	Credit Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	12,156		$	12,156

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		8,643			-			8,643

Total Derivative Assets		8,643			12,156			20,799

Derivatives not subject to master netting agreements		(8,643	)		(12,156	)		(20,799	)

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.


	Value
Derivative Liabilities	Credit Risk	Interest Rate Risk		Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$-		$(1,215)	$	(1,215	)

Derivatives not subject to master netting agreements	-		1,215		1,215

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 six months ended August 31, 2021

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			Interest
	Risk			Rate Risk		Total

Realized Gain (Loss):
Futures contracts	$	-		$	87,797	$	87,797

Swap agreements		(187	)		-		(187	)

Change in Net Unrealized Appreciation:
Futures contracts		-			44,881		44,881

Swap agreements		8,643			-		8,643

Total	$	8,456		$	132,678	$	141,134

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


	Futures	Swap
	Contracts	Agreements

Average notional value	$7,336,311	$950,000

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.


22		Invesco High Yield Bond Factor Fund

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of February 28, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	1,590,035	$	3,135,384	$	4,725,419

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $18,473,132 and $16,870,343, 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	$	1,369,792

Aggregate unrealized (depreciation) of investments		(465,672	)

Net unrealized appreciation of investments	$	904,120

Cost of investments for tax purposes is $37,445,416.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	August 31, 2021^(a)						February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		363,493		$	3,380,572			712,810		$	6,278,805

Class C		64,470			598,092			182,202			1,598,201

Class R		68,771			636,774			97,058			844,750

Class Y		231,520			2,156,919			54,911			474,206

Class R6		1,808			16,828			233			2,128


Issued as reinvestment of dividends:
Class A		53,346			496,414			121,947			1,071,974

Class C		8,887			82,655			22,864			200,494

Class R		8,043			74,872			17,841			156,458

Class Y		3,629			33,786			6,774			59,610

Class R6		88			823			204			1,758


Automatic conversion of Class C shares to Class A shares:
Class A		30,536			283,276			61,830			558,432

Class C		(30,540	)		(283,276	)		(61,843	)		(558,432	)


Reacquired:
Class A		(394,158	)		(3,663,077	)		(711,775	)		(6,110,480	)

Class C		(49,193	)		(456,762	)		(214,155	)		(1,820,950	)

Class R		(40,069	)		(372,698	)		(118,572	)		(1,033,511	)

Class Y		(15,918	)		(148,337	)		(30,413	)		(267,344	)

Class R6		(3	)		(28	)		(10,188	)		(90,009	)

Net increase in share activity		304,710		$	2,836,833			131,728		$	1,366,090

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


23		Invesco High Yield Bond Factor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Class A	$1,000.00	$1,033.60	$3.23	$1,022.03	$3.21	0.63%
Class C	1,000.00	1,030.90	7.06	1,018.25	7.02	1.38
Class R	1,000.00	1,033.40	4.51	1,020.77	4.48	0.88
Class Y	1,000.00	1,035.90	1.95	1,023.29	1.94	0.38
Class R5	1,000.00	1,035.90	1.95	1,023.29	1.94	0.38
Class R6	1,000.00	1,034.80	1.95	1,023.29	1.94	0.38

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.


24		Invesco High Yield Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco High Yield Bond Factor 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, 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, 2021. 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

such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the second 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 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 noted that underweight exposure to certain large issuers that experienced downgrades in credit ratings detracted from Fund 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 further considered that the Fund had changed its name,


25		Invesco High Yield Bond Factor Fund

investment strategy and index against which future performance will be compared on February 28, 2020 in connection with its repositioning as a factor-based fund, 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 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 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 below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective in 2020 in connection with its repositioning as a factor-based fund. 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 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 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

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.


26		Invesco High Yield Bond Factor Fund

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SEC file number(s): 811-05686 and 033-39519		Invesco Distributors, Inc.		O-GLHY-SAR-1

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Semiannual Report to Shareholders		August 31, 2021

Invesco Income Fund

Nasdaq: A: AGOVX ∎ C: AGVCX ∎ R: AGVRX ∎ Y: AGVYX ∎ Investor: AGIVX ∎ R5: AGOIX ∎ R6: AGVSX


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
11		Financial Statements
14		Financial Highlights
15		Notes to Financial Statements
24		Fund Expenses
25		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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	2.11	%
Class C Shares	1.72
Class R Shares	1.89
Class Y Shares	2.23
Investor Class Shares	2.14
Class R5 Shares	2.28
Class R6 Shares	2.33
Bloomberg U.S. Aggregate Bond Index^▼ (Broad Market Index)	1.49

Source(s): ^▼RIMES Technologies Corp.

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

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Income Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (4/28/87)	4.51	%
10 Years	0.79
5 Years	-0.28
1 Year	4.78

Class C Shares
Inception (8/4/97)	3.20	%
10 Years	0.63
5 Years	-0.16
1 Year	7.41

Class R Shares
Inception (6/3/02)	2.62	%
10 Years	0.97
5 Years	0.33
1 Year	9.00

Class Y Shares
Inception (10/3/08)	2.50	%
10 Years	1.48
5 Years	0.83
1 Year	9.48

Investor Class Shares
Inception (9/30/03)	2.67	%
10 Years	1.26
5 Years	0.65
1 Year	9.29

Class R5 Shares
Inception (4/29/05)	3.11	%
10 Years	1.59
5 Years	0.93
1 Year	9.62

Class R6 Shares
10 Years	1.38	%
5 Years	0.89
1 Year	9.72
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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 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, 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.

3 Invesco Income Fund

Liquidity Risk Management Program

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.

4 Invesco Income Fund

Schedule of Investments

August 31, 2021

(Unaudited)


	Principal
	Amount		Value
Asset-Backed Securities–77.55%
AMSR Trust,
Series 2020-SFR2, Class E1, 4.03%, 07/17/2037^(a)	$	2,412,000	$	2,506,024
Series 2020-SFR5, Class D, 2.18%, 11/17/2037^(a)		5,000,000		5,024,266
Angel Oak Mortgage Trust,
Series 2019-5, Class B1, 3.96%, 10/25/2049^(a)(b)		2,361,000		2,365,207
Series 2020-3, Class M1, 3.81%, 04/25/2065^(a)(b)		5,000,000		5,129,642
Series 2020-4, Class A3, 2.81%, 06/25/2065^(a)(b)		2,714,792		2,751,775
Series 2020-5, Class A3, 2.04%, 05/25/2065^(a)(b)		2,136,275		2,154,521
Series 2020-6, Class A3, 1.78%, 05/25/2065^(a)(b)		2,434,419		2,443,819
Series 2021-1, Class M1, 2.22%, 01/25/2066^(a)(b)		3,164,000		3,148,210
Arroyo Mortgage Trust, Series 2020-1, Class A3, 3.33%, 03/25/2055^(a)		4,463,000		4,612,132
Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 03/20/2026^(a)		1,000,000		1,046,191
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.94%, 09/15/2048^(c)		17,829,050		483,461
Bank, Series 2018-BNK14, Class E, 3.00%, 09/15/2060^(a)		5,750,000		4,782,469
BBCMS Mortgage Trust, Series 2018-C2, Class C, 5.13%, 12/15/2051^(b)		2,500,000		2,854,610
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 2.87%, 01/25/2035^(b)		331,861		342,005
Benchmark Mortgage Trust,
Series 2018-B3, Class C, 4.71%, 04/10/2051^(b)		4,375,000		4,877,588
Series 2019-B11, Class D, 3.00%, 05/15/2052^(a)		5,250,000		5,145,307
Series 2019-B14, Class C, 3.90%, 12/15/2062^(b)		4,650,000		5,010,206
Series 2019-B15, Class C, 3.84%, 12/15/2072^(b)		1,000,000		1,057,829
Series 2019-B9, Class C, 4.97%, 03/15/2052^(b)		4,000,000		4,628,694
Series 2020-B17, Class C, 3.37%, 03/15/2053^(b)		3,000,000		3,140,317
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class B, 5.68%, 12/16/2041^(a)(d)		4,580,937		4,508,080
BRAVO Residential Funding Trust, Series 2019-NQM2, Class A3, 3.11%, 11/25/2059^(a)(b)		2,307,843		2,326,505
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class 65D, 4.66%, 05/15/2052^(a)(b)		4,517,000		4,049,313


	Principal
	Amount		Value
Cerberus Loan Funding XXV L.P., Series 2018-4RA, Class DR, 3.93% (3 mo. USD LIBOR + 3.80%), 10/15/2030^(a)(e)	$	2,100,000	$	2,052,529
Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(a)(b)		1,608,231		1,627,249
Series 2016-SH2, Class M3, 3.75%, 12/25/2045^(a)(b)		1,904,546		1,922,063
Citigroup Commercial Mortgage Trust,
Series 2013-GC11, Class D, 4.56%, 04/10/2023^(a)(b)		4,885,000		4,978,309
Series 2015-GC29, Class D, 3.11%, 04/10/2048^(a)		5,000,000		4,915,600
COLT Funding LLC, Series 2021-1, Class M1, 2.29%, 06/25/2066^(a)(b)		4,500,000		4,465,004
COLT Mortgage Loan Trust,
Series 2020-1, Class A3, 2.90%, 02/25/2050^(a)(b)		964,119		966,924
Series 2020-2, Class A3, 3.70%, 03/25/2065^(a)(b)		2,664,000		2,719,645
Series 2020-3, Class A3, 2.38%, 04/27/2065^(a)(b)		1,583,253		1,589,817
Commercial Mortgage Trust,
Series 2014-CR19, Class C, 4.86%, 08/10/2024^(b)		4,578,800		4,835,530
Series 2014-UBS4, Class C, IO, 4.81%, 07/10/2024^(c)		5,000,000		5,186,678
Series 2015-CR26, Class C, 4.69%, 10/10/2048^(b)		4,000,000		4,330,428
Credit Suisse Mortgage Capital Ctfs.,
Series 2020-SPT1, Class A3, 2.73%, 04/25/2065^(a)(d)		5,000,000		5,077,219
Credit Suisse Mortgage Trust,
Series 2021-NQM1, Class M1, 2.13%, 05/25/2065^(a)(b)		1,649,583		1,655,579
Series 2021-NQM2, Class M1, 2.28%, 02/25/2066^(a)(b)		6,000,000		6,024,012
CSAIL Commercial Mortgage Trust,
Series 2016-C6, Class E, 4.09%, 01/15/2049^(a)(b)		3,000,000		1,917,612
Series 2017-CX9, Class D, 4.28%, 09/15/2050^(a)(b)		6,304,000		5,646,662
Series 2019-C16, Class C, 4.24%, 06/15/2052^(b)		2,000,000		2,167,913
Series 2019-C17, Class C, 3.93%, 09/15/2052		5,000,000		5,363,528
Deephaven Residential Mortgage Trust, Series 2020-2, Class A3, 2.86%, 05/25/2065^(a)		5,800,000		5,902,533
Dryden 53 CLO Ltd., Series 2017-53A, Class A, 1.25% (3 mo. USD LIBOR + 1.12%), 01/15/2031^(a)(e)		7,000,000		7,010,355
Extended Stay America Trust, Series 2021-ESH, Class C, 1.80% (1 mo. USD LIBOR + 1.70%), 07/15/2038^(a)(e)		2,400,000		2,416,947
FirstKey Homes Trust, Series 2020- SFR2, Class D, 1.97%, 10/19/2037^(a)		5,000,000		5,019,544

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

5 Invesco Income Fund


	Principal
	Amount		Value
Flagstar Mortgage Trust,
Series 2018-5, Class B1, 4.50%, 09/25/2048^(a)(b)	$	1,599,608	$	1,623,474
Series 2018-5, Class B2, 4.50%, 09/25/2048^(a)(b)		1,916,707		1,927,862
Series 2018-6RR, Class B2, 4.98%, 10/25/2048^(a)(b)		2,830,319		2,941,173
Series 2018-6RR, Class B3, 4.98%, 10/25/2048^(a)(b)		2,830,319		2,935,869
FREMF Mortgage Trust,
Series 2019-KF68, Class B, 2.29% (1 mo. USD LIBOR + 2.20%), 07/25/2026^(a)(e)		1,771,532		1,775,750
Series 2019-KF72, Class B, 2.19% (1 mo. USD LIBOR + 2.10%), 11/25/2026^(a)(e)		5,591,825		5,579,869
FRTKL, Series 2021-SFR1, Class E2, 2.52%, 09/17/2038^(a)		3,250,000		3,257,058
Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059^(a)(b)		5,480,000		5,518,146
GCAT Trust,
Series 2019-NQM3, Class B1, 3.95%, 11/25/2059^(a)(b)		4,000,000		4,201,078
Series 2020-NQM2, Class M1, 3.59%, 04/25/2065^(a)(b)		3,500,000		3,587,063
Series 2021-NQM1, Class M1, 2.32%, 01/25/2066^(a)(b)		5,000,000		4,988,394
GS Mortgage Securities Corp. Trust,
Series 2017-SLP, Class E, 4.74%, 10/10/2032^(a)(b)		5,050,000		5,045,914
Series 2018-TWR, Class G, 4.02% (1 mo. USD LIBOR + 3.92%), 07/15/2022^(a)(e)		3,000,000		2,748,455
GS Mortgage Securities Trust, Series 2017-GS6, Class C, 4.32%, 05/10/2050^(b)		2,774,000		3,043,794
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A3, 2.35%, 09/27/2060^(a)(b)		1,039,737		1,055,243
Home Partners of America Trust, Series 2017-1, Class E, 2.74% (1 mo. USD LIBOR + 2.65%), 07/17/2034^(a)(e)		5,000,000		5,015,990
Invitation Homes Trust,
Series 2018-SFR2, Class C, 1.38% (1 mo. USD LIBOR + 1.28%), 06/17/2037^(a)(e)		1,249,804		1,253,993
Series 2018-SFR3, Class C, 1.39% (1 mo. USD LIBOR + 1.30%), 07/17/2037^(a)(e)		3,684,658		3,698,967
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047^(a)		6,272,500		6,806,926
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2018-PHH, Class E, 4.06% (1 mo. USD LIBOR + 2.56%), 06/15/2022^(a)(e)		2,000,000		807,645
Series 2018-PHH, Class F, 4.66% (1 mo. USD LIBOR + 3.16%), 06/15/2022^(a)(e)		2,000,000		546,000
JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class C, 4.24%, 07/15/2045^(b)		4,760,000		4,941,663


	Principal
	Amount		Value
JPMDB Commercial Mortgage Securities Trust, Series 2020- COR7, Class C, 3.85%, 05/13/2053^(b)	$	4,779,000	$	5,217,194
Life Mortgage Trust, Series 2021-BMR, Class D, 1.50% (1 mo. USD LIBOR + 1.40%), 03/15/2038^(a)(e)		5,800,000		5,813,994
MACH 1 Cayman Ltd., Series 2019-1, Class B, 4.34%, 10/15/2039^(a)		1,953,845		1,904,144
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, 1.32% (3 mo. USD LIBOR + 1.19%), 10/21/2030^(a)(e)		3,000,000		3,002,243
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C20, Class D, 3.07%, 02/15/2048^(a)		3,200,000		3,128,977
Series 2015-C24, Class D, 3.26%, 07/15/2025^(a)		5,000,000		4,908,229
Morgan Stanley Capital I Trust, Series 2018-H4, Class C, 5.24%, 12/15/2051^(b)		5,000,000		5,476,821
Motel Trust,
Series 2021-MTL6, Class C, 1.60% (1 mo. USD LIBOR + 1.50%), 09/15/2038^(a)(e)		2,750,000		2,761,172
Series 2021-MTL6, Class E, 2.80% (1 mo. USD LIBOR + 2.70%), 09/15/2038^(a)(e)		2,920,000		2,927,300
New Residential Mortgage Loan Trust, Series 2021-NQ1R, Class M1, 2.27%, 07/25/2055^(a)(b)		2,250,000		2,244,266
OCP CLO Ltd., Series 2017-13A, Class A1A, 1.39% (3 mo. USD LIBOR + 1.26%), 07/15/2030^(a)(e)		4,100,000		4,102,152
Octagon Investment Partners 48 Ltd., Series 2020-3A, Class A, 1.63% (3 mo. USD LIBOR + 1.50%), 10/20/2031^(a)(e)		6,000,000		6,015,061
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.39% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(a)(e)		2,400,000		2,405,144
Onslow Bay Financial LLC, Series 2021-NQM1, Class M1, 2.22%, 02/25/2066^(a)(b)		3,500,000		3,502,767
Progress Residential Trust,
Series 2018-SFR3, Class D, 4.43%, 10/17/2035^(a)		7,000,000		7,012,160
Series 2019-SFR1, Class E, 4.47%, 08/17/2035^(a)		5,000,000		5,069,875
Series 2021-SFR2, Class E2, 2.65%, 04/19/2038^(a)		4,500,000		4,543,126
Series 2021-SFR5, Class E2, 2.36%, 07/17/2038^(a)		4,570,000		4,566,922
Residential Mortgage Loan Trust,
Series 2019-3, Class B1, 3.81%, 09/25/2059^(a)(b)		3,276,000		3,368,242
Series 2020-2, Class M1, 3.57%, 05/25/2060^(a)(b)		5,000,000		5,150,008
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class B, 4.34%, 03/15/2040^(a)		3,039,185		2,752,210
Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M, 4.75%, 06/25/2057^(a)(b)		3,000,000		3,101,299

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

6 Invesco Income Fund


	Principal
	Amount		Value
Sonic Capital LLC,
Series 2018-1A, Class A2, 4.03%, 02/20/2048^(a)	$	2,737,588	$	2,820,879
Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(a)		5,651,109		6,054,569
Series 2021-1A, Class A2II, 2.64%, 08/20/2051^(a)		1,370,000		1,377,505
Star Trust, Series 2021-SFR1, Class D, 1.39% (1 mo. USD LIBOR + 1.30%), 04/17/2038^(a)(e)		6,665,000		6,669,266
Starwood Mortgage Residential Trust,
Series 2020-2, Class A2, 3.97%, 04/25/2060^(a)(b)		4,000,000		4,128,648
Series 2020-3, Class A3, 2.59%, 04/25/2065^(a)(b)		3,000,000		3,050,199
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.42% (3 mo. USD LIBOR + 1.29%), 04/18/2033^(a)(e)		7,500,000		7,530,168
Textainer Marine Containers Ltd.,
Series 2021-3A, Class B, 2.43%, 08/20/2046^(a)		5,000,000		4,975,445
Textainer Marine Containers VII Ltd. (China),
Series 2020-1A, Class B, 4.94%, 08/21/2045^(a)		3,583,969		3,710,066
Series 2021-2A, Class B, 2.82%, 04/20/2046^(a)		4,866,667		4,949,290
TICP CLO IX Ltd., Series 2017-9A, Class A, 1.27% (3 mo. USD LIBOR + 1.14%), 01/20/2031^(a)(e)		7,000,000		7,004,535
TIF Funding II LLC, Series 2021-1A, Class B, 2.54%, 02/20/2046^(a)		1,766,365		1,774,365
Tricon American Homes Trust,
Series 2018-SFR1, Class D, 4.17%, 05/17/2037^(a)		2,000,000		2,111,095
Series 2020-SFR1, Class D, 2.55%, 07/17/2038^(a)		8,900,000		9,075,885
Series 2020-SFR1, Class E, 3.54%, 07/17/2038^(a)		1,600,000		1,660,436
Series 2020-SFR2, Class D, 2.28%, 11/17/2039^(a)		2,000,000		2,016,667
Verus Securitization Trust,
Series 2020-4, Class A3, 2.32%, 05/25/2065^(a)(d)		3,646,076		3,684,997
Series 2020-INV1, Class A3, 3.89%, 03/25/2060^(a)(b)		2,800,000		2,922,810
Series 2021-R1, Class M1, 2.34%, 10/25/2063^(a)		3,250,000		3,281,127
Series 2021-R2, Class M1, 2.24%, 02/25/2064^(a)		4,281,000		4,292,693
Vista Point Securitization Trust,
Series 2020-1, Class M1, 4.15%, 03/25/2065^(a)(b)		2,100,000		2,173,358
Series 2020-2, Class A3, 2.50%, 04/25/2065^(a)(b)		1,739,914		1,759,306
Series 2020-2, Class M1, 3.40%, 04/25/2065^(a)(b)		1,650,000		1,702,608
Voya CLO Ltd. (Cayman Islands),
Series 2014-1A, Class CR2, 2.93% (3 mo. USD LIBOR + 2.80%), 04/18/2031^(a)(e)		1,300,000		1,257,552
Series 2020-2A, Class D, 4.38% (3 mo. USD LIBOR + 4.25%), 07/19/2031^(a)(e)		4,000,000		4,008,563


	Principal
	Amount		Value
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class D, 3.96%, 12/15/2024^(a)(b)	$	6,000,000	$	5,624,954
Series 2015-NXS2, Class D, 4.44%, 07/15/2025^(b)		6,000,000		5,685,068
Series 2017-C39, Class C, 4.12%, 09/15/2050		2,309,000		2,484,309
Series 2017-RC1, Class D, 3.25%, 01/15/2060^(a)		4,000,000		3,795,690
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(a)		2,400,000		2,483,893
Total Asset-Backed Securities (Cost $433,684,605)				438,519,429

U.S. Government Sponsored Agency Mortgage-Backed Securities–17.79%
Collateralized Mortgage Obligations–1.43%
Freddie Mac Multifamily Structured Credit Risk,
Series 2021-MN2, Class M1, 1.85%(30 Day Average SOFR + 1.80%), 07/25/2041^(a)(e)		4,785,000		4,797,129
Series 2021-MN1, Class M1, 2.05%(30 Day Average SOFR + 2.00%), 01/25/2051^(a)(e)		1,676,253		1,686,378
Series 2021-MN1, Class M2, 3.80%(30 Day Average SOFR + 3.75%), 01/25/2051^(a)(e)		1,500,000		1,586,403
				8,069,910

Federal Home Loan Mortgage Corp. (FHLMC)–0.01%
9.00%, 04/01/2025		17,139		18,421
9.50%, 04/01/2025		3,595		3,617
6.50%, 06/01/2029 to 08/01/2032		2,938		3,329
7.00%, 03/01/2032 to 05/01/2032		991		1,060
				26,427

Federal National Mortgage Association (FNMA)–0.01%
9.50%, 08/01/2022		1		1
6.00%, 04/01/2024		130		146
6.75%, 07/01/2024		44,736		50,320
6.95%, 07/01/2025 to 10/01/2025		19,982		20,164
6.50%, 01/01/2026 to 10/01/2036		4,304		4,884
7.00%, 06/01/2029 to 02/01/2032		996		1,045
8.00%, 10/01/2029		23		25
				76,585

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

7 Invesco Income Fund


	Principal
	Amount		Value
Government National Mortgage Association (GNMA)–5.40%
8.00%, 12/15/2021 to 02/15/2036	$	374,189	$	425,878
7.00%, 01/15/2023 to 12/15/2036		330,849		347,655
9.50%, 03/15/2023		11		11
6.50%, 07/15/2024 to 09/15/2032		24,811		25,270
6.95%, 07/20/2025 to 11/20/2026		57,237		58,584
8.50%, 01/15/2037		15,006		15,518
TBA, 2.50%, 09/01/2051^(f)		28,600,000		29,661,328
				30,534,244

Uniform Mortgage-Backed Securities–10.94%
TBA, 2.50%, 09/01/2051^(f)		59,570,000		61,873,684
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $100,442,644)				100,580,850

Agency Credit Risk Transfer Notes–9.67%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C03, Class 1M2, 3.08% (1 mo. USD LIBOR + 3.00%), 10/25/2029^(e)		5,759,555		5,919,748
Series 2017-C05, Class 1M2, 2.28% (1 mo. USD LIBOR + 2.20%), 01/25/2030^(e)		3,549,898		3,631,234
Series 2018-C02, Class 2M2, 2.28% (1 mo. USD LIBOR + 2.20%), 08/25/2030^(e)		895,467		906,166
Series 2018-C03, Class 1M2, 2.23% (1 mo. USD LIBOR + 2.15%), 10/25/2030^(e)		3,613,879		3,661,738
Freddie Mac,
Series 2017-HQA2, Class M2, STACR^®, 2.73% (1 mo. USD LIBOR + 2.65%), 12/25/2029^(e)		918,678		935,902
Series 2018-HQA1, Class M2, STACR^®, 2.38% (1 mo. USD LIBOR + 2.30%), 09/25/2030^(e)		3,859,521		3,913,314
Series 2018-DNA2, Class M2, STACR^®, 2.23% (1 mo. USD LIBOR + 2.15%), 12/25/2030^(a)(e)		5,000,000		5,055,741
Series 2021-DNA2, Class M2, STACR^®, 2.35% (30 Day Average SOFR + 2.30%), 08/25/2033^(a)(e)		6,630,000		6,789,069
Series 2021-DNA5, Class M2, STACR^®, 1.70% (30 Day Average SOFR + 1.65%), 01/25/2034^(a)(e)		915,000		922,095
Series 2018-HRP2, Class M3, STACR^®, 2.48% (1 mo. USD LIBOR + 2.40%), 02/25/2047^(a)(e)		5,000,000		5,095,922
Series 2020-DNA5, Class M2, STACR^®, 2.85% (30 Day Average SOFR + 2.80%), 10/25/2050^(a)(e)		5,000,000		5,060,361
Freddie Mac Multifamily Connecticut Avenue Securities Trust,
Series 2019-01, Class M10, 3.33% (1 mo. USD LIBOR + 3.25%), 10/15/2049^(a)(e)		1,333,000		1,346,369
Series 2019-01, Class B10, 5.58% (1 mo. USD LIBOR + 5.50%), 10/15/2049^(a)(e)		1,500,000		1,540,470


	Principal
	Amount		Value
Golub Capital Partners CLO 34(M) Ltd., (Cayman Islands), Series 2017- 34A, Class CR, 3.77% (3 mo. USD LIBOR + 3.65%), 03/14/2031^(a)(e)	$	5,000,000	$	5,007,481
Strata CLO I Ltd., (Cayman Islands), Series 2018-1A, Class D, 4.19% (3 mo. USD LIBOR + 4.06%), 01/15/2031^(a)(e)		5,000,000		4,929,205
Total Agency Credit Risk Transfer Notes (Cost $53,619,667)				54,714,815

	Shares
Preferred Stocks–5.03%
Mortgage REITs–5.03%
AG Mortgage Investment Trust, Inc., 8.00%, Series C, Pfd.^(g)150,000				3,747,000
Annaly Capital Management, Inc., 6.50%, Series G, Pfd.^(g)		150,000		3,865,500
Chimera Investment Corp., 8.00%, Series B, Pfd.^(g)		150,000		3,951,000
Dynex Capital, Inc., 6.90%, Series C, Pfd.^(g)		160,000		4,200,000
MFA Financial, Inc., 6.50%, Series C, Pfd.^(g)		150,000		3,583,500
New Residential Investment Corp., 7.13%, Series B, Pfd.^(g)		100,000		2,570,000
PennyMac Mortgage Investment Trust, 8.00%, Series B, Pfd.^(g)		100,000		2,709,000
Two Harbors Investment Corp., 7.25%, Series C, Pfd.^(g)		150,000		3,816,000
Total Preferred Stocks (Cost $26,090,050)				28,442,000

Common Stocks & Other Equity Interests–0.98%
Mortgage REITs–0.98%
New Residential Investment Corp.		100,000		1,092,000
New York Mortgage Trust, Inc.		630,000		2,784,600
PennyMac Mortgage Investment Trust		85,000		1,649,850
Total Common Stocks & Other Equity Interests (Cost $7,418,334)				5,526,450

	Principal
	Amount
U.S. Dollar Denominated Bonds & Notes–0.72%
Diversified Banks–0.23%
Lloyds Banking Group PLC (United Kingdom), 7.50%^(g)(h)	$	1,110,000		1,284,677

Diversified Capital Markets–0.49%
Credit Suisse Group AG (Switzerland), 7.25%^(a)(g)(h)		2,500,000		2,806,625
Total U.S. Dollar Denominated Bonds & Notes (Cost $3,628,750)				4,091,302

U.S. Treasury Securities–0.35%
U.S. Treasury Bills–0.35%
0.05%, 02/17/2022 (Cost $1,979,568)^(i)(j)		1,980,000		1,979,581

	Shares
Exchange-Traded Funds–0.18%
Invesco High Yield Bond Factor ETF (Cost $ 996,450)^(k)		39,000		1,005,225

Money Market Funds–5.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(k)(l)		16,958,703		16,958,703

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

8 Invesco Income Fund


	Shares		Value

Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(k)(l)		11,305,802	$	11,305,802

Total Money Market Funds (Cost $28,264,505)				28,264,505

TOTAL INVESTMENTS IN SECURITIES–117.27% (Cost $656,124,573)				663,124,157

OTHER ASSETS LESS LIABILITIES–(17.27)%				(97,636,673	)

NET ASSETS–100.00%			$	565,487,484


Investment Abbreviations:

CLO		– Collateralized Loan Obligation
Ctfs.		– Certificates
ETF		– Exchange-Traded Fund
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
REIT		– Real Estate Investment Trust
SOFR		– Secured Overnight Financing Rate
STACR^®– Structured Agency Credit Risk
TBA		– To Be Announced
USD		– U.S. Dollar

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, 2021 was $414,015,041, which represented 73.21% of the Fund’s Net Assets.

^(b)	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, 2021.

^(c)

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, 2021.

^(d)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(f)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1O.

^(g)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(h)	Perpetual bond with no specified maturity date.

⁽ⁱ⁾	All or a portion of the value was pledged and/or designated as collateral to cover margin requirements for open futures contracts and swap agreements. See Note 1M and Note 1N.

^(j)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(k)


	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Invesco High Yield Bond Factor ETF		$	-		$	996,450		$	-			$	8,775		$	-		$	1,005,225		$	22,037
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			32,800,718			86,470,221			(102,312,236	)			-			-			16,958,703			2,433
Invesco Treasury Portfolio, Institutional Class			21,867,146			57,646,814			(68,208,158	)			-			-			11,305,802			597
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			6,752,725			(6,752,725	)			-			-			-			20	*
Invesco Private Prime Fund			-			10,652,834			(10,652,834	)			-			-			-			312	*
Total		$	54,667,864		$	162,519,044		$	(187,925,953	)		$	8,775		$	-		$	29,269,730		$	25,399

^(l)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

9 Invesco Income Fund


Open Futures Contracts

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

U.S. Treasury 10 Year Notes		391		December-2021	$	(52,180,172	)	$	(183,281	)	$	(183,281	)

U.S. Treasury 10 Year Ultra Notes		294		December-2021		(43,516,593	)		(178,710	)		(178,710	)

U.S. Treasury Long Bond		73		December-2021		(11,896,719	)		(38,781	)		(38,781	)

U.S. Treasury Ultra Bonds		56		December-2021		(11,047,750	)		(76,563	)		(76,563	)

Total Futures Contracts								$	(477,335	)	$	(477,335	)

Open Over-The-Counter Credit Default Swap Agreements

Counterparty

Reference Entity

Buy/Sell

Protection

(Pay)/

Receive

Fixed Rate

Payment

Frequency

Maturity
Date

Implied

Credit

Spread^(a)

Notional Value

Upfront
Payments Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Credit Risk

Merrill Lynch

Markit CMBX North America A

International

Index, Series 12, Version 1

Sell

2.00%

Monthly

08/17/2061

1.9088%

USD 10,000,000

$72,806

$58,719

$(14,087)

^(a)

Abbreviations:

USD –U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of August 31, 2021


Asset-Backed Securities			66.1%

U.S. Government Sponsored Agency Mortgage-Backed Securities			15.2

Agency Credit Risk Transfer Notes			8.2

Preferred Stocks			4.3

Money Market Funds			4.3

Security Type, each less than 1% of Total Investments			1.9

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

10 Invesco Income Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $626,863,618)		$633,854,427

Investments in affiliates, at value (Cost $29,260,955)		29,269,730

Other investments:
Variation margin receivable – futures contracts		204,639

Swaps receivable – OTC		3,889

Premiums paid on swap agreements – OTC		72,806

Foreign currencies, at value (Cost $962)		958

Receivable for:
Fund shares sold		107,149

Dividends		186,459

Interest		1,319,288

Investment for trustee deferred compensation and retirement plans		241,018

Other assets		77,812

Total assets		665,338,175


Liabilities:
Other investments:
Unrealized depreciation on swap agreements–OTC		14,087

Payable for:
Investments purchased		98,682,857

Dividends		131,094

Fund shares reacquired		356,300

Accrued fees to affiliates		275,980

Accrued trustees’ and officers’ fees and benefits		1,431

Accrued other operating expenses		133,333

Trustee deferred compensation and retirement plans		255,609

Total liabilities		99,850,691

Net assets applicable to shares outstanding	$	565,487,484


Net assets consist of:
Shares of beneficial interest	$	607,840,168

Distributable earnings (loss)		(42,352,684	)

	$565,487,484


Net Assets:
Class A	$	325,726,007

Class C	$	6,925,420

Class R	$	4,251,787

Class Y	$	39,703,147

Investor Class	$	18,954,005

Class R5	$	455,531

Class R6	$	169,471,587


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		40,775,846

Class C		866,494

Class R		531,911

Class Y		4,962,303

Investor Class		2,368,934

Class R5		56,978

Class R6		21,237,367

Class A:
Net asset value per share	$	7.99

Maximum offering price per share (Net asset value of $7.99 ÷ 95.75%)	$	8.34

Class C:
Net asset value and offering price per share	$	7.99

Class R:
Net asset value and offering price per share	$	7.99

Class Y:
Net asset value and offering price per share	$	8.00

Investor Class:
Net asset value and offering price per share	$	8.00

Class R5:
Net asset value and offering price per share	$	7.99

Class R6:
Net asset value and offering price per share	$	7.98

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

11 Invesco Income Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Interest	$	9,026,343

Dividends		1,603,449

Dividends from affiliated money market funds (includes securities lending income of $3,729)		28,796

Total investment income		10,658,588


Expenses:
Advisory fees		1,257,338

Administrative services fees		44,911

Custodian fees		8,507

Distribution fees:
Class A		417,350

Class C		31,757

Class R		10,215

Investor Class		15,663

Transfer agent fees – A, C, R, Y and Investor		368,069

Transfer agent fees – R5		27

Trustees’ and officers’ fees and benefits		13,914

Registration and filing fees		51,119

Reports to shareholders		30,121

Professional services fees		28,550

Other		10,027

Total expenses		2,287,568

Less: Fees waived and/or expense offset arrangement(s)		(1,864	)

Net expenses		2,285,704

Net investment income		8,372,884


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		528,571

Futures contracts		826,963

Swap agreements		(61,801	)

	1,293,733

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		4,977,561

Affiliated investment securities		8,775

Foreign currencies		(21	)

Futures contracts		(2,390,525	)

Swap agreements		343,092

	2,938,882

Net realized and unrealized gain		4,232,615

Net increase in net assets resulting from operations	$	12,605,499

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

12 Invesco Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31,			February 28,
	2021			2021

Operations:
Net investment income	$	8,372,884		$	17,040,907

Net realized gain (loss)		1,293,733			(5,350,941	)

Change in net unrealized appreciation (depreciation)		2,938,882			(11,003,510	)

Net increase in net assets resulting from operations		12,605,499			686,456


Distributions to shareholders from distributable earnings:
Class A		(4,833,618	)		(13,360,948	)

Class C		(68,044	)		(235,881	)

Class R		(55,631	)		(129,518	)

Class Y		(617,680	)		(979,490	)

Investor Class		(289,816	)		(812,329	)

Class R5		(6,907	)		(18,061	)

Class R6		(3,095,433	)		(5,455,684	)

Total distributions from distributable earnings		(8,967,129	)		(20,991,911	)


Return of capital:
Class A		–			(239,615	)

Class C		–			(4,230	)

Class R		–			(2,323	)

Class Y		–			(17,566	)

Investor Class		–			(14,569	)

Class R5		–			(324	)

Class R6		–			(97,842	)

Total return of capital		–			(376,469	)

Total distributions		(8,967,129	)		(21,368,380	)


Share transactions–net:
Class A		(12,645,059	)		(31,361,922	)

Class C		1,401,365			(2,933,812	)

Class R		396,778			(159,887	)

Class Y		(10,126,515	)		38,035,058

Investor Class		(720,954	)		(2,926,497	)

Class R5		65,007			(74,157	)

Class R6		(58,926,936	)		207,578,458

Net increase (decrease) in net assets resulting from share transactions		(80,556,314	)		208,157,241

Net increase (decrease) in net assets		(76,917,944	)		187,475,317


Net assets:
Beginning of period		642,405,428			454,930,111

End of period	$	565,487,484		$	642,405,428

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

13 Invesco Income Fund

Financial Highlights

(Unaudited)

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																					with fee waivers			fee waivers			investment
	value,			Net				(both				Total from				from net												Net asset						Net assets,			and/or			and/or			income
	beginning			investment				realized and				investment				investment				Return of				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income^(a)				unrealized)				operations				income				capital				distributions				of period			return ^(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover ^(c)
Class A
Six months ended 08/31/21		$	7.94		$	0.11			$	0.06			$	0.17			$	(0.12	)		$	–			$	(0.12	)		$	7.99		2.11	%		$	325,726		0.92	%^(d)		0.92	%^(d)		2.70	%^(d)		132	%
Year ended 02/28/21			8.68			0.23				(0.66	)			(0.43	)			(0.30	)			(0.01	)			(0.31	)			7.94		(4.62	)			336,319		0.97			0.97			3.16			276
Year ended 02/29/20			8.51			0.35				0.22				0.57				(0.40	)			–				(0.40	)			8.68		6.75				405,061		1.00			1.00			4.08			97
Year ended 02/28/19			8.65			0.27	^(e)			(0.13	)			0.14				(0.28	)			–				(0.28	)			8.51		1.66				424,003		1.01			1.08			3.12	^(e)		119	^(e)
Year ended 02/28/18			8.84			0.12				(0.15	)			(0.03	)			(0.16	)			–				(0.16	)			8.65		(0.34	)			482,902		0.98			0.98			1.34			25
Year ended 02/28/17			9.02			0.11				(0.12	)^(f)			(0.01	)			(0.17	)			–				(0.17	)			8.84		(0.15	)^(f)			559,388		0.97			0.97			1.25			30
Class C
Six months ended 08/31/21			7.94			0.08				0.06				0.14				(0.09	)			–				(0.09	)			7.99		1.72				6,925		1.67	^(d)		1.67	^(d)		1.95	^(d)		132
Year ended 02/28/21			8.68			0.18				(0.67	)			(0.49	)			(0.25	)			(0.00	)			(0.25	)			7.94		(5.35	)			5,489		1.72			1.72			2.41			276
Year ended 02/29/20			8.50			0.29				0.22				0.51				(0.33	)			–				(0.33	)			8.68		6.09				9,556		1.75			1.75			3.33			97
Year ended 02/28/19			8.65			0.20	^(e)			(0.13	)			0.07				(0.22	)			–				(0.22	)			8.50		0.78				9,862		1.76			1.83			2.37	^(e)		119	^(e)
Year ended 02/28/18			8.83			0.05				(0.13	)			(0.08	)			(0.10	)			–				(0.10	)			8.65		(0.97	)			30,223		1.73			1.73			0.59			25
Year ended 02/28/17			9.02			0.04				(0.13	)^(f)			(0.09	)			(0.10	)			–				(0.10	)			8.83		(1.00	)^(f)			40,481		1.72			1.72			0.50			30
Class R
Six months ended 08/31/21			7.95			0.10				0.05				0.15				(0.11	)			–				(0.11	)			7.99		1.89				4,252		1.17	^(d)		1.17	^(d)		2.45	^(d)		132
Year ended 02/28/21			8.69			0.22				(0.67	)			(0.45	)			(0.28	)			(0.01	)			(0.29	)			7.95		(4.85	)			3,832		1.22			1.22			2.91			276
Year ended 02/29/20			8.52			0.33				0.21				0.54				(0.37	)			–				(0.37	)			8.69		6.48				4,443		1.25			1.25			3.83			97
Year ended 02/28/19			8.66			0.25	^(e)			(0.13	)			0.12				(0.26	)			–				(0.26	)			8.52		1.41				5,557		1.26			1.33			2.87	^(e)		119	^(e)
Year ended 02/28/18			8.85			0.10				(0.15	)			(0.05	)			(0.14	)			–				(0.14	)			8.66		(0.58	)			5,427		1.23			1.23			1.09			25
Year ended 02/28/17			9.03			0.09				(0.12	)^(f)			(0.03	)			(0.15	)			–				(0.15	)			8.85		(0.39	)^(f)			6,219		1.22			1.22			1.00			30
Class Y
Six months ended 08/31/21			7.95			0.12				0.06				0.18				(0.13	)			–				(0.13	)			8.00		2.23				39,703		0.67	^(d)		0.67	^(d)		2.95	^(d)		132
Year ended 02/28/21			8.69			0.26				(0.67	)			(0.41	)			(0.32	)			(0.01	)			(0.33	)			7.95		(4.37	)			49,578		0.72			0.72			3.41			276
Year ended 02/29/20			8.52			0.38				0.21				0.59				(0.42	)			–				(0.42	)			8.69		7.02				10,540		0.75			0.75			4.33			97
Year ended 02/28/19			8.67			0.29	^(e)			(0.14	)			0.15				(0.30	)			–				(0.30	)			8.52		1.80				9,674		0.76			0.83			3.37	^(e)		119	^(e)
Year ended 02/28/18			8.86			0.14				(0.15	)			(0.01	)			(0.18	)			–				(0.18	)			8.67		(0.08	)			10,671		0.73			0.73			1.59			25
Year ended 02/28/17			9.04			0.14				(0.13	)^(f)			0.01				(0.19	)			–				(0.19	)			8.86		0.11	^(f)			12,554		0.72			0.72			1.50			30
Investor Class
Six months ended 08/31/21			7.95			0.11				0.06				0.17				(0.12	)			–				(0.12	)			8.00		2.14	^(g)			18,954		0.83	^(d)(g)		0.83	^(d)(g)		2.79	^(d)(g)		132
Year ended 02/28/21			8.69			0.24				(0.67	)			(0.43	)			(0.30	)			(0.01	)			(0.31	)			7.95		(4.55	)^(g)			19,552		0.89	^(g)		0.89	^(g)		3.24	^(g)		276
Year ended 02/29/20			8.52			0.36				0.21				0.57				(0.40	)			–				(0.40	)			8.69		6.81	^(g)			24,787		0.93	^(g)		0.93	^(g)		4.15	^(g)		97
Year ended 02/28/19			8.66			0.27	^(e)			(0.13	)			0.14				(0.28	)			–				(0.28	)			8.52		1.71	^(g)			25,692		0.95	^(g)		1.02	^(g)		3.18	^(e)(g)		119	^(e)
Year ended 02/28/18			8.85			0.12				(0.14	)			(0.02	)			(0.17	)			–				(0.17	)			8.66		(0.29	)^(g)			30,085		0.96	^(g)		0.96	^(g)		1.36	^(g)		25
Year ended 02/28/17			9.03			0.12				(0.13	)^(f)			(0.01	)			(0.17	)			–				(0.17	)			8.85		(0.12	)^(f)(g)			35,471		0.92	^(g)		0.92	^(g)		1.30	^(g)		30
Class R5
Six months ended 08/31/21			7.94			0.13				0.05				0.18				(0.13	)			–				(0.13	)			7.99		2.28				456		0.50	^(d)		0.50	^(d)		3.12	^(d)		132
Year ended 02/28/21			8.68			0.26				(0.67	)			(0.41	)			(0.32	)			(0.01	)			(0.33	)			7.94		(4.26	)			388		0.57			0.57			3.56			276
Year ended 02/29/20			8.51			0.38				0.22				0.60				(0.43	)			–				(0.43	)			8.68		7.11				508		0.64			0.64			4.44			97
Year ended 02/28/19			8.66			0.30	^(e)			(0.14	)			0.16				(0.31	)			–				(0.31	)			8.51		1.87				946		0.70			0.73			3.43	^(e)		119	^(e)
Year ended 02/28/18			8.85			0.15				(0.14	)			0.01				(0.20	)			–				(0.20	)			8.66		0.04				615		0.58			0.58			1.74			25
Year ended 02/28/17			9.03			0.14				(0.12	)^(f)			0.02				(0.20	)			–				(0.20	)			8.85		0.20	^(f)			1,093		0.62			0.62			1.60			30
Class R6
Six months ended 08/31/21			7.93			0.13				0.05				0.18				(0.13	)			–				(0.13	)			7.98		2.33				169,472		0.49	^(d)		0.49	^(d)		3.13	^(d)		132
Year ended 02/28/21			8.67			0.27				(0.67	)			(0.40	)			(0.33	)			(0.01	)			(0.34	)			7.93		(4.23	)			227,247		0.52			0.52			3.61			276
Year ended 02/29/20			8.51			0.39				0.20				0.59				(0.43	)			–				(0.43	)			8.67		7.00				36		0.63			0.63			4.45			97
Year ended 02/28/19			8.66			0.30	^(e)			(0.14	)			0.16				(0.31	)			–				(0.31	)			8.51		1.88				42		0.69			0.70			3.44	^(e)		119	^(e)
Period ended 02/28/18^(h)			8.84			0.14				(0.14	)			(0.00	)			(0.18	)			–				(0.18	)			8.66		(0.03	)			6,663		0.57	^(d)		0.57	^(d)		1.75	^(d)		25

^(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)	Annualized.

^(e)

Effective July 26, 2018, the Fund modified certain investment policies utilized in achieving its investment objective throughout the period. The Fund’s net investment income and portfolio turnover have increased significantly due to the realignment of the Fund’s portfolio of investments as a result of these changes.

^(f)

Includes litigation proceeds received during the period. Had the litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(0.17), $(0.18), $(0.17), $(0.18), $(0.18) and $(0.17) for Class A, Class C, Class R, Class Y, Investor Class and Class R5 shares, respectively and total returns would have been lower.

^(g)

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 0.16%, 0.17%, 0.19%, 0.19%, 0.23% and 0.21% for the six months ended August 31, 2021 and years ended February 28, 2021, February 29, 2020, February 28, 2019, February 28, 2018 and February 28, 2017, respectively.

^(h)	Commencement date of April 4, 2017.

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

14 Invesco Income Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is current income, and secondarily, capital appreciation.

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

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 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

15 Invesco Income Fund

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.

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.

Commercial Mortgage-Backed Securities – The Fund may invest in both single and multi-issuer Commercial Mortgage-Backed Securities (“CMBS”). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds.

Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS. Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of income recognized on these securities, or the amortized cost of these securities. The Fund amortizes premiums and/or accretes discounts based on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the Statement of Operations as Net realized gain (loss) from unaffiliated investment securities and Change in net unrealized appreciation (depreciation)of unaffiliated investment securities, respectively.

16 Invesco Income Fund

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.

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.

17 Invesco Income Fund

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.

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. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

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. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

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.

Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

18 Invesco Income Fund

CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

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

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

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $200 million		0.500%

Next $300 million		0.400%

Next $500 million		0.350%

Next $19.5 billion		0.300%

Over $20.5 billion		0.240%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.43%.

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.50%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “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 June 30, 2022. 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

19 Invesco Income Fund

For the six months ended August 31, 2021, the Adviser waived advisory fees of $247.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, 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 master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $7,557 in front-end sales commissions from the sale of Class A shares and $207 and $386 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 Fund’s own 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

Asset-Backed Securities	$	–		$	438,519,429			$–	$	438,519,429

U.S. Government Sponsored Agency Mortgage-Backed Securities		–			100,580,850			–		100,580,850

Agency Credit Risk Transfer Notes		–			54,714,815			–		54,714,815

Preferred Stocks		28,442,000			–			–		28,442,000

Common Stocks & Other Equity Interests		5,526,450			–			–		5,526,450

U.S. Dollar Denominated Bonds & Notes		–			4,091,302			–		4,091,302

U.S. Treasury Securities		–			1,979,581			–		1,979,581

Exchange-Traded Funds		1,005,225			–			–		1,005,225

Money Market Funds		28,264,505			–			–		28,264,505

Total Investments in Securities		63,238,180			599,885,977			–		663,124,157


Other Investments - Liabilities*

Futures Contracts		(477,335	)		–			–		(477,335	)

Swap Agreements		–			(14,087	)		–		(14,087	)

Total Other Investments		(477,335	)		(14,087	)		–		(491,422	)

Total Investments	$	62,760,845		$	599,871,890			$–	$	662,632,735

*	Unrealized appreciation (depreciation).

20 Invesco Income 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, 2021:


	Value

	Credit			Interest
Derivative Liabilities	Risk			Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(477,335	)	$	(477,335)

Unrealized depreciation on swap agreements – OTC		(14,087	)		-			(14,087	)

Total Derivative Liabilities		(14,087	)		(477,335	)		(491,422	)

Derivatives not subject to master netting agreements		-			477,335			477,335

Total Derivative Liabilities subject to master netting agreements	$	(14,087	)	$	-		$	(14,087	)

^(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, 2021.

Financial
Derivative
Assets

Financial
Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Swap
Agreement

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

Merrill Lynch International

$76,695

$(14,087)

$62,608

$–

$62,608

Effect of Derivative Investments for the six months ended August 31, 2021

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 Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Futures contracts	$	-		$	826,963		$	826,963

Swap agreements		(61,801	)		-			(61,801	)

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		-			(2,390,525	)		(2,390,525	)

Swap agreements		343,092			-			343,092

Total	$	281,291		$	(1,563,562	)	$	(1,282,271	)

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


	Futures		Swap
	Contracts		Agreements

Average notional value	$	119,746,883	$	21,666,667

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

21 Invesco Income Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund had a capital loss carryforward as of February 28, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	14,724,415	$	32,686,721	$	47,411,136

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $77,180,590 and $126,262,031, 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	$	11,969,725

Aggregate unrealized (depreciation) of investments		(7,443,333	)

Net unrealized appreciation of investments	$	4,526,392

Cost of investments for tax purposes is $ 658,106,343.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	August 31, 2021^(a)						February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		1,062,417		$	8,473,039			2,226,448		$	16,564,185

Class C		305,272			2,436,383			320,565			2,429,814

Class R		81,828			653,103			174,836			1,301,117

Class Y		683,334			5,464,708			5,982,713			45,144,577

Investor Class		136,402			1,087,614			259,252			1,966,461

Class R5		8,289			66,193			18,795			137,686

Class R6		1,099,268			8,742,275			29,040,117			210,551,966


Issued as reinvestment of dividends:
Class A		527,999			4,214,741			1,607,668			11,729,640

Class C		7,574			60,489			27,388			198,770

Class R		6,960			55,588			17,923			130,650

Class Y		51,271			409,977			79,902			600,249

Investor Class		33,976			271,612			108,678			793,219

Class R5		845			6,747			2,466			17,939

Class R6		388,218			3,095,293			725,842			5,553,111


Automatic conversion of Class C shares to Class A shares:
Class A		38,847			309,954			234,191			1,778,837

Class C		(38,843	)		(309,954	)		(234,132	)		(1,778,837	)

22 Invesco Income Fund


	Summary of Share Activity

	Six months ended						Year ended
	August 31, 2021^(a)						February 28, 2021
	Shares			Amount			Shares			Amount

Reacquired:
Class A		(3,214,889	)	$	(25,642,793	)		(8,378,628	)	$	(61,434,584	)

Class C		(98,428	)		(785,553	)		(523,859	)		(3,783,559	)

Class R		(39,093	)		(311,913	)		(221,744	)		(1,591,654	)

Class Y		(2,007,007	)		(16,001,200	)		(1,040,220	)		(7,709,768	)

Investor Class		(260,388	)		(2,080,180	)		(761,076	)		(5,686,177	)

Class R5		(995	)		(7,933	)		(30,899	)		(229,782	)

Class R6		(8,898,943	)		(70,764,504	)		(1,121,320	)		(8,526,619	)

Net increase (decrease) in share activity		(10,126,086	)	$	(80,556,314	)		28,514,906		$	208,157,241

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% 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, 28% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

23 Invesco Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Class A	$1,000.00	$1,021.10	$4.69	$1,020.57	$4.69	0.92%
Class C	1,000.00	1,017.20	8.49	1,016.79	8.49	1.67
Class R	1,000.00	1,018.90	5.95	1,019.31	5.96	1.17
Class Y	1,000.00	1,022.30	3.42	1,021.83	3.41	0.67
Investor Class	1,000.00	1,021.40	4.23	1,021.02	4.23	0.83
Class R5	1,000.00	1,022.80	2.55	1,022.68	2.55	0.50
Class R6	1,000.00	1,023.30	2.50	1,022.74	2.50	0.49

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.

24 Invesco Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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’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, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over the multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile for the one, three and five year periods. 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 noted that the Fund had changed its name, investment strategy and index as of July 26, 2018 and that the performance results prior to the 2018 calendar year were with respect to the Fund’s prior investment strategy. As a result, the Board did not consider performance results prior to 2018 to be particularly relevant. The Board discussed contributors to and detractors from Fund performance for periods after 2018 which reflect the Fund’s utilization of its current strategy. The Board noted that allocation to and security selection within certain structured credit sectors and industries detracted from Fund 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.

25 Invesco Income Fund

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.

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 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

the Invesco Funds in the aggregate and to most Funds individually. 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.

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.

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.

26 Invesco Income Fund

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SEC file number(s): 811-05686 and 033-39519		Invesco Distributors, Inc.		INC-SAR-1

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Semiannual Report to Shareholders		August 31, 2021

Invesco Intermediate Bond Factor Fund
Nasdaq:
A: OFIAX ∎ C: OFICX ∎ R: OFINX ∎ Y: OFIYX ∎ R5: IOTEX ∎ R6: OFIIX


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
14		Financial Statements
17		Financial Highlights
18		Notes to Financial Statements
25		Fund Expenses
26		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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	1.81	%
Class C Shares	1.43
Class R Shares	1.60
Class Y Shares	1.94
Class R5 Shares	1.85
Class R6 Shares	1.94
Bloomberg U.S. Aggregate Bond Index^▼	1.49

Source(s): ^▼RIMES Technologies Corp.

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

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting
invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder”
to locate your Fund; then click on its name to access its product detail page. There, you can
learn more about your Fund’s investment strategies, holdings and performance.
Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share
their insights about market and economic news and trends.


2		Invesco Intermediate Bond Factor Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (8/2/10)	4.31	%
10 Years	4.10
5 Years	2.44
1 Year	-3.04

Class C Shares
Inception (8/2/10)	4.11	%
10 Years	3.89
5 Years	2.50
1 Year	-0.51

Class R Shares
Inception (8/2/10)	4.40	%
10 Years	4.25
5 Years	3.00
1 Year	0.91

Class Y Shares
Inception (8/2/10)	4.95	%
10 Years	4.81
5 Years	3.62
1 Year	1.46

Class R5 Shares
10 Years	4.60	%
5 Years	3.42
1 Year	1.46

Class R6 Shares
Inception (11/28/12)	3.96	%
5 Years	3.68
1 Year	1.46

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Intermediate Income Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Intermediate Income Fund. The Fund was subsequently renamed the Invesco Intermediate Bond Factor 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. For periods prior to February 28, 2020, performance shown is that of the Fund using its previous past performance investment strategy. Therefore, the past performance shown for periods prior to February 28, 2020 may have differed had the Fund’s current investment strategy been in effect.

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.

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


3		Invesco Intermediate Bond Factor Fund

Liquidity Risk Management Program

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.


4		Invesco Intermediate Bond Factor Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–49.51%
Advertising–0.11%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024	$	200,000	$ 216,969

Aerospace & Defense–1.00%
Boeing Co. (The), 3.10%, 05/01/2026		725,000	769,458
Hexcel Corp., 4.20%, 02/15/2027		370,000	405,546
Raytheon Technologies Corp., 3.50%, 03/15/2027		292,000	322,959
Rockwell Collins, Inc., 3.20%, 03/15/2024		441,000	468,723
			1,966,686

Agricultural & Farm Machinery–0.22%
CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023		400,000	429,005

Agricultural Products–0.30%
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026		553,000	599,453

Air Freight & Logistics–0.80%
FedEx Corp., 4.75%, 11/15/2045		600,000	757,715
4.55%, 04/01/2046		668,000	820,567
			1,578,282

Airlines–0.62%
Delta Air Lines, Inc., 3.80%, 04/19/2023		17,000	17,623
2.90%, 10/28/2024		69,000	70,344
3.75%, 10/28/2029		38,000	38,600
Southwest Airlines Co., 3.00%, 11/15/2026		500,000	534,417
Spirit Airlines Pass-Through Trust, Series 2015-1A, 4.10%, 10/01/2029		97,805	102,850
United Airlines Pass-Through Trust, Series 2019-1, Class AA, 4.15%, 08/25/2031		408,089	446,949
			1,210,783

Apparel Retail–0.77%
TJX Cos., Inc. (The), 3.88%, 04/15/2030		1,312,000	1,518,250

Asset Management & Custody Banks–0.47%
Affiliated Managers Group, Inc., 4.25%, 02/15/2024		106,000	115,201
Ameriprise Financial, Inc., 4.00%, 10/15/2023		241,000	259,077
FS KKR Capital Corp., 4.13%, 02/01/2025		119,000	126,603
Golub Capital BDC, Inc., 3.38%, 04/15/2024		240,000	252,043


	Principal Amount		Value
Asset Management & Custody Banks–(continued)
Main Street Capital Corp., 5.20%, 05/01/2024	$	150,000	$ 162,871
			915,795

Automobile Manufacturers–1.34%
American Honda Finance Corp., 3.50%, 02/15/2028		848,000	944,035
Ford Motor Co., 4.75%, 01/15/2043		100,000	108,003
Ford Motor Credit Co. LLC, 3.09%, 01/09/2023		385,000	392,700
General Motors Co., 6.60%, 04/01/2036		100,000	136,929
5.15%, 04/01/2038		49,000	59,188
6.25%, 10/02/2043		403,000	552,622
6.75%, 04/01/2046		259,000	375,381
5.95%, 04/01/2049		44,000	60,020
			2,628,878

Biotechnology–0.44%
AbbVie, Inc., 2.95%, 11/21/2026		117,000	126,161
Amgen, Inc., 3.63%, 05/22/2024		425,000	456,299
2.20%, 02/21/2027		17,000	17,727
Gilead Sciences, Inc., 3.70%, 04/01/2024		250,000	268,072
			868,259

Brewers–0.41%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		262,000	441,356
Molson Coors Beverage Co., 5.00%, 05/01/2042		165,000	205,682
4.20%, 07/15/2046		140,000	158,462
			805,500

Broadcasting–0.40%
Discovery Communications LLC, 4.13%, 05/15/2029		289,000	326,627
ViacomCBS, Inc., 4.75%, 05/15/2025		400,000	451,166
			777,793

Building Products–0.05%
Owens Corning, 7.00%, 12/01/2036		62,000	90,701

Cable & Satellite–1.36%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		419,000	496,649
5.13%, 07/01/2049		50,000	60,176
Comcast Corp., 3.60%, 03/01/2024		403,000	433,723
Grupo Televisa S.A.B. (Mexico), 4.63%, 01/30/2026		450,000	501,835

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


5		Invesco Intermediate Bond Factor Fund


	Principal Amount		Value
Cable & Satellite–(continued)
Time Warner Cable LLC, 7.30%, 07/01/2038	$	106,000	$ 154,597
5.50%, 09/01/2041		408,000	510,464
4.50%, 09/15/2042		420,000	470,607
Time Warner Entertainment Co. L.P., 8.38%, 07/15/2033		35,000	52,170
			2,680,221

Commodity Chemicals–0.02%
Westlake Chemical Corp., 5.00%, 08/15/2046		27,000	34,442

Communications Equipment–0.02%
Juniper Networks, Inc., 5.95%, 03/15/2041		14,000	18,941
Motorola Solutions, Inc., 5.50%, 09/01/2044		14,000	18,437
			37,378

Computer & Electronics Retail–0.40%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		400,000	478,003
8.10%, 07/15/2036		52,000	79,852
8.35%, 07/15/2046		140,000	230,150
			788,005

Construction & Engineering–0.08%
Fluor Corp., 3.50%, 12/15/2024		32,000	33,671
4.25%, 09/15/2028		38,000	39,856
Valmont Industries, Inc., 5.25%, 10/01/2054		73,000	93,696
			167,223

Construction Machinery & Heavy Trucks–0.84%
Caterpillar Financial Services Corp., 3.25%, 12/01/2024		637,000	694,366
Cummins, Inc., 3.65%, 10/01/2023		479,000	508,266
nVent Finance S.a.r.l. (United Kingdom), 4.55%, 04/15/2028		400,000	444,607
			1,647,239

Consumer Finance–0.77%
Ally Financial, Inc., 8.00%, 11/01/2031		218,000	319,939
American Express Co., 3.40%, 02/22/2024		350,000	373,812
3.00%, 10/30/2024		75,000	80,313
Capital One Bank USA N.A., 3.38%, 02/15/2023		250,000	260,638
Capital One Financial Corp., 3.75%, 04/24/2024		453,000	487,799
			1,522,501

Distillers & Vintners–0.50%
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024		574,000	600,343
3.88%, 05/18/2028		330,000	378,189
			978,532


	Principal Amount		Value
Diversified Banks–7.38%
Banco Santander S.A. (Spain), 5.18%, 11/19/2025	$	600,000	$ 687,382
4.25%, 04/11/2027		400,000	453,457
4.38%, 04/12/2028		200,000	229,727
Bancolombia S.A. (Colombia), 3.00%, 01/29/2025		213,000	216,971
Bank of America Corp., 4.45%, 03/03/2026		430,000	485,287
1.32%, 06/19/2026^(b)		405,000	406,451
3.56%, 04/23/2027^(b)		221,000	242,576
Series DD, 6.30%^(b)(c)		257,000	299,958
Bank of America N.A., 3.34%, 01/25/2023^(b)		427,000	432,195
Bank of Montreal (Canada), 3.80%, 12/15/2032^(b)		300,000	331,947
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024		240,000	260,374
Barclays PLC (United Kingdom), 5.20%, 05/12/2026		284,000	327,005
3.56%, 09/23/2035^(b)		400,000	418,322
7.88%^(b)(c)(d)		75,000	77,526
8.00%^(b)(c)		94,000	106,866
BPCE S.A. (France), 4.50%, 03/15/2025^(d)		195,000	215,741
Citigroup, Inc., 4.04%, 06/01/2024^(b)		300,000	318,307
3.67%, 07/24/2028^(b)		100,000	110,910
8.13%, 07/15/2039		200,000	345,376
Cooperatieve Rabobank U.A. (Netherlands), 3.95%, 11/09/2022		900,000	937,622
HSBC Bank USA N.A., 5.88%, 11/01/2034		700,000	923,631
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024		454,000	489,775
3.95%, 05/18/2024^(b)		300,000	317,286
4.29%, 09/12/2026^(b)		325,000	361,189
4.58%, 06/19/2029^(b)		165,000	190,777
6.10%, 01/14/2042		342,000	505,223
JPMorgan Chase & Co., 3.80%, 07/23/2024^(b)		258,000	273,864
3.88%, 09/10/2024		502,000	546,676
7.75%, 07/15/2025		250,000	310,936
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024		350,000	386,717
4.45%, 05/08/2025		755,000	844,319
3.87%, 07/09/2025^(b)		201,000	217,754
3.75%, 01/11/2027		375,000	416,054
National Australia Bank Ltd. (Australia), 2.50%, 07/12/2026		250,000	266,670
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.35%, 01/15/2025		200,000	208,910
Svenska Handelsbanken AB (Sweden), 3.90%, 11/20/2023		474,000	511,764
U.S. Bancorp, Series W, 3.10%, 04/27/2026		160,000	174,294
Westpac Banking Corp. (Australia), 3.30%, 02/26/2024		147,000	157,389
2.85%, 05/13/2026		451,000	489,068
			14,496,296

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


6		Invesco Intermediate Bond Factor Fund


	Principal Amount		Value
Diversified Capital Markets–0.36%
Credit Suisse Group AG (Switzerland), 3.87%, 01/12/2029^(b)(d)	$	189,000	$ 209,163
Deutsche Bank AG (Germany), 3.95%, 02/27/2023		343,000	359,729
UBS Group AG (Switzerland), 7.00%^(b)(c)(d)		125,000	137,123
			706,015

Diversified Chemicals–0.03%
Dow Chemical Co. (The), 9.40%, 05/15/2039		32,000	58,807

Diversified REITs–0.02%
CyrusOne L.P./CyrusOne Finance Corp., 3.45%, 11/15/2029		33,000	34,711

Drug Retail–0.15%
Walgreens Boots Alliance, Inc., 4.80%, 11/18/2044		245,000	299,105

Education Services–0.02%
California Institute of Technology, 4.70%, 11/01/2111		27,000	39,810

Electric Utilities–3.21%
AEP Texas, Inc., 3.95%, 06/01/2028^(d)		806,000	910,509
Duke Energy Corp., 3.75%, 04/15/2024		290,000	311,304
Edison International, 5.75%, 06/15/2027		150,000	171,573
4.13%, 03/15/2028		228,000	244,213
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(d)		349,000	374,210
Eversource Energy, Series L, 2.90%, 10/01/2024		230,000	244,077
ITC Holdings Corp., 5.30%, 07/01/2043		323,000	433,022
National Grid USA, 5.80%, 04/01/2035		146,000	183,430
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/2079^(b)		235,000	275,821
Oglethorpe Power Corp., 5.95%, 11/01/2039		374,000	512,628
Southern California Edison Co., 6.65%, 04/01/2029		500,000	620,494
6.00%, 01/15/2034		168,000	222,937
Southern Power Co., 5.15%, 09/15/2041		435,000	543,411
Union Electric Co., 8.45%, 03/15/2039		400,000	690,020
Virginia Electric & Power Co., 8.88%, 11/15/2038		316,000	568,040
			6,305,689

Electronic Components–0.18%
Amphenol Corp., 3.20%, 04/01/2024		111,000	117,514
Corning, Inc., 5.35%, 11/15/2048		50,000	69,799
5.85%, 11/15/2068		110,000	165,648
			352,961


	Principal Amount		Value
Fertilizers & Agricultural Chemicals–0.03%
Mosaic Co. (The), 5.45%, 11/15/2033	$	19,000	$ 24,119
5.63%, 11/15/2043		24,000	31,961
			56,080

Health Care Equipment–0.19%
Baxter International, Inc., 3.95%, 04/01/2030		318,000	366,949

Health Care Facilities–1.06%
CommonSpirit Health, 1.55%, 10/01/2025		314,000	318,245
3.35%, 10/01/2029		375,000	407,578
HCA, Inc., 5.25%, 04/15/2025		197,000	224,958
5.25%, 06/15/2049		300,000	392,357
SSM Health Care Corp., Series 2018, 3.69%, 06/01/2023		715,000	750,277
			2,093,415

Health Care REITs–0.34%
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		615,000	634,930
Sabra Health Care L.P., 5.13%, 08/15/2026		28,000	31,615
			666,545

Health Care Services–0.95%
CHRISTUS Health, Series C, 4.34%, 07/01/2028		430,000	498,921
Cigna Corp., 4.50%, 02/25/2026		200,000	227,273
CVS Health Corp., 2.88%, 06/01/2026		179,000	192,140
5.05%, 03/25/2048		302,000	400,402
Dignity Health, 5.27%, 11/01/2064		248,000	352,570
Toledo Hospital (The), 6.02%, 11/15/2048		154,000	190,230
			1,861,536

Home Improvement Retail–0.11%
Lowe’s Cos., Inc., 3.13%, 09/15/2024		200,000	213,962

Hotel & Resort REITs–0.12%
Host Hotels & Resorts L.P., Series H, 3.38%, 12/15/2029		125,000	130,229
Service Properties Trust, 4.35%, 10/01/2024		61,000	61,915
4.95%, 10/01/2029		50,000	49,571
			241,715

Hotels, Resorts & Cruise Lines–0.32%
Booking Holdings, Inc., 3.55%, 03/15/2028		399,000	445,682
Expedia Group, Inc., 4.63%, 08/01/2027		122,000	138,060
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		39,000	44,825
			628,567

Hypermarkets & Super Centers–0.17%
Walmart, Inc., 3.70%, 06/26/2028		300,000	342,788

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


7		Invesco Intermediate Bond Factor Fund


	Principal Amount		Value
Independent Power Producers & Energy Traders–0.12%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024	$	226,000	$ 242,251

Industrial Conglomerates–0.83%
General Electric Co., 6.75%, 03/15/2032		460,000	639,435
5.88%, 01/14/2038		725,000	999,149
			1,638,584

Industrial Machinery–0.71%
Parker-Hannifin Corp., 3.25%, 03/01/2027		675,000	735,392
Stanley Black & Decker, Inc., 4.25%, 11/15/2028		570,000	668,939
			1,404,331

Insurance Brokers–0.32%
Aon Corp., 8.21%, 01/01/2027		100,000	130,478
Marsh & McLennan Cos., Inc., 3.88%, 03/15/2024		456,000	492,193
			622,671

Integrated Oil & Gas–1.28%
BP Capital Markets PLC (United Kingdom), 3.81%, 02/10/2024		321,000	346,165
Chevron Corp., 2.90%, 03/03/2024		324,000	342,648
Chevron USA, Inc., 5.25%, 11/15/2043		370,000	510,188
Exxon Mobil Corp., 2.99%, 03/19/2025		450,000	481,623
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		90,000	97,541
4.55%, 08/12/2043		315,000	400,070
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		226,000	243,725
TotalEnergies Capital International S.A. (France), 2.70%, 01/25/2023		82,000	84,823
			2,506,783

Integrated Telecommunication Services–0.75%
TCI Communications, Inc., 7.13%, 02/15/2028		1,100,000	1,467,572

Interactive Media & Services–1.11%
Alphabet, Inc., 3.38%, 02/25/2024		274,000	294,408
Baidu, Inc. (China), 3.50%, 11/28/2022		865,000	894,173
4.38%, 05/14/2024		400,000	435,550
4.38%, 03/29/2028		300,000	341,607
Weibo Corp. (China), 3.50%, 07/05/2024		200,000	209,434
			2,175,172

Internet & Direct Marketing Retail–0.53%
Alibaba Group Holding Ltd. (China), 3.40%, 12/06/2027		330,000	359,668
4.50%, 11/28/2034		570,000	672,986
			1,032,654


	Principal Amount		Value
Investment Banking & Brokerage–2.19%
Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024	$	240,000	$ 259,047
4.70%, 09/20/2047		101,000	125,328
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024		1,077,000	1,166,461
3.50%, 11/16/2026		301,000	327,853
Jefferies Group LLC, 6.25%, 01/15/2036		182,000	246,893
Jefferies Group LLC/Jefferies Group
Capital Finance, Inc., 4.85%, 01/15/2027		134,000	156,378
Morgan Stanley, 3.74%, 04/24/2024^(b)		726,000	764,453
3.88%, 01/27/2026		415,000	462,982
Series F, 3.88%, 04/29/2024		538,000	582,950
Nomura Holdings, Inc. (Japan), 2.65%, 01/16/2025		200,000	209,614
			4,301,959

IT Consulting & Other Services–0.36%
International Business Machines Corp., 7.13%, 12/01/2096		383,000	714,890

Leisure Products–0.31%
Hasbro, Inc., 6.35%, 03/15/2040		300,000	421,134
5.10%, 05/15/2044		147,000	179,807
			600,941

Life & Health Insurance–1.35%
Brighthouse Financial, Inc., 3.70%, 06/22/2027		257,000	282,113
4.70%, 06/22/2047		236,000	267,972
MetLife, Inc., 3.60%, 04/10/2024		692,000	746,637
Series D, 5.88%^(b)(c)		100,000	117,069
Prudential Financial, Inc., 5.63%, 06/15/2043^(b)		342,000	365,355
5.20%, 03/15/2044^(b)		225,000	241,771
5.38%, 05/15/2045^(b)		135,000	149,974
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027^(d)		441,000	469,238
Unum Group, 5.75%, 08/15/2042		13,000	16,438
			2,656,567

Motorcycle Manufacturers–0.26%
Harley-Davidson, Inc., 3.50%, 07/28/2025		187,000	200,941
4.63%, 07/28/2045		279,000	303,579
			504,520

Multi-line Insurance–0.06%
American International Group, Inc., Series A-9, 5.75%, 04/01/2048^(b)		20,000	23,135
8.18%, 05/15/2058^(b)		11,000	16,409
XLIT Ltd. (Bermuda), 4.45%, 03/31/2025		75,000	83,990
			123,534

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


8		Invesco Intermediate Bond Factor Fund


	Principal Amount		Value
Multi-Utilities–0.56%
Black Hills Corp., 4.25%, 11/30/2023	$	216,000	$ 230,954
3.95%, 01/15/2026		277,000	303,754
PSEG Power LLC, 8.63%, 04/15/2031		358,000	565,881
			1,100,589

Oil & Gas Equipment & Services–0.50%
Baker Hughes Holdings LLC, 5.13%, 09/15/2040		152,000	195,826
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022		162,000	166,882
4.08%, 12/15/2047		181,000	208,049
Halliburton Co., 7.45%, 09/15/2039		113,000	165,101
NOV, Inc., 3.60%, 12/01/2029		243,000	256,971
			992,829

Oil & Gas Exploration & Production–0.86%
Apache Corp., 5.10%, 09/01/2040		322,000	358,634
Hess Corp., 5.60%, 02/15/2041		140,000	175,013
Marathon Oil Corp., 3.85%, 06/01/2025		470,000	516,125
6.60%, 10/01/2037		250,000	332,151
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		275,000	306,620
			1,688,543

Oil & Gas Storage & Transportation–1.26%
Boardwalk Pipelines L.P., 4.45%, 07/15/2027		56,000	63,304
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024		370,000	419,835
Columbia Pipeline Group, Inc., 5.80%, 06/01/2045		143,000	200,625
Enable Midstream Partners L.P., 3.90%, 05/15/2024		250,000	265,892
4.95%, 05/15/2028		51,000	58,070
Energy Transfer L.P., 5.30%, 04/15/2047		389,000	460,959
5.40%, 10/01/2047		167,000	203,082
Enterprise Products Operating LLC, 3.75%, 02/15/2025		165,000	179,370
Kinder Morgan Energy Partners L.P., 6.95%, 01/15/2038		131,000	187,754
Spectra Energy Partners L.P., 3.50%, 03/15/2025		175,000	188,497
Western Midstream Operating L.P., 4.65%, 07/01/2026		56,000	60,438
Williams Cos., Inc. (The), 6.30%, 04/15/2040		136,000	186,785
			2,474,611

Other Diversified Financial Services–0.47%
Avolon Holdings Funding Ltd. (Ireland), 3.25%, 02/15/2027^(d)		265,000	274,974
Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/2027^(d)		125,000	136,138
Equitable Holdings, Inc., 5.00%, 04/20/2048		44,000	57,254


	Principal Amount		Value
Other Diversified Financial Services–(continued)
ORIX Corp. (Japan), 4.05%, 01/16/2024	$	322,000	$ 347,548
3.70%, 07/18/2027		72,000	80,797
Voya Financial, Inc., 5.65%, 05/15/2053^(b)		20,000	21,181
			917,892

Paper Packaging–0.18%
International Paper Co., 4.80%, 06/15/2044		280,000	361,480

Paper Products–0.14%
Fibria Overseas Finance Ltd. (Brazil), 5.50%, 01/17/2027		27,000	31,233
Suzano Austria GmbH (Brazil), 6.00%, 01/15/2029		200,000	239,009
			270,242

Pharmaceuticals–0.54%
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		800,000	855,169
4.90%, 12/15/2044		200,000	215,594
			1,070,763

Property & Casualty Insurance–0.36%
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025		76,000	82,869
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/2024		266,000	297,080
CNA Financial Corp., 3.95%, 05/15/2024		297,000	320,536
			700,485

Regional Banks–0.60%
Fifth Third Bancorp, 2.38%, 01/28/2025		235,000	245,943
Huntington Bancshares, Inc., 2.63%, 08/06/2024		230,000	242,161
KeyBank N.A., 3.40%, 05/20/2026		230,000	252,327
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024		270,000	292,448
Truist Bank, 4.05%, 11/03/2025		10,000	11,227
3.30%, 05/15/2026		115,000	126,529
			1,170,635

Reinsurance–0.04%
RenaissanceRe Finance, Inc. (Bermuda), 3.70%, 04/01/2025		34,000	36,928
Sompo International Holdings Ltd. (Bermuda), 4.70%, 10/15/2022		34,000	35,428
			72,356

Residential REITs–0.33%
American Campus Communities
Operating Partnership L.P., 3.88%, 01/30/2031		100,000	112,296
AvalonBay Communities, Inc., 4.20%, 12/15/2023		325,000	349,279
Spirit Realty L.P., 3.20%, 02/15/2031		175,000	185,966
			647,541

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


9		Invesco Intermediate Bond Factor Fund


	Principal Amount		Value
Restaurants–0.25%
Starbucks Corp., 3.85%, 10/01/2023	$	467,000	$ 496,481

Retail REITs–0.41%
Federal Realty Investment Trust, 4.50%, 12/01/2044		61,000	74,872
Kite Realty Group L.P., 4.00%, 10/01/2026		326,000	353,300
Simon Property Group L.P., 6.75%, 02/01/2040		244,000	368,886
			797,058

Semiconductors–1.03%
Broadcom Corp./Broadcom Cayman
Finance Ltd., 3.88%, 01/15/2027		173,000	191,050
Broadcom, Inc., 4.11%, 09/15/2028		265,000	297,283
Intel Corp., 2.88%, 05/11/2024		275,000	291,728
Microchip Technology, Inc., 4.33%, 06/01/2023		200,000	212,089
QUALCOMM, Inc., 2.90%, 05/20/2024		681,000	720,778
Xilinx, Inc., 2.95%, 06/01/2024		300,000	316,382
			2,029,310

Soft Drinks–0.28%
Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 2.75%, 01/22/2030		526,000	551,477

Specialized Finance–0.28%
National Rural Utilities Cooperative Finance Corp., 3.40%, 11/15/2023		305,000	322,774
8.00%, 03/01/2032		148,000	223,588
5.25%, 04/20/2046^(b)		12,000	13,059
			559,421

Specialty Chemicals–0.20%
Ecolab, Inc., 5.50%, 12/08/2041		90,000	127,694
PPG Industries, Inc., 2.40%, 08/15/2024		261,000	273,568
			401,262

Steel–0.16%
ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029		240,000	269,131
7.00%, 10/15/2039		27,000	38,848
			307,979

Systems Software–1.28%
Microsoft Corp., 2.88%, 02/06/2024		295,000	311,406
2.70%, 02/12/2025		647,000	690,419
3.13%, 11/03/2025		425,000	463,475
3.95%, 08/08/2056		406,000	519,365
Oracle Corp., 2.50%, 04/01/2025		500,000	524,665
			2,509,330


	Principal Amount		Value
Technology Hardware, Storage & Peripherals–1.07%
Apple, Inc., 3.00%, 02/09/2024	$	379,000	$ 400,959
3.25%, 02/23/2026		355,000	388,942
4.45%, 05/06/2044		476,000	620,691
Hewlett Packard Enterprise Co., 6.35%, 10/15/2045		220,000	304,750
HP, Inc., 6.00%, 09/15/2041		245,000	324,385
Seagate HDD Cayman, 4.88%, 06/01/2027		50,000	56,014
			2,095,741

Tobacco–2.17%
Altria Group, Inc., 4.80%, 02/14/2029		353,000	410,944
2.45%, 02/04/2032		300,000	293,386
4.50%, 05/02/2043		557,000	613,661
3.88%, 09/16/2046		225,000	227,633
5.95%, 02/14/2049		41,000	53,338
BAT Capital Corp. (United Kingdom), 3.22%, 08/15/2024		200,000	212,287
3.56%, 08/15/2027		407,000	440,722
4.54%, 08/15/2047		87,000	93,400
4.76%, 09/06/2049		35,000	38,558
Philip Morris International, Inc., 6.38%, 05/16/2038		280,000	399,812
4.50%, 03/20/2042		418,000	499,069
Reynolds American, Inc. (United Kingdom), 5.70%, 08/15/2035		256,000	313,358
5.85%, 08/15/2045		545,000	675,180
			4,271,348

Trading Companies & Distributors–0.35%
Air Lease Corp., 3.00%, 02/01/2030		560,000	574,084
Aircastle Ltd., 5.00%, 04/01/2023		100,000	106,592
			680,676

Water Utilities–0.16%
American Water Capital Corp., 3.85%, 03/01/2024		174,000	187,174
6.59%, 10/15/2037		84,000	126,139
			313,313

Wireless Telecommunication Services–0.29%
America Movil S.A.B. de C.V. (Mexico), 6.38%, 03/01/2035		400,000	573,092
Total U.S. Dollar Denominated Bonds & Notes (Cost $93,226,509)			97,273,729

U.S. Treasury Securities–27.99%
U.S. Treasury Bills–0.18%
0.05%, 02/17/2022^(e)(f)		360,000	359,924

U.S. Treasury Bonds–1.36%
2.38%, 11/15/2049		1,037,600	1,141,401
2.00%, 02/15/2050		1,500,000	1,524,609
			2,666,010

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


10		Invesco Intermediate Bond Factor Fund


	Principal Amount		Value
U.S. Treasury Notes–26.45%
1.38%, 01/31/2022	$	4,402,000	$ 4,425,993
1.13%, 02/28/2022		9,553,000	9,603,989
0.13%, 07/31/2022		2,535,000	2,536,106
0.13%, 01/31/2023		1,750,000	1,750,000
1.38%, 02/15/2023		563,000	573,237
1.38%, 01/31/2025		8,521,000	8,774,799
1.13%, 02/28/2025		3,577,000	3,652,942
0.75%, 03/31/2026		3,900,000	3,905,484
1.50%, 08/15/2026		5,980,000	6,191,519
1.50%, 01/31/2027		8,215,500	8,505,289
0.50%, 06/30/2027		2,100,000	2,051,848
			51,971,206
Total U.S. Treasury Securities (Cost $54,499,332)			54,997,140

U.S. Government Sponsored Agency Mortgage-Backed Securities–26.26%
Collateralized Mortgage Obligations–0.35%
Fannie Mae ACES, IO, 0.29%, 12/25/2022^(g)		15,311,009	25,793
Fannie Mae REMICs, IO, 3.50%, 08/25/2035^(h)		315,662	38,917
5.50%, 07/25/2046^(h)		87,335	14,878
4.00%, 08/25/2047^(h)		69,873	7,815
5.00% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047^(h)(i)		836,580	149,032
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC03, Class X1, IO, 0.63%, 11/25/2024^(g)		4,159,473	55,214
Series K734, Class X1, IO, 0.78%, 02/25/2026^(g)		3,051,002	75,186
Series K735, Class X1, IO, 1.10%, 05/25/2026^(g)		3,066,807	124,048
Series K093, Class X1, IO, 1.09%, 05/25/2029^(g)		2,549,636	166,843
Freddie Mac REMICs, IO, 6.00%(6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(h)(i)		182,818	25,735
Freddie Mac STRIPS, IO, 3.00%, 12/15/2027^(h)		91,569	4,616
			688,077

Federal Home Loan Mortgage Corp. (FHLMC)–4.30%
4.50%, 09/01/2049 to 01/01/2050		469,796	508,320
3.00%, 01/01/2050 to 10/01/2050		4,171,840	4,451,599
2.50%, 07/01/2050 to 08/01/2050		3,322,633	3,490,979
			8,450,898

Federal National Mortgage Association (FNMA)–5.77%
4.50%, 06/01/2049		202,070	218,028
3.00%, 10/01/2049 to 08/01/2050		6,846,441	7,185,302
2.50%, 03/01/2050 to 08/01/2050		1,125,274	1,180,902
2.00%, 03/01/2051 to 08/01/2051		2,699,855	2,749,997
			11,334,229


	Principal Amount		Value
Government National Mortgage Association (GNMA)–0.04%
IO, 6.10% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(h)(i)	$	406,940	$ 75,461

Uniform Mortgage-Backed Securities–15.80%
TBA, 1.50%, 09/01/2036^(j)		1,064,000	1,081,109
2.00%, 09/01/2036 to 09/01/2051^(j)		12,782,000	13,079,910
2.50%, 09/01/2036 to 09/01/2051^(j)		16,239,000	16,872,334
			31,033,353
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $51,574,190)			51,582,018

Non-U.S. Dollar Denominated Bonds & Notes–9.82%^(k)
Sovereign Debt–9.82%
Australia Government Bond (Australia), Series 142, 4.25%, 04/21/2026^(d)	AUD	1,785,000	1,529,051
Series 155, 2.50%, 05/21/2030^(d)	AUD	1,086,000	893,246
Bundesobligation (Germany), Series 183, 0.00%, 04/10/2026^(d)	EUR	1,178,000	1,437,733
Bundesrepublik Deutschland Bundesanleihe (Germany), 0.00%, 02/15/2031^(d)	EUR	437,000	537,255
Canadian Government Bond (Canada), 0.50%, 09/01/2025	CAD	4,144,000	3,251,210
0.50%, 12/01/2030	CAD	2,091,000	1,553,901
Norway Government Bond (Norway), Series 477, 1.75%, 03/13/2025^(d)	NOK	29,052,000	3,431,573
Series 482, 1.38%, 08/19/2030^(d)	NOK	13,204,000	1,534,515
Sweden Government Bond (Sweden), Series 1058, 2.50%, 05/12/2025	SEK	12,275,000	1,566,769
Series 1061, 0.75%, 11/12/2029^(d)	SEK	6,480,000	791,444
Swiss Confederation Government Bond (Switzerland), 1.25%, 06/11/2024^(d)	CHF	1,533,000	1,768,154
0.50%, 05/27/2030^(d)	CHF	844,000	995,583
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $18,875,446)			19,290,434

Asset-Backed Securities–0.24%
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		15,809	15,877
Bank, Series 2019-BNK16, Class XA, IO, 1.12%, 02/15/2052^(g)		2,365,255	136,733
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050^(g)		6,128,476	286,608
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2005-AR14, Class 1A4, 2.89%, 12/25/2035^(l)		25,907	26,309
Total Asset-Backed Securities (Cost $510,196)			465,527

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


11		Invesco Intermediate Bond Factor Fund


	Shares		Value
Money Market Funds–1.54%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(m)(n)		1,055,700	$ 1,055,700

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(m)(n)		755,373	755,675

Invesco Treasury Portfolio, Institutional Class, 0.01%^(m)(n)		1,206,514	1,206,514

Total Money Market Funds (Cost $3,017,889)			3,017,889

TOTAL INVESTMENTS IN SECURITIES-115.36% (Cost $221,703,562)			226,626,737

OTHER ASSETS LESS LIABILITIES-(15.36)%			(30,176,363)

NET ASSETS-100.00%			$196,450,374

Investment Abbreviations:


ACES		– Automatically Convertible Extendable Security
AUD		– Australian Dollar
CAD		– Canadian Dollar
CHF		– Swiss Franc
Ctfs.		– Certificates
EUR		– Euro
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
NOK		– Norwegian Krone
REIT		– Real Estate Investment Trust
REMICs		– Real Estate Mortgage Investment Conduits
SEK		– Swedish Krona
STRIPS		– Separately Traded Registered Interest and Principal Security
TBA		– To Be Announced
USD		– U.S. Dollar

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)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(c)	Perpetual bond with no specified maturity date.

^(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, 2021 was $15,723,176, which represented 8.00% of the Fund’s Net Assets.

^(e)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

^(f)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(g)

^(h)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

⁽ⁱ⁾	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(j)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1L.

^(k)	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(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, 2021.

^(m)


	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	554,525		$	9,631,919		$	(9,130,744	)		$	-		$	-		$	1,055,700	$ 79
Invesco Liquid Assets Portfolio, Institutional Class			396,028			6,879,942			(6,520,295	)			-			-			755,675	25
Invesco Treasury Portfolio, Institutional Class			633,743			11,007,908			(10,435,137	)			-			-			1,206,514	33
Total		$	1,584,296		$	27,519,769		$	(26,086,176	)		$	-		$	-		$	3,017,889	$137

⁽ⁿ⁾	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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


12		Invesco Intermediate Bond Factor 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		4		December-2021		$	881,313			$	563			$	563
U.S. Treasury 10 Year Ultra Notes		15		December-2021			2,220,234				7,383				7,383
U.S. Treasury Long Bonds		8		December-2021			1,303,750				3,625				3,625
U.S. Treasury Ultra Bonds		53		December-2021			10,455,906				33,437				33,437
Subtotal–Long Futures Contracts											45,008				45,008

Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		173		December-2021			(21,403,344	)			(47,984	)			(47,984	)
Total Futures Contracts										$	(2,976	)		$	(2,976	)


Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
11/10/2021	Goldman Sachs International		CHF	247,433		USD	274,027		$	3,369
11/10/2021	Goldman Sachs International		SEK	1,985,819		USD	231,043			810
11/17/2021	Goldman Sachs International		CAD	2,787,000		USD	2,216,844			8,098
11/10/2021	Morgan Stanley and Co. International PLC		CAD	3,266,810		USD	2,605,945			16,913
11/17/2021	Morgan Stanley and Co. International PLC		AUD	3,273,000		USD	2,401,540			6,261
Subtotal–Appreciation										35,451

Currency Risk
11/10/2021	Bank of America, N.A.		NOK	1,768,361		USD	200,065			(3,290	)
11/17/2021	Citibank, N.A.		EUR	1,667,000		USD	1,957,475			(13,744	)
11/17/2021	Deutsche Bank AG		SEK	18,434,000		USD	2,119,011			(18,308	)
11/17/2021	Goldman Sachs International		NOK	41,594,000		USD	4,650,935			(131,947	)
11/17/2021	Morgan Stanley and Co. International PLC		CHF	2,298,000		USD	2,504,578			(9,563	)
Subtotal–Depreciation										(176,852	)
Total Forward Foreign Currency Contracts									$	(141,401	)

Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

NOK– Norwegian Krone

SEK – Swedish Krona

USD – U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of August 31, 2021


U.S. Dollar Denominated Bonds & Notes	42.92	%
U.S. Treasury Securities	24.27
U.S. Government Sponsored Agency Mortgage-Backed Securities	22.76
Non-U.S. Dollar Denominated Bonds & Notes	8.51
Security types each less than 1% portfolio	0.21
Money Market Funds	1.33

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


13		Invesco Intermediate Bond Factor Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $218,685,673)	$	223,608,848

Investments in affiliated money market funds, at value (Cost $3,017,889)		3,017,889

Other investments: Unrealized appreciation on forward foreign currency contracts outstanding		35,451

Cash		500,000

Foreign currencies, at value (Cost $20,431)		20,905

Receivable for:
Fund shares sold		199,378

Dividends		40

Interest		1,228,603

Investment for trustee deferred compensation and retirement plans		31,939

Other assets		62,579

Total assets		228,705,632


Liabilities:
Other investments:
Variation margin payable - futures contracts		60,740

Unrealized depreciation on forward foreign currency contracts outstanding		176,852

Payable for:
Investments purchased		31,090,417

Dividends		19,657

Fund shares reacquired		611,927

Accrued fees to affiliates		113,961

Accrued trustees’ and officers’ fees and benefits		1,293

Accrued other operating expenses		148,472

Trustee deferred compensation and retirement plans		31,939

Total liabilities		32,255,258

Net assets applicable to shares outstanding	$	196,450,374


Net assets consist of:
Shares of beneficial interest	$	192,682,149

Distributable earnings		3,768,225

	$	196,450,374


Net Assets:
Class A	$	127,535,142

Class C	$	17,281,546

Class R	$	20,270,203

Class Y	$	17,673,565

Class R5	$	10,339

Class R6	$	13,679,579


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,556,738

Class C		1,565,974

Class R		1,835,555

Class Y		1,602,861

Class R5		937

Class R6		1,240,188

Class A:
Net asset value per share	$	11.04

Maximum offering price per share (Net asset value of $11.04 ÷ 95.75%)	$	11.53

Class C:
Net asset value and offering price per share	$	11.04

Class R:
Net asset value and offering price per share	$	11.04

Class Y:
Net asset value and offering price per share	$	11.03

Class R5:
Net asset value and offering price per share	$	11.03

Class R6:
Net asset value and offering price per share	$	11.03

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


14		Invesco Intermediate Bond Factor Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Interest (net of foreign withholding taxes of $1,455)	$	1,670,950

Dividends from affiliated money market funds		137

Total investment income		1,671,087


Expenses:
Advisory fees		246,823

Administrative services fees		14,296

Custodian fees		18,475

Distribution fees:
Class A		157,807

Class C		90,519

Class R		48,379

Transfer agent fees – A, C, R and Y		72,080

Transfer agent fees – R5		1

Transfer agent fees – R6		890

Trustees’ and officers’ fees and benefits		13,010

Registration and filing fees		48,536

Reports to shareholders		24,075

Professional services fees		28,011

Other		8,143

Total expenses		771,045

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(202,775	)

Net expenses		568,270

Net investment income		1,102,817


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		51,237

Foreign currencies		2,967

Forward foreign currency contracts		692,273

Futures contracts		751,734

		1,498,211

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,382,309
Foreign currencies		(3,257	)
Forward foreign currency contracts		(342,630	)
Futures contracts		(182,409	)

		854,013

Net realized and unrealized gain		2,352,224

Net increase in net assets resulting from operations	$	3,455,041

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


15		Invesco Intermediate Bond Factor Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31,			February 28,
	2021			2021

Operations:
Net investment income	$	1,102,817		$	2,657,103

Net realized gain		1,498,211			6,948,203

Change in net unrealized appreciation (depreciation)		854,013			(5,435,020	)

Net increase in net assets resulting from operations		3,455,041			4,170,286


Distributions to shareholders from distributable earnings:
Class A		(1,030,565	)		(6,950,181	)

Class C		(75,698	)		(1,035,568	)

Class R		(129,203	)		(980,705	)

Class Y		(162,151	)		(1,024,796	)

Class R5		(94	)		(596	)

Class R6		(108,725	)		(431,934	)

Total distributions from distributable earnings		(1,506,436	)		(10,423,780	)


Share transactions–net:
Class A		(6,579,264	)		14,644,016

Class C		(1,898,082	)		(3,458,732	)

Class R		218,097			132,575

Class Y		(244,990	)		(697,837	)

Class R6		5,110,655			2,840,209

Net increase (decrease) in net assets resulting from share transactions		(3,393,584	)		13,460,231

Net increase (decrease) in net assets		(1,444,979	)		7,206,737


Net assets:
Beginning of period		197,895,353			190,688,616

End of period	$	196,450,374		$	197,895,353

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


16		Invesco Intermediate Bond Factor Fund

Financial Highlights

(Unaudited)

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^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Six months ended 08/31/21		$10.93		$0.06		$0.14			$0.20			$	(0.09	)		$	–			$	(0.09	)		$11.04		1.81	%^(e)		$127,535		0.52	%^(e)(f)		0.73	%^(e)(f)		1.17	%^(e)(f)		98	%
Year ended 02/28/21		11.27		0.16		0.10			0.26				(0.21	)			(0.39	)			(0.60	)		10.93		2.30	^(e)		132,856		0.52	^(e)		0.96	^(e)		1.42	^(e)		292
Seven months ended 02/29/20		10.88		0.18		0.40			0.58				(0.19	)			–				(0.19	)		11.27		5.39			122,371		1.05	^(f)		1.05	^(f)		2.80	^(f)		64
Year ended 07/31/19		10.43		0.32		0.45			0.77				(0.32	)			–				(0.32	)		10.88		7.52			119,300		0.97			0.97			3.07			108
Year ended 07/31/18		10.92		0.31		(0.49	)		(0.18	)			(0.31	)			–				(0.31	)		10.43		(1.67	)		119,119		0.97			0.97			2.89			57
Year ended 07/31/17		11.03		0.29		(0.10	)		0.19				(0.30	)			–				(0.30	)		10.92		1.82			129,985		1.00			1.00			2.68			80
Year ended 07/31/16		10.66		0.30		0.37			0.67				(0.30	)			–				(0.30	)		11.03		6.45			139,018		1.02			1.02			2.83			73
Class C
Six months ended 08/31/21		10.93		0.02		0.14			0.16				(0.05	)			–				(0.05	)		11.04		1.43			17,282		1.27	^(f)		1.49	^(f)		0.42	^(f)		98
Year ended 02/28/21		11.26		0.08		0.10			0.18				(0.12	)			(0.39	)			(0.51	)		10.93		1.56			19,013		1.27			1.72			0.67			292
Seven months ended 02/29/20		10.87		0.12		0.40			0.52				(0.13	)			–				(0.13	)		11.26		4.80			23,114		1.81	^(f)		1.81	^(f)		1.90	^(f)		64
Year ended 07/31/19		10.43		0.23		0.44			0.67				(0.23	)			–				(0.23	)		10.87		6.52			23,487		1.72			1.72			2.17			108
Year ended 07/31/18		10.91		0.23		(0.48	)		(0.25	)			(0.23	)			–				(0.23	)		10.43		(2.32	)		31,250		1.72			1.72			2.14			57
Year ended 07/31/17		11.03		0.21		(0.11	)		0.10				(0.22	)			–				(0.22	)		10.91		0.97			33,420		1.75			1.75			1.92			80
Year ended 07/31/16		10.65		0.22		0.38			0.60				(0.22	)			–				(0.22	)		11.03		5.76			38,261		1.77			1.77			2.07			73
Class R
Six months ended 08/31/21		10.93		0.05		0.13			0.18				(0.07	)			–				(0.07	)		11.04		1.69			20,270		0.77	^(f)		0.99	^(f)		0.92	^(f)		98
Year ended 02/28/21		11.27		0.13		0.10			0.23				(0.18	)			(0.39	)			(0.57	)		10.93		2.02			19,876		0.77			1.22			1.17			292
Seven months ended 02/29/20		10.88		0.15		0.40			0.55				(0.16	)			–				(0.16	)		11.27		5.09			20,366		1.31	^(f)		1.31	^(f)		2.40	^(f)		64
Year ended 07/31/19		10.44		0.28		0.44			0.72				(0.28	)			–				(0.28	)		10.88		7.06			20,511		1.22			1.22			2.67			108
Year ended 07/31/18		10.93		0.28		(0.49	)		(0.21	)			(0.28	)			–				(0.28	)		10.44		(1.91	)		19,416		1.21			1.21			2.65			57
Year ended 07/31/17		11.04		0.26		(0.09	)		0.17				(0.28	)			–				(0.28	)		10.93		1.58			15,318		1.25			1.25			2.45			80
Year ended 07/31/16		10.66		0.27		0.39			0.66				(0.28	)			–				(0.28	)		11.04		6.29			11,736		1.27			1.27			2.55			73
Class Y
Six months ended 08/31/21		10.92		0.08		0.13			0.21				(0.10	)			–				(0.10	)		11.03		1.94			17,674		0.27	^(f)		0.49	^(f)		1.42	^(f)		98
Year ended 02/28/21		11.26		0.19		0.10			0.29				(0.24	)			(0.39	)			(0.63	)		10.92		2.58			17,750		0.27			0.72			1.67			292
Seven months ended 02/29/20		10.88		0.20		0.40			0.60				(0.22	)			–				(0.22	)		11.26		5.55			19,032		0.81	^(f)		0.81	^(f)		3.09	^(f)		64
Year ended 07/31/19		10.43		0.35		0.45			0.80				(0.35	)			–				(0.35	)		10.88		7.81			20,940		0.73			0.73			3.37			108
Year ended 07/31/18		10.91		0.33		(0.47	)		(0.14	)			(0.34	)			–				(0.34	)		10.43		(1.35	)		27,430		0.72			0.72			3.14			57
Year ended 07/31/17		11.03		0.32		(0.11	)		0.21				(0.33	)			–				(0.33	)		10.91		1.98			17,748		0.75			0.75			2.95			80
Year ended 07/31/16		10.65		0.32		0.39			0.71				(0.33	)			–				(0.33	)		11.03		6.82			11,013		0.77			0.77			3.04			73
Class R5
Six months ended 08/31/21		10.92		0.08		0.13			0.21				(0.10	)			–				(0.10	)		11.03		1.94			10		0.27	^(f)		0.42	^(f)		1.42	^(f)		98
Year ended 02/28/21		11.27		0.19		0.09			0.28				(0.24	)			(0.39	)			(0.63	)		10.92		2.49			10		0.27			0.47			1.67			292
Seven months ended 02/29/20		10.87		0.20		0.40			0.60				(0.20	)			–				(0.20	)		11.27		5.59			11		0.60	^(f)		0.60	^(f)		3.09	^(f)		64
Period ended 07/31/19^(g)		10.67		0.07		0.19			0.26				(0.06	)			–				(0.06	)		10.87		2.44			10		0.62	^(f)		0.62	^(f)		3.39	^(f)		108
Class R6
Six months ended 08/31/21		10.92		0.08		0.13			0.21				(0.10	)			–				(0.10	)		11.03		1.94			13,680		0.27	^(f)		0.42	^(f)		1.42	^(f)		98
Year ended 02/28/21		11.27		0.19		0.09			0.28				(0.24	)			(0.39	)			(0.63	)		10.92		2.49			8,392		0.27			0.47			1.67			292
Seven months ended 02/29/20		10.88		0.20		0.40			0.60				(0.21	)			–				(0.21	)		11.27		5.60			5,795		0.58	^(f)		0.58	^(f)		3.14	^(f)		64
Year ended 07/31/19		10.44		0.36		0.43			0.79				(0.35	)			–				(0.35	)		10.88		7.80			5,662		0.56			0.56			3.41			108
Year ended 07/31/18		10.92		0.35		(0.48	)		(0.13	)			(0.35	)			–				(0.35	)		10.44		(1.18	)		7,783		0.56			0.56			3.30			57
Year ended 07/31/17		11.03		0.35		(0.11	)		0.24				(0.35	)			–				(0.35	)		10.92		2.27			2,189		0.56			0.56			3.23			80
Year ended 07/31/16		10.65		0.35		0.38			0.73				(0.35	)			–				(0.35	)		11.03		7.03			80		0.57			0.57			3.28			73

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.02%, 0.02%, 0.02%, 0.02%, 0.01% and 0.01% for the seven months ended February 29, 2020 and the years ended July 31, 2019, 2018, 2017 and 2016, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the seven months ended February 29, 2020, the portfolio turnover calculation excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $11,531,839 and 13,476,801, respectively. For the year ended July 31, 2019, the portfolio turnover calculation excludes purchase and sale transactions of TBA mortgage-related securities of $129,169,490 and $127,412,648, 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 0.24% for the six months ended August 31, 2021 and the year ended February 28, 2021, respectively.

^(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.


17		Invesco Intermediate Bond Factor Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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.

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


18		Invesco Intermediate Bond Factor Fund

��

Therefore, no provision for federal income taxes is recorded in the financial statements.

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


19		Invesco Intermediate Bond Factor Fund

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. 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.

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.

N.	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.

O.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. 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 shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*		Rate
Up to First $2 billion		0.250%
Over $2 billion		0.230%

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

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.25% .


20		Invesco Intermediate Bond Factor Fund

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 June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized 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 six months ended August 31, 2021, the Adviser waived advisory fees of $129,326 and reimbursed class level expenses of $50,889, $6,814, $7,386, $6,991, $1 and $890 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, 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 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 Plan, 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 Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $8,113 in front-end sales commissions from the sale of Class A shares and $1,290 and $1,135 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 Fund’s own 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		$	–		$	97,273,729		$	–		$	97,273,729
U.S. Treasury Securities			–			54,997,140			–			54,997,140
U.S. Government Sponsored Agency Mortgage-Backed Securities			–			51,582,018			–			51,582,018
Non-U.S. Dollar Denominated Bonds & Notes			–			19,290,434			–			19,290,434
Asset-Backed Securities			–			465,527			–			465,527
Money Market Funds			3,017,889			–			–			3,017,889
Total Investments in Securities			3,017,889			223,608,848			–			226,626,737

Other Investments - Assets*
Futures Contracts			45,008			–			–			45,008
Forward Foreign Currency Contracts			–			35,451			–			35,451
			45,008			35,451			–			80,459


21		Invesco Intermediate Bond Factor Fund


	Level 1			Level 2			Level 3		Total

Other Investments - Liabilities*

Futures Contracts	$	(47,984	)	$	–			$–	$	(47,984	)

Forward Foreign Currency Contracts		–			(176,852	)		–		(176,852	)

		(47,984	)		(176,852	)		–		(224,836	)

Total Other Investments		(2,976	)		(141,401	)		–		(144,377	)

Total Investments	$	3,014,913		$	223,467,447			$–	$	226,482,360

*	Forward foreign currency contracts and futures contracts are valued at 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, 2021:


	Value
	Currency			Interest
Derivative Assets	Risk			Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	45,008		$	45,008

Unrealized appreciation on forward foreign currency contracts outstanding		35,451			-			35,451

Total Derivative Assets		35,451			45,008			80,459

Derivatives not subject to master netting agreements		-			(45,008	)		(45,008	)

Total Derivative Assets subject to master netting agreements	$	35,451		$	-		$	35,451


	Value
	Currency			Interest
Derivative Liabilities	Risk			Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(47,984	)	$	(47,984	)

Unrealized depreciation on forward foreign currency contracts outstanding		(176,852	)		-			(176,852	)

Total Derivative Liabilities		(176,852	)		(47,984	)		(224,836	)

Derivatives not subject to master netting agreements		-			47,984			47,984

Total Derivative Liabilities subject to master netting agreements	$	(176,852	)	$	-		$	(176,852	)

^(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, 2021.


	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

Bank of America, N.A.		$	–		$	(3,290	)	$	(3,290	)	$–	$–	$	(3,290	)

Citibank, N.A.			–			(13,744	)		(13,744	)	–	–		(13,744	)

Deutsche Bank AG			–			(18,308	)		(18,308	)	–	–		(18,308	)

Goldman Sachs International			12,277			(131,947	)		(119,670	)	–	–		(119,670	)

Morgan Stanley and Co. International PLC			23,174			(9,563	)		13,611		–	–		13,611

Total		$	35,451		$	(176,852	)	$	(141,401	)	$–	$–	$	(141,401	)


22		Invesco Intermediate Bond Factor Fund

Effect of Derivative Investments for the six months ended August 31, 2021

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:
Forward foreign currency contracts	$	692,273		$	-		$	692,273

Futures contracts		-			751,734			751,734

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(342,630	)		-			(342,630	)

Futures contracts		-			(182,409	)		(182,409	)

Total	$	349,643		$	569,325		$	918,968

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

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Tax Information

The Fund did not have a capital loss carryforward as of February 28, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $20,963,182 and $19,981,836, 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	$	4,269,532

Aggregate unrealized (depreciation) of investments		(929,261	)

Net unrealized appreciation of investments	$	3,340,271

Cost of investments for tax purposes is $223,142,089.


23		Invesco Intermediate Bond Factor Fund

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	August 31, 2021^(a)						February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		983,582		$	10,742,618			3,508,888		$	39,534,028

Class C		186,004			2,025,325			626,399			7,093,784

Class R		353,800			3,885,989			616,374			6,947,974

Class Y		420,947			4,589,346			1,012,270			11,367,384

Class R6		649,244			7,044,205			601,313			6,748,921


Issued as reinvestment of dividends:
Class A		86,130			941,327			578,748			6,484,001

Class C		6,481			70,839			86,432			966,642

Class R		11,667			127,586			87,372			978,807

Class Y		12,025			131,330			82,988			929,251

Class R6		9,841			107,624			38,370			429,973


Automatic conversion of Class C shares to Class A shares:
Class A		74,988			817,510			426,650			4,774,247

Class C		(74,988	)		(817,510	)		(426,677	)		(4,774,247	)


Reacquired:
Class A		(1,748,527	)		(19,080,719	)		(3,214,756	)		(36,148,260	)

Class C		(291,703	)		(3,176,736	)		(598,609	)		(6,744,911	)

Class R		(347,883	)		(3,795,478	)		(692,456	)		(7,794,206	)

Class Y		(456,003	)		(4,965,666	)		(1,159,492	)		(12,994,472	)

Class R6		(187,303	)		(2,041,174	)		(385,631	)		(4,338,685	)

Net increase (decrease) in share activity		(311,698	)	$	(3,393,584	)		1,188,183		$	13,460,231

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


24		Invesco Intermediate Bond Factor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/21)	Ending Account Value (08/31/21)¹	Expenses Paid During Period²	Ending Account Value (08/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,018.10	$2.65	$1,022.58	$2.65	0.52%
Class C	1,000.00	1,014.30	6.45	1,018.80	6.46	1.27
Class R	1,000.00	1,016.00	3.91	1,021.32	3.92	0.77
Class Y	1,000.00	1,019.40	1.37	1,023.84	1.38	0.27
Class R5	1,000.00	1,018.50	1.37	1,023.84	1.38	0.27
Class R6	1,000.00	1,019.40	1.37	1,023.84	1.38	0.27

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 Intermediate Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Intermediate Bond Factor 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, 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, 2021. 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’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, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays 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, the fifth quintile for the three year period 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 year period, below the performance of the Index for the three year period and above the performance of the Index for the five year period. 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 noted that the Fund’s exposure to bonds with certain factor characteristics detracted from 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


26		Invesco Intermediate Bond Factor Fund

produce different results. The Board further considered that the Fund had changed its name, investment strategy and portfolio management team on February 28, 2020 in connection with its repositioning as a factor-based fund, 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 also reviewed more recent Fund performance 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

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 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

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 Intermediate Bond Factor Fund

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SEC file number(s): 811-05686 and 033-39519		Invesco Distributors, Inc.		O-INTI-SAR-1

LOGO


Semiannual Report to Shareholders		August 31, 2021

Invesco Real Estate Fund

Nasdaq:

A: IARAX ∎ C: IARCX ∎ R: IARRX ∎ Y: IARYX ∎ Investor: REINX ∎ R5: IARIX ∎ R6: IARFX


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
8		Financial Statements
11		Financial Highlights
12		Notes to Financial Statements
18		Fund Expenses
19		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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	25.02	%
Class C Shares	24.53
Class R Shares	24.83
Class Y Shares	25.18
Investor Class Shares	25.07
Class R5 Shares	25.33
Class R6 Shares	25.32
S&P 500 Index^▼ (Broad Market Index)	19.52
FTSE NAREIT All Equity REITs Index^▼ (Style-Specific Index)	25.95
Lipper Real Estate Funds Index^∎ (Peer Group Index)	23.36

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

The S&P 500^®Index is an unmanaged index considered representative of the US stock market. The FTSE NAREIT All Equity REITs Index is an unmanaged index considered representative of US REITs. The Lipper Real Estate Funds Index is an unmanaged index considered representative of real estate 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.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.


2		Invesco Real Estate Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (12/31/96)		9.24%
10 Years		9.11
5 Years		6.09
1 Year		23.36

Class C Shares
Inception (5/1/95)		10.34%
10 Years		9.07
5 Years		6.48
1 Year		28.60

Class R Shares
Inception (4/30/04)		9.40%
10 Years		9.45
5 Years		7.02
1 Year		30.26

Class Y Shares
Inception (10/3/08)		9.31%
10 Years		10.00
5 Years		7.56
1 Year		30.89

Investor Class Shares
Inception (9/30/03)		9.81%
10 Years		9.74
5 Years		7.33
1 Year		30.57

Class R5 Shares
Inception (4/30/04)		10.13%
10 Years		10.15
5 Years		7.71
1 Year		31.19

Class R6 Shares
10 Years		10.18%
5 Years		7.80
1 Year		31.30

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class 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.


3		Invesco Real Estate Fund

Liquidity Risk Management Program

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.


4		Invesco Real Estate Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–99.38%
Apartments–14.80%
AvalonBay Communities, Inc.		397,927	$	91,356,081
Camden Property Trust		259,344		38,911,974
Equity Residential		289,556		24,342,973
Mid-America Apartment Communities, Inc.		313,869		60,378,979
UDR, Inc.^(b)		1,866,751		100,841,889
				315,831,896

Data Centers–11.01%
CoreSite Realty Corp.		93,096		13,812,653
CyrusOne, Inc.		361,520		27,829,810
Digital Realty Trust, Inc.		167,649		27,479,348
Equinix, Inc.		196,545		165,775,880
				234,897,691

Diversified–0.77%
BGP Holdings PLC^(c)(d)		3,547,941		4
JBG SMITH Properties		546,438		16,464,177
				16,464,181

Free Standing–2.43%
Agree Realty Corp.		256,204		19,100,008
Essential Properties Realty Trust, Inc.		783,965		25,408,306
NETSTREIT Corp.		285,609		7,385,849
				51,894,163

Health Care–8.56%
Ventas, Inc.		1,395,739		78,077,640
Welltower, Inc.		1,195,870		104,674,501
				182,752,141

Industrial–14.64%
Americold Realty Trust^(b)		846,305		31,093,246
Duke Realty Corp.		1,456,222		76,466,217
Exeter Industrial Value Fund L.P.^(c)(d)(e)		4,185,000		292,030
Prologis, Inc.		1,095,126		147,469,667
Rexford Industrial Realty, Inc.		921,197		57,049,730
				312,370,890

Infrastructure REITs–14.05%
American Tower Corp.		549,578		160,570,204
Crown Castle International Corp.		380,784		74,134,837
SBA Communications Corp., Class A		181,227		65,055,056
				299,760,097

Lodging Resorts–8.03%
Apple Hospitality REIT, Inc.		1,935,957		28,613,444
DiamondRock Hospitality Co.^(f)		1,492,077		13,488,376
Host Hotels & Resorts, Inc.^(f)		1,420,901		23,530,121
RLJ Lodging Trust		2,083,451		30,064,198
Ryman Hospitality Properties, Inc.^(b)(f)		396,484		32,935,926
Sunstone Hotel Investors, Inc.^(b)(f)		2,819,560		32,678,700
Xenia Hotels & Resorts, Inc.^(f)		570,285		9,934,365
				171,245,130


	Shares		Value
Office–4.54%
Alexandria Real Estate Equities, Inc.		194,989	$	40,239,880
Brandywine Realty Trust		1,327,332		18,423,368
Columbia Property Trust, Inc.		511,729		8,556,109
Highwoods Properties, Inc.		388,705		17,759,931
Kilroy Realty Corp.		182,038		11,950,795
				96,930,083

Regional Malls–2.28%
Simon Property Group, Inc.		362,157		48,692,009

Self Storage–2.53%
CubeSmart		276,996		14,819,286
Life Storage, Inc.		314,039		39,079,013
				53,898,299

Shopping Centers–4.99%
Brixmor Property Group, Inc.		1,427,870		33,483,551
Regency Centers Corp.		356,853		24,487,253
SITE Centers Corp.		1,509,346		24,315,564
Urban Edge Properties		1,271,449		24,081,244
				106,367,612

Single Family Homes–4.39%
American Homes 4 Rent L.P., Class A		115,160		4,829,810
Invitation Homes, Inc.		2,155,967		88,782,721
				93,612,531

Specialty–3.54%
Outfront Media, Inc.^(f)		1,090,161		26,992,386
VICI Properties, Inc.^(b)		1,573,334		48,631,754
				75,624,140

Timber REITs–2.82%
PotlatchDeltic Corp.		113,497		5,896,169
Weyerhaeuser Co.		1,508,794		54,316,584
				60,212,753
Total Common Stocks & Other Equity Interests (Cost $1,453,385,002)				2,120,553,616

Money Market Funds–0.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(g)(h)		4,089,797		4,089,797
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(g)(h)		4,897,321		4,899,280
Invesco Treasury Portfolio, Institutional Class, 0.01%^(g)(h)		4,674,054		4,674,054
Total Money Market Funds (Cost $13,661,127)				13,663,131
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $1,467,046,129)				2,134,216,747

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.55%
Invesco Private Government Fund, 0.02%^(g)(h)(i)		22,705,038		22,705,038

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


5		Invesco Real Estate Fund


	Shares		Value

Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(g)(h)(i)		52,957,237	$	52,978,421

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $75,683,459)				75,683,459

TOTAL INVESTMENTS IN SECURITIES–103.57% (Cost $1,542,729,588)				2,209,900,206

OTHER ASSETS LESS LIABILITIES–(3.57)%				(76,241,175	)

NET ASSETS–100.00%			$	2,133,659,031

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts (“NAREIT”) Equity REITs Index, which is exclusively owned by NAREIT.

^(b)	All or a portion of this security was out on loan at August 31, 2021.

^(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, 2021 was $292,034, which represented less than 1% of the Fund’s Net Assets.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)	The Fund has a remaining commitment to purchase additional interests, which are subject to the terms of the limited partnership agreements for the following securities:


Security	Remaining Commitment	Percent Ownership
Exeter Industrial Value Fund L.P.	$315,000		1.26%

^(f)	Non-income producing security.

^(g)


	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,107,238		$	57,885,778		$	(57,903,219	)		$	-		$	-		$	4,089,797		$	572
Invesco Liquid Assets Portfolio, Institutional Class			5,655,340			41,283,365			(42,039,426	)			(135)			136			4,899,280			296
Invesco Treasury Portfolio, Institutional Class			4,693,987			66,155,175			(66,175,108	)			-			-			4,674,054			243
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			116,347,882			(93,642,844	)			-			-			22,705,038			736*
Invesco Private Prime Fund			-			255,503,740			(202,525,319	)			-			-			52,978,421			10,570*
Total		$	14,456,565		$	537,175,940		$	(462,285,916	)		$	(135)		$	136		$	89,346,590		$	12,417

^(h)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

⁽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.


6		Invesco Real Estate Fund

Portfolio Composition

By property type, based on total net assets

as of August 31, 2021


Apartments	14.80	%
Industrial	14.64
Infrastructure REITs	14.05
Data Centers	11.01
Health Care	8.56
Lodging Resorts	8.03
Shopping Centers	4.99
Office	4.54
Single Family Homes	4.39
Specialty	3.54
Timber REITs	2.82
Self Storage	2.53
Free Standing	2.43
Regional Malls	2.28
Diversified	0.77
Money Market Funds Plus Other Assets Less Liabilities	0.62

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


7		Invesco Real Estate Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $1,453,385,002)*			$2,120,553,616

Investments in affiliated money market funds, at value (Cost $89,344,586)			89,346,590

Cash			144

Foreign currencies, at value (Cost $223)			220

Receivable for:
Investments sold			4,900,677

Fund shares sold			1,333,286

Dividends			1,121,819

Interest			5,555

Investment for trustee deferred compensation and retirement plans			408,971

Other assets			91,310

Total assets			2,217,762,188


Liabilities:
Payable for:
Investments purchased			3,812,455

Fund shares reacquired			2,595,976

Collateral upon return of securities loaned			75,683,459

Accrued fees to affiliates			1,422,703

Accrued trustees’ and officers’ fees and benefits			15,190

Accrued other operating expenses			132,839

Trustee deferred compensation and retirement plans			440,535

Total liabilities			84,103,157

Net assets applicable to shares outstanding			$2,133,659,031


Net assets consist of:
Shares of beneficial interest			$1,403,823,087

Distributable earnings			729,835,944

			$2,133,659,031


Net Assets:
Class A			$ 915,140,406

Class C			$ 42,832,284

Class R			$ 126,243,256

Class Y			$ 330,734,095

Investor Class			$ 32,493,176

Class R5			$ 311,993,820

Class R6			$ 374,221,994


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A			39,432,144

Class C			1,859,587

Class R			5,431,551

Class Y			14,257,761

Investor Class			1,404,417

Class R5			13,445,993

Class R6			16,133,457

Class A:
Net asset value per share			$ 23.21

Maximum offering price per share (Net asset value of $23.21 ÷ 94.50%)			$ 24.56

Class C:
Net asset value and offering price per share			$ 23.03

Class R:
Net asset value and offering price per share			$ 23.24

Class Y:
Net asset value and offering price per share			$ 23.20

Investor Class:
Net asset value and offering price per share			$ 23.14

Class R5:
Net asset value and offering price per share			$ 23.20

Class R6:
Net asset value and offering price per share			$ 23.20

*	At August 31, 2021, securities with an aggregate value of $74,467,033 were on loan to brokers.

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


8		Invesco Real Estate Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Dividends	$	25,364,359

Dividends from affiliated money market funds (includes securities lending income of $12,083)		13,194

Total investment income		25,377,553


Expenses:
Advisory fees		7,384,732

Administrative services fees		133,037

Custodian fees		3,929

Distribution fees:
Class A		1,086,657

Class C		208,839

Class R		291,984

Investor Class		33,253

Transfer agent fees – A, C, R, Y and Investor		1,659,864

Transfer agent fees – R5		127,724

Transfer agent fees – R6		33,932

Trustees’ and officers’ fees and benefits		20,162

Registration and filing fees		69,847

Reports to shareholders		87,843

Professional services fees		31,106

Other		20,637

Total expenses		11,193,546

Less: Fees waived and/or expense offset arrangement(s)		(6,633	)

Net expenses		11,186,913

Net investment income		14,190,640


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		149,544,771

Affiliated investment securities		136

		149,544,907

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		278,129,078

Affiliated investment securities		(135	)

Foreign currencies		(8	)

		278,128,935

Net realized and unrealized gain		427,673,842

Net increase in net assets resulting from operations	$	441,864,482

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


9		Invesco Real Estate Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31, 2021			February 28, 2021

Operations:
Net investment income	$	14,190,640		$	19,884,506

Net realized gain (loss)		149,544,907			(71,780,657	)

Change in net unrealized appreciation		278,128,935			80,023,720

Net increase in net assets resulting from operations		441,864,482			28,127,569


Distributions to shareholders from distributable earnings:
Class A		(4,740,020	)		(42,712,621	)

Class C		(80,734	)		(1,703,280	)

Class R		(493,310	)		(4,128,668	)

Class Y		(1,978,395	)		(14,655,908	)

Investor Class		(173,325	)		(2,129,016	)

Class R5		(2,093,738	)		(17,671,184	)

Class R6		(2,815,616	)		(16,566,750	)

Total distributions from distributable earnings		(12,375,138	)		(99,567,427	)


Share transactions–net:
Class A		(77,331,028	)		206,855,280

Class C		(4,843,179	)		10,947,348

Class R		(2,181,414	)		42,752,924

Class Y		9,982,735			63,329,437

Investor Class		(1,617,410	)		(5,310,138	)

Class R5		5,699,785			3,700,100

Class R6		(22,312,567	)		116,960,060

Net increase (decrease) in net assets resulting from share transactions		(92,603,078	)		439,235,011

Net increase in net assets		336,886,266			367,795,153


Net assets:
Beginning of period		1,796,772,765			1,428,977,612

End of period	$	2,133,659,031		$	1,796,772,765

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


10		Invesco Real Estate Fund

Financial Highlights

(Unaudited)

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


	Net asset 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
Six months ended 08/31/21		$18.67		$0.13		$ 4.53			$ 4.66			$(0.12	)		$ –			$(0.12	)		$23.21		25.02	%		$915,140		1.25	%^(d)		1.25	%^(d)		1.25	%^(d)		31	%
Year ended 02/28/21		20.72		0.17		(0.89	)		(0.72	)		(0.28	)		(1.05	)		(1.33	)		18.67		(2.59	)		804,058		1.28			1.28			0.98			156
Year ended 02/29/20		20.94		0.30		1.44			1.74			(0.35	)		(1.61	)		(1.96	)		20.72		8.11			627,197		1.23			1.23			1.33			59
Year ended 02/28/19		19.32		0.32		2.70			3.02			(0.28	)		(1.12	)		(1.40	)		20.94		15.98			661,325		1.27			1.27			1.54			47
Year ended 02/28/18		21.64		0.30		(1.35	)		(1.05	)		(0.25	)		(1.02	)		(1.27	)		19.32		(5.38	)		659,464		1.27			1.27			1.38			44
Year ended 02/28/17		21.76		0.31		2.97			3.28			(0.41	)		(2.99	)		(3.40	)		21.64		15.74			922,255		1.24			1.24			1.31			52
Class C
Six months ended 08/31/21		18.53		0.05		4.49			4.54			(0.04	)		–			(0.04	)		23.03		24.53			42,832		2.00	^(d)		2.00	^(d)		0.50	^(d)		31
Year ended 02/28/21		20.56		0.04		(0.88	)		(0.84	)		(0.14	)		(1.05	)		(1.19	)		18.53		(3.33	)		38,752		2.03			2.03			0.23			156
Year ended 02/29/20		20.80		0.13		1.42			1.55			(0.18	)		(1.61	)		(1.79	)		20.56		7.25			27,928		1.98			1.98			0.58			59
Year ended 02/28/19		19.20		0.16		2.68			2.84			(0.12	)		(1.12	)		(1.24	)		20.80		15.10			38,515		2.02			2.02			0.79			47
Year ended 02/28/18		21.50		0.14		(1.34	)		(1.20	)		(0.08	)		(1.02	)		(1.10	)		19.20		(6.04	)		76,811		2.02			2.02			0.63			44
Year ended 02/28/17		21.64		0.13		2.95			3.08			(0.23	)		(2.99	)		(3.22	)		21.50		14.84			117,090		1.99			1.99			0.56			52
Class R
Six months ended 08/31/21		18.70		0.11		4.52			4.63			(0.09	)		–			(0.09	)		23.24		24.83			126,243		1.50	^(d)		1.50	^(d)		1.00	^(d)		31
Year ended 02/28/21		20.74		0.13		(0.89	)		(0.76	)		(0.23	)		(1.05	)		(1.28	)		18.70		(2.81	)		103,667		1.53			1.53			0.73			156
Year ended 02/29/20		20.97		0.24		1.43			1.67			(0.29	)		(1.61	)		(1.90	)		20.74		7.78			60,630		1.48			1.48			1.08			59
Year ended 02/28/19		19.35		0.27		2.70			2.97			(0.23	)		(1.12	)		(1.35	)		20.97		15.67			68,733		1.52			1.52			1.29			47
Year ended 02/28/18		21.66		0.24		(1.34	)		(1.10	)		(0.19	)		(1.02	)		(1.21	)		19.35		(5.56	)		74,367		1.52			1.52			1.13			44
Year ended 02/28/17		21.78		0.25		2.97			3.22			(0.35	)		(2.99	)		(3.34	)		21.66		15.43			102,102		1.49			1.49			1.06			52
Class Y
Six months ended 08/31/21		18.66		0.16		4.52			4.68			(0.14	)		–			(0.14	)		23.20		25.18			330,734		1.00	^(d)		1.00	^(d)		1.50	^(d)		31
Year ended 02/28/21		20.71		0.22		(0.90	)		(0.68	)		(0.32	)		(1.05	)		(1.37	)		18.66		(2.33	)		256,699		1.03			1.03			1.23			156
Year ended 02/29/20		20.94		0.36		1.42			1.78			(0.40	)		(1.61	)		(2.01	)		20.71		8.33			204,951		0.98			0.98			1.58			59
Year ended 02/28/19		19.32		0.37		2.70			3.07			(0.33	)		(1.12	)		(1.45	)		20.94		16.28			188,940		1.02			1.02			1.79			47
Year ended 02/28/18		21.63		0.35		(1.34	)		(0.99	)		(0.30	)		(1.02	)		(1.32	)		19.32		(5.09	)		191,203		1.02			1.02			1.63			44
Year ended 02/28/17		21.76		0.37		2.96			3.33			(0.47	)		(2.99	)		(3.46	)		21.63		15.98			201,330		0.99			0.99			1.56			52
Investor Class
Six months ended 08/31/21		18.61		0.14		4.51			4.65			(0.12	)		–			(0.12	)		23.14		25.07	^(e)		32,493		1.22	^(d)(e)		1.22	^(d)(e)		1.28	^(d)(e)		31
Year ended 02/28/21		20.65		0.18		(0.89	)		(0.71	)		(0.28	)		(1.05	)		(1.33	)		18.61		(2.53	)^(e)		27,546		1.23	^(e)		1.23	^(e)		1.03	^(e)		156
Year ended 02/29/20		20.89		0.30		1.42			1.72			(0.35	)		(1.61	)		(1.96	)		20.65		8.06	^(e)		37,537		1.22	^(e)		1.22	^(e)		1.34	^(e)		59
Year ended 02/28/19		19.27		0.32		2.70			3.02			(0.28	)		(1.12	)		(1.40	)		20.89		16.05	^(e)		32,447		1.23	^(e)		1.23	^(e)		1.58	^(e)		47
Year ended 02/28/18		21.58		0.30		(1.34	)		(1.04	)		(0.25	)		(1.02	)		(1.27	)		19.27		(5.33	)(^e)		32,868		1.23	^(e)		1.23	^(e)		1.42	^(e)		44
Year ended 02/28/17		21.71		0.31		2.96			3.27			(0.41	)		(2.99	)		(3.40	)		21.58		15.73	^(e)		41,961		1.23	^(e)		1.23	^(e)		1.32	^(e)		52
Class R5
Six months ended 08/31/21		18.66		0.18		4.52			4.70			(0.16	)		–			(0.16	)		23.20		25.28			311,994		0.85	^(d)		0.85	^(d)		1.65	^(d)		31
Year ended 02/28/21		20.71		0.25		(0.91	)		(0.66	)		(0.34	)		(1.05	)		(1.39	)		18.66		(2.22	)		247,114		0.87			0.87			1.39			156
Year ended 02/29/20		20.94		0.38		1.43			1.81			(0.43	)		(1.61	)		(2.04	)		20.71		8.47			268,267		0.87			0.87			1.69			59
Year ended 02/28/19		19.32		0.40		2.69			3.09			(0.35	)		(1.12	)		(1.47	)		20.94		16.41			258,447		0.88			0.88			1.93			47
Year ended 02/28/18		21.63		0.38		(1.34	)		(0.96	)		(0.33	)		(1.02	)		(1.35	)		19.32		(4.96	)		258,599		0.89			0.89			1.76			44
Year ended 02/28/17		21.76		0.39		2.96			3.35			(0.49	)		(2.99	)		(3.48	)		21.63		16.12			345,558		0.89			0.89			1.66			52
Class R6
Six months ended 08/31/21		18.66		0.18		4.52			4.70			(0.16	)		–			(0.16	)		23.20		25.32			374,222		0.78	^(d)		0.78	^(d)		1.72	^(d)		31
Year ended 02/28/21		20.71		0.26		(0.90	)		(0.64	)		(0.36	)		(1.05	)		(1.41	)		18.66		(2.13	)		318,936		0.79			0.79			1.47			156
Year ended 02/29/20		20.93		0.40		1.44			1.84			(0.45	)		(1.61	)		(2.06	)		20.71		8.60			202,467		0.79			0.79			1.77			59
Year ended 02/28/19		19.31		0.41		2.70			3.11			(0.37	)		(1.12	)		(1.49	)		20.93		16.52			160,145		0.80			0.80			2.01			47
Year ended 02/28/18		21.63		0.40		(1.35	)		(0.95	)		(0.35	)		(1.02	)		(1.37	)		19.31		(4.93	)		100,866		0.80			0.80			1.85			44
Year ended 02/28/17		21.75		0.41		2.97			3.38			(0.51	)		(2.99	)		(3.50	)		21.63		16.28			111,069		0.80			0.80			1.75			52

^(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 February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $630,639,314 and sold of $40,029,958 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Oppenheimer Real Estate Fund into the Fund.

^(d)	Annualized.

^(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 0.22%, 0.20%, 0.24%, 0.21%, 0.21% and 0.24% for the six months ended August 31, 2021 and the years ended February 28, 2021, February 29, 2020, February 28, 2019, February 28, 2018 and February 28, 2017, respectively.

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


11		Invesco Real Estate Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The 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.


12		Invesco Real Estate 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.

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.

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 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.


13		Invesco Real Estate 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’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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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 six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.73%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, 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, Investor Class, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.34%, 2.09%, 1.59%, 1.09%, 1.34%, 0.97% and 0.92%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. 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. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.


14		Invesco Real Estate Fund

For the six months ended August 31, 2021, the Adviser waived advisory fees of $2,832.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, 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 master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class C Plan and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and at the annual rate of 0.50% of the average daily net assets of Class R shares, respectively. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $37,795 in front-end sales commissions from the sale of Class A shares and $1,459 and $596 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 Fund’s own 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	$	2,120,261,582	$	–	$	292,034	$	2,120,553,616
Money Market Funds		13,663,131		75,683,459		–		89,346,590
Total Investments	$	2,133,924,713	$	75,683,459	$	292,034	$	2,209,900,206

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


15		Invesco Real Estate 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of February 28, 2021, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$57,754,864

$–

$57,754,864

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $602,668,161 and $696,572,050, 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	$642,982,100

Aggregate unrealized (depreciation) of investments	(6,426,414	)

Net unrealized appreciation of investments	$636,555,686

Cost of investments for tax purposes is $1,573,344,520.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended August 31, 2021^(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		2,246,906		$	47,879,612			7,132,556		$	126,165,784

Class C		136,001			2,858,365			345,281			6,138,107

Class R		589,359			12,677,411			786,892			13,901,916

Class Y		3,141,777			66,062,658			5,073,488			89,768,751

Investor Class		90,077			1,890,366			182,728			3,236,680

Class R5		2,581,363			56,376,780			3,854,748			68,248,825

Class R6		2,375,837			50,297,224			5,151,156			90,476,088


Issued as reinvestment of dividends:
Class A		218,058			4,475,358			2,438,552			40,639,632

Class C		3,766			75,777			95,609			1,581,329

Class R		23,987			492,857			246,385			4,127,368

Class Y		62,543			1,286,777			616,551			10,289,152

Investor Class		8,165			167,187			124,462			2,055,082

Class R5		101,645			2,092,974			1,063,534			17,633,674

Class R6		134,616			2,767,496			975,532			16,324,034


Automatic conversion of Class C shares to Class A shares:
Class A		157,101			3,352,128			818,497			14,428,058

Class C		(158,172	)		(3,352,128	)		(823,871	)		(14,428,058	)


16		Invesco Real Estate Fund


	Summary of Share Activity

	Six months ended August 31, 2021^(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount


Issued in connection with acquisitions:^(b)
Class A		-		$	-			17,572,308		$	293,751,283

Class C		-			-			2,249,756			37,367,211

Class R		-			-			3,800,712			63,660,703

Class Y		-			-			5,359,726			89,531,346

Class R5		-			-			480			8,007

Class R6		-			-			13,725,949			229,101,643


Reacquired:
Class A		(6,264,212	)		(133,038,126	)		(15,160,713	)		(268,129,477	)

Class C		(213,379	)		(4,425,193	)		(1,133,668	)		(19,711,241	)

Class R		(726,569	)		(15,351,682	)		(2,211,851	)		(38,937,063	)

Class Y		(2,705,469	)		(57,366,700	)		(7,185,142	)		(126,259,812	)

Investor Class		(173,998	)		(3,674,963	)		(644,393	)		(10,601,900	)

Class R5		(2,478,143	)		(52,769,969	)		(4,631,084	)		(82,190,406	)

Class R6		(3,472,992	)		(75,377,287	)		(12,534,667	)		(218,941,705	)

Net increase (decrease) in share activity		(4,321,733	)	$	(92,603,078	)		27,289,513		$	439,235,011

^(a)

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Real Estate Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 42,708,931 shares of the Fund for 34,206,907 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $713,420,193, including $37,161,369 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,201,814,189 and $1,915,234,382 immediately after the acquisition.

The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed on March 1, 2020, the beginning of the annual reporting period are as follows:


Net investment income	$	23,400,431

Net realized/unrealized gains		(127,280,092	)

Change in net assets resulting from operations	$	(103,879,661	)


17		Invesco Real Estate Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Class A	$1,000.00	$1,250.20	$7.09	$1,018.90	$6.36	1.25%
Class C	1,000.00	1,245.30	11.32	1,015.12	10.16	2.00
Class R	1,000.00	1,248.30	8.50	1,017.64	7.63	1.50
Class Y	1,000.00	1,251.80	5.68	1,020.16	5.09	1.00
Investor Class	1,000.00	1,250.70	6.92	1,019.06	6.21	1.22
Class R5	1,000.00	1,253.30	4.83	1,020.92	4.33	0.85
Class R6	1,000.00	1,253.20	4.43	1,021.27	3.97	0.78

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.


18		Invesco Real Estate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Real Estate Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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’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, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the FTSE NAREIT All Equity REITs Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one 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 below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s overweight exposure to certain real estate sub-sectors with a structural growth focus, such as the infrastructure, industrial and single-family rental sub-sectors, as well as stock selection in the U.S. negatively impacted the Fund’s relative 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


19		Invesco Real Estate Fund

management fee rate for Class A shares of the Fund was below 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.

D.	Economies of Scale and Breakpoints

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 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.


20		Invesco Real Estate Fund

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Semiannual Report to Shareholders		August 31, 2021

Invesco Short Duration Inflation Protected Fund

Nasdaq:

A: LMTAX ∎ A2: SHTIX ∎ Y: LMTYX ∎ R5: ALMIX ∎ R6: SDPSX


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
7		Financial Statements
10		Financial Highlights
11		Notes to Financial Statements
15		Fund Expenses
16		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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			3.45%
Class A2 Shares			3.50
Class Y Shares			3.58
Class R5 Shares			3.67
Class R6 Shares			3.59
ICE BofA 1-5 Year US Inflation-Linked Treasury Index^▼ (Broad Market/Style-Specific Index)			3.97

Lipper Inflation Protected Bond Funds Index^∎ (Peer Group Index)			5.10

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

The ICE BofA 1-5 Year US Inflation-Linked Treasury Index is composed of US Treasury Inflation-Protected Securities with maturities between one and five years.
The Lipper Inflation Protected Bond Funds Index is an unmanaged index considered representative of inflation protected 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.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Short Duration Inflation Protected Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (10/31/02)	1.69	%
10 Years	1.30
5 Years	2.28
1 Year	2.48

Class A2 Shares
Inception (12/15/87)	3.80	%
10 Years	1.53
5 Years	2.70
1 Year	4.20

Class Y Shares
Inception (10/3/08)	1.64	%
10 Years	1.73
5 Years	3.07
1 Year	5.42

Class R5 Shares
Inception (7/13/87)	4.04	%
10 Years	1.74
5 Years	3.07
1 Year	5.42

Class R6 Shares
10 Years	1.73	%
5 Years	3.11
1 Year	5.46

Class R6 shares incepted on December 31, 2015. Performance shown prior to that date is that of Class A2 shares at net asset value and includes the 12b-1 fees applicable to Class A2 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. Class A2 share performance reflects the maximum 1.00% sales charge. 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.

3 Invesco Short Duration Inflation Protected Fund

Liquidity Risk Management Program

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.

4 Invesco Short Duration Inflation Protected Fund

Schedule of Investments

August 31, 2021

(Unaudited)


	Interest Rate			Maturity Date			Principal Amount (000)		Value

U.S. Treasury Securities–99.87%
U.S. Treasury Inflation – Indexed Notes–99.87%^(a)						��
U.S. Treasury Inflation - Indexed Notes		0.13	%		01/15/2023		$	38,385	$	39,826,513

U.S. Treasury Inflation - Indexed Notes		0.62	%		04/15/2023			40,927		42,996,795

U.S. Treasury Inflation - Indexed Notes		0.37	%		07/15/2023			38,061		40,236,689

U.S. Treasury Inflation - Indexed Notes		0.62	%		01/15/2024			38,155		40,882,723

U.S. Treasury Inflation - Indexed Notes		0.50	%		04/15/2024			27,585		29,596,598

U.S. Treasury Inflation - Indexed Notes		0.13	%		07/15/2024			37,345		40,081,417

U.S. Treasury Inflation - Indexed Notes		0.13	%		10/15/2024			29,636		31,857,998

U.S. Treasury Inflation - Indexed Notes		0.25 - 2.37	%		01/15/2025			69,729		77,841,031

U.S. Treasury Inflation - Indexed Notes		0.13	%		04/15/2025			29,791		32,160,963

U.S. Treasury Inflation - Indexed Notes		0.37	%		07/15/2025			37,462		41,161,248

U.S. Treasury Inflation - Indexed Notes		0.13	%		10/15/2025			28,516		31,120,806

U.S. Treasury Inflation - Indexed Notes		0.62 - 2.00	%		01/15/2026			60,699		69,001,842

U.S. Treasury Inflation - Indexed Notes		0.13	%		04/15/2026			33,427		36,534,821

U.S. Treasury Inflation - Indexed Notes		0.13	%		07/15/2026			33,201		36,586,594

Total U.S. Treasury Securities (Cost $567,014,879)										589,886,038


							Shares

Money Market Funds–0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(c)								187,137		187,137

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(b)(c)								133,601		133,655

Invesco Treasury Portfolio, Institutional Class, 0.01%^(b)(c)								213,870		213,870

Total Money Market Funds (Cost $534,662)										534,662

TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $567,549,541)										590,420,700

OTHER ASSETS LESS LIABILITIES–0.04%										215,540

NET ASSETS–100.00%									$	590,636,240

Notes to Schedule of Investments:

^(a)	Principal amount of security and interest payments are adjusted for inflation. See Note 1H.

^(b)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value
	February 28, 2021			at Cost			from Sales				Appreciation			Gain			August 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	198,866		$	15,066,812		$	(15,078,541	)		$	-		$	-		$	187,137		$	32
Invesco Liquid Assets Portfolio, Institutional Class			142,011			10,583,559			(10,591,915	)			-			-			133,655			10
Invesco Treasury Portfolio, Institutional Class			227,275			17,219,214			(17,232,619	)			-			-			213,870			14
Total		$	568,152		$	42,869,585		$	(42,903,075	)		$	-		$	-		$	534,662		$	56

^(c)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

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

5 Invesco Short Duration Inflation Protected Fund

Portfolio Composition

By U.S. Treasury Securities

as of August 31, 2021


	Coupon			% of Total
Maturity Date	Rate			Net Assets
1/15/2023		0.13	%		6.74	%
4/15/2023		0.62			7.28
7/15/2023		0.37			6.81
1/15/2024		0.62			6.92
4/15/2024		0.50			5.01
7/15/2024		0.13			6.79
10/15/2024		0.13			5.39
1/15/2025		2.37			6.33
1/15/2025		0.25			6.85
4/15/2025		0.13			5.45
7/15/2025		0.37			6.97
10/15/2025		0.13			5.27
1/15/2026		0.62			7.35
1/15/2026		2.00			4.33
4/15/2026		0.13			6.19
7/15/2026		0.13			6.19
Other Assets Less Liabilities					0.13

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

6 Invesco Short Duration Inflation Protected Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $567,014,879)	$	589,886,038

Investments in affiliated money market funds, at value (Cost $534,662)		534,662

Receivable for:
Fund shares sold		465,945

Dividends		4

Interest		493,675

Investment for trustee deferred compensation and retirement plans		105,152

Other assets		64,340

Total assets		591,549,816


Liabilities:
Payable for:
Fund shares reacquired		604,919

Accrued fees to affiliates		57,159

Accrued trustees’ and officers’ fees and benefits		1,277

Accrued other operating expenses		135,369

Trustee deferred compensation and retirement plans		114,852

Total liabilities		913,576

Net assets applicable to shares outstanding	$	590,636,240


Net assets consist of:
Shares of beneficial interest	$	569,160,369

Distributable earnings		21,475,871

	$	590,636,240


Net Assets:
Class A	$	104,359,330

Class A2	$	14,912,441

Class Y	$	50,281,149

Class R5	$	15,029,028

Class R6	$	406,054,292


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		9,355,389

Class A2		1,335,343

Class Y		4,500,932

Class R5		1,345,807

Class R6		36,358,753

Class A:
Net asset value per share	$	11.15

Maximum offering price per share (Net asset value of $11.15 ÷ 97.50%)	$	11.44

Class A2:
Net asset value per share	$	11.17

Maximum offering price per share (Net asset value of $11.17 ÷ 99.00%)	$	11.28

Class Y:
Net asset value and offering price per share	$	11.17

Class R5:
Net asset value and offering price per share	$	11.17

Class R6:
Net asset value and offering price per share	$	11.17

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

7 Invesco Short Duration Inflation Protected Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Treasury Inflation-Protected Securities inflation adjustments	$	20,683,019

Dividends from affiliated money market funds		56

Total investment income		20,683,075


Expenses:
Advisory fees		558,642

Administrative services fees		38,216

Custodian fees		1,260

Distribution fees:

Class A		112,991

Class A2		11,754

Transfer agent fees – A, A2, and Y		81,357

Transfer agent fees – R5		2,330

Transfer agent fees – R6		4,311

Trustees’ and officers’ fees and benefits		13,125

Registration and filing fees		49,097

Licensing fees		36,639

Reports to shareholders		17,110

Professional services fees		19,561

Other		8,642

Total expenses		955,035

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(53,915	)

Net expenses		901,120

Net investment income		19,781,955


Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities		2,109,548

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(2,127,587	)

Net realized and unrealized gain (loss)		(18,039	)

Net increase in net assets resulting from operations	$	19,763,916

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

8 Invesco Short Duration Inflation Protected Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31,			February 28,
	2021			2021

Operations:
Net investment income	$	19,781,955		$	5,663,105

Net realized gain		2,109,548			2,945,455

Change in net unrealized appreciation (depreciation)		(2,127,587	)		15,217,413

Net increase in net assets resulting from operations		19,763,916			23,825,973


Distributions to shareholders from distributable earnings:
Class A		(341,676	)		(409,031	)

Class A2		(68,339	)		(148,205	)

Class Y		(223,095	)		(272,300	)

Class R5		(27,383	)		(34,247	)

Class R6		(2,134,779	)		(4,537,247	)

Total distributions from distributable earnings		(2,795,272	)		(5,401,030	)


Return of capital:
Class A		–			(67,487	)

Class A2		–			(24,453	)

Class Y		–			(44,927	)

Class R5		–			(5,650	)

Class R6		–			(748,615	)

Total return of capital		–			(891,132	)

Total distributions		(2,795,272	)		(6,292,162	)


Share transactions–net:
Class A		25,600,138			28,775,283

Class A2		(1,174,588	)		(1,609,294	)

Class Y		15,470,110			14,674,746

Class R5		10,161,584			2,140,187

Class R6		2,717,018			(89,951,791	)

Net increase (decrease) in net assets resulting from share transactions		52,774,262			(45,970,869	)

Net increase (decrease) in net assets		69,742,906			(28,437,058	)


Net assets:
Beginning of period		520,893,334			549,330,392

End of period	$	590,636,240		$	520,893,334

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

9 Invesco Short Duration Inflation Protected Fund

Financial Highlights

(Unaudited)

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


	Net asset 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			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Six months ended 08/31/21		$	10.82		$	0.37		$	0.00	^(d)		$	0.37			$	(0.04	)		$	–			$	(0.04	)		$	11.15		3.45	%		$	104,359		0.55	%^(e)		0.62	%^(e)		6.75	%^(e)		18	%
Year ended 02/28/21			10.43			0.09			0.40				0.49				(0.09	)			(0.01	)			(0.10	)			10.82		4.76				76,073		0.55			0.67			0.87			49
Year ended 02/29/20			10.16			0.22			0.24				0.46				(0.16	)			(0.03	)			(0.19	)			10.43		4.61				45,383		0.55			0.66			2.17			45
Year ended 02/28/19			10.29			0.20			(0.08	)			0.12				(0.25	)			–				(0.25	)			10.16		1.23				46,384		0.55			0.67			1.97			37
Year ended 02/28/18			10.58			0.20			(0.29	)			(0.09	)			(0.20	)			–				(0.20	)			10.29		(0.86	)			45,609		0.55			0.65			2.02			48
Year ended 02/28/17			10.50			0.13			0.08				0.21				(0.12	)			(0.01	)			(0.13	)			10.58		2.04				39,978		0.55			0.70			1.18			41
Class A2
Six months ended 08/31/21			10.84			0.38			0.00	^(d)			0.38				(0.05	)			–				(0.05	)			11.17		3.50				14,912		0.45	^(e)		0.52	^(e)		6.85	^(e)		18
Year ended 02/28/21			10.45			0.10			0.40				0.50				(0.09	)			(0.02	)			(0.11	)			10.84		4.86				15,618		0.45			0.57			0.97			49
Year ended 02/29/20			10.17			0.23			0.25				0.48				(0.17	)			(0.03	)			(0.20	)			10.45		4.81				16,641		0.45			0.56			2.27			45
Year ended 02/28/19			10.30			0.21			(0.08	)			0.13				(0.26	)			–				(0.26	)			10.17		1.33				17,255		0.45			0.57			2.07			37
Year ended 02/28/18			10.59			0.22			(0.30	)			(0.08	)			(0.21	)			–				(0.21	)			10.30		(0.76	)			19,826		0.45			0.55			2.12			48
Year ended 02/28/17			10.51			0.13			0.09				0.22				(0.13	)			(0.01	)			(0.14	)			10.59		2.14				22,234		0.45			0.60			1.28			41
Class Y
Six months ended 08/31/21			10.84			0.39			0.00	^(d)			0.39				(0.06	)			–				(0.06	)			11.17		3.58				50,281		0.30	^(e)		0.37	^(e)		7.00	^(e)		18
Year ended 02/28/21			10.45			0.12			0.40				0.52				(0.11	)			(0.02	)			(0.13	)			10.84		5.02				33,512		0.30			0.42			1.12			49
Year ended 02/29/20			10.18			0.25			0.24				0.49				(0.19	)			(0.03	)			(0.22	)			10.45		4.86				17,906		0.30			0.41			2.42			45
Year ended 02/28/19			10.31			0.23			(0.08	)			0.15				(0.28	)			–				(0.28	)			10.18		1.48				9,843		0.30			0.42			2.22			37
Year ended 02/28/18			10.59			0.24			(0.29	)			(0.05	)			(0.23	)			–				(0.23	)			10.31		(0.51	)			12,778		0.30			0.40			2.27			48
Year ended 02/28/17			10.51			0.15			0.09				0.24				(0.14	)			(0.02	)			(0.16	)			10.59		2.30				9,656		0.30			0.45			1.43			41
Class R5
Six months ended 08/31/21			10.83			0.39			0.01	^(d)			0.40				(0.06	)			–				(0.06	)			11.17		3.67				15,029		0.30	^(e)		0.33	^(e)		7.00	^(e)		18
Year ended 02/28/21			10.44			0.12			0.40				0.52				(0.11	)			(0.02	)			(0.13	)			10.83		5.02				4,640		0.30			0.34			1.12			49
Year ended 02/29/20			10.18			0.25			0.23				0.48				(0.19	)			(0.03	)			(0.22	)			10.44		4.81				2,340		0.29			0.29			2.43			45
Year ended 02/28/19			10.31			0.23			(0.08	)			0.15				(0.28	)			–				(0.28	)			10.18		1.50				2,976		0.28			0.28			2.24			37
Year ended 02/28/18			10.59			0.24			(0.29	)			(0.05	)			(0.23	)			–				(0.23	)			10.31		(0.50	)			723		0.29			0.29			2.28			48
Year ended 02/28/17			10.52			0.15			0.08				0.23				(0.14	)			(0.02	)			(0.16	)			10.59		2.21				783		0.30			0.32			1.43			41
Class R6
Six months ended 08/31/21			10.84			0.39			0.00	^(d)			0.39				(0.06	)			–				(0.06	)			11.17		3.59				406,054		0.26	^(e)		0.26	^(e)		7.04	^(e)		18
Year ended 02/28/21			10.45			0.12			0.40				0.52				(0.11	)			(0.02	)			(0.13	)			10.84		5.05				391,051		0.27			0.27			1.15			49
Year ended 02/29/20			10.18			0.25			0.24				0.49				(0.19	)			(0.03	)			(0.22	)			10.45		4.92				467,061		0.26			0.26			2.46			45
Year ended 02/28/19			10.31			0.23			(0.08	)			0.15				(0.28	)			–				(0.28	)			10.18		1.52				624,598		0.27			0.27			2.25			37
Year ended 02/28/18			10.59			0.24			(0.29	)			(0.05	)			(0.23	)			–				(0.23	)			10.31		(0.48	)			709,402		0.26			0.26			2.31			48
Year ended 02/28/17			10.51			0.15			0.09				0.24				(0.14	)			(0.02	)			(0.16	)			10.59		2.32				718,865		0.29			0.29			1.44			41

^(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)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(e)	Annualized.

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

10 Invesco Short Duration Inflation Protected Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide protection from the negative effects of unanticipated inflation.

The Fund currently consists of five different classes of shares: Class A, Class A2, Class Y, Class R5 and Class R6. Class A and Class A2 shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class Y, Class R5 and Class R6 shares are sold at net asset value.

As of the close of business on October 30, 2002, Class A2 shares are closed to new investors.

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 are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. 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.

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.

11 Invesco Short Duration Inflation Protected Fund

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.

Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $500 million		0.200%

Over $500 million		0.175%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.20%.

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class A2, Class Y, Class R5 and Class R6 shares to 0.55%, 0.45%, 0.30%, 0.30% and 0.30%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. 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 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 six months ended August 31, 2021, the Adviser waived advisory fees of $86 and reimbursed class level expenses of $31,666, $5,498, $15,456, $993 and $0 of Class A, Class A2, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, 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 master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class A2, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class A2 shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the average daily net assets of Class A shares and 0.15% of the Fund’s average daily net assets of Class A2 shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $12,133 and $69 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $4,153 and $0 from Class A and Class A2 shares, respectively, for CDSC was imposed upon redemptions by shareholders.

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

12 Invesco Short Duration Inflation Protected 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 Fund’s own 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. Treasury Securities	$	–	$	589,886,038		$–	$	589,886,038

Money Market Funds		534,662		–		–		534,662

Total Investments	$	534,662	$	589,886,038		$–	$	590,420,700

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of February 28, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	685,892	$	19,198,170	$	19,884,062

*	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.

13 Invesco Short Duration Inflation Protected Fund

NOTE 8–Investment Transactions

The aggregate amount of long-term U.S. government obligations (other than short-term securities and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2021 was $151,838,820 and $102,918,626, 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	$	22,695,777

Aggregate unrealized (depreciation) of investments		(281,178	)

Net unrealized appreciation of investments	$	22,414,599

Cost of investments for tax purposes is $568,006,101.

NOTE 9–Share Information



				Summary of Share Activity

	Six months ended						Year ended
	August 31, 2021^(a)						February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		3,237,413		$	35,628,479			4,750,132		$	50,511,609

Class A2		6,122			67,141			25,206			266,420

Class Y		1,758,016			19,317,180			3,921,203			41,706,136

Class R5		938,992			10,399,522			266,930			2,798,633

Class R6		2,732,108			29,945,850			4,359,471			46,067,170


Issued as reinvestment of dividends:
Class A		27,608			301,749			38,963			403,271

Class A2		5,478			59,897			14,592			150,779

Class Y		16,846			184,247			24,209			253,461

Class R5		1,643			17,970			2,318			24,402

Class R6		195,033			2,132,853			511,986			5,284,702


Reacquired:
Class A		(937,568	)		(10,330,090	)		(2,110,472	)		(22,139,597	)

Class A2		(117,500	)		(1,301,626	)		(191,692	)		(2,026,493	)

Class Y		(365,536	)		(4,031,317	)		(2,567,460	)		(27,284,851	)

Class R5		(23,043	)		(255,908	)		(65,146	)		(682,848	)

Class R6		(2,654,668	)		(29,361,685	)		(13,496,433	)		(141,303,663	)

Net increase (decrease) in share activity		4,820,944		$	52,774,262			(4,516,193	)	$	(45,970,869	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

14 Invesco Short Duration Inflation Protected Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Class A	$1,000.00	$1,034.50	$2.82	$1,022.43	$2.80	0.55%
Class A2	1,000.00	1,035.00	2.31	1,022.94	2.29	0.45
Class Y	1,000.00	1,035.80	1.54	1,023.69	1.53	0.30
Class R5	1,000.00	1,036.70	1.54	1,023.69	1.53	0.30
Class R6	1,000.00	1,035.90	1.33	1,023.89	1.33	0.26

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.

15 Invesco Short Duration Inflation Protected Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Duration Inflation Protected Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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

meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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 noted that the Fund had changed its name and investment strategy and tracks a new broad based securities market benchmark index as of December 31, 2015. The Broadridge materials prior to the 2016 calendar year were with respect to the Fund’s prior investment strategy. The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Ice BofA 1-5 Year US Inflation-Linked Treasury Index (Index). The Board noted that performance of Class A shares of the Fund was in the 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 below the performance of the Index for the one, three and five year periods. The Board noted that the Funds primarily 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 its performance peer funds and specifically that the Fund’s peer group includes funds that are actively managed or may track a different index than the

16 Invesco Short Duration Inflation Protected Fund

Fund. The Board noted that because the Fund isprimarily passively managed using an indexing approach, it may lag its actively managed peers. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other 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

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.

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.

17 Invesco Short Duration Inflation Protected Fund

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SEC file number(s): 811-05686 and 003-39519		Invesco Distributors, Inc.		SDIP-SAR-1

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Semiannual Report to Shareholders		August 31, 2021

Invesco Short Term Bond Fund

Nasdaq:
A: STBAX ∎ C: STBCX ∎ R: STBRX ∎ Y: STBYX ∎ R5: ISTBX ∎ R6: ISTFX


2		Fund Performance
4		Liquidity Risk Management Program
5		Schedule of Investments
22		Financial Statements
25		Financial Highlights
26		Notes to Financial Statements
33		Fund Expenses
34		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 2/28/21 to 8/31/21, 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	0.30	%
Class C Shares	0.14
Class R Shares	0.13
Class Y Shares	0.38
Class R5 Shares	0.42
Class R6 Shares	0.44
Bloomberg U.S. Aggregate Bond Index^▼ (Broad Market Index)	1.49
Bloomberg 1-3 Year Government/Credit Index^▼ (Style-Specific Index)	0.17
Lipper Short Investment Grade Debt Funds Index^∎ (Peer Group Index)	0.52

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market. The Bloomberg 1-3 Year Government/Credit Index is an unmanaged index considered representative of short-term US corporate and US government bonds with maturities of one to three years. The Lipper Short Investment Grade Debt Funds Index is an unmanaged index considered representative of short investment-grade 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.

For more information about your Fund

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.


2		Invesco Short Term Bond Fund


Average Annual Total Returns
As of 8/31/21, including maximum applicable sales charges

Class A Shares
Inception (4/30/04)	1.95	%
10 Years	1.84
5 Years	1.68
1 Year	-0.99

Class C Shares
Inception (8/30/02)	2.06	%
10 Years	1.80
5 Years	1.83
1 Year	1.17

Class R Shares
Inception (4/30/04)	1.80	%
10 Years	1.75
5 Years	1.86
1 Year	1.18

Class Y Shares
Inception (10/3/08)	2.42	%
10 Years	2.25
5 Years	2.35
1 Year	1.69

Class R5 Shares
Inception (4/30/04)	2.34	%
10 Years	2.30
5 Years	2.43
1 Year	1.78

Class R6 Shares
10 Years	2.29	%
5 Years	2.47
1 Year	1.82

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class C shares and includes the 12b-1 fees applicable to Class C shares.

Class A share performance reflects the maximum 2.50% sales charge. Class C, 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.


3		Invesco Short Term Bond Fund

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

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.


4		Invesco Short Term Bond Fund

Schedule of Investments^(a)

August 31, 2021

(Unaudited)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–69.53%
Advertising–0.21%
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024	$	2,219,000	$ 2,407,176
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		3,791,000	4,113,275
			6,520,451

Aerospace & Defense–1.87%
Boeing Co. (The),
1.17%, 02/04/2023		5,077,000	5,081,153
1.95%, 02/01/2024		14,400,000	14,768,627
1.43%, 02/04/2024		6,760,000	6,775,519
2.75%, 02/01/2026		10,499,000	10,978,664
2.20%, 02/04/2026		6,965,000	6,993,597
Huntington Ingalls Industries, Inc., 0.67%, 08/16/2023^(b)		5,001,000	5,004,589
L3Harris Technologies, Inc., 3.85%, 06/15/2023		3,686,000	3,898,476
Textron, Inc., 4.30%, 03/01/2024		4,114,000	4,450,565
			57,951,190

Agricultural & Farm Machinery–0.16%
CNH Industrial Capital LLC, 1.45%, 07/15/2026		4,999,000	5,000,588

Agricultural Products–0.25%
Archer-Daniels-Midland Co., 2.75%, 03/27/2025		706,000	751,866
Bunge Ltd. Finance Corp.,
4.35%, 03/15/2024		3,883,000	4,211,653
1.63%, 08/17/2025^(c)		2,607,000	2,649,349
			7,612,868

Airlines–1.40%
British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class A, 3.35%, 06/15/2029^(b)		962,821	968,292
Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		1,852,000	1,908,644
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025^(b)		26,177,000	28,086,658
United Airlines Pass Through Trust,
Series 2016-2, Class B, 3.65%, 10/07/2025		2,438,206	2,435,647
Series 2020-1, Class A, 5.88%, 10/15/2027		7,727,722	8,636,993
United Airlines, Inc., 4.38%, 04/15/2026^(b)		1,404,000	1,459,289
			43,495,523

Apparel Retail–0.39%
Ross Stores, Inc.,
3.38%, 09/15/2024		2,568,000	2,733,728
4.60%, 04/15/2025		8,456,000	9,494,977
			12,228,705


	Principal Amount		Value
Apparel, Accessories & Luxury Goods–0.11%
Hanesbrands, Inc., 4.63%, 05/15/2024^(b)	$	3,232,000	$ 3,434,000

Asset Management & Custody Banks–0.23%
Ameriprise Financial, Inc.,
3.00%, 03/22/2022		3,000,000	3,047,142
3.00%, 04/02/2025		1,497,000	1,598,900
Apollo Management Holdings L.P., 4.95%, 01/14/2050^(b)(d)		2,475,000	2,574,264
			7,220,306

Automobile Manufacturers–4.75%
BMW Finance N.V. (Germany), 2.40%, 08/14/2024^(b)		5,547,000	5,811,885
Daimler Finance North America LLC (Germany), 2.70%, 06/14/2024^(b)		5,270,000	5,541,844
Ford Motor Credit Co. LLC,
1.00% (3 mo. USD LIBOR + 0.88%), 10/12/2021^(e)		6,243,000	6,243,224
3.81%, 10/12/2021		6,654,000	6,665,445
5.60%, 01/07/2022		4,592,000	4,657,895
3.09%, 01/09/2023		3,285,000	3,350,700
2.70%, 08/10/2026		10,647,000	10,763,585
General Motors Financial Co., Inc.,
4.20%, 11/06/2021		9,339,000	9,404,607
0.81% (SOFR + 0.76%), 03/08/2024^(e)		4,614,000	4,655,836
1.05%, 03/08/2024		5,999,000	6,038,289
Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025^(b)		4,786,000	5,090,545
Hyundai Capital America,
3.95%, 02/01/2022^(b)		16,000,000	16,226,605
3.10%, 04/05/2022^(b)(c)		6,011,000	6,102,844
2.85%, 11/01/2022^(b)		6,667,000	6,842,157
5.75%, 04/06/2023^(b)		7,402,000	7,984,631
5.88%, 04/07/2025^(b)		6,208,000	7,157,121
Kia Corp. (South Korea),
1.00%, 04/16/2024^(b)		8,761,000	8,789,219
1.75%, 10/16/2026^(b)		1,064,000	1,075,933
Nissan Motor Co. Ltd. (Japan), 3.04%, 09/15/2023^(b)		7,361,000	7,672,273
Toyota Motor Corp. (Japan), 2.36%, 07/02/2024^(c)		3,697,000	3,881,073
Toyota Motor Credit Corp., 0.80%, 10/16/2025		13,170,000	13,103,074
			147,058,785

Automotive Retail–0.16%
AutoZone, Inc., 3.63%, 04/15/2025^(c)		4,557,000	4,964,701

Biotechnology–0.99%
AbbVie, Inc.,
2.30%, 11/21/2022		4,437,000	4,539,123
3.85%, 06/15/2024		7,600,000	8,209,423
2.60%, 11/21/2024		13,231,000	13,945,330

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


5		Invesco Short Term Bond Fund


	Principal Amount		Value
Biotechnology–(continued)
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023	$	3,791,000	$ 3,960,063
			30,653,939

Broadcasting–0.05%
Fox Corp.,
4.03%, 01/25/2024		1,180,000	1,272,024
3.05%, 04/07/2025		360,000	385,039
			1,657,063

Building Products–0.06%
North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022^(b)		1,916,000	1,840,206

Cable & Satellite–0.37%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.50%, 02/01/2024		3,696,000	4,014,062
Comcast Corp., 3.30%, 04/01/2027		5,320,000	5,857,780
Sirius XM Radio, Inc., 3.13%, 09/01/2026^(b)		1,595,000	1,627,219
			11,499,061

Computer & Electronics Retail–0.44%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		8,518,000	9,249,417
Leidos, Inc.,
2.95%, 05/15/2023^(c)		3,077,000	3,188,803
3.63%, 05/15/2025		1,227,000	1,329,540
			13,767,760

Construction Machinery & Heavy Trucks–0.26%
nVent Finance S.a.r.l. (United Kingdom), 3.95%, 04/15/2023		4,000,000	4,177,318
Wabtec Corp., 4.40%, 03/15/2024		3,698,000	3,988,216
			8,165,534

Consumer Finance–0.45%
Ally Financial, Inc., 1.45%, 10/02/2023		3,982,000	4,043,794
Capital One Financial Corp., 3.20%, 01/30/2023		3,882,000	4,028,261
Discover Bank, 2.45%, 09/12/2024		2,450,000	2,560,301
Synchrony Financial, 4.25%, 08/15/2024		3,179,000	3,451,724
			14,084,080

Data Processing & Outsourced Services–0.66%
Fiserv, Inc., 3.80%, 10/01/2023		3,699,000	3,944,753
Global Payments, Inc., 4.00%, 06/01/2023		4,619,000	4,886,021
PayPal Holdings, Inc., 2.20%, 09/26/2022		5,231,000	5,341,115
Square, Inc., 2.75%, 06/01/2026^(b)		6,014,000	6,195,743
			20,367,632


	Principal Amount		Value
Distillers & Vintners–0.14%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022^(b)	$	4,343,000	$	4,486,809

Diversified Banks–9.98%
Banco Bilbao Vizcaya Argentaria S.A. (Spain),
0.88%, 09/18/2023		5,350,000		5,376,301
1.13%, 09/18/2025		6,895,000		6,861,355
Banco del Estado de Chile (Chile), 2.70%, 01/09/2025^(b)		6,415,000		6,703,803
Banco Santander S.A. (Spain), 0.70%, 06/30/2024^(d)		10,200,000		10,233,156
Bank of America Corp.,
3.00%, 12/20/2023^(d)		2,569,000		2,653,188
3.86%, 07/23/2024^(d)		4,528,000		4,801,684
1.20%, 10/24/2026^(d)		15,000,000		14,941,457
Bank of Ireland Group PLC (Ireland), 4.50%, 11/25/2023^(b)		2,997,000		3,232,726
Bank of Montreal (Canada), Series E, 3.30%, 02/05/2024		3,105,000		3,312,168
Bank of Nova Scotia (The) (Canada), 0.60% (SOFR + 0.55%), 03/02/2026^(e)		20,000,000		20,108,850
Banque Federative du Credit Mutuel S.A. (France), 0.65%, 02/27/2024^(b)(c)		4,545,000		4,548,825
Barclays PLC (United Kingdom),
1.55% (3 mo. USD LIBOR + 1.43%), 02/15/2023^(e)		5,954,000		5,987,889
1.01%, 12/10/2024^(d)		4,270,000		4,291,442
BBVA Bancomer S.A. (Mexico), 1.88%, 09/18/2025^(b)		3,375,000		3,419,719
BBVA USA, 2.50%, 08/27/2024		3,183,000		3,351,650
Citigroup, Inc.,
0.78%, 10/30/2024^(d)		18,000,000		18,064,746
0.98%, 05/01/2025^(c)(d)		7,499,000		7,534,885
1.39% (3 mo. USD LIBOR + 1.25%), 07/01/2026^(c)(e)		15,308,000		15,779,065
Series V, 4.70%^(d)(f)		3,790,000		3,961,971
Citizens Bank N.A., 2.65%, 05/26/2022		3,881,000		3,942,184
Credit Agricole S.A. (France), 3.38%, 01/10/2022^(b)		3,327,000		3,364,128
Danske Bank A/S (Denmark),
3.00%, 09/20/2022^(b)(d)		3,281,000		3,284,968
1.18% (3 mo. USD LIBOR + 1.06%), 09/12/2023^(b)(e)		5,898,000		5,964,395
3.24%, 12/20/2025^(b)(d)		1,779,000		1,892,096
Federation des Caisses Desjardins du Quebec (Canada), 2.05%, 02/10/2025^(b)		4,334,000		4,489,910
Global Bank Corp. (Panama), 4.50%, 10/20/2021^(b)		6,500,000		6,531,619
HSBC Holdings PLC (United Kingdom),
3.95%, 05/18/2024^(d)		2,956,000		3,126,320
0.73%, 08/17/2024^(d)		8,555,000		8,573,690
0.98%, 05/24/2025^(d)		2,704,000		2,706,125
Industrial & Commercial Bank of China Ltd. (China), 2.96%, 11/08/2022		905,000		929,530
ING Groep N.V. (Netherlands), 1.06% (SOFR + 1.01%), 04/01/2027^(e)		8,913,000		9,029,744

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


6		Invesco Short Term Bond Fund


	Principal Amount		Value
Diversified Banks–(continued)
JPMorgan Chase & Co.,
2.78%, 04/25/2023^(d)	$	3,885,000	$	3,947,227
Series HH, 4.60%^(d)(f)		5,455,000		5,683,837
Series V, 3.46% (3 mo. USD LIBOR + 3.32%)^(e)(f)		1,390,000		1,392,965
Lloyds Banking Group PLC (United Kingdom), 2.91%, 11/07/2023^(d)		3,515,000		3,612,486
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024^(b)		6,500,000		7,077,953
Mizuho Financial Group, Inc. (Japan), 1.24%, 07/10/2024^(d)		4,000,000		4,051,258
National Bank of Canada (Canada), 0.55%, 11/15/2024^(d)		3,595,000		3,592,081
NatWest Markets PLC (United Kingdom),
0.58% (SOFR + 0.53%), 08/12/2024^(b)(e)		1,429,000		1,434,633
0.80%, 08/12/2024^(b)		3,000,000		2,999,419
Nordea Bank Abp (Finland), 1.00%, 06/09/2023^(b)		3,704,000		3,750,899
PNC Bank N.A., 0.55% (3 mo. USD LIBOR + 0.43%), 12/09/2022^(e)		8,000,000		8,003,885
Royal Bank of Canada (Canada),
0.50%, 10/26/2023		8,824,000		8,848,028
0.58% (SOFR + 0.53%), 01/20/2026^(c)(e)		8,000,000		8,057,603
Skandinaviska Enskilda Banken AB (Sweden), 0.76% (3 mo. USD LIBOR + 0.65%), 12/12/2022^(b)(e)		5,559,000		5,601,109
Societe Generale S.A. (France), 1.49%, 12/14/2026^(b)(d)		5,361,000		5,334,623
Standard Chartered PLC (United Kingdom),
1.28% (3 mo. USD LIBOR + 1.15%), 01/20/2023^(b)(e)		1,379,000		1,384,494
1.32%, 10/14/2023^(b)(d)		2,523,000		2,542,696
0.99%, 01/12/2025^(b)(d)		4,449,000		4,445,211
1.21%, 03/23/2025^(b)(d)		2,983,000		2,998,095
Sumitomo Mitsui Trust Bank Ltd. (Japan),
0.80%, 09/12/2023^(b)		4,436,000		4,473,908
0.85%, 03/25/2024^(b)(c)		5,712,000		5,740,838
1.05%, 09/12/2025^(b)		3,844,000		3,830,450
1.55%, 03/25/2026^(b)		2,801,000		2,842,860
UBS AG (Switzerland), 1.75%, 04/21/2022^(b)		6,583,000		6,641,655
Wells Fargo & Co., 0.81%, 05/19/2025^(c)(d)		1,749,000		1,756,980
				309,044,782

Diversified Capital Markets–1.58%
Credit Suisse AG (Switzerland),
2.80%, 04/08/2022		2,795,000		2,839,617
1.00%, 05/05/2023		6,818,000		6,890,450
0.44% (SOFR + 0.39%), 02/02/2024^(e)		9,086,000		9,091,505
2.95%, 04/09/2025		2,512,000		2,683,850
Credit Suisse Group AG (Switzerland),
3.57%, 01/09/2023^(b)		6,700,000		6,773,364
2.59%, 09/11/2025^(b)(d)		3,699,000		3,850,926
1.31%, 02/02/2027^(b)(d)		9,600,000		9,454,359


	Principal Amount		Value
Diversified Capital Markets–(continued)
Macquarie Group Ltd. (Australia), 3.19%, 11/28/2023^(b)(c)(d)	$	4,342,000	$	4,484,417
UBS AG (Switzerland), 0.70%, 08/09/2024^(b)(c)		2,855,000		2,858,153
				48,926,641

Electric Utilities–2.63%
Alabama Power Co., Series 17-A, 2.45%, 03/30/2022		3,515,000		3,553,191
Alliant Energy Finance LLC, 3.75%, 06/15/2023^(b)		3,696,000		3,897,599
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(b)		3,835,000		4,112,023
Eversource Energy, Series Q, 0.80%, 08/15/2025		2,148,000		2,124,009
Exelon Corp., 3.50%, 06/01/2022		7,373,000		7,525,634
Exelon Generation Co. LLC, 3.25%, 06/01/2025		4,676,000		5,028,288
FirstEnergy Corp., Series B, 4.75%, 03/15/2023		3,606,000		3,759,075
NextEra Energy Capital Holdings, Inc.,
0.59% (SOFR + 0.54%), 03/01/2023^(e)		3,704,000		3,717,746
0.65%, 03/01/2023		11,428,000		11,475,936
3.15%, 04/01/2024^(c)		4,624,000		4,901,813
2.75%, 05/01/2025		1,904,000		2,021,082
NextEra Energy Operating Partners L.P., 4.25%, 09/15/2024^(b)		375,000		395,794
NRG Energy, Inc., 3.75%, 06/15/2024^(b)		3,926,000		4,189,084
Pacific Gas and Electric Co., 1.75%, 06/16/2022		13,800,000		13,796,556
Southern Co. (The), Series 21-A, 3.75%, 09/15/2051^(d)		3,069,000		3,146,032
Southern Power Co., 0.90%, 01/15/2026		2,926,000		2,885,516
Southwestern Electric Power Co., 3.55%, 02/15/2022		2,000,000		2,013,176
Vistra Operations Co. LLC, 3.55%, 07/15/2024^(b)		2,772,000		2,933,183
				81,475,737

Electronic Equipment & Instruments–0.07%
Vontier Corp., 1.80%, 04/01/2026^(b)		2,220,000		2,225,239

Environmental & Facilities Services–0.13%
Republic Services, Inc., 0.88%, 11/15/2025		4,000,000		3,964,715

Fertilizers & Agricultural Chemicals–0.23%
CF Industries, Inc., 3.45%, 06/01/2023		3,244,000		3,412,364
Nutrien Ltd. (Canada), 3.50%, 06/01/2023		3,511,000		3,667,499
				7,079,863

Financial Exchanges & Data–0.75%
Intercontinental Exchange, Inc.,
0.70%, 06/15/2023		4,532,000		4,556,822
0.77% (3 mo. USD LIBOR + 0.65%), 06/15/2023^(e)		10,000,000		10,008,475
Moody’s Corp., 2.63%, 01/15/2023^(c)		6,101,000		6,276,227

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


7		Invesco Short Term Bond Fund


	Principal Amount		Value
Financial Exchanges & Data–(continued)
Nasdaq, Inc., 0.45%, 12/21/2022	$	2,273,000	$	2,273,382
				23,114,906

Food Retail–0.27%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023^(b)		2,922,000		3,010,215
Kroger Co. (The),
2.95%, 11/01/2021^(c)		2,824,000		2,830,236
2.80%, 08/01/2022		2,357,000		2,406,563
				8,247,014

Gas Utilities–0.84%
East Ohio Gas Co. (The), 1.30%, 06/15/2025^(b)		3,609,000		3,640,822
ONE Gas, Inc.,
0.73% (3 mo. USD LIBOR + 0.61%), 03/11/2023^(e)		2,500,000		2,500,344
0.85%, 03/11/2023		10,777,000		10,778,008
Southern California Gas Co., 0.47% (3 mo. USD LIBOR + 0.35%), 09/14/2023^(e)		9,000,000		9,001,494
				25,920,668

General Merchandise Stores–0.13%
Dollar Tree, Inc., 3.70%, 05/15/2023		3,695,000		3,887,033

Gold–0.02%
Newmont Corp., 3.70%, 03/15/2023		565,000		587,614

Health Care Distributors–0.34%
McKesson Corp., 1.30%, 08/15/2026		10,477,000		10,464,700

Health Care Equipment–0.07%
Becton, Dickinson and Co., 3.36%, 06/06/2024		2,094,000		2,236,681

Health Care Facilities–0.14%
HCA, Inc., 5.38%, 02/01/2025		3,756,000		4,237,275

Health Care REITs–0.29%
Ventas Realty L.P., 2.65%, 01/15/2025		3,928,000		4,120,302
Welltower, Inc., 3.63%, 03/15/2024		4,623,000		4,938,208
				9,058,510

Health Care Services–0.28%
Cigna Corp., 3.75%, 07/15/2023		2,581,000		2,734,444
CVS Health Corp., 2.63%, 08/15/2024		3,619,000		3,817,093
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026^(b)(c)		2,121,000		2,142,153
				8,693,690

Homebuilding–0.57%
D.R. Horton, Inc., 4.75%, 02/15/2023		4,820,000		5,058,504


	Principal Amount		Value
Homebuilding–(continued)
Lennar Corp.,
4.13%, 01/15/2022	$	2,125,000	$	2,136,794
4.75%, 11/15/2022		4,200,000		4,362,750
4.88%, 12/15/2023		5,000,000		5,409,400
Toll Brothers Finance Corp., 4.88%, 11/15/2025		502,000		566,005
				17,533,453

Hotels, Resorts & Cruise Lines–0.65%
Expedia Group, Inc.,
3.60%, 12/15/2023		4,537,000		4,816,222
4.63%, 08/01/2027		13,553,000		15,337,031
				20,153,253

Housewares & Specialties–0.03%
Newell Brands, Inc., 4.35%, 04/01/2023		743,000		784,660

Independent Power Producers & Energy Traders–0.25%
AES Corp. (The), 1.38%, 01/15/2026		7,870,000		7,830,609

Industrial Conglomerates–0.06%
Roper Technologies, Inc., 1.00%, 09/15/2025		1,832,000		1,828,589

Industrial Machinery–0.12%
Weir Group PLC (The) (United Kingdom), 2.20%, 05/13/2026^(b)		3,757,000		3,801,126

Insurance Brokers–0.09%
Marsh & McLennan Cos., Inc., 3.88%, 03/15/2024		2,665,000		2,876,526

Integrated Oil & Gas–1.55%
Exxon Mobil Corp., 2.99%, 03/19/2025		5,582,000		5,974,267
Gray Oak Pipeline LLC,
2.00%, 09/15/2023^(b)		9,333,000		9,520,271
2.60%, 10/15/2025^(b)		6,070,000		6,254,822
SA Global Sukuk Ltd. (Saudi Arabia), 0.95%, 06/17/2024^(b)		3,107,000		3,096,716
Saudi Arabian Oil Co. (Saudi Arabia),
2.75%, 04/16/2022^(b)		14,633,000		14,849,217
2.88%, 04/16/2024^(b)		7,791,000		8,169,245
				47,864,538

Integrated Telecommunication Services–1.33%
AT&T, Inc.,
0.69% (SOFR + 0.64%), 03/25/2024^(e)		4,711,000		4,721,737
1.30% (3 mo. USD LIBOR + 1.18%), 06/12/2024^(e)		2,732,000		2,804,530
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		3,771,000		4,082,447
Verizon Communications, Inc.,
0.55% (SOFR + 0.50%), 03/22/2024^(e)		3,472,000		3,496,994
0.75%, 03/22/2024		6,000,000		6,024,322
0.85%, 11/20/2025		8,426,000		8,367,333
1.45%, 03/20/2026^(c)		11,601,000		11,759,111
				41,256,474

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


8		Invesco Short Term Bond Fund


	Principal Amount		Value
Interactive Media & Services–0.55%
Tencent Holdings Ltd. (China),
2.99%, 01/19/2023^(b)	$	4,039,000	$	4,161,285
3.28%, 04/11/2024^(b)(c)		10,000,000		10,612,597
1.81%, 01/26/2026^(b)		2,242,000		2,270,600
				17,044,482

Internet & Direct Marketing Retail–0.18%
Meituan (China), 2.13%, 10/28/2025^(b)		5,622,000		5,493,012

Internet Services & Infrastructure–0.09%
VeriSign, Inc.,
5.25%, 04/01/2025		1,858,000		2,102,074
4.75%, 07/15/2027		583,000		616,511
				2,718,585

Investment Banking & Brokerage–3.50%
Cantor Fitzgerald L.P., 6.50%, 06/17/2022^(b)		4,519,000		4,722,930
Goldman Sachs Group, Inc. (The),
0.48%, 01/27/2023		6,250,000		6,251,772
0.48% (SOFR + 0.43%), 03/08/2023^(e)		12,507,000		12,513,367
2.91%, 06/05/2023^(d)		4,620,000		4,706,345
0.63% (SOFR + 0.58%), 03/08/2024^(e)		8,497,000		8,523,593
0.84% (SOFR + 0.79%), 12/09/2026^(e)		11,447,000		11,467,892
1.09%, 12/09/2026^(d)		5,384,000		5,344,584
0.86% (SOFR + 0.81%), 03/09/2027^(e)		15,315,000		15,326,393
0.87% (SOFR + 0.82%), 09/10/2027^(e)		1,000,000		999,640
Morgan Stanley,
2.75%, 05/19/2022		5,175,000		5,269,755
0.56%, 11/10/2023^(d)		4,000,000		4,007,711
0.53%, 01/25/2024^(d)		10,000,000		10,007,876
0.73%, 04/05/2024^(d)		8,036,000		8,063,637
0.99%, 12/10/2026^(c)(d)		7,408,000		7,321,103
Series I, 0.86%, 10/21/2025^(d)		2,942,000		2,942,529
National Securities Clearing Corp., 1.50%, 04/23/2025^(b)		845,000		863,101
				108,332,228

Leisure Products–0.13%
Hasbro, Inc., 2.60%, 11/19/2022		3,860,000		3,959,630

Life & Health Insurance–4.16%
Athene Global Funding,
1.20%, 10/13/2023^(b)		8,205,000		8,314,127
0.95%, 01/08/2024^(b)(c)		5,000,000		5,031,962
1.45%, 01/08/2026^(b)(c)		3,086,000		3,111,678
2.95%, 11/12/2026^(b)(c)		5,573,000		5,982,670
Brighthouse Financial Global Funding,
0.81% (SOFR + 0.76%), 04/12/2024^(b)(e)		4,000,000		4,031,185
1.00%, 04/12/2024^(b)		2,857,000		2,880,625
1.55%, 05/24/2026^(b)		4,616,000		4,667,571
Equitable Financial Life Global Funding,
0.44% (SOFR + 0.39%), 04/06/2023^(b)(e)		10,000,000		10,024,185
0.50%, 11/17/2023^(b)(c)		6,667,000		6,673,725
0.80%, 08/12/2024^(b)		8,571,000		8,590,967


	Principal Amount		Value
Life & Health Insurance–(continued)
GA Global Funding Trust,
1.00%, 04/08/2024^(b)	$	8,609,000	$	8,673,474
1.63%, 01/15/2026^(b)(c)		1,387,000		1,412,877
New York Life Global Funding,
0.40% (3 mo. USD LIBOR + 0.28%), 01/10/2023^(b)(e)		35,000,000		35,098,733
0.27% (SOFR + 0.22%), 02/02/2023^(b)(e)		10,000,000		10,013,995
Principal Life Global Funding II, 0.50%(SOFR + 0.45%), 04/12/2024^(b)(e)		2,941,000		2,949,385
Protective Life Global Funding, 0.63%, 10/13/2023^(b)(c)		2,539,000		2,551,263
Reliance Standard Life Global Funding II, 2.50%, 10/30/2024^(b)		8,350,000		8,714,669
				128,723,091

Life Sciences Tools & Services–0.41%
Illumina, Inc., 0.55%, 03/23/2023		12,766,000		12,784,828

Managed Health Care–0.37%
Humana, Inc., 2.90%, 12/15/2022		3,835,000		3,950,578
UnitedHealth Group, Inc., 2.38%, 08/15/2024		7,000,000		7,377,007
				11,327,585

Metal & Glass Containers–0.15%
Ball Corp., 4.88%, 03/15/2026^(c)		846,000		950,693
Silgan Holdings, Inc., 1.40%, 04/01/2026^(b)		3,903,000		3,847,909
				4,798,602

Movies & Entertainment–0.80%
Netflix, Inc.,
5.50%, 02/15/2022		3,852,000		3,933,431
5.75%, 03/01/2024		6,120,000		6,807,276
4.38%, 11/15/2026^(c)		10,000,000		11,326,550
Tencent Music Entertainment Group (China), 1.38%, 09/03/2025		2,695,000		2,670,318
				24,737,575

Multi-line Insurance–0.05%
American International Group, Inc., 2.50%, 06/30/2025		1,586,000		1,668,351

Multi-Utilities–2.31%
Ameren Corp., 2.50%, 09/15/2024		2,585,000		2,708,987
Black Hills Corp., 1.04%, 08/23/2024		15,999,000		16,025,215
CenterPoint Energy, Inc.,
0.70% (SOFR + 0.65%), 05/13/2024^(e)		4,918,000		4,925,698
2.50%, 09/01/2024		9,432,000		9,878,129
Dominion Energy, Inc.,
Series D, 0.65% (3 mo. USD LIBOR + 0.53%), 09/15/2023^(e)		8,846,000		8,851,755
3.07%, 08/15/2024^(c)(g)		4,622,000		4,904,344
DTE Energy Co.,
Series H, 0.55%, 11/01/2022		10,856,000		10,886,120
Series C, 2.53%, 10/01/2024		4,809,000		5,041,185
Series F, 1.05%, 06/01/2025		4,413,000		4,405,263

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


9		Invesco Short Term Bond Fund


	Principal Amount		Value
Multi-Utilities–(continued)
PSEG Power LLC, 3.85%, 06/01/2023	$	3,695,000	$	3,901,962
				71,528,658

Office REITs–0.28%
Office Properties Income Trust,
4.25%, 05/15/2024		6,530,000		6,977,565
2.65%, 06/15/2026		1,639,000		1,673,556
				8,651,121

Oil & Gas Equipment & Services–0.13%
Schlumberger Holdings Corp., 3.75%, 05/01/2024^(b)		3,885,000		4,169,277

Oil & Gas Exploration & Production–1.12%
Canadian Natural Resources Ltd. (Canada), 2.95%, 01/15/2023		3,836,000		3,958,623
Cimarex Energy Co., 4.38%, 06/01/2024		3,694,000		3,994,535
Devon Energy Corp., 5.25%, 10/15/2027^(b)		9,117,000		9,702,156
Diamondback Energy, Inc., 0.90%, 03/24/2023		6,858,000		6,858,108
EQT Corp.,
3.00%, 10/01/2022^(c)		350,000		357,815
3.13%, 05/15/2026^(b)		2,000,000		2,057,500
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.16%, 03/31/2034^(b)		3,169,000		3,161,585
Pioneer Natural Resources Co., 0.55%, 05/15/2023		4,679,000		4,676,785
				34,767,107

Oil & Gas Refining & Marketing–0.12%
Phillips 66,
3.70%, 04/06/2023		776,000		815,209
1.30%, 02/15/2026		3,024,000		3,024,029
				3,839,238

Oil & Gas Storage & Transportation–4.37%
Enbridge, Inc. (Canada), 2.90%, 07/15/2022		4,622,000		4,715,559
Energy Transfer L.P.,
4.25%, 03/15/2023		2,921,000		3,054,578
5.88%, 01/15/2024		3,787,000		4,175,271
2.90%, 05/15/2025		4,079,000		4,283,141
5.50%, 06/01/2027		29,551,000		34,907,396
Enterprise Products Operating LLC, Series D, 4.88%, 08/16/2077^(d)		5,002,000		4,905,478
EQM Midstream Partners L.P., 4.75%, 07/15/2023		1,245,000		1,304,449
Kinder Morgan, Inc., 3.15%, 01/15/2023		3,142,000		3,253,096
MPLX L.P.,
1.22% (3 mo. USD LIBOR + 1.10%), 09/09/2022^(e)		7,522,000		7,521,818
3.50%, 12/01/2022		5,543,000		5,734,025
1.75%, 03/01/2026		10,912,000		11,054,930
ONEOK Partners L.P., 4.90%, 03/15/2025		4,160,000		4,642,033
ONEOK, Inc.,
4.25%, 02/01/2022		9,000,000		9,056,690
5.85%, 01/15/2026		3,715,000		4,365,381


	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023	$	3,884,000	$	4,095,595
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/2028		15,720,000		20,569,863
Western Midstream Operating L.P., 2.23% (3 mo. USD LIBOR + 2.10%), 01/13/2023^(e)		3,208,000		3,200,633
Williams Cos., Inc. (The), 3.35%, 08/15/2022		4,437,000		4,529,871
				135,369,807

Other Diversified Financial Services–1.29%
AIG Global Funding, 2.70%, 12/15/2021^(b)		7,047,000		7,095,694
Blackstone Secured Lending Fund, 2.75%, 09/16/2026		9,221,000		9,501,162
Equitable Holdings, Inc., 3.90%, 04/20/2023		3,004,000		3,163,975
LSEGA Financing PLC (United Kingdom), 0.65%, 04/06/2024^(b)		9,181,000		9,186,225
Pershing Square Holdings Ltd. (Guernsey), 5.50%, 07/15/2022^(b)		7,000,000		7,243,362
USAA Capital Corp., 1.50%, 05/01/2023^(b)		3,698,000		3,773,077
				39,963,495

Packaged Foods & Meats–0.26%
Conagra Brands, Inc., 4.30%, 05/01/2024		3,792,000		4,132,616
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024^(b)		3,700,000		3,801,750
				7,934,366

Paper Packaging–1.27%
Avery Dennison Corp., 0.85%, 08/15/2024		8,409,000		8,419,824
Berry Global, Inc.,
0.95%, 02/15/2024^(b)(c)		10,222,000		10,267,002
1.57%, 01/15/2026^(b)		1,614,000		1,630,253
4.88%, 07/15/2026^(b)		5,000,000		5,279,000
1.65%, 01/15/2027^(b)		9,251,000		9,226,531
Packaging Corp. of America, 3.65%, 09/15/2024		3,240,000		3,494,196
Sealed Air Corp., 5.50%, 09/15/2025^(b)		938,000		1,053,524
				39,370,330

Paper Products–0.79%
Georgia Pacific LLC,
1.75%, 09/30/2025^(b)		4,459,000		4,592,426
0.95%, 05/15/2026^(b)(c)		20,000,000		19,863,828
				24,456,254

Pharmaceuticals–0.95%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(b)		5,174,000		5,520,497
Elanco Animal Health, Inc., 5.27%, 08/28/2023^(c)		3,697,000		3,965,217
Mylan, Inc., 3.13%, 01/15/2023^(b)		3,836,000		3,967,379
Royalty Pharma PLC, 1.20%, 09/02/2025		2,697,000		2,691,304

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


10		Invesco Short Term Bond Fund


	Principal Amount		Value
Pharmaceuticals–(continued)
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023	$	3,787,000	$	4,091,931
Viatris, Inc.,
1.13%, 06/22/2022^(b)		5,715,000		5,747,240
1.65%, 06/22/2025^(b)		3,401,000		3,456,885
				29,440,453

Regional Banks–1.54%
Fifth Third Bancorp, 1.63%, 05/05/2023		4,194,000		4,277,228
First Niagara Financial Group, Inc., 7.25%, 12/15/2021		750,000		764,647
Huntington Bancshares, Inc., 2.63%, 08/06/2024		3,236,000		3,407,093
KeyBank N.A., 2.50%, 11/22/2021		4,023,000		4,043,946
M&T Bank Corp., 3.55%, 07/26/2023		1,530,000		1,619,474
PNC Financial Services Group, Inc. (The), 3.50%, 01/23/2024		3,545,000		3,791,410
Santander Holdings USA, Inc., 3.50%, 06/07/2024		3,153,000		3,364,702
Synovus Financial Corp., 3.13%, 11/01/2022		2,040,000		2,089,993
Truist Bank,
1.25%, 03/09/2023		9,640,000		9,782,608
3.20%, 04/01/2024		3,144,000		3,355,929
3.69%, 08/02/2024^(c)(d)		3,420,000		3,636,502
Zions Bancorporation N.A., 3.35%, 03/04/2022		7,611,000		7,709,813
				47,843,345

Restaurants–0.10%
Aramark Services, Inc., 5.00%, 04/01/2025^(b)		3,034,000		3,116,118

Retail REITs–0.29%
Kite Realty Group L.P., 4.00%, 10/01/2026		6,674,000		7,232,899
Simon Property Group L.P., 3.50%, 09/01/2025		1,689,000		1,843,520
				9,076,419

Semiconductors–1.32%
Analog Devices, Inc., 2.50%, 12/05/2021		4,825,000		4,844,810
Broadcom, Inc., 3.46%, 09/15/2026		11,771,000		12,790,251
Marvell Technology, Inc., 4.20%, 06/22/2023^(b)		3,695,000		3,915,500
Microchip Technology, Inc.,
4.33%, 06/01/2023		3,694,000		3,917,285
0.98%, 09/01/2024^(b)		2,590,000		2,588,756
Micron Technology, Inc., 4.64%, 02/06/2024		7,400,000		8,047,500
NXP B.V./NXP Funding LLC (China), 4.63%, 06/01/2023^(b)		4,387,000		4,683,851
				40,787,953


	Principal Amount		Value
Soft Drinks–0.46%
Coca-Cola Europacific Partners PLC (United Kingdom),
0.80%, 05/03/2024^(b)	$	9,999,000	$	9,990,737
1.50%, 01/15/2027^(b)		4,196,000		4,194,945
				14,185,682

Sovereign Debt–0.41%
Oman Government International Bond (Oman), 4.88%, 02/01/2025^(b)		1,390,000		1,459,924
Turkey Government International Bond (Turkey)
5.60%, 11/14/2024		5,347,000		5,558,453
4.75%, 01/26/2026		5,690,000		5,687,627
				12,706,004

Specialized Finance–0.08%
Element Fleet Management Corp. (Canada), 1.60%, 04/06/2024^(b)		2,291,000		2,326,206

Specialized REITs–0.84%
American Tower Corp.,
3.00%, 06/15/2023		4,767,000		4,977,426
0.60%, 01/15/2024		4,545,000		4,543,200
Equinix, Inc., 2.63%, 11/18/2024		11,850,000		12,456,689
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		3,698,000		3,911,944
				25,889,259

Specialty Chemicals–0.76%
Avient Corp., 5.25%, 03/15/2023^(c)		3,767,000		4,007,146
Celanese US Holdings LLC, 3.50%, 05/08/2024		3,700,000		3,952,314
DuPont de Nemours, Inc., 4.21%, 11/15/2023		3,049,000		3,285,563
PPG Industries, Inc., 2.40%, 08/15/2024^(c)		3,976,000		4,167,465
Sasol Financing USA LLC (South Africa), 4.38%, 09/18/2026		7,859,000		8,126,796
				23,539,284

Steel–0.36%
ArcelorMittal S.A. (Luxembourg), 3.60%, 07/16/2024		3,881,000		4,134,676
POSCO (South Korea), 2.38%, 01/17/2023^(b)		5,021,000		5,130,307
Steel Dynamics, Inc., 2.40%, 06/15/2025		1,738,000		1,812,955
				11,077,938

Systems Software–0.32%
Oracle Corp., 2.50%, 04/01/2025		3,455,000		3,625,432
VMware, Inc., 2.95%, 08/21/2022		6,285,000		6,430,194
				10,055,626

Technology Hardware, Storage & Peripherals–0.14%
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022		4,254,000		4,413,468

Tobacco–0.63%
Altria Group, Inc., 2.35%, 05/06/2025		1,549,000		1,616,261

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


11		Invesco Short Term Bond Fund


	Principal Amount		Value
Tobacco–(continued)
BAT Capital Corp. (United Kingdom),
3.22%, 08/15/2024^(c)	$	4,899,000	$	5,199,974
2.79%, 09/06/2024		4,148,000		4,360,041
BAT International Finance PLC (United Kingdom), 1.67%, 03/25/2026		4,112,000		4,137,799
Imperial Brands Finance PLC (United Kingdom), 3.13%, 07/26/2024^(b)		3,882,000		4,094,619
				19,408,694

Trading Companies & Distributors–0.36%
Air Lease Corp.,
2.30%, 02/01/2025		4,000,000		4,135,068
1.88%, 08/15/2026		7,000,000		7,026,082
				11,161,150

Trucking–2.04%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
3.45%, 07/01/2024^(b)		5,542,000		5,923,860
4.00%, 07/15/2025^(b)		4,719,000		5,193,394
1.20%, 11/15/2025^(b)		4,335,000		4,314,453
Ryder System, Inc.,
2.50%, 09/01/2024^(c)		5,974,000		6,264,394
4.63%, 06/01/2025		5,716,000		6,429,673
3.35%, 09/01/2025		7,704,000		8,330,485
Triton Container International Ltd. (Bermuda),
0.80%, 08/01/2023^(b)		10,000,000		9,998,337
1.15%, 06/07/2024^(b)		8,984,000		8,993,428
2.05%, 04/15/2026^(b)		7,801,000		7,874,847
				63,322,871

Wireless Telecommunication Services–1.25%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025^(b)		11,514,375		12,316,927
T-Mobile USA, Inc., 2.25%, 02/15/2026		4,337,000		4,434,583
2.25%, 02/15/2026^(b)(c)		4,604,000		4,707,590
2.63%, 04/15/2026		7,499,000		7,714,596
VEON Holdings B.V. (Netherlands), 4.00%, 04/09/2025^(b)		3,001,000		3,169,881
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024		5,888,000		6,343,377
				38,686,954
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,102,975,295)				2,153,778,543


	Principal Amount		Value
Asset-Backed Securities–18.37%
American Credit Acceptance Receivables Trust,
Series 2017-4, Class D, 3.57%, 01/10/2024^(b)	$	858,623	$	861,278
Series 2018-3, Class D, 4.14%, 10/15/2024^(b)		207,671		209,627
Series 2019-1, Class C, 3.50%, 04/14/2025^(b)		671,925		676,419
Series 2019-2, Class D, 3.41%, 06/12/2025^(b)		1,935,000		1,988,559
Series 2019-3, Class C, 2.76%, 09/12/2025^(b)		1,634,896		1,648,362
AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class D, 3.42%, 04/18/2023		3,075,000		3,103,077
Series 2017-4, Class D, 3.08%, 12/18/2023		1,480,000		1,507,943
Series 2018-3, Class C, 3.74%, 10/18/2024		3,465,000		3,569,579
Series 2019-2, Class C, 2.74%, 04/18/2025		1,335,000		1,374,584
Series 2019-2, Class D, 2.99%, 06/18/2025		3,700,000		3,842,534
Series 2019-3, Class D, 2.58%, 09/18/2025		1,830,000		1,885,106
Angel Oak Mortgage Trust,
Series 2019-3, Class A1, 2.93%, 05/25/2059^(b)(h)		2,801,851		2,815,742
Series 2020-1, Class A1, 2.16%, 12/25/2059^(b)(h)		2,128,446		2,142,466
Series 2020-3, Class A1, 1.69%, 04/25/2065^(b)(h)		6,216,335		6,263,616
Series 2021-3, Class A1, 1.07%, 05/25/2066^(b)(h)		5,593,485		5,608,676
Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1, 3.65%, 09/25/2048^(b)(h)		1,581,775		1,592,526
Series 2019-2, Class A1, 3.63%, 03/25/2049^(b)(h)		2,103,599		2,127,503
Angel Oak Mortgage Trust LLC, Series 2020-5, Class A1, 1.37%, 05/25/2065^(b)(h)		4,138,676		4,162,449
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 1.32% (3 mo. USD LIBOR + 1.18%), 07/25/2034^(b)(e)		11,812,000		11,812,734
Banc of America Mortgage Trust, Series 2004-D, Class 2A2, 2.54%, 05/25/2034^(h)		20,436		21,127
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3, 2.19%, 08/25/2033^(h)		40,422		41,398
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(e)		149,478		152,947
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(e)		297,303		302,230
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051⁽ⁱ⁾		26,089,838		687,971

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


12		Invesco Short Term Bond Fund


	Principal Amount		Value
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060^(b)(h)	$	4,697,423	$	4,712,285
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024^(b)(i)		65,604		385
CarMax Auto Owner Trust,
Series 2017-4, Class D, 3.30%, 05/15/2024		1,120,000		1,126,504
Series 2018-1, Class D, 3.37%, 07/15/2024		810,000		820,636
Series 2018-3, Class A3, 3.13%, 06/15/2023		2,945,821		2,970,497
Series 2018-4, Class C, 3.85%, 07/15/2024		1,170,000		1,218,990
CCG Receivables Trust,
Series 2018-2, Class C, 3.87%, 12/15/2025^(b)		755,000		765,453
Series 2019-1, Class B, 3.22%, 09/14/2026^(b)		2,540,000		2,615,125
Series 2019-1, Class C, 3.57%, 09/14/2026^(b)		555,000		573,491
Series 2019-2, Class B, 2.55%, 03/15/2027^(b)		1,445,000		1,483,798
Series 2019-2, Class C, 2.89%, 03/15/2027^(b)		695,000		711,897
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 1.06%, 11/13/2050⁽ⁱ⁾		8,701,447		320,247
Chase Home Lending Mortgage Trust,
Series 2019-ATR1, Class A15, 4.00%, 04/25/2049^(b)(h)		180,014		182,436
Series 2019-ATR2, Class A3, 3.50%, 07/25/2049^(b)(h)		3,094,583		3,161,409
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.05%, 01/25/2036^(h)		314,001		303,042
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.33% (3 mo. USD LIBOR + 1.20%), 10/17/2031^(b)(e)		2,390,000		2,392,119
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 1.17%, 11/10/2046⁽ⁱ⁾		11,127,922		202,456
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		573,769		596,658
Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050⁽ⁱ⁾		22,972,357		1,074,339
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1, 2.72%, 07/25/2049^(b)(h)		3,198,253		3,230,832
Citigroup Mortgage Loan Trust, Inc.,
Series 2004-UST1, Class A4, 1.86%, 08/25/2034^(h)		79,429		77,902
Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(e)		663,663		694,413
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		750,000		754,848


	Principal Amount		Value
COLT Mortgage Loan Trust,
Series 2020-1, Class A1, 2.49%, 02/25/2050^(b)(h)	$	3,388,859	$	3,398,724
Series 2020-1, Class A2, 2.69%, 02/25/2050^(b)(h)		874,778		877,309
Series 2020-1R, Class A1, 1.26%, 09/25/2065^(b)(h)		2,029,741		2,036,568
Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(h)		2,451,875		2,465,186
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045⁽ⁱ⁾		11,440,840		170,620
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		459,670		478,146
Countrywide Home Loans Mortgage Pass Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		280,948		283,036
Series 2005-JA, Class A7, 5.50%, 11/25/2035		351,721		348,948
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065^(b)(g)		4,072,597		4,084,963
Credit Suisse Mortgage Trust,
Series 2020-AFC1, Class A1, 2.24%, 02/25/2050^(b)(h)		7,776,292		7,872,311
Series 2021-INV1, Class A4, 2.50%, 07/25/2056^(b)(h)		17,365,000		17,845,246
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065^(b)(h)		2,038,811		2,040,521
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066^(b)(h)		8,285,110		8,305,028
DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, 05/20/2049^(b)		8,820,000		8,924,904
Deephaven Residential Mortgage Trust, Series 2019-4A, Class A1, 2.79%, 10/25/2059^(b)(h)		1,167,321		1,171,789
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024^(b)		4,465,000		4,504,392
Series 2019-2, Class D, 2.48%, 04/22/2025^(b)		1,530,000		1,545,744
Drive Auto Receivables Trust,
Series 2017-1, Class D, 3.84%, 03/15/2023		232,201		232,678
Series 2018-2, Class D, 4.14%, 08/15/2024		1,496,346		1,521,726
Series 2018-3, Class D, 4.30%, 09/16/2024		1,767,140		1,801,842
Series 2018-5, Class C, 3.99%, 01/15/2025		1,249,566		1,261,414
Series 2019-1, Class C, 3.78%, 04/15/2025		1,892,086		1,904,952
Series 2019-3, Class C, 2.90%, 08/15/2025		2,525,000		2,557,552
Series 2019-3, Class D, 3.18%, 10/15/2026		2,885,000		2,975,051

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


13		Invesco Short Term Bond Fund


	Principal Amount		Value
DT Auto Owner Trust,
Series 2017-3A, Class E, 5.60%, 08/15/2024^(b)	$	1,732,474	$	1,744,222
Series 2017-4A, Class E, 5.15%, 11/15/2024^(b)		1,949,342		1,959,507
Series 2018-2A, Class D, 4.15%, 03/15/2024^(b)		750,068		759,771
Series 2018-3A, Class C, 3.79%, 07/15/2024^(b)		158,223		158,446
Series 2019-3A, Class C, 2.74%, 04/15/2025^(b)		2,890,000		2,917,238
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065^(b)(h)		1,276,092		1,287,242
Series 2021-1, Class A1, 0.80%, 02/25/2066^(b)(h)		2,729,084		2,726,783
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024^(b)		4,215,000		4,339,643
Series 2019-2A, Class C, 3.30%, 03/15/2024^(b)		2,862,754		2,887,607
Series 2019-4A, Class D, 2.58%, 09/15/2025^(b)		3,225,000		3,311,465
Flagstar Mortgage Trust, Series 2021-8INV, Class A6, 2.50%, 09/25/2051^(b)(h)		2,475,000		2,550,507
FREMF Mortgage Trust,
Series 2012-K23, Class C, 3.78%, 10/25/2045^(b)(h)		5,250,000		5,383,384
Series 2013-K25, Class C, 3.74%, 11/25/2045^(b)(h)		2,362,000		2,431,626
Series 2013-K26, Class C, 3.72%, 12/25/2045^(b)(h)		1,642,030		1,694,806
Series 2013-K27, Class C, 3.62%, 01/25/2046^(b)(h)		530,000		547,243
Series 2013-K28, Class C, 3.61%, 06/25/2046^(b)(h)		530,000		550,233
Series 2013-K29, Class C, 3.60%, 05/25/2046^(b)(h)		1,915,000		1,993,992
Series 2013-K30, Class C, 3.67%, 06/25/2045^(b)(h)		917,000		956,923
Series 2015-K721, Class B, 3.68%, 11/25/2047^(b)(h)		1,150,000		1,181,954
Series 2017-K724, Class B, 5.26%, 12/25/2049^(b)(h)		1,395,000		1,470,753
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, 2.66%, 10/25/2059^(b)(h)		555,777		564,447
GCAT Trust,
Series 2019-NQM2, Class A1, 2.86%, 09/25/2059^(b)(g)		2,274,103		2,286,852
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059^(b)(h)		4,208,742		4,316,504
Series 2020-NQM2, Class A1, 1.56%, 04/25/2065^(b)(g)		2,014,528		2,025,334
GMF Floorplan Owner Revolving Trust,
Series 2018-4, Class B, 3.68%, 09/15/2023^(b)		2,725,000		2,728,503
Series 2018-4, Class C, 3.88%, 09/15/2023^(b)		3,405,000		3,409,115
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 1.20% (3 mo. USD LIBOR + 1.07%), 01/20/2033^(b)(e)		6,000,000		6,005,625


	Principal Amount		Value
GoldenTree Loan Management US CLO 2 Ltd., Series 2017-2A, Class A, 1.28% (3 mo. USD LIBOR + 1.15%), 11/28/2030^(b)(e)	$	6,022,000	$	6,028,111
Golub Capital Partners CLO 35(B) Ltd., Series 2017-35A, Class AR, 1.32% (3 mo. USD LIBOR + 1.19%), 07/20/2029^(b)(e)		9,000,000		9,014,345
GS Mortgage Securities Trust,
Series 2012-GC6, Class A3, 3.48%, 01/10/2045		193,370		193,363
Series 2012-GC6, Class AS, 4.95%, 01/10/2045^(b)		2,500,000		2,516,919
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		112,380		113,767
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		456,571		472,153
GS Mortgage-Backed Securities Trust, Series 2021-INV, Class A6, 2.50%, 12/25/2051^(b)(h)		5,988,000		6,165,868
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.07%, 07/25/2035^(h)		67,118		69,737
Hertz Vehicle Financing LLC,
Series 2021-1A, Class A, 1.21%, 12/26/2025^(b)		1,584,000		1,595,160
Series 2021-1A, Class B, 1.56%, 12/26/2025^(b)		700,000		706,648
Hilton Grand Vacations Trust, Series 2019 AA, Class A, 2.34%, 07/25/2033^(b)		2,596,874		2,674,986
Home Partners of America Trust,
Series 2018-1, Class A, 0.99% (1 mo. USD LIBOR + 0.90%), 07/17/2037^(b)(e)		1,330,914		1,335,734
Series 2018-1, Class B, 1.19% (1 mo. USD LIBOR + 1.10%), 07/17/2037^(b)(e)		2,970,000		2,976,112
Series 2018-1, Class��C, 1.34% (1 mo. USD LIBOR + 1.25%), 07/17/2037^(b)(e)		1,350,000		1,352,932
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.70% (1 mo. USD LIBOR + 0.62%), 07/25/2035^(e)		3,818		3,825
ICG US CLO Ltd., Series 2016-1A, Class A1RR, 1.38% (3 mo. USD LIBOR + 1.25%), 04/29/2034^(b)(e)		3,000,000		3,003,990
Invitation Homes Trust,
Series 2017-SFR2, Class A, 0.94% (1 mo. USD LIBOR + 0.85%), 12/17/2036^(b)(e)		822,721		824,588
Series 2017-SFR2, Class B, 1.24% (1 mo. USD LIBOR + 1.15%), 12/17/2036^(b)(e)		483,179		484,334
Series 2017-SFR2, Class C, 1.54% (1 mo. USD LIBOR + 1.45%), 12/17/2036^(b)(e)		924,779		927,146
IP Lending II Ltd., Series 2021-2A, Class SNR, 3.65%, 07/15/2025^(b)		5,000,000		5,000,000

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


14		Invesco Short Term Bond Fund


	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C16, Class AS, 4.52%, 12/15/2046	$	2,335,000	$	2,508,204
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		1,242,791		1,242,450
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.54%, 07/25/2035^(h)		239,590		245,380
JPMBB Commercial Mortgage Securities Trust, Series 2015- C27, Class XA, IO, 1.29%, 02/15/2048⁽ⁱ⁾		26,801,231		893,668
KNDL Mortgage Trust,
Series 2019-KNSQ, Class A, 0.90% (1 mo. USD LIBOR + 0.80%), 05/15/2036^(b)(e)		7,750,000		7,766,185
Series 2019-KNSQ, Class C, 1.15% (1 mo. USD LIBOR + 1.05%), 05/15/2036^(b)(e)		4,250,000		4,255,458
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(b)(h)		22,658		10,213
Life Mortgage Trust,
Series 2021-BMR, Class A, 0.80% (1 mo. USD LIBOR + 0.70%), 03/15/2038^(b)(e)		7,380,000		7,395,902
Series 2021-BMR, Class B, 0.98% (1 mo. USD LIBOR + 0.88%), 03/15/2038^(b)(e)		3,580,000		3,588,493
Master Credit Card Trust II, Series 2020-1A, Class A, 1.99%, 09/21/2024^(b)		15,000,000		15,401,334
Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A4, 2.50%, 08/25/2051^(b)(h)		4,581,000		4,706,441
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.25%, 11/25/2035^(h)		550,169		557,179
MMAF Equipment Finance LLC,
Series 2020-A, Class A2, 0.74%, 04/09/2024^(b)		4,229,173		4,245,270
Series 2020-A, Class A3, 0.97%, 04/09/2027^(b)		5,800,000		5,865,037
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		2,235,000		2,315,414
Morgan Stanley Capital I Trust,
Series 2017-CLS, Class A, 0.80% (1 mo. USD LIBOR + 0.70%), 11/15/2034^(b)(e)		8,028,000		8,033,551
Series 2017-CLS, Class B, 0.95% (1 mo. USD LIBOR + 0.85%), 11/15/2034^(b)(e)		3,944,000		3,946,944
Series 2017-CLS, Class C, 1.10% (1 mo. USD LIBOR + 1.00%), 11/15/2034^(b)(e)		2,676,000		2,678,688
Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050⁽ⁱ⁾		8,640,452		346,044


	Principal Amount		Value
Motel Trust,
Series 2021-MTL6, Class A, 1.00% (1 mo. USD LIBOR + 0.90%), 09/15/2038^(b)(e)	$	1,940,000	$	1,946,968
Series 2021-MTL6, Class B, 1.30% (1 mo. USD LIBOR + 1.20%), 09/15/2038^(b)(e)		780,000		782,924
MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038^(b)		2,607,047		2,659,157
MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036^(b)		2,073,618		2,147,444
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.15% (3 mo. USD LIBOR + 1.02%), 04/19/2030^(b)(e)		7,455,000		7,469,605
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059^(b)(h)		1,523,526		1,536,615
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060^(b)(h)		2,497,329		2,522,507
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051^(b)(h)		5,616,000		5,776,545
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1A, 1.39% (3 mo. USD LIBOR + 1.26%), 07/15/2030^(b)(e)		5,145,000		5,147,700
Series 2017-13A, Class A1AR, 1.00% (3 mo. USD LIBOR + 0.96%), 07/15/2030^(b)(e)		5,145,000		5,147,572
Series 2020-8RA, Class A1, 1.35% (3 mo. USD LIBOR + 1.22%), 01/17/2032^(b)(e)		9,602,000		9,611,602
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.35% (3 mo. USD LIBOR + 1.22%), 01/15/2033^(b)(e)		8,832,000		8,841,034
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.39% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(b)(e)		7,550,413		7,566,596
Onslow Bay Financial LLC, Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059^(b)(h)		689,931		701,950
PPM CLO 3 Ltd., Series 2019-3A, Class AR, 1.22% (3 mo. USD LIBOR + 1.09%), 04/17/2034^(b)(e)		3,874,000		3,882,734
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(b)		1,560,000		1,583,906
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(b)		5,005,000		5,074,259
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 2.24%, 07/26/2045^(b)(h)		1,760		1,764
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		4,485		4,281
Residential Mortgage Loan Trust,
Series 2019-3, Class A1, 2.63%, 09/25/2059^(b)(h)		844,933		853,969
Series 2020-1, Class A1, 2.38%, 02/25/2024^(b)(h)		2,056,987		2,079,622

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


15		Invesco Short Term Bond Fund


	Principal Amount		Value
Santander Drive Auto Receivables Trust,
Series 2017-3, Class D, 3.20%, 11/15/2023	$	1,622,669	$	1,633,175
Series 2018-1, Class D, 3.32%, 03/15/2024		834,769		842,482
Series 2018-2, Class D, 3.88%, 02/15/2024		1,824,495		1,850,788
Series 2019-2, Class D, 3.22%, 07/15/2025		2,675,000		2,755,406
Series 2019-3, Class D, 2.68%, 10/15/2025		2,230,000		2,285,137
Santander Retail Auto Lease Trust,
Series 2019-A, Class C, 3.30%, 05/22/2023^(b)		4,295,000		4,344,027
Series 2019-B, Class C, 2.77%, 08/21/2023^(b)		1,555,000		1,581,413
Series 2019-C, Class C, 2.39%, 11/20/2023^(b)		2,845,000		2,897,068
Sequoia Mortgage Trust,
Series 2013-3, Class A1, 2.00%, 03/25/2043^(h)		683,958		688,797
Series 2013-6, Class A2, 3.00%, 05/25/2043^(h)		1,008,550		1,019,492
Series 2013-7, Class A2, 3.00%, 06/25/2043^(h)		586,811		593,569
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class A, 2.34%, 08/20/2036^(b)		3,073,663		3,143,532
Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 08/20/2051^(b)		4,610,000		4,630,878
Star Trust, Series 2021-SFR1, Class A, 0.69% (1 mo. USD LIBOR + 0.60%), 04/17/2038^(b)(e)		18,579,790		18,587,084
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050^(b)(h)		1,298,707		1,313,310
Series 2020-INV1, Class A1, 1.03%, 11/25/2055^(b)(h)		3,399,979		3,401,747
Structured Asset Securities Corp. Pass-Through Ctfs., Series 2002-AL1, Class AIO, 3.45%, 02/25/2032		744,863		128,292
Taconic Park CLO Ltd., Series 2016-1A, Class A1R, 1.13% (3 mo. USD LIBOR + 1.00%), 01/20/2029^(b)(e)		12,119,000		12,136,278
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046^(b)		8,078,667		8,192,826
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.41% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(b)(e)		7,162,000		7,179,866
Towd Point Mortgage Trust,
Series 2016-3, Class A1, 2.25%, 04/25/2056^(b)(h)		230,731		231,618
Series 2017-2, Class A1, 2.75%, 04/25/2057^(b)(h)		1,938,261		1,965,386
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.13%, 11/15/2050⁽ⁱ⁾		14,866,398		631,804
Vendee Mortgage Trust, Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025^(j)		801,040		7,890


	Principal Amount		Value
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060^(b)(g)	$	4,934,620	$	5,005,753
Series 2020-INV1, Class A1, 0.33%, 03/25/2060^(b)(h)		1,201,502		1,212,503
Series 2021-1, Class A1B, 1.32%, 01/25/2066^(b)(h)		5,138,301		5,145,909
Series 2021-2, Class A1, 1.03%, 02/25/2066^(b)(h)		2,951,218		2,950,850
Series 2021-R1, Class A1, 0.82%, 10/25/2063^(b)(h)		5,440,323		5,445,866
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055^(b)		3,476,653		3,496,012
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.56%, 10/25/2033^(h)		116,749		118,180
Series 2005-AR14, Class 1A4, 2.89%, 12/25/2035^(h)		49,070		49,831
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035^(h)		219,306		223,535
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class A2, 2.63%, 05/15/2048		202,525		202,465
Series 2017-C42, Class XA, IO, 1.03%, 12/15/2050⁽ⁱ⁾		12,009,832		566,270
Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049^(b)		6,615,000		7,061,704
Westlake Automobile Receivables Trust,
Series 2019-2A, Class C, 2.84%, 07/15/2024^(b)		2,805,000		2,834,003
Series 2019-3A, Class C, 2.49%, 10/15/2024^(b)		3,590,000		3,639,469
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class XA, IO, 1.64%, 12/15/2045^(b)(i)		3,159,331		44,608
Series 2012-C6, Class XA, IO, 2.31%, 04/15/2045^(b)(i)		783,192		1,072
Series 2013-C16, Class B, 5.17%, 09/15/2046^(h)		4,500,000		4,749,684
World Financial Network Credit Card Master Trust,
Series 2019-A, Class A, 3.14%, 12/15/2025		1,000,000		1,013,440
Series 2019-B, Class A, 2.49%, 04/15/2026		3,665,000		3,731,108
Series 2019-C, Class A, 2.21%, 07/15/2026		3,130,000		3,195,119
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(b)		9,995,000		10,344,379
Total Asset-Backed Securities (Cost $566,423,945)				569,060,542

U.S. Treasury Securities–4.57%
U.S. Treasury Bills–0.15%
0.05%, 02/17/2022^(k)(l)		4,648,000		4,647,018

U.S. Treasury Notes–4.42%
0.13%, 08/31/2023		40,832,000		40,768,998
0.38%, 08/15/2024		36,973,400		36,947,403
0.75%, 08/31/2026		59,248,200		59,183,397
				136,899,798
Total U.S. Treasury Securities (Cost $141,482,284)				141,546,816

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


16		Invesco Short Term Bond Fund


	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.94%
Collateralized Mortgage Obligations–0.56%
Fannie Mae Interest STRIPS,
IO, 7.50%, 05/25/2023 to 11/25/2029^(j)	$	671,208	$	121,459
6.50%, 02/25/2032 to 07/25/2032^(j)		339,971		61,082
6.00%, 12/25/2032 to 09/25/2035^(j)		830,453		134,570
5.50%, 11/25/2033 to 06/25/2035^(j)		642,126		107,785
PO, 0.00%, 09/25/2032^(m)		27,149		25,587
Fannie Mae REMICs,
7.50%, 09/25/2022		72,041		73,830
6.50%, 06/25/2023 to 11/25/2029		100,877		111,329
1.08% (1 mo. USD LIBOR + 1.00%), 04/25/2032^(e)		48,063		49,164
0.59% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(e)		22,374		22,520
0.48% (1 mo. USD LIBOR + 0.40%), 11/25/2033 to 03/25/2042^(e)		115,536		116,453
5.50%, 04/25/2035 to 07/25/2046^(j)		3,878,524		3,314,336
24.26% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(e)		81,412		133,434
23.89% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		303,861		487,097
23.89% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		42,924		69,400
5.00%, 04/25/2040 to 09/25/2047^(e)(j)		7,346,124		1,477,173
4.00%, 03/25/2041 to 08/25/2047^(j)		1,584,583		240,524
0.53% (1 mo. USD LIBOR + 0.45%), 02/25/2047^(e)		63,895		64,403
IO, 6.62% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 02/25/2035^(e)(j)		858,454		159,520
3.00%, 11/25/2027^(j)		1,226,037		69,010
7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031 to 12/18/2031^(e)(j)		181,082		35,026
7.82% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(e)(j)		35,528		7,192
7.87% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032 to 07/25/2032^(e)(j)		218,401		38,234
7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032^(e)(j)		73,499		16,172
8.02% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032^(e)(j)		103,715		23,318
6.92% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(e)(j)		69,542		12,544
7.72% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(e)(j)		34,982		7,669
7.92% (8.00% - (1.00 x 1 mo. USD LIBOR)), 07/25/2032 to 09/25/2032^(e)(j)		227,998		51,329


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(e)(j)	$	161,037	$	32,811
8.17% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033^(e)(j)		192,766		44,891
7.00%, 04/25/2033^(j)		960,762		182,414
5.97% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038^(e)(j)		434,853		68,930
6.67% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 05/25/2035^(e)(j)		319,319		42,389
6.52% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(e)(j)		181,865		27,774
3.50%, 08/25/2035^(j)		4,070,878		501,885
6.46% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037^(e)(j)		148,102		27,521
6.47% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(e)(j)		463,172		90,564
6.07% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(e)(j)		821,666		170,356
4.50%, 02/25/2043^(j)		277,270		44,918
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024⁽ⁱ⁾		59,380,184		488,729
Series KC03, Class X1, IO, 0.63%, 11/25/2024⁽ⁱ⁾		37,495,175		497,718
Series K734, Class X1, IO, 0.78%, 02/25/2026⁽ⁱ⁾		27,568,337		679,372
Series K735, Class X1, IO, 1.10%, 05/25/2026⁽ⁱ⁾		27,099,595		1,096,141
Series K093, Class X1, IO, 1.09%, 05/25/2029⁽ⁱ⁾		22,339,194		1,461,832
Freddie Mac REMICs,
1.73% (COF 11 + 1.45%), 12/15/2023^(e)		323,174		327,412
6.50%, 04/15/2028 to 06/15/2032		844,042		970,798
6.00%, 01/15/2029 to 04/15/2029		404,910		455,545
7.50%, 09/15/2029		59,194		68,584
8.00%, 03/15/2030		34,824		41,409
1.05% (1 mo. USD LIBOR + 0.95%), 08/15/2031 to 01/15/2032^(e)		71,148		72,838
1.10% (1 mo. USD LIBOR + 1.00%), 12/15/2031 to 03/15/2032^(e)		144,617		147,407
0.60% (1 mo. USD LIBOR + 0.50%), 01/15/2033^(e)		3,085		3,130
5.00%, 08/15/2035		1,365,748		1,567,555
4.00%, 06/15/2038 to 03/15/2045^(j)		982,272		181,622
IO, 5.90% (6.00% - (1.00 x 1 mo. USD LIBOR)), 03/15/2024 to 04/15/2038^(e)(j)		255,910		19,216
3.00%, 06/15/2027 to 12/15/2027^(j)		4,204,183		241,118
2.50%, 05/15/2028^(j)		843,629		44,795
8.61% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028^(e)(j)		42,033		3,260

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


17		Invesco Short Term Bond Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
7.95% (8.05% - (1.00 x 1 mo. USD LIBOR)), 02/15/2029^(e)(j)	$	176,357	$	27,501
7.65% (7.75% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029^(e)(j)		165,578		23,935
8.00% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029 to 09/15/2029^(e)(j)		106,275		17,806
6.60% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(e)(j)		466,559		75,223
6.65% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(e)(j)		111,336		16,932
6.62% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035^(e)(j)		346,782		50,784
6.05% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035^(e)(j)		496,156		61,890
6.90% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(e)(j)		67,973		15,130
5.97% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(e)(j)		898,217		159,805
6.15% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(e)(j)		174,507		29,972
6.00% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(e)(j)		995,444		140,130
Freddie Mac STRIPS,
IO, 3.00%, 12/15/2027^(j)		1,818,066		109,936
3.27%, 12/15/2027⁽ⁱ⁾		480,956		25,261
6.50%, 02/01/2028^(j)		18,987		2,530
7.00%, 09/01/2029^(j)		141,526		23,829
7.50%, 12/15/2029^(j)		60,010		10,824
6.00%, 12/15/2032^(j)		54,905		8,370
				17,432,952

Federal Home Loan Mortgage Corp. (FHLMC)–0.09%
6.00%, 01/01/2022 to 07/01/2024		146,541		161,873
6.50%, 01/01/2022 to 04/01/2034		84,564		95,514
9.00%, 08/01/2022 to 05/01/2025		2,461		2,645
8.50%, 05/01/2024 to 08/17/2026		37,487		37,876
7.00%, 10/25/2024 to 03/01/2035		801,757		904,989
7.50%, 01/01/2032 to 02/01/2032		447,980		519,983
5.00%, 07/01/2033 to 06/01/2034		234,465		266,529
5.50%, 09/01/2039		542,004		628,649
ARM, 1.84% (6 mo. USD LIBOR + 1.63%), 07/01/2036^(e)		18,477		19,292
2.49% (1 yr. USD LIBOR + 2.14%), 02/01/2037^(e)		7,326		7,879
2.45% (1 yr. USD LIBOR + 2.08%), 01/01/2038^(e)		7,068		7,425
				2,652,654


	Principal Amount		Value
Federal National Mortgage Association (FNMA)–0.23%
5.00%, 12/01/2021 to 06/01/2022	$	452	$	471
8.00%, 12/01/2022 to 07/01/2032		89,953		92,056
6.50%, 11/01/2023 to 10/01/2035		1,402,432		1,580,340
7.00%, 11/01/2025 to 08/01/2036		1,687,214		1,896,131
7.50%, 02/01/2027 to 08/01/2033		1,070,599		1,227,318
9.00%, 01/01/2030		31,433		31,984
8.50%, 05/01/2030 to 07/01/2032		97,936		108,198
6.00%, 06/01/2030 to 03/01/2037		1,720,324		2,032,782
5.50%, 02/01/2035 to 05/01/2036		226,310		262,625
ARM, 2.33% (1 yr. U.S. Treasury Yield Curve Rate + 2.22%), 11/01/2032^(e)		17,571		17,714
2.29% (1 yr. U.S. Treasury Yield Curve Rate + 2.18%), 05/01/2035^(e)		34,655		37,037
2.09% (1 yr. USD LIBOR + 1.69%), 03/01/2038^(e)		8,957		9,427
				7,296,083

Government National Mortgage Association (GNMA)–0.06%
8.00%, 02/15/2022 to 08/15/2028		9,420		9,463
7.50%, 10/15/2022 to 11/15/2026		21,234		22,696
6.50%, 07/15/2023 to 02/15/2034		480,102		537,815
7.00%, 10/15/2026 to 01/20/2030		81,605		86,972
8.50%, 07/20/2027		31,216		34,758
IO, 6.45% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(e)(j)		869,599		164,046
6.55% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(e)(j)		1,370,036		214,642
4.50%, 09/16/2047^(j)		2,346,988		343,109
6.10% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(e)(j)		2,473,070		458,595
				1,872,096
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $28,463,901)				29,253,785

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


18		Invesco Short Term Bond Fund


	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.50%
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M2, 6.08% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(e)	$	1,946,075	$	2,039,027
Series 2018-R07, Class 1M2, 2.48% (1 mo. USD LIBOR + 2.40%), 04/25/2031^(b)(e)		1,065,941		1,071,419
Series 2019-R02, Class 1M2, 2.38% (1 mo. USD LIBOR + 2.30%), 08/25/2031^(b)(e)		457,377		460,861
Series 2019-R03, Class 1M2, 2.23% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(b)(e)		439,642		442,726
Freddie Mac,
Series 2013-DN2, Class M2, STACR^®, 4.33% (1 mo. USD LIBOR + 4.25%), 11/25/2023^(e)		1,620,475		1,658,333
Series 2014-DN1, Class M3, STACR^®, 4.58% (1 mo. USD LIBOR + 4.50%), 02/25/2024^(e)		968,202		996,918
Series 2014-DN3, Class M3, STACR^®, 4.08% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(e)		830,555		847,275
Series 2014-HQ2, Class M3, STACR^®, 3.83% (1 mo. USD LIBOR + 3.75%), 09/25/2024^(e)		1,972,197		2,033,625
Series 2014-DN4, Class M3, STACR^®, 4.63% (1 mo. USD LIBOR + 4.55%), 10/25/2024^(e)		120,139		122,965
Series 2016-DNA2, Class M3, STACR^®, 4.73% (1 mo. USD LIBOR + 4.65%), 10/25/2028^(e)		844,450		878,180
Series 2018-HQA1, Class M2, STACR^®, 2.38% (1 mo. USD LIBOR + 2.30%), 09/25/2030^(e)		1,188,732		1,205,301
Series 2018-DNA2, Class M1, STACR^®, 0.88% (1 mo. USD LIBOR + 0.80%), 12/25/2030^(b)(e)		556,563		556,628
Series 2018-HRP1, Class M2, STACR^®, 1.73% (1 mo. USD LIBOR + 1.65%), 04/25/2043^(b)(e)		1,832,452		1,837,996
Series 2018-DNA3, Class M1, STACR^®, 0.83% (1 mo. USD LIBOR + 0.75%), 09/25/2048^(b)(e)		2,126		2,126
Series 2018-HQA2, Class M1, STACR^®, 0.83% (1 mo. USD LIBOR + 0.75%), 10/25/2048^(b)(e)		364,551		364,583
Series 2019-HRP1, Class M2, STACR^®, 1.48% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(b)(e)		827,900		833,577
Series 2020-DNA5, Class M1, STACR^®, 1.35% (30 Day Average SOFR + 1.30%), 10/25/2050^(b)(e)		71,898		71,900
Total Agency Credit Risk Transfer Notes (Cost $15,548,091)				15,423,440


	Shares		Value
Preferred Stocks–0.13%
Diversified Banks–0.07%
JPMorgan Chase & Co., 3.60%, Series I, Pfd.^(e)		1,956,000	$	1,960,459

Regional Banks–0.06%
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.^(d)		75,000		1,950,750
Total Preferred Stocks (Cost $4,017,157)				3,911,209

Money Market Funds–5.96%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(n)(o)		64,807,538		64,807,538
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(n)(o)		45,670,970		45,689,238
Invesco Treasury Portfolio, Institutional Class, 0.01%^(n)(o)		74,065,757		74,065,757
Total Money Market Funds (Cost $184,562,295)				184,562,533
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $3,043,472,968)				3,097,536,868

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.65%
Invesco Private Government Fund, 0.02%^(n)(o)(p)		24,636,243		24,636,243
Invesco Private Prime Fund, 0.11%^(n)(o)(p)		57,461,582		57,484,568
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $82,120,811)				82,120,811
TOTAL INVESTMENTS IN SECURITIES–102.65% (Cost $3,125,593,779)				3,179,657,679
OTHER ASSETS LESS LIABILITIES–(2.65)%				(82,206,495	)
NET ASSETS–100.00%			$	3,097,451,184

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


19		Invesco Short Term Bond Fund

Investment Abbreviations:


ARM		– Adjustable Rate Mortgage
CLO		– Collateralized Loan Obligation
COF		– Cost of Funds
Ctfs.		– Certificates
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
PO		– Principal Only
REIT		– Real Estate Investment Trust
REMICs		– Real Estate Mortgage Investment Conduits
SOFR		– Secured Overnight Financing Rate
STACR^®		– Structured Agency Credit Risk
STRIPS		– Separately Traded Registered Interest and Principal Security
USD		– U.S. Dollar

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)

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, 2021 was $1,222,910,718, which represented 39.48% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at August 31, 2021.

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

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(f)	Perpetual bond with no specified maturity date.

^(g)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(h)	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, 2021.

⁽ⁱ⁾

^(j)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(k)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

^(l)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(m)	Zero coupon bond issued at a discount.

⁽ⁿ⁾


	Value February 28, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value August 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	52,258,944		$	211,320,890		$	(198,772,296	)		$	-			$	-		$	64,807,538		$	5,041
Invesco Liquid Assets Portfolio, Institutional Class			38,508,674			150,142,844			(142,962,279	)			(4,776	)			4,775			45,689,238			1,481
Invesco Treasury Portfolio, Institutional Class			59,724,507			241,509,588			(227,168,338	)			-				-			74,065,757			2,214
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,957,312			190,015,939			(167,337,008	)			-				-			24,636,243			1,195	*
Invesco Private Prime Fund			2,935,968			341,403,650			(286,855,051	)			-				-			57,484,568			17,956	*
Total		$	155,385,405		$	1,134,392,911		$	(1,023,094,972	)		$	(4,776	)		$	4,775		$	266,683,344		$	27,887
* 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.

^(o)	The rate shown is the 7-day SEC standardized yield as of August 31, 2021.

^(p)	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.


20		Invesco Short Term Bond Fund

Open Futures Contracts


										Unrealized
	Number of		Expiration	Notional						Appreciation
Long Futures Contracts	Contracts		Month	Value			Value			(Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		6,011	December-2021	$	1,324,392,366		$	791,388		$	791,388

Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		4,609	December-2021		(570,219,719	)		(1,332,287	)		(1,332,287	)
U.S. Treasury 10 Year Notes		686	December-2021		(91,548,844	)		(321,563	)		(321,563	)
U.S. Treasury Long Bond		53	December-2021		(8,637,344	)		(28,156	)		(28,156	)
Subtotal–Short Futures Contracts								(1,682,006	)		(1,682,006	)
Total Futures Contracts							$	(890,618	)	$	(890,618	)

Portfolio Composition

By security type, based on Net Assets

as of August 31, 2021


U.S. Dollar Denominated Bonds & Notes	69.53	%
Asset-Backed Securities	18.37
U.S. Treasury Securities	4.57
Security Types Each Less Than 1% of Portfolio	1.57
Money Market Funds Plus Other Assets Less Liabilities	5.96

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


21		Invesco Short Term Bond Fund

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $ 2,858,910,673)*	$	2,912,974,335

Investments in affiliated money market funds, at value (Cost $ 266,683,106)		266,683,344

Other investments:
Variation margin receivable – futures contracts		66,771

Receivable for:
Investments sold		90,444,042

Fund shares sold		3,945,344

Dividends		2,019

Interest		14,622,871

Principal paydowns		171

Investment for trustee deferred compensation and retirement plans		237,586

Other assets		158,164

Total assets		3,289,134,647


Liabilities:
Payable for:
Investments purchased		25,479,554

Dividends		687,021

Fund shares reacquired		6,988,504

Amount due custodian		74,931,390

Collateral upon return of securities loaned		82,120,811

Accrued fees to affiliates		990,762

Accrued trustees’ and officers’ fees and benefits		46,923

Accrued other operating expenses		175,737

Trustee deferred compensation and retirement plans		262,761

Total liabilities		191,683,463

Net assets applicable to shares outstanding	$	3,097,451,184


Net assets consist of:
Shares of beneficial interest	$	3,108,693,263

Distributable earnings (loss)		(11,242,079	)

	$	3,097,451,184


Net Assets:
Class A	$	1,495,639,672

Class C	$	224,464,261

Class R	$	48,827,833

Class Y	$	648,106,847

Class R5	$	538,904

Class R6	$	679,873,667


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		173,199,578

Class C		25,986,938

Class R		5,640,706

Class Y		75,009,875

Class R5		62,516

Class R6		78,642,223

Class A:
Net asset value per share	$	8.64

Maximum offering price per share (Net asset value of $8.64 ÷ 97.50%)	$	8.86

Class C:
Net asset value and offering price per share	$	8.64

Class R:
Net asset value and offering price per share	$	8.66

Class Y:
Net asset value and offering price per share	$	8.64

Class R5:
Net asset value and offering price per share	$	8.62

Class R6:
Net asset value and offering price per share	$	8.65


* At August 31, 2021, securities with an aggregate value of $80,165,928 were on loan to brokers.

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


22		Invesco Short Term Bond Fund

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Interest	$	32,197,867

Dividends		57,422

Dividends from affiliated money market funds (includes securities lending income of $ 31,613)		40,349

Total investment income		32,295,638


Expenses:
Advisory fees		4,860,390

Administrative services fees		222,463

Custodian fees		18,770

Distribution fees:
Class A		1,152,555

Class C		758,097

Class R		124,556

Transfer agent fees – A, C, R and Y		1,481,775

Transfer agent fees – R5		114

Transfer agent fees – R6		22,454

Trustees’ and officers’ fees and benefits		38,013

Registration and filing fees		106,364

Reports to shareholders		82,168

Professional services fees		70,691

Other		30,216

Total expenses		8,968,626

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(206,404	)

Net expenses		8,762,222

Net investment income		23,533,416


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		4,110,789

Affiliated investment securities		4,775

Futures contracts		382,916

		4,498,480

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(12,241,482	)

Affiliated investment securities		(4,776	)

Futures contracts		(6,579,567	)

		(18,825,825	)

Net realized and unrealized gain (loss)		(14,327,345	)

Net increase in net assets resulting from operations	$	9,206,071

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


23		Invesco Short Term Bond Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31, 2021			February 28, 2021

Operations:
Net investment income	$	23,533,416		$	51,596,050

Net realized gain		4,498,480			1,333,671

Change in net unrealized appreciation (depreciation)		(18,825,825	)		48,599,828

Net increase in net assets resulting from operations		9,206,071			101,529,549


Distributions to shareholders from distributable earnings:
Class A		(11,608,074	)		(25,359,066	)

Class C		(1,393,626	)		(3,762,523	)

Class R		(291,655	)		(620,089	)

Class Y		(5,353,843	)		(10,686,786	)

Class R5		(4,700	)		(12,423	)

Class R6		(6,056,604	)		(15,233,317	)

Total distributions from distributable earnings		(24,708,502	)		(55,674,204	)


Share transactions–net:
Class A		(24,684,295	)		847,839,447

Class C		(11,514,166	)		74,797,503

Class R		(1,394,887	)		43,002,288

Class Y		21,815,300			469,541,828

Class R5		17,210			25,151

Class R6		37,881,276			(2,255,738	)

Net increase in net assets resulting from share transactions		22,120,438			1,432,950,479

Net increase in net assets		6,618,007			1,478,805,824


Net assets:
Beginning of period		3,090,833,177			1,612,027,353

End of period	$	3,097,451,184		$	3,090,833,177

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


24		Invesco Short Term Bond Fund

Financial Highlights

(Unaudited)

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


																										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																with fee waivers			fee waivers			investment
	value,		Net		(both			Total from		from net									Net asset					Net assets,		and/or			and/or			income
	beginning		investment		realized and			investment		investment			Return of			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income^(a)		unrealized)			operations		income			capital			distributions			of period		return^(b)			(000’s omitted)		absorbed			absorbed			net assets			turnover^(c)
Class A
Six months ended 08/31/21	$	8.68	$	0.06	$	(0.03	)	$	0.03	$	(0.07	)	$	–		$	(0.07	)	$	8.64		0.30	%	$	1,495,640		0.62	%^(d)		0.62	%^(d)		1.44	%^(d)		59	%
Year ended 02/28/21		8.66		0.16		0.04			0.20		(0.18	)		–			(0.18	)		8.68		2.33			1,527,875		0.63			0.63			1.85			245
Year ended 02/29/20		8.47		0.23		0.20			0.43		(0.23	)		(0.01	)		(0.24	)		8.66		5.08			655,357		0.65			0.65			2.62			155
Year ended 02/28/19		8.51		0.21		(0.03	)		0.18		(0.22	)		–			(0.22	)		8.47		2.19			591,443		0.64			0.65			2.52			176
Year ended 02/28/18		8.61		0.17		(0.10	)		0.07		(0.17	)		–			(0.17	)		8.51		0.79			395,766		0.65			0.66			1.98			198
Year ended 02/28/17		8.47		0.14		0.15			0.29		(0.15	)		–			(0.15	)		8.61		3.39			435,592		0.65			0.66			1.59			294
Class C
Six months ended 08/31/21		8.68		0.05		(0.04	)		0.01		(0.05	)		–			(0.05	)		8.64		0.14			224,464		0.97	^(d)		1.12	^(d)		1.09	^(d)		59
Year ended 02/28/21		8.66		0.13		0.03			0.16		(0.14	)		–			(0.14	)		8.68		1.93			237,167		0.98			0.98			1.50			245
Year ended 02/29/20		8.47		0.19		0.21			0.40		(0.20	)		(0.01	)		(0.21	)		8.66		4.71			158,968		1.00			1.15			2.27			155
Year ended 02/28/19		8.51		0.18		(0.03	)		0.15		(0.19	)		–			(0.19	)		8.47		1.83			140,247		0.99			1.15			2.17			176
Year ended 02/28/18		8.61		0.14		(0.10	)		0.04		(0.14	)		–			(0.14	)		8.51		0.44			391,791		1.00			1.16			1.63			198
Year ended 02/28/17		8.47		0.11		0.15			0.26		(0.12	)		–			(0.12	)		8.61		3.03			451,018		1.00			1.16			1.24			294
Class R
Six months ended 08/31/21		8.70		0.05		(0.04	)		0.01		(0.05	)		–			(0.05	)		8.66		0.13			48,828		0.97	^(d)		0.97	^(d)		1.09	^(d)		59
Year ended 02/28/21		8.68		0.13		0.04			0.17		(0.15	)		–			(0.15	)		8.70		1.98			50,473		0.98			0.98			1.50			245
Year ended 02/29/20		8.49		0.20		0.20			0.40		(0.20	)		(0.01	)		(0.21	)		8.68		4.70			6,210		1.00			1.00			2.27			155
Year ended 02/28/19		8.53		0.18		(0.03	)		0.15		(0.19	)		–			(0.19	)		8.49		1.84			5,035		0.99			1.00			2.17			176
Year ended 02/28/18		8.62		0.14		(0.09	)		0.05		(0.14	)		–			(0.14	)		8.53		0.55			4,693		1.00			1.01			1.63			198
Year ended 02/28/17		8.49		0.11		0.14			0.25		(0.12	)		–			(0.12	)		8.62		2.90			6,466		1.00			1.01			1.24			294
Class Y
Six months ended 08/31/21		8.68		0.07		(0.04	)		0.03		(0.07	)		–			(0.07	)		8.64		0.38			648,107		0.47	^(d)		0.47	^(d)		1.59	^(d)		59
Year ended 02/28/21		8.66		0.17		0.04			0.21		(0.19	)		–			(0.19	)		8.68		2.50			629,462		0.45			0.48			2.03			245
Year ended 02/29/20		8.48		0.24		0.19			0.43		(0.24	)		(0.01	)		(0.25	)		8.66		5.11			146,159		0.50			0.50			2.77			155
Year ended 02/28/19		8.52		0.23		(0.03	)		0.20		(0.24	)		–			(0.24	)		8.48		2.35			134,272		0.49			0.50			2.67			176
Year ended 02/28/18		8.61		0.18		(0.09	)		0.09		(0.18	)		–			(0.18	)		8.52		1.06			128,874		0.50			0.51			2.13			198
Year ended 02/28/17		8.48		0.15		0.14			0.29		(0.16	)		–			(0.16	)		8.61		3.42			129,794		0.50			0.51			1.74			294
Class R5
Six months ended 08/31/21		8.66		0.07		(0.03	)		0.04		(0.08	)		–			(0.08	)		8.62		0.42			539		0.40	^(d)		0.40	^(d)		1.66	^(d)		59
Year ended 02/28/21		8.65		0.18		0.03			0.21		(0.20	)		–			(0.20	)		8.66		2.48			524		0.38			0.38			2.10			245
Year ended 02/29/20		8.47		0.25		0.18			0.43		(0.24	)		(0.01	)		(0.25	)		8.65		5.20			496		0.40			0.40			2.87			155
Year ended 02/28/19		8.51		0.23		(0.03	)		0.20		(0.24	)		–			(0.24	)		8.47		2.45			1,765		0.39			0.40			2.77			176
Year ended 02/28/18		8.60		0.19		(0.09	)		0.10		(0.19	)		–			(0.19	)		8.51		1.17			1,699		0.38			0.39			2.25			198
Year ended 02/28/17		8.47		0.16		0.14			0.30		(0.17	)		–			(0.17	)		8.60		3.54			1,220		0.39			0.40			1.85			294
Class R6
Six months ended 08/31/21		8.69		0.07		(0.03	)		0.04		(0.08	)		–			(0.08	)		8.65		0.44			679,874		0.36	^(d)		0.36	^(d)		1.70	^(d)		59
Year ended 02/28/21		8.67		0.18		0.04			0.22		(0.20	)		–			(0.20	)		8.69		2.62			645,331		0.35			0.35			2.13			245
Year ended 02/29/20		8.49		0.25		0.19			0.44		(0.25	)		(0.01	)		(0.26	)		8.67		5.23			644,838		0.37			0.37			2.90			155
Year ended 02/28/19		8.53		0.24		(0.03	)		0.21		(0.25	)		–			(0.25	)		8.49		2.46			564,219		0.38			0.39			2.78			176
Year ended 02/28/18		8.62		0.19		(0.09	)		0.10		(0.19	)		–			(0.19	)		8.53		1.17			575,750		0.38			0.39			2.25			198
Year ended 02/28/17		8.48		0.16		0.15			0.31		(0.17	)		–			(0.17	)		8.62		3.66			499,674		0.39			0.40			1.85			294

^(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, February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $1,288,591,313 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.

^(d)	Annualized.

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


25		Invesco Short Term Bond Fund

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The 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 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


26		Invesco Short Term Bond Fund

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.

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 and the country that has the primary market for the issuer’s securities, 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.

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 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.


27		Invesco Short Term Bond Fund

between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $ 500 million		0.350%
Next $500 million		0.325%
Next $1.5 billion		0.300%
Next $2.5 billion		0.290%
Over $5 billion		0.280%

For the six months ended August 31, 2021, the effective advisory fee rate incurred by the Fund was 0.31%.

The Adviser has contractually agreed, through June 30, 2022 to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 1.75% (after 12b-1 fee waivers), 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets. Prior to June 1, 2021, the Adviser has contractually agreed, through May 31, 2021 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%, 1.59% (after 12b-1 fee waivers), 1.09%, 0.45%, 0.44% and 0.39%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary items or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended August 31, 2021, the Adviser waived advisory fees of $13,416 and reimbursed class level expenses of $0, $0, $0, $14,707, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, 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 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 0.15% of the Fund’s average daily net assets of Class A shares, 0.65% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales


28		Invesco Short Term Bond Fund

charges, that may be paid by any class of shares of the Fund. IDI has contractually agreed, through at least June 30, 2022, to waive 12b-1 fees for Class C shares to the extent necessary to limit 12b-1 fees to 0.50% of average daily net assets. 12b-1 fees before fee waivers under this agreement are shown as Distribution fees in the Statement of Operations. For the six months ended August 31, 2021, 12b-1 fees incurred for Class C shares were $583,152 after fee waivers of $174,945.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI retained $66,902 in front-end sales commissions from the sale of Class A shares and $106,640 and $137 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 Fund’s own 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	$	–		$	2,153,778,543	$	–	$	2,153,778,543

Asset-Backed Securities		–			569,060,542		–		569,060,542

U.S. Treasury Securities		–			141,546,816		–		141,546,816

U.S. Government Sponsored Agency Mortgage-Backed Securities		–			29,253,785		–		29,253,785

Agency Credit Risk Transfer Notes		–			15,423,440		–		15,423,440

Preferred Stocks		1,950,750			1,960,459		–		3,911,209

Money Market Funds		184,562,533			82,120,811		–		266,683,344

Total Investments in Securities		186,513,283			2,993,144,396		–		3,179,657,679


Other Investments – Assets*

Futures Contracts		791,388			–		–		791,388

Other Investments – Liabilities*

Futures Contracts		(1,682,006	)		–		–		(1,682,006	)

Total Other Investments		(890,618	)		–		–		(890,618	)

Total Investments	$	185,622,665		$	2,993,144,396		$ –	$	3,178,767,061

*	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, 2021:


	Value
Derivative Assets	Interest Rate Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	791,388

Derivatives not subject to master netting agreements		(791,388	)

Total Derivative Assets subject to master netting agreements	$	–


29		Invesco Short Term Bond Fund


	Value
Derivative Liabilities	Interest Rate Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(1,682,006	)

Derivatives not subject to master netting agreements		1,682,006

Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended August 31, 2021

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	$	382,916

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(6,579,567	)

Total	$	(6,196,651	)

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


	Futures Contracts

Average notional value	$	2,142,115,468

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

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The Fund had a capital loss carryforward as of February 28, 2021, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	24,625,523	$	37,460,892	$	62,086,415

*	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.


30		Invesco Short Term 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 six months ended August 31, 2021 was $712,725,261 and $754,554,514, 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	$	57,380,929

Aggregate unrealized (depreciation) of investments		(9,839,275	)

Net unrealized appreciation of investments	$	47,541,654

Cost of investments for tax purposes is $3,131,225,407.

NOTE 10–Share Information


	Summary of Share Activity

	Six months ended August 31, 2021^(a)						Year ended February 28, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		24,949,212		$	215,881,363			58,881,176		$	505,448,194

Class C		4,783,374			41,401,644			13,661,101			117,320,096

Class R		677,137			5,874,832			1,792,362			15,480,563

Class Y		18,158,112			157,219,767			44,840,702			385,439,426

Class R5		4,904			42,362			14,730			124,587

Class R6		9,402,491			81,475,612			11,206,731			96,386,151


Issued as reinvestment of dividends:
Class A		1,123,085			9,717,067			2,488,914			21,390,097

Class C		131,919			1,142,093			362,060			3,104,680

Class R		33,075			286,940			70,805			611,740

Class Y		373,280			3,231,427			749,468			6,456,337

Class R5		527			4,548			1,406			12,017

Class R6		683,874			5,923,628			1,745,870			14,966,771


Automatic conversion of Class C shares to Class A shares:
Class A		852,524			7,373,760			5,113,852			44,216,450

Class C		(852,230	)		(7,373,760	)		(5,113,278	)		(44,216,450	)


Issued in connection with acquisitions:^(b)
Class A		-			-			81,158,649			682,135,260

Class C		-			-			11,583,605			97,310,533

Class R		-			-			4,433,094			37,326,256

Class Y		-			-			45,739,122			384,550,934

Class R5		-			-			1,183			9,928

Class R6		-			-			15,510,515			130,528,698


Reacquired:
Class A		(29,777,738	)		(257,656,485	)		(47,246,252	)		(405,350,554	)

Class C		(5,394,084	)		(46,684,143	)		(11,536,618	)		(98,721,356	)

Class R		(871,181	)		(7,556,659	)		(1,210,156	)		(10,416,271	)

Class Y		(16,011,776	)		(138,635,894	)		(35,707,062	)		(306,904,869	)

Class R5		(3,436	)		(29,700	)		(14,102	)		(121,381	)

Class R6		(5,719,806	)		(49,517,964	)		(28,533,148	)		(244,137,358	)

Net increase in share activity		2,543,263		$	22,120,438			169,994,729		$	1,432,950,479

^(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.


31		Invesco Short Term Bond Fund

^(b) After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Limited-Term Bond Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 158,426,168 shares of the Fund for 298,121,720 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $1,331,861,609, including $(3,211,961) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,589,317,925 and $2,921,179,534 immediately after the acquisition.

The pro forma results of operations for the year ended February 28, 2021 assuming the reorganization had been completed on March 1, 2020, the beginning of the annual reporting period are as follows:


Net investment income	$	59,556,930

Net realized/unrealized gains		1,730,190

Change in net assets resulting from operations	$	61,287,120

NOTE 11–Subsequent Event

Effective November 1, 2021, Class C shares of the Fund are subject to a CDSC. If a shareholder acquires Class C shares of any other fund as a result of an exchange involving Class C shares of the Fund that were not subject to a CDSC prior to November 1, 2021, then the shares acquired as a result of the exchange will not be subject to a CDSC.


32		Invesco Short Term Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Class A	$1,000.00	$1,003.00	$3.13	$1,022.08	$3.16	0.62%
Class C	1,000.00	1,001.40	4.89	1,020.32	4.94	0.97
Class R	1,000.00	1,001.30	4.89	1,020.32	4.94	0.97
Class Y	1,000.00	1,003.80	2.37	1,022.84	2.40	0.47
Class R5	1,000.00	1,004.20	2.02	1,023.19	2.04	0.40
Class R6	1,000.00	1,004.40	1.82	1,023.39	1.84	0.36

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.


33		Invesco Short Term Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Term Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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’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, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Government & Credit 1-3 Year Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the third quintile for the three year period and the 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 duration positioning and security selection in certain sectors detracted from Fund performance. 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 above the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other 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


34		Invesco Short Term Bond Fund

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 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

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.

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.


35		Invesco Short Term Bond Fund

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SEC file numbers: 811-05686 and 033-39519		Invesco Distributors, Inc.		STB-SAR-1

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Semiannual Report to Shareholders		August 31, 2021

Invesco U.S. Government Money Portfolio

Nasdaq:

Invesco Cash Reserve: GMQXX ∎ C: GMCXX ∎ R: GMLXX ∎ Y: OMBXX ∎ R6: GMRXX


2		Fund Information
3		Schedule of Investments
6		Financial Statements
9		Financial Highlights
10		Notes to Financial Statements
14		Fund Expenses
15		Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Information

The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

Team managed by Invesco Advisers, Inc.


2		Invesco U.S. Government Money Portfolio

Schedule of Investments

August 31, 2021

(Unaudited)


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. Treasury Securities-38.14%
U.S. Treasury Bills-28.04%^(a)
U.S. Treasury Bills		0.02%-0.06	%		09/02/2021	$	30,000	$	29,999,978

U.S. Treasury Bills		0.03	%		09/07/2021		25,000		24,999,896

U.S. Treasury Bills		0.03	%		09/09/2021		25,000		24,999,861

U.S. Treasury Bills		0.03	%		09/16/2021		30,000		29,999,687

U.S. Treasury Bills		0.01%-0.04	%		09/21/2021		65,000		64,998,819

U.S. Treasury Bills		0.04	%		10/21/2021		15,000		14,999,167

U.S. Treasury Bills		0.05	%		11/02/2021		5,000		4,999,569

U.S. Treasury Bills		0.14	%		11/04/2021		16,000		15,996,160

U.S. Treasury Bills		0.05	%		11/09/2021		15,000		14,998,606

U.S. Treasury Bills		0.04	%		11/12/2021		15,000		14,998,950

U.S. Treasury Bills		0.03	%		11/18/2021		5,000		4,999,675

U.S. Treasury Bills		0.05	%		12/02/2021		25,000		24,997,156

U.S. Treasury Bills		0.09	%		01/27/2022		10,000		9,996,300

U.S. Treasury Bills		0.06	%		02/03/2022		30,000		29,992,896

U.S. Treasury Bills		0.06	%		02/24/2022		15,000		14,995,600

U.S. Treasury Bills		0.07	%		04/21/2022		29,000		28,987,852

U.S. Treasury Bills		0.07	%		06/16/2022		10,000		9,994,400

U.S. Treasury Bills		0.08	%		07/14/2022		7,000		6,995,392

U.S. Treasury Bills		0.08	%		08/11/2022		20,000		19,984,711

									391,934,675


U.S. Treasury Notes-10.10%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35	%		10/31/2021		16,000		16,001,031

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16	%		04/30/2022		10,000		10,001,068

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		10/31/2022		25,000		24,999,823

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09	%		01/31/2023		10,000		10,000,230

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08	%		04/30/2023		38,000		38,001,749

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07	%		07/31/2023		21,000		21,000,407

U.S. Treasury Notes		2.00	%		10/31/2021		15,000		15,046,440

U.S. Treasury Notes		2.00	%		07/31/2022		6,000		6,104,531
										��
									141,155,279

Total U.S. Treasury Securities (Cost $533,089,954)									533,089,954


U.S. Government Sponsored Agency Securities-17.07%
Federal Farm Credit Bank (FFCB)-8.12%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33	%		10/01/2021		15,000		15,000,000

Federal Farm Credit Bank (SOFR + 0.04%)^(b)		0.09	%		07/11/2022		10,000		9,999,564

Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24	%		07/14/2022		7,000		7,000,000

Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12	%		08/11/2022		20,000		19,999,995

Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08	%		10/12/2022		7,000		6,999,763

Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06	%		11/16/2022		7,000		6,999,829

Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12	%		11/18/2022		5,000		5,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		12/28/2022		5,000		5,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		01/20/2023		5,000		5,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		02/09/2023		7,000		7,000,000

Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10	%		02/17/2023		9,000		9,000,000

Federal Farm Credit Bank (SOFR + 0.04%)^(b)		0.09	%		03/10/2023		6,000		6,000,000

Federal Farm Credit Bank (SOFR + 0.04%)^(b)		0.09	%		05/19/2023		3,000		3,000,000

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


3		Invesco U.S. Government Money Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08	%		06/14/2023	$	3,500	$	3,500,000

Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08	%		07/07/2023		4,000		4,000,000

									113,499,151


Federal Home Loan Bank (FHLB)-6.09%
Federal Home Loan Bank (SOFR + 0.02%)^(b)		0.07	%		09/02/2021		30,000		30,000,000

Federal Home Loan Bank^(a)		0.03	%		10/29/2021		3,064		3,063,852

Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20	%		11/15/2021		10,000		10,000,000

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		02/11/2022		7,000		7,000,000

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		05/12/2022		15,000		15,000,000

Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12	%		11/10/2022		5,000		5,000,000

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		12/08/2022		15,000		15,000,000

									85,063,852


Federal Home Loan Mortgage Corp. (FHLMC)-1.07%
Federal Home Loan Mortgage Corp. (SOFR + 0.18%)^(b)		0.23	%		12/13/2021		15,000		15,000,000


Federal National Mortgage Association (FNMA)-1.79%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35	%		01/07/2022		10,000		10,000,000

Federal National Mortgage Association (SOFR + 0.22%)^(b)		0.27	%		03/16/2022		10,000		10,000,000

Federal National Mortgage Association (SOFR + 0.20%)^(b)		0.25	%		06/15/2022		5,000		5,000,000

									25,000,000

Total U.S. Government Sponsored Agency Securities (Cost $238,563,003)									238,563,003

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-55.21% (Cost $771,652,957)									771,652,957


						Repurchase Amount

Repurchase Agreements-46.57%^(c)
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $200,000,278 (collateralized by U.S. Treasury obligations valued at $204,000,356; 2.88%; 05/15/2043 - 05/15/2049)		0.05	%		09/01/2021		200,000,278		200,000,000

RBC Dominion Securities Inc., agreement dated 08/31/2021, maturing value of $226,000,314 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $230,520,379; 0.00% - 5.00%; 09/30/2021 - 08/20/2051)		0.05	%		09/01/2021		226,000,314		226,000,000

TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $225,002,406 (collateralized by domestic agency mortgage-backed securities valued at $229,502,455; 2.00% - 4.50%; 07/01/2031 - 07/01/2051)^(d)		0.06	%		09/01/2021		225,002,406		225,000,000

Total Repurchase Agreements (Cost $651,000,000)									651,000,000

TOTAL INVESTMENTS IN SECURITIES^(e)-101.78% (Cost $1,422,652,957)									1,422,652,957

OTHER ASSETS LESS LIABILITIES-(1.78)%									(24,837,260	)

NET ASSETS-100.00%								$	1,397,815,697

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

Notes to Schedule of Investments:

^(a)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(c)	Principal amount equals value at period end. See Note 1I.

^(d)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(e)	Also represents cost for federal income tax purposes.

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


4		Invesco U.S. Government Money Portfolio

Portfolio Composition by Maturity*

In days, as of 08/31/2021


1-7	50.9	%
8-30	8.6
31-60	2.4
61-90	6.9
91-180	8.0
181+	23.2

*	The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

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


5		Invesco U.S. Government Money Portfolio

Statement of Assets and Liabilities

August 31, 2021

(Unaudited)


Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	771,652,957

Repurchase agreements, at value and cost		651,000,000

Cash		1,032,163

Receivable for:
Fund shares sold		734,621

Interest		180,866

Fund expenses absorbed		607,637

Investment for trustee deferred compensation and retirement plans		150,159

Other assets		30

Total assets		1,425,358,433


Liabilities:
Payable for:
Investments purchased		24,997,156

Fund shares reacquired		1,535,910

Accrued fees to affiliates		728,390

Accrued trustees’ and officers’ fees and benefits		4,851

Accrued operating expenses		18,308

Trustee deferred compensation and retirement plans		258,121

Total liabilities		27,542,736

Net assets applicable to shares outstanding	$	1,397,815,697


Net assets consist of:
Shares of beneficial interest	$	1,397,981,411

Distributable earnings (loss)		(165,714	)

	$	1,397,815,697


Net Assets:
Invesco Cash Reserve	$	47,759,443

Class C	$	7,695,618

Class R	$	4,845,762

Class Y	$	1,337,504,874

Class R6	$	10,000


Shares outstanding, no par value, unlimited number of shares authorized:
Invesco Cash Reserve		47,758,558

Class C		7,695,449

Class R		4,845,669

Class Y		1,337,481,260

Class R6		10,000

Net asset value, offering and redemption price per share for each class	$	1.00

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


6		Invesco U.S. Government Money Portfolio

Statement of Operations

For the six months ended August 31, 2021

(Unaudited)


Investment income:
Interest	$	490,834


Expenses:
Advisory fees		3,057,279

Administrative services fees		326,210

Custodian fees		3,699

Distribution fees:
Invesco Cash Reserve		40,472

Class C		47,433

Class R		13,076

Transfer agent fees - Invesco Cash Reserve, C, R and Y		1,860,513

Transfer agent fees - R6		5

Trustees’ and officers’ fees and benefits		31,866

Registration and filing fees		50,663

Reports to shareholders		55,240

Professional services fees		28,704

Other		3,863

Total expenses		5,519,023

Less: Fees waived and expenses reimbursed		(5,069,012	)

Net expenses		450,011

Net investment income		40,823

Net realized gain from unaffiliated investment securities		10,107

Net increase in net assets resulting from operations	$	50,930

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


7		Invesco U.S. Government Money Portfolio

Statement of Changes in Net Assets

For the six months ended August 31, 2021 and the year ended February 28, 2021

(Unaudited)


	August 31, 2021			February 28, 2021

Operations:
Net investment income	$	40,823		$	618,237

Net realized gain		10,107			5,310

Net increase in net assets resulting from operations		50,930			623,547


Distributions to shareholders from distributable earnings:
Invesco Cash Reserve		(1,862	)		(8,309	)

Class C		(327	)		(1,070	)

Class R		(179	)		(573	)

Class Y		(38,453	)		(608,278	)

Class R6		(2	)		(7	)

Total distributions from distributable earnings		(40,823	)		(618,237	)


Share transactions-net:
Invesco Cash Reserve		(12,944,995	)		47,829,569

Class C		(3,323,502	)		8,705,815

Class R		(1,011,460	)		4,757,966

Class Y		(133,004,067	)		(88,128,122	)

Net increase (decrease) in net assets resulting from share transactions		(150,284,024	)		(26,834,772	)

Net increase (decrease) in net assets		(150,273,917	)		(26,829,462	)


Net assets:
Beginning of period		1,548,089,614			1,574,919,076

End of period	$	1,397,815,697		$	1,548,089,614

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


8		Invesco U.S. Government Money Portfolio

Financial Highlights

(Unaudited)

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


	Net asset 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^(c)			Ratio of net investment income to average net assets
Invesco Cash Reserve
Six months ended 08/31/21		$1.00		$0.00		$0.00			$0.00		$(0.00	)		$ -			$(0.00	)			$1.00		0.00	%		$47,759		0.06	%^(d)		0.88	%^(d)		0.01	%^(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.03			60,704		0.18			0.89			0.04
Seven months ended 02/29/20		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)			1.00		0.66			12,874		0.72	^(d)		0.94	^(d)		1.14	^(d)
Period ended 07/31/19^(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)			1.00		0.30			3,285		0.67	^(d)		0.86	^(d)		1.67	^(d)
Class C
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.00			7,696		0.06	^(d)		1.73	^(d)		0.01	^(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.01			11,019		0.19			1.74			0.03
Seven months ended 02/29/20		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)			1.00		0.17			2,313		1.55	^(d)		1.79	^(d)		0.31	^(d)
Period ended 07/31/19^(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)	��		1.00		0.16			497		1.43	^(d)		1.64	^(d)		0.91	^(d)
Class R
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.00			4,846		0.06	^(d)		1.23	^(d)		0.01	^(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.02			5,857		0.19			1.24			0.03
Seven months ended 02/29/20		1.00		0.00		(0.00	)		0.00		(0.00	)		-			(0.00	)			1.00		0.46			1,099		1.05	^(d)		1.28	^(d)		0.81	^(d)
Period ended 07/31/19^(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)			1.00		0.23			182		1.08	^(d)		1.08	^(d)		1.27	^(d)
Class Y
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.00			1,337,505		0.06	^(d)		0.73	^(d)		0.01	^(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.04			1,470,499		0.18			0.74			0.04
Seven months ended 02/29/20		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)			1.00		0.74			1,558,623		0.58	^(d)		0.80	^(d)		1.28	^(d)
Year ended 07/31/19		1.00		0.02		0.00			0.02		(0.02	)		(0.00	)		(0.02	)			1.00		1.77			1,669,766		0.58			0.62			1.76
Year ended 07/31/18		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)			1.00		0.84			40,384		0.60			0.61			0.83
Year ended 07/31/17		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.10			42,261		0.51			0.64			0.07
Year ended 07/31/16		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.01			92,494		0.45			0.64			0.01
Class R6
Six months ended 08/31/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.00			10		0.06	^(d)		0.58	^(d)		0.01	^(d)
Year ended 02/28/21		1.00		0.00		0.00			0.00		(0.00	)		-			(0.00	)			1.00		0.05			10		0.16			0.57			0.06
Seven months ended 02/29/20		1.00		0.01		(0.00	)		0.01		(0.01	)		-			(0.01	)			1.00		0.80			10		0.48	^(d)		0.54	^(d)		1.38	^(d)
Period ended 07/31/19^(e)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)			1.00		0.34			10		0.48	^(d)		0.48	^(d)		1.88	^(d)

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the seven months ended February 29, 2020 and the years ended July 31, 2019, 2018 and 2017, respectively.

^(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.


9		Invesco U.S. Government Money Portfolio

Notes to Financial Statements

August 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek income consistent with stability of principal.

The Fund currently consists of five different classes of shares: Invesco Cash Reserve, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Class C shares are sold with a contingent deferred sales charges (“CDSC”). Invesco Cash Reserve, Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Invesco Cash Reserve shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is a “government money market fund” as defined in Rule 2a-7 under the 1940 Act and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to the liquidity fee and redemption gate requirement at this time, as permitted by Rule 2a-7.

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

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.

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

D.	Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.


10		Invesco U.S. Government Money Portfolio

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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 $500 million		0.400%
Next $1.5 billion		0.375%
Over $3 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 six months ended August 31, 2021, the effective advisory fees incurred by the Fund was 0.41%.

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 Funds.

The Adviser has contractually agreed, through June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Invesco Cash Reserve, Class C, Class R, Class Y, and Class R6 shares to 0.73%, 1.58%, 1.08%, 0.58%, and 0.48%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. 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 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 six months ended August 31, 2021, the Adviser contractually reimbursed class level expenses of $40,287, $7,082, $3,905, $1,057,981 and $5, of Invesco Cash Reserve, Class C, Class R, Class Y and Class R6 shares, respectively, and Invesco voluntarily waived advisory fees of $3,057,279, reimbursed Fund level expenses of $50,235 and reimbursed class level expenses $67,757, $52,229, $15,721 and $716,531 of Invesco Cash Reserve, Class C, Class R and Class Y shares, respectively, in order to increase the yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Invesco Cash Reserve, Class C, and Class R shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Invesco Cash Reserve, Class C and Class R shares (collectively the


11		Invesco U.S. Government Money Portfolio

“Plan”). The Fund pursuant to the Plan, pays IDI compensation at the annual rate of 0.15% of the average daily net assets of Invesco Cash Reserve shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. For the six months ended August 31, 2021, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees. Expenses incurred after voluntary yield waivers are $0, $0 and $0 for Invesco Cash Reserve, Class C and Class R shares, respectively.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2021, IDI advised the Fund that IDI imposed CDSC on redemptions by shareholders for Class C shares of $258.

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 Fund’s own 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.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

The Fund did not have any capital loss carryforward as of February 28, 2021.

NOTE 7–Share Information


	Summary of Share Activity

	Six months ended August 31, 2021				Year ended February 28, 2021
	Shares		Amount		Shares		Amount

Sold:
Invesco Cash Reserve		14,352,541	$	14,352,541		104,717,832	$	104,717,832

Class C		1,450,678		1,450,678		29,269,887		29,269,887

Class R		2,495,656		2,495,656		10,100,878		10,100,878

Class Y		132,461,960		132,461,960		474,869,673		474,869,673


12		Invesco U.S. Government Money Portfolio


	Summary of Share Activity

	Six months ended August 31, 2021						Year ended February 28, 2021
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Invesco Cash Reserve		1,862		$	1,862			8,309		$	8,309

Class C		327			327			1,070			1,070

Class R		179			179			573			573

Class Y		38,453			38,453			608,278			608,278


Automatic Conversion of Class C shares to Invesco Cash Reserve shares:
Invesco Cash Reserve		48,307			48,307			2,474,092			2,474,092

Class C		(48,307	)		(48,307	)		(2,474,092	)		(2,474,092	)


Reacquired:
Invesco Cash Reserve		(27,347,705	)		(27,347,705	)		(59,370,664	)		(59,370,664	)

Class C		(4,726,200	)		(4,726,200	)		(18,091,050	)		(18,091,050	)

Class R		(3,507,295	)		(3,507,295	)		(5,343,485	)		(5,343,485	)

Class Y		(265,504,480	)		(265,504,480	)		(563,606,073	)		(563,606,073	)

Net increase (decrease) in share activity		(150,284,024	)	$	(150,284,024	)		(26,834,772	)	$	(26,834,772	)


13		Invesco U.S. Government Money Portfolio

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
Class	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Invesco Cash Reserve	$1,000.00	$1,000.04	$0.30	$1,024.90	$0.31	0.06%
C	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
Y	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06
R6	1,000.00	1,000.04	0.30	1,024.90	0.31	0.06

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.


14		Invesco U.S. Government Money Portfolio

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco U.S. Government Money Portfolio’s (formerly, Invesco Oppenheimer Government Money Market Fund) (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, 2021. 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

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 addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, 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.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. 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, 2020 to the performance of funds in the Broadridge performance universe. The Board noted that performance of Class Y shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of the Fund was below the performance universe median for the one year period, reasonably comparable to the performance universe median for the three year period and the same as the performance universe median for the five year period. 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.


15		Invesco U.S. Government Money Portfolio

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 Y shares of the Fund was above 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 contractual management fees and total expense ratio were in the fourth and fifth quintile, respectively, of its expense group and discussed with management reasons for such relative contractual management fees and total expenses, including that some of the Fund’s expense group peers have a unitary fee structure. The Board also noted that the Fund’s total expense ratio is as of the fiscal year end of February 28, 2020 and does not reflect additional voluntary waivers to maintain a positive yield subsequent to such date.

D.	Economies of Scale and Breakpoints

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


16		Invesco U.S. Government Money Portfolio

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SEC file number(s): 811-05686 and 033-39519		Invesco Distributors, Inc.		O-GMKT-SAR-1

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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 21, 2021, 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 21, 2021, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Not applicable.

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 Investment Securities Funds (Invesco Investment Securities Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		November 4, 2021

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/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		November 4, 2021


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		November 4, 2021

Forward

Foreign Currency

Futures

Contracts

Contracts

Average notional value

$ 23,514,474

$41,599,294